Mintz Levin Represents Navios Maritime Acquisition Corporation in $587 Acquisition of Seven VLCC Tankers
9/18/2010
New York, NY – Corporate attorneys from the New York and Boston offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. closed a previously announced acquisition of a seven VLCC tanker fleet from a Hong Kong-based shipping company for an aggregate purchase price of $587 million on behalf of Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels focusing on the transportation of petroleum products.
The seven VLCC tankers have an average age of 8.6 years and a remaining charter-out term of 8.8 years with an average charter rate of $40,440 net per day. Five of the seven charters also have profit sharing, providing potential upside.
The Mintz Levin team representing Navios included corporate partners Ken Koch, Todd Mason, Ivan Blumenthal and Michael Lieberman, as well as associates Mekhala Attonito and Garret Johnston.
