‘Golden’ charter agreements and ship purchases for the CPLP of V. Marinakis

Of George Georgiou

Significant increase in profits in the third quarter of 2021, further expansion in the LNG transport market, with “fora” from the successful Greek bond and charter revenues reaching nearly 2 billion, announced late last night Capital Product Partners, interests of Vangelis Marinaki.

In particular, revenue rose to $ 43.1 million in the third quarter of this year, from $ 35.5 million in the same period last year. At the same time, the shipping company recorded a 53% increase in net profits, which amounted to 11.9 million dollars, compared to 7.8 million dollars last year.

“The improved performance reflects the favorable conditions in the container shipping market, but mainly, the increase in the size of the company, with the acquisition of three containerships earlier in the year and two LNG carriers by the end of the third quarter,” said the CEO of the listed company. Καλογηράτος.

The company will distribute a dividend of $ 0.10 per share for the third quarter, which will be paid on November 12, 2021.

Loyalty to LNG

It is recalled that at the end of the summer, the shipping company had announced the acquisition of three LNG carriers, in an intra-group transaction, as the said ships belonged to the LNG arm of the Marinakis Group, Capital Gas. He has already received two of them.

The deal also included options for the acquisition of three additional LNG carriers, which was recently exercised, as announced by the company.

The steamers, which are new, were acquired for about $ 623 million and are chartered to BP, Cheniere and Engie Energy Marketing Singapore for a long time (remaining 6.2 years charter), with the possibility of extensions.

Funding for the deal will come from from the bond in the Greek stock market, lending and cash.

“The recent € 150 million bond issue, in a very attractive pricing, allowed us to pursue options for three new generation LNG carriers. With the addition of these vessels, at the end of the year we will control a fleet of 21 vessels, from of which 14 are containerships (panamax and post panamaxes), one bulk carrier (capesize) and six LNG carriers “commented Mr. Kalogiratos.

“Total fleet charter revenue will increase from $ 624.8 million to $ 1.95 billion, including options, and the average remaining charter period is expected to increase from 5.3 to 8.4 years.” he added.

At the same time, according to Mr. Kalogiratos, the acquisition of the six LNG carriers is expected to boost revenues, lower the average age of the fleet from 10.8 to 7.8 years and reduce the company’s environmental footprint.

“We believe that the LNG market is a rapidly growing industry, which is supported by positive fundamentals, as both gas and LNG are expected to play an important role in the energy transition to zero emissions,” he said.