NNA a penny short

A writedown on the scrapping of a VLCC contributed to a first quarter loss at Navios Maritime Acquisition.
The Navios group logo is displayed at the New York Stock Exchange.

The Navios group logo is displayed at the New York Stock Exchange.

Angeliki-Frangou-led Navios Acquisition shouldered a $10.7m charge on the sale of the 306,500-dwt Shinyo Spendor (built 1993) on its way to a $12.82m red number in the quarter.

Adjusted for one-off items, the tanker owner reported a profit of $1.50m for the three months to the end of March, up from the $735,000 of a year ago.

Its adjusted earnings per share of $0.01 missed the Wall Street marker by a penny.

Revenue grew by more than a third to $61m fuelled by the purchase of 15 vessels over the past year.

Adjusted core operating profit of $35.88m beat the $27.95m seen a year ago.

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