Capital Adds Newbuilding, Lands New Charters

first_imgzoom Nasdaq-listed owner and operator of tanker, container and dry bulk ships Capital Product Partners has taken delivery of the 50,000 dwt newbuilding tanker M/T Active, and agreed on new time charter employment for two of its tankers at increased day rates.M/T Active was built by South Korea’s Samsung Heavy Industries, and it is the first of five vessels Capital agreed to acquire from their sponsor, Capital Maritime & Trading Corp.The USD 33.5 million purchase price for the M/T Active was funded through a drawdown of USD 16.8 million under a senior secured credit facility with ING Bank N.V., and available cash, including the proceeds of the equity offering completed in September 2014.The M/T Active is chartered to Capital Maritime for a minimum charter term of 24 months (+/- 30 days) at a gross daily charter rate of USD 17,000 plus 50/50 profit share on actual earnings settled every six months.The additional four vessels Capital Product bought from Capital Maritime comprise three newbuild 9,160 TEU eco-flex container ships under construction at Daewoo Mangalia Heavy Industries with expected deliveries in June, August and November 2015 and an additional eco medium range product tanker under construction at Samsung Heavy Industries, with expected delivery in June 2015.In addition, Capital Product has a right of first refusal over six newbuilding eco medium range product tankers built by Samsung Heavy Industries.The three container ships are scheduled to enter into five-year time charter employment to CMA-CGM S.A., and the medium range product tanker is scheduled to enter into two-year time charter employment to Capital Maritime.The company also extended the time charter employment of the 162,397 dwt crude carrier M/T Militiadis M II to Petróleos Mexicanos (PEMEX), for eleven months (+/- 30 days) at an increased daily rate of USD 33,000 gross. Previously, the vessel earned USD 28,000 gross per day. The new charter is expected to commence in April 2015.The 47,834 dwt M/T Avax has secured employment to Petróleo Brasileiro S.A. (Petrobras) for three years (+/- 30 days) at USD 15,400 gross per day. The charter is expected to commence at the end of April 2015. The vessel is currently earning USD 14,750 gross per day under its time charter employment with Capital Maritime.last_img read more

Nova Scotia Invests in Future with Energy Scholarship Program

first_imgNineteen Nova Scotia students will get help pursuing careers and research in energy with scholarships from an industry-government partnership. The Pengrowth-Nova Scotia Energy Scholarship Program gives out up to a dozen $10,000 university scholarships each year to high school graduates pursuing energy-related studies. It also provides up to 10 scholarships of $2,500 each to graduates pursuing trades and technology programs at the Nova Scotia Community College. “Nova Scotia’s growing energy sector is a rich source of career opportunities,” said Energy Minister Charlie Parker. “We are pleased to partner with Pengrowth to help educate the energy leaders of tomorrow.” Recipients are chosen based on academic achievement, community involvement and extra-curricular activities, and must have demonstrated an interest in the Nova Scotia energy sector. “The success of our students remains our priority and Pengrowth is pleased to provide financial assistance to such a talented group of students interested in the energy industry,” said Jim MacDonald, director of Pengrowth’s East Coast Operations. “The scholarship program is a great example of what can be accomplished when government and industry work together.” Pengrowth Energy Corporation, Pengrowth Management Limited and the province has invested $3 million in the scholarship program to date. Since the program’s inception in 2005, 130 students have received scholarships and grants. Pengrowth Management Limited was founded by Jim Kinnear in 1982.last_img read more