Navios Maritime Acquisition Corporation (Navios Acquisition) (NYSE:NNA), an owner and operator of tanker vessels, announced yesterday that it has agreed to sell the Nave Galactic, a 2009-built VLCC of 297,168 dwt to Navios Maritime Midstream Partners L.P. (Navios Midstream) (NYSE:NAP) for $44.5 million. Navios Acquisition also agreed to extend the charter rate backstop of the Shinyo Kannika to the Nave Galactic.

Navios Maritime Acquisition Corporation Agrees to Sell One VLCC to Navios Maritime Midstream Partners L.P. for $44.5 Million
Caption: Crude Oil Tanker Nave Galactic - Image courtesy of Hannes van Rijn

Navios Acquisition intends to use the proceeds from the sale of the vessel for repayment of indebtedness, reinvestment in vessels and general working capital purposes.

As a result of this transaction, the Nave Galactic will be substituted by the Nave Equinox and the Nave Pyxis MR2 product tankers as collateral under the 8 1/8% Secured Bond due 2021.

NAVE PYXIS - IMO 9697430
Caption: Chemical/Oil Products Tanker Nave Pyxis - Image courtesy of Miranda Reiffers Te Loo

Board Approval

The sale of the Nave Galactic transaction has been unanimously approved by a Special Committee of independent Directors of Navios Acquisition.

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.

Source: Navios Maritime Acquisition Corp