SOURCE: Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation

January 23, 2012 07:27 ET

Navios Maritime Acquisition Corporation Announces Delivery of an LR1 Product Tanker

PIRAEUS, GREECE--(Marketwire - Jan 23, 2012) - Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, announced today that the Nave Estella, an LR1 Product Tanker of 75,000 dwt, was delivered on January 20, 2012 from a South Korean shipyard.

The Nave Estella has commenced a 3-year charter-out at a net rate of $11,850 with 90%/10% profit sharing for rates up to $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 charterer was also given two one-year options at a net rate of $11,850/day plus 90%/10% profit sharing for rates up to $16,000 and 50%/50% for rates above $16,000 for the first year and $11,850/day plus 90%/10% profit sharing for rates up to $17,000 and 50%/50% for rates above $17,000 for the second year.

The Nave Estella is expected to generate approximately $1.6 million annual base EBITDA and $4.8 million of aggregate base EBITDA, assuming operating expense approximating current operating costs and 360 revenue days per year.

About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit our website:

Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Acquisition believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, competitive factors in the market in which Navios Acquisition operates; Navios Acquisition's ability to maintain or develop new and existing customer relationships, including its ability to enter into charters for its vessels; risks associated with operations outside the United States; and other factors listed from time to time in Navios Acquisition's filings with the Securities and Exchange Commission. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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