Navios Maritime Partners Sells Hyundai Hongkong

Maritime Activity Reports, Inc.

June 15, 2018

Hyundai HongKong. Photo: Dong Jin Shipping Co.,Ltd.

Hyundai HongKong. Photo: Dong Jin Shipping Co.,Ltd.

 Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced that it has agreed to sell the Hyundai Hongkong, a 2006-built, 6,800 TEU containership for a total net sale price of $36.0 million to the group company Navios Maritime Containers.  

The vessel is chartered out at a weighted average net daily charter rate of $28,523 until December 2023.  Navios Containers is expected to finance the acquisition with additional borrowings of approximately $15.0 million under a new loan from a commercial bank (on terms consistent with existing credit facilities).
The vessel is expected to be delivered to Navios Containers in the third quarter of 2018.
Navios Partners also granted options to Navios Containers to acquire four additional 2006-built, 6,800 TEU containerships (the Hyundai Singapore, the Hyundai Busan, the Hyundai Shanghai and the Hyundai Tokyo) for a purchase price of $36.0 million per vessel. Each of the four vessels are sister ships to the Hyundai Hongkong and have the same time charter employment in place.
The acquisition is subject to certain conditions.
The acquisition of the Hyundai Hongkong and the options to acquire the additional four 6,800 TEU vessels were unanimously approved by the Special Committee of the independent members of the Board of Directors of Navios Containers.
Following the above mentioned sale of one containership, Navios Partners controls a fleet of 37 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and four are Container vessels. 
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