Greece: Navios Acquisition Takes Delivery of New LR1 Product Tanker

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Rigel, a new building LR1 product tanker vessel of 74,673 dwt, was delivered on February 13, 2013 from a South Korean shipyard.

Nave Rigel 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 chartered-out 25 vessels of its 29 vessel fleet. The four vessels not yet chartered out will be delivered in 2013 and 2014.

Navios Acquisition has contracted 91.1% and 56.4% 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 2.9 years.

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Navios Acquisition, February 18, 2013