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Navios announces panamax vessel delivery

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Dry Bulk,

Navios Maritime Partners L.P., an international owner and operator of dry bulk and container vessels, announced on 23 May that it took delivery of the Navios Symmetry, a 2006 built, 74 477 DWT panamax vessel on 21 May 2018.

As previously announced, the vessel was acquired for a price of US$11.0 million. The vessel is chartered out at a net rate of US$9375/d until July 2018.

Based on the existing charter and the current rate environment (Clarksons’ one year time charter rate for panamax vessels as of 18 May 2018), the vessel is expected to generate approximately US$2.5 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.

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Dry bulk shipping market