Capital Product Partners announces the delivery of the M/V 'CMA CGM Magdalena'
Capital Product Partners L.P. , an international diversified shipping company, announced today the successful delivery of the M/V 'CMA CGM Magdalena'.
Pursuant to the Master Vessel Acquisition Agreement Capital Product entered into on July 24, 2014, the Partnership took delivery on February 26, 2016 of the M/V 'CMA CGM Magdalena' (115,639 dwt / 9,288 TEU, Eco-Flex, Wide Beam Containership built 2016, Daewoo-Mangalia Heavy Industries S.Α.), the last of five vessels (the 'Dropdown Vessels') that Capital Product had agreed to acquire from its sponsor, Capital Maritime & Trading Corp.
In connection with the acquisition of the Dropdown Vessels, Capital Product paid to Capital Maritime in September 2014 the amount of $30.2 million as an advance payment for all five vessels. The $81.5 million purchase price for the M/V 'CMA CGM Magdalena' was funded through a drawdown under the Partnership's senior secured credit facility with ING Bank N.V. (the 'ING Facility') and available cash. The M/V 'CMA CGM Magdalena' is chartered to CMA-CGM S.A. for 5 years (+90/- 30 days) at a gross daily charter rate of $39,250.
Following the delivery of the M/V 'CMA CGM Magdalena', the Partnership's charter coverage for 2016 and 2017 is 93% and 72%, respectively.
About Capital Product Partners L.P.
Capital Product Partners L.P., a Marshall Islands master limited partnership, is an international owner of modern tanker, container and drybulk vessels. The Partnership currently owns 35 vessels, including twenty modern MR (Medium Range) product tankers, four Suezmax crude oil tankers, ten Post Panamax container vessels and one Capesize bulk carrier. All of its vessels are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co. Ltd., CSSA S.A. (Total S.A.), Flota Petrolera Ecuatoriana ("Flopec"), Hyundai Merchant Marine Co. Ltd., Overseas Shipholding Group Inc., Petróleo Brasileiro S.A. ('Petrobras'), Repsol Trading S.A., Shell International Trading & Shipping Company Ltd., Stena Bulk A.B., and Capital Maritime.