zoomImage 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.