Navios Maritime Acquisition Corp of Greece is looking to further expand its fleet of tankers, management told investors Wednesday.
Agggeliki Frangou serves as CEO of Navios Acquisition, which currently controls 11 VLCCs.
In the New York-listed operator’s first-quarter conference call chief executive Angeliki Frangou hinted that her company intends to seek more VLCCs in the months ahead.
“As our recently announced acquisition makes clear, we are looking to continue to grow the fleet,” she said in reference to the purchase of a vessel that is widely believed to be the 305,500-dwt Charles Eddie (built 2002).
When asked whether Navios Acquisition would continue to target tonnage of a similar age going forward Frangou admitted that the surge in asset prices has made investments in many newer models less attractive than in the past.
In response to the same question the executive pointed out that her company was paying approximately $54m for three-year-old VLCCs just last year, which is well below what modern vessels are commanding in today’s market.