Navios Maritime Containers Inc. (“Navios Containers”) (N-OTC:NMCI), a growth vehicle dedicated to the container sector, announced that it agreed to acquire a 2010-built, 4,250 TEU containership for $11.78 million. The acquisition is subject to a number of conditions, and no assurance can be provided on it closure.
The vessel is expected to be delivered in Q1 2018. Navios Containers expects to finance the acquisition with cash on its balance sheet and $6.0 million from an existing credit facility.
Fleet Employment Update
Following the acquisition, Navios Containers will own 22 vessels, totaling 93,130 TEU, with a current average fleet age of 9.8 years. Navios Containers has chartered-out 56.5% of its available days for 2018 and 18.7% of its available days for 2019.
The following table provides a summary of the expected EBITDA of approximately $67.5 million in 2018. The table uses actual charter rates for contracted days ($19,471) and forecasted rates per open day as set forth in Clarksons’ quarterly report.
Total expected EBITDA
Clarksons’ quarterly report published in February 2018 provides the following daily rates: $10,000 and $9,000 for 4,500 TEU and 3,500 TEU vessels, respectively. The EBITDA calculations assume, (a) normal operational fleet performance, and (b) operating expenses in line with the management agreement and normal operations. These assumptions are forward-looking statements, subject to risks and uncertainties, including those discussed below. Consequently, no assurance can be provided that the assumptions used in calculating EBITDA will prove to be correct, and the EBITDA actually achieved could be materially different than the expected amounts above.
The following table provides a summary of the fleet employment:
Did you subscribe for our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Navios Maritime Containers
