Navios Maritime Partners to Purchase Two Vessels

Press Release
Thursday, May 19, 2011

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, announced today that it has agreed to purchase from Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE:NM) the Navios Orbiter, a 2004-built Panamax vessel of 76,602 dwt, and the Navios Luz, a 2010-built Capesize vessel of 179,144 dwt, for a total consideration of $130.0 million.

Navios Orbiter
The vessel is chartered out at $38,052 (net) per day, for approximately 3 years, until April 2014. The Navios Orbiter is expected to generate annual base EBITDA of approximately $11.8 million and aggregate base EBITDA of approximately $34.2 million over the life of the charter contract.

Navios Luz
The vessel is chartered out at $29,356 (net) per day, for approximately 9.5 years, until November 2020 with 50/50 profit sharing applicable when the Baltic Exchange Capesize TC Average exceeds $38,500. The Navios Luz is expected to generate annual base EBITDA of approximately $8.4 million and aggregate base EBITDA of approximately $88.1 million over the life of the charter contract.

Both charter contracts are insured by an AA+ rated European Union governmental agency.

Financing
The acquisition of the two vessels will be financed with:

  • A new tranche of $35.0 million under the existing credit facility
  • $85.0 million of cash from balance sheet
  • Issuance of 507,916 common units of Navios Partners

Source: Navios Maritime Partners L.P.

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Tuco Marine Sells First ProZero Fast Workboat

Tuco Marine Group says that it has sold its first boat shortly after the launch of ProZero, the new range of boats for the professional market. The vessel was sold

Marcon Brokers Sale of Ocean-Going Tugboat

Marcon International, Inc. of Coupeville, Washington, says it has sold the U.S. flag ocean-going twin screw tug "Melvin E. Lemmerhirt" to U.S. buyers on a private & confidential basis.

News Flash! Greek Shipowners Prefer Bulkers

The buying interest from Greek ship owners is focused on bulkers to an increasing extent, BIMCO said. Data from VesselsValue.com reveal that Greek owners were at

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.1616 sec (6 req/sec)