Navios Containers Stretches Charters for 10,000 TEU Duo through 2024

ContainershipIllustration; Source: Pixabay under CC0 Creative Commons license

Monaco-based Navios Maritime Containers has extended time charters of two 10,000 TEU vessels through 2024.

In September 2019, the company agreed to extend the time charters of the 2010-built Navios Unison and the 2011-built Navios Constellation at USD 27,300 per day net until May 2024.

Following such extension, an additional cumulative EBITDA of around USD 30 million is expected for both vessels.

The company revealed the charter extensions as part of its financial results for the third quarter and nine months ended September 30, 2019.

During the period Navios Containers reported USD 37 million of revenue, USD 16.6 million of EBITDA and USD 4.1 million of net income. The numbers were down from the third quarter of 2018, when the company’s revenue, EBITDA and net income stood at USD 38 million, USD 19.2 million and USD 5.4 respectively.

“I am pleased with the results for the third quarter of 2019,” Angeliki Frangou, Chairman and Chief Executive Officer, said, adding that Navios Containers reported earnings per unit of 12 cents, down from 16 cents per unit a year ago.

“We believe that Navios Containers is well-positioned going into 2020. It enjoys materially improved charter rates, with current market rates having increased by almost 70% since the first quarter of 2019. Navios Containers also benefits from fixed operating costs and attractive financing,” Frangou continued.

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