Capital Product Partners buys LNG carrier trio for $600 million

New York-listed Capital Product Partners said it has agreed to buy three X-DF LNG carriers from CGC Operating Corp.

CPLP said in a statement it would buy the vessels for $599.5 million.

The three vessels in question include the 174,000-cbm Aristos I, Aristarchos, and Aristidis I.

Hyundai Heavy Industries should deliver Aristarchos by September 15, while the Aristidis I should join CPLP’s fleet by the end of November 2021, CPLP said.

The parent company of CGC is beneficially owned 50 percent by a US-based financial sponsor and 50 percent by Miltiadis Marinakis, who is also the ultimate controlling person of all membership interests of the partnership’s general partner, according to CPLP.

To remind, Evangelos Marinakis-led Capital Gas has taken delivery of Aristos I, the first out of nine on order at Hyundai Heavy, in November last year. This vessel serves BP under a long-term charter.

Following delivery, Aristidis I would also go on a long-term time charter to BP Gas Marketing. On the other side, Aristachros would serve US LNG exporter Cheniere, CPLP said.

Also, the total contracted revenue for all three vessels under the charters would reach about $391 million, CPLP said. The average remaining charter duration is 5.6 years and average daily rate is about $67,630 per day.

Additional LNG carriers

In connection with the transaction, CPLP secured an option to acquire an additional three X-DF LNG sister vessels at an average price of $207.7 million per vessel.

The 2021-built optional vessels serve BP, Cheniere and Engie Energy Marketing Singapore.

Moreover, total contracted revenues for these vessels will reach about $429 million with an average daily rate of about $70,650 per day.

CPLP said it may exercise the purchase option individually as to any optional vessel at any time on or prior to November 1.

In addition, the partnership has also obtained from Capital Maritime & Trading Corp. a right of first offer on six vessels.

These include three 13,278 TEU container vessels with a 10-year charter to Hapag Lloyd, and three LNG vessels with expected delivery in January, October and December 2023, CPLP said.

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