Focusing on the transportation of various forms of natural gas Capital Product Partners L.P. (NASDAQ: CPLP), proceeds to the renaming of CPLP to “Capital Clean Energy Carriers Corp.”. In connection with the Conversion, the General Partner will give up its existing management and consent rights with respect to CPLP.
The Conversion and the Name Change are key milestones in the company’s strategic pivot towards the transportation of various forms of natural gas to industrial customers, including liquefied natural gas (“LNG”) and new commodities emerging as a result of the energy transition, as initially announced in November 2023. To achieve its strategic pivot, the listed company entered into the Umbrella Agreement with Capital Maritime & Trading Corp. (“Capital Maritime”), its sponsor, and the General Partner, under which agreed to acquire 11 newbuild LNG/C vessels (the “Newbuild LNG/C Vessels”), of which five vessels are already on the water and the remaining six vessels are expected to be delivered between the first quarter of 2026 and the first quarter of 2027. In June 2024, we also ordered 10 state-of-the-art, high-specification gas carriers, including four unique handy multi gas carriers that can carry liquid CO2. These, along with the Newbuild LNG/C Vessels, collectively form the “Energy Transition Vessels”. This $3.9 billion investment, notable both in asset value and scope, demonstrates our commitment to becoming a leading provider of transportation for LNG and other clean fuels.
It has been already made significant progress refocusing on the business with 12 latest generation LNG/C vessels currently on the water plus the disposal of seven legacy container vessels during the first half of 2024. Upon delivery of the remaining Energy Transition Vessels between the first quarter of 2026 and the third quarter of 2027, we expect to become the largest U.S.-listed LNG shipping company and will offer our industrial customers a full range of transportation solutions.
Conversion and Name Change Details
The company also announced:
We expect to complete the Conversion and the Name Change by August 26, 2024. Upon completion, our Common Shares will trade on the Nasdaq Global Select Market (“Nasdaq”) under the name “Capital Clean Energy Carriers Corp.” with the ticker symbol “CCEC”.
As a result of the Conversion, the following changes to our capital structure and corporate governance, among others, will occur:
· CPLP, a Marshall Islands limited partnership, will convert to CCEC, a Marshall Islands corporation.
· Each common unit of CPLP issued and outstanding immediately prior to the Conversion will be converted into one common share of CCEC with a par value of $0.01 per share (the “Common Shares”).
· The General Partner Units and Incentive Distribution Rights issued and outstanding immediately prior to the Conversion will be converted into an aggregate 3,500,000 Common Shares. Following the Conversion, Capital Maritime and its affiliates will hold in aggregate approximately 59.0% of the outstanding Common Shares.
· The General Partner will give up its existing management and consent rights with respect to CPLP, including its right to appoint three directors to our Board and its veto rights over, among other things, approval of mergers, consolidations and other significant corporate transactions and amendments to CPLP’s governing documents.
· Following the Conversion, the Board will consist of eight directors, a majority of which will be “independent” in accordance with Nasdaq rules.
· Until Capital Maritime and its affiliates cease to own at least 25% of the outstanding Common Shares, Capital Maritime and its affiliates will have the right to nominate three out of the eight directors to the Board. If the holdings of Capital Maritime and its affiliates fall below 25% but remain above 15% of the outstanding Common Shares, Capital Maritime and its affiliates thereafter will have the right to nominate two out of eight directors to the Board. If the holdings of Capital Maritime and its affiliates fall below 15% but remain above 5% of the outstanding Common Shares, Capital Maritime and its affiliates thereafter will have the right to nominate one out of eight directors. If the holdings of Capital Maritime and its affiliates fall below 5%, Capital Maritime thereafter will no longer have any rights to nominate directors to the Board. The remaining members of the Board will be nominated by CCEC’s nominating committee and all directors will be elected by majority vote of the holders of Common Shares (including Capital Maritime and its affiliates), other than in a contested election, in which the election of directors will be by a plurality vote.
Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, said: “Today’s announcement of Capital Product Partners’ conversion into a Marshall Islands corporation is an important step in the growth and evolution of the group. It builds upon our stated intention to become the only listed shipping company offering transportation for all gas types with an emphasis on the energy transition, as these vessels can move LPG, ammonia, butane, propylene and liquid CO2, adding to LNG, where we already have a presence. When completed, this conversion will enhance our corporate governance and is intended to position the group as a more attractive investment opportunity in the equity capital markets. We have structured the converted company in a manner that we believe will appeal to institutional investors, which we believe will further broaden our investor base and improve our trading liquidity.”
The forgoing description of the Conversion is qualified by reference to the full definitive documents for the Conversion, which will be filed with the SEC.
The Conversion and the Name Change were approved by the Committee and our Board and we obtained unitholder approval for the Conversion and the Name Change by written consent of Capital Maritime and its affiliates, which hold a majority of our outstanding common units, pursuant to Section 13.11 of our Second Amended and Restated Agreement of Limited Partnership. Raymond James & Associates, Inc served as financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to the Committee. Evercore served as financial advisor and Sullivan & Cromwell LLP served as legal advisor to Capital Maritime.
About Capital Product Partners L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands limited partnership, is one of the world’s leading platforms of gas carriage solutions with a focus on energy transition. CPLP currently owns 20 high specification vessels, including 12 latest generation LNG carriers (LNG/Cs) and eight legacy Neo-Panamax container vessels. In addition, CPLP has agreed to acquire six additional latest generation LNG/Cs, six dual fuel medium gas carriers and four handy liquid CO2/multi gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.
For more information about CPLP, please visit: www.capitalpplp.com.
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Angelicoussis Group CEO Maria Angelicoussis, Deputy CEO Sveinung J. S. Støhle, CFO Andrew Papachristodoulou and Maran Gas (MGM) General Manager Despoina Moustaka, MGM Executive Vice President and Head of Technical Andreas Spertos and MGM LNG Commercial Director Jason Bikos recently joined executives from Samsung Heavy Industries and Total Energies at Geoje Island Shipyard in South Korea to celebrate the naming of our two new LNG carriers, the Maran Gas Nice and the Maran Gas Antibes.
The two Bureau Veritas classified vessels incorporate an environmentally friendly design with innovative solutions, including air lubrication, shaft generators, an LNG sub-cooler and a new propulsion engine type that reduces the methane slip.
The “Nice” and “Antibes” names represent the historical ties between Greece and France, mirroring the strong relationship between the Angelicoussis Group and charterer TotalEnergies.
Helle Kristoffersen, President Asia and Member of the Executive Committee at TotalEnergies, and Laetitia Valençon, Managing Director at TotalEnergies Gas & Power Asia, have christened these two great vessels into a life of many safe and successful voyages.
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Veracity by DNV and INTERTANKO on Monday 19th of August announced their partnership, enabling DNV emissions verification customers to seamlessly share their data with INTERTANKO, further supporting the tanker industry in its decarbonization efforts.
The partnership between Veracity by DNV and INTERTANKO represents an advancement in the use of verified emissions data by making it easier for tanker operators to share emissions data directly with external stakeholders, reducing their administrative workload.
2024 is the first year where ships trading in the European Union are subject to its Emissions Trading Scheme (ETS).
Verified emissions data are increasingly important for EU ETS commercial settlement, Carbon Intensity Indicator (CII) implementation, and operational efficiency requiring real-time verification of emissions data. Integration with INTERTANKO's benchmarking tool allows members using DNV as their verifier, to share the verified data in one secure and automatic data stream.
Mikkel Skou, Executive Director of Veracity by DNV, said: "Verified emissions data is becoming increasingly crucial for commercial settlements.”
“Now, we’re delighted to see that industry benchmarks and models like INTERTANKO’s can benefit from increased accuracy and trust from verified emissions data.”
“With our Veracity integrated partners, like INTERTANKO, we have prebuilt plug-and-play secure data integration ready for our customers to use. No IT project is needed for customers to automate their operation.”
Catrine Vestereng, SVP & Global Segment Director at DNV, said: "DNV is striving to support our tanker customers in their daily challenges, and by working closely with INTERTANKO within all technical, regulatory, and safety issues.”
“One of the greatest challenges in the tanker industry these days is seamlessly being able to share emission data with external stakeholders, and we are proud to be able to set up this connection with INTERTANKO to reduce the administrative burden for our tanker customers."
Tim Wilkins, Deputy Managing Director at INTERTANKO, said: "The newly formed partnership enables DNV emissions verification customers to share their verified data with INTERTANKO easily and supports the development of a platform for our members to simplify reporting and eliminate the need for multiple reports to several different entities.”
“The collaboration enhances INTERTANKO’s data analytics tools allowing Members to compare their fleet with the industry or internally across various parameters such as CII, annual efficiency ratio and fuel consumption.”
Image: From left: Catrine Vestereng, SVP & Global Segment Director at DNV Maritime, Barry Authers, Head of Partnerships at Veracity by DNV, Tim Wilkins, Deputy Managing Director at INTERTANKO, Knut Ørbeck-Nilssen, CEO at DNV Maritime.
Courtesy of INTERTANKO
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Wallem Group, a leading global maritime partner has signed a strategic cooperation agreement with COSCO Shipping Seafarer Management Company to enhance the cooperation of both organisations. Han Chao, Chairman and Party Secretary of COSCO Shipping Seafarer Management Company, and John Rowley, CEO of Wallem Group, signed the agreement on behalf of both parties.
John Rowley, CEO, Wallem Group, said, “We are honoured to partner with COSCO Shipping Seafarer Management Company to work together towards common goals on green, low-carbon, and intelligent shipping, and to leverage respective strengths to further integrate resources and jointly enhance competitiveness in ship management.”
Han Chao, Chairman and Party Secretary of COSCO Shipping Seafarer Management Company, commented, “The agreement with Wallem Group is a significant move for COSCO Shipping Seafarer Management Company which expands cooperation with a leading global third-party ship management company, as part of COSCO’s strategy to continuously deepen reform and accelerate enhancements in productivity.”
This partnership underscores both companies’ commitment to innovation and sustainability in the maritime industry, aiming to set new benchmarks in ship management and crew services.
About Wallem
Wallem Group is a leading provider of technology driven maritime solutions, offering services supporting the complete lifecycle of a vessel from newbuilding supervision to end-of-life recycling guidance. Wallem’s extensive portfolio includes asset management, crewing, training, ship management, safety and compliance management and agency services.
As one of the largest and most experienced solutions providers globally, Wallem offers world-class support to shipowners by bringing its customer-centric and transparent approach to all aspects of fleet operation. Wallem combines technology and forward-thinking to deliver on safety, technical, and commercial performance without compromise. Wallem believes in collaboration to foster innovation in meeting future needs.
Wallem operates globally with a shore-based team of 700 people and 5,000 highly qualified seafarers, serving nearly all vessel segments.
Image: John Rowley, CEO, Wallem Group and Han Chao, Chairman and Party Secretary, COSCO Shipping Seafarer Management Company sign a new strategic cooperation agreement
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The Panama Maritime Authority (AMP) revolutionizes the flagging processes by incorporating three new functionalities into its PKI digital platform.
From now on, the special flagging procedures for Laid Up and Charter, as well as requests for extensions of Radio Licenses, can be done entirely digitally and from any consulate. This update represents a significant improvement for users of the Panama Ship Registry, allowing them to:
• Greater efficiency: Complete procedures more quickly and easily, without the need for in-person transactions.
• Flexibility: Request extensions of Radio Licenses for periods of 1, 2, or 3 months, adapting to the needs of each vessel.
• Digitalization: Access all services online, according to international standards.
With these improvements, the AMP reiterates its commitment to technological innovation and excellence in service, consolidating its position as a world leader in ship registration.
With a fleet of over 8,600 vessels and 247 million GT, Panama positions itself as the undisputed leader in global ship registration, representing 15% of the global fleet.
Panama's solid legal framework, especially concerning naval mortgages, provides shipowners with the confidence they need for their investments.
Additionally, Panama stands out as a leader in the registration of naval mortgages, offering international banking the legal security necessary to support investments in the maritime sector.
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On June 26th, Turbo General, member of A General Group of Companies, joined the Green Award Foundation as an Incentive Provider, during a memorable welcome ceremony that took place at St Nicholas Business Club, in Piraeus, Athens, Greece.
Since its establishment in 1975, Turbo General has been working with the marine, industrial, locomotive, and automotive industries to improve fuel efficiency, reduce emissions, utilize waste energy, comply with environmental regulations, enhance engine longevity, support the use of alternative fuels, and provide operational flexibility.
Speaking on what motivated them to become one of our incentive providers, Vasilios Michael Chrysopoulos, founder, Turbo General, said, “Our decision to partner with the Green Award Foundation to motivate frontrunner shipping companies through incentives is driven by our ambition to promote sustainable business practices.”
“Turbocharging and repairs are highly encouraged practices in the shipping industry as they boost the power and efficiency of an engine by using exhaust gases to compress more air into the engine, leading to better performance and potentially lower fuel consumption and emissions,” said Jan Fransen, Executive Director, Green Award Foundation.
“For nearly 50 years, we have been serving the marine, industrial, locomotive, and automotive industries with turbocharging and maintenance. Turbochargers are the lungs of every engine, and without correct maintenance, a ship might become unseaworthy. We also provide training services to shipping companies, and our headquarters in Athens is chosen by several maritime academies and approved by the ministries of education and ministries of shipping of Malta, Cyprus, and Egypt to provide hands-on seminars to seafarers and students,” said Chrysopoulos.
Besides real-time access to their team of quality personnel for turbocharging and repairs, Green Award-certified shipping companies will enjoy added benefits, including, but not limited to special discounts, financial savings, operational improvements, enhanced reputation, regulatory compliance, competitive advantage, valuable networking opportunities and much more.
At the same event another company of the Group, GET STC, a leader in marine and industrial services, has also joined the Green Award Foundation as an incentive provider.
Founded in 2010, GET STC has quickly established itself as a trusted provider of high-quality marine and industrial services. Their extensive range of products includes engine spare parts from all major manufacturers, as well as mechanical and electronic equipment such as compressors, purifiers, pumps, sensors, fans, motors, and drives. They offer specialized services like vessel servicing with a flying team of engineers, manufacturing and reconditioning of mechanical parts and providing technical seminars in collaboration with maritime academies.
GET STC’s commitment to sustainability is evident in their proactive approach to green projects aimed at reducing CO2 emissions. They represent leading international brands such as SKF Recondoil and Samoa Pumps, and their expertise extends to supervising drydock specifications and handling H&M claims. By offering these services, GET STC helps shipping companies enhance operational efficiency, comply with environmental regulations, and adopt sustainable practices.
“When it comes to our commitment to sustainable shipping, GET STC recently spun off one of its departments and set up Green Marine where all our current technologies related to decarbonization are represented. We are focused on ensuring energy efficiency, emission reduction, alternative fuel, renewable energy integration, energy management systems, hull and propeller optimization, waste heat recovery systems, eco-friendly coatings and materials, and digital solutions for route optimization,” said Vasilios Michael Chrysopoulos, CEO, GET STC.
Jan Fransen, Executive Director of the Green Award Foundation, welcomed GET STC, stating, “Their addition to our network of incentive providers brings invaluable expertise and resources to our certified shipping companies.”
As an incentive provider, GET STC offers a range of benefits to Green Award-certified shipping companies, sea-going ships, inland navigating ships, and other participants:
· 10% discount on all SKF Recondoil filtration systems
· 10% discount on all Samoa diaphragm pumps
· 10% discount on labour from the flying team of engineers
· 5% discount on all spare parts
· 5% discount on services such as inspection, surveys, maintenance, TIG welding, and thermal spray solutions
· An additional 5% discount for loyal customers who complete more than 12 orders within the first 12 months of cooperation
We are excited to embark on this journey with GET STC, enhancing the support and benefits available to our certified shipping companies. Together, we will continue to drive forward the mission of safer and more sustainable shipping.
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Bureau Veritas Marine & Offshore has announced key leadership appointments in new operational areas and at its Paris head office to drive its LEAP | 28 strategy. The move will strengthen BV’s management presence in the key maritime hubs of London, Athens and Shanghai.
Three Senior Vice Presidents have been appointed in a redesigned operational structure.
David Barrow is responsible for Western Europe and Americas (WEA), based in London. Previously based in Singapore, David has over thirty-five years of experience in the maritime sector, including in business development and innovation management.
Athens-based, Paillette Palaiologou is now the head of Eastern Europe, Mediterranean Sea, Middle East, India and Africa (EMA). With thirty years in shipping, Paillette combines advanced technical expertise and experience as a naval architect and marine engineer with a deep understanding of the market and leadership in securing pioneering projects and major new clients.
Alex Gregg-Smith heads Asia Pacific (APA), combining the previous North Asia and South-East Asia Pacific Zones. He will continue to be based in Shanghai. Alex was previously BV’s Senior Vice President for North Asia and Country Chief Executive, China. He brings more than three decades of experience in senior ship management and shipbuilding roles as well as his previous classification career experience.
Additionally, the appointment of Lilli Chi in APA, now in role as Vice President for BV’s South East Asia Pacific Zone, based in Singapore, underscores the significance of the zone and Singapore as a shipping hub. Lilli has a wealth of experience: nine years at Wärtsilä - in various leadership roles across Europe and Asia, and in S&P with shipbroker Fearnleys, chartering with Bery Maritime, and business development with Wilhelmsen Ships Service.
Pierre de Chateau Thierry, appointed Vice President and Chief Commercial Officer at the end of last year, provides global commercial leadership for both classification and advisory services. He leads teams focusing on cementing BV’s leadership in key markets and ship types, marketing, sales, and product development.
In June, Suba Sivandran from Deloitte and BMT joined Bureau Veritas’ Paris head office as Director of Strategy, Sustainability and Advanced Services. He is responsible for the Future Shipping Team (FST), BV’s global approach to supporting colleagues, clients and stakeholders to help shape a safer and more sustainable shipping industry. The FST was created to enable the sharing of research and expertise across the BV Group, both upstream and downstream of the maritime sector, including CO2 value chain, alternative fuels, wind-assisted propulsion and nuclear energy, for example.
In June, Suba Sivandran from Deloitte and BMT joined Bureau Veritas’ Paris head office as Director of Strategy, Sustainability and Advanced Services. He is responsible for the Future Shipping Team (FST), BV’s global approach to supporting colleagues, clients and stakeholders to help shape a safer and more sustainable shipping industry. The FST was created to enable the sharing of research and expertise across the BV Group, both upstream and downstream of the maritime sector, including CO2 value chain, alternative fuels, wind-assisted propulsion and nuclear energy, for example.
Matthieu de Tugny, President of Bureau Veritas Marine & Offshore, said: “The future of shipping depends on technology and fuels being developed and deployed on ships – so, a focus on people and developing their expertise and careers in shipping is vital to our success. These senior appointments provide experienced strategic, commercial, and operational leadership to address these challenges.
“The future of shipping also requires action and collaboration beyond maritime. Our ability to collaborate externally and internally, through initiatives such as our Future Shipping Team, and by leveraging the expertise of our 83,000 colleagues in the wider Bureau Veritas Group, are key differentiators for us. In a more complex world, the depth and strength of BV across supply and value chains provides significant added value to our maritime clients.”
Image 1: From left to right: Alex Gregg-Smith, Paillette Palaiologou, David Barrow
Image 2: The Bureau Veritas Marine & Offshore Executive team during a recent meeting
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"Good luck Apostοle, spread your wings and fly towards your dreams" wished Mr. Giorgos Margetis, CEO of the company of maritime consultants and experts Margetis Maritime, the young Dimitris Margetis and the executives of the company Nikos Kafetsis, a retired Vice Admiral of the Hellenic Navy and COO of the company and Panagiotis Christias Cyber-Security Director in their meeting with Apostolos Papastamos in the last training session at OAKA before leaving for the trip to Paris.
The Greek champion, having reached the limit for his participation after an outstanding performance at the Pan European Swimming Championships, where he was crowned European Champion and wore the gold medal in the 400m. mixed individual, is currently in the best season. With his luggage full of optimism and hope he is ready to face this great challenge. It is the second time he participates in the Olympic games, but the joy, the mission, the experience are unique each time.
Throughout the preparation time, Margetis Maritime was by his side, as a warm sponsor-supporter in his demanding race. The company's mission is to support efforts that have a positive impact on society and promote the values of fair play, commitment, respect, self-improvement for a better sustainable future. “Water” is the space in which the company has been active in business for almost 20 years, contributing to the development of the maritime community, so the swimming team is the perfect pillar of support. As Apostolos has recently mentioned "I feel grateful that we are fellow travelers on the Olympic journey, now we are setting the bow for new successes in Paris!"
On the occasion of Spyros Polemis sudden loss, Intercargo proceeded to the following announcement:
“It is with great sadness that we learned of the passing of our former Chairman Dr Spyros M Polemis, on July 21st.
Dr Polemis was born in Andros in 1937, studied in the USA, and until recently was a very influential representative of the global shipping community in Athens, London and New York, always committed to participate diligently in multiple international fora. He served as our Chairman from 1994 to 1996, having fulfilled the role of Vice-Chairman from 1990 to 1994.
Dr Polemis was instrumental in consolidating INTERCARGO’s presence in the shipping industry, during the 1980's and 990's, by which time INTERCARGO achieved accredited NGO status at the IMO.
We send our deepest condolences to his family.”
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Capital-Executive Ship Management Corp. took delivery of the 2,862 TEU newly built container vessels C/V ‘Acastos’ C/V ‘Adonis’, C/V ‘Anaxagoras’, C/V ‘Acheloos’ from HD Hyundai Mipo Dockyard Co. Ltd., South Korea.
Each sister vessel features a single-tier lashing bridge for increased stack-weights and to facilitate the 604 refrigerated containers. The vessels' deck house has been lifted to increase visibility and nominal intake.
These 2,862 TEU container vessels incorporate optimized hull designs and integrate smart ship technologies to boost energy efficiency and minimize environmental impact.
The vessels also feature an advanced navigation system that assists in safe navigation. Bow thruster power is also increased for safe maneuvering.
The safety of crew and cargo is enhanced by an intelligent CCTV system displaying information in augmented reality images.
The vessels are ready for both Alternative Marine Power (AMP) and SOx exhaust gas cleaning systems (scrubbers), and are also configured for future adaptation to run on LNG.
The Extended dry-docking scheme offers the flexibility to operate for 7.5 years without drydocking.
About Capital-Executive Ship Management Corp.: Capital-Executive currently operates a fleet of 36 vessels including 27 container carriers and 9 modern bulk carriers with a total dwt of 2.52 million tons approx. and total TEU of 111,320. The fleet under management includes vessels of Nasdaq-listed Capital Product Partners L.P.
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