Navios Maritime Containers in potential nine ship deal
The company expects to take delivery of all five vessels in the third quarter of 2018. Based on existing charters and the current rate environment, the five containerships are expected to generate approximately $35.3 million of aggregate EBITDA over the next twelve months.
Navios Containers also acquired options for an additional four containerships for a purchase price of $36.0 million per vessel.
All of the acquisitions are subject to certain conditions, and there can be no assurances that these acquisitions will occur in whole or in part.
In addition, Navios Containers may be unable to secure debt financing for these acquisitions on terms satisfactory to the company, or at all.
Navios Containers agreed to acquire one 6,800 TEU containership, the Hyundai Hongkong, for $36.0 million from Navios Maritime Partners.
The vessel is chartered out at a weighted average net daily charter rate of $28,523 until December 2023.
Navios Containers is expected to finance the acquisition with additional borrowings of approximately $15.0 million under a new loan from a commercial bank (on terms consistent with existing credit facilities).
Navios Containers will have options to acquire four additional 6,800 TEU containerships from Navios Partners for $36.0 million per containership.
Each of the four vessels are sister ships to the Hyundai Hongkong and have identical time charter employment in place.
The acquisition of the Hyundai Hongkong and the options to acquire the additional four 6,800 TEU vessels were unanimously approved by the Special Committee of the independent members of the Board of Directors of Navios Containers.
Containerships from a Third Party Navios Containers agreed to acquire four 10,000 TEU containerships for $210.0 million from a third party.
The vessels are employed on time charters with a net daily rate of $26,663 that expire between April and June 2019.
Navios Containers is expected to finance these acquisitions with approximately $125.0 million of new bank debt on terms consistent with its existing credit facilities. ■