Navios Partners Announces Acquisition of Two Panamax Vessels

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By MarEx 2017-04-06 13:32:44

Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM) an international owner and operator of drybulk and container vessels, announced that it has agreed to acquire two panamax vessels, 2007 South Korean-built of about 75,000 dwt for a total of $27.0 million. The vessels are expected to be delivered to Navios Partners' owned fleet in June and July 2017.

The two vessels are expected to generate approximately $4.6 million of annual EBITDA based on current rate environment (Clarkson’s 1-year timecharter rate for Panamaxes as of March 31, 2017), assuming operating expenses approximating current operating costs and 360 revenue days.

Navios Partners is expected to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

Fleet Update

Following this acquisition, Navios Partners controls 33 vessels.

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