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May 5, 2022

Navios Maritime to acquire four LR2 vessels

The company is expected to receive the new vessels between 2024 and the first quarter of 2025.

Navios Maritime Partners (Navios Partners) has agreed to buy four newbuild tankers at a price of $58.5m for each vessel.

The LR2 vessels each have a 115,000 deadweight tonnage (DWT) and incorporate the latest technology, which will boost efficiency.

The deal also includes a payment of $4.2m for additional features, as well as improvements.

Navios Partners is expected to receive the vessels between 2024 and the first quarter of 2025.

Two vessels are anticipated to be delivered in 2024, which will be chartered out for an average period of 60 months.

The charterer can also opt to extend the charter for another five one-year options.

Furthermore, the charterer has the option to ‘charter one or both of the two additional tanker vessels on identical terms’ by mid-October this year.

Completion of the deal is dependent on the completion of customary documentation.

Navios Partners is an international owner and operator of dry cargo and tanker vessels.

Last October, Navios Partners completed the acquisition of tanker owner Navios Maritime Acquisition.

The merger is said to have created the largest US publicly-listed shipping firm, with more than 140 vessels, which have a combined deadweight of nearly 15 million tonnes, and a fleet value of $4.2bn.

The sale aimed to increase the firm’s cash retention in order to drive its growth plans, with the merged entity operating across more than ten end markets.

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