Navios Maritime sells MSC Cristina to Repay $100 mln Debt

Maritime Activity Reports, Inc.

February 14, 2017

Image:  Navios Maritime Partners L.P.

Image: Navios Maritime Partners L.P.

 In January 2017, following the completion of the sale of the MSC Cristina, Navios Maritime Partners repaid approximately $100 million of bank debt. 

Proforma for these repayments, net debt/book capitalization for December 31, 2016, has decreased to 36.5%. In addition, during 2016, the Company reduced its net debt by $77.8 million. 
In January 2017, the Company completed the 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. 
Navios has reported its financial results for the fourth quarter and year ended December 31, 2016.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for 2016, a year of many challenges.  For the full year, Navios Partners reported revenue of $190.5 million and EBITDA of $76.9 million.  For the fourth quarter, Navios Partners reported revenue of $49.7 million and EBITDA of $23.6 million.” 
Angeliki Frangou continued, “We actively managed our liquidity in 2016, generating about $151 million from the sale of vessels and securities.  We also reduced long-term debt by almost $178 million and increased the collateral value of the Term Loan B by about $100 million.  Overall, we are positioned to take advantage of a recovery in the dry sector.” 
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