Greek Navios Maritime Partners led-by Angeliki Frangou has disclosed on Tuesday the sale of two vessels for $63.1m in the first quarter of 2024.

According to information in the company’s fourth-quarter results, the shipowner agreed in January to sell a 2009-built VLCC of 297,188 dwt and a 2004-built panamax of 76,602 dwt, to unrelated third parties, for aggregate gross sale proceeds of $63.1m.

The sales are expected to be completed during the first half of 2024.   

Navios Maritime Partners, a US-listed owner and operator of about 180 vessels, also unveiled that in January 2024 and November 2023, it took delivery of a 2024-built 5,300 teu containership and a 2023-built 5,300 teu containership, respectively.

Both vessels have been chartered-out at an average rate of $37,050 net per day for an average period of 5.2 years.

Angeliki Frangou modernizes its fleet by selling old vessels and sealing deals for newbuilds, while it expands into areas that will promote Navios long-term prospects, such as the recent tanker deals which the company entered into with various oil majors.

The shipowner Frangou commented that the company “focuses on things that can control, such as reducing leverage, modernizing its energy efficient fleet and taking long-term cover where available.”

Recently the owner entered into a new credit facility with a commercial bank for up to $40m in order to refinance three vessels.

It also came into short, medium and long-term time charter-out, bareboat-out and freight deals for its vessels with a remaining average term of 2 years. Navios Partners has currently fixed 63.4% and 37.3% of its available days for 2024 and 2025.

Meanwhile, the chairwoman revealed yesterday the company’s financial results. “I am pleased with the results for the full year and fourth quarter of 2023,” she said.

“For the full year, we reported revenue of $1.3 billion and net income of $433.6 million. For the quarter, we reported revenue of $327.3 million and net income of $132.4 million. Earnings per common unit were $14.08 for the full year and $4.30 for the quarter,” she added.