“We have been engaged with financial markets since 2007 when we were first listed in New York at the Nasdaq stock exchange. Since then we have paid more than $800 million in dividends to our investors”, Evangelos Marinakis, the Founder and President of Capital Maritime & Trading Corp. said on the occasion of the listing of CPLP’s bond on the Athens Stock Exchange (ATHEX).
Marinakis, a mainstay of Lloyd’s List’s annual ‘Power 100’ ranking of the most influential people in shipping worldwide for the past decade added that “we were very lucky to start this, together with Costamare a very reliable company with very good reputation” and he added “Let ATHEX continue to attract trustworthy companies with good reputation”.
He argued that “green investments are the future … we saw the wildfires over the summer; climate conditions have changed, and the task of environmental protection is not only the responsibility of governments. We must all contribute; we need to invest in green energy because it is the future, the future of our children.”
In reference to the current political and economic situation in Greece, Capital’s home base, Marinakis noted that “in Greece something is moving to the right direction, there is an increasing sense of confidence towards Greece and foreign investors come and invest in the country; that’s why the Greek stock market and the Hellenic Capital Market Commission should be particularly diligent, especially with bonds, because all investors must feel confident and be protected. What is necessary, therefore, is for them to be particularly careful in terms of which companies are listed on the Greek stock exchange.”
Marinakis, who continuously features among the most prominent global shipowners, promoting green-energy and eco-friendly shipping investments, pointed out that “through shipping, millions of tons of cargo are transported, and there is evidence proving that this kind of transportation is much cleaner compared to others”, referring to the role of ocean-going shipping.
During the event held at ATHEX on the occasion of CPLP’s bond listing, Mr. Gerasimos (Jerry) Kalogiratos, CEO, said: “We are very satisfied with the over-subscription of the CPLP bond and our listing on the Athens Stock Exchange. We thank the Greek investing community for the trust they have shown us. The success of the transaction leaves an important legacy to our company but also to future issuers, as it shows the efficiency of the Greek capital markets and the lively interest of Greek investors in reliable companies. “CPLP has a long-term investment plan that focuses on technologically advanced ships with innovative elements, thus contributing to ‘green’ growth.”
The 150-million-euro bond issued by CPLP Shipping Holdings Plc has been oversubscribed by more than five times, with listed offers exceeding 800 million euros for five-year senior unsecured bonds by the Nasdaq-listed shipping company founded by Evangelos Marinakis. CPLP Shipping Holdings is a wholly owned subsidiary of Capital Product Partners L.P, an international owner of ocean-going vessels.
The record-setting success of the issue is due, in large part, to the significant commercial size of the broader Marinakis-owned shipping group. CPLP announced that it aims to use the 150 million euros raised to partly finance a “green” strategic business plan totaling 1.2 billion euros, in order to boost its fleet with state-of-the-art, environmentally-friendly LNG carriers, which also use LNG as propulsion fuel. The technologically advanced newbuilding vessels are chartered on long-term contracts to major energy companies, such as BP, ENGIE and Cheniere.
CPLP has elected to follow a conservative business model since its Nasdaq listing in 2007, focusing on visible future cash flows and the creation of surplus value for its shareholders. It is indicative that the shipping firm has continuously paid dividends to its shareholders, currently adding up to almost USD800 million.
The CPLP fleet will increase to 22 vessels with acquisitions funded by the bond issue, including 15 Neo-Panamax container vessels, one Capesize bulk carrier and six LNG carriers.
The code of the Bond is “CPLPB1”. The starting price of the Company’s Bonds is € 1,000 per Bond, i.e. 100% of its nominal value. Registered offers exceeded 800 million euros, as announced by the main coordinators of the public offer, “PIRAEUS BANK”, “ALPHA BANK” and “EUROXX SECURITIES SA” and Optima Bank.