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 six months ended
June 30, 2019.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition, stated, “I am pleased to report that for the second
quarter of 2019, Navios Acquisition recorded revenue of $58.6
million and EBITDA of $24.5 million, increases of about 40% and
130%, respectively, over the second quarter of 2018. We continue to
return capital to our investors and declared a quarterly
distribution of $0.30 per share for the second quarter of
2019.”
Angeliki Frangou continued, “Navios Acquisition owns 41 diverse
tankers with an average age of 8.1 years. We began renewing our
VLCC fleet when values were weak. In 2019, we sold three of our
oldest VLCCs and finalized the bareboat charters for three newbuild
VLCCs for a 12-year period. These vessels will be delivered in 2020
and 2021. We view these bareboat deals as providing reasonable
financing for new vessels, requiring no initial capital outlay. We
are also pleased to announce that we expect to prepay the Term Loan
B by the end of 2019. In addition to refinancing the Term Loan B,
debt reduction is a priority, and we expect to reduce debt by 3%,
or $33.4 million.”
HIGHLIGHTS — RECENT DEVELOPMENTS
Quarterly dividend: $0.30 per share
On July 24, 2019, the Board of Directors declared a quarterly
cash dividend in respect of the second quarter of 2019 of $0.30 per
share of common stock, which will be paid on October 9, 2019, to
stockholders of record as of September 25, 2019. 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 June 2019, Navios Acquisition prepaid its existing bank
financing of $21.5 million that was used to finance one product
tanker. In August 2019, Navios Acquisition agreed to enter into
certain financing arrangements with the purpose to refinance its
Term Loan B facility of $196.8 million outstanding as of June 30,
2019, maturing in June 2020:
- $15.0 million sale and lease back arrangement that was drawn in
August 2019 to finance one product tanker and has a maturity of
five years. The sale and lease back arrangement is repayable over
the five years in consecutive monthly installments of $0.2 million
each and bears effective interest at LIBOR plus 345 bps per annum.
The net proceeds of the sale and lease back arrangement were used
to partially prepay the Term Loan B.
- up to $90.8 million sale and lease back arrangement that will
finance six product tankers and will be repaid through a period of
6.4 years on average, in consecutive quarterly installments of up
to $2.8 million each, with a repurchase obligation of up to $25.9
million in total. The sale and lease back arrangement bears
interest at LIBOR plus a margin ranging from 335 bps to 355 bps per
annum, depending on the vessel financed.
- up to $47.2 million sale and lease back arrangement that will
finance three product tankers and will be repaid through a period
of 5.5 years on average, in consecutive quarterly installments of
up to $1.3 million each, with a repurchase obligation of up to
$19.2 million in total. The sale and lease back arrangement bears
interest at LIBOR plus a margin ranging from 350 bps to 360 bps per
annum, depending on the vessel financed.
- up to $31.8 million bridge financing currently under discussion
with a commercial bank that will finance one VLCC under short term
maturity of less than a year.
Upon completion of the above transactions, Navios Acquisition
expects to reduce its debt by approximately $33.4 million or 3% of
outstanding debt.
Sale of one 2002-built VLCC
In August 2019, Navios Acquisition entered into an agreement to
sell the Nave Electron, a 2002-built VLCC vessel of 305,178 dwt to
an unaffiliated third party for a sale price of $25.3 million. The
vessel is expected to be delivered to its new owners in September
2019.
Fleet employment
As of August 20, 2019, Navios Acquisition’s fleet consisted of a
total of 41 vessels, of which 13 are VLCCs (excluding the Nave
Electron which has been agreed to be sold and including three
bareboat chartered-in VLCCs expected to be delivered in the third
and fourth quarters of 2020 and the third quarter of 2021,
respectively), 26 are product tankers, two are chemical
tankers.
Currently, Navios Acquisition has contracted 83.1% of its
available days on a charter-out basis for the second half of 2019,
which are expected to generate revenues of approximately $73.6
million. The average contractual net daily charter-out rate for the
57.7% of available days that are contracted on base rate and/or
base rate with profit sharing arrangements is expected to be
$17,994.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statements of operations operations for the three
and six months ended June 30, 2019 and 2018. The
quarterly information for 2019 and 2018 was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
Following the completion of the merger, effective
as of December 13, 2018, Navios Midstream Partners L.P. (“Navios
Midstream”) is included in the consolidated financial statements of
Navios Acquisition, as a wholly-owned subsidiary.
(Expressed in thousands of U.S. dollars) |
|
|
Three Month Period ended June
30, 2019 (unaudited) |
|
|
Three Month Period ended June
30, 2018 (unaudited) |
|
|
|
Six Month Period ended June 30,
2019(unaudited) |
|
|
Six Month Period ended June 30,
2018(unaudited) |
|
Revenue |
|
|
$ |
58,585 |
|
|
$ |
41,479 |
|
|
|
$ |
135,704 |
|
|
$ |
87,629 |
|
Net loss |
|
|
$ |
(16,550 |
) |
|
$ |
(22,068 |
) |
|
|
$ |
(15,689 |
) |
|
$ |
(46,534 |
) |
Net cash (used in)/provided by operating activities |
|
|
$ |
(8,343 |
) |
|
$ |
(19,578 |
) |
|
|
$ |
1,545 |
|
|
$ |
(30,994 |
) |
EBITDA |
|
|
$ |
24,483 |
|
|
$ |
10,727 |
|
|
|
$ |
66,147 |
|
|
$ |
19,487 |
|
Loss per share (basic) |
|
|
$ |
(1.23 |
) |
|
$ |
(2.18 |
) |
|
|
$ |
(1.18 |
) |
|
$ |
(4.54 |
) |
EBITDA is 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).
Three month periods ended June 30, 2019 and
2018
Revenue for the three month period ended June 30, 2019
increased by $17.1 million, or 41.2%, to $58.6 million,
as compared to $41.5 million for the same period of 2018. The
increase was mainly attributable to an: (i) increase in revenue by
$12.4 million due to the acquisition and resulting consolidation of
Navios Midstream; and (ii) increase in market rates during the
three month period ended June 30, 2019 as compared to the same
period of 2018. Available days of the fleet increased to
3,503 days for the three month period ended June 30,
2019, as compared to 3,079 days for the three month period
ended June 30, 2018, mainly as a result of the merger with
Navios Midstream effective as of December 13, 2018. The time
charter equivalent rate, or TCE Rate, increased to $15,525 for the
three month period ended June 30, 2019, from $13,260 for the
three month period ended June 30, 2018.
Time charter and voyage expenses for the three month period
ended June 30, 2019 decreased by $2.2 million, or 34.1%, to
$4.2 million, as compared to $6.4 million for the same period of
2018. The decrease was mainly attributable to $5.7 million of
backstop commitment incurred in the three month period ended June
30, 2018; partially mitigated by a: (i) $2.9 million increase in
bunkers consumption and voyage expenses due to spot voyages
incurred in the period; and (ii) $0.5 million increase in brokers’
commission.
Net loss for the three month period ended June 30, 2019 was
$16.6 million as compared to $22.1 million loss for the same period
of 2018. The decrease in net loss was mainly due to a: (a) $13.8
million increase in EBITDA; and (b) $0.3 million increase in
interest income; partially mitigated by a: (i) $4.4 million
increase in interest expense and finance cost; (ii) $3.5 million
increase in depreciation and amortization, due to the acquisition
of Navios Midstream in December 2018; and (iii) $0.6 million
increase in direct vessel expenses.
EBITDA for the three month period ended June 30, 2019
increased by $13.8 million to $24.5 million, as compared
to $10.7 million for the same period of 2018. The increase in
EBITDA was mainly due to a: (a) $17.1 million increase in revenue;
(b) $2.6 million gain on sale of vessels; (c) $2.2 million
decrease in time charter and voyage expenses; and (d) $0.7 million
decrease in other expense; partially mitigated by a: (i) $3.6
million increase in management fees due to the acquisition of
Navios Midstream in December 2018 and to the amendment of the fees
under the Management Agreement in May 2018; (ii) $3.3 million
decrease in equity/ (loss) in net earnings of affiliated companies;
and (iii) $1.9 million increase in general and administrative
expenses mainly due to the acquisition of Navios Midstream.
Six month periods ended June 30, 2019 and
2018
Revenue for the six month period ended June 30, 2019
increased by $48.1 million, or 54.9%, to $135.7 million,
as compared to $87.6 million for the same period of 2018. The
increase was mainly attributable to an: (i) increase in revenue by
$29.5 million due to the acquisition and resulting consolidation of
Navios Midstream; and (ii) increase in market rates during the six
month period ended June 30, 2019 as compared to the same
period of 2018. Available days of the fleet increased from
6,261 days for the six month period ended June 30, 2018,
to 7,187 days for the six month period ended June 30,
2019. The TCE Rate increased from $13,740 for the six month period
ended June 30, 2018, to $17,635 for the six month period ended
June 30, 2019.
Time charter and voyage expenses for the six month period ended
June 30, 2019 decreased by $3.2 million to
$9.0 million as compared to $12.2 million for the six
month period ended June 30, 2018. The decrease was
attributable to $10.6 million of backstop commitment to Navios
Midstream incurred in the six month period ended June 30, 2018;
partially mitigated by a (ii) approximately $6.3 million
increase in bunkers consumption and voyage expenses due to spot
voyages incurred in the period; and (ii) a $1.1 million
increase in broker commission costs.
Net loss for the six month period ended June 30, 2019 was
$15.7 million as compared to $46.5 million loss for the same period
of 2018. The decrease in net loss was due to a: (a) $46.7 million
increase in EBITDA; and (b) $0.6 million increase in interest
income; partially mitigated by: (i) an $8.0 million increase in
interest expense and finance cost; (ii) a $7.1 million increase in
depreciation and amortization, due to the acquisition of Navios
Midstream in December 2018; and (iii) a $1.4 million increase in
direct vessel expenses.
EBITDA for the six month period ended June 30, 2019
increased by approximately $46.7 million to
$66.1 million, as compared to $19.5 million for the same
period of 2018. The increase in EBITDA was mainly due to a: (a)
$48.1 million increase in revenue; (b) $3.2 million gain on sale of
vessels; (c) $3.2 million decrease in time charter and voyage
expenses; (d) $1.8 million increase in equity/ (loss) in net
earnings of affiliated companies; (e) $1.3 million increase in
other income; and (f) $1.0 million decrease in other expense;
partially mitigated by: (i) an $8.1 million increase in management
fees due to the acquisition of Navios Midstream in December, 2018
and to the amendment of the fees under the Management Agreement;
and (ii) a $3.9 million increase in general and administrative
expenses.
Fleet Employment Profile
The following table reflects certain
key indicators of the performance of Navios Acquisition and its
core fleet for the three and the six month periods ended June 30,
2019 and 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three month period ended
June 30, |
|
|
Six month period ended
June 30, |
|
|
|
2019
(unaudited) |
|
|
2018
(unaudited) |
|
|
2019
(unaudited) |
|
|
2018
(unaudited) |
|
FLEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days(1) |
|
|
3,503 |
|
|
|
3,079 |
|
|
|
7,187 |
|
|
|
6,261 |
|
Operating days(2) |
|
|
3,498 |
|
|
|
3,067 |
|
|
|
7,170 |
|
|
|
6,233 |
|
Fleet utilization(3) |
|
|
99.8 |
% |
|
|
99.6 |
% |
|
|
99.8 |
% |
|
|
99.6 |
% |
Vessels operating at period
end |
|
|
39 |
|
|
|
35 |
|
|
|
39 |
|
|
|
35 |
|
AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent rate per
day(4) |
|
$ |
15,525 |
|
|
$ |
13,260 |
|
|
$ |
17,635 |
|
|
$ |
13,740 |
|
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, Wednesday, August 21, 2019 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 six months ended June 30, 2019.
US Dial In: +1.877.480.3873International Dial
In: +1.404.665.9927Conference ID: 747 6708
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: 747 6708
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 this press release was issued.
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 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 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)
|
|
|
June 30,
2019 |
|
|
December 31,
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
|
|
$ |
41,962 |
|
|
$ |
46,609 |
|
Vessels, net |
|
|
|
1,313,560 |
|
|
|
1,383,605 |
|
Other assets (including current
and non-current) |
|
|
$ |
182,987 |
|
|
$ |
160,525 |
|
Intangible assets other than
goodwill |
|
|
|
34,006 |
|
|
|
36,645 |
|
Total
assets |
|
|
$ |
1,572,515 |
|
|
$ |
1,627,384 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
|
$ |
28,589 |
|
|
$ |
41,195 |
|
Long-term debt, including current
portion, net of deferred finance costs and premium |
|
|
|
1,187,409 |
|
|
|
1,205,837 |
|
Total
liabilities |
|
|
$ |
1,215,998 |
|
|
$ |
1,247,032 |
|
Total stockholders’
equity |
|
|
|
356,517 |
|
|
|
380,352 |
|
Total liabilities and
stockholders’ equity |
|
|
$ |
1,572,515 |
|
|
$ |
1,627,384 |
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars- except
share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, 2019 (unaudited) |
|
|
For the Three Months Ended
June 30, 2018 (unaudited) |
|
|
For the Six Months Ended June 30, 2019
(unaudited) |
|
|
For the Six Months Ended June 30, 2018
(unaudited) |
|
Revenue |
|
$ |
58,585 |
|
|
$ |
41,479 |
|
|
$ |
135,704 |
|
|
$ |
87,629 |
|
Time charter and voyage
expenses |
|
|
(4,196 |
) |
|
|
(6,363 |
) |
|
|
(8,963 |
) |
|
|
(12,189 |
) |
Direct vessel expenses |
|
|
(2,323 |
) |
|
|
(1,692 |
) |
|
|
(4,678 |
) |
|
|
(3,240 |
) |
Management fees (entirely through
related party transactions) |
|
|
(26,481 |
) |
|
|
(22,913 |
) |
|
|
(54,387 |
) |
|
|
(46,312 |
) |
General and administrative
expenses |
|
|
(6,808 |
) |
|
|
(4,892 |
) |
|
|
(11,945 |
) |
|
|
(8,055 |
) |
Depreciation and
amortization |
|
|
(17,320 |
) |
|
|
(13,776 |
) |
|
|
(35,041 |
) |
|
|
(27,986 |
) |
Gain on sale of vessels |
|
|
2,594 |
|
|
|
— |
|
|
|
3,245 |
|
|
|
25 |
|
Interest income |
|
|
2,296 |
|
|
|
1,978 |
|
|
|
4,456 |
|
|
|
3,814 |
|
Interest expense and finance
cost |
|
|
(23,696 |
) |
|
|
(19,305 |
) |
|
|
(46,625 |
) |
|
|
(38,609 |
) |
Equity/ (loss) in net earnings of
affiliated companies |
|
|
889 |
|
|
|
4,229 |
|
|
|
1,734 |
|
|
|
(59 |
) |
Other income |
|
|
— |
|
|
|
11 |
|
|
|
1,333 |
|
|
|
11 |
|
Other (expense) |
|
|
(90 |
) |
|
|
(824 |
) |
|
|
(522 |
) |
|
|
(1,563 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(16,550 |
) |
|
$ |
(22,068 |
) |
|
$ |
(15,689 |
) |
|
$ |
(46,534 |
) |
Net loss per share, basic and
diluted |
|
$ |
(1.23 |
) |
|
$ |
(2.18 |
) |
|
$ |
(1.18 |
) |
|
$ |
(4.54 |
) |
Weighted average number of
shares, basic and diluted |
|
|
13,510,361 |
|
|
|
9,615,261 |
|
|
|
13,414,547 |
|
|
|
9,758,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONOther Financial
Information(Expressed in thousands of U.S. dollars)
|
|
Six Month Period Ended
June 30, 2019 (unaudited) |
|
|
Six Month Period Ended
June 30, 2018 (unaudited) |
|
Net cash provided by/ (used in) operating activities |
|
$ |
1,545 |
|
$ |
(30,994 |
) |
Net cash provided by investing activities |
|
|
25,738 |
|
|
51,402 |
|
Net cash used in financing activities |
|
|
(31,930 |
) |
|
(54,802 |
) |
Net decrease in cash, cash equivalents and restricted
cash |
|
$ |
(4,647 |
) |
$ |
(34,394 |
) |
|
|
|
|
|
|
|
|
EXHIBIT II
Reconciliation of EBITDA to Net Cash from Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended June 30, 2019
(unaudited) |
|
|
Three Month Period Ended June 30, 2018
(unaudited) |
|
|
Six Month Period Ended June 30, 2019
(unaudited) |
|
|
Six Month Period Ended June 30, 2018
(unaudited) |
|
Expressed in thousands of
U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/ provided by
operating activities |
|
$ |
(8,343 |
) |
|
$ |
(19,578 |
) |
|
$ |
1,545 |
|
|
$ |
(30,994 |
) |
Net (decrease)/ increase in
operating assets |
|
|
(2,598 |
) |
|
|
(45 |
) |
|
|
5,443 |
|
|
|
1,879 |
|
Net increase in operating
liabilities |
|
|
10,521 |
|
|
|
2,410 |
|
|
|
13,102 |
|
|
|
4,952 |
|
Net interest cost |
|
|
21,400 |
|
|
|
17,327 |
|
|
|
42,169 |
|
|
|
34,795 |
|
Amortization and write-off of deferred finance costs and bond
premium |
|
|
(1,319 |
) |
|
|
(885 |
) |
|
|
(2,293 |
) |
|
|
(1,981 |
) |
Equity/ (loss) in net earnings of affiliates, net of dividends
received |
|
|
889 |
|
|
|
4,229 |
|
|
|
1,734 |
|
|
|
(59 |
) |
Payments for dry dock and special
survey costs |
|
|
1,570 |
|
|
|
7,541 |
|
|
|
1,662 |
|
|
|
11,411 |
|
Gain on sale of vessels |
|
|
2,594 |
|
|
|
— |
|
|
|
3,245 |
|
|
|
25 |
|
Stock-based compensation |
|
|
(231 |
) |
|
|
(272 |
) |
|
|
(460 |
) |
|
|
(541 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
24,483 |
|
|
|
10,727 |
|
|
|
66,147 |
|
|
|
19,487 |
|
|
|
Three Month Period Ended June 30, 2019
(unaudited) |
|
|
Three Month Period Ended June 30, 2018
(unaudited) |
|
|
Six Month Period Ended June 30, 2019
(unaudited) |
|
|
Six Month Period Ended June 30, 2018
(unaudited) |
|
Net cash (used in)/ provided by operating activities |
|
$ |
(8,343 |
) |
|
$ |
(19,578 |
) |
|
$ |
1,545 |
|
|
$ |
(30,994 |
) |
Net cash provided by investing
activities |
|
$ |
8,288 |
|
|
$ |
1,576 |
|
|
$ |
25,738 |
|
|
$ |
51,402 |
|
Net cash used in financing
activities |
|
$ |
(25,881 |
) |
|
$ |
(11,069 |
) |
|
$ |
(31,930 |
) |
|
$ |
(54,802 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA is 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 (loss)/income before interest and
finance costs, before depreciation and amortization and before
income taxes. We use EBITDA as liquidity measure and reconcile
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
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 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 Electron** |
VLCC |
2002 |
|
305,178 |
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 |
Shinyo Saowalak |
VLCC |
2010 |
|
298,000 |
Shinyo Kieran |
VLCC |
2011 |
|
297,066 |
Nave Buena Suerte |
VLCC |
2011 |
|
297,491 |
Vessels to be delivered* |
|
|
|
|
TBN I |
VLCC |
Expected Q3 2020 |
|
310,000 |
TBN II |
VLCC |
Expected Q4 2020 |
|
310,000 |
TBN III |
VLCC |
Expected Q3 2021 |
|
310,000 |
*Bareboat chartered-in vessels with purchase option
**Agreed to be sold to a third pary. Expected to be delivered to
her new owners in September 2019.
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