BP Shipping Charters Extended
January 13, 2012
Capital Product Partners L.P. (Nasdaq: CPLP) announced the extension of the charters of both the M/T Agamemnon II and the M/T Ayrton II to BP Shipping. The M/T Agamemnon II (2008 STX Offshore & Shipbuilding Co., 51,238 dwt) was fixed to BP Shipping at a daily charter rate of $14,000 net for 12 months (+/- 1 month) and the charter is subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues earned for breaching the Institute Warranty Limits. The new charter rate will commence upon redelivery from the vessel's current charter, expected at the end of January 2012, with earliest expected redelivery at the end of December 2012.
The M/T Ayrton II (2009 STX Offshore & Shipbuilding Co., 51,260 dwt) was fixed to BP Shipping for 24 months (+/- 1 month) at a daily charter rate of $14,000 net for the first 12 month period and at a daily charter rate of $15,000 net for the second 12 month period. The charter is subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues earned for breaching the Institute Warranty Limits. The new charter rate will commence upon redelivery from the vessel's current charter, expected in April 2012, with earliest expected redelivery in March 2014.
