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On March 24, 2021, Navios Maritime Containers L.P. (NASDAQ: NMCI) announced that its common unit holders approved a merger with Navios Maritime Partners L.P. (Navios Partners). The merger aims to consolidate Navios Containers as a wholly-owned subsidiary of Navios Partners, effective March 31, 2021. Public unitholders will receive 0.39 common units of Navios Partners for each Navios Containers unit, translating to $9.65 per unit— a 346.9% premium from prices before acquisition proposals. Post-merger, Navios Containers will no longer trade publicly.
Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Containers L.P. (NASDAQ: NMCI) have entered into a merger agreement. Under this Transaction, public unitholders of Navios Containers will receive 0.39 common units of Navios Partners for each unit held, valuing them at $4.37 per common unit, which represents a 102.2% premium to the closing price before the acquisition announcement. The merger aims to simplify capital structure, reduce costs, enhance credit profiles, and provide Navios Containers' unitholders continued participation in the combined entity. The deal is subject to majority approval and is projected to close in H1 2021.
Navios Maritime Containers (NASDAQ: NMCI) announced a proposal from Navios Maritime Partners (NYSE: NMM) to acquire all outstanding common units of Navios Containers not owned by Navios Partners. The proposed merger offers an exchange of 0.37 common units of Navios Partners for each common unit of Navios Containers, valuing Navios Containers at $2.48 per unit. The transaction awaits the execution of a definitive agreement and necessary approvals. There is no guarantee of completion or approvals, highlighting inherent uncertainties in the proposal.
Navios Maritime Containers (NASDAQ: NMCI) reported financial results for Q3 and nine months ended September 30, 2020. Revenue was $26.4 million for Q3 and $95.4 million for 9M 2020, down from $37.0 million and $102.5 million in the respective periods of 2019. The net loss for Q3 2020 was $1.1 million compared to net income of $4.1 million in Q3 2019. EBITDA decreased to $5.8 million in Q3 from $16.6 million in Q3 2019. The company continues to maintain a strong chartering strategy, with 90.6% of available days chartered for the remaining months of 2020.
Navios Maritime Containers L.P. will host a conference call on November 3, 2020 at 8:30 am ET to discuss third-quarter earnings results for 2020. The earnings report will be released prior to the call. A supplemental slide presentation will be available on the company’s website by 8:00 am ET on the same day. The call can be accessed via US and International dial-in numbers, and a replay will be available for one week post-call. This event aims to provide insights into the company's financial performance for the nine months ended September 30, 2020.
Navios Maritime Containers L.P. (NASDAQ: NMCI) announced its compliance with Nasdaq's Listing Rules on October 15, 2020, confirming that its stock price has returned above the minimum required closing price of $1.00 per share. This marks a significant improvement for the company, as maintaining compliance is crucial for its continued trading on Nasdaq.
Navios Maritime Containers focuses on the container sector of the maritime industry and aims at growth through strategic acquisitions and operational efficiencies.
Navios Maritime Containers L.P. (NASDAQ: NMCI) has authorized a unit repurchase program for up to $6.0 million of its common units over a one-year period. The buyback will occur through open market transactions at prevailing prices or through private negotiations, determined by management based on market conditions. The program is flexible, with no minimum repurchase obligations and can be suspended or reinstated at any time. This initiative aims to enhance shareholder value by potentially increasing earnings per unit and signaling confidence in future growth.
Navios Maritime Containers L.P. (NASDAQ: NMCI) reported financial results for Q2 and H1 2020. Revenue reached $28.8 million in Q2 and $69.1 million for H1, marking a decrease from $33.7 million and $65.5 million in the same periods of 2019, respectively. The company reported a net loss of $2.1 million for Q2 2020, contrasting with a net income of $448,000 in Q2 2019. However, EBITDA for H1 increased slightly to $24.9 million. Charter extensions for two vessels are expected to provide an additional $22 million in EBITDA by 2026.
Navios Maritime Containers (NASDAQ: NMCI) reported Q1 2020 financial results, achieving $40.3 million in revenue and $5.0 million in net income, reflecting a significant growth from $31.8 million revenue in Q1 2019. The company also recorded $17.8 million in EBITDA, boosted by increased available days. Despite the positive results, the pandemic impacts on global trade remain uncertain. Recently, NMCI completed a $119.1 million sale and leaseback transaction, leading to no significant debt maturities until 2023.
