Navios Maritime Holdings Inc. Announces Acquisition of Two Capesize New Building Vessels

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, announced yesterday that it has entered into agreements to acquire two capesize new building vessels scheduled for delivery in 2009.

 

Navios has entered into agreements to purchase two capesize vessels of approximately 181,000 dwt each, to be built by STX Shipbuilding Co. Ltd. in South Korea. The vessels will cost $108.5 and $109.0 million respectively. The first vessel is scheduled for delivery in the second quarter of 2009 and has been chartered-out for ten years commencing upon delivery at a net charter-out rate of $42,250 per day. The second vessel is scheduled for delivery in the third quarter of 2009 and has been chartered-out for seven years with three one year charterers’ options. The charter-out commences upon delivery at a net charter-out rate of $44,850 per day. The vessels will be financed with debt and cash from operations. Including these Capesize vessels, Navios Holdings has extended the coverage of its core fleet (excluding vessels acquired through the Kleimar N.V. transaction) to 98.6% for 2008, 70.1% for 2009, 50.0% for 2010 and 35.7% for 2011. Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement.

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