Navios Maritime Partners provides update for acquisition of 14-vessel container fleet from Rickmers Maritime

By Vessels

Navios Maritime Partners L.P. (Navios Partners) (NYSE:NMM), an international owner and operator of drybulk and container vessels, announced Wednesday (May 10) that it plans to transfer to Navios Maritime Containers Inc. (NMCI), an affiliate, the 14-vessel container fleet that Navios Partners agreed to acquire from Rickmers Maritime.

Navios Maritime Partners provides update for acquisition of 14-vessel container fleet from Rickmers Maritime

Container ship MOL Destiny - Image courtesy of L.J.Axt

It is expected that Navios Partners will (a) transfer the Fleet to NMCI at Navios Partners' cost plus $5.0 million and (b) invest $30.0 million in return for equity. Navios Partners will also receive a warrant, with a five-year term, exercisable for an additional 6.8% equity interest in NMCI.

It is also expected that Navios Maritime Holdings Inc. (Navios Holdings) will invest $5.0 million in exchange for equity. Navios Holdings will also receive a warrant, with a five-year term, exercisable for an additional 1.7% equity interest in NMCI.

The Fleet vessels are expected to be delivered starting the week of May 15, 2017. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part.

Related news: Navios Maritime Partners L.P. Agrees to Acquire 14-Vessel Container Fleet from Rickmers Maritime

Source: Navios Maritime