Capital Product Partners secures new charter contracts

Greek owner Capital Product Partners has recently secures new contracts and extensions for five vessels in its fleet.

The partnership has secured a contract with a major liner operator for either Akadimos or Adonis, both built in 2015 and with a capacity of 9,288 teu. The charter period is for 20 to 24 months at an escalating rate, which is expected to average around $29,800 per day over the firm period. The charter is scheduled to commence in late September and the charterer has an option to extend the contract by another six months at $35,000 per day.

Capital has also secured extensions for post-panamax containerships Athos, Aristomenis and Athenian for two additional years by reducing the current rate by $1,050 per day to $25,950 per day and increasing the rate to $26,950 per day for Aristomenis from October this year and from July 2021 onwards for Athos and Athenian. The charters will expire at April 2026 earliest and include two one-year options at $31,450 and $32,450 per day respectively.

Additionally, Capital’s 2015-built 9,288 teu post panamax containership Akadimos has secured charter employment with a liner operator for a period of about 80 days. The new charter commenced early July 2020 after the vessel passed its scheduled special survey.

“The container charter market, as expected, has weakened significantly during the second quarter of 2020 with initial fixtures in May taking place at considerably reduced rates compared to our expectations at the beginning of the year. While we have since seen some improvement in the appetite of liners to charter larger post panamax container vessels at increased rates, the uncertainty around COVID-19 and renewed outbreaks in many different parts of the world, signal in our opinion increased volatility ahead for the world economy and uncertain prospects for our underlying markets and customers,” said Jerry Kalogiratos, CEO of Capital Product Partners.

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