delivery of containership
Monaco, October 1, 2018
Navios Maritime Containers Inc. (“Navios Containers”) (N-OTC: NMCI), a growth vehicle dedicated to the container sector, announced that it took delivery of the Navios Miami, a 2009-built, 4,563 TEU containership on September 12, 2018. As previously announced, the vessel was acquired for a price of $13.9 million.
The vessel is chartered out at a net rate of $11,791 per day until December 2018. The vessel is expected to generate approximately $1.9 million of EBITDA for the first year, assuming (a) revenue based on the contracted time charter rate through the charter expiration date and the current rate per open day thereafter (Clarksons Research 6-12 month time charter rate for 4,400 TEU vessels of $12,400 per day for August 2018) and (b) operating expenses in line with the management agreement and normal operations.
The acquisition of the vessel was financed with cash on the balance sheet and a $9.0 million term loan facility. The debt has an amortization profile of seven years, matures in September 2023 and bears interest at LIBOR plus 300 bps per annum.
Fleet Employment Update
Navios Containers controls 26 vessels, totaling 124,101 TEU, with a current average fleet age of 10.4 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