Greece: Navios Partners Purchases Capesize Vessel with Eight Year Charter

Navios Maritime Partners L.P. (Navios Partners), an owner and operator of dry cargo vessels, announced yesterday that it has purchased from Navios Maritime Holdings Inc. the Navios Buena Ventura, a 2010 South-Korean-built Capesize vessel of 179,259 dwt for $67.5 million cash consideration of which $22.0 million are debt financing and the $45.5 million cash from balance sheet.

The vessel is chartered out at $29,356 (net) per day until December 2020 with 50/50 profit sharing which commences when the Baltic Exchange Capesize TC Average exceeds $38,500. The Navios Buena Ventura is expected to generate annual base EBITDA of approximately $8.3 million and aggregate base EBITDA of approximately $70.8 million over the life of the charter contract. The charter contract is insured by an AA rated insurance company in the European Union.

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Source: Navios Partners, June 19, 2012