Navios Maritime Partners L.P. Agrees to Acquire 14-Vessel Container Fleet from Rickmers Maritime

MONACO, April 20, 2017 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM) an international owner and operator of drybulk and container vessels, announced today that it has agreed to acquire the entire container fleet (the “Fleet”) of Rickmers Maritime (the “Trust”) for about $113.0 million.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “We are pleased to announce the agreement for the acquisition of 14 container vessels from Rickmers Maritime. We anticipate acquiring five 4,250 TEU vessels on May 15, 2017. These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850.”

Ms. Frangou continued, “Our operating platform was attractive to the Trust and its lending banks because of our disciplined technical and commercial management and favorable operating costs. This acquisition demonstrates our ability to source proprietary deals, and we are continuing to seek exposure to the container sector.”

The acquisition is being financed through a $20 million equity investment by Navios Partners and a secured loan facility under discussion. The vessels are expected to be delivered starting May 15, 2017. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close in all or part.

Navios Partners will acquire these vessels though a wholly owned subsidiary, Navios Partners Containers Inc., which will be an “unrestricted subsidiary” as defined in the Credit Agreement, dated March 14, 2017, for our Term Loan B facility. In addition, a third party has an option to acquire up to 25% of the equity in Navios Partners Containers Inc., based on allocated cost.

The Fleet consists of 14 container vessels, 11 of which are 4,250 TEU vessels and three of which are 3,450 TEU vessels. The average age of the Fleet is 9.5 years. Five of the 4,250 TEU vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850.

Fleet Exhibit

NameTEU Yard Built
Initial Fleet Acquisition
MOL Dominance4,250 Dalian, China 2008
MOL Dedication4,250 Dalian, China 2008
MOL Delight4,250 Dalian, China 2008
MOL Destiny4,250 Dalian, China 2009
MOL Devotion4,250 Dalian, China 2009
Subsequent Fleet
Vicki Rickmers4,250 Dalian, China 2007
Maja Rickmers4,250 Dalian, China 2007
CMA CGM Azure4,250 Dalian, China 2007
Laranna Rickmers4,250 Dalian, China 2007
Sabine Rickmers4,250 Dalian, China 2007
Erwin Rickmers4,250 Dalian, China 2007
Henry Rickmers3,450 Hyundai, SK 2006
Richard Rickmers3,450 Hyundai, SK 2006
Moni Rickmers3,450 Hyundai, SK 2007

About Navios Maritime Partners L.P.

Navios Partners (NYSE:NMM) is a publicly traded master limited partnership which owns and operates container and dry bulk vessels. For more information, please visit our website at

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events including the closing of the acquisition of the Fleet, Navios Partners’ 2017 cash flow generation, future contracted revenues, future distributions and its ability to have a dividend going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, the benefits of the acquisition of the Fleet, potential capital gains, our ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates”, and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include the quality of the Fleet and the market for the Fleet vessels, the ability to integrate the Fleet, but are not limited to, uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize, Ultra- Handymax and Container vessels in particular, fluctuations in charter rates for dry cargo carriers and container vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.

Contact Public & Investor Relations Contact: Navios Maritime Partners L.P. +1.212.906.8645 Nicolas Bornozis Capital Link, Inc. +1.212.661.7566

Source:Navios Maritime Partners L.P.