Navios Maritime Containers Inc. completes acquisition of four containerships

By Vessels

Navios Maritime Containers Inc. (Navios Containers) (N-OTC: NMCI), a growth vehicle dedicated to the container sector, announced yesterday that it has taken delivery of four 2008-built Panamax containerships.

Navios Maritime Containers Inc. completes acquisition of four containerships
Caption: 4,250 TEUs Container ship Navios Azure - Image courtesy of Neil Johnston (For illustrative purposes only)

These vessels are employed on charters with a net daily charter rate of $27,156. The charters expire in 2020 and are expected to generate approximately $70.0 million of EBITDA, assuming expenses approximating current operating costs and 360 revenue days per year.

Navios Containers previously agreed to acquire the four 2008-built 4,730 TEU containerships for a total purchase price of $96.8 million. Navios Containers financed the acquisition of these vessels with the net proceeds from its recently completed $50.0 million private placement and $50.0 million of additional bank debt it has secured on terms consistent with its existing credit facilities.

Following this acquisition, Navios Containers controls 20 vessels, totaling 84,520 TEU with a current average fleet age of 9.8 years.

Source: Navios