Navios Maritime Containers L.P. (“Navios Containers” or the
“Company”) (NASDAQ: NMCI), a growth vehicle dedicated to the
container sector of the maritime industry, today reported its
financial results for the first quarter ended March 31, 2019.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, "I am pleased with the results for the first
quarter of 2019, where Navios Containers reported $31.8 million of
Revenue and $12.0 million of EBITDA."
Angeliki Frangou continued, "In a little more
than two years, Navios Containers grew its fleet to 30
containerships, acquiring the fleet for a price close to the
related scrap value. Most recently, Navios Containers
acquired two 2011-built 10,000 TEU containerships for $105 million,
reflecting a 30% discount to newbuild parity. These containerships
are on long-term time charters at around $27,000 per day that
should generate cumulative EBITDA of $35.2 million.”
HIGHLIGHTS -- RECENT
DEVELOPMENTS
Vessel Acquisitions
$105.0 million acquisition of two 10,000
TEU, 2011-built containerships
On April 23, 2019, Navios Containers took
delivery of a 2011-built 10,000 TEU containership. The vessel was
acquired from an unrelated third party for a purchase price of
$52.5 million. The containership is chartered out at a net rate of
$26,325 per day until November 2020 and $27,300 per day until
October 2021.
In February 2019, Navios Containers announced
the exercise of an option to acquire a 2011-built 10,000 TEU
containership from an unrelated third party for a purchase price of
$52.5 million. The containership is chartered out at a net
rate of $26,663 until July 2019, $26,325 per day until July 2021
and $27,300 per day until June 2022, and is expected to be
delivered in the third quarter of 2019.
The vessels are being partially financed with a:
(i) loan of up to $62.2 million from a commercial bank maturing in
July 2023 and bearing interest at LIBOR plus 325 bps per annum and
a (ii) $20.0 million credit by the seller for a period until
January 2020 at a rate of 5.0% per annum.
Financing Developments
Refinancing of existing
facility
On March 13, 2019, Navios Containers drew $30.2
million in order to refinance an existing credit facility with an
outstanding balance of $22.9 million. The facility is repayable in
18 equal consecutive quarterly installments of $0.7 million each,
with a $17.5 million balloon payment on the last repayment date.
The facility matures in July 2023 and bears interest at LIBOR plus
325 bps per annum.
The Company has no debt maturities until
2022.
Indexed Floating-Rate
Time Charters
During the quarter we entered into indexed
floating-rate time charters for two 4,250 TEU containerships
through each of December 2020 and July 2021. The charter rate will
be calculated according to the Container Ship Time Charter
Assessment Index (ConTex) as published for a 4,250 TEU vessel for a
12 month period. The indexed charters provide us with long-term
employment for our vessels while allowing us to benefit from a
potential improvement in charter rates.
Fleet Employment
Navios Containers owns a fleet of 30 vessels,
including one containership of which we expect to take delivery in
the third quarter of 2019, totaling 152,821 TEU. The current
average age of the fleet is 10.7 years (See Exhibit II). As of May
6, 2019, Navios Containers has chartered-out 55.7% and 15.6% of
available days for the remaining nine months of 2019 and for 2020,
respectively (excluding index-linked charters), which are expected
to generate $75.2 million and $44.5 million in revenue,
respectively. The average expected daily contracted charter-out
rate for the fleet is $16,655 and $26,029 for the remaining nine
months of 2019 and for 2020, respectively, and the total expected
available days for the remaining nine months of 2019 and for 2020,
are 8,105 days and 10,980 days, respectively.
Earnings Highlights
For the following results and the selected
financial data presented herein, Navios Containers has compiled
consolidated statements of operations for the three month periods
ended March 31, 2019 and 2018. The quarterly information was
derived from the unaudited condensed consolidated financial
statements for the respective periods. EBITDA is a non-U.S. GAAP
financial measure and should not be used in isolation or as a
substitute for Navios Containers’ results calculated in accordance
with U.S. generally accepted accounting principles (“U.S.
GAAP”).
See Exhibit I under the heading, “Disclosure of
Non-GAAP Financial Measures,” for a discussion of EBITDA of Navios
Containers and a reconciliation of such measure to the most
comparable measures calculated under U.S. GAAP.
On November 30, 2018, in connection with our
listing on the Nasdaq Global Select Market, we converted into a
limited partnership at a ratio of one common share of Navios
Maritime Containers Inc. for each common unit of Navios
Containers.
|
|
Three Month Period Ended March
31, 2019 |
|
Three Month Period EndedMarch
31, 2018 |
(in thousands of U.S. dollars, except per unit
data) |
|
(unaudited) |
|
(unaudited) |
Revenue |
|
$ |
31,832 |
|
|
$ |
29,917 |
Net Income |
|
$ |
53 |
|
|
$ |
3,041 |
Net cash (used in)/provided by operating
activities |
|
$ |
(37) |
|
|
$ |
7,381 |
EBITDA |
|
$ |
12,048 |
|
|
$ |
15,706 |
Net Earnings per common unit (basic and
diluted) |
|
$ |
0.00 |
|
|
$ |
0.10 |
Revenue for the three month period ended March
31, 2019 was $31.8 million, as compared to $29.9 million for the
same period during 2018. The increase of $1.9 million was due
to the increase in the number of vessels operating during the three
month period ended March 31, 2019 and the resulting increase in the
number of available days from 1,907 for the three month period
ended March 31, 2018, to 2,471 for the three month period ended
March 31, 2019, offset by the decrease in time charter rates
reflecting primarily the expiration of a number of our legacy time
charter contracts. TCE per day declined from $15,259 for the three
month period ended March 31, 2018 to $12,217 for the same period
during 2019, primarily as a result of the expiration of these
contracts between the two periods.
Net Income for the three months ended March 31,
2019 was $0.1 million compared to $3.0 million for the same period
in 2018. The $2.9 million decrease in Net income was mainly
due to a: (i) $3.7 million decrease in EBITDA; (ii) $2.2 million
increase in interest expense and finance cost, net related to the
financing of new vessels; and (iii) $0.5 million increase in
amortization of deferred drydock and special survey costs, in each
case, relating to the increase in the size of the fleet. This
overall resulting decrease of $6.4 million was partially offset by
a $3.5 million decrease in depreciation and amortization expenses,
relating mainly to the lower amortization of intangible assets.
EBITDA for the three months ended March 31, 2019
decreased by $3.7 million to $12.0 million as compared to $15.7
million for the same period in 2018. The decrease in EBITDA was
primarily due to a: (i) $4.1 million increase in management fees
mainly due to the increase of the available days from 1,907 days
for the three month period ended March 31, 2018, to 2,471 days for
the three month period ended March 31, 2019; (ii) $0.8 million
increase in general and administrative expenses also mainly related
to the growth in our fleet; and (iii) $0.8 million increase in time
charter and voyage expenses. This overall resulting decrease of
$5.7 million was partially offset by $1.9 million increase in
revenue described above reflecting the growth in the number of
vessels operating in the fleet during the period and a $0.1 million
increase in other income/(expense) net.
Fleet Summary Data:
The following table reflects certain key
indicators indicative of the performance of the Navios Containers'
operations and its fleet performance for the three month periods
ended March 31, 2019 and 2018.
|
|
|
|
|
|
|
Three Month |
|
Three Month |
|
|
Period
Ended |
|
Period
Ended |
|
|
March 31, 2019 |
|
March 31, 2018 |
|
|
(unaudited) |
|
(unaudited) |
Available Days (1) |
|
|
2,471 |
|
|
1,907 |
Operating Days (2) |
|
|
2,463 |
|
|
1,877 |
Fleet Utilization (3) |
|
|
99.7% |
|
|
98.4% |
Vessels operating at
period end |
|
|
28 |
|
|
22 |
TCE (4) |
|
$ |
12,217 |
|
$ |
15,259 |
(1) |
|
Available days for the fleet are total calendar days the vessels
were in Navios Containers' possession for the relevant period after
subtracting off-hire days associated with scheduled repairs or
repairs under guarantee, vessel upgrades, drydocking or special
surveys. The shipping industry uses available days to measure the
number of days in a relevant period during which vessels should be
capable of generating revenues. |
(2) |
|
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate
number of days in a relevant period during which vessels actually
generate revenues. |
(3) |
|
Fleet
utilization is the percentage of time that Navios Containers'
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. The shipping
industry uses fleet utilization to measure a company's efficiency
in finding suitable employment for its vessels. |
(4) |
|
TCE is
defined as voyage and time charter revenues less voyage expenses
during a relevant period divided by the number of available days
during the period. |
Conference Call:
As previously announced, Navios Containers will
host a conference call on Tuesday, May 7, 2019, at 8:30 am
ET, during which time Navios Containers’ senior management will
provide highlights and commentary on earnings results for the first
quarter ended March 31, 2019.
A supplemental slide presentation will be
available on the Navios Containers website at
www.navios-containers.com under the "Investors" section by 8:00 am
ET on the day of the call.
Conference Call details:Call Date/Time: Tuesday,
May 7, 2019 at 8:30 am ETCall Title: Navios Containers Q1 2019
Financial Results Conference CallUS Dial In:
+1.866.703.4207International Dial In: +1.636.692.6440Conference ID:
269 6279
The conference call replay will be available two
hours after the live call and remain available for one week at the
following numbers:
US Replay Dial In: +1.800.585.8367International
Replay Dial In: +1.404.537.3406Conference ID: 269 6279
This call will be simultaneously Webcast. The Webcast will be
available on the Navios Containers’ website,
www.navios-containers.com under the "Investors" section. The
Webcast will be archived and available at the same Web address for
two weeks following the call.
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 - Safe Harbor
This press release contains forward-looking
statements 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
Maritime Acquisition Corporation, Navios Maritime Partners
L.P., and any one or more of their subsidiaries, including
the wholly-owned subsidiary of Navios Maritime Holdings Inc. 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;
and the effects of increasing emphasis on environmental and safety
concerns by customers, governments and others, as well as changes
in maritime regulations and standards. 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.
Contact:
Navios Maritime Containers
L.P.+1.212.906.8648investors@navios-containers.com
EXHIBIT I
NAVIOS MARITIME CONTAINERS
L.P.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. dollars - except for
unit and per unit data)
|
Three Month Period
Ended March 31,
2019 |
|
Three MonthPeriod
EndedMarch 31,
2018 |
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
31,832 |
|
$ |
29,917 |
Time charter and voyage
expenses |
|
(1,647) |
|
|
(811) |
Direct vessel
expenses |
|
(788) |
|
|
(228) |
Management fees (entirely
through related parties transactions) |
|
(15,723) |
|
|
(11,639) |
General and administrative
expenses |
|
(2,494) |
|
|
(1,690) |
Depreciation and
amortization |
|
(7,109) |
|
|
(10,566) |
Interest expense and
finance cost, net |
|
(4,098) |
|
|
(1,871) |
Other income/(expense),
net |
|
80 |
|
|
(71) |
|
|
|
|
Net
income |
$ |
53 |
|
$ |
3,041 |
|
|
|
|
Net earnings
per unit, basic and diluted |
$ |
0.00 |
|
$ |
0.10 |
Weighted
average number of units, basic and diluted |
|
34,603,100 |
|
|
30,239,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS
L.P.CONDENSED CONSOLIDATED BALANCE
SHEETS(Expressed in thousands of U.S. dollars – except for
unit data)
|
March 31, 2019 |
|
December 31, 2018
|
|
(unaudited) |
|
(unaudited) |
ASSETS |
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
$ |
14,601 |
|
$ |
18,892 |
Vessels and deferred dry
dock and special survey costs, net |
|
355,678 |
|
|
354,079 |
Other assets (including
current and non-current) |
|
15,813 |
|
|
15,206 |
Intangible assets |
|
20,316 |
|
|
25,350 |
|
|
|
|
|
|
Total
assets |
$ |
406,408 |
|
$ |
413,527 |
|
|
|
|
|
|
LIABILITIES AND
PARTNERS’ CAPITAL |
|
|
|
|
|
Other current
liabilities |
$ |
6,815 |
|
$ |
12,093 |
Current portion of long
term borrowings, net |
|
34,794 |
|
|
35,291 |
Long-term borrowings, net
of current portion |
|
182,273 |
|
|
183,670 |
Total Partners’
capital |
|
182,526 |
|
|
182,473 |
Total liabilities
and partners’ capital |
$ |
406,408 |
|
$ |
413,527 |
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA is a “non-U.S. GAAP financial
measure” and should not be used in isolation or considered a
substitute for net income/(loss), cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income/(loss) attributable
to Navios Containers’ common unitholders before interest and
finance costs, before depreciation and amortization. Navios
Containers uses EBITDA as a liquidity measure and reconciles EBITDA
to net cash provided by/(used in) operating activities, the most
comparable U.S. GAAP liquidity measure. EBITDA is calculated as
follows: net cash provided by operating activities adding back,
when applicable and as the case may be, the effect of (i) net
increase/(decrease) in operating assets; (ii) net
(increase)/decrease in operating liabilities; (iii) net interest
cost; (iv) deferred finance charges; and (v) payments for drydock
and special survey costs. Navios Containers believes that EBITDA is
a basis upon which liquidity can be assessed and represents useful
information to investors regarding Navios Containers’ ability to
service and/or incur indebtedness, pay capital expenditures, meet
working capital requirements and pay dividends. Navios Containers
also believes that EBITDA is used: (i) by prospective and current
lessors as well as potential lenders to evaluate potential
transactions; (ii) to evaluate and price potential acquisition
candidates; and (iii) by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
EBITDA is presented to provide additional
information with respect to the ability of Navios Containers to
satisfy its respective obligations, including debt service, capital
expenditures, working capital requirements and pay dividends. While
EBITDA is frequently used as measures of operating results and the
ability to meet debt service requirements, the definitions of
EBITDA used here may not be comparable to those used by other
companies due to differences in methods of calculation.
EBITDA has limitations as an analytical tool,
and therefore, should not be considered in isolation or as a
substitute for the analysis of Navios Containers’ results as
reported under U.S. GAAP. Some of these limitations are: (i) EBITDA
does not reflect changes in, or cash requirements for, working
capital needs; (ii) EBITDA does not reflect the amounts necessary
to service interest or principal payments on our debt and other
financing arrangements; and (iii) although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future. EBITDA does not
reflect any cash requirements for such capital expenditures.
Because of these limitations, among others, EBITDA should not be
considered as a principal indicator of Navios Containers’
performance. Furthermore, our calculation of EBITDA may not be
comparable to that reported by other companies due to differences
in methods of calculation.
Reconciliation of EBITDA to Cash from
Operations
|
Three Month
Period Ended |
March 31, 2019 |
|
March 31, 2018 |
(in thousands
of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Net cash (used in)/
provided by operating activities |
$ |
(37) |
|
$ |
7,381 |
Net increase in
operating assets |
|
607 |
|
|
8,934 |
Net decrease
/(increase) in operating liabilities |
|
5,277 |
|
|
(2,209) |
Net interest cost |
|
4,098 |
|
|
1,871 |
Deferred finance
charges |
|
(604) |
|
|
(271) |
Payments for drydock
and special survey costs |
|
2,707 |
|
|
- |
EBITDA |
$ |
12,048 |
|
$ |
15,706 |
Three Month
Period Ended(in thousands of U.S.
dollars) |
March 31, 2019 |
|
March 31, 2018 |
|
(unaudited) |
|
(unaudited) |
Net cash (used in)/
provided by operating activities |
$ |
(37) |
|
$ |
7,381 |
Net cash used in
investing activities |
$ |
(1,755) |
|
$ |
(12,788) |
Net cash (used
in)/provided by financing activities |
$ |
(2,499) |
|
$ |
24,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II |
Owned Vessels |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
Name |
|
TEU |
|
Year Built |
|
|
Navios Summer(1) |
|
3,450 |
|
2006 |
|
|
Navios Verano(1) |
|
3,450 |
|
2006 |
|
|
Navios Spring(1) |
|
3,450 |
|
2007 |
|
|
Navios Amaranth(1) |
|
4,250 |
|
2007 |
|
|
Navios Indigo(1) |
|
4,250 |
|
2007 |
|
|
Navios Vermilion(1) |
|
4,250 |
|
2007 |
|
|
Navios Verde(1) |
|
4,250 |
|
2007 |
|
|
Navios Amarillo(1) |
|
4,250 |
|
2007 |
|
|
Navios Azure(1) |
|
4,250 |
|
2007 |
|
|
Navios Domino(1) (ex MOL Dominance) |
|
4,250 |
|
2008 |
|
|
Navios Delight(1) (ex MOL Delight) |
|
4,250 |
|
2008 |
|
|
Navios Dedication(1) (ex MOL Dedication) |
|
4,250 |
|
2008 |
|
|
Navios Devotion(1) (ex MOL Devotion) |
|
4,250 |
|
2009 |
|
|
Navios Destiny(1) (ex MOL Destiny) |
|
4,250 |
|
2009 |
|
|
Navios Lapis |
|
4,250 |
|
2009 |
|
|
Navios Tempo |
|
4,250 |
|
2009 |
|
|
Niledutch Okapi (ex Navios Dorado) |
|
4,250 |
|
2010 |
|
|
Navios Felicitas |
|
4,360 |
|
2010 |
|
|
Bahamas |
|
4,360 |
|
2010 |
|
|
Bermuda |
|
4,360 |
|
2010 |
|
|
Navios Miami |
|
4,563 |
|
2009 |
|
|
APL Oakland |
|
4,730 |
|
2008 |
|
|
APL Los Angeles |
|
4,730 |
|
2008 |
|
|
APL Denver |
|
4,730 |
|
2008 |
|
|
APL Atlanta |
|
4,730 |
|
2008 |
|
|
YM Utmost |
|
8,204 |
|
2006 |
|
|
Navios Unite (ex YM Unity) |
|
8,204 |
|
2006 |
|
|
Navios Unison |
|
10,000 |
|
2010 |
|
|
TBN Navios
Constellation |
|
10,000 |
|
2011 |
|
|
|
|
|
|
|
|
|
Vessel to be
delivered |
|
|
|
|
|
|
TBN 1 |
|
10,000 |
|
2011 |
|
|
|
|
|
|
|
|
|
(1) The vessel is subject to a sale and leaseback transaction
for a period of up to five years, at which time Navios Containers
has an obligation to purchase the vessel.
Navios Maritime Containers (NASDAQ:NMCI)
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