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 second quarter and six months ended June
30, 2020.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, "I am pleased with our results for the second
quarter of 2020. The container trade was severely hurt by global
quarantine in place for much of the second quarter of 2020. Yet,
Navios Containers reported revenue of $28.8 million and EBITDA of
$7.0 million for the second quarter of 2020."
Angeliki Frangou continued, "The timing of the
recovery remains uncertain given the unique nature of the pandemic.
Consumer demand has been understandably weak because of health and
employment fears and general immobility arising from the pandemic.
However, as people gradually return to a more normalized life, we
expect that the economy will heal in the second half of 2020, with
growth accelerating in 2021."
HIGHLIGHTS -- RECENT
DEVELOPMENTS
Time charters of two 10,000 TEU vessels
extended through 2026
In June 2020, Navios Containers agreed to extend
the time charters at a net daily rate of $26,276 until May 2026 for
each of the Navios Unison, a 2010-built 10,000 TEU containership,
and the Navios Constellation, a 2011-built 10,000 TEU
containership. The charter extensions were agreed in return for a
charter hire reduction of $1,050 per day per vessel until May 2024.
Following the extensions, an additional cumulative EBITDA of
approximately $22.0 million is expected for both vessels.
The vessels cumulative additional EBITDA is
calculated as follows: revenue at contracted net charter rate per
day based on 360 days less, (i) operating expenses based on fixed
rates as per the management agreement and (ii) general and
administrative expenses equal to approximate current costs based on
365 days.
Fleet Employment
Navios Containers owns a fleet of 29 vessels,
totaling 142,821 TEU. The current average age of the fleet is 12
years (See Exhibit II). As of July 21, 2020, Navios Containers has
chartered-out 72.9% and 11.1% of its available days for the
remaining six months of 2020 and for the full year 2021,
respectively (including index-linked charters). Excluding
index-linked charters, Navios Containers has chartered-out 69.3%
and 9.3% of its available days for the remaining six months of 2020
and for the full year 2021, respectively, which are expected to
generate $39.0 million and $22.8 million in revenue, respectively.
The average expected daily contracted charter-out rate for the
fleet is $10,556, net and $23,289, net for the remaining six months
of 2020 and for the full year 2021, respectively (excluding
index-linked charters), and the total expected available days for
the remaining six months of 2020 and for the full year 2021, are
5,336 and 10,585 days, respectively.
Earnings Highlights
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.
Second Quarter 2020 and 2019
Results
The second quarter of 2020 and 2019 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
Three Month PeriodEnded June 30,
2020 |
|
Three Month PeriodEndedJune 30,
2019 |
(in thousands of U.S. dollars, except per unit data) |
|
(unaudited) |
|
(unaudited) |
Revenue |
|
$ |
28,790 |
|
|
$ |
33,678 |
|
Net (Loss)/Income |
|
$ |
(2,119 |
) |
|
$ |
448 |
|
Net cash provided by operating activities |
|
$ |
2,490 |
|
|
$ |
9,358 |
|
EBITDA |
|
$ |
7,035 |
|
|
$ |
12,730 |
|
Net (Loss)/Earnings per common unit (basic and diluted) |
|
$ |
(0.06 |
) |
|
$ |
0.01 |
|
Revenue for the three months ended June 30, 2020
was $28.8 million, as compared to $33.7 million for the same period
during 2019. The decrease of $4.9 million was mainly due to a
decrease in time charter rates partially offset by the increase in
the number of available days from 2,568 for the three months ended
June 30, 2019, to 2,598 for the three months ended June 30, 2020.
Time charter equivalent, or TCE per day decreased from $12,594 for
the three months ended June 30, 2019 to $10,148 for the same period
during 2020.
Net Loss for the three months ended June 30,
2020 was a $2.1 million compared to $0.4 million Net Income for the
same period in 2019. The $2.5 million decrease in Net Income was
mainly due to a $5.7 million decrease in EBITDA and $0.6 million
increase in amortization of deferred drydock and special survey
costs. This overall increase of $6.3 million was partially offset
by a: (i) $2.7 million decrease in depreciation and amortization,
relating mainly to the lower amortization of intangible assets; and
(ii) $1.1 million decrease in interest expense and finance cost,
net.
EBITDA for the three months ended June 30, 2020
decreased by $5.7 million to $7.0 million as compared to $12.7
million for the same period in 2019. The decrease in EBITDA was
primarily due to a: (i) $4.9 million decreased in revenue; (ii)
$1.1 million increase in time charter and voyage expenses; and
(iii) $0.8 million increase in management fees due to the increase
in the number of available days and the increase in the fee for the
ship management services, as per the management agreement. This
overall decrease of $6.8 million was partially offset by a: (i)
$1.0 million increase in other income, net; and (ii) $0.1 million
decrease in other direct vessel expenses.
First Half of 2020 and 2019 Results
The information for the six month periods ended
June 30, 2020 and 2019 presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
|
|
Six Month PeriodEnded June 30,
2020 |
|
Six Month PeriodEndedJune 30,
2019 |
(in thousands of U.S. dollars, except per unit data) |
|
(unaudited) |
|
(unaudited) |
Revenue |
|
$ |
69,051 |
|
|
$ |
65,510 |
|
Net Income |
|
$ |
2,890 |
|
|
$ |
501 |
|
Net cash (used in)/provided by operating activities |
|
$ |
(4,505 |
) |
|
$ |
9,321 |
|
EBITDA |
|
$ |
24,866 |
|
|
$ |
24,778 |
|
Net Earnings per common unit (basic and diluted) |
|
$ |
0.08 |
|
|
$ |
0.01 |
|
Revenue for the six months ended June 30, 2020
was $69.1 million, as compared to $65.5 million for the same period
during 2019. The increase of $3.6 million was mainly due to the
increase in the number of available days from 5,039 for the six
months ended June 30, 2019, to 5,237 for the six months ended June
30, 2020. TCE per day decreased from $12,409 for the six months
ended June 30, 2019 to $12,225 for the same period during 2020.
Net Income for the six months ended June 30,
2020 was $2.9 million compared to $0.5 million for the same period
in 2019. The $2.4 million increase in Net Income was mainly due to
a: (i) $2.8 million decrease in depreciation and amortization
relating mainly to the lower amortization of intangible assets;
(ii) $0.5 million decrease in interest expense and finance cost,
net; and (iii) $0.1 million increase in EBITDA. This overall
increase of $3.4 million was partially offset by a $1.0 million
increase in amortization of deferred drydock and special survey
costs.
EBITDA for the six months ended June 30, 2020
increased by $0.1 million to $24.9 million as compared to $24.8
million for the same period in 2019. The increase in EBITDA was
primarily due to a: (i) $3.6 million increase in revenue; (ii) $0.7
million increase in other income, net; and (iii) $0.1 million
decrease in other direct vessel expenses. This overall
increase of $4.4 million was partially offset by a: (i) $2.3
million increase in management fees due to the increase in the
number of available days and the increase in the fee for the ship
management services, as per the management agreement; and (ii) $2.0
million increase in time charter and voyage expenses.
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 and six months ended June 30, 2020 and
2019.
|
|
Three Month |
|
Three Month |
|
Six Month |
|
Six Month |
|
|
Period
Ended |
|
Period
Ended |
|
Period
Ended |
|
Period
Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Available Days (1) |
|
|
2,598 |
|
|
|
2,568 |
|
|
|
5,237 |
|
|
|
5,039 |
|
Operating Days (2) |
|
|
2,597 |
|
|
|
2,563 |
|
|
|
5,225 |
|
|
|
5,026 |
|
Fleet Utilization (3) |
|
|
100.0 |
% |
|
|
99.8 |
% |
|
|
99.8 |
% |
|
|
99.7 |
% |
Vessels operating at period
end |
|
|
29 |
|
|
|
29 |
|
|
|
29 |
|
|
|
29 |
|
TCE (4) |
|
$ |
10,148 |
|
|
$ |
12,594 |
|
|
$ |
12,225 |
|
|
$ |
12,409 |
|
(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. Operating days include ballast days between voyages. |
(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. |
(4) |
|
TCE per day 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
Thursday, July 23, 2020, at 8:00 am ET, during which time Navios
Containers’ senior management will provide highlights and
commentary on earnings results for the second quarter and six
months ended June 30, 2020.
A supplemental slide presentation will be
available on the Navios Containers website at
www.navios-containers.com under the "Investors" section by 7:30 am
ET on the day of the call.
Conference Call details:Call Date/Time:
Thursday, July 23, 2020 at 8:00 am ETCall Title: Navios Containers
Q2 2020 Financial Results Conference CallUS Dial In:
+1.866.703.4207International Dial In: +1.636.692.6440Conference ID:
637 1907
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: 637 1907
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
HarborThis 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 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 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: 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
fulfill 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; 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; 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 and affiliates. 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;
Navios Containers’ ability to maintain long-term relationships with
major liner companies; Navios Containers’ ability to access debt,
credit and equity markets; 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; 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 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; 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 OPERATIONS(Expressed in
thousands of U.S. dollars - except for unit and per unit data) |
|
|
|
|
|
|
|
|
|
Three
Month Period Ended June 30,
2020 |
|
Three
Month Period Ended June 30,
2019 |
|
Six
Month Period Ended June 30,
2020 |
|
Six
Month Period Ended June 30,
2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
28,790 |
|
|
$ |
33,678 |
|
|
$ |
69,051 |
|
|
$ |
65,510 |
|
Time charter and voyage
expenses |
|
(2,422 |
) |
|
|
(1,335 |
) |
|
|
(5,023 |
) |
|
|
(2,982 |
) |
Direct vessel expenses |
|
(1,473 |
) |
|
|
(1,034 |
) |
|
|
(2,672 |
) |
|
|
(1,822 |
) |
Management fees |
|
(17,192 |
) |
|
|
(16,408 |
) |
|
|
(34,384 |
) |
|
|
(32,131 |
) |
General and administrative
expenses |
|
(2,552 |
) |
|
|
(2,570 |
) |
|
|
(5,095 |
) |
|
|
(5,064 |
) |
Depreciation and
amortization |
|
(4,377 |
) |
|
|
(7,064 |
) |
|
|
(11,435 |
) |
|
|
(14,173 |
) |
Interest expense and finance
cost, net |
|
(3,366 |
) |
|
|
(4,386 |
) |
|
|
(7,930 |
) |
|
|
(8,484 |
) |
Other income/ (expense),
net |
|
473 |
|
|
|
(433 |
) |
|
|
378 |
|
|
|
(353 |
) |
Net (loss)/
income |
$ |
(2,119 |
) |
|
$ |
448 |
|
|
$ |
2,890 |
|
|
$ |
501 |
|
Net (loss)/ earnings per unit,
basic and diluted |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
$ |
0.01 |
|
Weighted average number of units, basic and
diluted |
|
34,603,100 |
|
|
|
34,603,100 |
|
|
|
34,603,100 |
|
|
|
34,603,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS L.P.CONDENSED
CONSOLIDATED BALANCE SHEETS(Expressed in thousands of U.S.
dollars – except for unit data) |
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
December 31, 2019 |
|
(unaudited) |
|
(unaudited) |
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
$ |
11,356 |
|
|
$ |
18,109 |
|
Vessels and deferred dry dock and
special survey costs, net |
|
410,867 |
|
|
|
415,143 |
|
Other assets (including current
and non-current) |
|
24,164 |
|
|
|
20,762 |
|
Intangible assets |
|
— |
|
|
|
6,288 |
|
Total
assets |
$ |
446,387 |
|
|
$ |
460,302 |
|
LIABILITIES AND PARTNERS’
CAPITAL |
|
|
|
|
|
|
|
Other current liabilities |
$ |
5,233 |
|
|
$ |
24,664 |
|
Current portion of long term
borrowings, net |
|
32,403 |
|
|
|
46,733 |
|
Long-term borrowings, net of
current portion |
|
215,881 |
|
|
|
198,925 |
|
Total Partners’ capital |
|
192,870 |
|
|
|
189,980 |
|
Total liabilities and
Partners’ capital |
$ |
446,387 |
|
|
$ |
460,302 |
|
|
|
|
|
|
|
|
|
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 and before
income taxes. 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/(used in) 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 and finance cost; (iv) amortization and write-off of
deferred financing costs; 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 distributions. 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 distributions.
While EBITDA is frequently used as a measure of operating results
and the ability to meet debt service requirements, the definition
of EBITDA used here may not be comparable to that 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, Navios Containers’ 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
MonthPeriodEndedJune 30,
2020 (unaudited) |
|
Three
MonthPeriodEndedJune 30,
2019 (unaudited) |
|
Six
MonthPeriodEndedJune 30,
2020 (unaudited) |
|
Six
MonthPeriodEndedJune 30,
2019 (unaudited) |
Expressed in thousands of U.S. dollars |
|
|
|
|
|
|
|
|
Net cash provided by/ (used in) operating activities |
$ |
2,490 |
|
|
$ |
9,358 |
|
|
$ |
(4,505 |
) |
|
$ |
9,321 |
|
Net (decrease)/increase in operating assets |
|
(3,079 |
) |
|
|
5,621 |
|
|
|
3,403 |
|
|
|
6,228 |
|
Net decrease /(increase) in operating
liabilities |
|
1,387 |
|
|
|
(6,561 |
) |
|
|
15,527 |
|
|
|
(1,284 |
) |
Net interest and finance cost |
|
3,366 |
|
|
|
4,386 |
|
|
|
7,930 |
|
|
|
8,484 |
|
Amortization and write-off of deferred financing costs |
|
(353 |
) |
|
|
(541 |
) |
|
|
(1,667 |
) |
|
|
(1,145 |
) |
Payments for dry dock and special survey costs |
|
3,224 |
|
|
|
467 |
|
|
|
4,178 |
|
|
|
3,174 |
|
EBITDA |
$ |
7,035 |
|
|
$ |
12,730 |
|
|
$ |
24,866 |
|
|
$ |
24,778 |
|
Expressed in thousands
of U.S. dollars |
Three
MonthPeriodEndedJune 30,
2020 (unaudited) |
|
Three
MonthPeriodEndedJune 30,
2019 (unaudited) |
|
Six
MonthPeriodEndedJune 30,
2020 (unaudited) |
|
Six
MonthPeriodEndedJune 30,
2019 (unaudited) |
Net cash
provided by/(used in) operating activities |
$ |
2,490 |
|
|
$ |
9,358 |
|
|
$ |
(4,505 |
) |
|
$ |
9,321 |
|
Net cash used in investing activities |
$ |
(3,016 |
) |
|
$ |
(54,892 |
) |
|
$ |
(3,207 |
) |
|
$ |
(56,647 |
) |
Net cash (used in)/provided by financing activities |
$ |
(8,741 |
) |
|
$ |
47,788 |
|
|
$ |
959 |
|
|
$ |
45,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
4,250 |
|
2008 |
|
|
Navios Delight (1) |
|
4,250 |
|
2008 |
|
|
Navios Dedication (1) |
|
4,250 |
|
2008 |
|
|
Navios Devotion (1) |
|
4,250 |
|
2009 |
|
|
Navios Destiny (1) |
|
4,250 |
|
2009 |
|
|
Navios Lapis |
|
4,250 |
|
2009 |
|
|
Navios Tempo |
|
4,250 |
|
2009 |
|
|
Navios Dorado |
|
4,250 |
|
2010 |
|
|
Navios Felicitas |
|
4,360 |
|
2010 |
|
|
Bahamas |
|
4,360 |
|
2010 |
|
|
Bermuda |
|
4,360 |
|
2010 |
|
|
Navios Miami |
|
4,563 |
|
2009 |
|
|
Navios Magnolia (ex APL Oakland) |
|
4,730 |
|
2008 |
|
|
Navios Jasmine (ex APL Los Angeles) |
|
4,730 |
|
2008 |
|
|
APL Denver |
|
4,730 |
|
2008 |
|
|
Navios Nerine (ex APL Atlanta) |
|
4,730 |
|
2008 |
|
|
Navios Utmost (ex YM Utmost) (1) |
|
8,204 |
|
2006 |
|
|
Navios Unite (1) |
|
8,204 |
|
2006 |
|
|
Navios Unison (2) |
|
10,000 |
|
2010 |
|
|
Navios Constellation (2) |
|
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.(2)
The vessel is subject to a sale and leaseback transaction for a
period of up to seven years, at which time Navios Containers has an
obligation to purchase the vessel.
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