Navios Maritime Partners L.P. has acquired two 8,200-TEU ships, built in South Korea in 2006, for $117.7
million and will take delivery of them in the fourth quarter. They are
chartered-out for a minimum four years at $34,266 net per day.
Its current fleet consists of five 6,800-TEU containerships. In addition to its seven containerships, the limited partnership owns 25 dry bulk ships.
Angeliki Frangou, Navios Partners' chairman and chief executive officer, said the purchase “demonstrates our discipline and ability to transact at favorable pricing. The transaction will increase our distribution capability, while protecting against significant residual value exposure; our initial investment would be almost fully repaid when the charters are completed, and we will have well over 10 years of useful life remaining on the vessels.”
The company said it has sufficient cash on its balance sheet to fund the total acquisition cost; however, it may elect to finance part of the purchase price with debt financing at terms similar to its existing debt facilities.
Meanwhile, Navios Partners said it had a profit of nearly $30 million in the second quarter (including the accounting impact of a $17.9 million insurance settlement), compared to $19.5 million in profit during the same 2013 period (when results were positively affected by an advance $10 million hire payment and negatively affected by write-offs related to a favorable contract and deferred finance fees.) Revenues were $55.2 million in the second quarter, compared to $49.2 million in the second quarter of 2013.