Navios Partners Takes Delivery of Panamax Bulker

Greek owner and operator of container and dry bulk vessels Navios Maritime Partners has expanded its fleet with a 2005-built Panamax vessel.

The company said that the 87,000 dwt Navios Apollon I was delivered on May 9, 2018.

As previously announced, the vessel was acquired for a price of USD 13 million.

Based on the current rate environment, the unit is expected to generate some USD 3.2 million of annual EBITDA, assuming operating expenses approximating current operating costs and 360 revenue and cost days.

Navios Partners financed the acquisition with cash on the balance sheet.

Earlier in 2018, Navios Partners agreed to purchase two 2006-built Panamax vessels from unrelated third parties.

Featuring 74,500 dwt, the Navios Altair I and the Navios Symmetry were acquired for a price of USD 22 million.

The vessels are expected to be delivered to Navios Partners’ owned fleet during the second quarter of 2018.