Bloomberg Trifagura report from Jan 21 - bought 3 MR2s en bloc on subjects. Sounds cheap, eh?NNA has several of these to hit the water this q and with 50/50 over about 13k so earnings could see a bump. I added at 2.62 yesterday. Article says:
Returns for product tankers are gaining as ships hauling cargoes of crude oil generate weaker earnings. Daily returns for medium-range vessels climbed 6.5 percent to $16,000 since the start of the year, according to data from the London-based Baltic Exchange, while very large crude carriers, the biggest oil tankers, are losing $3,890 a day.
Trafigura paid between $60 million and $70 million for the vessels, according to Clarkson Plc’s Shipping Intelligence Network, which cited shipbrokers it didn’t identify. The tankers were built between 2008 and 2009 and each has a capacity of about 50,000 deadweight tons, it said.
One cant be sure of the value, since it depends a bit also on if charters were attached. But, the price per vessel ($20-23M) was less than half what NNA paid in 2011 ($44M) for a similar vintage MR2 tanker. Then, they bought 2, but they had attractive 3-yr charters. Even accounting for those, it appears than NNA paid dearly in comparison...
PIRAEUS, GREECE, Jun 17, 2011 (MARKETWIRE via COMTEX) --
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, announced today that it has agreed to acquire two 50,000 dwt MR2 product tankers built in 2009. The vessels are employed under long-term charter-out contracts with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period. Delivery is expected in July 2011.
The two vessels will generate approximately $11.2 million annual EBITDA and $34.2 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year. The aggregate purchase price for the two new vessels is approximately $84.8 million, to be paid in cash.
Congrats! I keep thinking there's going to be another bite at the apple on GSL...so I keep watching. In the meantime, this is where a chunk of my GSL $$$ went and its sure been frustrating so far, though not heart-attack inducing as GSL at times.
I figure if we get one quarter here where profit-sharing comes in nicely, the market might sit up and notice..............Dave