Navios Maritime Acquires Box Ships
Monaco-based container shipping company Navios Maritime Containers announced that it agreed to acquire two 2010-built, 4,360 TEU containerships for $23.6 million from an unrelated third party.
The two containerships are expected to be delivered in the fourth quarter of 2018, said the vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities
Navios Containers also agreed to acquire two 2011-built 10,000 TEU containerships from an unrelated third party for a purchase price of approximately $52.5 million each, upon the exercise of its purchase options by January and March 2019, respectively.
The containerships are expected to be delivered in the first and second quarter of 2019, assuming the purchase options are exercised.
Based on existing charters and the current rate environment, the four containerships are expected to generate approximately $16.1 million of aggregate EBITDA in the next twelve month period following their delivery.
The acquisitions are subject to certain conditions, and there can be no assurances that these acquisitions or the related financings will occur in whole or in part.
Navios Containers expects to finance the acquisition of the two 4,360 TEU vessels with cash on its balance sheet and bank debt on terms expected to be consistent with its existing credit facilities. The acquisition of each of the 10,000 TEU vessels is expected to be financed through a loan of up to $31.8 million under an existing facility with a commercial bank and the balance with available cash.
Following the acquisitions, assuming the purchase options are excercised, Navios Containers will own 30 vessels, totaling 152,821 TEU, with a current average fleet age of 10.2 years.