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Thursday, 20 November 2014 21:16

Navios confirms VL deal

Navios Maritime Acquisition has confirmed the purchase of a VLCC from a Japanese owner.

Angeliki Frangou

Angeliki Frangou

New York-listed Navios Acquisition says it paid $75.5m for a VLCC built in 2010, which will carry the name Nave Synergy.

Brokers tell TradeWinds the VLCC involved is the Synergy Queen that we reportedsold to the Greek owner at the start of this month.

The price announced is below the $78m some brokers had placed on the ship.

Navios Acquisition, which has sold four VLCCs to MLP spin-off Navios Midstream Partners, revealed the deal as it reported a return to profit in the third quarter.

It booked a gain of $1.66m in the three months to the end of September, overturning the $4.11m red figure recorded at this stage a year ago.

Angeliki Frangou, chief executive of Navios Acquisition, said: "I am pleased with our results -- we grew adjusted EBITDA by 35.8\% and declared a quarterly dividend of $0.05 per share. We have consistently paid a dividend, and today stockholders are receiving a yield of almost 7.3\% on NNA common stock."

The results come just a few days after Navios Midstream completed its US listing and the $379.4m purchase of four VLCCs.

The IPO saw 8.1 million shares sold at $15.00 each, with Navios Acquisition left with 55.5\% of the company.

“We were pleased to launch Navios Maritime Midstream Partners as a new high growth platform in the wet sector for dividend seeking investors,” Frangou said.

"Navios Midstream is a new public entity that will be a natural home for certain of our assets that are developed to the point of providing attractive long-term returns, providing Navios Acquisition with flexibility and liquidity."


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