Greece's Navios Accept Delivery of New Product Tanker

Press Release
Wednesday, August 01, 2012

Navios Maritime Acquisition Corporation announce delivery of 'Nave Atria' from a South Korean shipyard.

The 50,000 dwt MR2 product tanker Nave Atria has been chartered out to a high quality counterparty for three years at a rate of $13,331 net per day plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional two years at a rate of $14,566 net per day for the first optional year and a rate of $15,553 net per day for the second optional year.

The vessel is expected to generate approximately $2.5 million of annual EBITDA and approximately $7.5 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year.

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 is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

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