Navios Maritime Acquisition Corporation Agrees to Sell One VLCC to Navios Maritime Midstream Partners L.P. for $44.5 Million
March 26 2018 - 8:50AM
Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), an owner and operator of tanker vessels, announced
today that it has agreed to sell the Nave Galactic, a 2009-built
VLCC of 297,168 dwt to Navios Maritime Midstream Partners L.P.
(“Navios Midstream”) (NYSE:NAP) for $44.5 million. Navios
Acquisition also agreed to extend the charter rate backstop of the
Shinyo Kannika to the Nave Galactic.
Navios Acquisition intends to use the proceeds
from the sale of the vessel for repayment of indebtedness,
reinvestment in vessels and general working capital purposes.
As a result of this transaction, the Nave
Galactic will be substituted by the Nave Equinox and the Nave Pyxis
MR2 product tankers as collateral under the 8 1/8% Secured Bond due
2021.
Board Approval
The sale of the Nave Galactic transaction has
been unanimously approved by a Special Committee of independent
Directors of Navios Acquisition.
About Navios Maritime Acquisition
Corporation
Navios Acquisition (NYSE:NNA) is an owner and
operator of tanker vessels focusing on the transportation of
petroleum products (clean and dirty) and bulk liquid chemicals. For
more information about Navios Acquisition, please visit our
website: www.navios-acquisition.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and expectations,
including with respect to Navios Acquisition’s stock repurchases,
future dividends, future cash flow generation and Navios
Acquisition’s growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into
further time charters. Words such as "may," "expects," "intends,"
"plans," "believes," "anticipates," "hopes," "estimates," and
variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include
comments regarding expected revenue and time charters. These
forward-looking statements are based on the information available
to, and the expectations and assumptions deemed reasonable by,
Navios Acquisition at the time these statements were made. Although
Navios Acquisition believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Acquisition. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the creditworthiness of
our charterers and the ability of our contract counterparties to
fulfill their obligations to us, tanker industry trends, including
charter rates and vessel values and factors affecting vessel supply
and demand, the aging of our vessels and resultant increases in
operation and dry docking costs, the loss of any customer or
charter or vessel, our ability to repay outstanding indebtedness,
to obtain additional financing and to obtain replacement charters
for our vessels, in each case, at commercially acceptable rates or
at all, increases in costs and expenses, including but not limited
to: crew wages, insurance, provisions, port expenses, lube oil,
bunkers, repairs, maintenance and general and administrative
expenses, the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, as well as standard regulations imposed by our
charterers applicable to our business, potential liability from
litigation and our vessel operations, including discharge of
pollutants, general domestic and international political
conditions, competitive factors in the market in which Navios
Acquisition operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Navios Acquisition's filings with the U.S. Securities and Exchange
Commission, including its annual and interim reports filed on Form
20-F and Form 6-K. Navios Acquisition expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Navios Acquisition’s expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based. Navios Acquisition
makes no prediction or statement about the performance of its
common stock.
Investor Relations Contact
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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