Navios Maritime Containers Launches IPO

Monaco-based Navios Maritime Containers has commenced an initial public offering of over 5.2 million common units in the United States targeting around USD 102 million in net proceeds.

The company has granted the underwriters for the IPO an option to purchase up to 789,474 additional common units.

Navios Maritime Containers plans to use the proceeds to partially finance the acquisition of a 2006-built 6,800 TEU containership bought from Navios Maritime Partners, and four 2011-built 10,000 TEU containerships from an unrelated third party.

The acquisition of the ships is subject to, inter alia, the completion of the initial public offering.

The company has been on a buying spree, having reported four containership acquisitions since the end of the first quarter of 2018, increasing its total fleet size to 26 vessels with a total fleet capacity of 124,101 TEU.

At the beginning of August, the containership owner said it had bought a 2009-built 4,563 TEU containership for USD 13.9 million from an unnamed owner.

As informed, the vessel, scheduled for delivery in Q3/Q4 2018, is expected to generate approximately USD 2.1 million of EBITDA over the next twelve months.