PRODUCT PARTNERS L.P. ANNOUNCES
SUCCESSFUL DELIVERY OF ITS
Capital Product Partners L.P. (Nasdaq: CPLP - News) announced today that
successful delivery of its tenth medium range (MR) product tanker, M/T
“Akeraios”, from Hyundai Mipo Dockyard Ltd., a Korean shipyard, on July 13,
2007. M/T “Akeraios”, an ice strengthened vessel (Ice Class 1A), has a carrying
capacity of 47,781 dwt and is capable of carrying a range of refined oil
products, chemicals (including ethanol and biodiesel feedstock), and crude
worldwide. The vessel has been fixed under a time charter with Morgan Stanley
Capital Group Inc. for three years at a base rate of $20,000 per day, subject
a profit sharing arrangement which allows each party to share, at a 50/50
percentage, additional revenues when spot rates are higher than the base
is the second out of seven additional MR product tankers that Capital Product
Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp.
The remaining five MR product tankers will be comprised of two Ice Class
sister vessels that are scheduled for delivery in October 2007 and three
product tanker sister vessels that are scheduled for delivery in 2008, all
which will be under time or bareboat charters commencing at the time of
delivery. The vessel's purchase price of $56 million will be fully funded
through a drawdown on the existing revolving credit facility.
Product Partners L.P.
Partners L.P. (Nasdaq: CPLP - News), a Marshall Islands master limited
partnership, is an international owner of medium-range product tankers.
Following the delivery of the M/T Akeraios on July 13, 2007, Capital Product
Partners L.P. owns ten MR Ice Class 1A product tankers and has an agreement
purchase five additional product tankers from Capital Maritime & Trading
Corp. All fifteen vessels are under medium to long-term charters to BP Shipping
Limited, Morgan Stanley, and Overseas Shipholding Group Inc.
this press release that are not historical facts may be forward-looking
statements (as such term is defined in Section 21E of the Securities Exchange
Act of 1934, as amended). These forward-looking statements involve risks
uncertainties that could cause the outcome to be materially different. Capital
Product Partners L.P. expressly disclaims any obligation to update or revise
of these forward-looking statements, whether because of future events, new
information, a change in our views or expectations, or otherwise. We make
prediction or statement about the performance of our common units.
Officer and Chief Financial Officer
& Trading Corp.