CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES SUCCESSFUL RECHARTERING THE MR PRODUCT TANKER M/T ARIONAS FOR 12 MONTHS

News Release Capital Product Partners, L.P. June 7, 2010

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ATHENS, Greece, June 7, 2010 -- Capital Product Partners L.P.
(Nasdaq: CPLP - News) announced
today that it had reached agreement with Capital Maritime &
Trading Corp. to recharter the M/T Arionas
for a period of 12 months (+/- 30 days) from the expected
expiration of its current charter in June 2010.
The M/T Arionas (2006, MR product tanker, Hyundai MIPO Dockyard,
37,000dwt ICE Class 1A) was fixed
at a gross rate of $12,000 per day ($11,850 net) with a subsidiary
of Capital Maritime & Trading Corp.,
the Partnership’s Sponsor. The charter is subject to a profit
sharing arrangement which allows each party
to share, at a 50/50 percentage, additional revenues earned for
breaching the International Warranty
Limits. The terms of the transaction were unanimously approved by
the conflicts committee of the
Partnership’s Board of Directors, which is comprised entirely of
independent directors. The vessel is
expected to continue under its existing charter with BP Shipping
Ltd. until its redelivery under the new
charter.
Ioannis Lazaridis, Chief Executive and Chief Financial Officer of
Capital Product Partners' general
partner, said, "We are pleased to announce the new charter
agreement for the M/T Arionas, at rates that
are competitive to those currently available in the market and
with a charter agreement that also contains
profit sharing arrangements when the vessel trades on certain
routes. An added benefit to the relatively
short duration of the charter is that it allows us to capitalize
on a potential upturn in rates in the medium
term. Following today’s announcement, the Partnership’s fleet
charter coverage stands at approximately
77% for 2010 and 47% for 2011, based on available revenue
days.”</DIV></BODY></HTML>