Navios Maritime Acquires 2 Newbuilding LNG Dual Fuel 7,700 TEU Containerships

Source: 6/22/2022, Location: Europe

Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, announced that it agreed to purchase two liquified natural gas (LNG) dual fuel 7,700 TEU containerships, for an aggregate purchase price of $241.2 million.

The vessels have the ability to operate on either LNG or conventional marine fuels. They are expected to be delivered into the fleet in the fourth quarter of 2024. The closing of the transaction is subject to completion of customary documentation. Navios Partners has been granted a two-month option for two additional LNG dual fuel 7,700 TEU containerships at the same terms, delivering in the second quarter of 2025.

Vessel charters
The two containerships, have been chartered-out for 12 years, at an average net rate of $42,288 per day. The charter agreement provides for de-escalating payments as follows:
• Year 1-3 : USD 57,213 net per day
• Year 4-6 : USD 52,238 net per day
• Year 7-8 : USD 37,313 net per day
• Year 9-10 : USD 27,363 net per day
• Year 11-12 : USD 24,875 net per day

The charterer has an option to extend the charter for an additional two years at a net rate of $24,875 per day.

In connection with this transaction, the charterer agreed to amend existing charters on two 6,800 TEU containerships currently expiring in the fourth quarter of 2023. Under the amended terms, the charter period will be extended for seven months at $43,944 net per day. However, if Navios Partners exercises its existing option to extend the charter term for five years (at a net rate of $21,083 per day) the charter period will also be extended for eight- and one-half months at $30,119 net per day.

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