Navios Maritime Acquires Newbuilds
Navios Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, 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 the second quarter 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 follows:-$52.5m in cash; and-$3m payable in the form of Convertible Preferred Stock. The terms of the convertible preferred stock are set forth below.
Navios Maritime Acquires Newbuilds