Greece's Navios to Buy 5 Product Tankships

Navios Maritime Acquisition Corp. to acquire 5  MR2 Product Tankers wth options for two more.

The company which owns and operates tanker vessels, announce that it agreed to acquire five MR2 product tankers for an aggregate purchase price of approximately $143.8 million.

    •    Two of the vessels are 2007-built MR2 product tankers of about 51,000 dwt each with expected delivery in June 2013. The purchase price for each vessel is approximately $23.2 million.
    •    One of the vessels is a newbuilding MR2 Eco Type product tanker of 50,000 dwt for approximately $34.3 million. The vessel is expected to be delivered in Q3 2013.
    •    Two of the vessels are newbuilding MR2 Eco Type product tankers of 51,200 dwt each, with estimated deliveries in Q3 and Q4 2014, respectively. The purchase price for each vessel is approximately $31.5 million. Navios Acquisition has been granted the option to acquire two additional MR2 Eco Type product tankers.

Navios Acquisition is expected to finance the acquisitions with cash on its balance sheet and 60% bank debt consistent with its existing credit facilities.

Angeliki Frangou, Chairman and CEO, commented, "We have been able to put the net proceeds of our recent equity raising to good work, by acquiring vessels that were available at favorable prices. We anticipate chartering these vessels out shortly and will update investors once we secure charters that we find attractive in the current market."

Following the acquisition of the above vessels, Navios Acquisition has contracted 86.1% and 50.4% of its available days on a charter-out basis for 2013 and 2014, respectively.

The average charter-out period of Navios Acquisition's fleet is 2.8 years.