Navios Acquisition fixes VLCC, secures $44m in new financing

Navios Acquisition fixes VLCC, secures $44m in new financing

Navios Maritime Acquisition Corporation has chartered out the 2008-built VLCC Nave Photon, which was delivered to the company during the first week of December.

The VLCC, which was acquired from China VLCC in October, has been fixed out for two years ar a rate $40,488 net per day. Assuming current operating costs, the vessel is expected to generate around $21.8m of aggregate EBITDA during the lifetime of the charter.

The vessel has also been provided as collateral for the 8.125% First Priority Ship Mortgage Notes due 2021, to replace the two product tankers Nave Rigel and Nave Dorado adding around $3m of value to the collateral package.

Additionally, Navios Acquisition has secured a new $44.0m bank debt facility for the two product tankers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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