Angeliki Frangou’s Navios Maritime Acquisition is looking to the optional newbuilding slots it holds in Japan for the next stage of its VLCC fleet renewal programme.
New York-listed Navios has sold two veteran VLCCs this year and took its orderbook at Imabari to three by exercising an optional 310,00-dwt tanker for delivery in 2021.
Frangou, chief executive of the tanker owner, told investors on a conference call the company holds options for two more VLCCs in Japan.
“So, to be honest, exercising the options creates a lot of sense relative to the current newbuilding prices,” Frangou told investors.
“That gives us the opportunity to also replace our older Vs with younger vessels that are coming from a first-class Japanese shipyard.”
Navios became the first non-Japanese owner to place VLCCs at Imabari when it contracted the tankers last year.
The scrubber-fitted pair are both for delivery in 2020.
While no price was disclosed, a new VLCC is today priced at $93m by Clarksons, up from $81.5m at the end of 2017.
Navios Acquisition has a fleet of 11 VLCCs after the sale of the 281,000-dwt Shinyo Ocean (built 2001) and the 298,000-dwt C Dream (built 2000) C Dream this year.
Navios Acquisition posted a modest first quarter profit of $861,000, overturning a loss of $24.47m in the first quarter a year ago.
