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  • 2018 December 4 10:59

    Navios Maritime Containers announces acquisition of two containerships & options to acquire two containerships

    Navios Maritime Containers  L.P . , a growth  vehicle dedicated to the container sector, announced that it agreed to acquire two 2010 - built, 4, 360 TEU containerships for $ 23.6 million from an unrelated third party. The  two  containerships are expected to be delivered in the fourth quarter of 2018. Navios Containers  also agreed to acquire two 2011 - built 10,000 TEU containerships from an unrelated third party for a purchase price of approximately $52.5 million each, upon the exercise of  its purchase options by January and March 2019, respectively. 

    The containerships are expected to be delivered  in the first and second quarter of 2019, assuming the purchase options are exercised. Based on existing charters and the current rate environment, the f our containerships are expected to  generate approximately $ 16.1 million of aggregate EBITDA in the next twelve month period following  their delivery. The acquisitions are subject to certain conditions, and there can be no assurances that these  acquisitions  or the related financings  will occur in whole or in part. 

    Navios Containers expects to finance the acquisition of the two 4,360 TEU vessels with cash on its  balance sheet and bank debt on terms expected to be consistent with its existing credit facilities. The acquisition of  each of  the 10,000 TEU vessel s is expected to be financed through a loan of up to  $31.8 million  under an existing facility with  a commercial bank and the balance with available cash. The Next Twelve Month (“NTM”) EBITDA calculations assume (a) revenue based on contracted weighted  average time charter rates through the charter expiration dates (as indicated in the table above) and per open  day;  $1 0, 450 for the  4,360 TEU container ships (Clarksons’ 6 to 12 month time charter rate for  4,400 TEU  vessels as of  October 2018) and (b) operating expenses in line with the management agreement and normal  operations. Following th e acquisition s , assuming the purchase options are excercised, Navios Containers will own 30 vessels, totaling  152,821 TEU , with a current average fleet age of  10.2 years.

    About Navios Maritime Containers  L.P.

    Navios Maritime  Containers  L.P. is a growth vehicle dedicat ed to the container sector of the maritime  industry.




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