Navios Maritime Acquisition Corp.

Press Release

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June 1, 2010 at 4:12 AM EDT

Navios Maritime Acquisition Corporation Announces Closing of Business Combination

PIRAEUS, Greece, June 1, 2010 - Navios Maritime Acquisition Corporation (“Navios

Acquisition” or “the Company”) (NYSE:NNA) announced today that the Company, previously

a special purpose acquisition company sponsored by Navios Maritime Holdings Inc. (“Navios

Holdings”), has completed its business combination involving the acquisition of 13 vessels

(11 product tankers and two chemical tankers) plus options to purchase two additional

product tankers, for an aggregate purchase price of $457.7 million, of which $123.4 million

is to be paid from existing cash and the $334.3 million balance with debt financing.

In connection with the completion of the acquisition, Navios Acquisition has now reimbursed

Navios Holdings for the initial equity payment of $38.8 million plus all associated payments

previously made by Navios Holdings.

Angeliki Frangou, Chairman and CEO commented, "I thank the consortium of commercial

banks, composed of Deutsche Schiffsbank A.G, Credit Agricole Corporate and Investment

Bank, Alpha Bank A.E., DVB Bank SE, BNP Paribas Fortis, Fortis Bank (Nederland) N.V. and

Marfin Popular Bank, which committed attractive financing to Navios Acquisition in a difficult

market. I also thank our management as well as our legal and financial advisors for their

excellent work. As a result of this overall team effort, we were able to bring this acquisition

to a successful conclusion."

Ms. Frangou continued, “As previously stated, we believe that the vessels purchased by

Navios Acquisition are near historically low prices (as adjusted for inflation), in a sector

positioned for growth. With two vessels operational and with two more vessels to be

delivered by the end of 2010, we are positioned to capitalize on opportunities for fleet


About Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation (NYSE: NNA) is a global shipping company

specializing in the product and chemical tanker sectors.

For more information about Navios Acquisition, please visit our website:



Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the

Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of

1934, as amended) concerning future events and Navios Acquisition’s growth strategy and

measures to implement such strategy; including expected vessel acquisitions and entering

into further time charters. Words such as "expects," "intends," "plans," "believes,"

"anticipates," "hopes," "estimates," and variations of such words and similar expressions are

intended to identify forward-looking statements. Such statements include comments

regarding expected revenue and time charters. Although the Navios Acquisition believes

that the expectations reflected in such forward-looking statements are reasonable, no

assurance can be given that such expectations will prove to have been correct. These

statements involve known and unknown risks and are based upon a number of assumptions

and estimates which are inherently subject to significant uncertainties and contingencies,

many of which are beyond the control of Navios Acquisition. Actual results may differ

materially from those expressed or implied by such forward-looking statements. Factors

that could cause actual results to differ materially include, but are not limited to changes in

the demand for product and chemical tanker vessels, competitive factors in the market in

which Navios Acquisition operates; risks associated with operations outside the United

States; and other factors listed from time to time in the Navios Acquisition’s filings with the

Securities and Exchange Commission. Navios Acquisition expressly disclaims any

obligations or undertaking to release publicly any updates or revisions to any forwardlooking

statements contained herein to reflect any change in Navios Acquisition’s

expectations with respect thereto or any change in events, conditions or circumstances on

which any statement is based.


Public & Investor Relations Contact:

Navios Maritime Acquisition Corporation

Investor Relations