First Ship from Panamax Quartet Joins Navios Containers

Hanseatic Lloyd Monaco-based container shipping company Navios Maritime Containers has taken delivery of APL Denver, the first of four 2008-built Panamax boxships it agreed to buy. As informed, the remaining three vessels are expected to be delivered by mid-December. APL Denver was previously owned by Germany-based Hanseatic Lloyd KG, VesselsValues data shows. Apart from APL Denver, Hanseatic Lloyds fleet is comprised of three more identical vessels. Navios Containers agreed to acquire the four 4,730 TEU containerships for a total purchase price of USD 96.8 million. These vessels are employed on charters with a net daily charter rate of USD 27,156. The charters expire in 2020 and are expected to generate approximately USD 70 million of EBITDA, assuming expenses approximating current operating costs and 360 revenue days per year, Navios Containers said. Following the completion of this acquisition, Navios Containers will control a fleet of 20 vessels, totaling 84,520 TEU with a current average fleet age of 9.8 years. Navios Containers ended its first full quarter of operation with a net income of USD 84,000 as it continued with fleet expansion efforts. Since its inception on April 28 this year to September 30, 2017, the company recorded a net income of USD 965,000, while its revenue for the period stood at USD 17.8 million.