Navios Maritime Midstream Partners is to rapidly reduce the age of its fleet to industry average levels, having cut its shareholder payout to support fleet renewal.
New York-listed Navios Midstream has this year scrapped the 287,000-dwt Shinyo Kannika (built 2001). The tanker was replaced with the 298,000-dwt Nave Galactic (built 2010) from Navios Maritime Acquisition.
Chief executive Angeliki Frangou said the deal allowed the master limited partnership (MLP) to cut the age of its VLCC fleet by 11%.
