Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.
The owner and operator of tanker vessels said that out of 41 vessels, 13 are very large crude carriers (VLCCs) (including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021), 26 are product tankers, two are chemical tankers.
Navios Acquisition sold the Nave Electron, a 2002-built VLCC vessel of 305,178 dwt to an unaffiliated third party for a sale price of $25.3 million on October 8, 2019, the Greek company said.
On October 17, 2019 the Nave Synergy, a 2010-built VLCC was chartered to a major charterer for 62 - 74 months at charterers' option at a net base rate of $48,153 per day with profit sharing arrangements.
The Nave Buena Suerte a 2011-built VLCC will take over the contract when released from existing commitment. The Nave Photon, a 2008-built VLCC was chartered to a major charterer for 74 - 86 months at charterers' option with delivery between December 2019 and February 2020 at a net base rate of $48,153 per day with profit sharing arrangements.
The TBN III bareboat chartered-in VLCC will take over the contract upon delivery in the third quarter 2021.
Currently, Navios Acquisition has contracted 42.7% of its available days on a charter-out basis for 2020, which are expected to generate revenues of approximately $112.1 million. The average base contractual net daily charter-out rate for the 38.3% of available days that are contracted on base rate and/or base rate with profit sharing arrangements is expected to be $20,917.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition said: “In a robust tanker rate market, we have a good mix of fixed revenue and market exposure. We have cash flow visibility from $430.0 million in long-term contracted revenue. About 43% of available days in 2020 are fixed, almost half of which with profit sharing. At the same time, we are positioned to capture upside, as 61.7% of available days in 2020 are open or on floating rates. All of our delivered tankers are on the water generating revenue, as we have no tankers now being fit with scrubbers.“
