Navios Acquisition Buys Decade-Old Supertanker, Transfers Charter

shinyo navigator
Shinyo Navigator, image by Viktor

Navios Maritime Acquisition Corporation (NYSE: NNA) announced today they have acquired the 2003-built VLCC Nave Celeste for purchase price of $35.4 million. The vessel will be assuming the charter held by the Shinyo Navigator, a VLCC built in 1996.

Angeliki Frangou, Chairman and Chief Executive Officer of the Navios Acquisition, commented:

“We were able to replace an aging vessel with a much younger vessel, having 7 more years of useful life with only nominal additional cost, considering the need for dry docking and the consequential off hire.”

“By this transaction, we also added an estimated $13.0 million of additional collateral to the security for our bonds to the benefit of our bondholders.”

The charter assumed by the Nave Celeste has a remaining period of 3.3 years at a rate of $42,705 (net) per day. Navios Acquisition is assessing market opportunities for the Shinyo Navigator, a 1996-built VLCC with a current value of about $22.0 million.

Navios Acquisition currently owns 41 vessels: 29 product tankers, 4 chemical tankers and 8 VLCC. They have contracted 92.1% and 60.4% of its available days on a charter-out basis for 2013 and 2014, respectively.

The average charter-out period of Navios Acquisition’s fleet is 2.4 years.