Marine Link
Monday, May 29, 2017

Navios Partners Buys Five Rickmers Containerships

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has acquired five containerships from Rickmers Maritime Trust Pte for $59 million.   The five 4,250 TEU vessels are employed on charters with a net daily charter rate of $26,850 into 2018 and early 2019. The vessels, which are expected to generate approximately $45 million of EBITDA during the charter periods, will be sold to Navios Maritime Containers Inc.   Under its agreement with Rickmers Trust, Navios Partners will acquire another nine vessels, four of which are laid up. None of these vessels are employed under long-term charters.

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.

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 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 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 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 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…

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 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 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.

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 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 Maritime Q1 Results

Navios Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, reported financial results for the first quarter ended March 31, 2010. Angeliki Frangou, Chairman and CEO of Navios Holdings stated, "I am pleased with our performance thus far in 2010. During a period of continued uncertainty, Navios Holdings created liquidity from the sale of three vessels and used the sale proceeds to increase its cash reserves and deleverage. Frangou continued, "We were pleased to announce that Navios Acquisition's shareholders approved the acquisition of a fleet of 13 product and chemical tankers. We believe that…

Navios Maritime Partners to Purchase Two Vessels

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, announced today that it has agreed to purchase from Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE:NM) the Navios Orbiter, a 2004-built Panamax vessel of 76,602 dwt, and the Navios Luz, a 2010-built Capesize vessel of 179,144 dwt, for a total consideration of $130.0 million. The vessel is chartered out at $38,052 (net) per day, for approximately 3 years, until April 2014. The…

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 Group Forms Navios Europe

The Navios Group, composed of Navios Maritime Holdings Inc. (NM), Navios Maritime Acquisition Corp.(NNA) and Navios Maritime Partners L.P. (NMM), announced the formation of Navios Europe Inc. as the next step in concluding the letter of intent signed with HSH Nordbank AG in April of 2013. Navios Europe, which will initially acquire five product tankers and five container vessels from debtors of HSH, will be owned 47.5% by Navios Holdings, 47.5% by Navios Acquisition and 5% by Navios Partners. It is anticipated that funding requirements will be satisfied in the same percentages. In August 2013, Navios Europe arranged technical and commercial management for five out of the 10 vessels.

Navios Revenue Up 25% in 3Q 2014

Highlights of Navios Maritime Holdings Inc. IPO of Navios Maritime Midstream Partners L.P. Navios Maritime Holdings Inc. a global vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year. As a result, we have announced a dividend of 6 cents for Q3 2014 representing a yield of about 4.2%. On September 17, 2014…

Navios Reports Q4 Results

Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2009. Angeliki Frangou, Chairman and CEO of Navios Holdings, said, "Our industry entered 2009 facing challenges virtually without precedent. The economic crisis required that Navios focus on its balance sheet, which we did by raising more than $1.3 billion in a mix of equity and long-term debt from the capital markets and commercial banks. Part of these proceeds were used to acquire seven capesize vessels, delivering in 2010, with secured cash flows for the next ten years. Shareholders protected from undue dilution - 14% dilution scheduled over a ten-year period.

Maritime Reporter Magazine Cover May 2017 - The Marine Propulsion Edition

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