Navios Partners buys bankrupt Rickmers Maritime boxship fleet for $113mNavios Partners buys bankrupt Rickmers Maritime boxship fleet for $113m

Navios Partners is acquiring 14 traditional panamax boxships from the Singapore shipping trust that announced two weeks ago that it would be winding up after failing to reach a restructuring agreement with its creditors.

“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,” said Angeliki Frangou, chairman and ceo of Navios Partners.

Five 4,250 teu vessels in the fleet are employed on charters that expire in 2018 and early 2019 at rates of $26,850 per day. The fleet of 14 vessels has an average age of 9.5 years.

The acquisition will be financed through a $20m equity investment from Navios Partners and a secured loan facility that the company said was under discussion.

The sale is expected to be completed on 15 May.

Rickmers Trust Management said that based on the sale: “The Trustee-Manager will advise the amount of recoveries to its unsecured creditors via their respective agents and trustees in due course. It is expected that unitholders will not recover any of their investments.”