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Navios Maritime Sets Sights on USD 100 Mn Offering

Navios Maritime Sets Sights on USD 100 Mn Offering
New York-listed owner and operator of container and dry bulk vessels Navios Maritime Partners agreed with investors to sell approximately 47.6 million common units for USD 100 million in a registered direct offering.

The offering, standing at USD 2.10 per common unit, is expected to close on or about March 20, 2017, the company said.

Navios Partners said it would use the net proceeds of the offering for general working capital purposes, including vessel acquisitions.

The company saw red ink as it plunged to a net loss of USD 52.5 million for the year ended December 31, 2016, compared to a net income of USD 41.8 million posted in 2015.

However, Navios Maritime Partners’ CEO Angeliki Frangou said earlier that the company is well positioned to take advantage of a recovery in the dry sector.

According to Frangou, the company’s liquidity is solid as Navios earned USD 151 million from the sale of vessels and securities in 2016, and reduced long-term debt by almost USD 178 million.

 

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