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
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV