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Navios Containers Acquires Two More Boxships

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Navios Containers Acquires Two More Boxships

The container arm of Navios maritime companies Navios is acquiring two 2009-built boxships to add to its fleet. The two 4,250 TEU container vessels will cost the company about USD 19.75 million.

Navios Containers expect delivery of the boxships in early November 2017.

The company expects the vessels on the current rate environment, to generate around USD 1.5 million of EBITDA over the next twelve months, based on fixed operating expenses and 360 revenue days, Navios Containers said.

Navios new acquisition of the container vessels will be financed with cash on the company's balance sheet and bank debt on terms consistent with its existing credit facilities.

On completing the transaction, Navios Containers will control 16 vessels, totaling 65,600 TEU with a current average fleet age of 9.7 years.

Navios Maritime Containers had in August 2017 agreed with investors to sell 10 million of its common shares for an aggregate of USD 50 million of gross proceeds at a subscription price of USD 5 per common share and then use the funds for vessel acquisitions, working capital and general corporate purposes.

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