Navios Maritime Containers Acquires a Containership

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced that it agreed to acquire a 2009-built, 4,563 TEU containership for $13.9 million from an unrelated third party.

The vessel is expected to be delivered in Q3/Q4 2018.

Based on the current rate environment (Clarksons Research 6-12 month time charter rate for 4,400 TEU vessels of $12,800 per day for July 2018) the vessel is expected to generate approximately $2.1 million of EBITDA over the next twelve months, based on operating expenses in line with the management agreement and normal operations.

Navios Containers is expected to finance the acquisition with cash on its balance sheet and $9.0 million of additional bank debt on terms consistent with its existing credit facilities.

Following the acquisition, Navios Containers will own 26 vessels, totaling 124,101 TEU, with a current average fleet age of 10.3 years.