Navios Maritime Partners Entrusts Rickmers Fleet to Affiliate

Greek shipowner Navios Maritime Partners plans to transfer the 14-vessel container fleet acquired from Rickmers Maritime to its affiliate Navios Maritime Containers Inc.

The company expects to carry out the transfer at a cost of USD 5 million and an investment of USD 30 million in return for equity.

As disclosed, Navios Partners will also receive a warrant, with a five-year term, exercisable for an additional 6.8% equity interest in NMCI.

In line with the terms of the deal, Navios Maritime Holdings is also expected to invest USD 5 million in exchange for equity, and receive a warrant, with a five-year term, exercisable for an additional 1.7% equity interest in NMCI.

The vessels from the fleet are to kick off delivery starting the week of May 15, 2017, and the first to be handed over are five 4,250 TEU vessels, as informed earlier.

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.

The acquisition is still subject to a number of conditions, and “no assurance can be provided that the acquisition will close at all or in part,” the company added.

In April, Navios Maritime Partners revealed its plans to acquire the entire container fleet consisting of fourteen ships from Rickmers Maritime for about USD 113 million. The move came in the aftermath of the decision of Rickmers Trust Management, the trustee-manager of Rickmers Maritime, to wound up its business.

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

Navios Partners is financing the purchase through a USD 20 million equity investment by Navios Partners and a secured loan facility under discussion.

 

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