Capital Product Partners welcomes newbuild LNG carrier to its fleet

New York-listed Capital Product Partners has taken delivery of a newbuild liquefied natural gas (LNG) carrier from South Korea’s HD Hyundai Heavy.

CPLP took delivery on January 2 of the 174,000-cbm MEGA LNG carrier, Axios II, as part of the previously announced umbrella agreement to buy 11 LNG carriers from its sponsor Capital Maritime, led by Evangelos Marinakis, for a total acquisition price of $3.13 billion.

The firm said that Axios II started a one-year time charter at a market-linked rate, which will be followed by a seven-year bareboat charter with Nigeria’s Bonny Gas Transport, who maintain an option to extend by an additional three years.

According to CPLP, the vessel acquisition was financed with cash from the balance sheet, a new senior secured loan facility led by ING Bank for an amount of $190.0 million, in addition to a balloon payment of $120 million.

Axios II is the ninth LNG carrier in CPLP’s fleet and the second vessel delivery of the fleet acquired under the umbrella agreement.

Capital Gas, also owned by Evangelos Marinakis, manages all of these LNG carriers.

The remaining nine vessels are expected to be delivered between the second quarter of 2024 and the first quarter of 2027, CPLP said.

Cyprus-based Yoda recently purchased a stake from Capital Maritime in CPLP.

Yoda now holds an 18.1 percent stake in CPLP, Capital Maritime owns 54.2 percent of the shares in CPLP, while Miltiadis E. Marinakis, son of Evangelos Marinakis, holds 2.1 percent in the firm.

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