Benzinga | Jun 15, 2021 08:25AM EDT

Navios Maritime Partners Announces Long Term Charters On 5 Containerships

Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM), an international owner and operator of dry cargo vessels, announced today that it has secured new long-term time charters for five containerships. The containerships have been chartered-out for 35 -- 36 months at an average rate of approximately $41,723 net per day. The charters have the following structure: The first year is chartered-out at $54,313 net per day, the second year at $45,425 net per day and the remaining 11 months of the minimum period at $23,972 net per day.



The charters will commence upon expiration of the current employment of the vessels. The table below sets out the vessel details and the expected commencement date of the new charters:

Vessel Name TEU Year Built Estimated commencement date of new charterNavios Miami 4,250 2009 November 2021Navios Vermillion 4,250 2007 December 2021Navios Destiny 4,250 2009 November 2021Navios Nerine 4,730 2008 September 2021Navios Magnolia 4,730 2008 November 2021

The vessels are expected to generate approximately $220.0 million aggregate net revenue for the minimum charter period and $181.3 million aggregate EBITDA, assuming expenses approximating current operating costs and 360 revenue days per year.



NMM's fleet (on a delivered basis) consists of 89 vessels, of which 51 are dry bulk vessels and 38 are containerships. The fleet has total capacity of 8.2 million dwt.