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Navios Maritime Partners Acquires Two Newbuilding LNG Dual Fuel Containerships

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  • Navios Maritime Partners L.P. (NYSE: NMM) has agreed to purchase two liquified natural gas (LNG) dual-fuel 7,700 TEU containerships for an aggregate purchase price of $241.2 million.

  • The vessels are expected to be delivered into the fleet in 4Q24.

  • In addition, Navios Partners has secured a two-month option for two additional LNG dual-fuel 7,700 TEU containerships at the same terms, delivering in 2Q25.

  • The two containerships have been chartered-out for 12 years, at an average net rate of $42,288 per day, with an option to extend for an additional two years at a net rate of $24,875 per day.

  • NMM held cash and equivalents of $108.2 million as of March 31, 2022.

  • In connection with the transaction, the charterer agreed to amend existing charters on two 6,800 TEU containerships currently expiring in 4Q23. The charter period will be extended for seven months at $43,944 net per day.

  • Price Action: NMM shares are trading lower by 2.35% at $24.08 on the last check Wednesday.

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