In a statement Nasdaq-quoted CPP saidLazaridis will transition to a non-executive role with the partnership uponcompletion of a campaign to crown a successor.

The company pointed out that its boardof directors has assembled committee to assist in the search for both externaland internal candidates that will be chaired by Keith Forman.

"After ten years with the sponsor, Capital Maritime & Trading Corp,and the partnership I would like to seek a new challenge,” Lazaridis toldinvestors Wednesday.

“The