Navios Containers takes up to nine more boxships, files for IPO

Navios Containers takes up to nine more boxships, files for IPO

Angeliki Frangou’s Navios Maritime Containers has sealed deals to add five boxships to its fleet for a total of $246m, and has also acquired options for a further four vessels.

Navios Containers acquired 6,800 teu boxship Hyundai Hong Kong from affiliate Navios Maritime Partners for $36m. The vessel is attached to a charter, priced at $28,523 until December 2023. It has also acquired options for four more 6,800 teu vessels with charters attached, the Hyundai Singapore, Hyundai Busan, Hyundai Shanghai and Hyundai Tokyo at $36m each.

Navios Containers is also acquiring four 10,000 teu containerships from an unnamed third party for a total of $210m. The vessels are attached to time charters at $26,663 per day, expiring between April and June 2019.

The acquisitions will be funded primarily by new bank debt, however the company has also filed with the SEC to raise up to $100m in an initial public offering on the Nasdaq.

Founded in April 2017, Navios Containers has grown its fleet to 30 vessels, totalling 166,338 teu, with four further vessels likely to be added via the available purchase options.

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.

Related Posts