Navios Maritime to Buy Vessels

11 April 2010 (Last Updated April 11th, 2010 18:30)

Navios Maritime Acquisition Corporation (NNA) will invest $457.7m to buy 13 vessels, including 11 product tankers and two chemical tankers. The company said around $123m will be paid from existing cash and $334m from debt financing. The company will also have options to purcha

Navios Maritime Acquisition Corporation (NNA) will invest $457.7m to buy 13 vessels, including 11 product tankers and two chemical tankers.

The company said around $123m will be paid from existing cash and $334m from debt financing.

The company will also have options to purchase two additional product tankers for $40.5m each, it said.

NNA chairman and CEO Angeliki Frangou and Navios Maritime Holdings (NM), the company’s sponsor and principal shareholder, have agreed to acquire $60m of NNA shares in connection with the purchase.

In 2008, NNA was formed by NM as a special purpose acquisition company to acquire operating businesses in the marine transportation and logistics industries.