Navios Maritime Containers Fleet Update

November 11, 2018

Navios Maritime Containers Inc. (Navios Containers) took delivery of Navios Miami, a 2009-built, 4,563 TEU containership in the last month.

According to a press note from the growth vehicle dedicated to the container sector of the maritime industry the vessel was acquired for a purchase price of $13.9 million.

The acquisition of the vessel was financed with cash on the balance sheet and a new $9.0 million term loan facility. The facility has an amortization profile of 7 years, matures in September 2023 and bears interest at LIBOR plus 300 bps per annum.

Fleet capacity has grown from 21 to 26 vessels  totaling 124,101 TEU since the end of 2017, representing a fleet capacity growth of 40% during the period.

The current average age of the fleet is 10.5 years. As of October 31, 2018, Navios Containers has chartered-out 88.9% and 34.2% of available days for the remaining three months of 2018 and for 2019, respectively, which are expected to generate $33.2 million and $66.6 million in revenue, respectively.

The average expected daily charter-out rate for the fleet is $15,900 and $20,481 for the remaining three months of 2018 and for 2019, respectively and the total expected available days for the remaining three months of 2018 and for 2019, are 2,351 days and 9,490 days, respectively.

Meanwhile, Navios Containers entered into a $119.0 million sale and leaseback transaction with Minsheng Financial Leasing Co. Ltd. in order to refinance the outstanding credit facilities of 18 vessels maturing in the fourth quarter of 2019, with a combined balance of $92.4 million outstanding on March 31, 2018.

On June 29, 2018, the Company completed the sale and leaseback of the first six vessels for approximately $37.5 million. On July 27, 2018 and on August 29, 2018, the Company completed the sale and leaseback of four additional vessels for approximately $26.0 million.

Navios Containers expects to complete the sale and leaseback of the remaining eight vessels during the fourth quarter of 2018. Upon completion of the sale and leaseback transaction, Navios Containers will be obligated to make 60 monthly payments in respect of all 18 vessels of approximately $1.4 million each.

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