Navios Maritime Containers L.P. Announces $10.0 Million Unit Repurchase Program
Date : 03/04/2019 @ 9:29AM
Source : GlobeNewswire Inc.
Stock : Navios Maritime Containers (MM) ( $NMCI )
Quote : 2.17 0.0 (0.00%) @ 4:43AM
Navios Maritime Containers L.P. Announces $10.0 Million Unit Repurchase Program
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Navios Maritime Containers (MM) (NASDAQ:NMCI)
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Navios Maritime Containers L.P. (“Navios Containers”, or the “Company”) (NASDAQ: NMCI), a growth vehicle dedicated to the container sector, announced today that its Board of Directors has authorized a unit repurchase program for up to $10.0 million of the Company’s common units over a one-year period.
Unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Containers’ management based upon market conditions and other factors. Repurchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The program does not require any minimum repurchase or any specific number of units of common equity and may be suspended or reinstated at any time in the Company’s discretion and without notice. The Board of Directors will review the program periodically.
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.
