Navios Maritime Partners L.P., an international owner and operator of container and drybulk vessels, has announced  that it has secured, for no consideration, an option to acquire a 2012 South Korean-built container vessel of 13,100 TEU from an unrelated third party. The vessel is currently chartered out to a high quality counterparty for a twelve-year period ending May 2027. The main terms of the option are as follows: If the option is exercised, the vessel is expected to generate approximately $18.4 million of annual EBITDA and approximately $212.4 million of aggregate EBITDA for the charter period, assuming operating expenses approximating current operating costs and 360 revenue days.
  • Acquisition price: $147.8 million
  • Latest exercise date: June 5, 2015
  • Delivery of vessel : Q3 2015
  • Remaining charter duration at delivery: 12 years (with Navios Partners’ option to terminate after year seven)
  • Charter rate: $60,275, net per day
Also, if the option is exercised, Navios Partners may finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.