Capital Product Partners adds 11 new LNG carriers in $3.1 bln deal (updated)

Capital Clean Energy Carriers

13/11/2023 12:58

(Adds details, CEO comment in paragraphs 2-6)
       Nov 13 (Reuters) - Vessel owner Capital Product Partners
 CPLP.O  said on Monday it has acquired 11 newly built LNG
carriers from Capital Maritime for $3.1 billion, opting for more
fuel-efficient engine propulsions as part of the global energy
transition. 
    Shipping companies are also investing in LNG carriers as
buyers look to fill Europe's storage inventories by opting for
alternatives to Russian gas imports.
    The United States regained its top position as the world's
largest exporter of liquefied natural gas in the first six
months of this year, according to the U.S. Energy Information
Agency. 
    "We are well positioned to take advantage of the strong
fundamentals of the LNG industry ...we expect our contracted
revenues to increase by 87% to $3.1 billion (following deal
close)," Chief Executive Jerry Kalogiratos said. 
    Capital Products said it will also look to sell its non-core
container vessels after closing the deal with Capital Maritime &
Trading Corp and Capital GP.
    The company, which is also changing its name to Capital New
Energy Carriers L.P., said the new carriers will enter its fleet
during 2023-27.
    

 (Reporting by Mrinalika Roy and Tanay Dhumal in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com;))