Navios Maritime Acquisition Corporation Announces Agreement to Sell Two Chemical Tankers for $72.9 Million
April 18 2016 - 4:00PM
Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), announced today that it has agreed to sell to an
unaffiliated third party the Nave Constellation, a 2013-built
chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built
chemical tanker of 45,513 dwt, for a sale price of $74.6 million,
resulting in an expected book gain of approximately $11.7 million.
The vessels were acquired in
2013 for a total purchase price of $67.2 million.
While owned by NNA, the two vessels are expected to have
generated a total EBITDA of $22.3 million.
Closing of the transaction is expected in the
third quarter of 2016, following the completion of vessels’
chartering commitments.
Navios Acquisition intends to use the proceeds
from the sale of these vessels for repayment of indebtedness and
general working capital purposes.
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 future dividends,
2016 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 drydocking
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 Navios Acquisition's filings with the Securities
and Exchange Commission. 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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