Navios Group has launched Navios Containers, a vehicle dedicated to the container sector. Navios Containers has the right to acquire all containerships offered to the Group, said Angeliki Frangou, Chairman and Chief Executive Officer.
Navios Containers used the proceeds of the private placement, which was closed on June 8, 2017, to acquire five 4,250 TEU vessels from Navios Partners for a total purchase price of $64.0 million.
The payment terms included a $24.0 million credit by Navios Partners for a period of up to 90 days from the purchase date at LIBOR plus 375 bps, of which $14.0 million remained outstanding as of June 30, 2017.
These vessels were previously acquired by Navios Partners from
Rickmers Maritime Trust and are employed on charters with a net daily charter rate of $26,850 which expire in 2018 and early 2019.
Angeliki Frangou stated: "We are also pleased to have closed on the Rickmers Maritime Trust transaction and expect all 14 vessels to be delivered to our fleet shortly. We are also actively seeking to grow the containership fleet during this difficult part of the cycle where we see attractive valuations for containerships. We remain in active dialogue with industry participants regarding possible vessel acquisitions, although the outcome is far from certain."
In addition, Navios Containers acquired all the rights under the acquisition agreements entered into between Navios Partners and Rickmers Trust to purchase the remaining nine vessels in the original 14-vessel container fleet for a purchase price of $54.0 million plus certain delivery and other operating costs.
As of July 25, 2017, five of these vessels had been delivered to Navios Containers and the remaining four are expected to be delivered during August 2017.
On June 29, 2017, Navios Containers entered into a loan facility for an amount of $40.0 million with a commercial bank in order to finance the acquisition of seven container vessels of the Fleet (including the original five vessels).
Navios Containers controls a fleet of 14 vessels, of which four vessels are expected to be delivered during August 2017, totaling 57,100 TEU and the current average age of the fleet is 9.7 years.
As of July 25, 2017, Navios Containers has chartered-out 46.7% of available days for the remaining six months of 2017, expecting to generate revenues of approximately $26.0 million. The average contractual daily charter-out rate for the fleet during this period is expected to be $23,780.