Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,999 dwt, was delivered on September 19, 2014 from a South Korean shipyard.

The Nave Luminosity has been chartered out to a high quality counterparty for two years at a rate of $14,319 net per day, plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional year at a rate of $15,306 net per day, plus 50% profit sharing.

The Nave Luminosity is expected to generate approximately $2.8 million of annual base EBITDA (approximately $5.5 million of aggregate base EBITDA for the charter period) assuming operating expense approximating current operating costs and 360 revenue days per year.

Following the delivery of the Nave Luminosity, Navios Acquisition has 39 vessels in the water of which 11 VLCCs, 24 product tankers and four chemical tankers.