Greece: Navios Partners Agrees to Purchase Two Vessels

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, announced today that it has agreed to purchase from Navios Maritime Holdings Inc. the Navios Orbiter, a 2004-built Panamax vessel of 76,602 dwt, and the Navios Luz, a 2010-built Capesize vessel of 179,144 dwt, for a total consideration of $130.0 million.

Navios Orbiter

The vessel is chartered out at $38,052 (net) per day, for approximately 3 years, until April 2014. The Navios Orbiter is expected to generate annual base EBITDA of approximately $11.8 million and aggregate base EBITDA of approximately $34.2 million over the life of the charter contract.

Navios Luz

The vessel is chartered out at $29,356 (net) per day, for approximately 9.5 years, until November 2020 with 50/50 profit sharing applicable when the Baltic Exchange Capesize TC Average exceeds $38,500. The Navios Luz is expected to generate annual base EBITDA of approximately $8.4 million and aggregate base EBITDA of approximately $88.1 million over the life of the charter contract.

Both charter contracts are insured by an AA+ rated European Union governmental agency.

Financing

The acquisition of the two vessels will be financed with:

A new tranche of $35.0 million under the existing credit facility

$85.0 million of cash from balance sheet

Issuance of 507,916 common units of Navios Partners

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Source: NaviosMaritime, May 19, 2011; Image: vesseltracker