Navios Maritime Partners Takes Delivery of 2 Container Ships
The holiday season has seen Navios Maritime Partners gain two new assets. The company announced it has taken delivery of a pair of vessels, the Hyundai Singapore, and the Hyundai Hong Kong, both of which were built in 2006 and have a capacity of 6,800 twenty-foot equivalent units.
The two ships have been chartered out for a 10-year period to an entity that Navios characterized as "an investment grade counterparty" that it did not name. The net rate is $30,150 per day per vessel. The company expects the Singapore and the Hong Kong combined to bring in roughly $15.9 million in annual EBITDA. All told, for the full charter period, they should generate around $155.3 million over the full period.
In its most recently reported quarter, the company posted EBITDA of $35.6 million.
Navios has an option to terminate the charter agreement after year seven.
With the two new vessels, Navios now has a total fleet of 25 ships, with five more to be delivered by Q1 2014.
The article Navios Maritime Partners Takes Delivery of 2 Container Ships originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Navios Maritime Partners. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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