Navios Maritime Acquisition Corp. announces employment of three product tankers

Navios Maritime Acquisition Corporation Announces Fleet Update 

Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE:NNA), announced today the employment of three product tankers at charter rates that are, on average, 14% higher than their previous charter rates. 

The Nave Equator, an MR2 product tanker, has been chartered to a high-quality counterparty for 18 months at $17,000 (net) per day. The vessel is expected to generate approximately $5.5 million of aggregate EBITDA for the 18-month charter period, assuming operating expenses approximating current operating costs and 360 revenue days per year. 

The Nave Titan and the Nave Orion, both MR2 product tankers, have had their charters extended for one year, following the charterers’ options being exercised. Pursuant to the options, the applicable increased base rates are $15,306 and $14,813 (net) per day, respectively, plus profit sharing. The two vessels are expected to generate approximately $6.0 million of aggregate base EBITDA for the one-year extended charter period, assuming operating expenses approximating current operating costs and 360 revenue days. 

Fleet Update 
Navios Acquisition has contracted 91.5% of its available days for 2016. 

About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.