Navios Acquisition Confirms VLCC Sale, Inks Two Charter Deals

Illustration; Source: Pixabay under CC0 Creative Commons license

Angeliki Frangou-led tanker owner Navios Acquisition has confirmed the sale of a  very large crude carrier (VLCC) and unveiled charter contracts for two units in its latest financial report.

Namely, the company said it sold the 2002-built VLCC Nave Electron in early October. The 305,178 dwt unit was purchased by an unaffiliated third party for a price of USD 25.3 million.

Additionally, Navios Acquisition informed that it secured two long-term charter contracts with a major charterer later in October.

The company’s 2010-built VLCC Nave Synergy was chartered for 62 – 74 months at charterers’ option at a net base rate of USD 48,153 per day with profit sharing arrangements. The 2011-built VLCC Nave Buena Suerte will take over the contract when released from existing commitment.

The 2008-built VLCC Nave Photon was chartered to a major charterer for 74 – 86 months at charterers’ option with delivery between December 2019 and February 2020 at a net base rate of USD 48,153 per day with profit sharing arrangements. The TBN III bareboat chartered-in VLCC will take over the contract upon delivery in the third quarter 2021, the company noted.

During the third quarter ended September 30, 2019, Navios Acquisition reported a revenue of USD 59 million, reflecting an increase of 42% compared to USD 41.6 million for the same period of 2018.

Net loss for the third quarter amounted to USD 56.4 million as compared to USD 23.4 million loss for the same period of 2018.

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