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Stock Market & Financial Investment News

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March 1, 2013
05:53 EDTCPLPCapital Product reaches conditional agreement with Overseas Shipholding Group
Capital Product has reached a conditional agreement with Overseas Shipholding Group and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. CPLP has conditionally agreed to enter into new charters with OSG on substantially the same terms as the prior charters but at a bareboat rate of $6,250 per day. OSG has the option of extending the employment of each vessel following the completion of the bareboat charters for an additional two years on a time chartered basis at a rate of $16,500 per day. The new charters remain subject to approval by OSG's board of directors.
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