Navios bags $62m

Angeliki Frangou's Navios Maritime Partners has raised gross proceeds of $62.4m in its latest equity offering, the bulker owner said Monday.

Navios CEO Angeliki Frangou

Underwriters exercised all options for an additional 525,000 shares, bringing the total number of shares sold to nearly 4.03 million.

The New York-listed spin-off of Navios Maritime Holdings sold the shares at $15.51 each.

As TradeWinds has reported, Piraeus-based Navios Partners says it plans to use its newly raised cash to fund further expansion of its fleet of 10 owned vessels.

Deutsche Bank analyst Justin Yagerman has said that he expects the company to take advantage of an option to buy one of Navios Holdings' vessels.

Navios Partners has purchase options for its two chartered-in bulkers, the 82,500-dwt Navios Prosperity (built 2007) and the 76,500-dwt Navios Aldebaran (built 2008).

The company's shares have gained 4.3% so far Monday, reaching $15.12 in early-afternoon trading.

By Eric Martin in Stamford

Published: 18:22 GMT, 08 Feb 10 | updated: 18:22 GMT, 08 Feb 10

Navios Maritime Ptn

	Last	+/- %	+/-	High
USD	16.83	0.72%	0.12	16.84

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