NNA a penny short

A writedown on the scrapping of a VLCC contributed to a first quarter loss at Navios Maritime Acquisition.

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.