Navios Containers Expanding Fleet with Two Boxships

Illustration; Image Courtesy: Rickmers Maritime

Monaco-based Navios Maritime Containers has reached an agreement to purchase two 2009-built container ships for a price of USD 19.75 million.

Under the deal, the 4,250 TEU boxship duo is expected to be delivered to the company’s fleet in early November 2017.

Based on the current rate environment, the vessels are expected to generate around USD 1.5 million of EBITDA over the next twelve months, based on fixed operating expenses and 360 revenue days, Navios Containers said.

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

Once the transaction is completed, Navios Containers will control 16 vessels, totaling 65,600 TEU with a current average fleet age of 9.7 years.

In late August 2017, Navios Maritime Containers agreed with investors to sell 10 million of its common shares for an aggregate of USD 50 million of gross proceeds at a subscription price of USD 5 per common share.

The company then said that the funds would be used for vessel acquisitions, working capital and general corporate purposes.

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