Navios Sells VLCC, Charters out Tanker Newbuild

Posted by Eric Haun
Thursday, May 08, 2014

Navios Maritime Acquisition Corporation Announces Delivery of One MR2 Product Tanker With Employment and Sale of One VLCC

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Jupiter, a new building MR2 product tanker of 49,999 dwt, was delivered today from a South Korean shipyard.

The Nave Jupiter has been chartered-out for two years to a counterparty at a base rate of $14,319 per day (net) plus 50% profit sharing. The charterer has been granted an option for an additional year at a base rate of $15,306 (net) per day plus 50% profit sharing.

The Nave Jupiter is expected to generate an annual base EBITDA of $2.8 million and an aggregate base EBITDA of $5.7 million, assuming operating expense approximating current operating costs and 360 revenue days per year.

Navios Acquisition also announced that the Shinyo Splendor, a 306,474 dwt VLCC built in 1993, was sold for a net sale price of $19.2 million.

Following the delivery and sale, Navios Acquisition has 36 vessels in the water as follows: 23 product tankers, four chemical tankers and nine VLCCs.

Navios Acquisition has contracted 90.2% and 46.2% of its available days on a charter-out basis for 2014 and 2015, respectively.

The average charter-out period of Navios Acquisition's fleet is 1.9 years.
 

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