Navios' Frangou "Agnostic" on the "Religious Scrubber Question"

Thursday November 8, 2018

Navios Maritime Acquisition Corporation [NYSE: NNA] CEO, Angeliki Frangou, says she is "agnostic" when it comes to the "religious scrubber question."

"If we are paid, we will install scrubbers, and we have done that in new buildings," she said during the firm's Q3 2018 results earnings call.

Following a deal stuck in June, Navios is chartering two Japanese-built VLCCs with scrubbers installed for 12 years with purchase options, and confirmed today they have delivery dates of Q3 and Q4 of 2020.

"This is about a spread and how you capture the spread," she said.

"We think that the market and the overall shipping market will have to be compliant with the oil at 2020, and then it's a matter of really whatever our clients would like, we will do at their cost."

Like many of its peers, Navios also sees IMO 2020 as good for tankers: "We see the environment for 2019 developing very nicely," said Frangou.

* Earnings call transcript by Seeking Alpha