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Navios Maritime Partners Acquire Two 2006-built Panamax Vessels for USD 22m
Monday 29 January 2018

29 January 2018 - Greece-based drybulk and container vessel owner and operator Navios Maritime Partners L.P. (NYSE: NMM) has agreed to acquire two 2006-built Panamax vessels with a capacity of approximately 74,500 dwt each, for a total purchase price of USD 22m, the company said.

The vessels are expected to be delivered to Navios Partners' owned fleet within 1Q18.

Based on the existing charters of the vessels (USD 9,375 net per day until May/November 2018 and USD 9,844 until March/August 2018, respectively) and the current rate environment (Clarksons' 1-year time charter rate for Panamax vessels as of January 19, 2018), the vessels are expected to generate approximately USD 4.8m of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360 revenue days.

The company is expected to finance the acquisition with cash on its balance sheet and USD 14.3m bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.

Navios Partners is a master limited partnership which owns and operates container and dry bulk vessels.
Details
Date Published: 29/01/2018
Target: Two 2006-built Panamax vessels
Country: Greece
Deal Size: 22m (USD)
Sector: Water Transport
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Vendor:
Buyer: Navios Maritime Partners
Comment:


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