MONACO, Jan. 24, 2019 (GLOBE NEWSWIRE) -- Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ: NMCI), a growth vehicle dedicated to the container sector, announced the exercise of a previously announced option to acquire a 2011-built 10,000 TEU containership from an unrelated party for $52.5 million.
The containership is expected to be delivered into Navios Containers’ fleet in Q1 2019 and is chartered out at a net rate of (i) $26,325 per day until November 2020 and thereafter (ii) $27,300 per day until October 2021. The containership is expected to generate approximately $9.5 million of revenue and $6.5 million of EBITDA(1) in the twelve month period following its delivery.
Navios Containers will finance the acquisition through (i) $31.8 million of debt financing (maturing in 2023 and bearing interest at LIBOR plus 325 bps per annum), (ii) $15.0 million credit by the seller for a period until December 31, 2019 at a rate of 500 bps per annum and (iii) $5.7 million of cash on the balance sheet.
The acquisition is subject to certain conditions, and there can be no assurances that this acquisition or the related financing will occur in whole or in part.
(1) EBITDA is calculated as follows: (i) revenue of $9.5 million based on 360 days at a net rate of $26,325 per day less (ii) $2.7 million of operating expenses based on 365 days at $7,400 per day and (iii) $0.3 million of general and administrative expenses based on 365 days at $685 per day.
Fleet Employment Update
Navios Containers will own 30 containerships, including a containership subject to an unexercised option, totaling 152,821 TEU, with a current average fleet age of 10.4 years.
About Navios Maritime Containers L.P.
Navios Maritime Containers L.P. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit our website at www.navios-containers.com.
Forward-Looking Statements
This press release contains forward-looking statements concerning future events, including future contracted revenues and rates, EBITDA, future financial performance of the fleet, future vessel acquisitions, timing of vessel deliveries, entering into further time charters and Navios Containers’ ability to fund the intended vessel acquisitions. 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 known and unknown risks and are based upon a number of assumptions and estimates which 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 future vessel acquisitions, the quality of the Fleet and the market for the fleet vessels, the 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 container shipping sector in general, fluctuations in charter rates for container carrier vessels, the aging of our fleet and resultant increases in operating 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 wages, 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 Containers operates, and risks associated with global operations. Navios Containers expressly disclaims any obligation 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 shares.
Public & Investor Relations Contact:
Navios Maritime Containers, L.P.
+1.212.906.8648
Investors@navios-containers.com