Navios Acquisition Completes Sale and Leaseback for MR Quartet

  • Business & Finance

Tanker owner and operator Navios Maritime Acquisition Corporation has finalized a sale and leaseback deal for four MR product tankers to pay off debts.

The company has completed a USD 71.5 million agreement for the tanker quartet with an undisclosed Chinese institution.

However, VesselsValue’s data shows that the institution in question is China Merchants Bank. In late March, Navios Maritime Acquisition reportedly sold four MR tankers — Nave Atria, Nave Aquila, Nave Bellatrix and Nave Orion — to this bank.

The proceeds have been used to extinguish USD 69.25 million of indebtedness, according to Navios Acquisition.

As informed, the agreement provides for 24 quarterly payments of USD 1.5 million each plus interest at LIBOR plus 305 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of sixth year for USD 35.8 million.

“We are pleased to have concluded a sale and leaseback agreement for four product tankers with a leading Chinese institution. We look forward to continuing to develop access to this attractive financing market,” Angeliki Frangou, Chairman and CEO of Navios Acquisition, commented.

Navios Acquisition currently operates a fleet of more than 30 vessels.

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