Navios Maritime Partners, the US-listed shipping giant controlled by Angeliki Frangou, has likely obtained about $110m in contracted revenue through a multi-year chartering deal extension with oil major Saudi Aramco.
The two firms have agreed a three-year chartering deal for an MR2 quartet owned by the Greek company at a daily rate of $25,000, London brokers said.
The four ships in question are the 50,000-dwt Nave Capella, Nave Orion and Nave Titan (all built 2013), as well as the one-year younger Nave Pyxis (built 2014).
Managers at Navios Partners did not respond to a request for comment. The company has a policy to not comment on commercial matters outside public stock exchange filings.
According to Navios Partners’ latest annual report, the Nave Orion and the Nave Capella have been earning $22,138 per day on charters that likely began in the second half of 2022 and expire in December 2024 and January 2025, respectively.
The Nave Pyxis and Nave Titan have been employed for similar periods at a higher rate of $25,900 per day.
The ships are already on hire to Saudi Aramco, according to vessel trackers and shipping data banks that show all four ships trading on behalf of the Saudi oil giant, shuttling between ports and refineries in the Red Sea and the Middle East Gulf.
Navios counts Saudi Aramco among its established chartering partners, alongside Chevron, Zim, Unifeeder, the Cosco Shipping Group, VS Tankers, NYK Line and K Line.
The new deal with Saudi Aramco is probably not the only big chartering agreement concluded by Navios recently.
According to Clarksons, Trafigura has fixed the scrubber-fitted, 297,200-dwt VLCC Nave Galactic (built 2009) for between 23 and 28 months at $45,000 per day.
Spokespersons at Trafigura declined to comment.
If the information is accurate, the VLCC charter will boost Navios’ contracted revenue further, by between $31m and $38m.
Big chartering deals are standard business for Navios — a company owning and operating about 150 bulkers, tankers and container ships.
In its latest earnings release in August, the company announced clinching $561m worth of fresh chartering agreements in the second quarter for eight LR2 product tankers and 7,900-teu newbuildings it has under construction, as well as for six 4,250-teu container ships already on the water.
