Navios Maritime to Buy VLCCs

13 September 2010 (Last Updated September 13th, 2010 18:30)

Navios Maritime Acquisition has signed a contract to buy a fleet of seven VLCCs from a private seller for $587m. The tankers have an average age of 8.6 years and a remaining charter-out term of 8.8 years. The Greece-based tanker firm expects the purchase will give it an annualised

Navios Maritime Acquisition has signed a contract to buy a fleet of seven VLCCs from a private seller for $587m.

The tankers have an average age of 8.6 years and a remaining charter-out term of 8.8 years.

The Greece-based tanker firm expects the purchase will give it an annualised base EBITDA of $74.9m and an aggregate base EBITDA of $651.4m.

Navios will finance the purchase through $411m of bank debt, $11m through the issue of common shares and $113.8m in cash.