The international shipping company Capital Product Partners L.P. announced that it had finalized a $3.1 billion deal to acquire 11 newly-built liquified natural gas carriers.

According to Offshore Energy, Capital Product Partners entered into an umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, 2023 to acquire 11 LNG vessels from Capital Maritime.

Each vessel boasts a carrying capacity of 45.96 million liquid gallons. They were all either built or are under construction at Hyundai Heavy Industries Co., and Hyundai Samho Heavy Industries Co. Ltd. in South Korea.

“We are very pleased to see the closing of this very important first step in the transformation of the Partnership into one of the largest U.S.-listed owners of two-stroke, latest-generation LNG carriers,” said Jerry Kalogiratos, the chief executive officer of CPLP’s General Partner. “Together with the other steps that we have laid out such as the transformation of the partnership into a corporation, we hope to over time attract additional investor interest and allow our equity valuation to move closer to our peers.”

CPLP currently owns 23 vessels, including eight LNG carriers. The company has announced additional plans to acquire ten more LNG vessels between 2024 and 2027.