Navios Maritime Partners of Angeliki is expanding its new shipbuilding program, turning its eyes upon the tanker market.
As the listed company announced in a note to the US Securities and Exchange Commission (SEC), during August, it agreed with a Japanese yard – without naming it – for the construction of two MR2 product tankers.
Each vessel will be chartered (bareboat-in) to the company for 10 years. Navios has the right to acquire the tankers from the end of the fourth year until the end of the charter period. If this option is exercised at the end of the ten-year period, the charter agreements will represent a price of approximately $41.5 million for each vessel and an interest rate of approximately 7%.
The two tankers are expected to be delivered to Navios in the first half of 2027.
The listed company’s fleet consists of a total of 175 ships, of which 81 are bulk carriers, 47 tankers and 47 containerships. The company’s shipbuilding program includes 22 ships, 12 containerships and 10 tankers. The total value of the orderbook is approaching 1.4 billion dollars.
Navios Partners’ revenue climbed to $656.4 million in the first half of 2023, up from $517.2 million in the same period in 2022. Profits rose this year to $211.4 million from $203.8 million.