Navios Maritime Partners to spend $241 million on LNG-powered containership duo

Navios Maritime Partners, led by Angeliki Frangou, said it would spend $241.2 million on two LNG-fueled containerships that it has chartered for 12 years.

The New York-listed firm said in a statement on Wednesday that it expects to take delivery of the vessels with a capacity of 7,700 units in the fourth quarter of 2024.

In addition, Navios Partners has a two-month option for two additional LNG dual-fuel containerships at the same terms, delivering in the second quarter of 2025, it said.

The company did not reveal the name of the shipbuilder, or the charterer of the ships.

Two shipbuilding sources said that the charterer could be South Korea’s HMM.

Navios Partners chartered the vessels for 12 years, at an average net rate of $42,288 per day.

The charter agreement provides for de-escalating payments. This includes rate of $57,213 net per day in the first three years and a rate of $24,875 net per day in the last two years, according to the firm.

Also, the charterer has an option to extend the charter for an additional two years at a net rate of $24,875 per day.

In connection with this transaction, the charterer also agreed to amend existing charters on two 6,800-teu containerships currently expiring in the fourth quarter of 2023, Navios Partners said.

Under the amended terms, the charter period will be extended for seven months at $43,944 net per day.

However, if Navios Partners exercises its existing option to extend the charter term for five years, at a net rate of $21,083 per day, the charter period would also be extended for eight- and one-half months at $30,119 net per day, it said.

Two LNG-powered containerships for HJSC

South Korea’s HJ Shipbuilding & Construction (HJSC) said in a separate statement it had won an order for LNG-powered containerships from an unnamed European owner.

This order is almost identical to the one Navios Partners revealed.

HJSC said it would build two 7,700-teu LNG-dual fuel containerships for about $240 million and deliver them in late 2024.

The shipbuilder also said that the deal includes an option for two additional vessels.

Earlier this year, HJSC has secured a basic design approval from LR for a 7,700-teu LNG dual-fuel containership.

The LNG-fueled container vessel has a length of 272 meters and a cruise speed of 22 knots.

According to HJSC, the vessel’s LNG tank will have a capacity of 6,000 cbm and features GTT’s Mark III membrane system.

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