Navios Maritime Partners L.P. Announces Agreement to Acquire Five Drybulk Vessels
Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced today that it has entered into agreements to acquire five drybulk vessels (four Capesize and one Kamsarmax) for a total consideration of approximately $182.3 million.
Two vessels are new building vessels, a Capesize vessel, which is bareboat charter-in and is expected to be delivered in the second half of 2022, and a Kamsarmax vessel which is expected to be delivered in the first half of 2023.
Three Capesize vessels, the Navios Azimuth, the Navios Ray and the Navios Bonavis, are being acquired from Navios Maritime Holdings Inc. for an aggregate purchase price of approximately $88.0 million and are expected to be delivered by July 2021. The acquisition of these vessels was approved by the Conflicts Committee of the Board of Directors of Navios Partners.
Following the above agreements, Navios Partners’ fleet (basis fully delivered fleet) consists of 94 vessels, of which 56 are dry bulk vessels and 38 are containerships. The fleet has total capacity of 9.0 million dwt.
Navios Maritime Partners L.P. Acquires Two Drybulk Vessels
Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced that it acquired the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM).
The vessels were acquired for an aggregate purchase price of $51.0 million, subject to working capital adjustments. The acquisition was partially financed with a $33.0 million new credit facility. The credit facility has an amortization profile of 9.7 years, matures in September 2025 and bears interest at LIBOR plus 325 bps per annum.
Navios Gem is chartered out at a rate of 125% of average Baltic Capesize 5TC Index Routes per day until April 2021. Navios Victory is chartered out at a net rate of $12,289 per day until December 2020 and at 112% of average Baltic Panamax 4TC Index Routes per day until February 2021.
The transaction was approved by the Conflicts Committee of the Board of Directors of Navios Partners.
Following the acquisition, Navios Partners controls a fleet of 55 vessels, of which 15 are Capesize vessels, 24 are Panamaxes, six are Ultra-Handymaxes and ten are Containerships.