Navios Maritime Partners to buy Rickmers’ entire fleet

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Navios Maritime Partners L P (Navios Partners) has agreed to buy the entire fleet of Rickmers Maritime in a US$113 million deal. The vessels are expected to be delivered starting May 15.

The trust had entered into a master agreement on Thursday with Navios Partners Containers Inc and Navios Partners Containers Finance Inc for the conditional sale of its entire fleet of 14 containerships, the company said in a filing to the Singapore Exchange on Friday morning.

The vessels in the agreement are currently under certain senior secured loan facilities extended to Rickmers for US$113 million. Subject to the fulfillment of certain conditions, the sale of the vessels is expected to be completed on and from May 15.

Should the sale occur, proceeds will be applied towards the full repayment of senior secured loan facilities. The remainder will be distributed to the trust’s unsecured creditors and used for expenses permitted under the Business Trusts Act and the trust deed.

Navios Partners said that it will finance the acquisition through a US$20 million equity investment and a secured loan facility under discussion.

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