More Containerships Sold by Capital Product Partners

Capital Product Partners, a company listed in the US, is continuing to divest its containership assets as part of its strategic pivot towards specializing in LNG carrier operations.

Owned by Evangelos Marinakis, the company is in the process of selling two key vessels: the 9,300 TEU Akadimos, constructed in 2015, and the 2008-built sister ships, the 5,100 TEU Fos Express and Seattle Express.

This move follows an announcement in November of the previous year, where Capital Product Partners revealed its intention to acquire 11 LNG carriers from Marinakis' holdings for a total of $3.13 billion. This strategic decision indicates a shift away from the containership market, coming after its withdrawal from the dry bulk sector in July of the same year.

The initiative to sell off its container ships began in December, with the agreement to sell the 2008-built 5,100 TEU Long Beach Express, set for delivery within the first quarter of 2024. The completion of the latest sales is scheduled for March and April, with the expectation that the sale of all four vessels will generate approximately $81 million, post-settlement of existing debts.

As it stands, Capital Product Partners has a fleet comprising nine LNG carriers and 14 containerships, including those under agreement to be sold. Additionally, the company is anticipating the delivery of nine more LNG ships between the second quarter of 2024 and the first quarter of 2027.