Navios Partners Adds Secondhand Panamax

Image Courtesy: Navios

Owner and operator of dry bulk and container vessels Navios Maritime Partners has reached an agreement to acquire a secondhand vessel for a price of USD 12.95 million.

The vessel in question is a 87,000 dwt Panamax, built in 2005. The company informed that the ship is expected to be delivered to Navios Partners’ owned fleet in March 2018.

Based on the current rate environment, the vessel is expected to generate around USD 3.2 million of annual EBITDA, assuming operating expenses approximating current operating costs and 365 revenue and cost days.

Navios Partners is to finance the acquisition with cash on its balance sheet and bank debt at terms similar to its existing banking facilities. The unit will bring the company’s fleet to 40 vessels.

Additionally, Navios Partners informed that its board of directors adopted a distribution policy under which it intends to declare quarterly cash distribution in the amount of USD 0.02 per unit, or USD 0.08 annually. Based on its current capitalization, the company expects to distribute USD 3.4 million quarterly and USD 13.7 million annually.

“I am pleased we were able to restore distributions for our unit holders. Over the past couple of years, we used our cash flow to solidify our balance sheet and to renew and expand our drybulk fleet. Indeed, since 2016, we grew our drybulk fleet by 37% and reduced its average age by 12%, on a deadweight tons basis,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said.

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