Bureau Veritas Marine & Offshore (BV M&O) has launched a new smart hub, “MOVE by Bureau Veritas”, at the SMM maritime conference in Hamburg, Germany. Currently available for shipowners, MOVE is designed to integrate various maritime digital applications, helping reduce operational complexity by enabling fast, informed decision-making on asset compliance and performance.

MOVE offers shipowners a streamlined classification experience, allowing them to manage their fleet throughout their lifecycle, and analyze data from a single interface. This will enable users to manage their assets throughout early design, construction and operation.

MOVE is highly customizable and can be adapted to a client’s individual specifications, whilst also having the ability to continue to evolve with the asset, in light of more sophisticated digital tools and processes being introduced to the vessel in the future. 

Through MOVE’s app drawer, users can access all of BV M&O’s classification, statutory and technical advisory applications, as well as partner solutions. The new platform builds on the offer of VeriSTAR Info with two new applications for shipowners:

• ·Fleet in Service: Developed in collaboration with shipowners, “Fleet in Service” provides a visual and intuitive real-time fleet compliance overview to enable fast and accurate situation assessments. “Fleet in Service” can also be used to take action specific to the asset’s needs, such as requesting surveys and taking post-corrective steps.
• ·Connect your Systems:“Connect your Systems” facilitates the connection of client systems to accelerate the flow of high volumes of data between shipowners and BV M&O, saving time and improving efficiency.

BV M&O is continuously updating and improving MOVE, with new functionalities to be added over the coming months. MOVE is currently available to shipowners and Flag Authorities, and it will be progressively expanded to other profiles, including shipyards, designers, and equipment manufacturers. These users will also benefit from a tailored profile and selection of applications.
Laurent Hentges, Vice President – Digital Solutions & Transformation at Bureau Veritas Marine & Offshore, said: “MOVE is a means for shipowners and BV M&O to rise to the challenge of complying with increasingly complex regulations. It enables a data-centric approach, empowering shipowners to act more effectively, supported by reliable data from a single source.

"We aim to offer the right tools, at the right time, for a digital transformation that suits our clients’ business. Today, MOVE is tailored to shipowners, allowing them to manage their assets in operation, but our vision is that MOVE will go much further in the near future. We want to provide our clients with a truly asset-centric tool, from which they can follow their assets from design throughout in-service life.”

Matthieu de Tugny, President of Bureau Veritas Marine & Offshore, said: “At Bureau Veritas, we are committed to being by our clients’ side to navigate the challenges they face. MOVE is one more step – although a big step – providing the platform to keep evolving and optimizing the classification experience to meet the needs of the future.”

In time, VeriSTAR Info will be phased out and replaced by MOVE by Bureau Veritas’ Fleet in Service app. Discover the new smart hub and start your journey with MOVE here.

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The Shipping Deputy Ministry of Cyprus on Thursday 23 August 2024, approved the extension of the Contract for the Passenger Maritime Link between Cyprus and Greece for a further 3 years (2025, 2026, 2027), after evaluating the performance indicators, based on the number of passengers carried from 2022 until today.

The Cyprus - Greece Passenger Maritime Link was embraced from the first year by the public with great success, exceeding all expectations, creating a new tourist market for travellers wishing to travel to and from Cyprus and the rest of continental Europe with their private cars and motorcycles.

The Shipping Deputy Ministry has from the very beginning attached particular importance to the smooth operation of the Cyprus-Greece passenger maritime link, which provides an alternative means of transport for passengers and their accompanying vehicles, serving in particular the needs of those who have difficulties in travelling by air, either for medical reasons or due to their age or aerophobia. 

Since the first sailing in June 2022, more than 21,000 passengers have travelled until now, carrying more than 7,000 cars and 700 pets.  These numbers prove that the passenger maritime link is necessary.

image: Shipping Deputy Minister to the President of the Republic of Cyprus

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On the 23rd of August, at Hanwha Ocean Shipyard, GasLog Italy (H2532) was delivered by Hanwha Ocean to her owners, under the management of GasLog, ready to ship sustainable energy to the world. This marks the newest addition to the GasLog fleet!

The GasLog Italy is one of the total four new built LNG Carriers, each with 174,000m3 cargo capacity, that Hanwha Ocean is scheduled to deliver to GasLog between 2024 and 2025. The vessel is powered by two HP-2S MEGI engines and equipped with two shaft generators, an Air Lubrication System (ALS) and a Full Reliquefaction System (FRS).

During the beautiful ceremony, Mrs. Ilaria Azzimonti, Head of LNG Portfolio at Eni S.p.A, served as the vessel’s godmother, christening the GasLog Italy and breaking a champagne bottle for good fortune.

GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog’s fleet consists of 37 LNG carriers (32 on the water, four under construction and one vessel ready to be sold as a floating storage and regasification unit, or “FSRU”).

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Bluepool Panamax, a dry bulk shipping pool, is continuing to beat the benchmark Baltic Panamax Index (BPI) and is growing. Since its launch in April 2022, vessels entered in the pool have delivered consistently higher returns to their owners than those traded on an index-linked contract. In July, a further six third party owned vessels joined the pool. The pool, launched in early 2022, now consists of 17 vessels, making it a significant player in the market.

Singapore based MPSL Diamond Pte has brought in its entire fleet of four post-Panamax ships along with an independent Greek owner who has joined with two Japanese built Kamsarmax vessels.

“We’re delighted to welcome our new partners to our pool and thank them for their vote of confidence in our ability to continue to outperform the index through our intelligence-led chartering and trading decisions. We are backed by a wide network and look forward to continued growth adding further vessels and team members in the future,” said Kimon Angelopoulos, Bluepool Panamax’s head of business development.

MPSL Diamond’s vessels were previously entered with a large pool manager.

MPSL Diamond General Manager Ravi Maheshwari said: “We were impressed with Bluepool Panamax’s track record to date and are confident that they will continue to deliver market beating returns for our fleet.”

Bluepool Panamax is a spot-market only vehicle which uses advanced index-hedging techniques including freight derivative trading to outperform the BPI. To date the Bluepool team has achieved market-beating returns over a volatile period for the Panamax sector.

The pool offers an open-door policy to its participants with commercially flexible entry and exit clauses which allow owners to switch to a fixed rate should they choose. Monthly reports on each vessel’s commercial performance ensure full transparency and oversight for owners.

Its trading division Bluepool Trading is backed by blue-chip market participants and uses investor funds in order to charter-in vessels while deploying them in the spot market exclusively via Bluepool Panamax.

For further information see www.thebluepool.com

Image: (l-r) Aris Bachos, Nikolas Gavriilidis and Kimon Angelopoulos

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Wallem Group, a leading global maritime partner, has released its Environmental, Social and Governance (EGS) report, reinforcing its commitment to safe, sustainable and responsible practices across its ship management, ship agency and crewing businesses.

In reaffirming its role as a trusted global partner delivering industry-leading services, the report stresses Wallem’s mission to support safe and smart operations at a critical moment for its clients and the wider maritime stakeholders. The Group’s comprehensive strategy for ESG excellence is also encapsulated in a people-oriented approach that prioritises the needs of seafarers.

The new report emphasises how compliance with international, national and local requirements to reduce CO2 emissions demands continuous updating of policies and procedures to ensure best practice.

In underscoring its commitment to compliance with the IMO 2030 and 2050 targets for CO2 emissions reduction, Wallem underlines the necessity of regular crew training to support ship owners in implementing sustainable technologies.

Figures included in the latest report show how the implementation of ship-specific solutions and plans offer tangible evidence that policies to reduce emissions and enhance ESG are working in practice.

Wallem also emphasises its commitment to continual improvement in the prevention of pollution and meeting or exceeding relevant regulations or requirements.

The report also highlights the Group’s dedication to staff well-being. Crew working on all Wallem vessels have access to a network of Mental Health Champions on board. Wallem also enforces anti-discriminatory practices throughout the company to ensure that high levels of diversity and gender equality goals are attained.

“Wallem Group has taken onboard the increasing importance of ESG practices across the maritime industry and this report shows both the progress we have made and the work we continue to do to demonstrate our commitment to transparent, responsible practices for our stakeholders,” said John Rowley, CEO, Wallem Group.

“We continue to work in partnership with our clients towards a safer and more sustainable maritime future, where crew well-being and decarbonisation is firmly at the heart of our business success,” he added.

Click here to download the full ESG report

About Wallem: Wallem Group is a leading provider of technology-driven maritime partner, 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 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 over 5,000 highly qualified seafarers, serving nearly all vessel segments.

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The Baltic Exchange, in collaboration with Xinhua News Agency released the Xinhua-Baltic International Shipping Centre Development Index (ISCDI) Report for 11th consecutive year regarding the ranking of the world’s leading shipping centres based on a comprehensive evaluation of port factors, professional business services, and the general environment.

For the 11th consecutive year, Singapore has been recognised as the world’s leading shipping centre, achieving a score of 96.23 out of 100. The enduring success of the island nation is attributed to Singapore’s strategic location, robust international outlook, and a well-established ecosystem of professional maritime services.

London once again secured second position with a score of 82.50, demonstrating its continued prominence as a maritime support services powerhouse. Shanghai, with a score of 81.84, retained third place, highlighting its significant role as a major port city in Asia. London and Shanghai have retained their positions of second and third place, respectively, within the Index for the past five years.

Hong Kong (79.07) and Dubai (75.64) rounded out the top five, emphasising the strength and importance of these key global shipping hubs. Rotterdam solidified its position as a European leader by maintaining its strong sixth place from 2023 into 2024.

Meanwhile both Athens/Piraeus and Ningbo Zhoushan have each climbed one place in the rankings this year, to seventh and eighth, respectively. As a result, Hamburg has dropped two spots to ninth but still maintains its decade-long position in the top 10.

As in 2023, New York/New Jersey rounded out the top 10 owing to a substantial increase in container volumes, as well as improvements in port infrastructure.

Key findings of the 2024 ISCDI Report:

• Top Performers: Singapore, London, and Shanghai continue to lead the rankings, underscoring their global leadership in shipping.
• Stability in Rankings: The top 10 shipping centres have shown little change from the previous year, reflecting the stability and sustained performance of these hubs and the wider maritime industry.
• New Entrant: Tianjin was the only new feature to this year’s list, taking 19th position, marking yet another Asian port in the global rankings.

Other notable rankings include Houston at 11th (68.08), Tokyo at 12th (66.60), and Guangzhou at 13th (65.36). These cities continue to demonstrate robust maritime capabilities and significant contributions to global shipping.

The ISCDI Report evaluates a total of 43 maritime locations, considering various port metrics such as cargo throughput, crane count, container berth length, and port draught. It also assesses the presence of professional maritime support businesses, including shipbroking, ship management, ship financing, insurance, and legal services, alongside hull underwriting premiums. Additionally, the evaluation considers general business environment factors like customs tariffs, the level of electronic government services, and overall logistics performance.

According to this year’s ISCDI Report, the average score amongst the top 10 ports is 77.12 out of 100, and 69.98 for the top 20, with the average across the entire 43 rankings standing at 59.13.

Mark Jackson, Chief Executive of the Baltic Exchange, commented: “It has been eleven years since the Baltic Exchange began collaborating with Xinhua News Agency on this Index, and in that time, we have observed significant shifts in global trade patterns. The international shipping industry in 2023 demonstrated remarkable resilience and adaptability, reinforcing its indispensable role as the cornerstone of global trade. Despite facing significant economic slowdowns, geopolitical tensions, and environmental challenges, the sector maintained stability and continued to facilitate the movement of essential goods around the world. 

 “This year’s rankings highlight the strength of global ports, with Singapore, London, and Shanghai continuing to lead the way, providing world-class services and infrastructure that underpin the industry’s success. The shipping industry will continue to face challenges such as decarbonisation and evolving trade routes. However, its inherent resilience and strategic importance will ensure that it remains a critical driver of global economic growth and stability.”

Pan Haiping, Chairman of China Economic Information Service, said: “This year’s ISCDI Report shows that the world’s trade and shipping network underwent some subtle changes in 2023. Even with all the challenges the global shipping industry faced throughout the year, including route challenges in the Panama Canal and the Red Sea, the maritime sector continues to exhibit strong vitality and excellent resilience, driven by global demand for goods.

 “Decarbonisation has also become the consensus in the global shipping industry, while digital technologies such as AI, digital twins, IoT, and automation are constantly empowering the shipping industry and promoting the development of ports to become more efficient, smarter and more sustainable.

 “An efficient, safe, green and smart future is our expectation for the global shipping industry. We look forward to seeing the world’s international maritime centres, particularly those highlighted in our report, playing their part to explore the future development of the shipping industry.”

Teo Eng Dih, Chief Executive, Maritime and Port Authority of Singapore, said:  “We thank our international partners, including maritime administrations, port authorities, industry, research community, the enterprise ecosystem as well as unions, for this achievement. We will continue to value-add to the maritime community and explore opportunities for collaboration with like-minded partners to strengthen Singapore’s connectivity and advance maritime decarbonisation, digitalisation and talent development for the global maritime community.”

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10 Years Celebration of Golf & Maritime

The premier golf event, Greek Maritime Golf Event, is gearing up for its 10^th anniversary year, set to take place on September 5-8, 2024, at Costa Navarino, in Messinia. The event will feature a rich schedule filled with golf and parallel activities for the executives of the Greek and global maritime industry.

Golf against the background of the endless blue of the Ionian Sea

Greek Maritime Golf Event is expected to gather more than 80 senior maritime executives, forming teams of four. Golfers will compete at the golf courses of Costa Navarino, awarded as the “World's Best Golf Venue” at the 2023 World Golf Awards. Participants will enjoy a stunning landscape, playing golf among centuries-old olive trees with a unique view of the Ionian Sea, the historic Navarino Bay, and the picturesque port of Pylos. The competition includes a shotgun scramble in the morning of Friday, September 6, at the International Olympic Academy Golf Course, and another shotgun scramble in the morning of Saturday, September 7, at The Hills Course.

Parallel Activities for Participants

On Friday, September 6, the 10th anniversary Greek Maritime Golf Event will welcome participants at the Welcome Cocktail by Marine Tours, while on Saturday, September 7, the Awards Gala by Teddy’s Speakeasy will take place, including the awards ceremony for the winners.

Awards for the Tournament’s Top Teams & Players

The teams competing in the Greek Maritime Golf Event 2024 will claim the top three positions in the overall ranking, with special awards also given to players achieving the best performances in the Longest Drive and Closest to the Pin categories.

Golf Clinic

Non-golfers will have the opportunity to attend the Golf Clinic and become familiar with the basic principles of the Olympic sport of golf, which will be held on Saturday, September 7, at The Hills Course.

Golf & Maritime Support the “Floga” Association

For yet another year, Greek Maritime Golf Event will support the Parents’ Association of Children with Cancer “Floga” through its activities. During the awards ceremony on Saturday, September 7, participants will have the opportunity to contribute any amount they wish by participating in the lottery for a chance to win valuable prizes. The total amount raised will be donated to “Floga” association, which supports children suffering from cancer and their families, fights for their better medical, psychological, and social care, shares their fears and anxieties, supports their struggle in every way, and advocates for substantial presence and intervention in matters of medical, psychological, and social care for these children. More information: www.floga.org.gr.

Valuable Support for the Event

The 10^th Greek Maritime Golf Event is supported by some of the most prominent maritime companies from Greece and Cyprus, as well as major Greek companies.

Platinum Sponsor: IRI/The Marshall Islands Registry

Gold Sponsors: Mainline Shipping Company and Marine Logistics

Silver Sponsors: Arrow Hellas, DNV, and Marine Tours

Bronze Sponsor: Teddy’s Speakeasy

Official Clothing Partner: Under Armour

Official Water: μ. Artisan Water

Official Supporter: Grey Goose

Premium Mobility Partner: SIXT, member of MOTODYNAMICS Group

Official Beauty Partner: Messinian Spa

Partners: Messinian Nest, Karnabakos, Poseidonia Restaurant, Karalis Beach Hotel, La Cucina Italiana, and Mind the Ad

Supporters: Budweiser Budvar, Aggelis Meatworks, and Athi Rodi

Audio Visual Partner: Boo Productions

Auction Partners: Costa Navarino, Athina Luxury Suites, Messinian Nest, The Margi, Tsikeli Boutique Hotel Meteora, Porto Carras Grand Resort, Iliada Sunset Suites Naxos, Kois Accommodation, Petra & Fos Boutique Hotel & Spa, Marmari Bay Hotel, Quattro Suites, Namaste Boutique Apartments, Anama Restaurant, Kookoonari Beach Bar Restaurant, and Premium Steakhouse Platanos

The event is held under the auspices of the Greek Ministry of Tourism and the Greek National Tourism Organization.

Greek Maritime Golf Event, organized by Birdie Events, is an initiative of the recognized Greek PGA golfer, Thanos Karantzias. The sports marketing agency of the year, ActiveMedia Group is responsible for the event’s Golf Production. The tournament is exclusively addressed to distinguished members of the Greek maritime industry.

Photo Credit: Greek Maritime Golf Event by Angelos Zymaras

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Technology group Wärtsilä has signed a contract with Norwegian shipowner Eidesvik to supply the equipment for the conversion of an offshore platform supply vessel (PSV) to operate with ammonia fuel. The vessel, ‘Viking Energy’, which is on contract to energy major Equinor, is scheduled for conversion in early 2026 and is expected to start operating on ammonia in the first half of 2026, becoming the world’s first ammonia-fuelled in-service ship. In addition to chartering the vessel Equinor contributes with financing for the conversion. Wärtsilä will then supply the engine and complete fuel gas supply system and exhaust after-treatment needed for the conversion, making it also the first vessel to use Wärtsilä’s recently released ammonia solution. 

Ammonia has emerged as a promising alternative fuel as the shipping industry looks for more sustainable fuel options. With new global regulations having set a clear destination for shipping – net zero emissions by mid-century – ammonia will play a significant role in enabling the shipping industry to reduce its emissions.  

A recent report by Wärtsilä highlights the role that sustainable fuels will play in achieving this target which is set by the International Maritime Organization (IMO). According to the report, existing decarbonisation solutions, such as fuel efficiency measures, can cut shipping emissions by up to 27 percent; however, sustainable fuels, such as ammonia, will be a critical step in eliminating the remaining 73 percent. 

In this context, Håkan Agnevall, President and CEO of Wärtsilä highlights the importance of cross-industry collaboration: “In just 25 years – the lifetime of a single vessel – shipping needs to get to net zero emissions. Achieving this will require coordinated action by all maritime industry stakeholders to bring about the system change needed to accept a new generation of sustainable fuels.

“With this new contract, together with Eidesvik, Wärtsilä is proud to be at the forefront of this movement. Decarbonisation is front and centre of our strategy and we are committed to developing and delivering sustainable solutions which not only ensure the viability of sustainable fuels, but also their safety.” 

Wärtsilä, Eidesvik and Equinor share a commitment to support the industry’s efforts to decarbonise. The conversion of the Viking Energy is the latest project in a history of collaboration between the three companies. Viking Energy has an impressive record of demonstrating new environmental technologies, that includes three “world records”.

For example, using Wärtsilä dual-fuel engine technology, Eidesvik was the world’s first shipowner to have an LNG-powered offshore platform supply vessel. It also received the world’s first Battery Power notation, given to Viking Energy, for a battery system installed by Wärtsilä.

This latest partnership is a result of the ‘Apollo’ project which is co-funded by the Horizon Europe framework programme. The programme aims to accelerate the transition towards a climate-neutral Europe by 2050 through funding projects, such as Apollo, which contribute research and innovative solutions in various sectors related to climate, energy and mobility. 

 “Close collaboration throughout the value chain is key to succeed in the green transition. Eidesvik has a unique history of pioneering the implementation of innovative emission-reducing technologies, and we are proud to spearhead yet another groundbreaking project together with Wärtsilä and Equinor,” said Gitte Gard Talmo, CEO & President of Eidesvik Offshore.

In addition to the Wärtsilä 25 Ammonia engine, Wärtsilä will supply the complete ammonia solution, including its AmmoniaPac Fuel Gas Supply System, the Wärtsilä Ammonia Release Mitigation System (WARMS), and a selective catalytic reduction (SCR) system designed for ammonia. A service agreement, covering maintenance, is a highly essential part of the deal. The conversion project is planned for early 2026, with final commissioning expected in Q2 2026.

Image caption: Wärtsilä has signed a contract with Norwegian shipowner Eidesvik to supply the equipment for the conversion of an offshore platform supply vessel - ‘Viking Energy’ (image credit: Peter Tubaas/Vestland Media) - to operate with ammonia fuel

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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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