Navios Acquisition buys secondhand VLCC for $43.5m

The 2003-built, 298,287 dwt VLCC is expected to be delivered to Navios Acquisition in the second quarter of this year.

Angeliki Frangou, chairman and ceo of Navios Acquisition, said, "Navios Acquisition is a premier tanker company having expanded its fleet at attractive points in the cycle. Today, our fleet of 11 VLCCs makes Navios Acquisition one of the leading public owners of VLCCs."

Navios Acquisition is expected to finance the acquisition with cash on its balance sheet and financing consistent with its existing credit arrangements.

Following the acquisition of this latest VLCC, Navios Acquisition owns 44 vessels comprising of 11 VLCCs, 29 product tankers and four chemical tankers.