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Whoa! Quite an interesting pair of transactions here. CPLP has a deal with Maersk, looks
like a sale=and-leaseback, for two 7943-TEU Containerships, each with slightly less-than
4 years of charter coverage. As payment, CPLP is offering sponsor, CMTC two 2010-built VLCCs.
There's also a separate charter extension deal for an unrelated vessel

Is this a good deal for CPLP? Obviously, the nearly 4-year charters on each containership helps
with the revenue visibility. But how is Maersk being compensated? Are they getting the VLCCs
as trade/payment? If so, that seems to negate the effect of the deal. If
the fixed-term length of
contracts was 6-8 years, then it might have evened out. Perhaps, there's more stuff e.g. debt
load adjustment, that's not mentioned.
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Listen to the telephone replay--
1. Accretive to cash flow
2. Couldn't sell VLCCs in current market (so vessels go to sponsor)
3. Sponsor has 12 newbuild container vessels delivering this year
4. More details, including on OSG charters, in Q4 results
5. OSG charters will not affect distribution
6. Container vessels have lower OpEx than VLCCs
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