Navios Acquisition Sells Four VLCCs

Navios Maritime Acquisition Corporation has sold four Very Large Crude Carriers (VLCC) to Navios Midstream for USD 379.4 million, which will go towards reducing the company’s bank debt and fleet replenishment, the Monaco-based tanker operator said.

Navios Acquisition contributed and/or sold to Navios Midstream all of the outstanding shares of capital stock of four of its VLCC-owning subsidiaries in exchange for USD 214.9 million of cash consideration;  9,342,692 subordinated units and 1,242,692 common units; and 381,334 general partner units, representing a 2.0% general partner interest in Navios Midstream, including all of its incentive distribution rights.

The estimated value of all the units was based on the initial public offering price of USD 15. In total, Navios Acquisition owns an economic interest of 57.5% in Navios Midstream.

In connection with the offering, Navios Acquisition used USD 132.3 million of cash to repay bank debt.

The company also used cash to buy two VLCCs, Nave Synergy and Nave Pyxis.

On November 20, 2014, Navios Acquisition took delivery of the Nave Pyxis, a newbuilding 49,998 dwt MR2 product tanker, from an unaffiliated third party, for a purchase price of approximately USD 31.5 million.

The Nave Synergy, a 2010-built 299,973 dwt VLCC, was bought for USD 75.5 million, and is expected to be delivered in December 2014.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, said: “We were pleased to launch Navios Maritime Midstream Partners L.P. as a new high growth platform in the wet sector for dividend seeking investors. Navios Acquisition transferred four VLCCs to Navios Midstream for a consideration totaling USD 379.4 million and is using the proceeds to reduce debt and replenish its fleet. Navios Midstream is a new public entity that will be a natural home for certain of our assets that are developed to the point of providing attractive long-term returns, providing Navios Acquisition with flexibility and liquidity.”

Press Release

Share this article

Follow World Maritime News

In Depth>


<< Feb 2020 >>
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >