Navios Puts Tanker Duo to Work

Greek owner and operator of tanker ships Navios Maritime Acquisition Corporation has chartered out the 2014-built, 49,998 dwt MR2 product/chemical tanker Nave Pyxis and the newbuilding 51,200 dwt MR2 product/chemical tanker Nave Sextans to an unnamed client counterparty for three years at a rate of USD 16,294 net per day.

The vessels are expected to generate approximately USD 7 million of annual EBITDA (approximately USD 20.9 million of aggregate EBITDA for the charter period in total) assuming operating expense approximating current operating costs and 360 revenue days per year.

With the latest charters, the company has contracted 66.9% of its available days on a charter-out basis for 2015, with the average charter-out period of 1.1 years.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, said: “The rate environment for tankers has materially improved and we have taken advantage of this dynamic by securing three year charters at attractive rates. As the rate market evolves, we would expect to re-balance our charter periods to include longer term contracts when available.”

The Nave Sextans is scheduled for delivery in the first quarter of 2015.

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