Capital Product Partners L.P. receives the Economist’s ‘Technology and Innovation’ award

Capital Product Partners (Nasdaq:CPLP) received the Economist’s ‘Technology and Innovation’ award at the gala dinner “Technology and Innovation in 2022 and Beyond”, held at the Stavros Niarchos Cultural center on Thursday, March 3.

Capital Product Partners LP and the wider Capital shipping group maintain at the heart of their strategy a focus on sustainable development and cleaner maritime transportation, through investments in digitalization, cybersecurity and new greener fuels technologies.

The award was received by the CEO, Gerasimos Kalogiratos, who stated: “It is a great honor for Capital Product Partners but also for the wider Capital group to receive this award. Investing in new technologies and innovation is very important, I can say, essential for shipping as well. Shipping has two major challenges ahead. The first is the transition to the so-called net zero and the second challenge is digitalization. We are convinced that the adoption of new technologies and innovation is the definitive answer to both of these challenges. Especially for the transition to net zero where, unlike other sectors of the global industry, there is no visible technological path. We have an obligation to invest in new technologies in order to promote research and development ανδ secure technological solutions that will bring us closer to our goal. In recent years, Capital has invested approximately $ 4 billion in more than 41 vessels in its state-of-the-art shipbuilding program, both in terms of wind power propulsion and electrical port connectivity, in order to reduce demand for fossil fuels, but at the same time we attach great importance to the digitization of the functions of the office and the vessel and developing cybersecurity strategies. We are taking advantage of the opportunities that the new era of digitalization presents. With this award you give us the energy and the appetite to continue.”

With one of the largest and most advanced shipbuilding programs in Greece and internationally, valued at 4 billion US dollars approximately, Capital group is investing in research and development of cutting-edge technologies for its fleet, such as the use of alternative fuels and systems, including natural gas, ammonia, methanol, biofuels, wind and electricity, along with artificial intelligence solutions and strategic cybersecurity applications – innovations aimed to create a more modern and sustainable shipping industry.

Since the summer of 2020, the pandemic notwithstanding, Capital embarked on a newbuilding program and fleet modernization, resulting in 41 new vessels, with ongoing discussions underway for the purchase of a further eight vessels via multiple letters of intent.
These orders refer to multiple types of ocean-going vessels, including liquefied natural gas carriers, very large crude carriers, oil & product chemical tankers and container ships.

Underpinning all these projects is a unified drive to spur innovation and shift long-standing pre-conceptions regarding vessel designs through the use of new “green” technologies that improve energy efficiency.

This significant effort has yielded a number of “firsts” in each of the various model types, and represents a major investment towards decarbonization.

It is not by chance, moreover, that Capital Product Partners LP has strategically entered the LNG market and its crucial role in the “energy transition”, with the latter now increasingly an option as a “fuel-bridge” in the period until the exclusive use of renewable sources of energy is achieved.

Capital is also a pioneer in implementing the most cutting-edge technologies towards reducing its fleet’s environmental “footprint”. As an industry first, secured ABS notations recognizing its investment in decarbonization technologies for its newbuilding orders for medium-range tankers. ABS developed the notations with Capital’s input during their extensive program regarding new construction projects. The HVSC-Ready notation is for vessels equipped for High Voltage Shore Connection systems to be installed in the future, and the Wind-Assist Ready notation is for vessels equipped for wind-assist equipment to be installed on board.

With a view towards the all-important transition to a “greener” shipping industry, Capital Product Partners aspires to play a very active role in the sector.
The group is closely monitoring technological developments, participating in research programs for the improvement of energy performance of current propulsion systems on its current vessels, as well as very active in the development of new cleaner fuels, ones able to reduce shipping’s environmental “footprint”. The group is also actively developing partnerships with university departments and registries around the world.

One very characteristic example is the completion of the “Smart Bearing” research project, in cooperation with the National Technical University of Athens and ABS. Another example is the group’s participation in the European research program ShipFC, focusing on the use of ammonia as a shipping fuel, as well as its participation in research programs and work groups with Lloyd’s Register and Bureau Veritas, both regarding the use of bio-fuels as an alternative form of energy.

Finally, Capital comprises one of the first shipping companies worldwide that has fully implemented ESG criteria in its operations; and is fully aligned with environmental regulations and requirements by transnational regulatory authorities, such as the EU and IMO, with the long-term goal being the sustainable transition of the entire shipping sector into an era of zero “greenhouse” emissions.

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