Navios Acquisition Offloads Two Chemical Tankers

Owner and operator of tanker vessels Navios Maritime Acquisition Corporation (Navios Acquisition) has agreed to sell two second-hand chemical tankers to an unnamed third party for USD 74.6 million.

The company said it would use the proceeds from the sale for repayment of indebtedness and general working capital purposes.

The ships in question are the Nave Constellation, a 2013-built chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built chemical tanker of 45,513 dwt. The sale is to result in an expected book gain of approximately USD 11.7 million, as the tankers were acquired in 2013 for a lower purchase price of USD 67.2 million.

While owned by NNA, the two vessels have generated a total EBITDA of USD 22.3 million, the company estimates.

Navios Acquisition said the transaction is planned to close in the third quarter of 2016, following the completion of vessels’ chartering commitments.

For 2015, the company reported net income of USD 89.7 million, with adjusted net income posting a rise of USD 72.2 million to USD 87.1 million, compared to USD 14.9 million for the year ended December 31, 2014.

The company said that it has no debt maturity before 2021 or any committed growth capex, adding that it anticipated its net debt to decline in 2016 through the cash flow it aims to generate. In December 2015, the company’s proportion of long-term debt, net of deferred finance costs stood at USD 62.6 million.

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