Capital Product Partners L.P. delivers LNG carrier ‘Axios II’
Published by Jessica Casey,
Editor
LNG Industry,
Capital Product Partners L.P. (CPLP), an international owner of ocean-going vessels, has successfully taken delivery of the LNG carrier Axios II.
Pursuant to the agreement to acquire 11 LNG carriers provided under the umbrella agreement entered into on 13 November 2023, the partnership took delivery on 2 January 2024 of LNG carrier Axios II (174 000 m3, latest generation, two stroke MEGA LNG carrier, built at Hyundai Heavy Industries Co., Ltd). The vessel commenced a one-year time charter at a market-linked rate, which will be followed by a seven-year bareboat charter with Bonny Gas Transport Limited, who maintain an option to extend by an additional three years.
The vessel acquisition was financed with cash from the balance sheet, a new senior secured loan facility led by ING Bank N.V. for an amount of US$190 million payable in 28 equal quarterly instalments of US$2.5 million, in addition to a balloon payment of US$120 million payable together with the final quarterly instalment in December 2030, and the deferral of US$92.6 million of the purchase price, in accordance with the seller’s credit agreement included in the umbrella agreement, maturing on 30 June 2027.
Axios II is the ninth latest generation LNG carrier of the partnership and the second vessel delivery of the fleet acquired under the umbrella agreement. The remaining nine vessels are expected to be delivered between 2Q24 and 1Q27.
Read the article online at: https://www.lngindustry.com/lng-shipping/08012024/capital-product-partners-lp-delivers-lng-carrier-axios-ii/
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