rss icon Subscribe
desktop mobile

Navios Maritime Orders VLCC Newbuilding

Pic: Navios Maritime Acquisition Corporation

Shailaja A. Lakshmi

Navios Maritime Acquisition Corporation said that it has exercised its option for a third VLCC newbuilding under a bareboat operating lease with an expected delivery in the third quarter of 2021.

Navios Acquisition has agreed to the main terms of a 12-year bareboat charter-in agreement with de-escalating purchase options for one newbuild Japanese VLCC.

The bareboat charter-in agreement reflects an implied price of approximately $84.5 million and an annual effective interest of approximately 6% fixed for the duration of the agreement.

On March 25, 2019, Navios Acquisition sold the C. Dream, a 2000-built VLCC vessel of 298,570 dwt to an unaffiliated third party for a sale price of $21.8 million. The gain on sale of the vessel amounted to $0.7 million.

In April 2019, Navios Acquisition sold the Shinyo Ocean, a 2001-built VLCC vessel of 281,395 dwt to an unaffiliated third party for a sale price of $12.5 million.

Unrepaired damages plus expenses incurred since the incident covering the fair market value of the vessel are recovered by insurance (subject to applicable deductibles and other customary limitations).

In March and April 2019, Navios Acquisition entered into sale and lease back agreements each for $103.2 million in order to refinance $50.3 million outstanding on the existing facility on three product tankers and to finance two product tankers for which their previous credit facility was fully prepaid in March 2019 in an amount of $32.2 million.

The agreements will be repayable in 28 equal consecutive quarterly installments of $2.3 million each, with a repurchase obligation of $39.7 million on the last repayment date. The agreements each mature in March and April 2026 and bear interest at LIBOR plus 350 bps per annum.

May 13, 2019

 

Shipbuilding

Damen to Prepare Stad Amsterdam for ‘Green Ambassador’ Role

Photo: Damen

On July 18, 2019, a press conference was held at the Willemsoord historic harbor in Den Helder.

Last Yamal LNG Arctic Ships on Sea Trials

Arctic Firsts: Arc 7 LNG carriers, including the Risunok and the ice-breaking Christophe de Margerie (pictured here). (Photo Courtesy: Yamal LNG and Sovcomflot)

The last of 15 Arc7-classed tankers ordered for the liquefied natural gas (LNG) production plant

Offshore wind: One-stop power conversion

Optimal outputs: a wind-turbine permanent magnet generator at The Switch in Deyang. Image Courtesy Yaskawa’s The Switch

With the United States and China about to start their respective offshore wind build-ups

Tankers

Britain Seeks to Thwart Iran's 'Piracy'

Britain will seek to put together a European-led maritime protection mission to ensure safe shipping through the Strait of Hormuz after Iran seized a British-flagged vessel in

Strait of Hormuz: Ships urged to alert Navies before Sailing Through

A UH-1Y Venom helicopter assigned to Marine Medium Tiltrotor Squadron (VMM) 163 (Reinforced), 11th Marine Expeditionary Unit (MEU), takes off from the flight deck of the amphibious assault ship USS Boxer (LHD 4) during a strait transit. The Boxer Amphibious Ready Group and the 11th MEU are deployed to the U.S. 5th Fleet area of operations in support of naval operations to ensure maritime stability and security in the Central Region, connecting the Mediterranean and the Pacific through the wester

Shipping associations have called on ship owners to inform Britain's navy of their movements

Iran: British-flagged Tanker Seized in Gulf

File Image of the Stena Impero (CREDIT: MarineTraffic.com / © Erwin Willemse

Iran's Revolutionary Guards said on Friday they had captured a British-flagged oil tanker in the

Maritime Apps