New York-listed Navios Maritime Partners has moved to expand its dry bulk footprint, lining up two Japanese newbuilding capesizes under long-term bareboat-in arrangements.

The Angeliki Frangou-led owner said in its quarterly earnings report it agreed to take the scrubber-fitted vessels from an unrelated third party on 12-year bareboat contracts. Navios holds purchase options from the end of year four through to the expiry of the charters. The company said that, if exercised at the end of the 12-year period, the deals imply a combined price of about $134.3m and an effective interest rate of roughly 6%.

The capes are due to join the fleet in the second half of 2028 and the first quarter of 2029. Both ships have already been fixed out for about five years at an average floor rate of around $25,000 per day, with 50% profit sharing above the floor linked to the C5TC 182 index plus an average premium of roughly $3,000 per day.

The move adds further forward cover to Navios’ earnings base. Including recently agreed charters, the company reported contracted revenue of $3.8bn through 2037. In the container segment, five ships have been chartered out for an average of 1.8 years, three bulkers have been fixed for an average of 3.6 years at $23,974 per day, assuming the floor rate on the two capesize newbuildings. In tankers, three vessels have been fixed for about two years at $31,944 per day on average.

Alongside the capesize additions, the Greek owner has been reshaping its tanker book, confirming the sale of two VLCCs for $136.5m, with expected close in the second quarter of 2026.

Navios Partners currently owns and operates 67 bulkers, 51 containerships and 53 tankers. The orderbook includes 16 newbuilding tankers scheduled through the first half of 2028, eight newbuilding containerships delivering by the same timeframe and now the two capesize bareboat-ins arriving from 2028 onwards.

Market talk has linked the company to a potential order for four 310,000 dwt VLCCs at Wuhu Shipyard for 2028 delivery, reportedly priced between $118m and $120m per vessel, though Navios has not confirmed the move. If firmed, it would mark Frangou’s first direct VLCC newbuilding play in more than a decade.