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Navios Partners purchases two panamax vessels

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Dry Bulk,

Navios Maritime Partners L.P., an international owner and operator of dry bulk and container vessels, has agreed to acquire two 2006-built panamax vessels with a capacity of approximately 74 500 DWT each, for a total purchase price of US$22 million.

The vessels are expected to be delivered to Navios Partners' owned fleet within 1Q18. Following this acquisition, Navios Partners will control 38 vessels.

Based on the existing charters of the vessels (US$9375 net per day until May/November 2018 and US$9844 until March/August 2018, respectively) and the current rate environment (Clarksons’ 1- year time charter rate for panamax vessels as of 19 January 2018), the vessels are expected to generate approximately US$4.8 million of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360 revenue days.

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

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