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 third quarter and nine months ended
September 30, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
"The pandemic continues to disrupt businesses all over the world.
Given the volatile market environment, I am pleased with our
results for the third quarter of 2020. During the third quarter,
Navios Containers reported revenue of $26.4 million and EBITDA of
$5.8 million."
Angeliki Frangou continued, "Consumer demand in the first half
of 2020 was hurt by the global economic shut down and quarantine
measures. However, with the assistance of fiscal stimulus and other
policy measures, consumer demand and container trade rebounded
throughout the third quarter of 2020 and continues to show
strength. This velocity in trade plus new purchasing patterns in
the pandemic economy have been big drivers for the current rates,
and we expect them to moderate in coming quarters."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Time charter contractsIn October 2020, Navios
Containers has entered into five time charter-out contracts with an
average term of over a year at a net daily rate of (i) $18,121 for
two 4,000-5,000 TEU containerships and (ii) $18,022 for three
4,000-5,000 TEU containerships.
Units repurchase programAs of
November 2, 2020, Navios Containers had repurchased 2,157,523
common units, at a total cost of approximately $1.8 million.
NASDAQ notification of
complianceOn October 15, 2020 Navios Containers received a
notice from The Nasdaq Stock Market (“Nasdaq”), that it is once
again in compliance with the Nasdaq’s Listing Rules continued
listing requirement of maintaining a minimum closing price of $1.00
per share.
Fleet EmploymentNavios
Containers owns a fleet of 29 vessels, totaling 142,821 TEU. The
current average age of the fleet is 12.3 years (See Exhibit II). As
of November 2, 2020, Navios Containers has chartered-out 90.6% and
33.2% of its available days for the remaining three months of 2020
and for the full year 2021, respectively (including index-linked
charters). Excluding index-linked charters, Navios Containers has
chartered-out 89.5% and 31.5% of its available days for the
remaining three months of 2020 and for the full year 2021,
respectively, which are expected to generate $28.7 million and
$63.7 million in revenue, respectively. The average expected daily
contracted charter-out rate for the fleet is $12,024, net and
$19,094, net for the remaining three months of 2020 and for the
full year 2021, respectively (excluding index-linked charters), and
the total expected available days for the remaining three months of
2020 and for the full year 2021, are 2,668 and 10,585 days,
respectively.
Earnings HighlightsEBITDA 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.
Third Quarter 2020 and 2019
Results
The third quarter of 2020 and 2019 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
Three Month Period Ended September 30,
2020 |
|
Three Month Period
EndedSeptember 30, 2019 |
(in thousands of U.S. dollars, except per unit data) |
(unaudited) |
|
(unaudited) |
Revenue |
$ |
26,381 |
|
|
$ |
37,031 |
Net (Loss)/Income |
$ |
(1,070 |
) |
|
$ |
4,071 |
Net cash provided by operating activities |
$ |
7,126 |
|
|
$ |
14,988 |
EBITDA |
$ |
5,791 |
|
|
$ |
16,641 |
Net (Loss)/Earnings per common unit (basic and diluted) |
$ |
(0.03 |
) |
|
$ |
0.12 |
Revenue for the three months ended September 30,
2020 was $26.4 million, as compared to $37.0 million for the same
period during 2019. The decrease of $10.6 million was mainly due to
a decrease in time charter rates partially offset by the increase
in the number of available days from 2,646 for the three months
ended September 30, 2019, to 2,668 for the three months ended
September 30, 2020. Time charter equivalent, or TCE, per day
decreased from $13,453 for the three months ended September 30,
2019 to $9,639 for the same period during 2020.
Net Loss for the three months ended September
30, 2020 was $1.1 million compared to $4.1 million Net Income for
the same period in 2019. The $5.2 million decrease in Net Income
was mainly due to a $10.8 million decrease in EBITDA and a $0.2
million increase in amortization of deferred drydock and special
survey costs. This overall increase of $11.0 million was partially
offset by a: (i) $4.6 million decrease in depreciation and
amortization, relating mainly to the lower amortization of
intangible assets; and (ii) $1.2 million decrease in interest
expense and finance cost, net.
EBITDA for the three months ended September 30,
2020 decreased by $10.8 million to $5.8 million as compared to
$16.6 million for the same period in 2019. The decrease in EBITDA
was primarily due to a: (i) $10.6 million decrease in revenue; (ii)
$0.6 million increase in vessel operating expenses mainly due to
the increase in the number of available days and the vessel
operating expenses as per the management agreement; and (iii) $0.4
million decrease in other income, net. This overall decrease of
$11.6 million was partially offset by a: (i) $0.7 million decrease
in time charter and voyage expenses; and (ii) $0.1 million decrease
in general and administrative expenses.
Nine Months Ended September 30, 2020 and 2019
Results
The information for the nine month periods ended
September 30, 2020 and 2019 presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
|
Nine Month Period Ended September 30,
2020 |
|
Nine Month Period EndedSeptember 30,
2019 |
(in thousands of U.S. dollars, except per unit data) |
(unaudited) |
|
(unaudited) |
Revenue |
$ |
95,432 |
|
$ |
102,541 |
Net Income |
$ |
1,820 |
|
$ |
4,572 |
Net cash provided by operating activities |
$ |
2,621 |
|
$ |
24,309 |
EBITDA |
$ |
30,657 |
|
$ |
41,419 |
Net Earnings per common unit (basic and diluted) |
$ |
0.05 |
|
$ |
0.13 |
Revenue for the nine months ended September 30,
2020 was $95.4 million, as compared to $102.5 million for the same
period during 2019. The decrease of $7.1 million was mainly due to
a decrease in time charter rates partially offset by the increase
in the number of available days from 7,685 for the nine months
ended September 30, 2019, to 7,905 for the nine months ended
September 30, 2020. TCE per day decreased from $12,768 for the nine
months ended September 30, 2019 to $11,352 for the same period
during 2020.
Net Income for the nine months ended September
30, 2020 was $1.8 million compared to $4.6 million for the same
period in 2019. The $2.8 million decrease in Net Income was mainly
due to a: (i) $10.7 million decrease in EBITDA; and (ii) $1.2
million increase in amortization of deferred drydock and special
survey costs. This overall decrease of $11.9 million was
partially offset by a: (i) $7.4 million decrease in depreciation
and amortization relating mainly to the lower amortization of
intangible assets; and (ii) $1.7 million decrease in interest
expense and finance cost, net.
EBITDA for the nine months ended September 30,
2020 decreased by $10.7 million to $30.7 million as compared to
$41.4 million for the same period in 2019. The decrease in EBITDA
was primarily due to a: (i) $7.1 million decrease in revenue; (ii)
$2.9 million increase in vessel operating expenses mainly due to
the increase in the number of available days and the vessel
operating expenses as per the management agreement; and (iii) $1.3
million increase in time charter and voyage expenses. This overall
decrease of $11.3 million was partially offset by a: (i) $0.3
million increase in other income, net; (ii) $0.2 million decrease
in general and administrative expenses; and (iii) $0.1 million
decrease in other direct vessel 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
nine months ended September 30, 2020 and 2019.
|
Three Month |
|
Three Month |
|
Nine Month |
|
Nine Month |
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Available Days (1) |
|
2,668 |
|
|
|
2,646 |
|
|
|
7,905 |
|
|
|
7,685 |
|
Operating Days (2) |
|
2,658 |
|
|
|
2,632 |
|
|
|
7,883 |
|
|
|
7,658 |
|
Fleet Utilization (3) |
|
99.6 |
% |
|
|
99.5 |
% |
|
|
99.7 |
% |
|
|
99.6 |
% |
Vessels operating at period
end |
|
29 |
|
|
|
29 |
|
|
|
29 |
|
|
|
29 |
|
TCE (4) |
$ |
9,639 |
|
|
$ |
13,453 |
|
|
$ |
11,352 |
|
|
$ |
12,768 |
|
(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 Tuesday, November 3,
2020, at 8:30 am ET, during which time Navios Containers’ senior
management will provide highlights and commentary on earnings
results for the third quarter and nine months ended September 30,
2020.
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,
November 3, 2020 at 8:30 am ETCall Title: Navios Containers Q3 2020
Financial Results Conference CallUS Dial In:
+1.866.703.4207International Dial In: +1.636.692.6440Conference ID:
827 9439
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: 827 9439
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 (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 September 30,
2020 |
|
Three
Month Period Ended September 30,
2019 |
|
Nine
Month Period Ended September 30,
2020 |
|
Nine
Month Period Ended September 30,
2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
26,381 |
|
|
$ |
37,031 |
|
|
$ |
95,432 |
|
|
$ |
102,541 |
|
Time charter and voyage
expenses |
|
(666 |
) |
|
|
(1,431 |
) |
|
|
(5,689 |
) |
|
|
(4,413 |
) |
Direct vessel expenses |
|
(1,322 |
) |
|
|
(974 |
) |
|
|
(3,994 |
) |
|
|
(2,796 |
) |
Vessel operating expenses
(management fees) |
|
(17,381 |
) |
|
|
(16,754 |
) |
|
|
(51,765 |
) |
|
|
(48,885 |
) |
General and administrative
expenses |
|
(2,481 |
) |
|
|
(2,623 |
) |
|
|
(7,576 |
) |
|
|
(7,687 |
) |
Depreciation and
amortization |
|
(2,582 |
) |
|
|
(7,229 |
) |
|
|
(14,017 |
) |
|
|
(21,402 |
) |
Interest expense and finance
cost, net |
|
(3,053 |
) |
|
|
(4,367 |
) |
|
|
(10,983 |
) |
|
|
(12,851 |
) |
Other income, net |
|
34 |
|
|
|
418 |
|
|
|
412 |
|
|
|
65 |
|
Net (loss)/
income |
$ |
(1,070 |
) |
|
$ |
4,071 |
|
|
$ |
1,820 |
|
|
$ |
4,572 |
|
Net (loss)/ earnings per unit,
basic and diluted |
$ |
(0.03 |
) |
|
$ |
0.12 |
|
|
$ |
0.05 |
|
|
$ |
0.13 |
|
Weighted average number of units, basic and
diluted |
|
34,392,038 |
|
|
|
34,603,100 |
|
|
|
34,532,232 |
|
|
|
34,603,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS L.P. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Expressed in thousands of U.S. dollars – except for unit
data) |
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
(unaudited) |
|
|
(unaudited) |
ASSETS |
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
$ |
8,293 |
|
$ |
18,109 |
Vessels and deferred dry dock and
special survey costs, net |
|
406,902 |
|
|
415,143 |
Other assets (including current
and non-current) |
|
19,616 |
|
|
20,762 |
Intangible assets |
|
— |
|
|
6,288 |
Total
assets |
$ |
434,811 |
|
$ |
460,302 |
LIABILITIES AND PARTNERS’
CAPITAL |
|
|
|
|
|
Other current liabilities |
$ |
4,568 |
|
$ |
24,664 |
Current portion of long term
borrowings, net |
|
32,590 |
|
|
46,733 |
Long-term borrowings, net of
current portion |
|
207,636 |
|
|
198,925 |
Total Partners’ capital |
|
190,017 |
|
|
189,980 |
Total liabilities and
Partners’ capital |
$ |
434,811 |
|
$ |
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
MonthPeriodEndedSeptember 30,
2020 (unaudited) |
Three
MonthPeriodEndedSeptember 30,
2019 (unaudited) |
Nine
MonthPeriodEndedSeptember 30,
2020 (unaudited) |
Nine
MonthPeriodEndedSeptember 30,
2019 (unaudited) |
Expressed in thousands of U.S. dollars |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
7,126 |
|
$ |
14,988 |
|
$ |
2,621 |
|
$ |
24,309 |
|
Net (decrease)/increase in operating assets |
|
(5,106 |
) |
|
(1,259 |
) |
|
(1,703 |
) |
|
4,969 |
|
Net decrease /(increase) in operating liabilities |
|
664 |
|
|
(3,965 |
) |
|
16,191 |
|
|
(5,249 |
) |
Net interest and finance cost |
|
3,053 |
|
|
4,367 |
|
|
10,983 |
|
|
12,851 |
|
Amortization and write-off of deferred financing costs |
|
(342 |
) |
|
(424 |
) |
|
(2,009 |
) |
|
(1,569 |
) |
Payments for dry dock and special survey costs |
|
396 |
|
|
2,934 |
|
|
4,574 |
|
|
6,108 |
|
EBITDA |
$ |
5,791 |
|
$ |
16,641 |
|
$ |
30,657 |
|
$ |
41,419 |
|
Expressed in thousands
of U.S. dollars |
Three MonthPeriod
EndedSeptember 30, 2020
(unaudited) |
|
Three MonthPeriod
EndedSeptember 30, 2019
(unaudited) |
Nine MonthPeriod
EndedSeptember 30, 2020
(unaudited) |
Nine MonthPeriod
EndedSeptember 30, 2019
(unaudited) |
Net cash
provided by operating activities |
$ |
7,126 |
|
$ |
14,988 |
|
$ |
2,621 |
|
$ |
24,309 |
|
Net cash used in investing activities |
$ |
(5 |
) |
$ |
(4,251 |
) |
$ |
(3,212 |
) |
$ |
(60,898 |
) |
Net cash (used in)/provided by financing activities |
$ |
(10,184 |
) |
$ |
(10,443 |
) |
$ |
(9,225 |
) |
$ |
34,846 |
|
|
|
|
|
|
|
EXHIBIT II |
Owned Vessels |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
Name |
|
TEU |
|
YearBuilt |
|
|
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 |
|
4,730 |
|
2008 |
|
|
Navios Jasmine |
|
4,730 |
|
2008 |
|
|
APL Denver |
|
4,730 |
|
2008 |
|
|
Navios Nerine |
|
4,730 |
|
2008 |
|
|
Navios 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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