Greek Navios Maritime Partners led-by Angeliki Frangou stays active with more acquisitions, as agreed to buy from an undisclosed third party two newbuilding scrubber-fitted aframax/LR2 tankers. The owner has agreed during the first quarter of 2024 to buy the 115,000-dwt vessels for a purchase price of $61.25m each, plus $3.3m per vessel in additional features.
The vessels are expected to be delivered into Navios Partners’ fleet during 2027.
The shipowner has also declared its options in March to purchase a 2015-built scrubber-fitted kamsarmax of 80,994 dwt, a 2016-built kamsarmax of 84,904 dwt, a 2017-built kamsarmax of 81,626 dwt and a 2017-built kamsarmax of 81,630 dwt. The aggregate purchase price is approximately $116.6m based on the expected delivery date.
The New-York listed company also revealed yesterday in the company’s financial report for the first quarter ended March 31, 2024, that Navios Partners gained $92.6m gross sale proceeds from the sale of four vessels.
The announcement comes as chief executive Angeliki Frangou declared that Navios achieved its strongest first quarter financial performance ever, with $318.6m revenue, $73.4m net income and Ebitda $166.2m.
Meanwhile, Navios Partners reported on Tuesday that in the first quarter completed the sale of a 2004-built panamax of 76,602 dwt to an unrelated third party, for gross sale proceeds of $9.8m.
Angeliki Frangou also completed in May the sale of a 2006-built panamax of 76,596 dwt and a 2009-built VLCC of 297,188 dwt to unrelated third parties, for aggregate gross sale proceeds of $65.8m.
The owner during this period agreed to sell a 2007-built containership of 3,450 TEU to an unrelated third party, for gross sale proceeds of $17m. The sale is expected to be completed during the second quarter of 2024.
In the newbuilding sector, Navios Partners took delivery in January and April this year of two 2024-built 5,300 TEU containerships, which have been chartered-out at an average rate of $37,050 net per day for a period of 5.2 years.
Navios Partners also this month took delivery of a 2024-built aframax/LR2 tanker, which has been chartered-out at $26,366 net per day for a period of five years.
Angeliki Frangou, chairwoman and chief executive of Navios Partners said: “I am pleased with the results for the first quarter of 2024. We reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit were $2.38.”
Angeliki Frangou continued, “In the first quarter of 2024, regional conflict, particularly in the Middle East, continued to drive transportation. The US and European economies were generally healthy. As a result, this was Navios Partners’ strongest first quarter financial performance ever.
“We remain cautious as this robust maritime environment can change quickly. As usual, we focus on things that we can control, such as reducing leverage and modernizing our energy efficient fleet. We are taking long-term cover where available, as rates are around or exceeding long-term averages. For example, we recently chartered-out a capesize vessel for 2.9 years at a net daily rate of $28,500.”
