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Navios Maritime Partners News

20 Feb 2024

Maritime Emissions Reduction Center Launched in Athens

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The Lloyd’s Register (LR) Maritime Decarbonization Hub is collaborating with five leading shipowners as founding members in the establishment of a not-for-profit Athens-based global Maritime Emissions Reduction Center (M-ERC) that will focus on optimizing the efficiency of the existing fleet.The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the greenhouse gas (GHG) emissions of the existing global fleet…

28 Jul 2022

Navios Maritime Holdings Sells Its 36 Dry Bulk Vessels to Navios Maritime Partners

Navios Maritime Holdings Inc. on Wednesday announced it has reached a deal to sell its 36-vessel dry bulk fleet to Navios Maritime Partners L.P. approximately $835 million.Navios Holdings, which holds a 10.3% interest in the US publicly listed shipping company Navios Partners, with the sale officially exited direct fleet ownership. Going forward, the company said kit plans to focus on growing Navios South American Logistics Inc. business."We believe Navios Logistics is a leading…

21 Jun 2022

Old is Gold: Sky-high Cost of Ageing Containerships Sounds Inflation SOS

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Shipping companies are transforming rust buckets into gold mines in a modern-day alchemy that could fuel already rampant inflation for years to come.The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for ageing containerships to record highs.Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years, which means consumers could carry on paying the price for the surge in costs until hundreds of new ships on order come into service.Take the Synergy Oakland…

04 May 2022

Navios Maritime Partners Buys Four Tankers. Signs Charters for Two

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Navios Maritime Partners, an owner and operator of dry cargo and tanker vessels, said Wednesday it had agreed to buy purchase four 115,000 dwt LR2 (Long-range 2) newbuilding tankers, for a purchase price of $58.5 million each plus $4.2 million in additional features/improvements."The vessels have been designed with the latest technology to optimize efficiency. They are expected to be delivered into Navios Partners’ fleet during 2024 and first quarter of 2025. The closing of the transaction is subject to completion of customary documentation…

09 Mar 2022

ZIM Announces Record Financial Year in 2021

Photo courtesy ZIM

Net Income of $4.65 Billion, Adjusted EBITDA  of $6.60 billion, and Adjusted EBIT of $5.82 billionAs the containershipping industry enjoys its greatest boom of a generation, ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced its consolidated results for the three and 12 months ended December 31, 2021.Net income for the fourth quarter was $1.71 billion (compared to $366 million in the fourth quarter of 2020), a year-over-year increase of 366%, or $14.17 per diluted share…

10 Feb 2022

ZIM Charters 13 Vessels from Navios Maritime Partners

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Israeli container shipping company ZIM Integrated Shipping Services announced on Thursday it will charter 13 vessels from Greek-headquartered Navios Maritime Partners L.P.ZIM said it will charter five secondhand 3,500-4,360 TEU vessels for up to 4.5 years and eight newbuild 5,300 TEU vessels for up to 5.3 years for total charter hire consideration of approximately $870 million.The secondhand vessels are expected to be delivered in the first and second quarters of 2022, will be deployed across ZIM’s global network.

30 Aug 2021

Navios Partners Takes Over Navios Acquisition

Dry bulk shipowner Navios Maritime Partners L.P. and tanker shipowner Navios Maritime Acquisition Corp. will merge to create the largest U.S. publicly-listed shipping company. Together, the combined company will own and operate more than 140 vessels aggregating approximately 15 million deadweight tons operating in three segments through 15 different vessel types and serving more than 10 end markets.The deal, which is expected to close in the fourth quarter of 2021 subject to customary closing conditions, will see Navios Acquisition merge with a subsidiary of Navios Partners and become a wholly owned subsidiary of Navios Partners. The…

10 Jun 2021

Navios Announces Delivery of Three Vessels

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels,  has taken delivery of the following three drybulk vessels: Navios Amitie - a 2021-built, Kamsarmax vessel with 82,002 dwt, was delivered into Navios Partners’ fleet on May 28, 2021. The vessel is chartered out at a rate of 110% of average Baltic Panamax Index (BPI 82) until May 2024. Based on BPI 82 weighted time charter average as of June 10, 2021, the vessel would earn approximately $31,720 per day. Navios Star â€“ a 2021-built Kamsarmax vessel with 82,037 dwt, was delivered into Navios Partners’ fleet on June 10, 2021. The vessel is chartered out at a rate of 110% of average Baltic Panamax Index (BPI 82) until June 2024.

09 Jan 2020

NMM Acquires Five Containerships

Greek owner and operator of dry cargo vessels Navios Maritime Partners has taken delivery of five containerships upon the liquidation of Navios Europe.The five vessels comprise three Sub-Panamaxes and two Panamaxes, has been acquired for about USD 52 million.The vessels - 2,007 TEU Esperanza N, the 2,741 TEU Protostar N, the 2,824 TEU Harmony N, the 3,091 TEU Castor N and the 3,398 TEU Solar N - were built between 2006 and 2008.Navios Partners received approximately $49.6 million in satisfaction of its receivable from Navios Europe I.Separately, Navios Partners incurred a $23.5 million loan from a commercial bank, with interest at LIBOR plus 400 bps and a maturity in September 2020.

26 Nov 2019

NMP Acquires Eleven Vessels

Navios Maritime Partners (NMP) s agreed to acquire eleven vessels and liquidate Navios Europe I.As of September 30, 2019, Navios Partners had a receivable of $48.2 million from Navios Europe I. On November 22, 2019, an agreement was reached to liquidate Navios Europe I. The agreement is subject to definitive documentation which is expected to be completed by the end of 2019.It is expected that Navios Partners will acquire the five containerships - Esperanza N, Protostar N, Harmony N, Castor N and Solar N - owned by Navios Europe I with a net equity value approximately equal to the receivable.Navios Partners entered into a share purchase agreement for the acquisition of four drybulk vessels - TBN 1…

16 Oct 2019

Navios Maritime Repays $419Mln Loan

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, managed to repay a major loan amounting to USD 418.5 million by combining three types of refinancing.Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “We are pleased with the refinancing of the Term Loan B as we devoted a great deal of effort to achieving this result. Through a combination of cash, commercial bank debt and sale and leaseback transactions, we materially reduced our cost of capital and strengthened our balance sheet.”The outstanding balance of the Term Loan B at December 31, 2018 was $418.5 million and was repayable in September 2020.Navios Partners funded the refinancing as follows:1) $301.3 million financing from commercial banks…

31 Aug 2019

Navios Sells Ship Management Division

The Greek seaborne shipping and logistics company Navios Maritime Holdings sold its ship management division and certain general partnership interests to N Shipmanagement Acquisition Corp. (NSAC), affiliated with company’s chairman and chief executive officer, Angeliki Frangou.The provider of transport and transshipment of drybulk commodities received aggregate consideration of $20.0 million (including assumption of liabilities) and new five-year service agreements under which NSAC will provide technical and commercial management services at fixed rates and administrative services, reimbursed at allocable cost.As a result of the transaction…

19 Feb 2019

Navios Appoints Alexander Kalafatides as Director

The dry cargo vessel player Navios Maritime Partners announced the appointment of Mr. Alexander Kalafatides to its Board of Directors.The international owner and operator of dry bulk and container vessels said in a press release that Kalafatides has nearly 30 years of experience in general management and marketing.Kalafatides also serves as an adjunct professor in International Business at Drexel University. Kalafatides served in the Board of Directors of Navios Maritime Midstream Partners L.P. from 2014 to 2018.Kalafatides received his M.B.A. in marketing and international business from the New York University, his B.S.E. in computer…

15 Jun 2018

Navios Maritime Partners Sells Hyundai Hongkong

Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced that it has agreed to sell the Hyundai Hongkong, a 2006-built, 6,800 TEU containership for a total net sale price of $36.0 million to the group company Navios Maritime Containers. The vessel is chartered out at a weighted average net daily charter rate of $28,523 until December 2023. Navios Containers is expected to finance the acquisition with additional borrowings of approximately $15.0 million under a new loan from a commercial bank (on terms consistent with existing credit facilities). The vessel is expected to be delivered to Navios Containers in the third quarter of 2018.

12 Jun 2018

Navios Maritime Partners Adds One Panamax Vessel

Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced today that it took delivery of the Navios Altair I, a 2006-built, 74,475 dwt Panamax vessel on June 7, 2018. As previously announced, the vessel was acquired for a price of $11.0 million. The vessel is chartered out at a net rate of $9,844 per day until November 2018. Based on the existing charter and the current rate environment (Clarksons’ 1-year time charter rate for Panamax vessels as of June 1, 2018), the vessel is expected to generate approximately $2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

23 May 2018

Navios Maritime Partners Adds One More Panamax Vessel

Navios Maritime Partners announced that it took delivery of the Navios Symmetry, a 2006-built, 74,477 dwt Panamax vessel on May 21, 2018. The international owner and operator of container and dry bulk vessels said in a press release that as previously announced, the vessel was acquired for a price of $11.0 million. The vessel is chartered out at a net rate of $9,375 per day until July 2018. Based on the existing charter and the current rate environment (Clarksons’ 1-year time charter rate for Panamax vessels as of May 18, 2018), the vessel is expected to generate approximately $2.5 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

10 May 2018

Navios Maritime Partners Adds One Panamax Vessel

Greece-based Navios Maritime Partners announced that the Navios Apollon I, a 2005-built, 87,000 dwt Panamax vessel was delivered on May 9, 2018. As previously announced, the vessel was acquired for a price of $13.0 million, said the international owner and operator of container and dry bulk vessels. Based on the current rate environment (Clarksons’ 1-year time charter rate for Panamax vessels as of May 4, 2018), the vessel is expected to generate approximately $3.2 million of annual EBITDA, assuming operating expenses approximating current operating costs and 360 revenue and cost days. The acquisition of the vessel was financed with cash on the balance sheet.

07 May 2018

Navios Maritime Containers Acquires Three Containerships

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced  that it agreed to acquire three containerships for a total purchase price of $117.25 million. Navios Containers agreed to acquire two 8,204 TEU containerships, the YM Utmost and the YM Unity, for $67.0 million from Navios Maritime Partners. The two vessels are chartered out at a net daily charter rate of $34,266 until August 2018 and October 2018, respectively. The acquisition of the YM Utmost and the YM Unity was unanimously approved by the Special Committee of the independent members of the Board of Directors of Navios Containers. Navios Containers agreed to acquire one 10,000 TEU containership for $50.25 million from a third party.

12 Mar 2018

Navios Maritime Partners to Acquires a 2005 Panamax

Navios Maritime Partners, an owner and operator of drybulk and container vessels, announced today that it agreed to acquire a 2005-built Panamax Vessel for $12.95 million, with delivery expected in March 2018. It also announced that its board of directors has adopted a distribution policy of $0.08 per common unit annually. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased we were able to restore distributions for our unit holders. Angeliki Frangou added: "Indeed, since 2016, we grew our drybulk fleet by 37% and reduced its average age by 12%, on a deadweight tons basis. In the process, we established a unique platform in the drybulk sector capable of generating significant cash flow.

11 Mar 2018

Navios Maritime Containers Raises USD 30mln

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced  that it has already completed a private placement of common shares, totaling $30.0 million, which is expected to close on March 13, 2018. Navios Containers will issue approximately 5,450,000 common shares at a subscription price of $5.50 per common share for an aggregate of $30.0 million of gross proceeds. The net proceeds will be used for general corporate purposes, including vessel acquisitions. Navios Maritime Holdings and Navios Maritime Partners have subscribed for $15.0 million in the private placement and thus will own approximately 39% of the outstanding share capital upon closing.

22 Feb 2018

Navios Maritime Closes $35M Offering

Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Following the closing, Navios Partners will have 167,589,764 common units and 3,420,203 general partner units outstanding. This includes $5.0 million of common units purchased by Navios Maritime Holdings Inc., and the purchase of general partner units by Navios GP L.L.C., our general partner, a wholly-owned subsidiary of Navios Holdings, to maintain its 2.0% general partner interest in Navios Partners.

25 Jan 2018

Navios Maritime Partners Growing With Panamax Vessels

Greek owner and operator of dry bulk and container vessels Navios Maritime Partners has agreed to acquire two 2006-built Panamax vessels with a capacity of approximately 74,500 dwt each, for a total purchase price of USD 22 million. The vessels are expected to be delivered to Navios Partners' owned fleet within Q1 2018. Based on the existing charters of the vessels ($9,375 net per day until May/November 2018 and $9,844 until March/August 2018, respectively) and the current rate environment (Clarksons’ 1-year time charter rate for Panamax vessels as of January 19, 2018), the vessels are expected to generate approximately $4.8 million of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360 revenue days.

26 Sep 2017

Navios Takes Delivery of Three Bulkers

Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced today the delivery of three dry bulk vessels into its fleet. The Navios Symphony, a 2010-Chinese-built Capesize vessel of 178,132 dwt, was delivered on September 20, 2017. The vessel has been chartered out at a rate of $17,575 net per day until March 2018. The Navios Aster, a 2010-South Korean-built Capesize vessel of 179,314 dwt, was delivered on August 21, 2017. The vessel has been chartered out at a rate of $14,963 net per day until March 2018. The Christine B, a 2009-Chinese-built Ultra-Handymax vessel of 58,058 dwt, was delivered on August 11, 2017. The vessel has been chartered out at an index linked charter until November 2017.