Navios Partners to Expand Fleet with Capesize Bulker

Greek shipowner and operator Navios Maritime Partners has continued its shopping spree as the company signed an agreement to purchase a Capesize bulk carrier.

Featuring 178,132 dwt, the vessel was bought from Italy-s shipping firm Rizzo Bottiglieri for a price of USD 27.5 million, according to data provided by VesselsValue.

The ship in question is reportedly the 2010-built Cavaliere Grazia Bottiglieri, which is expected to join its new owner during the third quarter of 2017. Following this acquisition, the company will control a fleet of 34 vessels.

Navios Partners said that the Capesize is expected to generate some USD 3.7 million of annual EBITDA based on current rate environment, assuming operating expenses approximating current operating costs and 360 revenue days.

The company will finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

Just last week, the Greek owner reached an agreement 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.

 

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