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.

The main terms of the option are as follows:

Acquisition price: $147.8 million
Latest exercise date: June 5, 2015
Delivery of vessel : Q3 2015
Remaining charter duration at delivery: 12 years (with Navios Partners’ option to terminate after year seven)
Charter rate: $60,275, net per day
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.

Also, if the option is exercised, Navios Partners may finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.