MONACO, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Navios Maritime Containers Inc. (“Navios Containers”) (N-OTC:NMCI), a growth vehicle dedicated to the container sector, announced that it agreed to acquire a 2010-built, 4,250 TEU containership for $11.78 million. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close.
The vessel is expected to be delivered in Q1 2018. Navios Containers expects to finance the acquisition with cash on its balance sheet and $6.0 million from an existing credit facility.
Fleet Employment Update
Following the acquisition, Navios Containers will own 22 vessels, totaling 93,130 TEU, with a current average fleet age of 9.8 years. Navios Containers has chartered-out 56.5% of its available days for 2018 and 18.7% of its available days for 2019.
The following table provides a summary of the fleet employment:
The following table provides a summary of the expected EBITDA of approximately $67.5 million in 2018. The table uses actual charter rates for contracted days ($19,471) and forecasted rates per open day as set forth in Clarksons’ quarterly report.(1)
|($ in millions)|
|Revenue from contracted days||$||87.4|
|Less: Opex and G&A of contracted days||(30.5||)|
|Expected EBITDA from contracted days||$||56.9|
|Revenue from open days (1)||$||34.1|
|Less: Opex and G&A of open days||(23.5||)|
|Expected EBITDA from open days||$||10.6|
|Total expected EBITDA||$||67.5|
(1) Clarksons’ quarterly report published in February 2018 provides the following daily rates: $10,000 and $9,000 for 4,500 TEU and 3,500 TEU vessels, respectively. The EBITDA calculations assume (a) normal operational fleet performance and (b) operating expenses in line with the management agreement and normal operations. These assumptions are forward-looking statements subject to risks and uncertainties, including those discussed below. Consequently, no assurance can be provided that the assumptions used in calculating EBITDA will prove to be correct, and the EBITDA actually achieved could be materially different than the expected amounts above.
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit our website at www.navios-containers.com.
This press release contains forward-looking statements concerning future events; future 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 Containers at the time these statements were made. Although Navios Containers 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 Containers. 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, risks relating to future vessel acquisitions, the quality of the Fleet and the market for the Fleet vessels, the 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 container shipping sector in general, fluctuations in charter rates for container carrier vessels, the aging of our Fleet and resultant increases in operating 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 Containers operates, and risks associated with global operations. Navios Containers expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Containers’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common shares.
Public & Investor Relations Contact:
Navios Maritime Containers, Inc.
Source:Navios Maritime Containers Inc.