Navios Partners Buys Panamax Pair

  • Business & Finance

Greek owner and operator of dry bulk and container vessels Navios Maritime Partners has agreed to acquire two 2006-built Panamax vessels.

As informed, the 74,500 dwt ships will be bought from an unnamed party for a total purchase price of USD 22 million.

The vessels are expected to be delivered to Navios Partners’ owned fleet within Q1 2018.

Based on the existing charters of the vessels and the current rate environment, the vessels are expected to generate approximately USD 4.8 million of EBITDA for the first year, Navios Partners said.

The company is expected to finance the acquisition with cash on its balance sheet and USD 14.3 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.

Following the newest acquisition, Navios Partners controls a fleet of 38 vessels.

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