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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1496 sec (7 req/sec)