Navios Maritime Purchases Navios Aurora II

Tuesday, March 23, 2010

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, announced the purchase of Navios Aurora II, a 2009 South Korean-built Capesize vessel with a capacity of 169,031 dwt, for $110m from Navios Maritime Holdings Inc.  (NYSE: NM). The vessel is chartered out until November 2019 for $41,325 (net) per day.

$20m of the purchase price is funded by the issuance 1,174,219 common units of Navios Partners. The $17.03 issue price reflects NYSE's volume weighted average price of the common units for the  five business day period prior to the acquisition of the vessel. The balance of $90m of the purchase price is funded by $60m cash on the balance sheet and $30m of new debt.

As a result of this acquisition, Navios Partners has a fleet of 13 drybulk vessels with a combined carrying capacity of 1.2 million dwt, average age of 6.1 years and average charter-out coverage of 4.2 years.

Angeliki Frangou, Chairman and CEO of Navios Partners, commented, "The acquisition of Navios Aurora II extends the average charter-out coverage of our fleet to 4.2 years and thus improves our cash available for distribution in the longer term." Frangou continued, "We are also pleased with the continued sponsorship of Navios Holdings, as the units issued to Navios Holdings were at approximately a 10% premium to the February 2010 public offering."

(www.navios-mlp.com)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Marad Visits TX Maritime Technology & Training Center

United States Maritime Administration tours Maritime Technology and Training Center site.   Administrators from the United States Maritime Administration (MARAD),

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

CME Lifts Force Majeure for all Illinois River Grain Terminals

CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1768 sec (6 req/sec)