Navios Maritime Acquisition says it has taken delivery of five tankers from a Navios Maritime Holdings spin-off that is being liquidated.
The company said in a statement to the US Securities & Exchange Commission that it spent $81.8m to buy the ships from Navios Europe I, a special purpose vehicle that Angeliki Frangou, chief executive of both Navios Maritime Partners and Navios Holdings, said last October would be dissolved by the end 2019.
Joining the Navios Acquisition fleet are three MR1 product tankers, the 36,300-dwt Perseus N (built 2009), the 37,900-dwt Star N (built 2009) and the 38,400-dwt Hector N (built 2008), together with two LR1 tankers, the 63,500-dwt Aurora N (built 2008) and the 63,600-dwt Lumen N (built 2008).
The MR1 vessels are current fixed out on charters that are set to expire over the next three months. They are earning between $11,356 and $11,850 per day.
The LR1s are fixed until March and are earning a floating rate.
Navios Acquisition financed the deal through $32.5m in bank financing bearing an interest rate of LIBOR plus 400 bps, with maturity set for June 2020, together with about $33m receivables due from Navios Europe I, and cash from balance sheet.
The liquidation of Navios Europe I also sees Navios Maritime Partners take on 11 containerships and bulkers.
Fearnley Securities said at the time the liquidation was announced that the deal should "hopefully give rise to a similar value in-lock in Europe 2 where NNA [Navios Acquisition] has circa $50m of equity".
