The Angeliki Frangou-led owner has chartered out the 298,000-dwt Nave Galactic (built 2009) at a rate based on the TD3-TCE index.
Navios will receive 100% of the index rate up to $39,500 net per day and 50% of any amount higher than that.
The minimum price of the contract is $29,625 per day.
Navios acquired the Nave Galactic alongside two other tankers in November 2013, for approximately $163m en bloc.
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