Greece: Navios Maritime Announces Delivery of New LR1 Product Tanker

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Estella, an LR1 Product Tanker of 75,000 dwt, was delivered on January 20, 2012 from a South Korean shipyard.

The Nave Estella has commenced a 3-year charter-out at a net rate of $11,850 with 90%/10% profit sharing for rates up to $15,000/day and 50/50 above $15,000/day. The profit sharing formula is calculated monthly and incorporates a $2,000 premium above the relevant index. The charterer was also given two one-year options at a net rate of $11,850/day plus 90%/10% profit sharing for rates up to $16,000 and 50%/50% for rates above $16,000 for the first year and $11,850/day plus 90%/10% profit sharing for rates up to $17,000 and 50%/50% for rates above $17,000 for the second year.

The Nave Estella is expected to generate approximately $1.6 million annual base EBITDA and $4.8 million of aggregate base EBITDA, assuming operating expense approximating current operating costs and 360 revenue days per year.

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World Maritime News Staff, January 24, 2012