Navios Partners to Buy 14 Rickmers Boxships

Illustration; Image Courtesy: Rickmers Maritime

Greek shipowner and operator Navios Maritime Partners has agreed to acquire the entire container fleet consisting of fourteen ships from Rickmers Maritime for about USD 113 million.

“We anticipate acquiring five 4,250 TEU vessels on May 15, 2017. These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of USD 26,850,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said.

The average age of the fleet, which consists of eleven 4,250 TEU containerships and three 3,450 TEU vessels, is 9.5 years.

“Our operating platform was attractive to the Trust and its lending banks because of our disciplined technical and commercial management and favorable operating costs. This acquisition demonstrates our ability to source proprietary deals, and we are continuing to seek exposure to the container sector,” Frangou continued.

Navios Partners said that the acquisition, subject to a number of conditions, is being financed through a USD 20 million equity investment by Navios Partners and a secured loan facility under discussion.

The company plans to acquire these vessels though a wholly owned subsidiary, Navios Partners Containers Inc., which will be an unrestricted subsidiary as defined in the credit agreement dated March 14, 2017, for the shipowner’s term loan B facility.

Earlier in April, Rickmers Trust Management, the trustee-manager of Rickmers Maritime, said that its business would be wound up, as the company’s efforts to reach an agreement with lenders to restructure existing loans fell through.

The trust was given until April 15 by the HSH Syndicate, comprising HSH Nordbank and DBS Bank, to come up with a new restructuring plan which would ensure a higher level of total recoveries than under a winding up of the trust.

Rickmers Maritime said that the operation of the vessels in question is expected to remain unaffected by the proposed sale.

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