2018 March 13 12:02
Navios Maritime Partners L.P., an owner and operator of drybulk and container vessels, announced that its board of directors has adopted a distribution policy of $0.08 per common unit annually, the company said in its press release. Navios Partners also announced that it agreed to acquire a 2005 - built Panamax Vessel for $12.95 million, with delivery expected in March 2018.
Distribution Policy Navios Partners announced its board of directors has adopted a dis tribution policy under which it intends to declare quarterly cash distribution in the amount of $0.02 per unit, or $0.08 annually. Based on its current capitalization, Navios Partners expects to distribute approximately $3.4 million quarterly and $13.7 million annually. The first quarterly distribution of $0.02 per unit for the first quarter of 2018 will be payable on May 14, 2018 to all unit holders of record on May 10, 2018.
Navios Partners will review its distribution policy regularly, and future distributions will be at the discretion of the board of directors after taking into account Navios Partners’ cash flow, earnings, financial position, among other relevant matters.
Navios Partners agreed to acquire a 2005 - built Panamax vessel, of approximately 87,000 dwt, for $12.95 million. The vessel is expected to be delivered to Navios Partners' owned fleet in March 2018. Based on the current rate environment (Clarksons’ 1 - year time charter rate for Panamax vessels as of March 2, 2018), the vessel is expected to generate approximately $3.2 million of annual EBITDA, assuming operating expenses approximating current operating costs and 365 revenue and cost days. Navios Partners is expected to finance the acquisition with cash on its balance sheet and bank debt at terms similar to its existing banking facilities. Following this acquisition, Navios Partners controls 40 vessels.