Marine Link
Monday, July 23, 2018

Navios Maritime Containers Acquires Five Boxships

Maritime Activity Reports, Inc.

June 15, 2018

File Photo: Navios Maritime Containers Inc.

File Photo: Navios Maritime Containers Inc.

 Navios Maritime Containers announced that it has agreed to acquire five containerships for a total purchase price of $246.0 million.  The Company expects to take delivery of all five vessels in the third quarter of 2018. 

Based on existing charters and the current rate environment, the five containerships are expected to generate approximately $35.3 million of aggregate EBITDA over the next twelve months.
 
Navios Containers also acquired options for an additional four containerships for a purchase price of $36.0 million per vessel.
 
"All of the acquisitions are subject to certain conditions, and there can be no assurances that these acquisitions will occur in whole or in part. In addition, we may be unable to secure debt financing for these acquisitions on terms satisfactory to us, or at all," said a statement from the company.
 
Navios Containers also agreed to acquire four 10,000 TEU containerships for $210.0 million from a third party. The vessels are employed on time charters with a net daily rate of $26,663 that expire between April and June 2019. 
 
Navios Containers is expected to finance these acquisitions with approximately $125.0 million of new bank debt (on terms consistent with its existing credit facilities).
 
Following this acquisition, Navios Containers will control 30 vessels, totaling 166,338 TEU with an average age of 9.8 years.
 
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