US-listed shipping entity changes focus to LNG

USA

WASHINGTON D.C., November 14, 2023 – Capital Product Partners has purchased 11 newbuild LNG carriers for USD 3.1 billion, the US-listed shipping company announced on Monday.

The vessels are to be delivered between now and March 2027.

The first delivery was in October 2023 for the Amore Mio I carrier that is chartered to Qatar Energy Trading Company for 2.8 years.

Under the deal, the company also has the rights for first refusal on a fleet of liquid carbon dioxide and ammonia carriers.

The acquisition will see the company become the largest publicly-listed owner of two-stroke LNG carriers in the USA.

The company will also be changing its name to Capital New Energy Carriers to reflect the new change in focus.

“We expect our contracted revenues to increase by 87% to $3.1 billion […] by the time all LNG carriers have been delivered in 2027,” said

According to Reuters, shipping companies are investing in LNG carriers to meet demand in Europe for alternative gas options.

In the first six months of 2023, the USA regained its position as the top LNG exporter in the world.

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