Capital Product Partners L.P. Announces Successful Delivery of Its Fourteenth Product Tanker, M/T 'Alexandros II'

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jan 2008

Capital Product Partners L.P. announced yesterday that it has taken successful delivery of its fourteenth product tanker, M/T ''Alexandros II'', from STX Shipbuilding Co., Ltd., a Korean shipyard, on January 29, 2008.M/T ''Alexandros II'' has a carrying capacity of 51,257 dwt and is capable of transporting a range of refined oil products, chemicals (including ethanol and biodiesel feedstock), and crude oil worldwide. The vessel has been fixed under a bareboat charter commencing at the time of delivery with Overseas Shipholding Group Inc., for ten years at a base rate of $13,000 per day. The vessel's purchase price of $48 million has been fully funded through a drawdown on CPLP's existing revolving credit facility.The M/T ''Alexandros II'' is the first of three 51,000 dwt MR chemical/product tanker sister vessels to be delivered in 2008. The remaining two vessels are scheduled for delivery in June and August of this year. Overseas Shipholding Group Inc. has an option to purchase each vessel at the end of the eighth, ninth or tenth year of its charter, which option is exercisable six months before the date of completion of the relevant year of the charter.