Navios Acquisition Expands VLCC Fleet

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, said that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered to Navios Acquisition’s owned fleet on July 21, 2014.

The company also announced that the Nave Electron has been chartered out to a high quality counterparty for minimum one year at a rate based on charterer’s VLCC pool earnings.

The Nave Electron has been provided as collateral under the 8.125% First Priority Ship Mortgage Notes due 2021, in place of the Nave Dorado and the Nave Lucida (MR2 product tankers).

As a result, approximately $5.5 million of value has been added to the collateral package.

Following the delivery of the Nave Electron, Navios Acquisition has 38 vessels in the water of which 11 VLCCs, 23 product tankers and four chemical tankers.

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