Navios Containers Benefits from Larger Fleet

Monaco-based boxship owner and operator Navios Maritime Containers has seen its revenues rise in the first quarter of 2019 due to a larger fleet operating during the period.

Revenue for the three months ended March 31, 2019 was USD 31.8 million, as compared to USD 29.9 million reported in the same quarter a year earlier.

TCE per day declined to USD 12,217 from USD 15,259 reported in the first quarter of 2018, primarily as a result of the expiration of contracts between the two periods.

Net income for the quarter was at USD 0.1 million compared to USD 3 million reported a year earlier. The change was due to a USD 3.7 million decrease in EBITDA, USD 2.2 million increase in interest expense and finance cost, net related to the financing of new vessels; and USD 0.5 million increase in amortization of deferred drydock and special survey costs, in each case, relating to the increase in the size of the fleet.

“In a little more than two years, Navios Containers grew its fleet to 30 containerships, acquiring the fleet for a price close to the related scrap value,” Angeliki Frangou, Chairman and Chief Executive Officer, said.

“Most recently, Navios Containers acquired two 2011-built 10,000 TEU containerships for USD 105 million, reflecting a 30% discount to newbuild parity. These containerships are on long-term time charters at around USD 27,000 per day that should generate cumulative EBITDA of USD 35.2 million,” Frangou added.