Navios Provides Fleet Update; Announces New Charters

press release
Tuesday, July 24, 2012

Navios Maritime Acquisition Corporation Announces Charters for Four LR1 Product Tankers; Fleet Coverage of 98.7% for 2012 and 75.7% for 2013.

 

Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, announced today that it has chartered out four newbuilding LR1 product tankers.

 

The four LR1 vessels -- Nave Cassiopeia, Nave Cetus, Nave Rigel and Nave Atropos -- have been chartered out to a high-quality counterparty for one year at a rate of $11,850 net per day plus 50% profit sharing. Navios Acquisition anticipates that these four vessels together will generate a total base EBITDA of approximately $6.3 million (assuming operating expense approximating current operating costs and 360 revenue days per year). Navios Acquisition expects the vessels will start delivering from Q3 2012. The charterer has been granted an option to extend the contract for another 6 months at the same terms.

 

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "By chartering out our forward deliveries, we continue to secure favorable charter rates with profit sharing. With these charters, we have coverage of 98.7% of our fleet for 2012 and 75.7% in 2013, with the unchartered vessels scheduled for delivery in 2013 and 2014." Angeliki Frangou continued, "As a result of our fleet coverage, our stakeholders can be confident in our outlook, and our shareholders should enjoy a continued dividend, currently returning 8% annually."

 

Fleet Update

 

Navios Acquisition has chartered-out 24 vessels of its 29 vessel fleet. The five vessels not yet chartered out will be delivered in 2013 and 2014. Navios Acquisition has contracted 98.7% and 75.7% of its available days on a charter-out basis for 2012 and 2013, respectively. The average charter-out period of Navios Acquisition's fleet is 3.0 years.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

IBIA Celebrates 23th Annual Dinner

Association appoints new board members and sets priorities for the future   The International Bunker Industry Association (IBIA) has appointed three new members

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Contracts

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Interior Facelift for Queen Mary 2

Cunard’s luxurious flagship, the iconic 2,620 passenger ocean liner Queen Mary 2, will undergo an interior refit at the hands of McCue Marine during a 25-day multimillion-pound

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

Tanker Trends

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

Total Proposes 0.61 ‎€ per Share Dividend

The Board of Directors of Total met on February 10, 2016, and agreed to propose to the Annual Shareholders’ Meeting on May 24, 2016, a 2015 annual dividend of 2.

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1082 sec (9 req/sec)