Navios Maritime Holdings Inc. Announces Fleet Updatetitle
- Company Contracts for Three New Charter-In Vessels -
- Takes Delivery of New Vessel, the Navios Titan -
- Exercises Purchase Options -
PIRAEUS, Greece, Nov. 17 /PRNewswire-FirstCall/ -- Navios Maritime
Holdings Inc ("Navios") (Nasdaq: BULK, BULKU, BULKW), one of the leading
global brands in seaborne dry bulk shipping, announced today that it has
entered into contracts for three long term charter-in vessels, of which 2 are
Panamaxes and 1 is a Handymax. The vessels, all to be built at Japanese
shipyards, are scheduled for delivery in 2007 and 2008.
"The contracts announced today further illustrate our multiple approaches
to generating revenue," said Ms. Angeliki Frangou, Chairman and CEO of Navios.
"These long-term charters will complement our existing chartered-in fleet and
add to the diversity of our operation, which includes wholly-owned vessels and
our Uruguay port facility. We expect that these vessels will generate
significant revenue for our Company and provide enhanced value to
shareholders."
The charter-in vessels to be added to the fleet are reflected in the table
below:
Expected Purchase
Vessel Type DWT Delivery Charter Option
Panamax 82,000 Q4 2007 7 years + option 2 years Yes
Panamax 76,500 Mid 2008 7 years + option 2 years Yes
Ultra-Handymax 55,100 Summer 2008 7 years + option 2 years No
New Vessel Delivery
Navios announced the delivery of a new vessel to its long-term chartered-
in fleet, the Navios Titan. The Titan is an 82,800 dwt Panamax built in 2005
at the Tsuneishi Shipyard in Japan. The Titan has been chartered by Navios for
five-years with an option for three additional years. The Titan has been
chartered out on a multi-year contract at a favorable rate.
Chartered-In Fleet Update
Including the Navios Titan, Navios currently controls 17 vessels under
long-term charters. Nine of these vessels have unexercised purchase options.
Of the 17 chartered-in vessels, 9 are currently in operation and 8 are
scheduled for delivery at various times over the next three years. The vessels
are chartered in at rates well below the spot market, and the average age of
the current fleet is under 3.5 years of age.
Exercise of Purchase Options
Navios also announced that it had exercised purchase options on the
following six vessels within the last three months:
Vessel Name DWT Year Built Vessel Type
Navios Meridian 50,316 2002 Ultra-Handymax
Navios Mercator 53,400 2002 Ultra-Handymax
Navios Magellan 74,333 2000 Panamax
Navios Galaxy 74,195 2001 Panamax
Navios Arc 53,514 2003 Ultra-Handymax
Navios Horizon 50,346 2001 Ultra-Handymax
The option on the Navios Horizon was exercised on November 15, 2005. At
this time, Navios has executed all currently exercisable purchase options on
its chartered-in fleet. Navios expects that by exercising these six purchase
options, it will recognize a positive annual EBITDA contribution of
approximately $12 million. Upon delivery, Navios will have 12 owned vessels in
its fleet. Navios expects to take delivery of the first of these options, the
Navios Meridian, during the week of November 28, 2005.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings, Inc. is one of the leading global brands in
seaborne dry bulk shipping and is a trusted partner for industrial end users,
shipowners, financial business partners, agents and brokers. As a public
company, Navios is committed to providing best-in-class service to both
customers and business partners. Navios maintains offices in South Norwalk,
Connecticut; Piraeus, Greece, and Montevideo, Uruguay. Navioss stock is
listed on the NASDAQs National Market System where its Common Shares, Units,
and Warrants trade under the symbols "BULK", "BULKU" and "BULKW" respectively.
Risks and uncertainties are described in reports filed by Navios Maritime
Holdings Inc. with the United States Securities and Exchange Commission.
Safe Harbor
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 about Navios
Maritime Holdings Inc. (Navios). Forward looking statements are statements
that are not historical facts. Such forward-looking statements, based upon the
current beliefs and expectations of Navioss management, are subject to risks
and uncertainties, which could cause actual results to differ from the forward
looking statements. The information set forth herein should be read in light
of such risks. Navios does not assume any obligation to update the information
contained in this press release.
Public & Investor Relations Contact:
Navios Maritime Holdings Inc.
Investor Relations
212-279-8820
investors@navios.com
