Dry cargo and tanker vessels operator Navios Maritime Partners (Navios Partners) has agreed to acquire a 36-strong drybulk fleet from Navios Maritime Holdings (Navios Holdings) for $835m.
The consideration includes the assumption of $441.6m of bank liabilities and bareboat obligations, as well as finance leasing obligations.
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Having a total capacity of 3.9 million deadweight tonnage (dwt) and an average age of 9.6 years, the acquired fleet includes 26 owned vessels and ten chartered-in vessels.
Next year, the fleet is anticipated to contribute around $164m of estimated earnings before interest, taxes, depreciation and amortisation (EBITDA), along with $81.5m of estimated free cash.
The addition of this young fleet is said to help Navios Partners rebalance its segment exposure.
Upon deal completion, the firm’s drybulk and total fleet will grow by 67% and 24%, respectively.
Furthermore, once the acquisition concludes, the company will have 90 drybulk vessels, 49 boxships and 49 tanker vessels, including 22 newbuilds slated for delivery through the first quarter of 2025.
The deal is subject to approval from the existing mortgage banks, as well as other customary closing conditions.
In May, Navios Partners agreed to purchase four newbuild tankers at $58.5m each.
Expected to be delivered between 2024 and the first quarter of 2025, the LR2 vessels will be equipped with the latest technology.
