Navios Maritime Partners L.P. Takes Delivery of Five Containerships Upon Liquidation of Navios Europe Inc.
January 08 2020 - 9:28AM
Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an
international owner and operator of dry cargo
vessels, announced today that it took delivery of
the following five containerships upon the liquidation of
Navios Europe Inc. (“Navios Europe I”):
Vessels |
Type |
Built |
TEU |
Charter Rate,net ($) |
ExpectedExpirationDate |
Esperanza N |
Sub-Panamax |
2008 |
2,007 |
8,075 |
03/2020 |
Protostar N |
Sub-Panamax |
2007 |
2,741 |
10,863 |
06/2020 |
Harmony N |
Sub-Panamax |
2006 |
2,824 |
9,875 |
05/2020 |
Castor N |
Panamax |
2007 |
3,091 |
11,702 |
06/2020 |
Solar N |
Panamax |
2006 |
3,398 |
11,400 |
06/2020 |
Total: 5 vessels |
|
14,061 |
|
|
Navios Partners acquired the five
containerships for approximately $52.0 million, subject
to customary working capital adjustments.
Navios Partners received approximately $49.6
million in satisfaction of its receivable from Navios Europe I.
Separately, Navios Partners incurred a $23.5 million loan from a
commercial bank, with interest at LIBOR plus 400 bps and a maturity
in September 2020.
About Navios Maritime Partners
L.P.
Navios Maritime Partners L.P. (NYSE: NMM) 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.
Forward-Looking Statements
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:
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.
Contacts
Navios Maritime Partners L.P.+1 (212) 906
8645Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc.+1 (212) 661
7566naviospartners@capitallink.com
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