NNA falls to red

Navios Maritime Acquisition Corporation (NNA) was pulled into the red due to one-off items in the final quarter of 2013.
Navios group chief executive Angeliki Frangou

Navios group chief executive Angeliki Frangou

Despite massive expansion since the beginning of last year, the Greek tanker owner suffered a net loss for the three month period ended 31 December of $53.7m versus a $333,000 profit for the same period of 2012.

The result was affected by a $21.1m loss on the sale for scrap of the 300,500-dwt Shinyo Navigator (built 1996), a $34m loss on bond and debt extinguishment and a $1.1m non- cash share-based compensation expense.

However excluding these one-off items, the Angeliki Frangou-led owner reported adjusted net income of $2.5m, up from a $0.3m gain for the final leg of 2012.

Adjusted EBITDA increased by $9m to $36.1m while revenue rose by 38.7% to $57.8m thanks to the addition of 14 more vessels to its fleet.

The rise in revenue was partially offset by a drop in time charter equivalent (TCE) rates to $18,155 from $24,526 a year earlier, the company reported in its earnings statement today.

For the full year NNA booked an unadjusted net loss of $58.6m against a loss of $3.8m in 2012.

Excluding one-off items the net loss was cut to $2.4m in 2013 compared to a $3.8m net loss a year earlier. 

Adjusted EBITDA for the year increased by around 25% to $122.6m while revenue grew by a third to $202.4m. 

Rapid rise

Angeliki Frangou, chairman and CEO said: "I am pleased with our results for 2013, a pivotal year for Navios Acquisition in which we grew our fleet by 14 vessels.

“As a result of a strong performance, we declared a quarterly dividend of $0.05 per share, resulting in a yield of about 4.8%."

Navios Acquisition currently owns a fleet of 43 vessels comprising 33 product tankers and 10 VLCCs.

The company has 35 vessels in the water with eight still to be delivered including seven newbuildings.

All ten VLCCs are on charter, eight of which are contracted for an average net daily rate of $38,473 over 4.9 years with profit sharing agreements in place for six vessels.

The remaining two VLCCs are chartered on a floating rate with an average duration of one year.

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