Navios Containers moves forward with 10,000 teu boxship deal

Navios Containers moves forward with 10,000 teu boxship deal

Angeliki Frangou’s Navios Maritime Containers continues to grow its fleet, exercising an option to acquire a 2011-built 10,000 teu containership for $52.5m.

Navios first announced it had acquired options on two 10,000 teu boxships last month, while announcing the acquisition of a pair of 2010-built 4,360 teu vessels for $23.6m. The company said this latest vessel will deliver during the first quarter of this year, but did not provide deals on the second option it still holds.

The vessel acquired is currently on charter at $26,325 per day until November 2020 and then $27,300 per day through to October 2021.

Navios Containers is financing the deal through $31.8m of financing (maturing in 2023), a $15m credit by the seller until the end of 2019, and $5.7m of cash on the balance sheet.

The acquisition takes the Navios Containers fleet up to 29 vessels, and 30 should it exercise its remaining option.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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