Greece: ‘Nave Orion’ Arrives from South Korean Shipyard

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced yesterday that the Nave Orion, a new building MR2 product tanker vessel of 49,999 dwt, was delivered on March 22, 2013 from a South Korean shipyard.

Nave Orion 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. The charterer has been granted an option for an additional year at a rate of $14,813 net per day plus 50% profit sharing.

The vessel is expected to generate approximately $2.5 million of annual base EBITDA and approximately $7.4 million of aggregate base EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year.

Fleet Update

Navios Acquisition has contracted 91.1% and 56.4% 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.

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Navios Maritime, March 26, 2013