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Navios Partners sells boxship, renegotiates HMM charters

Navios Partners has agreed to sell its containership MSC Cristina (13,102 dwt, built 2011) to an unnamed third party for a net price of $125m, including its charter.

Delivery of the vessel to the buyer is scheduled for early 2017, but the sale remains subject to signing of “definitive documentation”, the NYSE-listed shipowner said in its financial results for the first half of 2016.

The Korean-built vessel commenced a 12-year timecharter to MSC in February 2015 at a daily rate of $60,275. The owner has the option to terminate the agreement after seven years.

Separately, Navios revealed that it has renegotiated the charters of five containerships to Hyundai Merchant Marine (HMM) in exchange for the struggling Korean line’s securities.

The daily hire of the five ships was reduced by 20% to $24,400 per day pro rata, effective from July 18 until December 31, 2019.

From January 1, 2020, the daily rate will be restored to the full rate of $30,500 per day until redelivery, Navios said.

Navios Partners has already sold the 3.7m shares in HMM it received as part of the renegotiation agreement, which generated net cash proceeds of approximately $21.3m.

Navios also received a $7.7m principal amount of HMM’s senior, unsecured notes, which will amortise “subject to available cash flows” and will accrue interest at 3% per annum, payable on maturity in July 2024.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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