NYSE-listed Navios Maritime Acquisition has fixed three of its MR2 product tankers on period charters at higher rates than during their previous employment.
Nave Equator (50,500 dwt, built 2009) has been fixed to an unnamed “high-quality counterparty” for 18 months at a net rate of $17,000 per day.
The vessel was previously earning almost 16% less, $14,250 daily, during its previous six-month contract with an unnamed charterer, which was concluded this month, according to Navios’ financial results for Q4 2015. The charter included a one-year extension option at a net daily rate of $18,250, but this appears not to have been exercised.
Navios expects Nave Equator‘s new contract to generate total EBITDA of around $5.5m over the 18-month period, assuming operating expenses remain at their current level.
Nave Titan and Nave Orion (both 50,000 dwt, built 2013) have also had their charters extended for one year with undisclosed counterparties. Both vessels trade in the Hafnia Tankers pool.
The new net base rates for Nave Titan and Nave Orion‘s respective extension periods are $15,306 and $14,813 per day – roughly 10% more than their previous daily earnings of $13,825 and $13,331, according to Navios’ Q4 2015 results. Titan‘s extension period will commence in June; Orion‘s began in March.
Both vessels have 50% profit sharing agreements in place with their charterers. Navios expects a total of $6m in base EBITDA from each of the two vessels during the one-year extension period.
Navios Acquisition generated a total of $32.1m through profit sharing agreements during its fiscal year 2015. Some 28 vessels in Navios Acquisition’s 36-vessel tanker fleet have profit sharing agreements attached to their charters, mostly on a 50% basis.