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Navios Maritime Acquisition Corporation Takes Delivery of Five Vessels upon Liquidation of Navios Europe Inc.

Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), an owner and operator of tanker vessels, announced the delivery of five product tankers following the liquidation of Navios Europe Inc. (“Navios Europe I”).

Navios Acquisition financed the $81.8 million acquisition, subject to customary working capital adjustments, through (i) $32.5 million of bank financing bearing an interest rate of LIBOR plus 400 bps and maturity in June 2020, (ii) about $33.0 million receivables due from Navios Europe I and (ii) cash from balance sheet.

The five product tankers delivered to Navios Acquisition are:

Vessels Type Built DWT Charter Rate, net ($) Expected Expiration Date
Perseus N MR1 Tanker 2009 36,264 11,356 04/2020
Star N MR1 Tanker 2009 37,872 11,850 02//2020
Hector N MR1 Tanker 2008 38,402 11,850 01/2020
Aurora N LR1 Tanker 2008 63,495 Floating rate 03/2020
Lumen N LR1 Tanker 2008 63,599 Floating rate 03/2020
Total: 5 vessels 239,632

Source: Navios Maritime Acquisition Corporation

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