Navios Maritime Acquires Employed MR2 Product Tankers

Monday, June 20, 2011

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today that it has agreed to acquire two 50,000 dwt MR2 product tankers built in 2009. The vessels are employed under long-term charter-out contracts with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period. Delivery is expected in July 2011.

 
The two vessels will generate approximately $11.2 million annual EBITDA and $34.2 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year. The aggregate purchase price for the two new vessels is approximately $84.8 million, to be paid in cash.
 
New Financing Navios Acquisition is expected to finance the acquisition with cash on its balance sheet plus $55.1 million of debt with a margin of 325 bps and an amortization profile of approximately 11 years. Other terms and conditions are in line with its existing credit facilities.
 
Angeliki Frangou, Chairman and CEO commented, "We continue to see opportunity in the product tanker market. We are pleased to add significant cash flow by acquiring quality vessels at a good price. As a result of this acquisition and the recent delivery of the VLCC Shinyo Kieran, we will have 13 vessels in the water and expect to receive two more LR1 product tankers in the fourth quarter of this year."
 
Fleet Update Navios Acquisition also announced today that the time charter for the Nave Cosmos has been extended at $11,213 net per day with profit sharing through February 2012. In addition, the current charter for the Nave Polaris has been extended for an additional six months at $11,213 net per day with profit sharing through January 2012.
 
Navios Acquisition has contracted 98.0% and 63.3% of its available days on a charter-out basis for 2011 and 2012, respectively.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

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

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1064 sec (9 req/sec)