Navios – ‘Locks’ five-year charters for containerships on a lucrative course

By George George

In the third quarter of this year, Aggeliki Frangou’s Navios Maritime Partners was on a profit trajectory, ensuring, at the same time, advantageous charters in all the sectors in which it operates.

It is recalled that with the recent completed merger transactions, Navios Maritime Partners manages 54 bulk carriers, 45 tankers and 43 containerships.

“Fleet diversification creates resilience in our business model, helping to reduce the volatility of individual industries, while allowing us to leverage the fundamentals of each market. Diversification also creates flexibility in charters, sales and other financial activities,” she said. Angeliki Frangou.

In particular, the company recorded a net profit of $ 162 million in the third quarter of this year, compared to $ 6.9 million in the same period last year. At the same time, revenue rose to $ 227.9 million from $ 64.4 million, while EBITDA rose to $ 177.1 million from $ 29.1 million in the third quarter of 2020.

Navios will distribute a dividend of $ 0.05 per share, which will be paid on November 12.

Charters for all ships

According to Ms. Frangou, the company is taking full advantage of strong markets, “sealing” charters for its fleet. In total, it has secured 78.8% of the available days for the fourth quarter of 2021, 42% of 2022 and 22.5% of 2023.

In containerships, the company closes long-term charters, with 88.1% of the available days in the industry for 2022 already covered. In fact, it finally “locked” long-term charters for ten ships, which are expected to generate revenue of about $ 690 million. These include the six steamers he recently ordered. These ships, which will be delivered in 2023 and 2024, were closed for charters of 60-64 months, for $ 37,050 per day. Total charter revenue in the industry will reach $ 1.6 billion by 2030.

In bulk cargo, the company benefits from the strong spot market, while in tankers, it utilizes the current long-term contracts and looks forward to continuing the recovery course recorded recently.