Secondhand Panamax Joins Navios Partners

Illustration. Image Courtesy: Pexels under CC0 Creative Commons license

Greek shipowner and operator Navios Maritime Partners expanded its fleet with the 74,475 dwt Panamax vessel, the Navios Altair I.

The 2006-built unit, which was acquired for a price of USD 11 million, was delivered to its new owner on June 7, 2018.

Navios Partners informed that the vessel is chartered out at a net rate of USD 9,844 per day until November 2018.

Based on the existing charter and the current rate environment, the Panamax is expected to generate some USD 2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

The acquisition of the vessel was financed with cash on the balance sheet and USD 7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.

Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes,
three are Ultra-Handymaxes and five are container vessels.

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