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The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day. The vessel is expected to generate approximately $4.6 million annual EBITDA or $12.9 million aggregate EBITDA for the three years of the initial charter period. EBITDA estimates assume expenses approximating current operating costs and 360 revenue days per year. Navios Partners expects the vessel to be delivered within September 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "This three-year time charter provides accretive cash flow, well above our cash breakeven levels. As the dry bulk environment improves, we will seek to fix vessels on medium to long term charters." Fleet Update Navios Partners has contracted 97.0% and 48.0% of its available days on a charter-out basis for 2013 and 2014, respectively. About Navios Maritime Partners L.P. Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios-mlp.com. Navios Maritime Partners L.P. press release |
