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Navios Purchases Four LR2 Tankers for $250 Million

Mike Schuler
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May 4, 2022

Angeliki Frangou’s Navios Maritime Partners (NYSE: NMM) has agreed to purchase four newbuild 115,000 dwt LR2 tankers.

The vessels are being acquired for a purchase price of $58.5 million each, plus $4.2 million in additional features and improvements, making for a total investment of $250.8 million. Navios said the tankers have been designed with the latest technology to optimize efficiency.

Delivery is expected in 2024 and Q1 2025.

The two vessels delivering in 2024 have been chartered-out to an “investment grade charterer” for an average period of 60 months, at a net rate of $25,576 per day. The charterer has an option to extend the charter for a further five one-year options at rates increasing by $1,234 per day each year.

The charter also has the option to charter one or both of the two additional tankers on identical terms. The option can be exercised by mid-October 2022.

Navios Maritime Partners is an international owner and operator of dry cargo ships, tankers and containerships, operating 142 vessels with a carrying capacity of 14.6 million dwt and 215,222 TEU. The LR2 newbuildings will be the first LR2s in its fleet.

LR2-type tankers have coated tanks allowing them to carry both dirty (crude oil HFO) and clean (refined petroleum products like gasoline) cargoes.


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