Moaco - May 7, 2018
Navios Maritime Containers Inc. (the “Company” or “Navios Containers”) (NOTC: NMCI), a growth vehicle dedicated to the container sector, announced today that it agreed to acquire three containerships for a total purchase price of $117.25 million.
The acquisition of the YM Utmost and the YM Unity was unanimously approved by the Special Committee of the independent members of the Board of Directors of Navios Containers.
Navios Containers agreed to acquire one 10,000 TEU containership for $50.25 million from a third party. The vessel is time chartered out at a net daily charter rate of $26,663 until March 2019. The Company expects to take delivery of all three vessels in the second quarter of 2018. Based on their existing charters and the current rate environment, the containerships are expected to generate approximately $18.7 million of aggregate EBITDA over the next twelve months. (1)
Navios Containers is expected to finance the acquisitions with cash on its balance sheet and approximately $61.0 million of new bank debt. (1)
The Next Twelve Months (“NTM”) EBITDA calculations assume (a) revenue based on contracted time charter rates through the charter expiration dates (as indicated in the table above) and per open day; $20,000 and $27,000 for the 8,204 TEU and 10,000 TEU containerships, respectively and (b) operating expenses in line with the management agreement and normal operations.
Following this acquisition, Navios Containers will own 25 vessels, totaling 119,538 TEU with an average age of 10.1 years.
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit our website at www.navios-containers.com
Navios Maritime Containers Inc. press release