Navios Acquisition seals sale and leaseback for five product tankers

Navios Acquisition seals sale and leaseback for five product tankers

Navios Maritime Acquisition Corporation has completed a $103.2m sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers.

Navios Acquisition says that proceeds have been used to refinance $82.4m of bank debt. It will charter the vessels back for seven years, making 28 quarterly payments of $2.3m each plus interest at LIBOR plus 350 bps per annum.

At the end of the seventh year, Navios Acquisition is obligated to buy the vessels back for a total of $39.7m.

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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