Navios Acquisition Takes Delivery of 5 Vessels upon Liquidation of Navios Europe

Navios Acquisition

Navios Acquisition, an owner and operator of tanker vessels, announced the delivery of five product tankers following the liquidation of Navios Europe Inc. (“Navios Europe I”).

Navios Acquisition financed the $81.8 million acquisition, subject to customary working capital adjustments, through (i) $32.5 million of bank financing bearing an interest rate of LIBOR plus 400 bps and maturity in June 2020, (ii) about $33.0 million receivables due from Navios Europe I and (ii) cash from balance sheet.

Vessels Type Built DWT Charter Rate, net ($) Expected Expiration Date
Perseus N MR1 Tanker 2009 36,264 11,356 04/2020
Star N MR1 Tanker 2009 37,872 11,850 02//2020
Hector N MR1 Tanker 2008 38,402 11,850 01/2020
Aurora N LR1 Tanker 2008 63,495 Floating rate 03/2020
Lumen N LR1 Tanker 2008 63,599 Floating rate 03/2020
Total: 5 vessels 239,632

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