NEW YORK ( The Deal) -- Piraeus, Greece-based tanker operator Navios Maritime Acquisition Corp. (NNA) said Thursday, July 11, that it acquired two newly-built chemical tankers and also exercised options to acquire two medium-range tankers for $130.2 million.
Navios acquired the chemical tankers for $33.6 million each. The vessels are 45,000 dead-weight tonnage apiece, with estimated delivery expected in the third quarter of 2013 when the vessels will be named the Nave Universe and the Nave Constellation.
Navios will also acquire two medium range product tankers for about $31.5 million each. The vessels are product tankers of 51,200 dwt apiece, with estimated delivery expected within the first half of 2015. Navios is expected to finance both of these acquisitions with cash on its balance sheet and 60% bank debt. Navios currently owns 40 vessels: 29 product tankers, four chemical tankers and seven crude tankers. Navios trades on the New York Stock Exchange and has a market cap of $328.2 million.
Written by Thomas Zadvydas
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV