Navios Acquisition loss rises

Navios Maritime Acquisition has seen its second quarter loss increase.

New York-listed Navios Acquisition recorded a reversal of $2.95m for the three months to the end of June, down from the $1.44m deficit of a year ago. 

The figure included a $900,000 loss on the sale of the 306,500-dwt Shinyo Splendor (built 1993) and a $1.5m non-cash stock-based compensation expense, the company’s second quarter report explained.

Adjusted for the one-offs, a breakeven result was in line with Wall Street estimates, says Ben Nolan of Stifel.

Angeliki Frangou, chief executive of the Navios group, said in a statement she was pleased with the results.

Frangou pointed to a 32.3% rise in revenue and a near 20% climb in core operating profit following a heavy period of investment for the company.

“We have patiently built this company to be one of the largest publicly listed tanker companies, using our network of industry relationships and taking advantage of distressed deals and opportune moments,” she said. 

“After studying the market for a number of years, we acquired 15 vessels in 2013, including four VLCCs, in addition to two VLCCs acquired in 2014."

Vessel deliveries helped the owner to revenue of $62.2m in the second quarter.

Navios Acquisition currently owns 44 vessels, including 11 VLCCs and 29 products tankers. It also has four chemical tankers.