Capital Product buys five ships from its sponsor company - 28/07/2014

Capital Products Partners has bought five vessels from Evangelos Marinakis-led sponsor company Capital Maritime and Trading.

Deal worth $312m includes three boxships to be chartered by CMA CGM and two product tankers on charter to Capital Maritime and Trading

CAPITAL Product Partners has bought three boxships and two product tankers for a total of $312m from sponsor company Capital Maritime and Trading, Evangelos Marinakis’ private shipping business.

New York-listed, Athens-based Capital Product is buying three 9,160 teu eco-flex containerships for $81.5m each under construction at Daewoo Shipbuilding and Marine Engineering, and two medium-range product tankers for $33.5m each, under construction at Samsung Heavy Industries.

The three containerships will be chartered to CMA CGM for a minimum of 60 months, while the two medium range product tankers will be chartered to Capital Maritime for 24 months at a gross daily charter rate of $17,000, with a 50:50 profit share on actual earnings settled every 6 months.

The boxships will be delivered between March and November next year, while the product tankers will be delivered between September and December 2016.

in 25/07/2014