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4 new charters for NM
Navios Maritime Holdings Inc. Announces Four New Time Charters
Monday August 18, 8:00 am ET
PIRAEUS, Greece, Aug. 18 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM - News), a global, vertically integrated seaborne shipping and logistics company, announced today that it has secured new time charters for four vessels.
"We continue to capitalize on a strong rate environment in the drybulk sector. We have secured four new time charter contracts for vessels well ahead of their availability. Two of the vessels are newbuildings, with expected delivery in late 2009 and early 2010. The other two vessels have been fixed at an 80% premium to their existing charter rates. These fixtures support our dual goals of increasing cash flow while securing long term visibility through 2010 and 2011," said Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings.
The details for each of the charters are as follows:
Navios TBN Capesize -- Ten-Year Charter
Navios TBN Capesize, a 172,000 dwt new building vessel scheduled to deliver in the fourth quarter of 2009, has been chartered-out for ten years commencing upon delivery. The ten-year, net daily charter-out rate will be $41,325 per day.
Navios TBN Capesize -- Five-Year Charter
Navios TBN Capesize, another 172,000 dwt new building vessel scheduled to deliver in the first quarter of 2010, has been chartered-out for five years commencing upon delivery. The five-year, net daily charter-out rate will be $57,000 per day.
Navios Orion -- Three-Year Charter
The Navios Orion, a 76,602 dwt Panamax vessel built in 2005, has been chartered-out for approximately three and a half years, commencing April 1st 2009 through December, 2012. The three-year, net daily charter-out rate will be $49,400 per day, which compares favorably to the vessel's expiring two-year net daily charter-out rate of $27,312 per day.
Navios Achilles -- Three-Year Charter
The Navios Achilles, a 52,063 dwt Ultra-Handymax vessel built in 2001, has been chartered-out for three years, commencing February 23, 2009. The three-year, net daily charter-out rate will be $38,009 per day, which compares favorably to the vessel's expiring two-year net daily charter-out rate of $21,138 per day.
Time Charter Coverage
As a result of these new charters, Navios Holdings has extended the coverage of its core fleet (excluding vessels acquired through the Kleimar N.V. transaction) to 98.6% for 2008, 68.7% for 2009, 47.1% for 2010 and 32.6% for 2011.
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