Greece: Navios Maritime Charters Out Newbuild Product Tanker ‘Nave Cassiopeia’

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Cassiopeia, a new building LR1 product tanker vessel of 74,711 dwt, was delivered on August 31, 2012 from a South Korean shipyard.

Nave Cassiopeia has been chartered out to a high quality counterparty for one year at a rate of $11,850 net per day plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional six months at same terms. The vessel will generate approximately $1.6 million of annual base EBITDA.

Fleet Update

Navios Acquisition has chartered-out 24 vessels of its 29 vessel fleet. The five vessels not yet chartered out will be delivered in 2013 and 2014.

Navios Acquisition has contracted 100.0% and 83.0% of its available days on a charter-out basis for 2012 and 2013, respectively.

The average charter-out period of Navios Acquisition’s fleet is 3.3 years.

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Source: Navios Maritime, September 7, 2012