Navios Charter out Newbuild Capesize Vessel

Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years.

The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day.

The vessel is expected to generate approximately $4.6 million annual EBITDA or $12.9 million aggregate EBITDA for the three years of the initial charter period. EBITDA estimates assume expenses approximating current operating costs and 360 revenue days per year.

Navios Partners expects the vessel to be delivered within September 2013.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated, "This three-year time charter provides accretive cash flow, well above our cash breakeven levels. As the dry bulk environment improves, we will seek to fix vessels on medium to long term charters."

navios-mlp.com