Navios Acquires Capesize Vessel
Navios Maritime Partners, an international owner and operator of dry bulk and container vessels, announced on May 9 that it has agreed to acquire one 2011 South Korean-built Capesize vessel of 179,016 dwt for a purchase price of $31.05 million.
The vessel is expected to be delivered to Navios Partners' owned fleet by June 2017.
The vessel is chartered out to a counterparty at a net rate of $11,733 per day until the first quarter of 2018.
Based on the existing charter and the current rate environment (Clarksons’ 1-year time charter rate for Capesize vessels as of May 5, 2017), the vessel is expected to generate approximately $2.6 million of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360 revenue days.
Navios Partners is expected to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.
In the first four months of 2017, Navios Partners has agreed to acquire five dry bulk vessels (two Panamax and three Capesize vessels) with a combined capacity of approximately 690,000 dwt for a total price of approximately $114 million.
Following this acquisition, Navios Partners controls 35 vessels.