Navios Maritime Partners buys 14 Rickmers containerships

The approximate $113 million acquisition of Rickmers Maritime Trust’s entire fleet of 14 Panamax-sized containerships will triple Navios Maritime Partners’ containership fleet.    Navios Maritime Partners L.P. will triple the size of its containership fleet by acquiring the entire fleet of 14 Panamax-sized containerships from Singapore-based Rickmers Maritime Trust for about $113.0 million.   
   Just last week, the trust said it would be winding up operations in the wake of defaulting on loans.
   “We anticipate acquiring five, 4,250-TEU vessels on May 15, 2017,” Navios Maritime Partners Chairman and CEO Angeliki Frangou said. “These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850.” The ships are chartered by MOL.
   In addition to containerships, Navios Maritime Partners owns 14 dry bulk vessels.
   The partnership, which is listed on the New York Stock Exchange, is one of several companies with the Navios brand.  
   Frangou said the deal demonstrates the company’s ability to source proprietary deals, and it is continuing to seek exposure to the container sector.
   The company said the acquisition is being financed through a $20 million equity investment by Navios Partners and a secured loan facility under discussion.
   Navios said the acquisition “is subject to a number of conditions, and no assurance can be provided that the acquisition will close in all or part.”
   It added that “Navios Partners will acquire these vessels though a wholly-owned subsidiary, Navios Partners Containers Inc., which will be an ‘unrestricted subsidiary’ as defined in the Credit Agreement, dated March 14, 2017, for our Term Loan B facility. In addition, a third party has an option to acquire up to 25 percent of the equity in Navios Partners Containers Inc., based on allocated cost.”