• 2017 May 10 13:31

    Navios Partners announces acquisition of one capesize vessel

    Navios Maritime Partners L.P. , an  international owner and operator of drybulk and container vessels, has agreed to acquire one 2011 South Korean - built  Capesize vessel of 1 79,016 dwt  for  a  purchase  price  of  $ 31.05 million.

    The vessel is expected to be delivered  to Navios Partners' owned fleet  by June  2017. The vessel is chartered out  to a high quality counterparty at a  net  rate of $11,733  per day  until  the first quarter of  2018.  Based on the existing charter and the current rate environment  (Clarksons’ 1 - year time charter rate for Capesize vessels as of May 5, 2017), the vessel is expected to generate approximately $2.6 million of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360  revenue days.

    Navios Partners is expected to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities. In the first four months of 2017, Navios Partners has  agreed to acquire five  drybulk vessels (two Panamax and  three Capesize vessels ) with a  combined capacity of  approximately 690,000  dwt  for a total price of  approximately $ 114.0 million.


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