Navios Partners Buys Panamax Duo for USD 27 Mn

  • Business & Finance

Greek owner and operator of container and dry bulk vessels Navios Maritime Partners has reached an agreement to purchase two Panamax vessels from Croatian shipping company Atlantska Plovidba for a total of USD 27 million.

The vessels, known as Imperial and Libertas, which were built by South Korean shipbuilder STX Offshore in 2007, are expected to be delivered to Navios Partners’ owned fleet in June and July 2017, respectively.

Each featuring 75,000 dwt, the two ships are expected to generate USD 4.6 million of annual EBITDA based on current rate environment, assuming operating expenses approximating current operating costs and 360 revenue days.

The company is set to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

Following this acquisition, Navios Partners will control a fleet of 33 vessels with a carrying capacity of over 3.4 million dwt.

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