Navios Acquires Capesize New Building Vessels

Monday, September 08, 2008

Navios Maritime Holdings Inc. has entered into agreements to acquire two capesize new building vessels scheduled for delivery in 2009. Both vessels have secured long term charter-out employment.

Navios has entered into agreements to purchase two capesize vessels of approximately 181,000 dwt each, to be built by STX Shipbuilding Co. Ltd. in . The vessels will cost $108.5 and $109m respectively.

The first vessel is scheduled for delivery in the second quarter of 2009 and has been chartered-out for ten years commencing upon delivery at a net charter-out rate of $42,250 per day.

The second vessel is scheduled for delivery in the third quarter of 2009 and has been chartered-out for seven years with three one year charterers' options. The charter-out commences upon delivery at a net charter-out rate of $44,850 per day.

The vessels will be financed with debt and cash from operations.

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