Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, announced today that it has chartered out four newbuilding LR1 product tankers.
The four LR1 vessels -- Nave Cassiopeia, Nave Cetus, Nave Rigel and Nave Atropos -- have been chartered out to a high-quality counterparty for one year at a rate of $11,850 net per day plus 50% profit sharing. Navios Acquisition anticipates that these four vessels together will generate a total base EBITDA of approximately $6.3 million (assuming operating expense approximating current operating costs and 360 revenue days per year). Navios Acquisition expects the vessels will start delivering from Q3 2012. The charterer has been granted an option to extend the contract for another 6 months at the same terms.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "By chartering out our forward deliveries, we continue to secure favorable charter rates with profit sharing. With these charters, we have coverage of 98.7% of our fleet for 2012 and 75.7% in 2013, with the unchartered vessels scheduled for delivery in 2013 and 2014."
Angeliki Frangou continued, "As a result of our fleet coverage, our stakeholders can be confident in our outlook, and our shareholders should enjoy a continued dividend, currently returning 8% annually."
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 98.7% and 75.7% 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 3.0 years.