Navios Maritime Containers Inc. (Navios Containers) (NOTC:NMCI), a growth vehicle dedicated to the container sector, announced today that it agreed to acquire three containerships for a total purchase price of $117.25 million.
Navios Containers agreed to acquire two 8,204 TEU containerships, the YM Utmost and the YM Unity, for $67.0 million from Navios Maritime Partners L.P. (“Navios Partners”). The two vessels are chartered out at a net daily charter rate of $34,266 until August 2018 and October 2018, respectively.
The acquisition of the YM Utmost and the YM Unity was unanimously approved by the Special Committee of the independent members of the Board of Directors of Navios Containers.
|Year Built|| Current Net Charter Rate
|Charter Expiration||Expected NTM EBITDA(1)|
|YM Utmost||8,204||2006||$34,266||Aug 2018||$5.5|
|YM Unity||8,204||2006||$34,266||Oct 2018||$6.4|
|Navios Unison||10,000||2010||$26,663||Mar 2019||$6.8|
Navios Containers agreed to acquire one 10,000 TEU containership for $50.25 million from a third party. The vessel is time chartered out at a net daily charter rate of $26,663 until March 2019.
The Company expects to take delivery of all three vessels in the second quarter of 2018.
Based on their existing charters and the current rate environment, the containerships are expected to generate approximately $18.7 million of aggregate EBITDA over the next twelve months.(1)
Navios Containers is expected to finance the acquisitions with cash on its balance sheet and approximately $61.0 million of new bank debt.
(1) The Next Twelve Months (“NTM”) EBITDA calculations assume (a) revenue based on contracted time charter rates through the charter expiration dates (as indicated in the table above) and per open day; $20,000 and $27,000 for the 8,204 TEU and 10,000 TEU containerships, respectively and (b) operating expenses in line with the management agreement and normal operations.
Following this acquisition, Navios Containers will own 25 vessels, totaling 119,538 TEU with an average age of 10.1 years.