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Navios Maritime Partners buys secondhand capesize for $31m

Navios Maritime Partners has announced a $31.05m acquisition deal for a secondhand South Korea-built capesize bulk carrier that comes attached with a charter contract until 2018.

The capesize vessel is expected to be delivered to Navios Partners in June this year.

The 2011-built capesize vessel is currently on charter at a net rate of $11,733 per day until the first quarter of 2018.

“Based on the existing charter and the current rate environment, the vessel is expected to generate approximately $2.6m of EBITDA for the first year, assuming midpoint of redelivery from charterers, operating expenses approximating current operating costs and 360 revenue days,” Navios Partners stated.

The secondhand vessel acquisition is expected to be financed with cash and bank debt from existing credit facilities.

In the first four months of 2017, Navios Partners has agreed to purchase five dry bulk vessels – two panamaxes and three capesizes – with a combined capacity of around 690,000 dwt for a total price of approximately $114m.

Following the latest capesize acquisition, Navios Partners controls a fleet of 35 ships.

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