Capital Product Partners L.P. Reaches Agreement to Assign Its Claims Against Overseas Shipholding Group Inc. and Certain of Its

Capital Product Partners L.P. Reaches Agreement to Assign Its Claims Against 
Overseas Shipholding Group Inc. and Certain of Its
Subsidiaries Regarding the Long Term Bareboat Charters of Three
Product Tanker Vessels and Announces Charter Renewals for Two Vessels 
ATHENS, GREECE -- (Marketwired) -- 07/10/13 --  Capital Product
Partners L.P. (the "Partnership") (NASDAQ: CPLP) announced today
agreements to transfer its claims against Overseas Shipholding Group
Inc. ("OSG") and certain of OSG's subsidiaries regarding the long
term bareboat charters of three of the Partnership's product tanker
vessels. 
As previously reported by the Partnership, on November 14, 2012, OSG
and certain of its subsidiaries made a voluntary filing for relief
under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the District of Delaware (the "Bankruptcy Court"). The
Partnership had three IMO II/III Chemical/Product tankers (M/T
Alexandros II, M/T Aristotelis II and M/T Aris II, all built in 2008
by STX Offshore & Shipbuilding Co. Ltd.) with long term bareboat
charters to subsidiaries of OSG.  
After discussions with OSG, the Partnership agreed to enter into new
charters with OSG on substantially the same terms as the prior
charters, but at a bareboat rate of $6,250 per day. The new charters
were approved by the Bankruptcy Court on March 21, 2013, and were
effective as of March 1, 2013. On the same date, the Bankruptcy Court
also rejected the previous charters as of March 1, 2013. Rejection of
each charter constitutes a material breach of such charter. On May
24, 2013, the Partnership filed claims (the "Claims") against each of
the charterers and their respective guarantors for damages resulting
from the rejection of each of the previous charters, including, among
other things, the difference between the reduced amount of the new
charters and the amount due under each of the rejected charters.  
The Partnership has since transferred to Deutsche Bank Securities
Inc. ("Deutsche Bank") all of its right, title, interest, claims and
causes of action in and to, or arising under or in connection with,
the Claims pursuant to three separate Assignment of Claim Agreements,
dated as of June 24, 2013, and effective as of June 26, 2013
(collectively, the "Assignment Agreements"). The total purchase price
to be paid by Deutsche Bank, the largest part of which has been
already received, is dependent on the actual claim amount allowed by
the Bankruptcy Court -- the Partnership may be required to refund a
portion of the purchase price or may receive an additional payment
from Deutsche Bank. The Partnership has agreed to guarantee all
obligations and liabilities of each relevant vessel-owning subsidiary
of the Partnership party to the Assignment Agreements, per the terms
of each such agreement. In connection with the Assignment Agreements,
on July 2, 2013, Deutsche Bank filed with the Bankruptcy Court six
separate Evidences of Transfer of Claim, each pertaining to the
Partnership's vessel-owning subsidiaries' claims against each
charterer party to the original three charter agreements and each
respective guarantor thereof.  
Mr. Ioannis Lazaridis, Chief Executive and Chief Financial Officer of
the Partnership's General Partner, commented: "We are very pleased to
have successfully assigned our claim against OSG to Deutsche Bank and
we believe that the funds received in connection with the assignment
further enhance the growth prospects of the Partnership." 
Fleet Developments 
The M/T Avax (47,834 dwt, built 2007, South Korea) and M/T Axios
(47,872 dwt, built 2007, South Korea) have both extended their
charters with our Sponsor, Capital Maritime, by a period of 12 months
(+/- 30 days) at a gross rate of $14,750 per day, which is $750 per
day higher than their previous employment day rate. The earliest
redelivery for each of the M/T Avax and the M/T Axios under these
charters is expected to be April 2014 and May 2014, respectively. 
Both transactions were unanimously approved by the conflicts
committee of our Board of Directors. 
Forward-Looking Statements 
The statements in this press release that are not historical facts,
including our expectations regarding employment of our vessels,
redelivery dates and charter rates, fleet growth and demand,
newbuilding deliveries and slippage as well as market and charter
rate expectations and expectations regarding our quarterly
distributions, ability to pursue growth opportunities and grow our
distributions and annual distribution guidance as well as the
transactions described herein and their effects on the Partnership,
the actual claim amount allowed by the Bankruptcy Court and any
amounts we may be required to refund or additional amounts we may
receive from Deutsche Bank, may be forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act of
1934, as amended). These forward-looking statements involve risks and
uncertainties that could cause the stated or forecasted results to be
materially different from those anticipated. Unless required by law,
we expressly disclaim any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in our views or expectations, to conform them
to actual results or otherwise. We assume no responsibility for the
accuracy and completeness of the forward-looking statements. We make
no prediction or statement about the performance of our units. 
About Capital Product Partners L.P. 
Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands
master limited partnership, is an international diversified shipping
company. The Partnership currently owns 27 vessels, including four
Suezmax crude oil tankers, 18 modern MR (Medium Range) product
tankers, four post panamax container carrier vessels and one Capesize
bulk carrier. All of its vessels are under period charters to large
charterers such as BP Shipping Limited, subsidiaries of OSG,
Petrobras, A.P. Moller-Maersk A.S, Arrendadora Ocean Mexicana, S.A.
de C.V., Subtec S.A. de C.V., Cosco Bulk Carrier Co. Ltd., Hyundai
Merchant Marine Co. Ltd. and Capital Maritime & Trading Corp. 
For more information about the Partnership, please visit our website:
www.capitalpplp.com. 
CPLP-F 
Contact Details: 
Capital GP L.L.C.
Ioannis Lazaridis
CEO and CFO
+30 (210) 4584 950
E-mail: i.lazaridis@capitalpplp.com 
Capital Maritime & Trading Corp.
Jerry Kalogiratos
Finance Director
+30 (210) 4584 950
E-mail: j.kalogiratos@capitalpplp.com 
Investor Relations / Media
Matthew Abenante
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: cplp@capitallink.com