Navios Maritime Partners L.P. Agrees to Acquire 14-Vessel Container Fleet from Rickmers Maritime
4:01 PM ET 4/20/17 | Dow Jones
Navios Maritime Partners L.P. Agrees to Acquire 14-Vessel Container Fleet from Rickmers Maritime
MONACO, April 20, 2017 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM) an international owner and operator of drybulk and container vessels, announced today that it has agreed to acquire the entire container fleet (the "Fleet") of Rickmers Maritime (the "Trust") for about $113.0 million.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, "We are pleased to announce the agreement for the acquisition of 14 container vessels from Rickmers Maritime. We anticipate acquiring five 4,250 TEU vessels on May 15, 2017. These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850."
Ms. Frangou continued, "Our operating platform was attractive to the Trust and its lending banks because of our disciplined technical and commercial management and favorable operating costs. This acquisition demonstrates our ability to source proprietary deals, and we are continuing to seek exposure to the container sector."
The acquisition is being financed through a $20 million equity investment by Navios Partners and a secured loan facility under discussion. The vessels are expected to be delivered starting May 15, 2017. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close in all or part.
Navios Partners will acquire these vessels though a wholly owned subsidiary, Navios Partners Containers Inc., which will be an "unrestricted subsidiary" as defined in the Credit Agreement, dated March 14, 2017, for our Term Loan B facility. In addition, a third party has an option to acquire up to 25% of the equity in Navios Partners Containers Inc., based on allocated cost.
The Fleet consists of 14 container vessels, 11 of which are 4,250 TEU vessels and three of which are 3,450 TEU vessels. The average age of the Fleet is 9.5 years. Five of the 4,250 TEU vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850.
Fleet Exhibit
Name TEU Yard Built
Initial Fleet Acquisition
MOL Dominance 4,250 Dalian, China 2008
MOL Dedication 4,250 Dalian, China 2008
MOL Delight 4,250 Dalian, China 2008
MOL Destiny 4,250 Dalian, China 2009
MOL Devotion 4,250 Dalian, China 2009
Subsequent Fleet
Vicki Rickmers 4,250 Dalian, China 2007
Maja Rickmers 4,250 Dalian, China 2007
CMA CGM Azure 4,250 Dalian, China 2007
Laranna Rickmers 4,250 Dalian, China 2007
Sabine Rickmers 4,250 Dalian, China 2007
Erwin Rickmers 4,250 Dalian, China 2007
Henry Rickmers 3,450 Hyundai, SK 2006
Richard Rickmers 3,450 Hyundai, SK 2006
Moni Rickmers 3,450 Hyundai, SK 2007
Total 57,100
