Navios Containers Announces Acquisition of Three Vessels

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Image is for representational purposes only. Courtesy: dcontainerships.com

In April 2018, Navios Containers agreed to acquire from Navios Maritime Partners L.P. the YM Utmost and YM Unity, two 2006-built containerships each of 8,204 TEU for an aggregate purchase price of USD 67.0 million. These vessels are time chartered out at a net daily charter rate of USD 34,266 per vessel until August 2018 and October 2018, respectively. The acquisition of the YM Utmost and YM Unity was unanimously approved by a Special Committee of the independent members of the Board of Directors of Navios Containers. The acquisition of the vessels will be financed with a USD 36.0 million term loan facility and the balance with available cash. The term loan facility has an amortisation profile of 7 years, matures in June 2022 and bears interest at LIBOR plus 325 bps per annum.

In March 2018, the Company agreed to acquire one 2010-built 10,000 TEU containership from an unrelated third party for a purchase price of USD 50.25 million. This vessel is employed on time charter with a net daily charter rate of USD 26,663 until March 2019. The acquisition of the vessel will be financed with a USD 25.0 million term loan facility and the balance with available cash. The facility has an amortisation profile of 9 years, matures in June 2023 and bears interest at LIBOR plus 300 bps per annum.

The Company expects to take delivery of all three vessels within the second quarter of 2018.

In March 2018 the Company took delivery of a 2010-built 4,250 TEU containership for a purchase price of USD 11.78 million. Navios Containers financed the acquisition of the vessel with cash on its balance sheet and USD 6.0 million of bank debt under one of its existing term loan facilities. The vessel has been chartered out at a daily net rate of USD 10,468 until May 2019.

Assuming the closing of these vessel acquisitions, Navios Containers will own a fleet of 25 vessels totaling 119,538 TEU.

Sea News, May 8