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Navios to acquire 13 tankers

Navios to acquire 13 tankers
Navios Maritime Acquisition Corporation announced yesterday that it has signed a definitive agreement pursuant to which it will acquire a 13-vessel fleet, comprised of 11 product tankers and two chemical tankers.

Navios Maritime Acquisition Corporation to Acquire 13 Tankers for $457.7 Million

Navios Maritime Acquisition Corporation announced yesterday that it has signed a definitive agreement pursuant to which it will acquire a 13-vessel fleet, comprised of 11 product tankers and two chemical tankers. The aggregate purchase price is $457.7 million, of which $123.4 million will be paid from existing cash and $334.3 million from debt financing. Navios Acquisition will also have options to purchase two additional product tankers for $40.5 million per vessel. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "We are pleased to announce this transaction; Navios Acquisition will be a platform for building a world-leading operator of modern, high-quality product and chemical tankers. We are excited about building another company in the shipping sector and believe that the attractive market dynamics make this an ideal opportunity for leveraging our global network of relationships and world-class skills developed in building Navios Holdings into one of the preeminent dry bulk shipping companies."

Ms. Frangou continued, "We have successfully built shipping companies before. Since taking control of Navios Holdings in August of 2005, we grew the fleet from six owned and 22 chartered-in vessels, representing 1.8 million dwt, to 32 owned and 27 chartered-in vessels, representing 6.4 million dwt. We thus grew Navios Holding's fleet by 256%, in dwt. In addition, in 2007 Navios Holdings launched Navios Partners on the New York Stock Exchange, and Navios Partners currently has a fleet of 13 vessels. In total, the Navios group now controls 72 dry bulk vessels, with an aggregate of 7.5 million dwt, representing 317% fleet growth by dwt. Today, the Navios group has a combined current enterprise value of $3.0 billion as compared to Navios Holdings' enterprise value in August 2005 of $0.6 billion, representing 414% growth. We aim to replicate these achievements in the tanker sector through Navios Acquisition."

www.turkishmaritime.com.tr

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