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Navios Maritime Announces Acquisition of Four Newbuilding Tankers

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Published May 8, 2022 12:12 AM by The Maritime Executive

[By: Navios Maritime Partners]

Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, announced today that it agreed to purchase four 115,000 dwt LR2 newbuilding vessels, for a purchase price of $58.5 million each (plus $4.2 million in additional features/improvements).

The vessels have been designed with the latest technology to optimize efficiency. They are expected to be delivered into Navios Partners’ fleet during 2024 and first quarter of 2025. The closing of the transaction is subject to completion of customary documentation.

Vessel charters

The two 115,000 dwt LR2 newbuilding vessels expected to be delivered in 2024, have been chartered-out for an average period of 60 months, at a net rate of $25,576 per day to an investment grade charterer.

The charterer has an option to extend the charter for a further five one-year options at rates increasing by $1,234 per day each year.

In addition, the Charterer has the option to charter one or both of the two additional tanker vessels on identical terms. The option can be exercised by mid October 2022.

The products and services herein described in this press release are not endorsed by The Maritime Executive.