Cyprus-based Yoda has purchased a stake from Evangelos Marinakis-led Capital Maritime & Trading in New York-listed LNG carrier owner Capital Product Partners.
Yoda, which invests in real state, technology, and healthcare, said in a statement on December 27 that the company’s board approved the entry into a unit purchase agreement with Capital Maritime to buy 10 million common units representing limited partnership interests in CPLP.
The deal is worth $160 million or $16 per common unit.
“The transaction constitutes a transaction at arm’s length and is part of the company’s business plan to further invest and expand its activities in the shipping sector, as CPLP is an international shipping company engaged in the seaborne transportation of natural gas,” Yoda said.
More specifically, CPLP is one of the “leading” US-listed owners of two-stroke LNG carriers with 8 currently operational and another ten under orders to be delivered within the next 3 years, it said.
CPLP is “well positioned to take advantage of the strong fundamentals” of the LNG industry with six open LNG carriers delivering between 2026-2027 and rights of first refusal on a unique fleet of LCO2 and ammonia carriers, Yoda said.
According to a separate filling by CPLP, Capital Maritime now owns 29.8 million shares or 54.2 percent of the shares in the company, while Miltiadis E. Marinakis, son of Evangelos Marinakis, holds 2.1 percent in the firm.
This means that that Yoda will hold an 18.1 percent stake in CPLP as Capital Maritime previously held a 72.3 percent stake in the firm.
Yoda now becomes the second-largest shareholder in CPLP.
LNG fleet
CPLP recently completed the previously announced umbrella agreement to buy 11 LNG carriers from its sponsor Capital Maritime for a total acquisition price of $3.13 billion.
In November, CPLP entered into the deal with Capital Maritime and its general partner Capital GP.
Besides the deal, CPLP will change its name to Capital New Energy Carriers L.P. to reflect focus on LNG carriers and energy transition shipping.
Earlier this year, CPLP took delivery of its seventh LNG carrier in South Korea, Asterix I, which it also purchased from Capital Maritime.
Such as the first six LNG carriers which joined CPLP in 2021, Capital Gas, also owned by Evangelos Marinakis, manages the new LNG carrier as well.
Capital Gas took delivery in November of the 174,000-cbm ME-GA LNG carrier, Amore Mio I, chartered by QatarEnergy.
This is the first vessel out of 11 of these LNG carriers CPLP will buy under the new deal.
The other LNG carriers are Axios II (chartered by Bonny Gas transport), Assos (chartered by Tokyo LNG Tanker), Apostolos (chartered by Jera), Aktoras (chartered by BGT), Archimidis, Agamemnon, Alcaios I, Antaios I, Athlos, and Archon, according to CPLP.