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 Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Tanker Trends

Pirates Approach Tanker in Bab El Mandeb

The U.S. Navy Maritime Liaison Office in Bahrain (MARLO) has advised that on or about 12:30 UTC on 14 April, the Master of an oil tanker reported being approached by a white-blue skiff in position 12.

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.3563 sec (3 req/sec)