Navios Maritime Acquisition Corporation Agrees to Acquire Five Vessels in Liquidation of Navios Europe I
November 25 2019 - 3:11PM
Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE: NNA), an owner and operator of tanker vessels, announced the
agreement to acquire five product tankers (the “Acquisition”) in
liquidation of Navios Europe I Inc (“Navios Europe I”).
On November 22, 2019, an agreement was reached
to liquidate Navios Europe I. As of September 30, 2019,
Navios Acquisition had a receivable of $32.3 million from Navios
Europe I. This receivable along with debt financing will be
used to finance the Acquisition. The agreement is subject to
definitive documentation which is expected to be completed by the
end of 2019.
The five product tankers owned by Navios Europe
I that are included in the Acquisition are:
Vessels |
Type |
Built |
DWT |
Charter Rate, net ($) |
Expected Expiration Date |
Perseus N |
MR1 Tanker |
2009 |
36,264 |
11,356 |
04/2020 |
Star N |
MR1 Tanker |
2009 |
37,872 |
11,850 |
01/2020 |
Hector N |
MR1 Tanker |
2008 |
38,402 |
11,850 |
01/2020 |
Aurora N |
LR1 Tanker |
2008 |
63,495 |
Floating rate |
02/2020 |
Lumen N |
LR1 Tanker |
2008 |
63,599 |
Floating rate |
02/2020 |
Total: 5 vessels |
|
239,632 |
|
|
|
|
|
|
|
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 and expectations,
including with respect to Navios Acquisition’s future dividends,
expected cash flow generation and Navios Acquisition’s growth
strategy and measures to implement such strategy; including
expected vessel acquisitions and entering into further employment
contracts. 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 benefits from our refinancings. These
forward-looking statements are based on the information available
to, and the expectations and assumptions deemed reasonable by,
Navios Acquisition at the time this press release was issued.
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 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 the creditworthiness of
our charterers and the ability of our contract counterparties to
fulfill their obligations to us, tanker industry trends, including
charter rates and vessel values and factors affecting vessel supply
and demand, the aging of our vessels and resultant increases in
operation and dry docking costs, the loss of any customer or
charter or vessel, our ability to repay outstanding indebtedness,
to obtain additional financing and to obtain replacement charters
for our vessels, in each case, at commercially acceptable rates or
at all, 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, potential liability from
litigation and our vessel operations, including discharge of
pollutants, 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 SEC, including its annual and
interim reports filed on Form 20-F and Form 6-K. 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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