Greece: Navios Acquisition Announces Charters for Four LR1 Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today that it has chartered out four newbuilding LR1 product tankers.

The four LR1 vessels — Nave Cassiopeia, Nave Cetus, Nave Rigel and Nave Atropos — have been chartered out to a high-quality counterparty for one year at a rate of $11,850 net per day plus 50% profit sharing. Navios Acquisition anticipates that these four vessels together will generate a total base EBITDA of approximately $6.3 million (assuming operating expense approximating current operating costs and 360 revenue days per year). Navios Acquisition expects the vessels will start delivering from Q3 2012. The charterer has been granted an option to extend the contract for another 6 months at the same terms.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, “By chartering out our forward deliveries, we continue to secure favorable charter rates with profit sharing. With these charters, we have coverage of 98.7% of our fleet for 2012 and 75.7% in 2013, with the unchartered vessels scheduled for delivery in 2013 and 2014.”

Angeliki Frangou continued, “As a result of our fleet coverage, our stakeholders can be confident in our outlook, and our shareholders should enjoy a continued dividend, currently returning 8% annually.”

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Source: Navios Maritime, July 24, 2012