Greece: Navios Maritime Acquisition Corporation Delivers MR2 Product Tanker Vessel to its Fleet

Navios Maritime Acquisition Corporation (“Navios Acquisition”), an owner and operator of tanker vessels, announced that the Bull, a 2009-built MR2 product tanker vessel of 50,542 dwt, was delivered today to Navios Acquisition’s owned fleet. The vessel is employed under long-term charter-out contract with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period.

The vessel will generate approximately $5.6 million of annual EBITDA and $17.4 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year.

Time Charter Coverage Navios Acquisition has contracted 98.0% and 63.3% of its available days on a charter-out basis for 2011 and 2012, respectively.

 About Navios Maritime Acquisition Corporation

Navios Acquisition NNA -0.28% is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

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Source: Navios Maritime, July 13, 2011.