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Navios Acquisition buys five MR2 product tankers

Written by Nick Blenkey

angeliki frangouAPRIL 3, 2013 — Piraeus-headquartered tanker operator Navios Maritime Acquisition Corporation (NYSE: NNA) has agreed to acquire five MR2 product tankers for an aggregate purchase price of approximately $143.8 million.

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.”

The prices being paid by Navios Acquisition are an indicator of the large price differential between quite modern existing tonnage and “eco type” newbuildings.

  • Two of the vessels are 2007-built MR2 product tankers of about 51,000 dwt each with expected delivery in June 2013. The purchase price for each vessel is approximately $23.2 million.
  • One of the vessels is a newbuilding MR2 eco type product tanker of 50,000 dwt to be acquired for approximately $34.3 million. The vessel is expected to be delivered in Q3 2013.
  • Two of the vessels are newbuilding MR2 eco type product tankers of 51,200 dwt each, with estimated deliveries in Q3 and Q4 2014, respectively. The purchase price for each vessel is approximately $31.5 million. Navios Acquisition has been granted the option to acquire two additional MR2 eco type product tankers.

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

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