Navios Takes Delivery of Newbuilding LR1 Product Tanker from South Korean Shipyard

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Atropos, a newbuilding LR1 product tanker vessel of 74,695 dwt, was delivered yesterday from Sungdong Shipyard in South Korea.

Nave Atropos 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 the same rate.

The vessel will generate a total base EBITDA of approximately $1.6 million, assuming operating expense approximating current operating costs and 360 revenue days per year.

Navios Acquisition has contracted 86.1% and 50.4% of its available days on a charter-out basis for 2013 and 2014, respectively.

The average charter-out period of Navios Acquisition’s fleet is 2.7 years.

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Navios Acquisition, April 25, 2013; Image: Sungdong Shipyard