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Capital Product Partners announced Nov. 13 the purchase of 11 newly built LNG carriers from Greek-based Capital Maritime for $3.1 billion, according to Reuters.
The company will also look to sell its remaining container vessels after closing the deal, making the sole business focus LNG shipping. Capital Product Partners is also changing its name to Capital New Energy Carriers.
CEO Jerry Kalogiratos said the company is positioned to profit in the LNG industry and expects profits to increase by 87% to $3.1 billion after the deal closes.
On Nov. 13, the Energy Information Administration released a report estimating that ongoing projects in North America will more than double LNG export capacity over the next four years as export terminals along the Texas coast, Canada and Mexico come online, going from 11.4 Bcf/d in 2023 to 24.3 Bcf/d in 2027.