Navios Acquisition to Add Product Tanker Quintet

Monaco-based ship owner and operator Navios Maritime Acquisition Corporation has inked an agreement to acquire five product tankers in liquidation of Navios Europe I.

The ships in question are MR1 tankers Perseus N, Star N, Hector N and LR1 tankers Aurora N and Lumen N.

On November 22, 2019, an agreement was reached to liquidate Navios Europe I, a company formed a few years ago to manage portfolios of vessels owned by HSH Nordbank.

As of September 30, 2019, Navios Acquisition had a receivable of USD 32.3 million from Navios Europe I.

This receivable along with debt financing will be used to finance the acquisition, the company said.

The agreement is subject to definitive documentation which is expected to be completed by the end of 2019, according to Navios Acquisition.

Navios Acquisition’s operating fleet currently comprises 38 vessels. In addition, the company is expected to take delivery of three VLCCs in 2020 and 2021.