Core Viewpoint - Capital Product Partners L.P. is transitioning to a corporation named "Capital Clean Energy Carriers Corp." (CCEC) to enhance corporate governance and focus on LNG and energy transition business [1][2][6] Company Transition - The conversion from a limited partnership to a corporation is expected to be completed by August 26, 2024, with shares trading under the new name and ticker symbol "CCEC" on Nasdaq [4] - Each common unit of CPLP will convert into one common share of CCEC, with the General Partner Units converting into 3,500,000 common shares [4][5] Strategic Pivot - The company is pivoting towards the transportation of natural gas, including LNG, and has entered into an Umbrella Agreement to acquire 11 newbuild LNG/C vessels, with five already operational and six expected to be delivered between Q1 2026 and Q1 2027 [2][3] - A total investment of $3.9 billion is planned for new vessels, including 10 high-specification gas carriers, to position the company as a leader in clean fuel transportation [2][3] Corporate Governance Changes - Following the conversion, the Board will consist of eight directors, with a majority being independent as per Nasdaq rules [4][5] - Capital Maritime and its affiliates will hold approximately 59.0% of the outstanding common shares and will have the right to nominate directors based on their ownership percentage [4][5] Current Fleet and Future Plans - The company currently operates 20 high-specification vessels, including 12 latest generation LNG carriers, and plans to acquire additional vessels to enhance its fleet [8] - Upon completion of the new vessel deliveries, the company expects to become the largest U.S.-listed LNG shipping company [3]
Capital Product Partners L.P. Announces Approval of Corporate Conversion and Name Change as It Continues Its Strategic Pivot to The LNG and Energy Transition Business