Navios Partners Continues Capesize Buying Spree

Illustration; Image Courtesy: Capital Ship

Greek owner and operator of drybulk and container vessels Navios Maritime Partners has decided to buy a Capesize bulker for USD 31.05 million. 

The 179,016 dwt ship is expected to be delivered from an unnamed buyer to Navios Partners by June 2017.

Built in South Korea in 2011, the bulker is chartered out to an undisclosed party at a net rate of USD 11,733 per day until the first quarter of 2018, according to Navios Partners.

“Based on the existing charter and the current rate environment … the vessel is expected to generate approximately USD 2.6 million of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360 revenue days,” Navios Partners said.

The company intends to finance the acquisition with cash on its balance sheet and bank debt.

Reportedly, the vessel in question is Aristofanis, built at South Korea’s Sungdong shipyard. On May 9, the bulker was sold to Navios Partners from Greek shipping company Capital Maritime and Trading, according to data provided by VesselsValue.

In the first four months of 2017, Navios Partners has agreed to acquire five drybulk vessels – two Panamax and three Capesize vessels – with a combined capacity of around 690,000 dwt for a total price of approximately USD 114 million.

Additionally, the company signed a deal in April to acquire the entire container fleet of fourteen ships from Rickmers Maritime for about USD 113 million.

Following the latest acquisition, Navios Partners controls 35 ships.

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