Navios Maritime Acquisition to sell two chemical tankers at a profit

Navios Maritime Acquisition to sell two chemical tankers at a profit

Navios Maritime Acquisition Corp is selling two of its IMO II chemical tankers for $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) and 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. 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.

The proceeds from the sale will be used to repay indebtedness and general working capital purposes, the Angeliki Frangou-led company said.

In early March, Navios Acquisition agreed to provide a revolving loan facility of up to $50m to bulk carrier owner Navios Maritime Holdings, but the agreement was terminated last week.

Navios said the decision was made in both companies’ “best interests to avoid expensive and unnecessary litigation”, which was brought by shareholders in early April. The prospective lawsuit claimed the loan was agreed “on terms that no rational person, much less a corporate director or controlling stockholder showing respect to their fiduciaries, would ever permit”.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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