Navios Maritime Acquisition Clinches Loan for Two Tankers

Navios

Navios Maritime Acquisition Corporation has secured a new USD 44 million bank debt facility for two of its product tankers, namely the Nave Rigel LR1 product tanker and the Nave Dorado MR2 product tanker.

The facility has an amortization profile of 11 years and a margin of 230 bps, the company said.

On a separate note, Navios Acquisition said that it has taken delivery of the Nave Photon, a 2008-built VLCC of 297,395 dwt. The vessel has been chartered out for two years at a rate of USD 40,488 net per day.

The vessel is expected to generate approximately USD 21.8 million of aggregate EBITDA during this charter.

The Nave Photon has been provided as collateral under the 8.125% first priority ship mortgage notes due 2021, to replace the Nave Rigel LR1 product tanker and the Nave Dorado MR2 product tanker. As a result, the company said that approximately USD 3 million of value has been added to the collateral package.

Following the delivery of the Nave Photon, Navios Acquisition has 39 vessels on-the-water of which eight are VLCCs, 27 are product tankers and four are chemical tankers.

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