Navios Maritime Partners L.P. acquires two drybulk vessels

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced today that it acquired the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, from Navios Maritime Holdings Inc.

The vessels were acquired for an aggregate purchase price of $51.0 million, subject to working capital adjustments. The acquisition was partially financed with a $33.0 million new credit facility. The credit facility has an amortization profile of 9.7 years, matures in September 2025 and bears interest at LIBOR plus 325 bps per annum.

Navios Gem is chartered out at a rate of 125% of average Baltic Capesize 5TC Index Routes per day until April 2021.  Navios Victory is chartered out at a net rate of $12,289 per day until December 2020 and at 112% of average Baltic Panamax 4TC Index Routes per day until February 2021.

The transaction was approved by the Conflicts Committee of the Board of Directors of Navios Partners.