Navios Maritime Containers L.P., a growth vehicle dedicated to the container sector, announced the exercise of a previously announced option to acquire a 2011-built 10,000 TEU containership from an unrelated party for $52.5 million.
The containership is expected to be delivered into Navios Containers’ fleet in Q1 2019 and is chartered out at a net rate of (i) $26,325 per day until November 2020 and thereafter (ii) $27,300 per day until October 2021. The containership is expected to generate approximately $9.5 million of revenue and $6.5 million of EBITDA(1) in the twelve month period following its delivery.
Navios Containers will finance the acquisition through (i) $31.8 million of debt financing (maturing in 2023 and bearing interest at LIBOR plus 325 bps per annum), (ii) $15.0 million credit by the seller for a period until December 31, 2019 at a rate of 500 bps per annum and (iii) $5.7 million of cash on the balance sheet.
The acquisition is subject to certain conditions, and there can be no assurances that this acquisition or the related financing will occur in whole or in part.
(1) EBITDA is calculated as follows: (i) revenue of $9.5 million based on 360 days at a net rate of $26,325 per day less (ii) $2.7 million of operating expenses based on 365 days at $7,400 per day and (iii) $0.3 million of general and administrative expenses based on 365 days at $685 per day.
Fleet Employment Update
Navios Containers will own 30 containerships, including a containership subject to an unexercised option, totaling 152,821 TEU, with a current average fleet age of 10.4 years.