Capital Product Partners to spend US$163m to acquire three box ships
GREEK shipping company Capital Product Partners (CPLP) has agreed to acquire three 10,000 TEU sister container ships for US$162
GREEK shipping company Capital Product Partners (CPLP) has agreed to acquire three 10,000 TEU sister container ships for US$162.6 million from Capital Maritime & Trading Corp.
CPLP, which is engaged in the seaborne transportation, is to buy the M/V Athos, the M/V Aristomenis and the M/V Athenian which were built in 2011 at Samsung Heavy Industries in South Korea.
The vessels are under long-term time charters with Hapag-Lloyd which will expire in April 2024, said a press note from the shipping company, as reported by Maritime Logistics Professional, Palm Beach, Florida.
The gross charter rate for each vessel currently amounts to $27,000 per day, increasing to $28,000 per day for the M/V Aristomenis from October 2020, and from July 2021 onwards for the M/V Athos and the M/V Athenian. The time charters include two one-year options at $32,500 and $33,500 gross per day, respectively.
The Partnership intends to fund the acquisition of the three vessels with approximately $47.1 million cash at hand and two financing arrangements: the M/V Aristomenis and M/V Athos will be financed through a sale and lease back transaction, entered into with CMB Financial Leasing Co, Ltd, (CMBFL) for an amount of up to $38.5 million each.
The M/V Athenian will be financed through a term loan entered into with Hamburg Commercial Bank AG (HCOB) for an amount of up to $38.5 million.
Both the HCOB facility and the CMBFL lease are subject to customary closing conditions.
The average fleet age of the Partnership following the transaction will be 7.7 years and the average remaining charter duration will stand at 4.6 years.