Navios Sells 2002-Built VLCC

Maritime Activity Reports, Inc.

August 22, 2019

Image: Navios Maritime Acquisition Corporation

Image: Navios Maritime Acquisition Corporation

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, respectively), 26 are product tankers, two are chemical tankers.

Currently, Navios Acquisition has contracted 83.1% of its available days on a charter-out basis for the second half of 2019, which are expected to generate revenues of approximately $73.6 million.

The average contractual net daily charter-out rate for the 57.7% of available days that are contracted on base rate and/or base rate with profit sharing arrangements is expected to be $17,994.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition said: "Navios Acquisition owns 41 diverse tankers with an average age of 8.1 years. We began renewing our VLCC fleet when values were weak. In 2019, we sold three of our oldest VLCCs and finalized the bareboat charters for three newbuild VLCCs for a 12-year period. These vessels will be delivered in 2020 and 2021. We view these bareboat deals as providing reasonable financing for new vessels, requiring no initial capital outlay."

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