Navios Maritime Partners L.P. Acquires Two Drybulk Vessels
October 01 2020 - 7:06AM
Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an
international owner and operator of dry cargo vessels, announced
today that it acquired the Navios Gem, a 2014-built Capesize vessel
of 181,336 dwt, and the Navios Victory, a 2014-built Panamax vessel
of 77,095 dwt, from Navios Maritime Holdings Inc. (“Navios
Holdings”) (NYSE:NM).
The vessels were acquired for an aggregate
purchase price of $51.0 million, subject to working capital
adjustments. The acquisition was partially financed with a $33.0
million new credit facility. The credit facility has an
amortization profile of 9.7 years, matures in September 2025 and
bears interest at LIBOR plus 325 bps per annum.
Navios Gem is chartered out at a rate of 125% of
average Baltic Capesize 5TC Index Routes per day until April 2021.
Navios Victory is chartered out at a net rate of $12,289 per day
until December 2020 and at 112% of average Baltic Panamax 4TC Index
Routes per day until February 2021.
The transaction was approved by the Conflicts
Committee of the Board of Directors of Navios Partners.
Following the acquisition, Navios Partners
controls a fleet of 55 vessels, of which 15 are Capesize vessels,
24 are Panamaxes, six are Ultra-Handymaxes and ten are
Containerships.
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: 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 fulfil 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; 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.
Public & Investor Relations Contact: Navios
Maritime Partners L.P. +1.212.906.8645
Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc.
+1.212.661.7566naviospartners@capitallink.com
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