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Navios Maritime Acquisition Corporation Message Board

  • winomaster winomaster Dec 16, 2012 4:00 PM Flag

    Comments On NNA Potential-Pt 2

    2) 2014:
    • Six LR1’s will need to be re-chartered this year: The last LR1 chartered was in Sept 2012 for one year at $11,850 with 50/50 profit sharing and a six month option at the same rate. EBITDA was stated as 1.6 mm annually. We can only hope that rates strengthen before the six LR1’s are re-chartered. They are earning very little currently. It’s hard to understand why the LR1’s have been so persistently weak. They earn less than the MR’s despite being 50% bigger. Currently MR’s are taking market share away from the LR1’s. I have to assume that when rates improve for the LR1’s, that it will soften demand some for the MR sector. Perhaps not if the overall demand for tankers is sufficiently improved.

    • One VLCC Tanker will likely need to be sent to the breaking yard. It will be 21 yrs old. This represents a $13.7 mm loss of annual revenue.

    • Unless rates rise this year, it’s easy to see the loss of revenue from the scrapped VLCC hurting overall results.

    3) 2015: Various projections have had the tanker market improving by this year. We can only hope this holds true
    .
    • Two MR vessels will need to be re-chartered this year.

    • If the LR1’s re-chartered in 2014 were again put out on one year charters, they will need to be re-chartered once again by year-end.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • My mistake.

    • This is the first part of the post that was blocked

      2013:
      Yahoo’s summary of analyst projections show an increase in profits for 2013. I have to assume they are seeing a strengthening of rates for MR’s. Alternately, their projections could just be nonsense.

      Five newbuild MR’s need to be chartered during this year. STNG recently chartered a MR newbuild for three years at 15,750/day in yr one, $16,250/day in yr two, and 16750/day in yr three. This is with two 1 yr options: yr one at 17,500, yr two at 18,000/day. This is likely an eco vessel and no profit-sharing is involved.

      It’s unclear if the above represents an improved rate when compared to the most recent NNA MR (non-eco) three year charter at 13,825/day with 50/50 profit sharing. This has a one yr option at $15,306 where the first $1,000 profit-sharing goes to the charterer. The next $1,000 goes to the owner, then 50/50.

      The STNG charter may well suggest a firming of rates, depending on how much of a premium you assume the eco feature commands.

    • This is the first part of the post that the board is blocking:

      2013:
      Yahoo’s summary of analyst projections show an increase in profits for 2013. I have to assume they are seeing a strengthening of rates for MR’s. Alternately, their projections could just be nonsense.

      Five newbuild MR’s need to be chartered during this year. STNG recently chartered a MR newbuild for three years at 15,750/day in yr one, $16,250/day in yr two, and 16750/day in yr three. This is with two 1 yr options: yr one at 17,500, yr two at 18,000/day. This is likely an eco vessel and no profit-sharing is involved.

      It’s unclear if the above represents an improved rate when compared to the most recent NNA MR (non-eco) three year charter at 13,825/day with 50/50 profit sharing. This has a one yr option at $15,306 where the first $1,000 profit-sharing goes to the charterer. The next $1,000 goes to the owner, then 50/50.

      The STNG charter may well suggest a firming of rates, depending on how much of a premium you assume the eco feature commands.

    • TNP is holding 2 VLCC tankers aside for sale rather than operate them at a loss.

 
NNA
3.73+0.05(+1.36%)Dec 26 4:02 PMEST

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