Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today that it has chartered out five newbuilding MR2 product tankers.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, “By chartering out forward deliveries, we continue our strategy of building long-term cash flow while also securing upside potential through the mechanism of profit sharing. As a result, we can continue patiently to wait for market improvement. In the meantime, our stakeholders can be confident in our outlook and our shareholders should enjoy a continued dividend which currently provides a return of more than 7% annually.”
— Three MR2 Vessels
Three MR2 vessels have been chartered out to a high-quality counterparty for three years at a rate of $13,331 net per day (plus two additional optional years at a rate of $14,566 net per day for the first optional year and a rate of $15,553 net per day for the second optional year) plus 50% profit sharing. The profit sharing will be calculated monthly and profits will be shared equally once market rates exceed the relevant index by $1,000.
Navios Acquisition anticipates that these three vessels together will generate annual base EBITDA of approximately $7.4 million. For the three-year charter period, total base EBITDA is expected to be approximately $22.3 million (assuming operating expense approximating current operating costs and 360 revenue days per year). Navios Acquisition expects the vessels will be delivered within 2012 starting from Q2 2012.
The charterer has been granted a short term option, expiring at the end of February 2012, for a fourth vessel at same terms as above.
— Two MR2 Vessels
Two MR2 vessels have been chartered out to another high-quality counterparty for three years at a rate of $13,331 net per day (plus an additional optional year at a rate of $14,813 net per day) plus profit sharing. The charterers will receive 100% of the first $1,000 in profits above the base rate and the owners will receive 100% of the next $1,000. Thereafter, all profits will be split 50% to each party.
Navios Acquisition anticipates that these two vessels together will generate annual base EBITDA of approximately $5.0 million. For the two-year charter period, total base EBITDA is expected to be approximately $14.9 million (assuming operating expense approximating current operating costs and 360 revenue days per year). Navios Acquisition expects delivery of one vessel in Q4 2012 and the other vessel in Q1 2013.
The charterer has also been granted an option for a third vessel, exercisable through January 2012, at a rate of $13,825 net per day for three years (plus an optional additional year at $15,306 net per day) with profit sharing on the same terms as described above.
World Maritime News Staff, January 27, 2012; Image: Navios Maritime