Navios Bags MSC Cristina

Greek owner and operator of dry bulk carriers and container ships Navios Maritime Partners L.P. has expanded its fleet with the 13,100 TEU, 2011-built MSC Cristina. Navios bought the container ship for USD 147.8 million, and expects ta take the delivery of the vessel by the end of February 2015.

The MSC Cristina has been chartered out for 12 years at a rate of USD 60,275 net per day. The vessel is expected to generate approximately USD 18.4 million of annual EBITDA and approximately USD 217.8 million of aggregate EBITDA for the charter period.

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.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “Today’s announcement demonstrates our ability to secure accretive deals that expand our cash flow generation capacity and extend our average contract duration. Today, Navios Partners has eight container vessels. Given current market conditions, we will continue to seek opportunities in this segment.”

Following the acquisition of the MSC Cristina, Navios Partners now controls a fleet of 33 vessels.

Image: Port of Hamburg