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BULK - Navios NM agreements with Navios NMM

13236 fcras 9/6 2009 18:00


Navios Maritime Holdings Inc. Announces Agreements with Navios Maritime Partners L.P. to

-- Sell All of its Rights to the "Navios Sagittarius" for $34.6 million

-- Receive 1.0 Million Subordinated Units for Replacing the Purchase Obligation for the Capesize TBN I with a 12-Month Option

Piraeus, Greece, June 9 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, announced today that it has agreed to sell all of its rights to the Navios Sagittarius, a 2006 Japanese-built Panamax vessel with a capacity of 75,756 dwt to Navios Maritime Partners L.P. ("Navios Partners") for $34.6 million in cash. Navios Holdings has also agreed to grant a 12-month option to Navios Partners to purchase the Capesize TBN I for $125.0 million in place of Navios Partners' prior purchase obligation.

Angeliki Frangou, Chairman and CEO of Navios Holdings commented, "The agreement provides a commercially sensible resolution to Navios Partners' outstanding purchase obligation and demonstrates Navios Holdings' continued support of Navios Partners. Navios Holdings will benefit from continued ownership of the TBN I as the Capesize vessel is chartered-out for 5 years and is expected to generate about $15.3 million of EBITDA annually."


Navios Holdings committed to purchase the Capesize TBN I for $120.0 million in 2007. Navios Holdings has already paid $38.0 million and will finance the $82.0 million balance through a $60.0 million loan and $22.0 million of cash on its balance sheet. The material terms of the loan have been preliminarily agreed with a major commercial bank and are expected to include (1) $60.0 million principal amount, (2) 10-year term, (3) favorable amortization, and (4) covenants in line with Navios Holdings' existing loan agreements.

The TBN I is subject to a 5-year time charter for $47,400 (net) daily rate with a quality counter party. This charter has been insured by an AA+ rated European Union governmental agency and is expected to generate approximately $15.3 million of EBITDA annually.

TBN I: Receipt of 1.0 Million Subordinated Units 12-Month Option Agreement

Navios Holdings has relieved Navios Partners from its obligation to purchase the Capesize TBN I for $130.0 million and, upon delivery of the TBN I to Navios Holdings, will grant Navios Partners a 12-month option to purchase the vessel for $125.0 million. In return, Navios Holdings will receive 1.0 million of subordinated units; these units will not be eligible to receive distributions until the third anniversary of their issuance, at which point they will automatically convert into common units and receive distributions in accordance with all other common units. In addition, Navios Holdings will be released from the Omnibus Agreement restrictions for two years in connection with acquiring vessels from third parties (but not from the required offer to sell to Navios Partners qualifying vessels in Navios Holdings' existing fleet).

Cash Flow: Long Term and Insured

Following the above transactions Navios Holdings continues to have a stable base of revenue and cash flow. Navios Holdings' charter-out contracts have been fully insured by an AA+ rated European Union governmental agency. The table below sets forth the details for 2009 through 2012.

- more here:
Navios NM >
Navios NMM >
Panamax “Navios Galaxy I” 2001 - 74.195 dwt (Navios Maritime Partners L.P.)
20.12.08 - at anchor Hay Point, waiting to load coal. - Photo: © tropic maritime photos, Australia

9/6 2009 18:26 fcras 013239

Panamax “Nirefs” 2001 -75.311 dwt - (Diana Shipping)
10.01.09 - Photo: © Dragec, Rijeka,Croatia

16/6 2009 10:04 fcras 013568

Tuesday, 16 June 2009

Dahlman Rose & Co raised its rating on Navios Maritime Holdings Inc to "buy" from "hold," based on its year-end net asset value for the Greek dry bulk carrier and said it was increasingly confident in a sustained dry bulk market rebound. The brokerage reiterated its "positive" outlook on the drybulk sector and said increased demand for steel would lead to a rise in freight rates.

"Charter rates have been supported this year mainly by strong Chinese steel demand and now there are signs that international steel mills will play a bigger role in the iron ore, coal and freight markets," analyst Omar Nokta wrote in a note to clients.

The analyst said dry bulk carried substantial optionality on an improveing steel market and would benefit from price and production increases this month by steel majors like ArcelorMittal, U.S. Steel Corp, Nippon Steel Corp and others.

Additionally, strong iron ore markets in China were complemented by recent increased spot coal activity into the country, Nokta said.

"We have also noted signs of improving Japanese demand as several Panamax coal cargoes have been booked in recent days due to improved coking coal demand for steel production," Nokta said.

Nokta also raised his price targets on Diana Shipping Inc, Eagle Bulk Shipping Inc. and Genco Shipping and Trading Ltd.

"While most stocks have limited exposure to improving freight rates in the near-term, we believe increasing asset values will put them in stronger standing with their creditors and enhance their loan-to-value position," Nokta said.

Shares of Navios Maritime were trading at $4.61 Monday morning on the New York Stock Exchange.

Source: Reuter

23/6 2009 12:18 fcras 014087


Navios Maritime Holdings Inc. Announces Agreement to Acquire Four New Build Capesize Vessels with Secured Long-Term Employment Generating Approximately $43.33 million of EBITDA Annually

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