Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE: NNA), an owner and operator of tanker vessels, reported its
financial results today for the first quarter ended March 31, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “While the humanitarian crises caused by the
Pandemic has been heartbreaking, we have also been strengthened by
the courage and compassion of the first responders, particularly
the many dedicated heath care workers. At any given time, our
seagoing vessels carry over 1,000 people. Keeping these people safe
and these vessels moving in and out of quarantined countries, with
ever-changing rules and problems, requires the immediate input of
many disciplines. I am proud of the members of the Navios family as
they have shown admirable resilience during this unprecedented time
of uncertainty. We have taken the necessary measures to ensure
safety of our people while keeping our fleet functioning.”
Angeliki Frangou continued, “I am pleased with our results for
the first quarter of 2020. During the quarter, Navios Acquisition
recorded revenue of $97.9 million and adjusted EBITDA of $56.2
million, representing increases of about 27% and 36%, respectively,
over the first quarter of 2019. Navios Acquisition also recorded
adjusted net income of $14.9 million, or $0.95 per share, for the
first quarter of 2020. We declared a quarterly distribution of
$0.30 per share for the first quarter of 2020.”
HIGHLIGHTS — RECENT DEVELOPMENTS
Quarterly dividend: $0.30 per share
On April 29, 2020, the Board of Directors declared a
quarterly cash dividend in respect of the first quarter of 2020 of
$0.30 per share of common stock, which will be paid on July 9,
2020 to stockholders of record as of June 3, 2020. 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.
Debt developments
In April 2020, Navios Acquisition entered into indicative terms
sheets for contemplated sale and leaseback arrangements of $76.7
million, with unrelated third parties in order to refinance
$54.0 million outstanding on the existing facilities on four
product tankers. The agreements will be repaid through periods
ranging from four to seven years in consecutive quarterly
installments of up to $1.9 million each, with a purchase obligation
of $28.7 million to be repaid on the last repayment date. The
agreements bear interest at LIBOR plus a margin ranging from 390 to
410 bps per annum, depending on the vessel financed. No assurance
can be provided that definitive agreements will be executed or that
the financing will be consummated in whole or in part.
Liquidation of Navios Europe II Inc.
On April 21, 2020, Navios Europe II agreed with the lender
to fully release the liabilities under the junior participating
loan facility for $5.0 million. Navios Europe II owns seven
container vessels and seven dry bulk vessels. The structure is
expected to be liquidated during the second quarter of 2020 and
Navios Acquisition expects to receive cash and steel value. The
Company’s Board of Directors formed a Special Committee of
independent and disinterested directors to consider and approve the
liquidation. Vessels to be acquired will be held for sale.
Continuous Offering Program
On November 29, 2019, Navios Acquisition entered into a
Continuous Offering Program Sales Agreement, pursuant to which
Navios Acquisition may issue and sell from time to time through the
sales agent shares of common stock having an aggregate offering
price of up to $25.0 million. As of May 5, 2020, since the
commencement of the program, Navios Acquisition has issued 426,628
shares of common stock and received net proceeds of $2.8
million.
Fleet employmentAs of April 30, 2020, Navios
Acquisition’s fleet consisted of a total of 46 vessels, of which 13
are very large crude carriers (“VLCCs”) (including three bareboat
chartered-in VLCCs expected to be delivered in each of the fourth
quarter of 2020, and the first and the second quarters of 2021), 31
are product tankers and two are chemical tankers.
Currently, Navios Acquisition has contracted 83.4% of its
available days on a charter-out basis for the remaining nine month
period of 2020. The average base contractual net daily charter-out
rate for the 70.5% of available days that are contracted on base
rate and/or base rate with profit sharing arrangements is expected
to be $19,578 for the remaining nine month period of 2020.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statements of income for the three months
ended March 31, 2020 and 2019. The quarterly information for
2020 and 2019 was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
(Expressed in thousands of U.S.
dollars) |
|
|
Three Month Period ended March
31, 2020 (unaudited) |
|
|
Three Month Period ended March
31, 2019 (unaudited) |
|
Revenue |
|
|
$ |
97,857 |
|
|
$ |
77,119 |
|
Net income |
|
|
$ |
869 |
|
|
$ |
861 |
|
Adjusted net income |
|
|
$ |
14,892 |
(1) |
|
$ |
560 |
(2) |
Net cash provided by operating activities |
|
|
$ |
30,517 |
|
|
$ |
9,888 |
|
EBITDA |
|
|
$ |
42,205 |
|
|
$ |
41,664 |
|
Adjusted EBITDA |
|
|
$ |
56,228 |
(1) |
|
$ |
41,242 |
(2) |
Earnings per share (basic and diluted) |
|
|
$ |
0.05 |
|
|
$ |
0.06 |
|
Adjusted earnings per share (basic) |
|
|
$ |
0.95 |
(1) |
|
$ |
0.04 |
(2) |
Adjusted earnings per share (diluted) |
|
|
$ |
0.94 |
(1) |
|
$ |
0.04 |
(2) |
(1) EBITDA, net earnings and earnings per share (basic and
diluted) for the three month period ended March 31, 2020 have been
adjusted to exclude a $13.9 million impairment loss relating to the
other-than-temporary impairment recognized in the Navios
Acquisition’s receivable from Navios Europe II and $0.1 million of
non-cash stock based compensation.(2) EBITDA, net earnings and
earnings per share (basic and diluted) for the three month period
ended March 31, 2019 have been adjusted to exclude $0.7 million
gain on sale of vessel, $0.2 million of non-cash stock based
compensation and $0.1 million write- off of deferred financing
costs.
EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted
earnings per share (basic and diluted) are non-GAAP financial
measures and should not be used in isolation or substitution for
Navios Acquisition’s results (see Exhibit II for reconciliation of
EBITDA and Adjusted EBITDA).
Three month periods ended March 31, 2020 and
2019
Revenue for the three month period ended March 31, 2020
increased by $20.7 million, or 26.9%, to $97.9 million,
as compared to $77.1 million for the same period of 2019. The
increase was mainly attributable to an: (i) increase in revenue by
$8.8 million due to the acquisition of five product tankers of
Navios Europe I in December 2019; and (ii) increase in market rates
during the three month period ended March 31, 2020 as compared
to the same period of 2019; partially mitigated by the sale of
three VLCCs in 2019. Available days of the fleet increased to
3,755 days for the three month period ended March 31,
2020, as compared to 3,683 days for the three month period
ended March 31, 2019, mainly as a result of the acquisition of
five product tankers of Navios Europe I in December 2019; partially
mitigated by the sale of three VLCCs in 2019. The time charter
equivalent rate, or TCE Rate, increased to $24,442 for the three
month period ended March 31, 2020, from $19,643 for the three
month period ended March 31, 2019.
Time charter and voyage expenses for the three month period
ended March 31, 2020 increased by $1.3 million, or 27.1%, to $6.1
million, as compared to $4.8 million for the same period of 2019.
The increase was mainly attributable to a: (a) $1.2 million
increase in bunkers consumption and voyage expenses related to the
spot voyages incurred in the period; and (b) $0.1 million increase
in brokers’ commission.
Net earnings was $0.9 million for each of the three month
periods ended March 31, 2020 and 2019. Net earnings was
affected by the items described in the table above. Adjusted net
earnings for the three month period ended March 31, 2020 was $14.9
million as compared to $0.6 million for the same period of 2019.
The increase in adjusted net earnings was mainly attributable to a:
(a) $15.0 million increase in adjusted EBITDA; (b) $1.0 million
decrease in interest expense and finance cost; and (c) $1.1 million
decrease in depreciation and amortization; partially mitigated by
a: (i) $2.2 million decrease in interest income; and (ii) $0.6
million increase in direct vessel expenses (in relation to
amortization of dry dock and special survey cost).
Adjusted EBITDA affected by the items described in the table
above, for the three month period ended March 31, 2020 increased by
$15.0 million to $56.2 million, as compared to $41.2
million for the same period of 2019. The increase in Adjusted
EBITDA was mainly due to a: (a) $20.7 million increase in revenue;
and (b) $1.1 million decrease in general and administrative
expenses (excluding stock-based compensation); partially mitigated
by a: (i) $2.6 million increase in other (expense)/ income, net;
(ii) $1.9 million increase in management fees mainly due to the
acquisition of the five product tankers of Navios Europe I in
December 2019 and to the amendment of the fees under the management
agreement, partially mitigated by the sale of three VLCCs in 2019;
(iii) $1.3 million increase in time charter and voyage
expenses; (iv) $0.8 million decrease in equity in net earnings of
affiliated companies; and (v) $0.2 million increase in direct
vessel expenses (other than amortization of dry dock and special
survey cost).
Fleet employment profile
The following table reflects certain key indicators of the
performance of Navios Acquisition and its core fleet for the three
month periods ended March 31, 2020 and 2019.
|
|
|
|
|
|
|
|
|
|
|
Three month period ended
March 31, |
|
|
|
2020
(unaudited) |
|
|
2019
(unaudited) |
|
FLEET DATA |
|
|
|
|
|
|
|
|
Available days(1) |
|
|
3,755 |
|
|
|
3,683 |
|
Operating days(2) |
|
|
3,730 |
|
|
|
3,672 |
|
Fleet utilization(3) |
|
|
99.3 |
% |
|
|
99.7 |
% |
Vessels operating at period
end |
|
|
43 |
|
|
|
40 |
|
AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
Time charter equivalent rate per
day(4) |
|
$ |
24,442 |
|
|
$ |
19,643 |
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of income 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 on Wednesday, May 6, 2020 at 8:30 am ET, at
which time Navios Acquisitions' senior management will provide
highlights and commentary on earnings results for the first quarter
ended March 31, 2020.
US Dial In: +1.877.480.3873International Dial
In: +1.404.665.9927Conference ID: 789 6414
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: +1.800.585.8367International
Replay Dial In: +1.404.537.3406Conference ID: 789 6414
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, expected cash flow
generation and Navios Acquisition’s growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further employment contracts. 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
employment contracts. 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 risks and are
based upon a number of assumptions and estimates that 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 risks
related to: global and regional economic and political conditions
including the impact of the COVID-19 pandemic and efforts
throughout the world to contain its spread, including effects on
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates,
shipyards performing scrubber installations, drydocking and
repairs, changing vessel crews and availability of financing;
potential disruption of shipping routes due to accidents, diseases,
pandemics, political events, piracy or acts by terrorists,
including the impact of the COVID-19 pandemic and the
ongoing efforts throughout the world to contain it; 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; operations outside the
United States; and other factors listed from time to time in Navios
Acquisition’s filings with the SEC, 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.
Public & Investor Relations Contact:Navios
Maritime Acquisition
Corporation+1.212.906.8644info@navios-acquisition.com
EXHIBIT I
NAVIOS MARITIME ACQUISITION
CORPORATIONSELECTED BALANCE SHEET
DATA(Expressed in thousands of U.S. dollars- except share
data)
|
|
|
March 31,
2020 |
|
|
December 31,
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
|
|
$ |
51,068 |
|
|
$ |
44,051 |
|
Vessels, net |
|
|
|
1,334,141 |
|
|
|
1,348,251 |
|
Other assets (including current
and non-current) |
|
|
$ |
137,420 |
|
|
$ |
162,074 |
|
Goodwill |
|
|
|
1,579 |
|
|
|
1,579 |
|
Total
assets |
|
|
$ |
1,524,208 |
|
|
$ |
1,555,955 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
|
$ |
52,353 |
|
|
$ |
68,986 |
|
Long-term debt, including current
portion, net of deferred finance costs and premium |
|
|
|
1,161,462 |
|
|
|
1,173,117 |
|
Total
liabilities |
|
|
$ |
1,213,815 |
|
|
$ |
1,242,103 |
|
Total stockholders’
equity |
|
|
|
310,393 |
|
|
|
313,852 |
|
Total liabilities and
stockholders’ equity |
|
|
$ |
1,524,208 |
|
|
$ |
1,555,955 |
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. dollars- except
share and per share data)
|
|
|
For the Three Months
Ended March 31, 2020
(unaudited) |
|
|
For the Three Months
Ended March 31, 2019
(unaudited) |
|
Revenue |
|
|
$ |
97,857 |
|
|
$ |
77,119 |
|
Time charter and voyage
expenses |
|
|
|
(6,082 |
) |
|
|
(4,767 |
) |
Direct vessel expenses |
|
|
|
(3,140 |
) |
|
|
(2,355 |
) |
Management fees (entirely through
related party transactions) |
|
|
|
(29,837 |
) |
|
|
(27,906 |
) |
General and administrative
expenses |
|
|
|
(3,954 |
) |
|
|
(5,137 |
) |
Depreciation and
amortization |
|
|
|
(16,606 |
) |
|
|
(17,721 |
) |
Interest income |
|
|
|
3 |
|
|
|
2,160 |
|
Interest expenses and finance
cost |
|
|
|
(21,843 |
) |
|
|
(22,929 |
) |
Gain on sale of vessel |
|
|
|
— |
|
|
|
651 |
|
Impairment of receivable in
affiliated company / Equity in net earnings of affiliated
companies |
|
|
|
(13,900 |
) |
|
|
845 |
|
Other (expense)/ income, net |
|
|
|
(1,629 |
) |
|
|
901 |
|
Net
income |
|
|
$ |
869 |
|
|
$ |
861 |
|
Net earnings per share, basic and
diluted |
|
|
$ |
0.05 |
|
|
$ |
0.06 |
|
Weighted average number of
shares, basic |
|
|
|
15,717,977 |
|
|
|
13,317,668 |
|
Weighted average number of
shares, diluted |
|
|
|
15,874,089 |
|
|
|
13,533,733 |
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash
from Operating Activities
|
|
Three Month Period Ended
March 31, 2020 (unaudited) |
|
|
Three Month Period Ended
March 31, 2019 (unaudited) |
|
Expressed in thousands of U.S. dollars |
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
$ |
30,517 |
|
|
$ |
9,888 |
|
Net (increase)/ decrease in
operating assets |
|
|
(13,961 |
) |
|
|
8,041 |
|
Net increase in operating
liabilities |
|
|
4,397 |
|
|
|
2,581 |
|
Net interest cost |
|
|
21,840 |
|
|
|
20,769 |
|
Amortization
and write-off of deferred finance costs and bond
premium |
|
|
(1,512 |
) |
|
|
(974 |
) |
Impairment of receivable in
Navios Europe II / Equity in net earnings of affiliated
companies |
|
|
(13,900 |
) |
|
|
845 |
|
Payments for dry dock and special
survey costs |
|
|
14,947 |
|
|
|
92 |
|
Gain on sale of vessel |
|
|
— |
|
|
|
651 |
|
Stock-based compensation |
|
|
(123 |
) |
|
|
(229 |
) |
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
42,205 |
|
|
$ |
41,664 |
|
Gain on sale of vessel |
|
|
— |
|
|
|
(651 |
) |
Impairment of receivable in
Navios Europe II |
|
|
13,900 |
|
|
|
— |
|
Stock-based compensation |
|
|
123 |
|
|
|
229 |
|
Adjusted
EBITDA |
|
$ |
56,228 |
|
|
$ |
41,242 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended
March 31, 2020 (unaudited) |
|
|
Three Month Period Ended
March 31, 2019 (unaudited) |
|
Net cash
provided by operating activities |
|
$ |
30,517 |
|
$ |
9,888 |
|
Net cash (used in)/ provided by investing activities |
|
$ |
(5,882 |
) |
$ |
17,450 |
|
Net cash used in financing activities |
|
$ |
(17,618 |
) |
$ |
(6,049 |
) |
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted net income/ (loss) and
Adjusted income/ (loss) per share (basic and diluted) are non-U.S.
GAAP financial measures and should not be used in isolation or as
substitution for Navios Acquisition’s results calculated in
accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”).
EBITDA represents net income/ (loss) before interest and
finance costs, before depreciation and amortization and before
income taxes. Adjusted EBITDA in this document represents
EBITDA excluding certain items as described under “Financial
Highlights”. Adjusted net income/ (loss) and Adjusted income/
(loss) per share (basic and diluted) represent Net income/
(loss) and income/ (loss) per share (basic and diluted),
excluding certain items as described under “Financial Highlights”.
We use Adjusted EBITDA as liquidity measure and reconcile EBITDA
and Adjusted EBITDA to net cash provided by/ (used in) operating
activities, the most comparable U.S. GAAP liquidity measure. EBITDA
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 costs and
other related expenses; (v) equity/ (loss) in net earnings of
affiliates, net of dividends received; (vi) payments for dry dock
and special survey costs; (vii) impairment charges; (viii) gain on
sale of assets; (ix) gain/ (loss) on debt repayment; (x) stock-
based compensation and (xi) transaction costs. Navios Acquisition
believes that EBITDA and Adjusted EBITDA are each 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 EBITDA and Adjusted EBITDA are 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 and Adjusted EBITDA have
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 and Adjusted EBITDA do 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 and Adjusted EBITDA do not reflect any cash
requirements for such capital expenditures. Because of these
limitations, EBITDA and Adjusted EBITDA should not be considered as
a principal indicator of Navios Acquisition’s performance.
Furthermore, our calculation of EBITDA and 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 |
|
|
Star N |
MR1
Product Tanker |
2009 |
37,836 |
|
|
Hector N |
MR1 Product Tanker |
2008 |
38,402 |
|
|
Perseus N |
MR1 Product Tanker |
2009 |
36,264 |
|
|
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 |
|
|
Lumen N |
LR1 Product Tanker |
2008 |
63,599 |
|
|
Aurora N |
LR1 Product Tanker |
2008 |
63,495 |
|
|
Nave Neutrino |
VLCC |
2003 |
298,287 |
|
|
Nave Celeste |
VLCC |
2003 |
298,717 |
|
|
Nave Photon |
VLCC |
2008 |
297,395 |
|
|
Nave Spherical |
VLCC |
2009 |
297,188 |
|
|
Nave Galactic |
VLCC |
2009 |
297,168 |
|
|
Nave Quasar |
VLCC |
2010 |
297,376 |
|
|
Nave Synergy |
VLCC |
2010 |
299,973 |
|
|
Nave Constellation |
VLCC |
2010 |
298,000 |
|
|
Nave Universe |
VLCC |
2011 |
297,066 |
|
|
Nave Buena Suerte |
VLCC |
2011 |
297,491 |
|
|
Vessels to be delivered* |
|
|
|
|
|
TBN I |
VLCC |
Expected Q4 2020 |
310,000 |
|
|
TBN II |
VLCC |
Expected Q1 2021 |
310,000 |
|
|
TBN III |
VLCC |
Expected Q2 2021 |
310,000 |
|
* |
Bareboat chartered-in vessels with purchase
option, expected to be delivered in each of the fourth quarter of
2020, and the first and second quarters of 2021. Navios Acquisition
has an option for a fourth bareboat chartered-in VLCC. |
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