Navios Acquisition Announces Employment of 7 Product Tankers

navios

Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), an owner and operator of tanker vessels, announced that has agreed to extend the charters on seven product tankers at rates increased by approximately 22% on average.

Vessel Type Rate
(net per day)
Commencing Duration Expected EBITDA (1) Option
Nave Cetus LR1 $18,022 + Profit Sharing April 2016 3 years $11.2
Nave Rigel LR1 $18,022 + Profit Sharing August 2016 3 years $11.2
Nave Cassiopeia LR1 Floating ($25,448) (2) March 2016 3 years
Nave Atropos LR1 Floating
($25,448) (2)
October 2016 3 years
Nave Capella MR2 $18,071 January 2016 1 year $4.1 1 year
$20,244
Nave Dorado MR2 $17,775 January 2016 1 year $4.0
Nave Bellatrix MR2 $14,813 + Profit Sharing January 2016 1 year $2.9
(1) Base EBITDA for the charter duration assuming operating expense approximating current operating costs and 360 revenue days per year
(2) Indicative rate based on current Baltic Exchange TC5-TCE

 

Fleet Update

Navios Acquisition has contracted 67.1% of its available days for 2016.

 

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