Capital Product Partners LP has reached an umbrella agreement for the acquisition of 11 newly-built LNG carriers from Capital Maritime & Trading Corp and Capital GP L.L.C, for a consideration of 3.13 billion dollars, marking the company’s entry into a new era, with an emphasis on natural gas as a fuel and an exclusive focus on the energy transmission market.
The company is the biggest owner of LNG vessels listed on NYSE and one of the five largest shipping companies in the world with an enterprise value of 5.8 billion dollars.
The new company will be renamed Capital New Energy Carriers LP. The carriers, with a capacity of 174,000 c.m., are built by Hyundai Heavy Industries in South Korea and are expected to be delivered to big companies such as Qatar Energy Trading LLC, Tokyo LNG Tanker Co Ltd and LNG Marine Transport Limited.
The company significantly raises contract-based cash flows by 2.5 billion dollars, increases the duration of freight prices and reduces the age of its fleet.
