Navios Maritime Acquisition Corporation News

Tanker operator Navios Maritime Acquisition Corporation has announced the delivery of the Baghdad, a new building VLCC of 313,433 dwt.Navios Maritime Acquisition said that the VLCC was delivered on October 28, 2020, from a Japanese shipyard. According to VesselsValue, the VLCC was built by Japan's Imabari Shipbuilding."The Baghdad has been chartered out to a high-quality counterparty for a ten-year period at a bareboat rate of $27,816 (net) per day. The charter party has an option for an additional five-year period at a bareboat rate of $29,751 (net) per day," the Greek shipowner Navios Maritime Acquisition Corporation said in a statement.It did not say who the client was, however, images of the vessel found online show AISSOT written on the hull of the VLCC.

Navios Maritime Acquisition Corporation (NMAC), a Greece owner and operator of tanker vessels, announced the agreement to acquire five product tankers in liquidation of Navios Europe I Inc.On November 22, 2019, an agreement was reached to liquidate Navios Europe I. As of September 30, 2019, Navios Acquisition had a receivable of $32.3 million from Navios Europe I. This receivable along with debt financing will be used to finance the Acquisition. The agreement is subject to definitive documentation which is expected to be completed by the end of 2019.The five product tankers owned by Navios Europe I that are included in the Acquisition are Perseus N…

Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.The owner and operator of tanker vessels said that out of 41 vessels, 13 are very large crude carriers (VLCCs) (including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021), 26 are product tankers, two are chemical tankers.Navios Acquisition sold the Nave Electron, a 2002-built VLCC vessel of 305,178 dwt to an unaffiliated third party for a sale price of $25.3 million on October 8…

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced the repayment of its Term Loan B on October 18, 2019.The tanker shipping company said that the outstanding balance of the Term Loan B was USD 196.8 million at June 30, 2019 and was repayable in June 2020.Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “We are pleased with the repayment of the Term Loan B as we devoted a great deal of effort to achieving this result. Through a combination of sale-and-leaseback transactions, commercial bank debt and cash, we extended the maturities of our debt through 2027, reduced our cost of capital and strengthened our balance sheet.”The outstanding balance of the Term Loan B at June 30…

Greek tanker vessel operator Navios Maritime Acquisition Corporation has entered into an agreement to sell the Nave Electron, a 2002-built  very large crude carriers (VLCC) vessel of 305,178 dwt to an unaffiliated third party for a sale price of $25.3 million.The Pireas-headquartered said that the vessel is expected to be delivered to its new owners in September 2019.As of August 20, 2019, Navios Acquisition’s fleet consisted of a total of 41 vessels, of which 13 are VLCCs (excluding the Nave Electron which has been agreed to be sold and including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021…

Navios Maritime Containers L.P. (NASDAQ: NMCI) appointed Erifili Tsironi as Chief Financial Officer of Navios Containers. Tsironi previously served as Co-Chief Financial Officer of Navios Maritime Acquisition Corporation since December of 2018 and as Chief Financial Officer of Navios Maritime Midstream Partners L.P. from its inception in 2014 until December 2018.She has more than 17 years of experience in banking focusing on ship finance. Before joining Navios Maritime Midstream Partners L.P., she was Global Dry Bulk Sector Coordinator and Senior Vice President at DVB Bank SE. Mrs.

Navios Maritime Acquisition Corporation said that it has  exercised its option for a third VLCC newbuilding under a bareboat operating lease with an expected delivery in the third quarter of 2021.Navios Acquisition has agreed to the main terms of a 12-year bareboat charter-in agreement with de-escalating purchase options for one newbuild Japanese VLCC.The bareboat charter-in agreement reflects an implied price of approximately $84.5 million and an annual effective interest of approximately 6% fixed for the duration of the agreement.On March 25, 2019, Navios Acquisition sold the C. Dream, a 2000-built VLCC vessel of 298,570 dwt to an unaffiliated third party for a sale price of $21.8 million.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers. The proceeds have been used to refinance $82.4 million of bank debt.The Transaction provides for 28 quarterly payments of $2.3 million each plus interest at LIBOR plus 350 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of seventh year for $39.7 million. Navios Acquisition has no further maturities on its credit facilities for the next 14 months.

Navios Maritime Acquisition Corporation, an international shipping company, said that it  has sold the oldest vessel of its fleet, the C. Dream.According to a press release from the US-listed, Greece-based company, the 299,000-dwt very large crude carrier (VLCC) C. Dream (built 2000) is sold for $21.75m.The 323,967 cbm vessel, with a length of 332 meters and a width of 60 meters, was built in Hitachi shipyard in Japan.Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. Its fleet includes approximately 38 double-hulled tanker vessels, aggregating approximately four million deadweight tons (dwt).

Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer, stated “We are pleased to close this important transaction, which provides Navios Acquisition with a number of benefits, including a simplified corporate structure, larger asset base and enhanced credit profile.

Navios Maritime Midstream Partners, an owner and operator of tanker vessels, announced today that its board of directors has received a proposal from Navios Maritime Acquisition Corporation pursuant to which Navios Acquisition would acquire the publicly held shares of Navios Midstream not already owned by Navios Acquisition in a stock for units exchange. Subject to negotiation and execution of a definitive agreement, Navios Acquisition is proposing consideration of 6.292 Navios Acquisition shares for each outstanding publicly held unit of Navios Midstream as part of a transaction that would be structured as a merger of Navios Midstream with Navios Acquisition.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has submitted a proposal to the board of directors of Navios Maritime Midstream Partners to acquire the publicly held units of Navios Midstream not already owned by Navios Acquisition in a stock for units exchange. Subject to negotiation and execution of a definitive agreement, Navios Acquisition is proposing consideration of 6.292 Navios Acquisition shares for each outstanding publicly held unit of Navios Midstream as part of a transaction that would be structured as a merger of Navios Midstream with Navios Acquisition. The proposed consideration represents a value of $3.838 per common unit of Navios Midstream based on the closing price of Navios Acquisition’s shares as of June 28, 2018.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $71.5 million sale and leaseback agreement  for four MR2 product tankers. The proceeds have been used to extinguish $69.25 million of indebtedness. The Agreement provides for 24 quarterly payments of $1.5 million each plus interest at LIBOR plus 305 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of sixth year for $35.8 million. Angeliki Frangou, Chairman and CEO of Navios Acquisition, said, “We are pleased to have concluded a sale and leaseback agreement for four product tankers with a leading Chinese institution. Navios Acquisition has no further maturities on its credit facilities for the next 14 months.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has agreed to sell the Nave Galactic, a 2009-built VLCC of 297,168 dwt to Navios Maritime Midstream Partners for $44.5 million. Navios Acquisition also agreed to extend the charter rate backstop of the Shinyo Kannika to the Nave Galactic. Navios Acquisition intends to use the proceeds from the sale of the vessel for repayment of indebtedness, reinvestment in vessels and general working capital purposes. As a result of this transaction, the Nave Galactic will be substituted by the Nave Equinox and the Nave Pyxis MR2 product tankers as collateral under the 8 1/8% Secured Bond due 2021.

Maritime Midstream Partners LP (NAP), an owner and operator of tanker vessels, has reported fourth-quarter earnings of $6 million. On a per-share basis, the company has a net income of 28 cents. The operator of contracted crude oil tankers posted revenue of $22.8 million in the period. For the year, the company reported profit of $24.9 million, or $1.19 per share. Revenue was reported as $91.8 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report results for the full year and fourth quarter of 2016. For the full year, we reported $24.9 million of net income and $66.2 million of EBITDA. For the fourth quarter, we recorded $6.0 million of net income and $16.4 million of EBITDA.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today the closing of the previously announced sale of the Nave Constellation, a 2013-built Chemical Tanker of 45,281 dwt.   The vessel was sold for $36.4 million (net of commissions), of which $16.4 million was used for repayment of indebtedness. The vessel was acquired in 2013 for $33.6 million.

Navios Maritime Acquisition Corporation, announced today that it has agreed to provide a $70 million secured loan facility maturing in November 2018 to Navios Maritime Holdings Inc. The Loan Facility bears interest of 8.75%, compounded semi-annually and is secured by (1) all of Navios Holdings’ interest in Navios Acquisition, composed of 65,301,220 shares of common stock and 1,000 preferred shares (convertible into 7,676,000 shares of common stock) and (2) 78.5% of Navios Holdings’ interest in Navios South American Logistics, Inc. (Navios Logistics) composed of 10,021 shares representing a majority of the shares outstanding of Navios Logistics. Interest will accrue and be payable upon the maturity of the loan. A 1% fee was payable on the closing.

Navios Maritime Acquisition Corporation, announced today the employment of three product tankers at charter rates that are, on average, 14 percent higher than their previous charter rates. The Nave Equator, an MR2 product tanker, has been chartered to a high-quality counterparty for 18 months at $17,000 (net) per day. The vessel is expected to generate approximately $5.5 million of aggregate EBITDA for the 18-month charter period, assuming operating expenses approximating current operating costs and 360 revenue days per year. The Nave Titan and the Nave Orion, both MR2 product tankers, have had their charters extended for one year, following the charterers’ options being exercised.

Navios Maritime Acquisition Corporation has agreed to sell two chemical tankers to an unaffiliated third party for a sale price of $74.6 million, resulting in an expected book gain of approximately $11.7 million, the company announced today. The two 2013-built Marshall Islands-flagged vessels, the 45,281 dwt Nave Constellation and the 45,513 dwt Nave Universe, were acquired in 2013 for a total purchase price of $67.2 million. While owned by NNA, the two 183-meter-long vessels are expected to have generated a total EBITDA of $22.3 million. Closing of the transaction is expected in the third quarter of 2016, following the completion of vessels’ chartering commitments.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that it has agreed to sell the C. Dream, a 2000-built VLCC of 298,570 dwt, and the Nave Celeste, a 2003-built VLCC of 298,717 dwt, to Navios Maritime Midstream Partners L.P. for a total consideration of $100 million, payable in the form of $73 million in cash and $27 million in a new class of subordinated units. Τhe new class of subordinated units, with respect to liquidation, will be senior to the existing subordinated units and junior to the common units. The new class of subordinated units will be subordinated for three years from the date of issuance and automatically convert to common units at such time.

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase of up to two very large crude carriers. Apart from financing the purchase of up to two VLCCs from Navios Maritime Acquisition Corporation, NAP plans to use the remainder of the loan to refinance existing term indebtedness and to pay related fees and expenses. $123.4 million of the $205.0 million Term Loan B is expected to be used to repay the Company’s existing credit facility, $73.0 million is expected to be used to fund the acquisition of C. Dream and Nave Celeste from Navios Maritime Acquisition…

Tanker vessel owner and operator Navios Maritime Acquisition Corporation announced the delivery and employment of one VLCC and one MR2 product tanker and the employment of one VLCC and two product tankers. The Nave Synergy, a 2010 Japanese-built VLCC of 299,973 dwt, was delivered to Navios Acquisition's owned fleet in December 2014. The vessel has been chartered out to a high quality counterparty for one year at a rate of $34,125 net per day. The vessel is expected to generate approximately $8.6 million of aggregate EBITDA during this charter…

Highlights of Navios Maritime Holdings Inc. IPO of Navios Maritime Midstream Partners L.P. Navios Maritime Holdings Inc. a global vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year. As a result, we have announced a dividend of 6 cents for Q3 2014 representing a yield of about 4.2%. On September 17, 2014…