Navios Maritime Acquisition to sell two chemical tankers at a profit
Navios Maritime Acquisition Corp is selling two of its IMO II chemical tankers forĀ $74.6m combined, which will generate a book gain of $11.7m for the NYSE-listed shipowner.
The buyer of Nave Constellation (45,281 dwt, built 2013) andĀ Nave Universe (45,513 dwt, built 2013) was not disclosed.
Navios acquired the tankers in 2013 from United Arab Chemical Carriers (UACC) for $67.2m.Ā The vessels are expected to have generated a total EBITDA of $22.m while in its ownership, Navios said.
The sale transaction is expected to close in the third quarter, once the tankers have completed their respective charters.
TheĀ proceeds from the sale will be used toĀ repay indebtedness and general working capital purposes, the Angeliki Frangou-led company said.
In early March, NaviosĀ Acquisition agreed to provide a revolving loan facility of up to $50m to bulk carrierĀ owner Navios Maritime Holdings, but the agreement was terminated last week.
Navios said theĀ decision was made in both companiesā ābest interests to avoid expensive and unnecessary litigationā, which was brought by shareholders in early April.Ā The prospective lawsuitĀ claimed the loan was agreedĀ āon terms that no rational person, much less a corporate director or controlling stockholder showing respect to their fiduciaries, would ever permitā.