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Press Release

Navios Maritime Acquisition Corporation Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2017
  • Revenue
    $58.5 million for Q2 2017
    $122.9 million for the six months 2017
  • Adjusted EBITDA
    $27.1 million for Q2 2017
    $64.5 million for the six months 2017
  • Quarterly dividend of $0.05 per share – consistently paid since 2010

MONACO, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE:NNA), an owner and operator of tanker vessels, reported its financial results today for the second quarter and the six month period ended June 30, 2017.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “For the second quarter of 2017, we reported Revenue of $58.5 million and Adjusted EBITDA of $27.1 million. We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 14.0%.”

Angeliki Frangou continued, “The recent volatility in oil price and the continued uncertainty concerning commodity pricing have affected oil transportation. However, our chartering strategy of seeking long-term employment has insulated us somewhat. We have earned above-market charter rates when spot rates were contracting and period employment was unavailable. In the first six months of 2017, our average charter rate was estimated about 51% higher than the market average, translating into about $39.1 million of additional revenue.“

HIGHLIGHTS — RECENT DEVELOPMENTS

Dividend of $0.05 per share of common stock

On August 9, 2017, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the second quarter of 2017 of $0.05 per share of common stock. The dividend is payable on September 14, 2017 to stockholders of record as of September 7, 2017. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Acquisition’s cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

Time charter coverage and commitments

Navios Acquisition currently owns 36 vessels, of which eight are VLCCs, 26 are product tankers and two are chemical tankers.

As of August 10, 2017, Navios Acquisition had contracted 94.0% of its available days on a charter-out basis for 2017, expecting to generate revenues of approximately $194.5 million. The average contractual net daily charter-out rate for the fleet is expected to be $17,660.

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 six months ended June 30, 2017 and 2016. The quarterly information for 2017 and 2016 was derived from the unaudited condensed consolidated financial statements for the respective periods.  

(Expressed in thousands of U.S. dollars)     Three
Month
Period
ended
June 30, 
2017
(unaudited)
    Three
Month
Period
ended
June 30, 
2016
(unaudited)
    Six Month
Period
ended
June 30, 
2017


(unaudited)
    Six Month
Period
ended
June 30,
2016


(unaudited)
 
Revenue     $ 58,458     $ 74,495     $ 122,940     $ 154,914  
Adjusted EBITDA     $ 27,080 (1)     $ 45,450 (2)     $ 64,461 (1)     $ 101,200 (2)  
Net (loss)/ income     $ (64,417 )   $ 12,184     $ (58,802 )   $ 35,954  
Adjusted net (loss)/ income (1)     $ (4,617 (1)   $ 12,448 (2)     $ 998 (1)     $ 34,414 (2)  
(Loss)/ income per share (basic)     $ (0.41 )   $ 0.08     $ (0.37 )   $ 0.23  
Adjusted (loss)/earnings per share (basic) (1)     $ (0.03 )   $ 0.08     $ 0.01     $ 0.22  


(1) Adjusted EBITDA, Adjusted net loss and Adjusted loss per share (basic) for the three and six month period ended June 30, 2017 in this document exclude $59.1 million of non-cash impairment loss on equity investment in Navios Maritime Midstream Partners L.P. (“Navios Midstream”). 
 
Furthermore, Adjusted net loss and Adjusted net loss per share (basic) for the three and six month period June 30, 2017 further exclude a $0.7 million write-off of deferred finance cost. 
 
(2) Adjusted EBITDA, Adjusted net income and Adjusted earnings per share (basic) for the three month period ended June 30, 2016 in this document exclude non-cash stock-based compensation of $0.3 million. 
 
Adjusted EBITDA, Adjusted net income and Adjusted earnings per share (basic) for the six month period ended June 30, 2016 in this document exclude gain on sale of vessel of $2.3 million and non-cash stock-based compensation of $0.5 million. Adjusted net income and Adjusted earnings per share (basic) further exclude a $0.2 million write-off of deferred finance cost.  

Adjusted 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 Adjusted EBITDA). 

Three month periods ended June 30, 2017 and 2016

Revenue for the three month period ended June 30, 2017 decreased by $16.0 million, or 21.5%, to $58.5 million, as compared to $74.5 million for the same period of 2016. The decrease was mainly attributable to the: (i) decrease in the market rates during the second quarter ended June 30, 2017, as compared to the same period in 2016; and (ii) decrease in revenue by $3.3 million due to the sale of two chemical tankers in the fourth quarter of 2016. Available days of the fleet decreased to 3,256 days for the three month period ended June 30, 2017, as compared to 3,437 days for the three month period ended June 30, 2016. The time charter equivalent rate, or TCE Rate, decreased to $17,491 for the three month period ended June 30, 2017, from $21,380 for the three month period ended June 30, 2016.

On June 30, 2017, the Company recognized a $59.1 million non-cash impairment loss on its equity investment in Navios Midstream.

Adjusted EBITDA for the three month period ended June 30, 2017 excludes the impairment loss of $59.1 million in equity investment in Navios Midstream. Adjusted EBITDA for the three month period ended June 30, 2017 decreased by approximately $18.4 million to $27.1 million as compared to $45.5 million for the same period of 2016. The decrease in Adjusted EBITDA was mainly due to a: (a) $16.0 million decrease in revenue, as described above; (b) $4.6 million increase in time charter expenses mainly due to the $4.1 million accrued backstop commitment to Navios Midstream; and (c) $2.4 million decrease in equity/ (loss) in net earnings of affiliated companies, partially mitigated by a; (i) $2.0 million decrease in general and administrative expenses (excluding share-based compensation expense); (ii) $1.2 million decrease in other income/ (expense), net; (iii) $0.7 million decrease in direct vessel expenses (excluding amortization of dry dock and special survey costs); and (iv) $0.6 million decrease in management fees, mainly due to the sale of two chemical tankers in the fourth quarter of 2016, as discussed above.

Net loss for the three month period ended June 30, 2017 was adjusted to exclude the $59.1 million impairment loss, described above, and $0.7 million write-off of deferred finance cost. Adjusted net loss for the three month period ended June 30, 2017 decreased by $17.1 million to $4.6 million loss as compared to $12.4 million income for the same period of 2016. The decrease was due to : (a) a $18.4 million decrease in Adjusted EBITDA; (b) a $0.3 million increase in direct vessel expenses; and (c) a $0.2 million increase in interest expense and finance cost partially mitigated by a: (i) $1.7 million increase in interest income; and (ii) $0.1 million decrease in depreciation and amortization.

Six month periods ended June 30, 2017 and 2016

Revenue for the six month period ended June 30, 2017 decreased by $32.0 million, or 20.6%, to $122.9 million, as compared to $154.9 million for the same period of 2016. The decrease was mainly attributable to the: (i) decrease in the market rates during the six month period ended June 30, 2017, as compared to the same period in 2016; and (ii) decrease in revenue by $7.0 million due to the sale of one MR2 product tanker in January 2016 and two chemical tankers in the fourth quarter of 2016. Available days of the fleet decreased to 6,463 days for the six month period ended June 30, 2017, as compared to 6,914 days for the six month period ended June 30, 2016. The TCE Rate decreased to $18,475 for the six month period ended June 30, 2017, from $22,055 for the six month period ended June 30, 2016.

Adjusted EBITDA for the six month period ended June 30, 2017, adjusted to exclude the $59.1 million impairment loss, as discussed above and decreased by approximately $36.7 million to $64.5 million as compared to $101.2 million for the same period of 2016. The decrease in Adjusted EBITDA was mainly due to a: (a) $32.0 million decrease in revenue, as described above; (b) $6.3 million increase in time charter expenses mainly due to the $5.2 million accrued backstop commitment to Navios Midstream; and (c) $4.5 million decrease in equity/ (loss) in net earnings of affiliated companies, partially mitigated by a; (i) $2.5 million decrease in general and administrative expenses (excluding share-based compensation expense); (ii) $1.4 million decrease in management fees, mainly due to the sale of one MR2 product tanker in January 2016 and two chemical tankers in the fourth quarter of 2016; (iii) $1.4 million decrease in other expense, net; and (iv) $0.7 million decrease in direct vessel expenses (excluding amortization of dry dock and special survey costs).

Net income for the six month period ended June 30, 2017 was adjusted to exclude the $59.1 million impairment loss, described above, and $0.7 million write-off of deferred finance cost. Adjusted net income for the six month period ended June 30, 2017 decreased by $33.4 million to $1.0 million as compared to $34.4 million for the same period of 2016. The decrease was due to a: (a) $36.7 million decrease in Adjusted EBITDA; (b) $0.5 million increase in direct vessel expenses; and (c) $0.1 million increase in interest expense and finance cost; partially mitigated by a: (i) $3.2 million increase in interest income; and (ii) $0.7 million decrease in depreciation and amortization.

Fleet Employment Profile   

The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three and six months ended June 30, 2017 and 2016.

    Three month period ended
June 30,
    Six month period ended
June 30,
 
    2017
(unaudited)
    2016
(unaudited)
    2017
(unaudited)
    2016
(unaudited)
 
FLEET DATA                                
Available days(1)     3,256       3,437       6,463       6,914  
Operating days(2)     3,253       3,428       6,455       6,899  
Fleet utilization(3)     99.9 %     99.8 %     99.9 %     99.8 %
Vessels operating at period end     36       38       36       38  
AVERAGE DAILY RESULTS                                
Time charter equivalent rate per day(4)   $ 17,491     $ 21,380     $ 18,475     $ 22,055  

Navios Acquisition believes that the important measures for analyzing trends in its results of operations consist of the following:

(1)   Available days: Available days for the fleet are total calendar days the vessels were in Navios Acquisition’s possession for the relevant period after subtracting off-hire days associated with major repairs, drydocking 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 per day 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 per day 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, Thursday, August 10, 2017 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on earnings results for the second quarter and the six month period ended June 30, 2017.

US Dial In: +1.877.480.3873

International Dial In: +1.404.665.9927

Conference ID: 3486 7567

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: 3486 7567

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, 2017 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 U.S. Securities and Exchange Commission, including its annual and interim reports filed on Form 20-F and Form 6-K. 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
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. dollars- except share data)
                 
    June 30,
2017
(unaudited)
    December 31,
2016
(unaudited)
 
ASSETS                
Current assets                
Cash and cash equivalents   $ 51,544     $ 49,292  
Restricted cash     5,248       7,366  
Accounts receivable, net     11,449       20,933  
Due from related parties, short-term     19,000       25,047  
Prepaid expenses and other current assets     4,124       4,644  
Total current assets     91,365       107,282  
Vessels, net     1,278,483       1,306,923  
Goodwill     1,579       1,579  
Other long-term assets     900       900  
Deferred dry dock and special survey costs, net     13,273       10,172  
Investment in affiliates     129,286       196,695  
Due from related parties, long-term     106,509       80,068  
Total non-current assets     1,530,030       1,596,337  
Total assets   $ 1,621,395     $ 1,703,619  
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities                
Accounts payable   $ 4,422     $ 4,855  
Accrued expenses     11,601       11,047  
Due to related parties, short-term     5,937        
Deferred revenue     8,451       8,519  
Current portion of long-term debt, net of deferred finance costs     38,814       55,000  
Total current liabilities     69,225       79,421  
Long-term debt, net of current portion, premium and net of deferred finance costs     1,045,885       1,040,938  
Deferred gain on sale of assets     7,218       7,829  
Total non-current liabilities     1,053,103       1,048,767  
Total liabilities   $ 1,122,328     $ 1,128,188  
Commitments and contingencies     —        —   
Puttable common stock 75,000 and 250,000 shares issued and outstanding with $750 and $2,500 redemption amount as of June 30, 2017 and December 31, 2016, respectively     750       2,500  
Total stockholders’ equity     498,317       572,931  
Total liabilities and stockholders’ equity   $ 1,621,395     $ 1,703,619  
                 


NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. dollars- except share and per share data)
                                 
    For the Three     For the Three     For the Six     For the Six  
    Months     Months     Months     Months  
    Ended     Ended     Ended     Ended  
    June 30, 2017     June 30, 2016     June 30, 2017     June 30, 2016  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue   $ 58,458     $ 74,495     $ 122,940     $ 154,914  
Time charter and voyage expenses     (5,585 )     (1,017 )     (8,763 )     (2,438 )
Direct vessel expenses     (934 )     (1,405 )     (1,827 )     (2,049 )
Management fees (entirely through related party transactions)     (23,678 )     (24,318 )     (47,096 )     (48,504 )
General and administrative expenses     (3,693 )     (5,981 )     (6,456 )     (9,510 )
Depreciation and amortization     (14,220 )     (14,294 )     (28,440 )     (29,177 )
Gain on sale of vessel                       2,282  
Interest income     2,546       880       4,740       1,534  
Interest expense and finance cost     (19,785 )     (18,913 )     (38,632 )     (38,038 )
Equity/ (loss) in net earnings of affiliated companies     (57,728 )     3,731       (54,960 )     8,622  
Other income/ (expense), net     202       (994 )     (308 )     (1,682 )
                                 
Net (loss)/ income   $ (64,417 )   $ 12,184     $ (58,802 )   $ 35,954  
                                 
Net (loss)/ income per share, basic and diluted   $ (0.41 )   $ 0.08     $ (0.37 )   $ 0.23  
Weighted average number of shares, basic     150,436,836       150,084,084       150,468,625       149,668,699  
Weighted average number of shares, diluted     150,436,836       150,784,089       150,468,625       150,836,836  
                                 


NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
                 
    For the Six Months
Ended June 30, 2017
(unaudited)
    For the Six Months
Ended June 30, 2016
(unaudited)
 
Operating Activities                
Net (loss)/ income   $ (58,802 )   $ 35,954  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization     28,440       29,177  
Amortization and write-off of deferred finance fees and bond premium     2,579       1,864  
Amortization of dry dock and special survey costs     1,827       1,319  
Stock based compensation           528  
Gain on sale of vessel           (2,282 )
Equity/ (loss) in net earnings of affiliates, net of dividends received     58,413       (833 )
Changes in operating assets and liabilities:                
Decrease in prepaid expenses and other current assets     20       1,404  
Decrease/ (increase) in accounts receivable     9,484       (1,737 )
Decrease/ (increase) in due from related parties, short-term     6,047       (3,824 )
Decrease/ (increase) in restricted cash     33       (64 )
Increase in other long term assets           (3,930 )
Increase in due from related parties, long-term     (15,979 )     (6,430 )
Decrease in accounts payable     (433 )     (387 )
Increase in accrued expenses     554       3,409  
Payments for dry dock and special survey costs     (4,928 )     (2,324 )
Increase in due to related parties, short-term     5,937        
Decrease in deferred revenue     (53 )     (1,607 )
                 
Net cash provided by operating activities   $ 33,139     $ 50,237  
                 
Investing Activities                
Loans receivable from affiliates     (9,061 )     (4,275 )
Dividends received from affiliates     7,197       2,853  
Investment in affiliates     (84 )      
Net cash proceeds from sale of vessel           18,449  
                 
Net cash (used in)/ provided by investing activities   $ (1,948 )   $ 17,027  
                 
Financing Activities                
Loan proceeds, net of deferred finance costs     49,764        
Loan repayments     (63,226 )     (34,682 )
Dividend paid     (15,812 )     (15,851 )
Decrease in restricted cash     2,085        
Redemption of convertible shares and puttable common stock     (1,750 )     (2,000 )
                 
Net cash used in financing activities   $ (28,939 )   $ (52,533
                 
Net increase in cash and cash equivalents     2,252       14,731  
Cash and cash equivalents, beginning of period     49,292       54,805  
                 
Cash and cash equivalents, end of period   $ 51,544     $ 69,536  
                 


                            EXHIBIT II
Reconciliation of Adjusted EBITDA to Net Cash from Operating Activities
                                 
                                 
    Three Month
Period
Ended
June 30,
2017
(unaudited)
    Three Month
Period
Ended
June 30,
2016
(unaudited)
    Six Month
Period
Ended
June 30,
2017
(unaudited)
    Six Month
Period
Ended
June 30,
2016
(unaudited)
 
Expressed in thousands of U.S. dollars                                
Net cash provided by operating activities   $ 5,554     $ 24,176     $ 33,139     $ 50,237  
Net (decrease)/ increase in operating assets     (4,590 )     (7,378 )     395       14,581  
Net decrease/ (increase) in operating liabilities     8,136       8,774       (6,005 )     (1,415 )
Net interest cost     17,239       18,033       33,892       36,504  
Amortization and write-off of deferred finance costs and bond premium     (1,663 )     (822 )     (2,579 )     (1,864 )
Equity/ (loss) in net earnings of affiliates, net of dividends received     (58,721 )     343       (58,413 )     833  
Payments for dry dock and special survey costs     2,021       2,324       4,928       2,324  
Other- than- temporary- impairment loss on equity investment     59,104             59,104        
Adjusted EBITDA   $ 27,080     $ 45,450     $ 64,461     $ 101,200  
                                 
         
    Three Month
Period
Ended
June 30,
2017
(unaudited)
    Three Month
Period
Ended
June 30,
2016
(unaudited)
    Six Month
Period
Ended
June 30,
2017
(unaudited)
    Six Month
Period
Ended
June 30,
2016
(unaudited)
 
Net cash provided by operating activities   $ 5,554     $ 24,176     $ 33,139     $ 50,237  
Net cash provided by/ (used in) investing activities   $ 526     $ 1,935     $ (1,948 )   $ 17,027  
Net cash used in financing activities   $ (13,509 )   $ (21,216 )   $ (28,939 )   $ (52,533 )
                                 

Disclosure of Non-GAAP Financial Measures

EBITDA and Adjusted 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 (loss)/income before interest and finance costs, before depreciation and amortization and before income taxes. Adjusted EBITDA in this document represents EBITDA before stock-based compensation, gain on sale of vessel and other- than- temporary- impairment loss on equity investment. We use Adjusted EBITDA as liquidity measure and reconcile Adjusted EBITDA to net cash provided by/ (used in) operating activities, the most comparable U.S. GAAP liquidity measure. Adjusted 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) equity in net earnings of affiliated companies, net of dividends received; (vi) payments for dry dock and special survey costs; and (vii) impairment charges. Navios Acquisition believes that Adjusted EBITDA is the basis upon which liquidity can be assessed and present 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 Adjusted 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. Adjusted EBITDA has limitations as 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) Adjusted 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. Adjusted EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, Adjusted EBITDA should not be considered as a principal indicator of Navios Acquisition’s performance. Furthermore, our calculation of Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

      EXHIBIT III
    Year Built/Delivery  
Vessels  Type Date DWT
Owned Vessels      
Nave Polaris Chemical Tanker 2011 25,145
Nave Cosmos Chemical Tanker 2010 25,130
Nave Velocity  MR2 Product Tanker 2015 49,999
Nave Sextans   MR2 Product Tanker 2015 49,999
Nave Pyxis MR2 Product Tanker 2014 49,998
Nave Luminosity MR2 Product Tanker 2014 49,999
Nave Jupiter MR2 Product Tanker 2014   49,999
Bougainville MR2 Product Tanker 2013 50,626
Nave Alderamin MR2 Product Tanker 2013 49,998
Nave Bellatrix MR2 Product Tanker 2013 49,999
Nave Capella MR2 Product Tanker 2013 49,995
Nave Orion MR2 Product Tanker 2013 49,999
Nave Titan MR2 Product Tanker 2013 49,999
Nave Aquila MR2 Product Tanker 2012 49,991
Nave Atria MR2 Product Tanker 2012 49,992
Nave Orbit MR2 Product Tanker 2009 50,470
Nave Equator MR2 Product Tanker 2009 50,542
Nave Equinox MR2 Product Tanker 2007 50,922
Nave Pulsar MR2 Product Tanker 2007 50,922
Nave Dorado MR2 Product Tanker 2005 47,999
Nave Atropos LR1 Product Tanker 2013 74,695
Nave Rigel LR1 Product Tanker 2013 74,673
Nave Cassiopeia LR1 Product Tanker 2012 74,711
Nave Cetus LR1 Product Tanker 2012 74,581
Nave Estella LR1 Product Tanker 2012 75,000
Nave Andromeda LR1 Product Tanker 2011 75,000
Nave Ariadne LR1 Product Tanker 2007 74,671
Nave Cielo LR1 Product Tanker 2007 74,671
Nave Buena Suerte VLCC 2011   297,491
Nave Quasar VLCC 2010  297,376
Nave Synergy VLCC 2010 299,973
Nave Galactic VLCC 2009 297,168
Nave Spherical VLCC 2009 297,188
Nave Photon VLCC 2008 297,395
Nave Neutrino VLCC 2003 298,287
Nave Electron VLCC 2002 305,178
       
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com 

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