CPLP bond issue covered more than three times

CPLP bond issue covered more than three times

Investor response to the 100-million-euro bond of CPLP Shipping Holdings, a company owned by Evangelos Marinakis, was particularly strong, with offers covering demand 3.6 times over. 

The issue, whose interest rate was set at 4.4%, gathered bids amounting to 360 million euros. 

With the funds raised, the Capital Maritime group member company will finance its major “green” investment program, which focuses on the acquisition of a new generation of vessels capable of carrying liquefied natural gas LNG. 

CPLP is implementing a $1.9 billion investment program for 2021-2023, with investments for 2022-2023 alone amounting to $598 million. In the last four years, the shipping company has invested about $3.3 billion in LNG ships. The company’s goal is to renew and strengthen its fleet and establish itself in the international market for maritime transport of LNG. 

CPLP currently has seven state-of-the-art LNG vessels that distribute the fuel to 48 countries. CPLP’s entire fleet numbers 19 vessels and with the implementation of the development program it is expected to reach 23, consisting of seven LNG vessels, 15 container vessels and one dry bulk carrier.

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