MONACO, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (NMM) - Get Navios Maritime Partners LP Report, an international owner and operator of dry cargo vessels, announced today that it acquired the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, from Navios Maritime Holdings Inc. ("Navios Holdings") (NM) - Get Navios Maritime Holdings Inc. Report.
The vessels were acquired for an aggregate purchase price of $51.0 million, subject to working capital adjustments. The acquisition was partially financed with a $33.0 million new credit facility. The credit facility has an amortization profile of 9.7 years, matures in September 2025 and bears interest at LIBOR plus 325 bps per annum.
Navios Gem is chartered out at a rate of 125% of average Baltic Capesize 5TC Index Routes per day until April 2021. Navios Victory is chartered out at a net rate of $12,289 per day until December 2020 and at 112% of average Baltic Panamax 4TC Index Routes per day until February 2021.
The transaction was approved by the Conflicts Committee of the Board of Directors of Navios Partners.
Following the acquisition, Navios Partners controls a fleet of 55 vessels, of which 15 are Capesize vessels, 24 are Panamaxes, six are Ultra-Handymaxes and ten are Containerships.
About Navios Maritime Partners L.P. Navios Maritime Partners L.P. (NMM) - Get Navios Maritime Partners LP Report is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios - mlp.com .
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events including Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to have a dividend going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "may," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfil their obligations to us and prevailing charter rates, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the COVID-19 pandemic and the ongoing efforts throughout the world to contain it; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize, Ultra-Handymax and Containerships in particular, fluctuations in charter rates for dry cargo carriers and container vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Partners' filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.
Public & Investor Relations Contact: Navios Maritime Partners L.P. +1.212.906.8645 Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc. +1.212.661.7566 firstname.lastname@example.org