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Stock Market & Financial Investment News

News Breaks
November 15, 2011
16:01 EDTNNA
theflyonthewall.com: Navios Acquisition announces delivery and time charter for one LR1 tanker
Navios Maritime Acquisition announced that the LR1 Product Tanker Nave Andromeda of 75,000 dwt was delivered from a South Korean shipyard and immediately began a 3-year charter-out with two one-year options at a net rate of $11,850 for the first three years with 100% profit sharing for rates below $15,000/day and 50/50 above $15,000/day. The profit sharing formula is calculated monthly and incorporates a $2,000 premium above the relevant index. The Nave Andromeda is expected to generate approximately $1.6M annual base EBITDA and $4.8M of aggregate base EBITDA, assuming operating expense approximating current operating costs and 360 revenue days per year. :theflyonthewall.com



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