Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, today reported its financial results for the third quarter and nine months ended September 30, 2013.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: “I am pleased with the results of this quarter. In addition to strengthening our balance sheet through equity and debt capital market activities, we achieved $35.6 million of EBITDA and $13.1 million of Net Income.”
Angeliki Frangou continued, “We are announcing a quarterly distribution of $0.44 and a quarter cent. This represents an annual distribution of $1.77 and an attractive current yield of about 11.7%. With the transformative acquisition of the five container vessels, we are not only committed to this minimum distribution through the end of 2014, but we believe that we are positioned to increase distributions in the medium term as the dry bulk market improves.”
$275 million acquisition of five container vessels with 10 year charters
Navios Partners has agreed to acquire the following five South Korean-built containers for a total consideration of $275.0 million.
|Container Vessels||Year Built||TEU||Delivery||Charter rate,
|Navios TBN1||2006||6,800||Q4 2013||$30,150|
|Navios TBN2||2006||6,800||Q4 2013||$30,150|
|Navios TBN3||2006||6,800||Q4 2013||$30,150|
|Navios TBN4||2006||6,800||Q4 2013||$30,150|
|Navios TBN5||2006||6,800||Q4 2013||$30,150|
The vessels are chartered out for 10 years (with Navios Partners’ option to terminate after year seven), at $30,150 net per day per vessel. The total acquisition cost will be funded partially by the issuance of a $189.5 million add-on to the existing Term Loan B facility and available cash. The vessels are expected to generate approximately $39.5 million annual EBITDA and $386.5 million aggregate EBITDA for the 10 years of the charter period. EBITDA estimates assume expenses approximating operating cost structure under the amended Management Agreement and 360 revenue days per year.
Navios Maritime Partners , November 1, 2013