Capital Product Partners L.P. Announces the Sale of Two 9,288 TEU Container Vessels

Rhea-AI Summary

Capital Product Partners L.P. (CPLP) announced the sale of two container vessels, M/V 'CMA CGM Magdalena' and M/V 'Adonis', for a total of $195 million. The vessels are expected to be delivered in May and July/August 2021. The carrying values of the vessels were $72.7 million and $71.7 million, respectively, leading to gross cash proceeds of approximately $97.6 million after debt repayment. CPLP currently owns 17 vessels, enhancing its operational capacity in the maritime industry.

Positive

• Sale of two vessels generates total consideration of $195 million.
• Expected gross cash proceeds of $97.6 million after repaying debt.

Negative

• None.

ATHENS, Greece, April 20, 2021 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the “Partnership”, “CPLP” or “we” / “us”) (NASDAQ: CPLP), an international owner of ocean-going vessels, today announced the sale of two 9,288 TEU container vessels.

The Partnership has entered into a memorandum of agreement for the sale 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.) and the M/V ‘Adonis' (115,145 dwt / 9,288 TEU, Eco-Flex, Wide Beam Containership built 2015, Daewoo-Mangalia Heavy Industries S.Α.) to an unaffiliated third party for a total consideration of $195.0 million. Delivery of the M/V 'CMA CGM Magdalena' and the M/V ‘Adonis' to their buyer is expected in May and July/August 2021, respectively. The carrying value of M/V ‘Adonis' and the M/V 'CMA CGM Magdalena' at the end of the first quarter of 2021 was $72.7 million and $71.7 million, respectively. The Partnership expects gross cash proceeds from the sale after repaying outstanding debt of approximately $97.6 million.

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 17 vessels, including thirteen Neo-Panamax container vessels, three Panamax container vessels and one Capesize bulk carrier.

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

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 vessels did Capital Product Partners sell?

Capital Product Partners sold the M/V 'CMA CGM Magdalena' and M/V 'Adonis'.

What is the total consideration for the vessel sale by CPLP?

The total consideration for the sale is $195 million.

When is the delivery of the sold vessels expected?

The delivery is expected in May and July/August 2021.

What are the carrying values of the sold vessels?

The carrying values are $72.7 million for M/V 'Adonis' and $71.7 million for M/V 'CMA CGM Magdalena'.

What are CPLP's expected cash proceeds from the vessel sale?

CPLP expects gross cash proceeds of approximately $97.6 million after repaying outstanding debt.