Navios Acquisition: Time Charter for Two MR2 Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced yesterday that the Nave Equinox and the Nave Pulsar have been chartered out to a quality counterparty for six months at a rate of $13,331 net per day plus profit sharing based on a formula which incorporates a premium when vessels are trading in ice. Charterer has been granted an option for an additional six months at same terms.
The vessels are expected to generate approximately $2.5 million of aggregate base EBITDA for the period of this charter assuming operating expense approximating current operating costs.
Navios Acquisition has contracted 96.7% and 64.0% of its available days on a charter-out basis for 2013 and 2014, respectively.
The average charter-out period of Navios Acquisitions fleet is 2.3 years.

Navios Acquisition, September 19, 2013