Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

Dated: April 14, 2016

Commission File No. 001-34104

 

 

NAVIOS MARITIME ACQUISITION CORPORATION

 

 

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨            No   x

 

 

 


On April 14, 2016, Navios Maritime Acquisition Corporation (“Navios Acquisition”) issued a press release announcing the termination of the loan agreement, dated March 9, 2016, with Navios Maritime Holdings Inc. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

On April 18, 2016, Navios Acquisition announced that it has agreed to sell to an unaffiliated third party the Nave Constellation, a 2013-built chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built chemical tanker of 45,513 dwt, for a sale price of $74.6 million. The vessels were acquired in 2013 for a total purchase price of $67.2 million. Closing of the transaction is expected in the third quarter of 2016, following the completion of vessels’ chartering commitments. A copy of the press release is furnished as Exhibit 99.2 to this report and is incorporated herein by reference.

On April 21, 2016, Navios Acquisition announced the employment of three MR2 product tankers. The Nave Equator has been chartered to a high-quality counterparty for 18 months at $17,000 (net) per day. The Nave Titan and the Nave Orion have had their charters extended for one year, following the charterers’ options being exercised. Pursuant to the options, the applicable increased base rates are $15,306 and $14,813 (net) per day, respectively, plus profit sharing. A copy of the press release is furnished as Exhibit 99.3 to this report and is incorporated herein by reference.

The information contained in this report is hereby incorporated by reference into Navios Acquisition’s Registration Statements on Form F-3, File Nos. 333-170896 and 333-191266.


Exhibits

 

Exhibit

No.

  

Exhibit

99.1    Press Release dated April 14, 2016
99.2    Press Release dated April 18, 2016
99.3    Press Release dated April 21, 2016


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    NAVIOS MARITIME ACQUISITION CORPORATION
    By:  

/s/ Angeliki Frangou

   

Angeliki Frangou

Chief Executive Officer

Date: April 21, 2016


EXHIBIT INDEX

 

Exhibit

No.

  

Exhibit

99.1    Press Release dated April 14, 2016
99.2    Press Release dated April 18, 2016
99.3    Press Release dated April 21, 2016
EX-99.1

EXHIBIT 99.1

Navios Maritime Holdings Inc. and Navios Maritime Acquisition Corporation Terminate Loan Agreement

MONACO, April 14, 2016 (GLOBE NEWSWIRE) — Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM) and Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE:NNA) announced today that the loan agreement, dated March 9, 2016, pursuant to which Navios Acquisition provided a secured revolving loan facility of up to $50.0 million to Navios Holdings (the “Revolver”) has been terminated today. No borrowings had been made under the Revolver.

The Boards of Navios Holdings and Navios Acquisition believe that the process for, and terms of, the Revolver were fair, and that litigation challenging it is without merit. However, the Board of Directors of Navios Holdings determined that Navios Holdings does not currently need access to the Revolver, and the Board of each company determined it was in such company’s best interests to avoid expensive and unnecessary litigation.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website: www.navios.com.

About Navios Maritime Acquisition Corporation

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 the Company’s liquidity. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable at the time made, 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 Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Navios Holdings 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 Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Navios Maritime Holdings Inc.

+1.212.906.8643

investors@navios.com

Navios Maritime Acquisition Corporation

+1.212.906.8644

info@navios-acquisition.com

EX-99.2

Exhibit 99.2

Navios Maritime Acquisition Corporation

Announces Agreement to Sell

Two Chemical Tankers for $72.9 Million

Monaco – (Globenewswire) – 04/18/2016 – Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE:NNA), announced today that it has agreed to sell to an unaffiliated third party the Nave Constellation a 2013-built chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built chemical tanker of 45,513 dwt, for a sale price of $74.6 million resulting in an expected book gain of approximately $11.7 million.

The vessels were acquired in 2013 for a total purchase price of $67.2 million. While owned by NNA, the two vessels are expected to have generated a total EBITDA of $22.3 million.

Closing of the transaction is expected in the third quarter of 2016, following the completion of vessels’ chartering commitments.

Navios Acquisition intends to use the proceeds from the sale of these vessels for repayment of indebtedness and general working capital purposes.

About Navios Maritime Acquisition Corporation

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 drydocking 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. 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.

Investor Relations Contact

Navios Maritime Acquisition Corporation

+1.212.906.8644

info@navios-acquisition.com

EX-99.3

Exhibit 99.3

Navios Maritime Acquisition Corporation Announces Fleet Update

MONACO — 4/21/16 — (GLOBE NEWSWIRE) — Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), announced today the employment of three product tankers at charter rates that are, on average, 14% higher than their previous charter rates.

The Nave Equator, an MR2 product tanker, has been chartered to a high-quality counterparty for 18 months at $17,000 (net) per day. The vessel is expected to generate approximately $5.5 million of aggregate EBITDA for the 18-month charter period, assuming operating expenses approximating current operating costs and 360 revenue days per year.

The Nave Titan and the Nave Orion, both MR2 product tankers, have had their charters extended for one year, following the charterers’ options being exercised. Pursuant to the options, the applicable increased base rates are $15,306 and $14,813 (net) per day, respectively, plus profit sharing. The two vessels are expected to generate approximately $6.0 million of aggregate base EBITDA for the one-year extended charter period, assuming operating expenses approximating current operating costs and 360 revenue days.

Fleet Update

Navios Acquisition has contracted 91.5% of its available days for 2016.

About Navios Maritime Acquisition Corporation

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 including Navios Acquisition’s future dividends, opportunities to reinvest cash accretively in a fleet renewal program or otherwise 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, uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters for our vessels, fluctuations in charter rates for tanker vessels, our ability to maximize the use of, or changes in demand for, our vessels, changes in the demand for crude oil, the loss of any customer or charter or vessel, the aging of our fleet and resultant increases in operations costs, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, 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, 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 in its Form 20-Fs and Form 6-Ks. 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.

Investor Relations Contact

Navios Maritime Acquisition Corporation

+1.212.906.8644

info@navios-acquisition.com