Reviews & Ratings for the Seaways-Oak

Capital Product Partners L.P. (NASDAQ:CPLP) has exciting news to share with the maritime industry: the company has successfully obtained new time charter agreements for four of its product tankers. The vessels in question include the M/T 'Alexandros II' (51,258 dwt, IMO II/III, built in 2008 by STX Offshore & Shipbuilding Co., Ltd., South Korea), the M/T 'Aristotelis II' (51,226 dwt, IMO II/III, also built in 2008 by STX Offshore & Shipbuilding Co., Ltd.), the M/T 'Aris II' (51,218 dwt, IMO II/III, built in 2008 as well), and the M/T 'Ayrton II' (51,260 dwt, IMO II/III, constructed in 2009 by STX Offshore & Shipbuilding). These tankers are set to be employed by Petróleo Brasileiro S.A. ('Petrobras') under contracts lasting two years (+/- 30 days), with a lucrative gross daily rate of $14,700. Notably, Petrobras holds the option to extend the charters for an additional eleven months (+/- 30 days) at an increased rate of $14,850 per day. These new charter arrangements are contingent upon successful vetting inspections of each tanker and are anticipated to kick off in the third quarter of 2018. With these new contracts, Capital Product Partners has bolstered its charter coverage for 2018 to an impressive 70%. Based in the Marshall Islands, Capital Product Partners L.P., a master limited partnership, is recognized as a premier international owner of a diversified fleet, including 37 vessels consisting of 21 modern MR (Medium Range) product tankers, four Suezmax crude oil tankers, one Aframax crude/product oil tanker, ten Neo Panamax container ships, and one Capesize bulk carrier. The company's vessels primarily operate under period charters, reflecting its strong position in the shipping market.