Navios Maritime Partners, a US-listed owner and operator of about 180 vessels in the water or under construction, disclosed on Tuesday the sale of one of its two oldest VLCCs.
According to information in the company’s fourth-quarter results, the 297,200-dwt Nave Spherical (built 2009) was agreed to be sold in January, to unidentified, third-party owners at an undisclosed price.
The Angeliki Frangou-led firm announced the sale while confirming another deal for a supramax bulker that TradeWinds previously reported on — the 76,600-dwt Navios Orbiter (built 2004), which is its oldest bulker.
Both vessels generated aggregate gross sale proceeds of $63.1m, the company said. Their sales are expected to be completed during the first half of 2024.
Assuming broker reports last month that the Navios Orbiter was sold for $9.2m are correct, the Nave Spherical must have fetched $53.9m. This price aligns with expectations for a Chinese-built, scrubber-fitted VLCC.
Frangou, however, told analysts during a conference call following the release of the results that the tanker was sold at a very firm price, especially considering its imminent special survey requirement.
Including the yet-unconfirmed sale of the 82,800-dwt Navios Harmony (built 2006), Frangou has sold 26 bulkers, tankers or container ships since the summer of 2022 — when she formed Navios Partners by incorporating the fleets of former affiliates Navios Holdings, Navios Maritime Containers and Navios Maritime Acquisition.
The company reported a net income of $132.4m in the fourth quarter of 2023, up from $118.3m in the same period of 2022.
“I am pleased with the results for the full year and fourth quarter of 2023,” Frangou said in the statement.
“As usual, we continue to focus on things that we can control, such as reducing leverage, modernising our energy-efficient fleet and taking long-term cover where available,” she added.
Navios Partners has an ongoing $1.6bn investment programme for 16 tanker and 10 boxship newbuildings. It has already lined up employment worth $1.5bn for most of these vessels.
The company announced earlier this month that it maintained its dividend payment steady for a 15th consecutive quarter at $0.05 per share.
Navios Partners’ shares closed trading at $29.85 per share in New York on Monday, which gives the company a market value of $900m. That is far below the $3.73bn net fleet value on the company’s books as of the end of December.
Frangou herself is the single biggest shareholder in the company, but she is rivalled in that position by shipping investor Darren Maupin. According to the latest known data, each of the two businesspeople controls about 16% of the firm.
