MONACO, May 10, 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 plans to transfer to Navios Maritime Containers Inc. (“NMCI”), an affiliate, the 14-vessel container fleet (the “Fleet”) that Navios Partners agreed to acquire from Rickmers Maritime (the “Trust”).
It is expected that Navios Partners will (a) transfer the Fleet to NMCI at Navios Partners’ cost plus $5.0 million and (b) invest $30.0 million in return for equity. Navios Partners will also receive a warrant, with a five-year term, exercisable for an additional 6.8% equity interest in NMCI. It is also expected that Navios Maritime Holdings Inc. (“Navios Holdings”) will invest $5.0 million in exchange for equity. Navios Holdings will also receive a warrant, with a five-year term, exercisable for an additional 1.7% equity interest in NMCI.
The Fleet vessels are expected to be delivered starting the week of May 15, 2017. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part.
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 www.navios-mlp.com.
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, the transfer of the Fleet to an affiliate of Navios Partners and the benefits of the acquisition of the Fleet; 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. 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, but are not limited to, the quality of the Fleet and the market for the Fleet vessels, the ability to integrate the Fleet, 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.
Public & Investor Relations Contact: Navios Maritime Partners L.P. +1.212.906.8645 Investors@navios-mlp.com
Source:Navios Maritime Partners L.P.