Navios Maritime Containers Inc. (“Navios Containers”) (N-OTC:NMCI), a growth vehicle dedicated to the container sector, announced today that it took delivery of the Navios Unison, a 2010-built, 10,000 TEU containership on May 30, 2018. As previously announced, the vessel was acquired for a price of $50.25 million.
The vessel is chartered out at a net rate of $26,663 per day until March 2019. The vessel is expected to generate approximately $6.8 million of EBITDA for the first year, assuming (a) revenue based on contracted time charter rate through the charter expiration date and same rate per open day thereafter and (b) operating expenses in line with the management agreement and normal operations.
The acquisition of the vessel was financed with cash on the balance sheet and a $25.0 million term loan facility. The facility has an amortization profile of 9 years, matures in June 2023 and bears interest at LIBOR plus 300 bps per annum.
Navios Containers controls 25 vessels, totaling 119,538 TEU, with a current average fleet age of 10.2 years.
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit our website at www.navios-containers.com.
This press release contains forward-looking statements concerning future events, including future contracted revenues and rates, EBITDA, future available days, future financial performance of the fleet, timing of vessel deliveries, and Navios Containers’ growth strategy and measures to implement such strategy; including future vessel acquisitions and the ability to secure or refinance related financing, the further growth of our containership fleet, and entering into further time charters. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were made. Although Navios Containers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Containers. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to the future vessel acquisitions, the quality of the fleet and the market for the fleet vessels, the uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the container shipping sector in general, fluctuations in charter rates for container carrier vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance, and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Containers operates, and risks associated with global operations. Navios Containers expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Containers’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common stock.
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Navios Maritime Containers, Inc.