Navios bags more

Navios Maritime Partners has pushed up its fourth quarter profit by 25% thanks to the addition of two new ships.

Angeliki Frangou.

The New York-listed outfit pocketed $10.98m in the final three months of 2009, beating the $8.81m posted a year ago.

Angeliki Frangou, CEO of the bulker owner, says she is pleased with the numbers during an uncertain and difficult time.

In a statement Navios Maritime Partners says revenue for the three month period climbed 18.5% to $25.6m.

It explains the rise is largely down to the acquisition of the 52,100-dwt Navios Apollon (built 2000), 75,800-dwt Navios Sagittarius (built 2006).

Full-year profit tipped the scales at $34.32m, beating the $75.08m posted 12 months earlier, as the addition of the above pair and two further ships pushed up revenue.

TradeWinds reported earlier today Navios Maritime Partners has tapped Commerzbank and DVB Bank for an additional $24m to pay for three bulk carriers – including the Navios Apollon which is now in pirate hands

It says the cash comes as an extension to a $295m credit facility secured in November 2007.

Navios Maritime Partners will pay a dividend of $0.41 per unit for the quarter, taking its 2009 distribution to $1.64 per share.

It presently boasts a fleet of 12 ships, including 10 panamax bulkers.

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