Navios Closes $144 Million Deal for 5+2 MR2 Product Tankers

navios acquisitionNavios Maritime Acquisition Corporation (NYSE: NNA) announced today that it has signed a $143.8 million deal to purchase five MR2 product tankers with an option for two additional MR2 eco-type product tankers.

Two of the vessels were built in 2007 and will be delivered to Navios in June of this year.  These ships were acquired at a purchase price of approximately $23.2 million each.

Three of the vessels purchased are “eco-designs” currently under construction and will be delivered in Q3 2013, Q3 and Q4 2014.  Acquisition costs for those vessels are $34.3 million, and $31.5 million each for the last two.

Navios Acquisition is expected to finance the acquisitions with cash on its balance sheet and 60% bank debt consistent with its existing credit facilities.

Angeliki Frangou, Chairman and CEO, commented, “We have been able to put the net proceeds of our recent equity raising to good work, by acquiring vessels that were available at favorable prices. We anticipate chartering these vessels out shortly and will update investors once we secure charters that we find attractive in the current market.”

Following the acquisition of the above vessels, Navios Acquisition has contracted 86.1% and 50.4% 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 2.8 years.