Home Greece Navios Maritime Partners announces acquisition of a 36-Vessel Drybulk Fleet

Navios Maritime Partners announces acquisition of a 36-Vessel Drybulk Fleet

Navios Maritime Partners, an international owner and operator of dry cargo and tanker vessels, agreed to acquire a 36-vessel drybulk fleet for a gross purchase price of $835.0 million, including the assumption of $441.6 million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments (the “Transaction”), from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM).

The 36-vessel drybulk fleet consists of 26 owned vessels and 10 chartered-in vessels (all with purchase options) with a total capacity of 3.9 million dwt and an average age of 9.6 years. Assuming Clarksons’ 1-YR TC rate (as of July 22, 2022) and certain operating cost assumptions(1), the acquired vessels are expected to generate approximately $164.0 million of estimated EBITDA and $81.5 million of estimated free cash in 2023.

This acquisition builds upon Navios Partners’ strength in diversification and provides Navios Partners with:

  • A young, known, en-bloc fleet of 36 vessels at an opportune time in the drybulk market
  • Increased scale – post transaction the drybulk and total fleet will increase by 67% and 24%, respectively. NMM will have the third largest drybulk fleet, and the second largest fleet, of US publicly traded companies (based on number of vessels)
  • Rebalanced segment exposure
  • A migration path to a younger, more carbon efficient fleet supported by opportunistically selling older, less carbon efficient vessels
  • Compelling financial returns (based upon the aforementioned 2023 financial estimates)
    • $835.0 million gross purchase price
    • $393.4 million estimated equity
      • EBITDA multiple: 5.1x (Purchase price/ estimated EBITDA)
      • Unlevered yield: 20% (estimated EBITDA/gross purchase price)
      • Free cash return on equity: 21% (estimated free cash/estimated equity)

Following the completion of the Transaction, Navios Partners will own and operate a fleet comprised of 90 drybulk vessels, 49 containerships and 49 tanker vessels, including 22 newbuilding vessels to be delivered through the first quarter of 2025.


The Transaction was negotiated and unanimously approved by the Conflicts Committee of Navios Partners. The Transaction was also unanimously approved by full board of directors of Navios Partners.

Transaction Closing

The closing of the transaction is subject to customary closing conditions, including consent of the existing mortgage banks.

The first closing involving the transfer of 15 vessels will be completed on or about July 29, 2022, while the second closing involving the remaining 21 vessels will be completed in the third quarter of 2022.


Jefferies LLC and S. Goldman Advisors LLC served as financial advisors to the Conflicts Committee of Navios Partners. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor.

Details of acquired fleet

Vessel Type Dwt Yard Year built
Owned Vessels
Navios Etoile Capesize 179,234 Sungdong S.B. 2010
Navios Happiness Capesize 180,022 Daewoo S.B. 2009
Navios Altamira Capesize 179,165 Sungdong S.B. 2011
Navios Bonheur Capesize 179,259 Sungdong S.B. 2010
Navios Corali Capesize 181,249 Imabari SB 2015
Navios Canary Capesize 180,528 Tsuneishi Zosen 2015
Navios Antares Capesize 169,059 Sungdong S.B. 2010
Navios Stellar Capesize 169,001 Sungdong S.B. 2009
Navios Lumen Capesize 180,661 STX Shipbuilding 2009
Navios Phoenix Capesize 180,242 Imabari SB 2009
Navios Herakles I Kamsarmax 82,036 Nantong COSCO KHI 2019
Navios Uranus Kamsarmax 81,516 Tsuneishi Zosen 2019
Navios Galaxy II Kamsarmax 81,789 Tsuneishi Cebu 2020
Navios Felicity I Kamsarmax 81,946 Nantong COSCO KHI 2020
Navios Magellan II Kamsarmax 82,037 Nantong COSCO KHI 2020
Rainbow N Panamax 79,642 New Century S/Y 2011
N Amalthia Panamax 75,318 Universal S.B. 2006
Navios Taurus Panamax 76,596 Imabari SB 2005
N Bonanza Panamax 76,596 Imabari SB 2006
Jupiter N Post-Panamax 93,062 Taizhou Catic S.B. 2011
Navios Galileo Panamax 76,596 Imabari SB 2006
Navios Sky Kamsarmax 82,056 Sanoyas Shipbuilding 2015
Navios Asteriks Panamax 76,801 Sasebo H.I. 2005
Navios Celestial Ultra Handymax 58,063 Tsuneishi Zhoushan 2009
Navios Ulysses Ultra Handymax 55,728 Oshima S.B. Co. 2007
Navios Vega Ultra Handymax 58,792 Tsuneishi Cebu 2009
Vessel Type Dwt Yard Year built
Chartered-in Fleet with purchase options
Navios Felix Capesize – scrubber fitted 181,221 Imabari SB 2016
Navios Obeliks Capesize – scrubber fitted 181,415 Koyo Dock 2012
Navios Amber Kamsarmax – scrubber fitted 80,994 JMU Tsu. SY 2015
Navios Coral Kamsarmax 84,904 Imabari SB 2016
Navios Citrine Kamsarmax 81,626 Imabari SB 2017
Navios Dolphin Kamsarmax 81,630 Imabari SB 2017
Navios Gemini(2) Kamsarmax 81,704 Tsuneishi Cebu 2018
Navios Horizon I (2) Kamsarmax 81,692 Tsuneishi Cebu 2019
Navios Venus Ultra Handymax 61,339 Iwagi Zosen 2015
Navios Lyra Handysize 34,718 SPP Goseong SY 2012

(1) Operating assumptions include among others: Operating expenses and general and administrative expenses of the acquired fleet in accordance with the existing rates of Navios Partners, charter-in expenses, debt service cost and sale and leaseback payments as per existing agreements of Navios Holdings to be assumed by Navios Partners.

(2) Purchase option in the form of the right of first refusal and profit share on sale of vessel.

Previous articleMinister of Energy, Commerce and Industry of the Republic of Cyprus, Natasa Pilides says there is positive mobility around Cyprus’ Exclusive Economic Zone
Next articleCrude oil futures are slightly up due to mixed factors