Capital Product to buy Crude Carriers for $281.3 mln

Greek Oil tanker company Capital Product Partners L.P. plans to buy rival Crude Carriers Corp for about $281.3 million in all stock, a rare deal in the sector that has seen huge erosion of pricing power caused by vessel oversupply, Reuters reports. Each Crude Carriers share would be swapped with 1.56 units of Capital Product -- or $17.58 a share -- which is 35 percent more than the stock's Wednesday close of $12.99.
The deal will make Capital Product the eighth-largest U.S.-listed tanker shipping company by tonnage, Crude Carriers said in a statement.