Navios Partners Takes Delivery of Newbuild Capesize Vessel

Navios Maritime Partners L.P. (Navios Partners) an owner and operator of dry cargo vessels, announced yesterday that the Navios Joy, a newbuilding capsize vessel of 181,389 dwt, was delivered to Navios Partners’ owned fleet on September 11, 2013.

The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day.

The vessel is expected to generate approximately $4.6 million annual EBITDA or $12.9 million aggregate EBITDA for the three years of the initial charter period. EBITDA estimates assume expenses approximating current operating costs and 360 revenue days per year.

Fleet Update

Following the delivery of the Navios Joy, Navios Partners has 22 vessels in the water.

Navios Partners has contracted 97.0% and 48.0% of its available days on a charter-out basis for 2013 and 2014, respectively.

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Navios Partners, September 18, 2013; Image: shipbuild