Navios Announces New Long-Term Time Charters

Thursday, March 01, 2007
Navios Maritime Holdings Inc. has secured two new favorable time charter contracts. For the 2004-built panamax Navios Hyperion, a 24-month charter commenced February 26, 2007, at a net rate of $26,268 per day, replacing a charter at a rate of $15,400 per day. For the 2005-built Navios Orion, a 24-month charter commenced March 1, 2007, at net rate of $27,312 per day, replacing a charter at a rate of $21,175. In a related development, Navios announced that it had taken delivery of the Navios Hyperion into its owned fleet on February 26, 2007. The purchase option price for this vessel was approximately $20.2 million. Navios Hyperion's current market value is estimated at $50.5 million. This new delivery brings the total owned fleet to 21 vessels (one capesize, nine panamaxes, ten ultra-handymaxes and one product tanker).
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