Navios Maritime Receives Antares, Agrees To Acquire Another Vessel
Navios Maritime Holdings (Navios), a global vertically-integrated seaborne shipping and logistics company, has taken delivery of a new build Capesize vessel, Navios Antares. The company has also announced the agreement to acquire another new build Capesize vessel.
According to the company, the Antares is a 169,059 dwt Capesize vessel and was delivered to Navios' owned fleet on January 20, 2010 from a South Korean Shipyard.
Navios also agreed to acquire a new build Capesize vessel of 180,000 dwt, under construction with a South Korean Shipyard. The vessel is scheduled for delivery in the second quarter of 2011 and is secured by a 12-year charter to a quality counter party for $27,431 (net) daily rate. The charter is expected to generate annual EBITDA of $8.1m and cumulative EBITDA of $92.6m.
Navios said that the acquisition price for the vessel is nominal $55.5m, payable as $52.5m in cash and $3m payable in the form of convertible preferred stock.
In addition, as of February 2, 2010, Navios had contracted 89.4%, 65.7%, and 57.0% of its available days on a charter-out basis for 2010, 2011 and 2012, respectively. The company has extended its long-term fleet employment by entering into agreements to charter-out vessels for periods ranging from one to 12 years.
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