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February 2, 2010
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| 08:59 EDT |  | NM |
| theflyonthewall.com: | Navios delivers new capesize vessel, acquires vessel under construction | | Navios Maritime Holdings Inc. announced the delivery of a new build Capesize vessel and the agreement to acquire another new build Capesize vessel. The Navios Antares, a 169,059 dwt Capesize vessel, was delivered to Navios Holdings' owned fleet on January 20, 2010 from a South Korean Shipyard. Navios Holdings agreed to acquire a new build Capesize vessel of 180,000 dwt, under construction with a South Korean Shipyard. The vessel is scheduled for delivery in Q2 of 2011 and is secured by a 12-year charter to a quality counter party for $27,431 net daily rate. It is anticipated that this charter will generate annual EBITDA of $8.1M and cumulative EBITDA of $92.6M. The acquisition price for the vessel is nominally $55.5M, payable as $52.5M in cash and $3M payable in the form of Convertible Preferred Stock. :theflyonthewall.com |
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