Navios Maritime Acquisition Corporation Reports Financial Results for Q2 2011 and Six Months Ended June 30, 2011
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 08/17/11 -- Navios Maritime Acquisition Corporation (NYSE: NNA),
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the second quarter and six months ended June 30, 2011.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "We have taken advantage of opportunity during a difficult period to build a robust tanker enterprise. As a sign of our continued confidence in the Company's cash flow, we announced another quarterly dividend of $.05 per share."
Ms. Frangou continued, "We are no longer a concept company. We have a modern, diverse tanker fleet of 26 vessels and are rapidly making our mark on a global scale. Thirteen vessels, half of our fleet, are operating and generating revenue and we expect to add two more new build product tankers this year. Our fleet, even in depressed market conditions, can operate well above break-even until 2016, when our first significant debt maturity arises. As a result, we can patiently await for our investment thesis in product tankers to mature."
On August 12, 2011, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the second quarter of 2011 of $0.05 per share of common stock. The dividend is payable on October 5, 2011 to stockholders of record as of September 22, 2011. The declaration and payment of any further dividends remains subject to the discretion of the Board 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 may deem advisable.
On July 12, 2011, Navios Acquisition took delivery of the Bull, a 2009-built MR2 product tanker of 50,542 dwt. On July 18, 2011, Navios Acquisition took delivery of the Buddy, a 2009-built MR2 product tanker of 50,470 dwt. Both vessels are employed under long-term charter-out contracts with a remaining term of approximately three years at $22,490 net per day for the first year and $21,503 net per day for the remaining charter-out period. The acquisition of each vessel was financed through $15.0 million of cash and $27.4 million of debt.
On June 8, 2011, Navios Acquisition took delivery of a very large crude carrier ("VLCC") tanker of 297,066 dwt, the Shinyo Kieran, from a Chinese shipyard, for a total cost of $118.9 million. The vessel is chartered out for 15 years at a net rate of $48,153 per day with profit sharing.
On July 1, 2011, Navios Acquisition exercised its options to acquire two 75,000 dwt LR1 new build vessels, currently under construction in a South Korean shipyard with scheduled deliveries of one vessel in the fourth quarter of 2012 and one vessel in the first quarter of 2013, respectively. The contract price of each of the new build vessels is $40.5 million.
On July 8, 2011, Navios Acquisition entered into a loan agreement with ABN AMRO of up to $55.1 million (divided into two equal tranches) to partially finance the acquisition costs of two MR2 product tanker vessels. The total amount drawn as of August 12, 2011 was $54.8 million. Each tranche of the facility is repayable in 12 quarterly instalments of $0.75 million each and 12 quarterly instalments of $0.57 million each with a final balloon payment of $11.6 million to be repaid on the last repayment date. The repayment of each tranche starts in October 2011. It bears interest at a rate of LIBOR plus 325 bps. The loan also requires compliance with certain financial covenants.
On May 26, 2011, Navios Acquisition and Navios Acquisition Finance (US) Inc., its wholly owned finance subsidiary, completed the sale of $105.0 million of 8 ?% first priority ship mortgage notes due 2017 (the "Additional Notes") at 102.25% plus accrued interest from May 1, 2011.
The Additional Notes are identical to the $400.0 million of notes issued in October 2010 (the "Existing Notes") and are secured by first priority ship mortgages on seven VLCC vessels (including the VLCC that was delivered in June 2011) owned by certain subsidiary guarantors.
The net proceeds of the offering of $105.4 million were used to partially finance the acquisition of the VLCC Shinyo Kieran delivered on June 8, 2011 and to repay the $80.0 million revolving credit facility with Marfin Egnatia Bank.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of income for the three and six month periods ended June 30, 2011 and 2010. The quarterly and six month information for 2011 and 2010 was derived from the unaudited condensed consolidated financial statements for the respective periods.
(1) Adjusted Net loss, Adjusted EBITDA and Adjusted Loss per share (basic and diluted) for the three and six month period ended June 30, 2011, exclude $0.9 million of non-cash charges related to the write-off of deferred finance costs incurred in connection with the cancellation of committed credit.
Adjusted Net loss, Adjusted EBITDA and Adjusted Loss per share (basic and diluted) for the three and six month period ended June 30, 2010, exclude $2.1 million of share based compensation.
EBITDA, Adjusted EBITDA, Adjusted Net loss and Adjusted Loss per share are non-US 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 to net cash provided by operating activities).
Revenue for the three month period ended June 30, 2011 was $26.0 million at a time charter equivalent ("TCE") rate of $29,322. Following the delivery of a VLCC tanker, the Shinyo Kieran, on June 8, 2011, Navios Acquisition had 887 available days. Revenue was adversely affected by the scheduled dry dock of one VLCC tanker. There were two available days in the comparative period of 2010.
Net loss for the three month period ended June 30, 2011 amounted to $3.2 million compared to a $2.3 million loss for the three month period ended June 30, 2010. The $3.2 million loss for the three month period ended June 30, 2011 was due to: (a) $8.0 million of management fees; (b) $8.3 million of depreciation and amortization; (c) $10.0 million of interest expenses and finance cost; (d) $0.9 million of general and administrative expenses; (e) $1.0 million of time charter expenses; (f) $0.9 million of write-off of deferred finance costs; and (g) $0.5 million of other expenses. The $29.6 million of expenses were partially offset by: (i) $26.0 million of revenue; and (ii) $0.4 million of interest income.
Adjusted EBITDA for the three month period ended June 30, 2011 was $15.6 million as a result of the $26.0 million of revenue from vessel operations which was partially offset by: (a) $8.0 million of management expenses; (b) $1.0 million of time charter expenses; (c) $0.9 million of general and administrative expenses; and (d) $0.5 million of other net expenses.
During the three month period ended June 30, 2010, Navios Acquisition had two available days and revenue below $0.1 million.
Net loss for the three month period ended June 30, 2010, was $2.3 million as a result of: (a) $2.1 million related to share based compensation of our officers and directors; (b) $0.2 million of general and administrative expenses; and (c) $0.2 million of interest expenses and finance cost, partially offset by $0.2 million interest income.
Adjusted EBITDA for the three month period ended June 30, 2010 was $0.2 million loss as a result of $0.2 million of general and administrative expenses and $0.2 million of interest expenses and finance cost, partially offset by $0.2 million of interest income.
Revenue for the six month period ended June 30, 2011 was $51.1 million at a TCE rate of $29,045. Following the delivery of a VLCC tanker, the Shinyo Kieran, on June 8, 2011, Navios Acquisition had 1,761 available days. Revenue was adversely affected by the scheduled dry dock of one VLCC tanker. There were two available days in the comparative period of 2010.
Net loss for the six month period ended June 30, 2011 amounted to $3.6 million compared to a $2.6 million loss for the six month period ended June 30, 2010. The $3.6 million loss for the six month period ended June 30, 2011 was due to: (a) $15.6 million of management fees; (b) $16.3 million of depreciation and amortization; (c) $18.9 million of interest expenses and finance cost; (d) $1.9 million of general and administrative expenses; (e) $1.4 million of time charter expenses; (f) $0.9 million of write-off of deferred finance costs; and (g) $0.6 million of other expenses. The $55.6 million of expenses were partially offset by: (i) $51.1 million of revenue; and (ii) $0.9 million of interest income.
Adjusted EBITDA for the six month period ended June 30, 2011 was $31.6 million as a result of the $51.1 million of revenue from vessel operations which was partially offset by: (a) $15.6 million of management expenses; (b) $1.4 million of time charter expenses; (c) $1.9 million of general and administrative expenses; and (d) $0.6 million of other net expenses.
During the six month period ended June 30, 2010, Navios Acquisition had two available days and revenue below $0.1 million.
Net loss for the six month period ended June 30, 2010 was $2.6 million as a result of: (a) $2.1 million related to share based compensation of our officers and directors; (b) $0.5 million of general and administrative expenses; and (c) $0.3 million of interest expenses and finance cost, partially offset by $0.3 million of interest income.
Adjusted EBITDA for the six month period ended June 30, 2010 was a $0.5 million loss as a result of $0.5 million of general and administrative expenses and $0.3 million of interest expenses and finance cost, partially offset by $0.3 million of interest income.
As of August 17, 2011, Navios Acquisition had contracted 98.1%, 62.7% and 38.6% of its available days on a charter-out basis for 2011, 2012 and 2013, respectively, equivalent to $123.4 million, $133.1 million and $125.2 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $29,621, $32,503 and $34,318 for 2011, 2012 and 2013, respectively.
The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three and six month period ended June 30, 2011.
: Available days is the total number of days a vessel is controlled by a company less the aggregate number of days that the vessel is off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.
: Operating days is the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including lack of demand or unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
Fleet utilization is obtained by dividing the number of operating days during a period by the number of available days during the 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 or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.
: Time Charter Equivalent ("TCE") rates are 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 is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.
As previously announced, Navios Acquisition will host a conference call today, Wednesday, August 17, 2011 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the second quarter and six months ended June 30, 2011.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 8514 5794
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: +1.855.859.2056
International Replay Dial In: +1.404.537.3406
Conference ID: 8514 5794
The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, , 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 on the Navios Acquisition website at under the "Investors" section at 7:45 am ET on the day of the call.
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition, please visit our website: .
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 Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "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. 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 changes in the demand for crude oil, product and chemical tanker vessels, competitive factors in the market in which Navios Acquisition operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Acquisition's filings with the Securities and Exchange Commission. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
EBITDA represents net loss plus interest expenses and finance costs plus depreciation and amortization and income taxes. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
Management believes EBITDA provides additional information with respect to Navios Acquisition's ability to satisfy its obligations including debt service, capital expenditures and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
Adjusted EBITDA represents net loss plus interest expenses and finance costs plus depreciation and amortization, income taxes plus write-off of deferred finance costs and share based compensation. Adjusted EBITDA for the three and six month period ended June 30, 2011, represents EBITDA plus the write-off of $0.9 million of the deferred finance costs that were incurred in connection with the cancellation of committed credit.
Adjusted EBITDA for the three and six month period ended June 30, 2010 represented EBITDA plus $2.1 million of share based compensation.
Management believes that Adjusted EBITDA is useful in evaluating Navios Acquisition's performance and liquidity position because the calculation of Adjusted EBITDA generally eliminates the accounting effect of one-off items.
Navios Maritime Acquisition Corporation
+1.212.906.8644
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 17.08.2011 - 05:23 Uhr
Sprache: Deutsch
News-ID 1031283
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
PIRAEUS, GREECE
Phone:
Kategorie:
Maritime
Anmerkungen:
Diese Pressemitteilung wurde bisher 170 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Navios Maritime Acquisition Corporation Reports Financial Results for Q2 2011 and Six Months Ended June 30, 2011
"
steht unter der journalistisch-redaktionellen Verantwortung von
Navios Maritime Acquisition (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
