Greece: Navios Acquisition Takes Delivery of New MR2 Product Tanker Vessel

Navios Maritime Acquisition Corporation (“Navios Acquisition”), an owner and operator of tanker vessels, announced that the Nave Atria, a new building MR2 product tanker vessel of 50,000 dwt, was delivered yesterday from a South Korean shipyard.

Nave Atria has been chartered out to a high quality counterparty for three years at a rate of $13,331 net per day plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional two years at a rate of $14,566 net per day for the first optional year and a rate of $15,553 net per day for the second optional year.

The vessel will generate approximately $2.5 million of annual EBITDA and approximately $7.5 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year.

Fleet Update

Navios Acquisition has chartered-out 24 vessels of its 29 vessel fleet. The five vessels not yet chartered out will be delivered in 2013 and 2014.

Navios Acquisition has contracted 98.7% and 75.7% of its available days on a charter-out basis for 2012 and 2013, respectively.

The average charter-out period of Navios Acquisition’s fleet is 3.0 years.

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Source: Navios Acquisition, August 1, 2012