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Stock Market & Financial Investment News

News Breaks
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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July 25, 2014
07:36 EDTCPLPCapital Product announces charter renewal for M/T Axios
The company said, "The M/T Axios, a 47,782 dwt, IMO II/III Chemical Product Tanker built 2007, extended its employment with Capital Maritime & Trading for an additional charter term of a minimum of 12 months at the same day rate of $14,750 gross per day plus 50/50 profit share for breaching Institute Warranty Limits. The earliest redelivery under the new charter is in June 2015. In addition, our Sponsor has agreed, subject to the satisfaction or waiver of various conditions precedent, to contribute three 9,160 TEU eco-flex containerships and two eco medium range product tankers upon delivery to the Sponsor at prices below current market value, as well provide the Partnership with a right of first refusal over six additional eco medium range product tankers when delivered, in exchange for amending the target distributions to holders of Incentive Distribution Rights and an aggregate of $311.5M in cash for the three containerships and two tankers. The five vessels to be acquired by the Partnership are expected to be delivered to the Sponsor between March 2015 and November 2015, and the six vessels subject to the right of first refusal are expected to be delivered to the Sponsor between September 2015 and December 2016. The amendment, which is a condition precedent to the transaction referenced above, is subject to the satisfaction or waiver of various conditions precedent, including unitholder approval at the Annual General Meeting of the Partnership, scheduled for August 21. The transaction was unanimously recommended by the conflicts committee of our board and unanimously approved by our board."
07:34 EDTCPLPCapital Product reports Q2 EPS 4c, consensus 10c
Reports Q2 revenue $47.44M, consensus $49.31M.

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