Contact Information: Contacts Public & Investor Relations Contact: Navios Maritime Partners L.P. Nicolas Bornozis Capital Link, Inc. Tel. (212) 661-7566 E-mail: naviospartners@capitallink.com
Navios Maritime Partners L.P. Announces Purchase of the Navios Hyperion and Exercise of Purchase Option for the Navios Sagittarius
| Source: Navios Maritime Partners L.P.
PIRAEUS, GREECE--(Marketwire - January 11, 2010) - Navios Maritime Partners L.P. ("Navios
Partners") (NYSE : NMM ), an owner and operator of dry cargo vessels,
announced today that it purchased the Navios Hyperion, a 2004
Japanese-built Panamax vessel with a capacity of 75,707 dwt, for $63.0
million from Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE : NM ) on
Friday, January 8, 2010. The vessel is chartered out until April 2014 at
$32,300 net daily rate until February 2010 and thereafter at $37,953 until
the expiration of the charter.
Navios Partners also exercised the option to acquire the Navios
Sagittarius, a 75,756 dwt Panamax vessel built in 2006. The vessel's
exercise price was approximately $25.0 million and charter free market
value is estimated at approximately $38.0 million. The improvement to cash
flow, as a result of the replacement of the charter-in cost, is estimated
at approximately $1.9 million.
The acquisitions are funded from cash on the balance sheet and by a new
tranche of $24.0 million of the existing commercial bank facility.
Angeliki Frangou, Chairman and CEO of Navios Partners, commented, "The
acquisition of the Navios Hyperion and the Navios Sagittarius significantly
improves our financial flexibility, as it reduces leverage ratios. As a
result of these acquisitions, we now have a fleet of 12 drybulk vessels
with a combined carrying capacity of 0.98 million dwt, average age of 6.9
years and remaining average charter-out period of 3.9 years."
ABOUT NAVIOS MARITIME PARTNERS L.P.
Navios Maritime Partners L.P. (NYSE : NMM ), a publicly traded master limited
partnership formed by Navios Maritime Holdings Inc. (NYSE : NM ) is an owner
and operator of dry cargo vessels.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and Navios Partners' growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into further
time charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and
similar expressions are intended to identify forward-looking statements.
Such statements include comments regarding expected revenue and time
charters. Although Navios Partners 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 Partners. 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 changes
in the demand for dry bulk vessels, competitive factors in the market in
which Navios Partners operates; risks associated with operations outside
the United States; and other factors listed from time to time in the Navios
Partners' filings with the Securities and Exchange Commission. Navios
Partners 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 Partners' expectations
with respect thereto or any change in events, conditions or circumstances
on which any statement is based.