Capital Product Partners (CPLP) developments

Have not followed Capital Product Partners (CPLP) closely since their announcement of strategy and fleet shift in late 2023. As a reminder, CPLP was acquiring 11 newbuild LNG carriers from sponsor, Capital Maritime, and would also transition out of the container vessel business.

Some of the newbuild LNG tankers have delivered over the last few months. Meanwhile, in March 2024, CPLP have been active in trimming their fleet of the container vessels. Two deals
#1 1 9300-TEU vessel and two 5100-TEU vessels

#2 Three 10000-TEU vessels

While I have seen hints of the sales price in one case, I am almost certain the price points are nowhere near the prices achieved for 8500-TEU vessels about two years ago. Still, Capital Maritime have been consistent in terms of their intent to focus the company in one maritime sector - LNG shipping. Six container vessels sold represents almost half of the CPLP’s container vessels.

A rights offering occurred in Dec 2023 with most of the units going to Capital Maritime, who now have a majority stake (almost 75%) in CPLP. The sponsor entity also offered a sellers credit to partially finance the newbuilds.

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