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Navios Maritime Partners L.P. announces delivery of one Panamax vessel

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Dry Bulk,

Navios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, has announced that it took delivery of the Navios Altair I, a 2006-built, 74 475 DWT Panamax vessel on 7 June 2018. As previously announced, the vessel was acquired for US$11 million.

The vessel is chartered out at a net rate of US$9844 per day until November 2018. Based on the existing charter and the current rate environment (Clarksons’ 1-year time charter rate for Panamax vessels as of 1 June 2018), the vessel is expected to generate approximately US$2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

The acquisition of the vessel was financed with cash on the balance sheet and US$7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum. Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and five are Container vessels.

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Dry bulk shipping market Panamax news