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Newbuildings cost $141.5m

Newbuildings cost $141.5m
Navios Maritime Holdings has pounced for a further pair of capesize newbuildings.

Navios Maritime Holdings has pounced for a further pair of capesize newbuildings.

Dry bulk and logistics company Navios Maritime Holdings has pounced for a further pair of capesize newbuildings, to be paid for with a combination of cash and convertible preferred stock.

The vessels in the agreement, which have a nominal value of $141.5m, are two 180,000-tonne vessels under construction in South Korea for delivery in the second half of 2010.

Navios did not immediately disclose the identity of the previous owner or name the yard.

The deal follows a $325m acquisition two months ago of four capesizes on order at Sungdong Shipbuilding. Three of those ships were originally ordered by fellow Greece based company Alba Maritime but purchased by Navios from Commerzbank.

The latest pair of purchases at least partly seems to follow the model of the first deal, which included issue of convertible stock to the shipyard and reduction in cash terms for three other capes Navios had already on order at Sungdong.

Both ships in the new deal have been pre-chartered for 10 years at a net daily rate of $29,356 and are expected to generate about $8.7m each in annual operating income.

The employment contracts include a profit-sharing element in excess of $38,500 a day and have renewal options for an additional two one-year periods.

"This transaction results from our efforts to capitalize on the opportunity caused by the credit crises,? said Navios chairman and chief executive Angeliki Frangou.

The effective acquisition price for the vessels assuming a $10 conversion price for the stock was $57.8m per vessel, considerably lower than the price of the quartet acquired under the deal in June.

Ms Frangou said the price was ?well below the current charter-free value of the vessels.?

She said: "Using mandatory convertible preferred stock continues to be a competitive advantage as we are able to issue equity significantly above the current market price of our common stock while engaging in transactions that are accretive to our existing shareholders.?

The charters on the new duo will extend the employment coverage of Navios" core fleet to 81.4% for 2010, 63.2% for 2011 and 57.7% for 2012, the company said.


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