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.
The acquisition of the vessel was financed with cash on the balance sheet and $7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.
Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and five are Container vessels.