- Net income: $5.6 million for Q1 2017; $0.04 per share
- EBITDA: $37.4 million for Q1 2017
- Quarterly dividend of $0.05 per share – consistently paid since 2010
MONACO, May 16, 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 first quarter ended March
31, 2017.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “For the first quarter of
2017, Navios Acquisition reported EBITDA of $37.4 million and Net income of $5.6 million. We also declared a dividend of $0.05 per
share for the quarter, resulting in a dividend yield of approximately 12.0%.”
Angeliki Frangou continued, “Our business model has two distinct characteristics. First, we seek long-term
charters when available. This provides above market earnings during times in which period employment is unavailable and the spot
rates are contracting. For the first quarter of 2017, Navios Acquisition’s average charter rate for its fleet was about 42% higher
than the spot market average for this fleet. Second, we enjoy economies of scale through our relationship with Navios Holdings.
Navios Acquisition’s operating costs were approximately 17% lower than the average of its listed peers. These efficiencies created
estimated savings of $22.8 million in 2016.”
HIGHLIGHTS — RECENT DEVELOPMENTS
Dividend of $0.05 per share of common
stock
On May 12, 2017, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the
first quarter of 2017 of $0.05 per share of common stock. The dividend is payable on June 14, 2017 to stockholders of record as of
June 7, 2017 and provides a current annualized yield of 12.1%. 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 May 16, 2017, Navios Acquisition had contracted 90.4% of its available days on a charter-out basis for
2017, expecting to generate revenues of approximately $183.1 million. The average contractual daily charter-out rate for the fleet
is expected to be $17,833.
Credit Facility
In May 2017, Navios Acquisition agreed to enter into a loan facility for an amount of up to $24.0 million with a
commercial bank in order to refinance the existing facility of its two chemical tankers which matures in the first quarter of 2018.
The facility will be repayable in 17 equal consecutive quarterly installments of $0.6 million each, with a balloon payment on
the last repayment date. The facility matures in September 2021 and bears interest at LIBOR plus 300 bps per annum.
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, 2017 and 2016. The quarterly information for 2017 and 2016
was derived from the unaudited condensed consolidated financial statements for the respective periods.
| |
Three Month
Period ended
March 31, 2017 |
|
Three Month
Period ended
March 31, 2016 |
|
| (Expressed in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
| Revenue |
$ |
64,482 |
|
$ |
80,419 |
|
| EBITDA |
$ |
37,381 |
|
$ |
57,768 |
|
| Net income |
$ |
5,615 |
|
$ |
23,770 |
|
| Earnings per share (basic) |
$ |
0.04 |
|
$ |
0.15 |
|
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).
Revenue for the three month period ended March 31, 2017 decreased by $15.9 million or 19.8% to $64.5
million, as compared to $80.4 million for the same period in 2016. The decrease was mainly attributable to the: (i) decrease in the
market rates during the first quarter ended March 31, 2017, as compared to the same period in 2016; and (ii) decrease in
revenue by $3.8 million due to the sale of one MR2 product tanker in January 2016 and two chemical tankers in
each of October and November 2016. Available days of the fleet decreased to 3,207 days for the three month period ended
March 31, 2017, as compared to 3,477 days for the three month period ended March 31, 2016. The TCE Rate decreased
to $19,475 for the three month period ended March 31, 2017, from $22,722 for the three month period ended
March 31, 2016.
EBITDA for the three month period ended March 31, 2017 decreased by approximately $20.4 million to $37.4
million from $57.8 million in the same period of 2016. The decrease in EBITDA was mainly due to a: (a) $15.9 million decrease
in revenue; (b) $2.3 million gain from sale of vessel incurred in the three month period ended March 31, 2016; (c) $2.1 million
decrease in equity in net earnings of affiliated companies; and (d) $1.8 million increase in time charter expenses; partially
mitigated by a (i) $0.8 million decrease in management fees, mainly due to the sale of one MR2 product tanker in January
2016 and two chemical tankers in October and November 2016, as discussed above; (ii) $0.8 million decrease in general and
administrative expenses; and (iii) $0.2 million decrease in other expense, net.
Net income for the three month period ended March 31, 2017, decreased by approximately $18.2 million to $5.6
million compared to $23.8 million, for the same period in 2016. The decrease was due to a: (a) $20.4 million decrease in EBITDA;
and (b) $0.2 million increase in direct vessel expenses; partially mitigated by a: (i) $1.5 million increase in interest income;
(ii) $0.7 million decrease in depreciation and amortization; and (iii) $0.3 million decrease in interest expense and finance
cost.
Fleet Employment
Profile
The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet
for the three months ended March 31, 2017 and 2016.
| |
|
Three month period ended
March 31, |
|
| |
|
2017
(unaudited) |
|
|
2016
(unaudited) |
|
| FLEET DATA |
|
|
|
|
|
|
|
|
| Available days(1) |
|
|
3,207 |
|
|
|
3,477 |
|
| Operating days(2) |
|
|
3,202 |
|
|
|
3,470 |
|
| Fleet utilization(3) |
|
|
99.8 |
% |
|
|
99.8 |
% |
| Vessels operating at period end |
|
|
36 |
|
|
|
38 |
|
| AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
|
| Time Charter Equivalent (“TCE”) Rate per day (4) |
|
$ |
19,475 |
|
|
$ |
22,722 |
|
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, Tuesday, May 16, 2017 at 8:30 am
ET, at which time Navios Acquisition's senior management will provide highlights and commentary on earnings results for the first
quarter ended March 31, 2017.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 2090 6871
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: 2090 6871
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 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 |
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
| (Expressed in thousands of U.S. dollars- except share
data) |
| |
| |
|
March 31,
2017
(unaudited)
|
|
|
December 31,
2016
(unaudited) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
58,973 |
|
|
$ |
49,292 |
|
|
| Restricted cash |
|
|
13,159 |
|
|
|
7,366 |
|
|
| Accounts receivable, net |
|
|
15,925 |
|
|
|
20,933 |
|
|
| Due from related parties, short-term |
|
|
20,268 |
|
|
|
25,047 |
|
|
| Prepaid expenses and other current assets |
|
|
4,168 |
|
|
|
4,644 |
|
|
| |
|
|
| Total current assets |
|
|
112,493 |
|
|
|
107,282 |
|
|
| |
|
|
| Vessels, net |
|
|
1,292,703 |
|
|
|
1,306,923 |
|
|
| Goodwill |
|
|
1,579 |
|
|
|
1,579 |
|
|
| Other long-term assets |
|
|
900 |
|
|
|
900 |
|
|
| Deferred dry dock and special survey costs, net |
|
|
12,185 |
|
|
|
10,172 |
|
|
| Investment in affiliates |
|
|
193,232 |
|
|
|
196,695 |
|
|
| Due from related parties, long-term |
|
|
100,709 |
|
|
|
80,068 |
|
|
| |
|
|
| Total non-current assets |
|
|
1,601,308 |
|
|
|
1,596,337 |
|
|
| |
|
|
| Total assets |
|
$ |
1,713,801 |
|
|
$ |
1,703,619 |
|
|
| |
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
4,175 |
|
|
$ |
4,855 |
|
|
| Accrued expenses |
|
|
24,392 |
|
|
|
11,047 |
|
|
| Due to related parties, short-term |
|
|
2,404 |
|
|
|
— |
|
|
| Deferred revenue |
|
|
7,577 |
|
|
|
8,519 |
|
|
| Current portion of long-term debt, net of deferred finance costs |
|
|
40,850 |
|
|
|
55,000 |
|
|
| |
|
|
| Total current liabilities |
|
|
79,398 |
|
|
|
79,421 |
|
|
| |
|
|
| Long-term debt, net of current portion, premium and net of deferred finance
costs |
|
|
1,054,795 |
|
|
|
1,040,938 |
|
|
| Deferred gain on sale of assets |
|
|
7,470 |
|
|
|
7,829 |
|
|
| |
|
|
| Total non-current liabilities |
|
|
1,062,265 |
|
|
|
1,048,767 |
|
|
| |
|
|
| Total liabilities |
|
$ |
1,141,663 |
|
|
$ |
1,128,188 |
|
|
| |
|
|
| Commitments and contingencies |
|
|
— |
|
|
|
— |
|
|
| Puttable common stock 150,000 and 250,000 shares issued and outstanding
with $1,500 and $2,500 redemption amount as of March 31, 2017 and December 31, 2016, respectively |
|
|
1,500 |
|
|
|
2,500 |
|
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 1,000 series C
shares issued and outstanding as of March 31, 2017 and December 31, 2016. |
|
|
— |
|
|
|
— |
|
|
| Common stock, $0.0001 par value; 250,000,000 shares authorized; 150,482,990 and
150,582,990 issued and outstanding as of March 31, 2017 and December 31, 2016, respectively |
|
|
15 |
|
|
|
15 |
|
|
| Additional paid-in capital |
|
|
541,720 |
|
|
|
541,720 |
|
|
| Retained Earnings |
|
|
28,903 |
|
|
|
31,196 |
|
|
| Total stockholders’ equity |
|
|
570,638 |
|
|
|
572,931 |
|
|
| Total liabilities and stockholders’ equity |
|
$ |
1,713,801 |
|
|
$ |
1,703,619 |
|
|
| 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
March 31, 2017
(unaudited) |
|
|
For the Three Months
Ended
March 31, 2016
(unaudited) |
|
| Revenue |
|
$ |
64,482 |
|
|
$ |
80,419 |
|
| Time charter and voyage expenses |
|
|
(3,178 |
) |
|
|
(1,421 |
) |
| Direct vessel expenses |
|
|
(893 |
) |
|
|
(644 |
) |
| Management fees |
|
|
(23,418 |
) |
|
|
(24,186 |
) |
| General and administrative expenses |
|
|
(2,763 |
) |
|
|
(3,529 |
) |
| Depreciation and amortization |
|
|
(14,220 |
) |
|
|
(14,883 |
) |
| Interest income |
|
|
2,194 |
|
|
|
654 |
|
| Interest expenses and finance cost |
|
|
(18,847 |
) |
|
|
(19,125 |
) |
| Gain on sale of vessel |
|
|
— |
|
|
|
2,282 |
|
| Equity in net earnings of affiliated companies |
|
|
2,768 |
|
|
|
4,891 |
|
| Other expense, net |
|
|
(510 |
) |
|
|
(688 |
) |
| |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
5,615 |
|
|
$ |
23,770 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net income per share, basic |
|
$ |
0.04 |
|
|
$ |
0.15 |
|
| Weighted average number of shares, basic |
|
|
150,500,768 |
|
|
|
149,253,315 |
|
| Net income per share, diluted |
|
$ |
0.04 |
|
|
$ |
0.15 |
|
| Weighted average number of shares, diluted |
|
|
158,176,768 |
|
|
|
150,889,584 |
|
| NAVIOS MARITIME ACQUISITION
CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
| (Expressed in thousands of U.S. dollars) |
| |
| |
|
For the Three Months
Ended March 31, 2017
(unaudited) |
|
For the Three Months
Ended March 31, 2016
(unaudited) |
| Operating Activities |
|
|
|
|
|
|
|
|
|
| Net income |
|
|
$ |
5,615 |
|
|
$ |
23,770 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
14,220 |
|
|
|
14,883 |
|
| Amortization and write-off of deferred finance fees and bond premium |
|
|
|
916 |
|
|
|
1,042 |
|
| Amortization of dry dock and special survey costs |
|
|
|
893 |
|
|
|
644 |
|
| Stock based compensation |
|
|
|
— |
|
|
|
264 |
|
| Gain on sale of vessel |
|
|
|
— |
|
|
|
(2,282 |
) |
| Equity in net earnings of affiliates, net of dividends received |
|
|
|
(308 |
) |
|
|
(490 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| (Increase)/ decrease in prepaid expenses and other current assets |
|
|
|
(24 |
) |
|
|
2,309 |
|
| Decrease/ (increase) in accounts receivable |
|
|
|
5,008 |
|
|
|
(2,478 |
) |
| Decrease/ (increase) in due from related parties, short-term |
|
|
|
4,779 |
|
|
|
(8,401 |
) |
| Increase in restricted cash |
|
|
|
(51 |
) |
|
|
(70 |
) |
| Increase in other long term assets |
|
|
|
— |
|
|
|
(4,608 |
) |
| Increase in due from related parties, long-term |
|
|
|
(14,697 |
) |
|
|
(8,711 |
) |
| (Decrease)/ increase in accounts payable |
|
|
|
(680 |
) |
|
|
907 |
|
| Increase in accrued expenses |
|
|
|
13,345 |
|
|
|
13,933 |
|
| Payments for dry dock and special survey costs |
|
|
|
(2,907 |
) |
|
|
— |
|
| Increase in due to related parties, short-term |
|
|
|
2,404 |
|
|
|
— |
|
| Decrease in deferred revenue |
|
|
|
(928 |
) |
|
|
(4,651 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net cash provided by operating activities |
|
|
$ |
27,585 |
|
|
$ |
26,061 |
|
| |
|
|
|
|
|
|
|
|
|
| Investing Activities |
|
|
|
|
|
|
|
|
|
| Loans receivable from affiliates |
|
|
|
(5,259 |
) |
|
|
(4,275 |
) |
| Dividends received from affiliates |
|
|
|
2,864 |
|
|
|
918 |
|
| Investment in affiliates |
|
|
|
(79 |
) |
|
|
— |
|
| Net cash proceeds from sale of vessel |
|
|
|
— |
|
|
|
18,449 |
|
| |
|
|
|
|
|
|
|
|
|
| Net cash (used in)/ provided by investing activities |
|
|
$ |
(2,474 |
) |
|
$ |
15,092 |
|
| |
|
|
|
|
|
|
|
|
|
| Financing Activities |
|
|
|
|
|
|
|
|
|
| Loan proceeds, net of deferred finance costs |
|
|
|
26,008 |
|
|
|
— |
|
| Loan repayments |
|
|
|
(26,788 |
) |
|
|
(23,514 |
) |
| Dividend paid |
|
|
|
(7,908 |
) |
|
|
(7,928 |
) |
| (Increase) /decrease in restricted cash |
|
|
|
(5,742 |
) |
|
|
1,125 |
|
| Redemption of convertible shares and puttable common stock |
|
|
|
(1,000 |
) |
|
|
(1,000 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net cash used in financing activities |
|
|
$ |
(15,430 |
) |
|
$ |
(31,317 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
|
|
9,681 |
|
|
|
9,836 |
|
| Cash and cash equivalents, beginning of year |
|
|
|
49,292 |
|
|
|
54,805 |
|
| |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents, end of period |
|
|
$ |
58,973 |
|
|
$ |
64,641 |
|
| EXHIBIT II |
| |
| Reconciliation of EBITDA to Net Cash from Operating
Activities |
| |
| Expressed in thousands of U.S.
dollars |
|
Three Month Period
Ended March 31, 2017
(unaudited) |
|
|
Three Month Period
Ended March 31, 2016
(unaudited) |
|
| Net cash provided by operating activities |
|
$ |
27,585 |
|
|
$ |
26,061 |
|
| Net increase in operating assets |
|
|
7,892 |
|
|
|
21,959 |
|
| Net increase in operating liabilities |
|
|
(14,141 |
) |
|
|
(10,189 |
) |
| Net interest cost |
|
|
16,653 |
|
|
|
18,471 |
|
| Amortization of deferred finance costs and bond premium |
|
|
(916 |
) |
|
|
(1,042 |
) |
| Equity in net earnings of affiliates, net of dividends received |
|
|
308 |
|
|
|
490 |
|
| Stock based compensation |
|
|
— |
|
|
|
(264 |
) |
| Gain on sale of vessel |
|
|
— |
|
|
|
2,282 |
|
| |
|
|
|
|
|
|
|
|
| EBITDA |
|
$ |
37,381 |
|
|
$ |
57,768 |
|
| |
|
Three Month Period
Ended March 31, 2017
(unaudited) |
|
|
Three Month Period
Ended March 31, 2016
(unaudited) |
|
| Net cash provided by operating activities |
|
$ |
27,585 |
|
|
$ |
26,061 |
|
| Net cash (used in)/ provided by investing activities |
|
$ |
(2,474 |
) |
|
$ |
15,092 |
|
| Net cash used in financing activities |
|
$ |
(15,430 |
) |
|
$ |
(31,317 |
) |
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 and write-off of deferred
finance fees and bond premium; (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; (x) gain/ (loss) on debt repayments; and (xi) 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 |
Type |
Year Built/Delivery |
DWT |
| Date |
| 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
