Greece: Navios Acquires 2003-Built VLCC

  • Business & Finance

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has acquired a 2003-built VLCC of 298,287 dwt.

Navios Acquires 2003-Built VLCC

The VLCC was purchased for $43.5 million and it will be delivered in Q2 2014.

Navios Acquisition is expected to finance the acquisition with cash on its balance sheet and financing consistent with its existing credit arrangements.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, “Navios Acquisition is a premier tanker company having expanded its fleet at attractive points in the cycle. Today, our fleet of 11 VLCCs makes Navios Acquisition one of the leading public owners of VLCCs.”

Following the acquisition of the VLCC Navios Acquisition owns 44 vessels: 11 VLCCs, 29 product tankers and 4 chemical tankers.

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Navios, April 10, 2014

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