Capital Product Partners Announces New Long-term Time Charters

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Capital Product Partners L.P. (NASDAQ: CPLP), an international owner of ocean-going vessels, announced today that it has agreed new long-term time charters with Mediterranean Shipping Company Co. S.A. (“MSC”) for the M/V ‘Agamemnon’ (108,892 dwt / 8,266 TEU, container carrier built 2007, Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea) and the M/V ‘Archimidis’ (108,892 dwt / 8,266 TEU, container carrier built 2006, Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea).

The charter for the M/V ‘Agamemnon’ is expected to commence in the third quarter of 2019 upon completion of its previously announced scrubber installation and passing of special survey.

The M/V ‘Archimidis’ is expected to commence its new time charter at the end of the fourth quarter of 2019 upon completion of its previously announced scrubber installation and passing of special survey and in direct continuation of its present charter with MSC.

Both charters are set to expire at the earliest in February 2024. The Partnership estimates that these charters may generate collectively an EBITDA of approximately $44.5 million over the median firm periods of the charters (based on the assumptions described below).

As a result of the above employment updates, the Partnership’s charter coverage for the remainder of 2019 and for 2020 has increased to 100% and 91%, respectively.

Sea News, July 12