Greece-based ship operator Navios Maritime Partners has entered a deal purchase Rickmers Maritime's entire container vessel fleet for a sum of $113m.
Navios Partners' fully owned subsidiary Navios Partners Containers will complete the acquisition, which will be funded via a $20m equity investment by the company, as well as a secured loan facility that is currently under discussion.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The deal is subject to a number of conditions and comprises 14 vessels, including 11 4,250 twenty-foot equivalent unit (TEU) ships and three 3,450TEU ships.
The average age of the vessels in Rickmers Maritime’s container fleet is 9.5 years, and deliveries are expected to be carried out next month.
Navios Partners chairman and CEO Angeliki Frangou said: “We anticipate acquiring five 4,250TEU vessels on 15 May 2017.
“These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Our operating platform was attractive to the Trust and its lending banks because of our disciplined technical and commercial management and favourable operating costs.
"This acquisition demonstrates our ability to source proprietary deals, and we are continuing to seek exposure to the container sector.”
The company also noted that a third party has an option to buy up to 25% of the equity in Navios Partners Containers, based on allocated cost.
Navios Partners also announced a separate agreement earlier this month, which will see the operator acquire two 75,000dwt Panamax vessels for a total of $27m.
