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Navios Maritime Partners Lp News

20 Feb 2024

Maritime Emissions Reduction Center Launched in Athens

© aerial-drone / Adobe Stock

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…

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.

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…

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 May 2017

Navios Partners Buys Five Rickmers Containerships

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has acquired five containerships from Rickmers Maritime Trust Pte for $59 million.   The five 4,250 TEU vessels are employed on charters with a net daily charter rate of $26,850 into 2018 and early 2019. The vessels, which are expected to generate approximately $45 million of EBITDA during the charter periods, will be sold to Navios Maritime Containers Inc.   Under its agreement with Rickmers Trust, Navios Partners will acquire another nine vessels, four of which are laid up. None of these vessels are employed under long-term charters.

05 May 2017

Navios Partners Acquires Capesize Vessel

Navios Maritime Partners L.P., an international owner and operator of dry bulk and container vessels, said it has agreed to acquire one 2009 Japanese-built Capesize vessel of 180,274 dwt for a purchase price of $28.3 million. The vessel is expected to be delivered to Navios Partners' owned fleet by August  2017. The dry bulk vessel is expected to generate approximately $3.7 million of annual EBITDA based on the current rate environment (Clarkson’s 1-year time charter rate for Capesize vessels as of April 28, 2017), assuming operating expenses approximating current operating costs and 360 revenue days. Navios Partners said it expects to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

20 Apr 2017

Rickmers Sells Entire Containership Fleet to Navios

CMA CGM Azure (Photo: Rickmers Maritime)

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime though a wholly owned subsidiary, Navios Partners Containers Inc. Three of the container vessels are 3,450 TEU, and 11 are 4,250 TEU, combining for a total 57,100 TEU. The average age is 9.5 years.

06 Apr 2017

Navios Acquires Two Panamax Vessels

Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM) an international owner and operator of drybulk and container vessels, announced today that it has agreed to acquire two panamax vessels, 2007 South Korean-built of about 75,000 dwt for a total of $27.0 million. The vessels are expected to be delivered to Navios Partners' owned fleet in June and July 2017. The two vessels are expected to generate approximately $4.6 million of annual EBITDA based on current rate environment (Clarkson’s 1-year timecharter rate for Panamaxes as of March 31, 2017), assuming operating expenses approximating current operating costs and 360 revenue days.

17 Jan 2017

Navios Partners Sheds 13,100 TEU Boxship

Navios Maritime Partners L.P. announced the completion of the previously announced sale of the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU.   The vessel was sold to an unrelated third party for a total net sale price of $125.0 million.   Approximately $100.0 million of the sale proceeds were used to repay bank debt.

09 Jan 2017

Capesize Vessel Delivered to Navios Partners

Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. said it has taken delivery of a secondhand Capesize bulk carrier vessel.   The 180,310 dwt ship, Navios Beaufiks, was built in 2004 in Japan, and delivered on December 30, 2016.

27 Feb 2015

NMM lines up Box Buy

Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration, an option to acquire a 2012 South Korean-built container vessel of 13,100 TEU from an unrelated third party. The vessel is currently chartered out to a high quality counterparty for a twelve-year period ending May 2027. If the option is exercised, the vessel is expected to generate approximately $18.4 million of annual EBITDA and approximately $212.4 million of aggregate EBITDA for the charter period, assuming operating expenses approximating current operating costs and 360 revenue days.

25 Nov 2014

Navios Revenue Up 25% in 3Q 2014

Highlights of Navios Maritime Holdings Inc. IPO of Navios Maritime Midstream Partners L.P. Navios Maritime Holdings Inc. a global vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year. As a result, we have announced a dividend of 6 cents for Q3 2014 representing a yield of about 4.2%. On September 17, 2014…

21 Jan 2014

Navios Announces Panamax Vessel Delivery

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, has announced  that the Navios Sun, a 2005-built panamax vessel of 76,619 dwt, was delivered to Navios Partners' owned fleet on January 17, 2014. The Navios Sun has been chartered out to a high quality counterparty for 12-14 months at a rate of $13,063 net per day. The vessel is expected to generate approximately $3.3 million aggregate EBITDA for the period of this charter assuming current operating costs. Fleet Update Following the delivery of the Navios Sun, Navios Partners has all its vessels in the water. Navios Partners has contracted 70% of its available days on a charter-out basis for 2014.

17 Dec 2013

Navios Announces Delivery of Three Container Vessels

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, has announced  that the Hyundai Tokyo, the Hyundai Shanghai and the Hyundai Busan, all 2006-built container vessels of 6,800 TEU each, were delivered to Navios Partners' owned fleet on December 10, 13 and 16, 2013, respectively. Following the acquisition of these vessels, Navios Partners has taken delivery of a total of five container vessels of 6,800 TEU each and this completes the acquisition of the container vessels as previously announced. All five vessels have been chartered out to an investment grade counterparty for ten years (with Navios Partners' option to terminate after year seven), at a rate of $30,150 net per day per vessel.

06 Sep 2013

Navios Charter out Newbuild Capesize Vessel

Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day. The vessel is expected to generate approximately $4.6 million annual EBITDA or $12.9 million aggregate EBITDA for the three years of the initial charter period. EBITDA estimates assume expenses approximating current operating costs and 360 revenue days per year. Navios Partners expects the vessel to be delivered within September 2013.

21 Aug 2013

Navios Group Forms Navios Europe

The Navios Group, composed of Navios Maritime Holdings Inc. (NM), Navios Maritime Acquisition Corp.(NNA) and Navios Maritime Partners L.P. (NMM), announced the formation of Navios Europe Inc. as the next step in concluding the letter of intent signed with HSH Nordbank AG in April of 2013. Navios Europe, which will initially acquire five product tankers and five container vessels from debtors of HSH, will be owned 47.5% by Navios Holdings, 47.5% by Navios Acquisition and 5% by Navios Partners. It is anticipated that funding requirements will be satisfied in the same percentages. In August 2013, Navios Europe arranged technical and commercial management for five out of the 10 vessels.

28 Jul 2010

Navios Maritime Partners Results for Q2 2010

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the second quarter and six months ended June 30, 2010. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "I am pleased with our performance during the second quarter. We raised $92.3 million in the equity markets and purchased the Navios Pollux. The acquisition of the Navios Pollux increases the average charter coverage of our fleet to 4.4 years and reduces the average age of our fleet to 5.7 years. Throughout this release, EBITDA for the three and six months ended June 30, 2009 represents net income before interest…

06 Dec 2010

Frangou Named CMA 2011 Commodore

Photo courtesy Connecticut Maritime Association

Angeliki Frangou, Chairman & CEO of the Navios group of companies has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2011. Frangou follows a long succession of influential maritime industry leaders as Commodore. The Award will be presented to Frangou on March 23, 2011 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

25 Jan 2011

Navios Maritime Q4, Year End Results

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the fourth quarter and year ended December 31, 2010. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to increase our cash distribution per unit for the fourth quarter. Ms. Frangou continued, "Overall, 2010 was a good year for Navios Partners. We grew the asset base substantially by adding 5 new vessels, all with long-term charters. At the same time, we reduced our leverage ratios. The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2010 of $0.43 per unit.

21 Apr 2011

Navios Maritime Partners Reports Q1 Results

PIRAEUS, GREECE, April 20, 2011 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2011. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to announce a cash distribution of $0.43 per unit. We are also pleased with our recent successful equity offering. The net proceeds will allow us to acquire additional vessels.

19 May 2011

Navios Maritime Partners to Purchase Two Vessels

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. The vessel is chartered out at $38,052 (net) per day, for approximately 3 years, until April 2014. The…