Navios Maritime Containers Adds Two Boxships

December 19, 2018

The owner and operator of containerships Navios Maritime Containers announced that it took delivery of the Bahamas and the Bermuda, two 2010-built 4,360 TEU containerships on December 7, 2018 and December 17, 2018, respectively.

As previously announced, the containerships were acquired for a total purchase price of $23.6 million, said a company release.

The acquisition of the vessels was financed with cash on the balance sheet and from a new $50.0 million loan from a commercial bank that has also refinanced the company’s credit facilities maturing in the fourth quarter of 2019. Following this refinancing, Navios Containers has no debt maturities until 2022.

As previously announced, Navios Containers has also agreed to acquire two 2011-built 10,000 TEU containerships from an unrelated third party for a purchase price of approximately $52.5 million each, upon the exercise of its purchase options. The containerships are expected to be delivered in the first and second quarter of 2019, assuming the purchase options are exercised.

Navios Containers is expected to finance the acquisition of each of the optional 10,000 TEU vessels with cash on its balance sheet and through a loan of up to $31.8 million from a commercial bank.

The acquisitions of the optional vessels are subject to certain conditions, and there can be no assurances that these acquisitions or the related financings will occur in whole or in part.

Following the acquisitions, Navios Containers will own 30 vessels, totaling 152,821 TEU, with a current average fleet age of 10.3 years, assuming the purchase options are exercised.

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