Navios Maritime Closes USD 100 Mn Offering

Image Courtesy: Navios

Greek owner and operator of container and dry bulk vessels Navios Maritime Partners has closed its common units offering raising around USD 100 million of fresh funds.

The company said that the net proceeds of the 47,795,000 common units offering, placed at USD 2.10 per common unit, would be used for general working capital purposes, including vessel acquisitions.

Following the closing, Navios Partners will have 147,436,276 common units and 3,008,908 general partner units outstanding.

This includes the common units issued to Navios Maritime Holdings in connection with Navios Partners’ recent acquisition of financial assets. As a result, Navios Holdings owns a 20.9% interest in Navios Partners, which includes its 2% general partner interest in Navios Partners.

Navios Maritime Partners ended the year 2016 in red with a net loss of USD 52.5 million, compared to a net income of USD 41.8 million seen in 2015, negatively affected by USD 27.2 million of impairment loss.

Despite the drop in numbers, Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “I am pleased with the results for 2016, a year of many challenges.”

“We actively managed our liquidity in 2016, generating about USD 151 million from the sale of vessels and securities. We also reduced long-term debt by almost USD 178 million and increased the collateral value of the Term Loan B by about USD 100 million. Overall, we are positioned to take advantage of a recovery in the dry sector,” Frangou added.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2017 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

CWC World LNG & Gas Series: Americas Summit

Now in its 15th year, the CWC World LNG & Gas Series: Americas Summit is the longest running LNG event in the Americas region.

Bringing together the key players in the LNG & gas value chain in both the Americas region and globally, this is the perfect place to make new contacts, do deals and get essential updates on the market.

This year we return to Houston, TX once again on 20-23 June 2017 – the heart of the energy industry, making it easier than ever to access they key players in your business.

More info

read more >

Nor-Shipping 2017

Nor-Shipping is the leading maritime event week. Their top-quality exhibition, high-level conferences and prime networking opportunities…

read more >

2ND ANNUAL PORTS AND TERMINALS INSURANCE SEMINAR

DETAILED GUIDANCE ON HOW THE INSURANCE MARKET IS CHANGING, HOW RISKS ARE ASSESSED AND WHAT…

read more >

2ND ANNUAL ADVANCED CHARTERING MASTERCLASS

The Advanced Chartering Masterclass will focus on the particularly difficult issues in charterparty agreements and our experts will help you find solutions…

read more >