Capital in line for $30m termination fee from tanker merger
Greek owner Evangelos Marinakis’ company has been managing 25 vessels under a deal cut when the Capital Product Partners tanker fleet was absorbed into Diamond S Shipping two years ago — and stands to gain a lump sum in compensation once the fleet is taken over by International Seaways
Under the termination deal, which is conditional on the merger with International Seaways being consummated, Diamond S has agreed to pay Capital an amount of $30m, plus a further $4m will be held in escrow for payment on the transfer of management of certain specific Diamond S vessels