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The Deal: Navios Maritime Spends $130M on New Tankers

NEW YORK ( The Deal) -- Piraeus, Greece-based tanker operator Navios Maritime Acquisition Corp. (NNA - Get Report) 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

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