6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

Dated: September 6, 2013

Commission File No. 001-34104

 

 

NAVIOS MARITIME ACQUISITION CORPORATION

 

 

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨            No   x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨            No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 

On September 3, 2013, Navios Maritime Acquisition Corporation (“Navios Acquisition”) issued a press release announcing the delivery of the Nave Alderamin, a new building MR2 product tanker vessel of 49,998 dwt, from a South Korean shipyard. The Nave Alderamin has been chartered out to a counterparty for six months at a rate of $13,163 net per day plus 50% profit sharing based on a formula. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

On September 5, 2013, Navios Acquisition issued a press release announcing the delivery of the Nave Constellation, a new building chemical tanker of 45,281 dwt, from a South Korean shipyard. The Nave Constellation has been chartered out to a counterparty for two years at a rate of $14,869 net per day, plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional year at a rate of $16,088 net per day, plus 50% profit sharing. A copy of the press release is furnished as Exhibit 99.2 to this Report and is incorporated herein by reference.

FLEET

 

Vessels

    Type    Built/
Delivery
Date		      DWT      Net Charter Rate (1)   Profit Share    Expiration
Date (2)

Owned Vessels

                 

Nave Cielo

    LR1 Product Tanker      2007         74,671      11,850   50%/50%    May 2014

Nave Ariadne

    LR1 Product Tanker      2007         74,671      11,850(3)   50%/50%    November 2013

Nave Cosmos

    Chemical Tanker      2010         25,130      12,188   50%/50%    August 2014

Nave Polaris

    Chemical Tanker      2011         25,145      12,188   50%/50%    July 2014

Shinyo Splendor

    VLCC      1993         306,474      38,019   None    May 2014

Nave Celeste

    VLCC      2003         298,717      42,705   None    December 2016

C. Dream

    VLCC      2000         298,570      29,625   50% above $30,000    March 2019
              40% above $40,000   

Shinyo Ocean

    VLCC      2001         281,395      38,400   50% above $43,500    January 2017

Shinyo Kannika

    VLCC      2001         287,175      38,025   50% above $44,000    February 2017

Shinyo Saowalak

    VLCC      2010         298,000      48,153   35% above $54,388    June 2025
              40% above 59,388   
              50% above 69,388   

Shinyo Kieran

    VLCC      2011         297,066       48,153   35% above $54,388    June 2026
              40% above $59,388   
              50% above $69,388   

Buddy

    MR2 Product Tanker      2009         50,470       13,825(4,10)   None    July 2014

Bull

    MR2 Product Tanker      2009         50,542       13,825(4,10)   None    July 2014

Nave Andromeda

    LR1 Product Tanker      2011         75,000       12,000(5)   100% up to $15,000    November 2014
              50% above $15,000   

Nave Estella

    LR1 Product Tanker      2012         75,000       11,850(6)   90% up to $15,000    January 2015
              50% above $15,000   

Nave Atria

    MR2 Product Tanker      2012         49,992       13,331(7)   50% /50%    July 2015

Nave Cassiopeia

    LR1 Product Tanker      2012         74,711       11,850   50% /50%    February 2014

Nave Cetus

    LR1 Product Tanker      2012         74,581       11,850   50% /50%    April 2014

Nave Aquila

    MR2 Product Tanker      2012         49,991       13,331(7)   50% /50%    November 2015

Nave Bellatrix

    MR2 Product Tanker      2013         49,999       13,331(8)   50% /50%    January 2016

Nave Rigel

    LR1 Product Tanker      2013         74,673       11,850(3)   50% /50%    February 2014

Nave Orion

    MR2 Product Tanker      2013         49,999       13,331(8)   50% /50%    March 2016

Nave Atropos

    LR1 Product Tanker      2013         74,695       11,850(3)   50% /50%    April 2014

Nave Titan

    MR2 Product Tanker      2013         49,999       13,825(9)   50% /50%    June 2016

Nave Equinox

    LR1 Product Tanker      2007         50,922       Repositioning Trip     

Nave Capella

    MR2 Product Tanker      2013         49,995       13,825(10)      July 2014

Nave Pulsar

    LR1 Product Tanker      2007         50,922       Repositioning Trip     

Nave Universe

    Chemical Tanker      2013         45,513       14,869(11)   50% /50%    July 2015

Nave Constellation

    Chemical Tanker      2013         45,281       14,869(11)   50% /50%    September 2015

Nave Alderamin

    MR2 Product Tanker      2013         49,998       13,163   50%/50%    March 2014

Shinyo Navigator

    VLCC      1996         300,549       Repositioning Trip     

Owned Vessels to be Delivered

              

TBN

    MR2      Q3 2013         47,999           

TBN

    MR2      Q4 2013         47,999           

TBN

    MR2      Q3 2013         50,000       15,356(12)     

TBN

    MR2      Q1 2014         50,000       14,319(13)   50%/50%   

TBN

    MR2      Q3 2014         50,000       14,319(13)   50%/50%   

TBN

    MR2      Q3 2014         51,200           

TBN

    MR2      Q4 2014         50,000       14,319(13)   50%/50%   

TBN

    MR2      Q4 2014         51,200           

TBN

    MR2      Q1 2015         51,200           

TBN

    MR2      Q2 2015         51,200           

 

(1) Net time charter-out rate per day (net of commissions).
(2) Estimated dates assuming midpoint of redelivery of charterers.
(3) Charterer’s option to extend the charter for 6 months at same rate.
(4) Following the default of their charterer in July 2013, the charter contracts of the two MR2 product tankers, the Buddy and the Bull, have been terminated and the vessels have been re-chartered to a third party for a one year period. As a result of the charter termination, the Company revised the remaining useful life of the related favorable leases and an amount of $1.6 million has been accounted for as accelerated amortization in the second quarter of 2013 while the remaining $2.4 million will affect the results of the third quarter of 2013.
(5) Charterer’s option to extend the charter for 1+1 years at $13,000 net 1st optional year plus 100% profit up to $16,000 plus 50% profit sharing above $16,000; $14,000 net 2nd optional year plus 100% profit up to $17,000 plus 50% profit sharing above $17,000. Profit sharing formula is calculated monthly and incorporates $2,000 premium above the relevant index.
(6) Charterer’s option to extend the charter for 1+1 years at $11,850 net 1st optional year plus 90% profit up to $16,000 plus 50% profit sharing above $16,000; $11,850 net 2nd optional year plus 90% profit up to $17,000 plus 50% profit sharing above $17,000. Profit sharing formula is calculated monthly and incorporates $2,000 premium above the relevant index.
(7) Charterer’s option to extend the charter for 1+ 1 years at $14,566 net 1st optional year plus profit sharing; $15,553 net 2nd optional year plus profit sharing. The profit sharing will be calculated monthly and profits will be split equally between each party. Profit sharing formula incorporates $1,000 premium above the relevant index.
(8) Charterer’s option to extend the charter for 1 year at $14,813 net plus profit sharing. The charterers will receive 100% of the first $1,000 in profits above the base rate and the owners will receive 100% of the next $1,000. Thereafter, all profits will be split equally to each party.
(9) Charterer’s option to extend the charter for 1 year at $15,306 net plus profit sharing. The charterers will receive 100% of the first $1,000 in profits above the base rate and the owners will receive 100% of the next $1,000. Thereafter, all profits will be split equally to each party.
(10) Charterer’s option to extend for 1 year at $14,813 net per day.
(11) Charter duration two years. Charterer’s option to extend for an additional year at a rate of $16,088 net per day, plus 50% profit sharing.
(12) Charter duration four years, rate can reach a maximum of $20,745 net per day calculated basis a specific world scale formula. Both rate and ceiling increase by 2% annually.
(13) Charter duration two years. Charterer’s option to extend for an additional year at a rate of $15,306 net per day plus 50% profit sharing.

This Report is hereby incorporated by reference into Navios Acquisition’s Registration Statements on Form F-3, File Nos. 333-169320 and 333-170896.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

NAVIOS MARITIME ACQUISITION CORPORATION
By:  

/s/ Angeliki Frangou

  Angeliki Frangou
  Chief Executive Officer
  Date: September 6, 2013

EXHIBIT INDEX

 

Exhibit

No.

   

Exhibit

99.1    Press Release dated September 3, 2013
99.2    Press Release dated September 5, 2013