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Navios Containers growing fleet

The company announces plans to acquire up to nine ships and an initial public offering to raise up to $100 million.

   Navios Maritime Containers Inc. said Friday it has agreed to acquire five containerships for a total purchase price of $246 million and that it has options to acquire four additional ships.
   The company has agreed to acquire one 6,800-TEU ship, the Hyundai Hongkong, for $36 million from Navios Maritime Partners LP, a sister company in the Navios Group.
   The company also has agreed to acquire four 10,000-TEU ships that were built in 2011 from a third party, which was not identified, for $210 million.
   The company also has options to acquire four sister ships of the Hyundai Hongkong, also for $36 million, from Navios Maritime Partners. They are the Hyundai Singapore, Hyundai Busan, Hyundai Shanghai and Hyundai Tokyo. They all were built in 2006 and have a carrying capacity of 6,800 TEUs.
   Following the acquisition, Navios Containers will control 30 vessels, totaling 166,338 TEUs with an average age of 9.8 years. If the option is exercised, that would grow to 34.
   The company, which was created in April 2017 by Navios Holdings “to take advantage of acquisition and chartering opportunities in the container shipping sector,” also filed a registration statement on Friday with the Securities and Exchange Commission for an initial public offering of common limited partner units to raise up to $100 million.

Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.