Capital Product Pays $95M for Tanker

Buying the M/T Amore Mio II, a 159,982 dry-weight ton vessel, increases the partnership's fleet to 15. It has plans to buy another three ships.

The most recent acquisition was partly funded with $46 million from the partnership's new 10-year, $350 million revolving credit facility.

The rest of the purchase price came $2 million in cash on hand and from issuing about 2 million partnership common units to Capital Maritime at a price of $22.94 per unit. That price is the weighted average unit price for the period from Oct. 15, 2007, to Feb. 15, 2008.

The Amore Mio II has been chartered to BP Shipping Ltd. under a charter expiring in January 2011, at the earliest, at a base gross rate of $36,456 per day.