Sullivan & Cromwell LLP Logo Sullivan & Cromwell LLP Logo
  • Lawyers
  • Practices
  • Insights
  • About
  • Careers
  • Alumni
  • Twitter icon
  • LinkedIn icon
  •  icon
  • Podcasts icon
© 2025 Sullivan & Cromwell LLP
    • Home
    • Lawyers
    • Practices
    • Insights
    • About
    • Careers
    • Alumni
    Home /  About /  News And Events /  Client Highlights
    Client Highlights

    S&C Advises Capital Maritime in $3.13 Billion Sale of LNG Vessels to Capital Product Partners

    • Our Lawyers
    • Related Practices
    November 17, 2023

    Capital Maritime & Trading (Capital Maritime) has reached an umbrella agreement with Capital Product Partners (CPLP), an international shipping company engaged in the transportation of natural gas and containerized goods, that includes the acquisition of 11 newbuild liquefied natural gas (LNG) carriers from Capital Maritime for $3.13 billion.

    The vessels—expected to enter CPLP’s fleet from 2023 to 2027—would make CPLP one of the largest U.S. publicly traded owners of two-stroke LNG carriers.

    In addition to commercial debt, and in order to finance a portion of the purchase price for the vessels, CPLP will conduct a $500 million rights offering, which Capital Maritime has agreed to fully backstop for no fee. Capital Maritime also agreed to issue to CPLP an unsecured seller’s credit of up to $220 million and grant CPLP a right of first refusal on certain ammonia carriers and liquid CO2 carriers on order by Capital Maritime, as well as future two-stroke LNG vessels and charters from Capital Maritime.

    In connection with the acquisition, CPLP has also agreed to change its name to Capital New Energy Carriers and will explore the disposal of its container vessels and abstain from acquiring additional container vessels.

    The S&C team advising Capital Maritime and CPLP in the transaction includes Richard Pollack, Abigail Yevnin, Andrew Brickfield and Arthur Courroy. Presley Warner advised on financing-related matters. David Spitzer, Saul Brander and Stephen Profeta advised on tax matters.

    Read More
    Stay Updated

    Subscribe to stay current on S&C Insights.

    Our Lawyers

    Our Lawyers

    Richard A. Pollack Headshot Photo
    Richard A. Pollack
    London
    +44-20-7959-8900
    Email
    vCard
    Abigail M. Yevnin Headshot Photo
    Abigail M. Yevnin
    London
    +44-20-7959-8900
    Email
    vCard
    Andrew S. Brickfield Headshot Photo
    Andrew S. Brickfield
    London
    +44-20-7959-8900
    Email
    vCard
    David C. Spitzer Headshot Photo
    David C. Spitzer
    New York
    +1-212-558-4376
    Email
    vCard
    Saul Brander Headshot Photo
    Saul Brander
    New York
    +1-212-558-4000
    Email
    vCard
    Read More

    Related Practices

    • Capital Markets
    • Credit & Leveraged Finance
    • Europe
    • General Practice
    • Mergers & Acquisitions
    • Tax
    Sullivan & Cromwell LLP Logo Sullivan & Cromwell LLP Logo
    • Twitter icon
    • LinkedIn icon
    • RSS Feed icon
    • Podcasts icon
    • Home
    • Contact Us
    • Information Policy Relating to Cookies
    • Privacy Policy
    • California Privacy Policy
    • Website Notice
    • Attorney Advertising Notice
    © 2025 Sullivan & Cromwell LLP