Navios Acquisition Extends LR1 Time Charters

Navios Maritime Acquisition Corporation (NYSE: NNA) announced today that it has agreed to extend the existing charters on the LR1 Product Tankers Nave Atropos, Nave Rigel, and Nave Ariadne for an additional 18 month period and an additional 12 month period for the Nave Cassiopeia, Nave Cetus and Nave Cielo.

All six of these vessels are on charter for $11,850 net per day plus 50% profit sharing and Navios notes that the rates for the Nave Atropos, Nave Rigel, and Nave Ariadne will remain at their existing charter rate and then increase to $12,838 net per day plus 50% profit sharing for a 12-month period after six months.

The charter rates for the Nave Cassiopeia, Nave Cetus and Nave Cielo will immediately be increased to $12,838 net per day plus 50% profit sharing and the charterer has been granted an option to extend for an additional 12-months beyond that at an increased base rate of $13,825 net per day plus 50% profit sharing.

Navios Acquisition notes they have contracted 97.2% and 75.5% 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 2.5 years.

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