High Shipping Costs Are Here to Stay Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
Piraeus-based tanker owner, Navios Maritime Acquisition Corporation (NYSE: NNA) announced the delivery today of the Nave Atropos, a 74,695 dwt LR1 product tanker, from Sungdong Shipyard in South Korea.
Nave Atropos has been chartered out to a high quality counterparty for one year at a rate of $11,850 net per day plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional six months at the same rate.
The vessel will generate a total base EBITDA of approximately $1.6 million, assuming operating expense approximating current operating costs and 360 revenue days per year.
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 2.7 years.
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