Navios Maritime has agreed to sell the Navios Apollon, an Ultra-Handymax vessel with a capacity of 52,073dwt to Navios Maritime Partners.

The 2000-built vessel has been chartered out at a day rate of $23,700 until November 2012.

The deal is worth $32m and the vessel is scheduled for delivery to Navios Partners by November.

Navios Maritime plans to use the proceeds for repayment of debts, reinvestment in vessels and operating expenses.

Navios Maritime provides transportation of drybulk commodities including iron ore, coal and grain.