Navios Maritime Acquires VLCC Tanker Fleet for $587 Million

Navios Maritime Acquisition, an owner and operator of tanker vessels focusing on the transportation of petroleum products and bulk liquid chemicals, has acquired a seven VLCC tanker fleet from a private seller for an aggregate purchase price of $587 million.

The seven VLCC tankers have an average age of 8.6 years and a remaining charter-out term of 8.8 years with an average charter rate of $40,440 net per day. Five of the seven charters also have a profit sharing, providing potential upside.

The VLCC fleet is expected to deliver annualized base earnings before interest, taxes, depreciation, and amortization (EBITDA) of $74.9 million and aggregate base EBITDA of $651.4 million. S Goldman Advisors acted as Navios Acquisition's sole financial advisor and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and V&P Law Firm acted as legal counsel.

Angeliki Frangou, chairman and CEO of Navios Acquisition, said: "In a short period of time, we have established a strong foothold in the wet sector through the acquisition of a diversified fleet of 20 tanker vessels. We expect the VLCC fleet to be significantly accretive to our shareholders as the fleet generates secured EBITDA and has the potential for additional upside through a profit sharing mechanism."

Navios Maritime Press Release