Navios Maritime Partners To Buy 13,100 TEU Container Vessel For $147.8 Mln

(RTTNews) - Navios Maritime Partners L.P. (NMM), an international owner and operator of drybulk and container vessels, said it has agreed to acquire the MSC Cristina, a 2011 South Korean-built container vessel of 13,100 TEU, for $147.8 million.

Navios Maritine Partners expects the vessel to be delivered to its owned fleet by the end of February 2015. Following the acquisition of the MSC Cristina, Navios Partners controls 33 vessels.

The company expects to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

According to the company, the MSC Cristina has been chartered out to a high quality counterparty for 12 years at a rate of $60,275 net per day, with Navios Partners' option to terminate after year seven.

The vessel is expected to generate about $18.4 million of annual EBITDA and about $217.8 million of aggregate EBITDA for the charter period, assuming operating expenses approximating current operating costs and 360 revenue days.