Navios Maritime Partners on Thursday revealed a series of sale-and-purchase deals and newbuilding acquisitions that it carried out across its diversified fleet since September.
The transactions were disclosed as the New York-listed company reported third-quarter earnings.
The Angeliki Frangou-led shipowner on Thursday disclosed buying two aframax tankers in November after buying two bulkers and selling two boxships in September and selling four bulkers in September and October.
“Looking ahead, it is likely we will see continued acquisitions and sales as management fine-tunes its fleet of 186 ships, with a focus on taking on younger vessels,” Jefferies analyst Omar Nokta wrote in a note on Thursday.
The New York-listed company, which owns and operates 87 bulkers, 47 containerships and 51 tankers, said it bought the two 115,000-dwt LR2 newbuilding tankers for $64.7m each, including the cost of upgrades.
The unidentified aframax-size tankers, which will carry both crude and clean products, will give the seller the option to charter both vessels for five years at $27,798 per day.
The seller, which was not named and can exercise the option in this year’s fourth quarter, may also extend the charters for five more years at rates increasing by $1,234 per day each year.
The ships are expected to be delivered into Navios Partners’ fleet during the first half of 2025.
Navios Partners said that in September it acquired a newbuilding capesize under construction in Japan and an 84,900-dwt kamsarmax bulker for a combined $91.3m.
The kamsarmax, also of Japanese construction, is expected to be delivered during this year’s fourth quarter of 2022, followed by the capesize in the first half of 2023.
Navios Partners also said it sold two container ships that same month for a total price of $220m. They are the 8,204-teu twins Navios Utmost and Navios Unite (both built 2006).
While it did not name the seller, shipping databases show both vessels ended up under the control of liner operator Mediterranean Shipping Co. The Navios Unite has been renamed MSC United VIII, while its sibling now the MSC Utmost VIII.
Lastly, the Piraeus-based shipowner sold four bulkers for a total of $52m over the last two months.
Navios Partners said it sold the 76,500-dwt Navios Alegria (built 2004) for $11m in September.
As TradeWinds has reported, the 74,400-dwt Navios Symmetry (built 2006) for $11.7m in late October. Shipping databases show it has been renamed the Gloria G, under the control of an unkown Greek shipowner.
Navios Partners also said it offloaded the 55,700-dwt supramax Navios Ulysses (built 2007) for $14.3m, with the Clarksons database now listing it in the fleet of Gurita Lintas of Indonesia. The Jakarta-based shipowner has renamed the vessel Muharrik.
AS previously reported in TradeWinds, the 75,162-dwt panamax Navios Camelia (built 2009) went for $15m in October. Its new owner has not emerged.
Navios Partners also said it signed $331m in long-term charters for three capesizes and 10 tankers in the third quarter.
The shipowner also disclosed that it completed a $100m sale-and-leaseback transaction in October to refinance debt on 12 containerships. The deal will mature in the first quarter of 2026.
And the company signed $84.5m worth of long-term bareboat bulker contracts in September for a newbuilding capesize and a 2016-built kamsarmax. The owner may buy the capesize at the end of the 15-year charter.
Navios Partners also took out an $86.2m credit facility in September and a $162m credit facility in November to help finance boxship acquisitions.
The shipowner reported an adjusted profit of $113m for the third quarter, down from $130m a year ago.
Those results produced an adjusted third-quarter earnings per share (EPS) of $3.68 that missed analyst consensus by $0.86 and fell short of the EPS of $4.77 a year earlier.
Bottom line net income came in at $257m, up from $162m in the third quarter of 2021, as revenue jumped to $322m from $228m.
Navios Partners posted $317m in adjusted profit for the first nine months versus $242m earned during the same period in 2021. The bottom line moved up to $461m in the first three quarters of 2022, from $399m a year earlier.
Eric Priante Martin contributed to this story.
