Navios Acquisition’s Tankers Chartered at Higher Rates

Owner and operator of tanker vessels Navios Maritime Acquisition Corporation has entered into charter deals for three of its product tankers at 14% higher average charter rates.

The company’s Nave Equator, an MR2 product tanker, has been chartered to an undisclosed party for 18 months at USD 17,000 per day.

The 2009-built ship is expected to generate USD 5.5 million of aggregate EBITDA for the complete charter period.

Furthermore, Navios Acquisition entered charter extensions for Nave Titan and Nave Orion, both MR2 product tankers, for a period of one year, following the charterers’ options being exercised.

“Pursuant to the options, the applicable increased base rates are USD 15,306 and USD 14,813 (net) per day, respectively, plus profit sharing,” the vessel owner said.

The 2013-built vessels are expected to generate approximately USD 6 million of aggregate base EBITDA for the one-year extended charter period.

Navios Acquisition said that it has contracted 91.5% of its available days for 2016.

Earlier this week, the company decided to sell two of its second-hand chemical tankers to an unnamed third party for repayment of indebtedness and general working capital purposes.

The two 2013-built chemical tankers, Nave Constellation and Nave Universe, would be sold for a price of USD 74.6 million.

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