One of the chartered product tankers is expected to be delivered in Q3 2013 and the other three will be delivered in Q1, Q3 and Q4 of 2014, respectively.
Navios notes that the tanker delivered in 2013 has received a 4-year charter at a base rate of $15,356 (net) per day plus 100% profit based on an index, with a ceiling of $20,475 (net) per day. Charter base and ceiling rates will increase 2% per annum.
The three tankers to be delivered in 2014 each received two year charters at a base rate of $14,319 (net) per day plus 50% profit sharing.
Each of these three vessels are expected to generate approximately $2.8 million of annual base EBITDA ($5.7 million of aggregate base EBITDA) assuming operating expense approximating current operating costs and 360 revenue days per year.
The vessel delivered in 2013 is expected to generate approximately $3.2 million annual base EBITDA. ($13.5 million of aggregate base EBITDA including the annual 2% increase over the duration of the charter), assuming operating expense approximating current operating costs and 360 revenue days per year.
Navios Acquisition notes that 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.