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Monaco - 21 December 2015
Navios Maritime Acquisition Corporation (NYSE: NNA), announced today the delivery in the first week of December 2015 of the Nave Photon, a 2008-built VLCC of 297,395 dwt. The vessel has been chartered out for two years at a rate of $40,488 net per day.
The vessel is expected to generate approximately $21.8 million of aggregate EBITDA during this charter, assuming operating expense approximating current costs and 360 revenue days.
Impact on Navios Acquisition's 8.125% Secured Bond Due 2021
The Nave Photon has been provided as collateral under the 8.125% First Priority Ship Mortgage Notes due 2021, to replace the Nave Rigel LR1 product tanker and the Nave Dorado MR2 product tanker. As a result, approximately $3.0 million of value has been added to the collateral package.
$44.0 million debt financing
Navios Acquisition also announced that it has secured a new $44.0 million bank debt facility for the Nave Rigel LR1 product tanker and the Nave Dorado MR2 product tanker. The facility has an amortization profile of 11 years and a margin of 230 bps.
Fleet Update
Following the delivery of the Nave Photon, Navios Acquisition has 39 vessels on-the-water of which eight are VLCCs, 27 are product tankers and four are chemical tankers.
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com.
Navios Maritime Acquisition Corporation press release