Navios Maritime Acquisition Corporation (NYSE: NNA) has announced plans to acquire two chemical tanker newbuilds as well as the exercised option to acquire two MR2 product tankers at an aggregate purchase price of $103.2 million.
The 45,000 dwt chemical tankers, once delivered in Q3 2013, will be named the Nave Universe and the Nave Constellation and have been acquired at a price of approximately $33.6 million each. Both vessels have signed, 2-year charter contracts at a rate of $14,869 net per day, plus 50% profit sharing based on a formula. Navios comments that the charterer has been granted an option for an additional year at a rate of $16,088 net per day, plus 50% profit sharing.
Each vessel is expected to generate approximately $3.0 million of annual base EBITDA ($6.0 million of aggregate base EBITDA for the charter period) assuming operating expense approximating current operating costs and 360 revenue days per year.
The two, 51,200 dwt MR2 product tanker options were exercised at a price of approximately $31.5 million each and will be delivered within the first half of 2015.
Navios Acquisition is expected to finance both of these acquisitions with cash on its balance sheet and 60% bank debt on terms consistent with its existing credit facilities.
Navios Acquisition’s owned fleet currently consists of 40 vessels, including: 29 product tankers, four chemical tankers and seven crude tankers.