Navios Acquisition buys two MR2 product tankers

Angeliki Frangou, Chairman and CEO of Navios Maritime Acquisition Corporation (NYSE: NNA) says “we are pleased to add significant cash flow by acquiring quality vessels at a good price.”

Navios Acquisition has agreed to acquire two 50,000 dwt MR2 product tankers built in 2009. The vessels are employed under long-term charter-out contracts with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period. Delivery is expected in July 2011.

The two vessels will generate approximately $11.2 million annual EBITDA and $34.2 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year. The aggregate purchase price for the two new vessels is approximately $84.8 million, to be paid in cash.

Navios Acquisition is expected to finance the acquisition with cash on its balance sheet plus $55.1 million of debt.

June 17, 2011