Navios Maritime Containers L.P. Announces Delivery of One Containership
April 25 2019 - 7:55AM
Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ:
NMCI), a growth-oriented international owner and operator of
containerships, announced that it took delivery of a 2011-built
10,000 TEU containership on April 23, 2019. As previously
announced, the containership was acquired from an unrelated party
for a purchase price of $52.5 million.
The vessel is chartered out at a net rate of (i)
$26,325 per day until November 2020 and thereafter (ii) $27,300 per
day until October 2021.
The acquisition of the containership was
financed with: (i) a loan of $31.1 million from a commercial bank
maturing in July 2023 and bearing interest at LIBOR plus 325 bps
per annum, (ii) a $15.0 million credit by the seller for a period
until January 2020 at a rate of 5.0% per annum and (iii) cash on
the balance sheet.
Navios Containers owns 30 containerships,
including one 10,000 TEU containership it expects to take delivery
of in Q3 2019, totaling 152,821 TEU, with a current average fleet
age of 10.7 years.
About Navios Maritime Containers
L.P.
Navios Maritime Containers L.P. is a
growth-oriented international owner and operator of containerships.
For more information, please visit our website at
www.navios-containers.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 future
contracted revenues and rates, EBITDA, future available days,
future financial performance of the fleet, timing of vessel
deliveries, vessel acquisitions, financing activities, and Navios
Containers' growth strategy and measures to implement such
strategy, including future vessel acquisitions and the ability to
secure or refinance related financing, the further growth of our
containership fleet, 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 Containers at the time these statements
were made. Although Navios Containers 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 known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of Navios
Containers. 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: the favorable timing for
acquisitions and chartering opportunities in the container shipping
sector and Navios Containers’ ability to take advantage of such
opportunities; the value of container shipping vessels; Navios
Containers’ ability to identify container shipping vessels for
acquisition at attractive prices, if at all, including the
availability of distressed acquisition opportunities in the
container shipping industry; Navios Containers’ ability to execute
on a low-cost operating structure; Navios Containers’ ability to
achieve a return on investment for and to pay cash distributions to
our unitholders or make common unit repurchases from our
unitholders; the level of trade growth and recovery of charter
rates and asset values in the container shipping industry; general
market conditions and shipping industry trends, including charter
rates, vessel values and the future supply of, and demand for,
ocean-going containership shipping services; any advantages
resulting from Navios Containers’ strategic focus on
intermediate-size containerships; Navios Containers’ ability to
leverage the scale, experience, reputation and relationships of the
Navios Group, consisting of Navios Maritime Holdings Inc. (“Navios
Holdings”), Navios Maritime Acquisition Corporation, Navios
Partners, Navios Maritime Midstream Partners L.P., and any one or
more of their subsidiaries, including the wholly-owned subsidiary
of Navios Holdings which manages the commercial and technical
operation of Navios Containers’ fleet pursuant to a management
agreement (the “Manager”); Navios Containers’ ability to maintain
or develop new and existing customer relationships with existing
charterers and new customers, including liner companies; Navios
Containers’ ability to successfully grow its business and its
capacity to manage its expanding business; future levels of
dividends, as well as Navios Containers’ dividend policy; Navios
Containers’ current and future competitive strengths and business
strategies and other plans and objectives for future operations;
Navios Containers’ future operating and financial results, its
ability to identify and consummate desirable fleet acquisitions,
business strategy, areas of possible expansion and expected capital
expenditure or operating expenses; container shipping industry
trends, including charter rates and vessel values and factors
affecting vessel supply and demand as well as trends and conditions
in the newbuilding markets and scrapping of vessels; Navios
Containers’ future financial condition or results of operations and
its future revenues and expenses, including its estimated adjusted
cash flow; the loss of any customer or charter or vessel; the aging
of Navios Containers’ vessels and resultant increases in operation
and drydocking costs; the ability of Navios Containers’ vessels to
pass classification, security and customs inspections; significant
changes in vessel performance, including increased equipment
breakdowns; the creditworthiness of Navios Containers’ charterers
and the ability of its contract counterparties to fulfill their
obligations to Navios Containers; Navios Containers’ ability to
maintain long-term relationships with major liner companies; Navios
Containers’ ability to retain key executive officers and the
Manager’s ability to attract and retain skilled employees; Navios
Containers’ ability to access debt, credit and equity markets;
changes in the availability and costs of funding due to conditions
in the bank market, capital markets and other factors; Navios
Containers’ ability to repay outstanding indebtedness, to obtain
additional financing and to obtain replacement charters for its
vessels, in each case, at commercially acceptable rates or at all;
estimated future acquisition, maintenance and replacement
expenditures; potential liability from litigation and our vessel
operations, including discharge of pollutants; Navios Containers’
and the Navios Group’s performance in safety, environmental and
regulatory matters; global economic outlook and growth and changes
in general economic and business conditions; general domestic and
international political conditions, including wars, acts of piracy
and terrorism; changes in production of or demand for container
shipments, either globally or in particular regions; changes in the
standard of service or the ability of the Manager to be approved as
required; increases in costs and expenses, including but not
limited to, crew wages, insurance, technical maintenance costs,
spares, stores and supplies, charter brokerage commissions on gross
voyage revenues and general and administrative expenses; the
adequacy of Navios Containers’ insurance arrangements and its
ability to obtain insurance and required certifications; the
expected cost of, and Navios Containers’ ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, as well as standard regulations imposed by its
charterers applicable to its business; the changes to the
regulatory requirements applicable to the shipping and container
transportation industry, including, without limitation, stricter
requirements adopted by international organizations, such as the
International Maritime Organization and the European Union, or by
individual countries or charterers and actions taken by regulatory
authorities and governing such areas as safety and environmental
compliance; the anticipated taxation of Navios Containers and its
unitholders; potential liability and costs due to environmental,
safety and other incidents involving Navios Containers’ vessels;
the effects of increasing emphasis on environmental and safety
concerns by customers, governments and others, as well as changes
in maritime regulations and standards; and other factors listed
from time to time in Navios Containers’ filings with the Securities
and Exchange Commission. Navios Containers 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 Containers' expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. Navios Containers makes no prediction
or statement about the performance of its common units.
Public & Investor Relations Contact: Navios
Maritime Containers, L.P. +1.212.906.8648
Investors@navios-containers.com
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