Navios Maritime Partners Adds One Panamax Vessel

 

As previously announced, the vessel was acquired for a price of $11.0 million.

 

The vessel is chartered out at a net rate of $9,844 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 June 1, 2018), the vessel is expected to generate approximately $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 $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.