first_imgzoom Greek owner and operator of drybulk and container vessels Navios Maritime Partners suffered a net loss of USD 5.7 million in the first quarter of this year, compared to a profit of USD 0.2 million posted in the same period of 2016.Revenue for the quarter dropped to USD 42.4 million from USD 45.6 million seen in 1Q 2016.Additionally, EBITDA for the quarter stood at USD 22.7 million, down from USD 28 million reported in the three-month period ended March 31, 2016.“We are pleased with these results as we are coming off the worst year in history for the dry bulk market – with the BDI reaching a historical low in the first quarter of 2016 and the container sector suffering its own set of challenges,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, commented.“Through balance sheet discipline and rigorous cost management, Navios Partners has weathered the storm. And, by innovative transactions, Navios Partners is positioned to thrive in a recoveringmarket,” Frangou added.On March 14, Navios Partners completed the issuance of a new USD 405 million Term Loan B facility. The facility bears an interest rate of LIBOR plus 500 basis points (bps) and has a three and a half year term with 5% amortization profile. Navios Partners used the net proceeds of the Term Loan B facility to refinance the existing Term Loan B and to pay fees and expenses related to the term loans.Also in March, Navios Partners inked an agreement to refinance USD 32 million of its existing credit facility with DVB Bank. Based on the refinanced terms, the credit facility will mature in August 2020 and will bear interest at a rate of LIBOR plus 310 bps.During the quarter, Navios Partners acquired five dry bulk vessels – three Capesize and two Panamax bulkers – for USD 113.9 million. In addition, the company completed the sale of Navios Apollon, a 2000-built Ultra-Handymax.“During the first quarter of 2017, we refinanced debt, so that Navios Partners has no debt maturing for over three years. Navios Partners also raised USD 100 million in equity and has acquired five drybulk vessels which are expected to provide reasonable levered returns,” Frangou further said.In April, Navios Partners agreed to buy the entire container fleet of Rickmers Maritime Trust. The acquisition of the first five 4,250 TEU boxships is expected this month, according to the company.In May, Navios Partners formed Navios Containers, a Marshall Islands company, which agreed with investors to sell around USD 15 million of its shares for aggregate gross proceeds of about USD 75 million. As disclosed, Navios Containers intends to use the proceeds for purchase of Rickmers’ vessels as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close on or about June 1, 2017.Navios Partners will invest USD 30 million and receive 40% of the equity, while Navios Maritime Holdings will invest USD 5 million and receive 6.67% of the equity of Navios Containers. Each of Navios Partners and Navios Holdings will also receive warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively.According to Frangou, Navios Partners is expected to “benefit from any recovery in the container sector through its 40% equity in Navios Containers.”last_img read more

first_img State Rep. Jack O’Malley, of Lake Ann, will meet with area residents during scheduled office hours later this month.“I want to make sure residents in all four of the counties in my district have their voices heard,” O’Malley said. “I encourage everyone to attend and share the issues that matter most to you!”This month, Rep. O’Malley will be splitting the office hours between himself and his legislative director, John Wells.Rep. O’Malley will be available on Friday, March 22 at the following times and locations:10 to 11 a.m. at the Leelanau County Government Center, 8527 E Government Center Drive in Suttons Bay; and12 to 1 p.m. at the Benzonia Township Offices, 1020 Michigan Ave. in Benzonia.John Wells will be available that same day at the following times and locations:10 to 11 a.m. at Manistee City Hall, 70 Maple St. in Manistee; and12 to 1 p.m. at Ludington City Hall, 400 S Harrison St. in Ludington.No appointments are necessary. Those who are unable to attend at the scheduled times but would like an opportunity to talk with Rep. O’Malley may call his office at (517) 373-0825 or email him at [email protected]### 13Mar O’Malley announces March in-district office hours Categories: O’Malley Newslast_img read more