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Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2016

  • Net income
    • $8.8 million for Q3 2016; $0.06 per share
    • $44.8 million for the nine months 2016; $0.28 per share
  • EBITDA
    • $41.7 million for Q3 2016;
    • $144.7 million for the nine months 2016;
  • Profit sharing $7.7 million for the nine months 2016
  • Sale of Nave Universe, chemical tanker
  • Quarterly dividend of $0.05 per share – consistently paid since 2010

MONACO, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE:NNA), an owner and operator of tanker vessels, reported its financial results today for the third quarter and the nine month period ended September 30, 2016.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “Navios Acquisition recorded a net income of $44.8 million or $0.28 per share for the first nine months of 2016, of which $8.8 million, or $0.06 per share, was recorded in the third quarter. EBITDA for the first nine months of 2016 was $144.7 million, of which $41.7 million was recorded in the third quarter. Profit sharing captured market upside and earned $7.7 million during the first nine months of 2016, including $0.3 million in the third quarter. We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 16%.”

Angeliki Frangou continued, “Our chartering policy of seeking long-term charters provided above market earnings during the third quarter, a period during which spot charter rates were correcting. Navios Acquisition’s average charter rate for its fleet, excluding its chemical tankers, was about 54% higher than the market average. Our fleet is effectively fixed for the balance of 2016 and 60.4% fixed for 2017. Our results speak to the strength of our business model, particularly when coupled with low operating costs which are fixed through mid-2018 at rates about 11% below industry average."

HIGHLIGHTS — RECENT DEVELOPMENTS

Dividend of $0.05 per share of common stock

On November 4, 2016, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2016 of $0.05 per share of common stock. The dividend is payable on December 21, 2016 to stockholders of record as of December 14, 2016 and provides a current annualized yield of 16.0%.

Sale of chemical tanker

On October 4, 2016, Navios Acquisition sold the Nave Universe, a 2013-built, chemical tanker of 45,513 dwt to an unaffiliated third party for a sale price net of commissions of $36.4 million. Part of the net proceeds from the sale of the vessel amounting to $16.4 million were used to fully repay the outstanding amount of its credit facility.

Time Charter Coverage and profit sharing

Navios Acquisition currently owns 37 vessels, of which eight are VLCCs, 26 are product tankers and three are chemical tankers which include the Nave Constellation, a 2013-built chemical tanker of 45,281 dwt that Navios Acquisition has agreed to sell following the completion of its chartering commitments, expected during the fourth quarter of 2016.

As of November 8, 2016, Navios Acquisition had contracted 99.7% and 60.4% of its available days on a charter-out basis for 2016 and 2017, respectively, expecting to generate revenues of approximately $270.1 million and $123.6 million, respectively. The average contractual daily charter-out rate for the fleet is expected to be $20,574 and $20,356 for 2016 and 2017, respectively.

During the three month period and the nine month period ended September 30, 2016, Navios Acquisition recognized $0.3 million and $7.7 million, respectively, under its profit sharing arrangements.

Loan to affiliate

On September 19, 2016, Navios Acquisition entered into a $70.0 million secured loan facility with Navios Maritime Holdings Inc. (“Navios Holdings”). The loan facility is secured by all of Navios Holdings' interest in Navios Acquisition and 78.5% of Navios Holdings’ interest in Navios South American Logistics, Inc. (“Navios Logistics”) representing a majority of the shares outstanding of Navios Logistics. In addition, the loan facility provides for an arrangement fee of $0.7 million, is available for up to five drawings and has a fixed interest rate of 8.75% compounded semi-annually with a maturity date of November 15, 2018. As of September 30, 2016, $50.0 million was drawn under this loan facility.

Purchase option extended for three VLCCs

In connection with the IPO of Navios Maritime Midstream Partners L.P. (“Navios Midstream”), Navios Acquisition granted options to Navios Midstream, exercisable until November 18, 2016, to purchase seven VLCCs (two of which, the Nave Celeste and the C. Dream, were sold to Navios Midstream in June 2015) from Navios Acquisition at fair market value. In October 2016, Navios Acquisition extended the options of three of the five remaining VLCCs, the Nave Buena Suerte, the Nave Neutrino and the Nave Electron, for an additional two-year period expiring on November 18, 2018. The purchase options pursuant to the extended period do not include any backstop commitments from Navios Acquisition.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Acquisition has compiled its consolidated statement of income for the three months and nine months ended September 30, 2016 and 2015. The quarterly information for 2016 and 2015 was derived from the unaudited condensed consolidated financial statements for the respective periods.

(Expressed in thousands of U.S. dollars) Three Month
Period ended
September 30,
2016
(unaudited)
Three Month
Period ended
September 30,
2015
(unaudited)
Nine Month
Period ended
September 30,
2016
(unaudited)
Nine Month
Period ended
September 30,
2015
(unaudited)
Revenue $ 68,069 $77,692 $222,983 $236,711
Net cash provided by operating activities $40,104 $37,344 $90,341 $91,488
EBITDA $41,706 $54,530 $144,660 $168,136
Net income $8,817 $23,216 $44,771 $69,612
Earnings per share (basic) $0.06 $0.15 $0.28 $0.44

EBITDA is a non-GAAP financial measure and should not be used in isolation or substitution for Navios Acquisition’s results (see Exhibit II for reconciliation of EBITDA).

Three month periods ended September 30, 2016 and 2015

Revenue for the three month period ended September 30, 2016 decreased by $9.6 million or 12.4% to $68.1 million, as compared to $77.7 million for the same period of 2015. The decrease was mainly attributable to the decrease in profit sharing by $9.7 million to $0.3 million recognized in the three month period ended September 30, 2016, as compared to $10.0 million for the same period in 2015. The decrease was partially mitigated by the increase in revenue following the deliveries of two vessels in the fourth quarter of 2015. Available days of the fleet increased to 3,496 days for the three month period ended September 30, 2016, as compared to 3,397 days for the three month period ended September 30, 2015. The TCE Rate decreased to $19,159 for the three month period ended September 30, 2016, from $22,551 for the three month period ended September 30, 2015.

EBITDA for the three month period ended September 30, 2016 decreased by $12.8 million to $41.7 million from $54.5 million in the same period of 2015. The decrease in EBITDA was mainly due to a: (i) $9.6 million decrease in revenue; (ii) $2.0 million increase in management fees mainly due to the deliveries of the vessels discussed above; (iii) $1.6 million decrease in equity in net earnings of affiliated companies; and (iv) $0.2 million increase in general and administrative expenses; partially mitigated by a $0.6 million decrease in other expense, net.

Net income for the three month period ended September 30, 2016, decreased by approximately $14.4 million to $8.8 million compared to $23.2 million, for the same period in 2015. The decrease was due to: (i) a decrease of $12.8 million in EBITDA; (ii) an increase of $1.1 million in interest expense and finance cost; (iii) an increase of $0.6 million in depreciation and amortization; and (iv) an increase of $0.4 million in amortization of dry docking and special survey costs; partially mitigated by an increase of $0.6 million in interest income.

Nine month periods ended September 30, 2016 and 2015

Revenue for the nine month period ended September 30, 2016 decreased by $13.7 million or 5.8% to $223.0 million, as compared to $236.7 million for the same period of 2015. The decrease was mainly attributable to: (i) the decrease in profit sharing by $18.5 million to $7.7 million recognized in the nine month period ended September 30, 2016, as compared to $26.2 million for the same period in 2015; and (ii) the decrease in revenue by $15.7 million due to the sale of two VLCCs in June 2015 and one MR2 tanker vessel in January 2016. The decrease was partially mitigated by the increase in revenue following deliveries of four vessels during the period from January 2015 until September 2016. Available days of the fleet increased to 10,410 days for the nine month period ended September 30, 2016, as compared to 10,357 days for the nine month period ended September 30, 2015. The TCE Rate decreased to $21,082 for the nine month period ended September 30, 2016, from $22,538 for the nine month period ended September 30, 2015.

EBITDA for the nine month period ended September 30, 2016 decreased by approximately $23.5 million to $144.7 million from $168.1 million in the same period of 2015. The decrease in EBITDA was mainly due to a: (i) $13.7 million decrease in revenue; (ii) decrease in the gain on sale of vessels by $3.5 million; (iii) $2.6 million increase in general and administrative expenses; (iv) $2.2 million increase in management fees mainly due to the deliveries of the vessels discussed above; (v) $0.7 million increase in direct vessel expenses (excluding amortization of dry dock and special survey costs); (vi) $0.4 million increase in other expense, net; (vii) $0.2 million increase in time charter expenses; and (viii) $0.1 million decrease in equity in net earnings of affiliated companies.

Net income for the nine month period ended September 30, 2016 decreased by $24.8 million to $44.8 million from $69.6 million for the same period of 2015. The decrease was due to: (i) a decrease of $23.5 million in EBITDA; (ii) an increase of $1.8 million in interest expense and finance cost; and (iii) an increase of $1.0 million in amortization of dry docking and special survey costs included in direct vessel expenses. The decrease was partially mitigated by an increase of $1.5 million in interest income.

Fleet Employment Profile

The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three and nine months ended September 30, 2016 and 2015.

Three month period ended
September 30,
Nine month period ended
September 30,
2016
(unaudited)
2015
(unaudited)
2016
(unaudited)
2015
(unaudited)
FLEET DATA
Available days(1) 3,496 3,397 10,410 10,357
Operating days(2) 3,489 3,389 10,388 10,325
Fleet utilization(3) 99.8% 99.8% 99.8% 99.7%
Vessels operating at period end 38 37 38 37
AVERAGE DAILY RESULTS
Time Charter Equivalent (“TCE”) Rate per day(4) $19,159 $22,551 $21,082 $22,538

(1) Available days: Available days for the fleet represent the total calendar days the vessels were in Navios Acquisition’s possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.

(2) Operating days: Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.

(3) Fleet utilization: Fleet utilization is the percentage of time that Navios Acquisition’s vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off hire for reasons other than scheduled repairs, dry dockings or special surveys.

(4) TCE Rate: Time Charter Equivalent Rate is defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE Rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels of various types of charter contracts for the number of available days of the fleet.

Conference Call, Webcast and Presentation Details:
As previously announced, Navios Acquisition will host a conference call today, Tuesday, November 8, 2016 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on earnings results for the third quarter and the nine month period ended September 30, 2016.

US Dial In: +1.877.480.3873

International Dial In: +1.404.665.9927

Conference ID: 8999 9756

The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367

International Replay Dial In: +1.404.537.3406

Conference ID: 8999 9756

The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, www.navios-acquisition.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.

A supplemental slide presentation will be available by 8:00 am ET on the day of the call.

About Navios Acquisition
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com.

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 expectations, including with respect to Navios Acquisition’s future dividends, 2016 cash flow generation 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 "may," "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. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Acquisition at the time these statements were made. Although 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, the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us, tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, the aging of our vessels and resultant increases in operation and dry docking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, potential liability from litigation and our vessel operations, including discharge of pollutants, general domestic and international political conditions, 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, including its Form 20Fs and Form 6Ks. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking 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. Navios Acquisition makes no prediction or statement about the performance of its common stock.

EXHIBIT I

NAVIOS MARITIME ACQUISITION CORPORATION
OTHER FINANCIAL DATA
(Expressed in thousands of U.S. dollars- except share data)
September 30,
2016
(unaudited)
December 31,
2015
(unaudited)
ASSETS
Cash and cash equivalents, including restricted cash $49,048 $61,645
Accounts receivable, net 15,664 14,202
Due from related parties, short-term 20,607 17,837
Prepaid expenses and other current assets 4,191 3,665
Vessels, net, including vessels held for sale 1,383,215 1,441,635
Goodwill 1,579 1,579
Other long-term assets 2,410 1,920
Deferred dry dock and special survey costs, net 9,471 10,326
Investment in affiliates 198,971 204,808
Due from related parties, long-term 78,281 16,474
Total assets $1,763,437 $1,774,091
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $4,342 $2,753
Accrued expenses 23,730 9,802
Deferred revenue 6,925 7,600
Long-term debt, including current portion, net of deferred finance cost and premium 1,154,173 1,197,583
Deferred gain on sale of assets 8,099 8,982
Puttable common stock 350,000 and 650,000 shares issued and outstanding with $3,500 and $6,500 redemption amount as of September 30, 2016 and December 31, 2015, respectively 3,500 6,500
Total stockholders’ equity 562,668 540,871
Total liabilities and stockholders’ equity $1,763,437 $1,774,091


NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. dollars- except share and per share data)
For the Three
Months
Ended
September 30, 2016
(unaudited)
For the Three
Months
Ended
September 30, 2015
(unaudited)
For the Nine
Months
Ended
September 30, 2016
(unaudited)
For the Nine
Months
Ended
September 30, 2015
(unaudited)
Revenue $68,069 $77,692 $222,983 $236,711
Time charter and voyage expenses (1,087) (1,095) (3,525) (3,281)
Direct vessel expenses (741) (326) (2,790) (1,023)
Management fees (25,107) (23,092) (73,611) (71,427)
General and administrative expenses (3,282) (3,111) (12,792) (10,179)
Depreciation and amortization (14,220) (13,590) (43,397) (43,361)
Gain on sale of vessels 2,282 5,771
Interest income 1,055 489 2,589 1,062
Interest expenses and finance cost (18,983) (17,887) (57,021) (55,202)
Equity in net earnings of affiliated companies 3,194 4,817 11,816 11,906
Other expense, net (81) (681) (1,763) (1,365)
Net income $8,817 $23,216 $44,771 $69,612
Dividend on Series B preferred shares (19) (73)
Dividend on Series D preferred shares (50) (249)
Dividend declared on restricted shares (35) (70) (105) (210)
Undistributed income attributable to Series C participating preferred shares (432) (1,123) (2,185) (3,356)
Net income attributable to common shareholders, basic $8,350 $21,954 $42,481 $65,724
Dividend on Series B preferred shares 19 73
Dividend on Series D preferred shares 50 249
Dividend declared on restricted shares 35 70 105 210
Net income attributable to common shareholders, diluted $8,385 $22,093 $42,586 $66,256
Net income per share, basic $0.06 $0.15 $0.28 $0.44
Weighted average number of shares, basic 149,984,072 150,040,892 149,774,591 150,315,899
Net income per share, diluted $0.06 $0.14 $0.28 $0.43
Weighted average number of shares, diluted 150,684,077 153,160,110 150,786,684 153,946,808


NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
For the Nine
Months Ended
September 30, 2016
(unaudited)
For the Nine
Months Ended
September 30, 2015
(unaudited)
Operating Activities
Net income $44,771 $69,612
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 43,397 43,361
Amortization and write-off of deferred finance fees and bond premium 2,688 2,705
Amortization of deferred dry dock and special survey costs 2,060 1,023
Stock-based compensation 795 1,989
Gain on sale of vessels (2,282) (5,771)
Equity in net earnings of affiliated companies, net of dividends received (1,058) (1,613)
Changes in operating assets and liabilities:
(Increase)/ decrease in prepaid expenses and other current assets (526) 2,500
Increase in accounts receivable (1,462) (1,553)
Increase in due from related parties short-term (2,770) (19,442)
Increase in restricted cash (97) (36)
(Increase)/ decrease in other long term assets (490) 210
Increase in accounts payable 1,589 1,221
Increase in accrued expenses 13,928 13,801
Payments for dry dock and special survey costs (2,350) (268)
Increase in due from related parties long-term (6,404)
Decrease in due to related parties (17,763)
(Decrease)/ increase in deferred revenue (1,448) 1,512
Net cash provided by operating activities $90,341 $91,488
Investing Activities
Acquisition of vessels (29,397)
Dividends received from affiliates 5,205 1,588
Net proceeds from sale of vessels 18,449 71,224
Investment in affiliates (75) (7,201)
Loans receivable from affiliates (4,275) (6,614)
Loan receivable from affiliate, net of issuance fee and costs (49,470)
Net cash (used in)/ provided by investing activities $(30,166) $29,600
Financing Activities
Loan proceeds, net of deferred finance costs 25,954
Loan repayments (46,100) (73,272)
Dividend paid (23,769) (32,200)
Payment to related party (11,265)
Decrease in restricted cash 1,125 995
Redemption of Convertible shares and puttable common stock (3,000) (4,500)
Acquisition of treasury stock (5,565)
Net cash used in financing activities $(71,744) $(99,853)
Net (decrease)/ increase in cash and cash equivalents (11,569) 21,235
Cash and cash equivalents, beginning of year 54,805 54,493
Cash and cash equivalents, end of period $43,236 $75,728

EXHIBIT II


Reconciliation of EBITDA to Net Cash from Operating Activities
Three Month
Period
Ended
September 30,
2016
(unaudited)
Three Month
Period
Ended
September 30,
2015
(unaudited)
Nine Month
Period
Ended
September 30,
2016
(unaudited)
Nine Month
Period
Ended
September 30,
2015
(unaudited)
Expressed in thousands of U.S. dollars
Net cash provided by operating activities $40,104
$37,344 $90,341 $91,488
Net (decrease)/ increase in operating assets (2,806
) 14,134 14,099 18,589
Net (increase)/ decrease in operating liabilities (12,654
) (13,417) (14,069) 1,229
Net interest cost 17,928
17,398 54,432 54,140
Amortization of deferred finance cost (824
)
(712) (2,688) (2,705)
Equity in earnings of affiliated companies, net of dividends received 225
454 1,058 1,613
Stock based compensation (267
) (671) (795) (1,989)
Gain on sale of vessels
2,282 5,771
EBITDA(1) $41,706
$54,530 $144,660 $168,136
Three Month
Period
Ended
September 30,
2016
(unaudited)
Three Month
Period
Ended
September 30,
2015
(unaudited)
Nine Month
Period
Ended
September 30,
2016
(unaudited)
Nine Month
Period
Ended
September 30,
2015
(unaudited)
Net cash provided by operating activities $40,104 $37,344 $90,341 $91,488
Net cash (used in)/ provided by investing activities $(47,193) $(4,869) $(30,166) $29,600
Net cash used in financing activities $(19,211) $(30,544) $(71,744) $(99,853)


Disclosure of Non-GAAP Financial Measures

EBITDA

EBITDA is a non-U.S. GAAP financial measure and should not be used in isolation or as substitution for Navios Acquisition’s results calculated in accordance with U.S. GAAP.

EBITDA represents net income before interest and finance cost, before depreciation and amortization and before income taxes. We use EBITDA as a liquidity measure and reconcile EBITDA to net cash provided by/(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by/(used in) operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase/(decrease) in operating assets; (ii) net (increase)/decrease in operating liabilities; (iii) net interest cost; (iv) amortization of deferred finance cost and other related expenses; (v) provision for losses on accounts receivable; (vi) equity in net earnings of affiliated companies, net of dividends received; (vii) payments for dry dock and special survey costs; (viii) gain/(loss) on sale of assets/subsidiaries; (ix) stock based compensation; and (x) impairment charges. Navios Acquisition believes that EBITDA is the basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Acquisition’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Acquisition also believes that EBITDA is used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Acquisition’s results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios Acquisition’s performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.


EXHIBIT III

Vessels TypeYear Built/DeliveryDWT
Date
Owned Vessels
Nave Constellation(1) Chemical Tanker2013 45,281
Nave Polaris Chemical Tanker2011 25,145
Nave Cosmos Chemical Tanker2010 25,130
Nave Velocity
MR2 Product Tanker201549,999
Nave Sextans
MR2 Product Tanker201549,999
Nave Pyxis MR2 Product Tanker201449,998
Nave Luminosity MR2 Product Tanker201449,999
Nave Jupiter MR2 Product Tanker2014 49,999
Bougainville MR2 Product Tanker2013 50,626
Nave Alderamin MR2 Product Tanker2013 49,998
Nave Bellatrix MR2 Product Tanker2013 49,999
Nave Capella MR2 Product Tanker2013 49,995
Nave Orion MR2 Product Tanker2013 49,999
Nave Titan MR2 Product Tanker2013 49,999
Nave Aquila MR2 Product Tanker2012 49,991
Nave Atria MR2 Product Tanker2012 49,992
Nave Orbit MR2 Product Tanker2009 50,470
Nave Equator MR2 Product Tanker2009 50,542
Nave Equinox MR2 Product Tanker2007 50,922
Nave Pulsar MR2 Product Tanker2007 50,922
Nave Dorado MR2 Product Tanker2005 47,999
Nave Atropos LR1 Product Tanker2013 74,695
Nave Rigel LR1 Product Tanker2013 74,673
Nave Cassiopeia LR1 Product Tanker2012 74,711
Nave Cetus LR1 Product Tanker2012 74,581
Nave Estella LR1 Product Tanker2012 75,000
Nave Andromeda LR1 Product Tanker2011 75,000
Nave Ariadne LR1 Product Tanker2007 74,671
Nave Cielo LR1 Product Tanker2007 74,671
Nave Buena Suerte VLCC2011 297,491
Nave Quasar VLCC2010 297,376
Nave Synergy VLCC2010 299,973
Nave Galactic VLCC2009 297,168
Nave Spherical VLCC2009 297,188
Nave Photon VLCC2008 297,395
Nave Neutrino VLCC2003 298,287
Nave Electron VLCC2002 305,178

  1. Vessel is expected to be sold in the fourth quarter of 2016, following the completion of its chartering commitments.


Public & Investor Relations Contact: Navios Maritime Acquisition Corporation +1.212.906.8644 info@navios-acquisition.com

Source: Navios Maritime Acquisition