Capital Product Partners L.P. Announces the Delivery of the M/V ‘Adonis’ to its New Owners and Completion of the Six LNG Carriers (‘LNGC’) Acquisition Program

Rhea-AI Summary

Capital Product Partners L.P. (NASDAQ: CPLP) announced the sale of the M/V 'Adonis' for approximately $49.3 million, after debt repayment. Concurrently, the company took delivery of the 'Aristidis I', an LNG carrier, marking the completion of a $1.2 billion investment in six LNG carriers. The acquisition strengthens CPLP's position in the LNG market, which is anticipated to benefit from the energy transition to net-zero. The deal was financed through cash reserves and debt assumption.

Positive

• Completion of $1.2 billion investment in six latest generation LNG carriers.
• Strategic positioning in the growing LNG market, expected to benefit from energy transition.

Negative

• Assumption of $123.0 million in additional debt related to the acquisition.

ATHENS, Greece, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (NASDAQ: CPLP) today announced that the M/V 'Adonis' (115,145 dwt / 9,288 TEU, Eco-Flex, Wide Beam Containership built 2015, Daewoo-Mangalia Heavy Industries S.Α.) was delivered to its new owners on December 13, 2021, generating gross proceeds from the sale of approximately $49.3 million after repaying outstanding debt.

In addition, the Partnership took delivery of the ‘Aristidis I’ (174,000 CBM, latest generation X-DF LNG carrier built 2021, Hyundai Heavy Industries Co., Ltd), the last vessel of the six LNGCs acquisition program previously announced. The acquisition was financed with $82.0 million cash at hand and the assumption of $123.0 million of debt.

Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, commented:

“We are very pleased to have completed this substantial investment, amounting to more than $1.2 billion, in six latest generation LNGCs with long term employment in place. We believe that this transaction is highly transformative for the Partnership across all metrics and positions us firmly in the LNG market. The LNG market is supported by positive long-term fundamentals, as both natural gas and LNG are expected to play a key role in the energy transition to net zero and as such, we are excited to be growing in this segment at an opportune moment.”

About Capital Product Partners L.P.

Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands master limited partnership, is an international owner of ocean-going vessels. CPLP currently owns 21 vessels, including 11 Neo-Panamax container vessels, three Panamax container vessels, one Capesize bulk carrier and six LNG carriers.

For more information about the Partnership, please visit: www.capitalpplp.com.

Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our common units.

CPLP-F

Contact Details:

Capital GP L.L.C.
Jerry Kalogiratos
CEO
Tel. +30 (210) 4584 950
E-mail: j.kalogiratos@capitalpplp.com

Capital GP L.L.C.
Nikos Kalapotharakos
CFO
Tel. +30 (210) 4584 950
E-mail: n.kalapotharakos@capitalmaritime.com

Investor Relations / Media
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: cplp@capitallink.com

Source: Capital Product Partners L.P.

FAQ

What was the sale price of the M/V 'Adonis' by CPLP?

CPLP sold the M/V 'Adonis' for approximately $49.3 million.

What new vessel did CPLP acquire?

CPLP acquired the 'Aristidis I', a latest generation LNG carrier.

How much did CPLP invest in the LNG carrier program?

CPLP completed a $1.2 billion investment in six LNG carriers.

What is the strategic importance of CPLP's LNG investments?

CPLP's investments position the company favorably in the growing LNG market, aligned with the transition to net-zero energy.

What debt did CPLP assume with the latest acquisition?

CPLP assumed $123.0 million of debt in connection with the acquisition of the 'Aristidis I'.