Navios Maritime Acquisition Corporation Announces Extension of Time Charter for Six LR1 Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced yesterday that it has agreed to extend the existing charters on the LR1 Product Tankers Nave Atropos, Nave Rigel and Nave Ariadne for an additional 18 month period. Currently, these three vessels are on charter for $11,850 net per day plus 50% profit sharing.

The first 6 months of the charter extension will be performed at the existing base rate plus 50% profit sharing while the next 12 months at an increased base rate of $12,838 net per day plus 50% profit sharing.

Each vessel is expected to generate approximately $2.7 million of base EBITDA ($8.2 million on aggregate) for the extended charter period assuming operating expense approximating current operating costs.

The charterer has been granted an option for an additional 12 month period at an increased base rate of $13,825 net per day plus 50% profit sharing.

Navios Acquisition has also agreed to extend the existing charters on the LR1 Product Tankers Nave Cassiopeia, Nave Cetus and Nave Cielo. Currently these three vessels are on charter for $11,850 net per day plus 50% profit sharing. These charters have been extended for an additional 12 month period at an increased base rate of $12,838 net per day plus 50% profit sharing.

Each vessel is expected to generate approximately $1.9 million of base EBITDA ($5.8 million on aggregate) for the extended charter period of assuming operating expense approximating current operating costs.

The charterer has been granted an option for an additional 12 month period at an increased rate of $13,825 net per day plus 50% profit sharing.

Fleet Update
Navios Acquisition has contracted 97.2% and 75.5% 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 2.5 years.
Source: Navios Maritime Acquisition Corporation