Navios Maritime Acquisition Corporation has signed an agreement to acquire a fleet of seven VLCC tankers for $587m.
The acquisition will be financed through $123m cash, a bank debt of $453m and $11m through the issuance of company shares, Navios said.
The purchase will allow the company to increase its fleet by almost 296% in deadweight tonnes.
Currently, six of the seven vessels are operating under time charters to Asia-Pacific-based shipping and petrochemical groups including COSCO, Formosa and SK Shipping.
The seventh vessel is under construction and scheduled to be delivered in June 2011.
Navios said the acquisition is expected to close in September 2010.