Navios Maritime Acquisition Corporation Announces Fleet Update
21 April 2016 - 10:35PM
Navios Maritime Acquisition Corporation ("Navios Acquisition")
(NYSE:NNA), announced today the employment of three product tankers
at charter rates that are, on average, 14% higher than their
previous charter rates.
The Nave Equator, an MR2 product tanker, has
been chartered to a high-quality counterparty for 18 months at
$17,000 (net) per day. The vessel is expected to generate
approximately $5.5 million of aggregate EBITDA for the 18-month
charter period, assuming operating expenses approximating current
operating costs and 360 revenue days per year.
The Nave Titan and the Nave Orion, both MR2
product tankers, have had their charters extended for one year,
following the charterers’ options being exercised. Pursuant
to the options, the applicable increased base rates are $15,306 and
$14,813 (net) per day, respectively, plus profit sharing. The two
vessels are expected to generate approximately $6.0 million of
aggregate base EBITDA for the one-year extended charter period,
assuming operating expenses approximating current operating costs
and 360 revenue days.
Fleet Update
Navios Acquisition has contracted 91.5% of its
available days for 2016.
About Navios Maritime Acquisition
Corporation
Navios Acquisition (NYSE:NNA) is an owner and
operator of tanker vessels focusing on the transportation of
petroleum products (clean and dirty) and bulk liquid chemicals. For
more information about Navios Acquisition, please visit our
website: www.navios-acquisition.com.
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events including Navios
Acquisition's future dividends, opportunities to reinvest cash
accretively in a fleet renewal program or otherwise and Navios
Acquisition's growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into
further time charters. Words such as "may," "expects," "intends,"
"plans," "believes," "anticipates," "hopes," "estimates," and
variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include
comments regarding expected revenue and time charters. These
forward-looking statements are based on the information available
to, and the expectations and assumptions deemed reasonable by,
Navios Acquisition at the time these statements were made. Although
Navios Acquisition believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Acquisition. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term time charters for our
vessels, fluctuations in charter rates for tanker vessels, our
ability to maximize the use of, or changes in demand for, our
vessels, changes in the demand for crude oil, the loss of any
customer or charter or vessel, the aging of our fleet and resultant
increases in operations costs, changes in the availability and
costs of funding due to conditions in the bank market, capital
markets and other factors, increases in costs and expenses,
including but not limited to: crew wages, insurance, provisions,
port expenses, lube oil, bunkers, repairs, maintenance and general
and administrative expenses, the expected cost of, and our ability
to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions,
competitive factors in the market in which Navios Acquisition
operates; risks associated with operations outside the United
States; and other factors listed from time to time in the Navios
Acquisition's filings with the Securities and Exchange
Commission in its Form 20-Fs and Form 6-Ks. Navios Acquisition
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Navios Acquisition's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based. Navios
Acquisition makes no prediction or statement about the performance
of its common stock.
Investor Relations Contact
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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