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Friday, December 15, 2017

Navios Partners News

Navios Announces Delivery of Three Container Vessels

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, has announced  that the Hyundai Tokyo, the Hyundai Shanghai and the Hyundai Busan, all 2006-built container vessels of 6,800 TEU each, were delivered to Navios Partners' owned fleet on December 10, 13 and 16, 2013, respectively. Following the acquisition of these vessels, Navios Partners has taken delivery of a total of five container vessels of 6,800 TEU each and this completes the acquisition of the container vessels as previously announced. All five vessels have been chartered out to an investment grade counterparty for ten years (with Navios Partners' option to terminate after year seven), at a rate of $30,150 net per day per vessel.

Navios Partners Acquires Capesize Vessel

Navios Maritime Partners L.P., an international owner and operator of dry bulk and container vessels, said it has agreed to acquire one 2009 Japanese-built Capesize vessel of 180,274 dwt for a purchase price of $28.3 million. The vessel is expected to be delivered to Navios Partners' owned fleet by August  2017. The dry bulk vessel is expected to generate approximately $3.7 million of annual EBITDA based on the current rate environment (Clarkson’s 1-year time charter rate for Capesize vessels as of April 28, 2017), assuming operating expenses approximating current operating costs and 360 revenue days. Navios Partners said it expects to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

Navios Acquires Two Panamax Vessels

Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM) an international owner and operator of drybulk and container vessels, announced today that it has agreed to acquire two panamax vessels, 2007 South Korean-built of about 75,000 dwt for a total of $27.0 million. The vessels are expected to be delivered to Navios Partners' owned fleet in June and July 2017. The two vessels are expected to generate approximately $4.6 million of annual EBITDA based on current rate environment (Clarkson’s 1-year timecharter rate for Panamaxes as of March 31, 2017), assuming operating expenses approximating current operating costs and 360 revenue days.

Navios Announces Panamax Vessel Delivery

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, has announced  that the Navios Sun, a 2005-built panamax vessel of 76,619 dwt, was delivered to Navios Partners' owned fleet on January 17, 2014. The Navios Sun has been chartered out to a high quality counterparty for 12-14 months at a rate of $13,063 net per day. The vessel is expected to generate approximately $3.3 million aggregate EBITDA for the period of this charter assuming current operating costs. Fleet Update Following the delivery of the Navios Sun, Navios Partners has all its vessels in the water. Navios Partners has contracted 70% of its available days on a charter-out basis for 2014.  

Navios 1Q Report

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of Capesize and Panamax vessels, reported its financial results for the three month period March 31, 2009. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated "We believe that Navios Partners is well positioned given the long-term employment of its fleet, averaging 4.1 years, the quality of its charter parties and the AA+ EU governmental agency insurance on all its charter-out contracts. Frangou continued, "The globally coordinated fiscal stimulus programs are beginning to affect positively the dry bulk market; the BDI recovered from its low in December 2008 to a healthier steady state in the first quarter of 2009.

Navios Maritime Acquires One Capesize Vessel

Image: Navios Maritime Partners

Navios Maritime Partners, an international owner and operator of drybulk and container vessels, announced that it has agreed to acquire one 2010-built Capesize vessel of 178,132 dwt for a purchase price of $27.5 million. The vessel is expected to be delivered to Navios Partners' owned fleet during the third quarter of 2017. The vessel is expected to generate approximately $3.7 million of annual EBITDA based on current rate environment (Clarkson’s 1-year time charter rate for Capesize vessels as of April 21…

Navios Maritime Partners Results for Q2 2010

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the second quarter and six months ended June 30, 2010. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "I am pleased with our performance during the second quarter. We raised $92.3 million in the equity markets and purchased the Navios Pollux. The acquisition of the Navios Pollux increases the average charter coverage of our fleet to 4.4 years and reduces the average age of our fleet to 5.7 years. Throughout this release, EBITDA for the three and six months ended June 30, 2009 represents net income before interest…

Rickmers Sells Entire Containership Fleet to Navios

CMA CGM Azure (Photo: Rickmers Maritime)

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime though a wholly owned subsidiary, Navios Partners Containers Inc. Three of the container vessels are 3,450 TEU, and 11 are 4,250 TEU, combining for a total 57,100 TEU. The average age is 9.5 years.

Navios Maritime Q4, Year End Results

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the fourth quarter and year ended December 31, 2010. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to increase our cash distribution per unit for the fourth quarter. Ms. Frangou continued, "Overall, 2010 was a good year for Navios Partners. We grew the asset base substantially by adding 5 new vessels, all with long-term charters. At the same time, we reduced our leverage ratios. The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2010 of $0.43 per unit.

Navios Maritime Charter Restructuring with HMM

MSC Cristina. Photo: Scheepvaartwest

Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%. Pursuant to the charter restructuring documentation executed on July 15, 2016, it has been agreed that the hire rate of five Container vessels chartered out to Hyundai Merchant Marine Co., Ltd. With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata.

Navios Apollon Released from Captivity

Navios Maritime Partners L.P. announced that the Navios Apollon and her crew were released on Feb. 27 2010. Navios Partners reported that the Captain and crew are healthy and will be reunited with their families shortly. Navios Partners thanks the Captain, the crew and their families for their fortitude through this trying ordeal. Many assisted the company in achieving this outcome. Navios wanted to recognize the special efforts of the Chinese Embassy in Greece, and the Ambassador personally, for assisting in the release process and arranging the Chinese warship Wenzhou to escort the Navios Apollon and crew and providing needed support after this prolonged period in captivity.

Navios Charter out Newbuild Capesize Vessel

Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day. The vessel is expected to generate approximately $4.6 million annual EBITDA or $12.9 million aggregate EBITDA for the three years of the initial charter period. EBITDA estimates assume expenses approximating current operating costs and 360 revenue days per year. Navios Partners expects the vessel to be delivered within September 2013.

Navios Maritime Partners Reports Q1 Results

PIRAEUS, GREECE, April 20, 2011 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2011. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to announce a cash distribution of $0.43 per unit. We are also pleased with our recent successful equity offering. The net proceeds will allow us to acquire additional vessels.

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…

Navios Maritime Purchases Navios Aurora II

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, announced the purchase of Navios Aurora II, a 2009 South Korean-built Capesize vessel with a capacity of 169,031 dwt, for $110m from Navios Maritime Holdings Inc. (NYSE: NM). The vessel is chartered out until November 2019 for $41,325 (net) per day. $20m of the purchase price is funded by the issuance 1,174,219 common units of Navios Partners. The $17.03 issue price reflects NYSE's volume weighted average price of the common units for the  five business day period prior to the acquisition of the vessel. The balance of $90m of the purchase price is funded by $60m cash on the balance sheet and $30m of new debt.

Navios Group Rolls Out Containers Division

Photo: Navios

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…

NMM lines up Box Buy

Courtesy of Navios Maritime Partners

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. 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…

Navios Maritime Declares Cash Distribution

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of Capesize and Panamax vessels, announced that its Board of Directors has declared a cash distribution of $0.40 per unit for the first quarter ended March 31, 2009. This payment represents $1.60 per unit on an annualized basis. The cash distribution is payable on May 6, 2009 to all shareholders of record as of May 1, 2009. Navios Partners will host a conference call on Wednesday, April 29, 2009 at 08:30 A.M. EDT, where Navios Partners' senior management will discuss the results of the first quarter ended March 31, 2009. The Company will announce earnings for the first quarter ended March 31, 2009 prior to the conference call.

Navios Maritime sells MSC Cristina to Repay $100 mln Debt

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.

Navios Completes Acquisition of Four Containerships

File Image: Navios

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced today that it has taken delivery of four 2008-built Panamax containerships. These vessels are employed on charters with a net daily charter rate of $27,156. The charters expire in 2020 and are expected to generate approximately $70.0 million of EBITDA, assuming expenses approximating current operating costs and 360 revenue days per year. Navios Containers previously agreed to acquire the four 2008-built 4,730 TEU containerships for a total purchase price of $96.8 million.

Navios Readies for Rickmers Vessel Acquisition

Photo: Rickmers Trust Management

Navios Maritime Containers announced that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share. Navios Containers intends to use the proceeds to acquire the 14-vessel container fleet that Navios Maritime Partners previously agreed to purchase from Rickmers Maritime as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close in full on or about June 1, 2017.

Rickmers to Sell its Last 9 Vessels to Navios

File photo: Rickmers Maritime

HSH syndicate, comprising HSH Nordbank and DBS Bank, has approved the sale of the remaining nine of 14 vessels of Singapore-based Rickmers Trust Management for some $54 million to Navios Partners Containers and Navios Partners Containers Finance. The total consideration will also include an amount to support settlement of operational cash deficits to closing, said Rickmers Trust Management in an update on the winding up of Rickmers Maritime. The sales of these nine vessels are expected to be completed in parts from July 12, 2017, Rickmers said.

Navios Takes Delivery of Three Bulkers

File Photo: Navios

Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced today the delivery of three dry bulk vessels into its fleet. The Navios Symphony, a 2010-Chinese-built Capesize vessel of 178,132 dwt, was delivered on September 20, 2017. The vessel has been chartered out at a rate of $17,575 net per day until March 2018. The Navios Aster, a 2010-South Korean-built Capesize vessel of 179,314 dwt, was delivered on August 21, 2017. The vessel has been chartered out at a rate of $14,963 net per day until March 2018.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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