Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE: NNA), an owner and operator of tanker vessels, reported its
financial results today for the fourth quarter and the year ended
December 31, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “The pandemic materially impacted the tanker
sector. In early 2020, collapsing oil demand drove the need for
storage. As the pandemic progressed, the recession in the travel
and entertainment industries migrated to oil transportation. While
we believe the outlook looks brighter now, with countries well into
vaccination programs and the travel industry showing signs of
revival, the market remains difficult today.”
HIGHLIGHTS — RECENT DEVELOPMENTS
Delivery of the second VLCC
On February 17, 2021, a newbuilding very large crude carrier
(“VLCC”) of 313,486 dwt under bareboat lease contract, the Erbil,
was delivered from a Japanese shipyard.
The Erbil has been chartered out to a high-quality counterparty
for a ten-year period at a bareboat rate of $27,816 net per day.
The charter party has an option for an additional five-year period
at a bareboat rate of $29,751 net per day.
Sale of vessels
In January 2021, Navios Acquisition sold the Allegro N, a
2014-built container vessel of 46,999 dwt, to an unaffiliated third
party for a net sale price of $13.8 million.
In March 2021, Navios Acquisition sold the Nave Celeste, a
2003-built VLCC vessel of 298,717 dwt, to an unaffiliated third
party for a net sale price of $23.5 million.
In March 2021, Navios Acquisition sold the Solstice N, a
2007-built container vessel of 44,023 dwt, to an unaffiliated third
party for a net sale price of $10.8 million.
Navios Acquisition entered into agreements to sell both the
Acrux N, a 2010-built container vessel of 23,338 dwt, and the Vita
N, a 2010-built container vessel of 23,359 dwt, to an unaffiliated
third party for an aggregate net sale price of $18.0 million. The
vessels are expected to be delivered to their new owners in the
second quarter of 2021.
Debt developments
During the fourth quarter and full year of 2020, Navios
Acquisition repurchased $36.4 million and $55.4 million of its 8
1/8% First Priority Ship Mortgages (the “Ship Mortgage Notes”).
As of December 31, 2020, Navios Acquisition had reduced its
outstanding debt by $96.5 million as compared to the year ended
December 31, 2019, representing 9% of debt outstanding as of
December 31, 2020, excluding the debt associated with the container
vessels that are accounted for as held for sale.
During the first quarter of 2021, as already announced on April
13, 2021, Navios Acquisition entered into a secured loan agreement
with a subsidiary of N Shipmanagement Acquisition Corp., an entity
affiliated with Navios Acquisition’s Chairman and Chief Executive
Officer, for a loan of up to $100.0 million to be used for general
corporate purposes (the “Loan”). The Loan has a term of two years,
scheduled amortization and bears interest at a rate of 11% per
annum, payable quarterly. Navios Acquisition may elect to defer all
scheduled amortization and interest payments, in which case the
applicable interest rate is 12.5% per annum. To date, Navios
Acquisition has drawn $18.0 million.
Since the start of 2021 to date, Navios Acquisition has further
reduced its indebtedness by a net amount of $63.4 million through
debt amortization payments and repayment of debt maturities,
including the repayment of the debt associated with the container
vessels that are accounted for as held for sale.
Our Ship Mortgage Notes mature on November 15, 2021. Although we
are currently attempting to refinance the outstanding amount of our
Ship Mortgage Notes and have also engaged in discussions with the
holders of our Ship Mortgage Notes, there can be no assurance we
will be successful in such attempts or that any such potential
refinancing, sales or other action, will be consummated on terms
satisfactory to us or at all.
Dividends
The Board of Directors of Navios Acquisition has decided to
suspend its quarterly dividend to its stockholders, including the
dividend for the quarter ended December 31, 2020. The Board
believes such a decision is in the best long-term interests of the
Company and its stockholders.
Fleet employment
As of April 7, 2021, Navios Acquisition’s core fleet consisted
of a total of 46 vessels, of which 13 are VLCCs (including two
bareboat chartered-in VLCCs expected to be delivered in each of the
third quarter of 2021 and the third quarter of 2022), 31 are
product tankers and two are chemical tankers. Navios Acquisition
also owns five containerships that are accounted for as held for
sale.
Currently, Navios Acquisition has contracted 76.9% of its
available days of its core fleet on a charter-out basis for 2021.
The average base contractual net daily charter-out rate for the
67.2% of available days that are contracted on base rate and on
base rate with profit sharing arrangements is expected to be
$18,327.
FINANCIAL HIGHLIGHTS For the
following results and the selected financial data presented herein,
Navios Acquisition has compiled its consolidated statements of
operations for the three month periods and years
ended December 31, 2020 and 2019. The quarterly information
for 2020 and 2019 was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
|
(Expressed in thousands of U.S. dollars) |
|
|
Three MonthPeriod
endedDecember
31, 2020(unaudited) |
|
|
Three MonthPeriod
endedDecember
31, 2019(unaudited) |
|
|
YearendedDecember
31, 2020(unaudited) |
|
|
YearendedDecember
31, 2019 |
|
|
Revenue |
|
|
$ |
72,550 |
|
|
$ |
85,448 |
|
|
$ |
361,438 |
|
|
$ |
280,117 |
|
| Net (loss)/ income |
|
|
$ |
(7,513 |
) |
|
$ |
6,644 |
|
|
$ |
27,609 |
|
|
$ |
(65,441 |
) |
| Adjusted net (loss)/
income |
|
|
$ |
(12,909 |
)(1) |
|
$ |
4,919 |
(2) |
|
$ |
30,684 |
(3) |
|
$ |
(29,261 |
) (4) |
| Net cash provided by operating
activities |
|
|
$ |
26,631 |
|
|
$ |
8,186 |
|
|
$ |
112,616 |
|
|
$ |
29,244 |
|
| EBITDA |
|
|
$ |
31,223 |
|
|
$ |
45,881 |
|
|
$ |
189,977 |
|
|
$ |
128,441 |
|
| Adjusted EBITDA |
|
|
$ |
25,827 |
(1) |
|
$ |
44,156 |
(2) |
|
$ |
191,841 |
(3) |
|
$ |
131,452 |
(4) |
| (Loss)/ earnings per share
(basic) |
|
|
$ |
(0.46 |
) |
|
$ |
0.44 |
|
|
$ |
1.71 |
|
|
$ |
(4.75 |
) |
| (Loss)/ earnings per share
(diluted) |
|
|
$ |
(0.46 |
) |
|
$ |
0.44 |
|
|
$ |
1.70 |
|
|
$ |
(4.75 |
) |
| Adjusted (loss)/ earnings per share (basic) |
|
|
$ |
(0.79 |
)(1) |
|
$ |
0.33 |
(2) |
|
$ |
1.90 |
(3) |
|
$ |
(2.14 |
) (4) |
| Adjusted (loss)/ earnings per share (diluted) |
|
|
$ |
(0.79 |
)(1) |
|
$ |
0.32 |
(2) |
|
$ |
1.89 |
(3) |
|
$ |
(2.14 |
) (4) |
|
(1) |
Adjusted EBITDA, Adjusted net loss and Adjusted loss per share
(basic and diluted) for the three month period ended December 31,
2020 have been adjusted to exclude $8.8 million gain related to
bond repurchase, $3.3 million impairment loss as a result of held
for sale remeasurement performed as of December 31, 2020 due to the
sale of two containers vessels in 2021 and $0.1 million of non-cash
stock based compensation. |
|
(2) |
Adjusted EBITDA, Adjusted net earnings and Adjusted earnings per
share (basic and diluted) for the three month period ended December
31, 2019 has been adjusted to exclude a $1.9 million gain related
to bond repurchase and $0.2 million of non-cash stock based
compensation. |
|
(3) |
Adjusted EBITDA, Adjusted net earnings and Adjusted earnings per
share (basic and diluted) for the year ended December 31, 2020 have
been adjusted to exclude $17.2 million impairment loss relating to
(i) the other-than-temporary impairment recognized in the Navios
Acquisition's receivable from Navios Europe II and (ii) impairment
loss as a result of held for sale remeasurement due to the sale of
two containers vessels in 2021, $15.8 million gain related to bond
repurchase and $0.5 million of non-cash stock based compensation.
Adjusted net earnings and earnings per share (basic and diluted)
for the year ended December 31, 2020 have been further adjusted to
exclude $1.2 million write off of deferred finance costs. |
|
(4) |
Adjusted EBITDA, Adjusted net loss and Adjusted loss per share
(basic and diluted) for the year ended December 31, 2019 has been
adjusted to exclude $7.3 million impairment loss relating to the
sale of one VLCC, $3.2 million gain on sale of vessel, $1.9 million
gain related to bond repurchase and $0.9 million of non- cash stock
based compensation. Adjusted net loss and loss per share (basic and
diluted) for the year ended December 31, 2019 have been further
adjusted to exclude $32.7 million accelerated amortization of
intangible assets and $0.5 million write off of deferred finance
costs. |
EBITDA, Adjusted EBITDA, Adjusted net income/ (loss) and
Adjusted earnings/ (loss) per share (basic and diluted) are
non-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).
Three month periods ended December 31,
2020 and 2019
Revenue for the three month period ended December 31, 2020
decreased by $12.8 million, or 15.0%, to $72.6 million,
as compared to $85.4 million for the same period of 2019. The
decrease was mainly attributable to a decrease in market rates
during the three month period ended December 31, 2020 as
compared to the same period of 2019; partially mitigated by an
increase in revenue by $4.5 million due to the acquisition of five
product tankers from Navios Europe I in December 2019 and by $5.8
million due to the acquisition of seven containerships from Navios
Europe II in June 2020; partially mitigated by the sale of three
VLCCs in 2019. Available days of the fleet increased to
4,574 days for the three month period ended December 31,
2020, as compared to 3,429 days for the three month period
ended December 31, 2019, due to the reasons mentioned above.
The time charter equivalent rate, or TCE Rate, decreased to $14,608
for the three month period ended December 31, 2020, from
$22,484 for the three month period ended December 31,
2019.
Time charter and voyage expenses for the three month period
ended December 31, 2020 decreased by $2.7 million, or 32.1%,
to $5.7 million, as compared to $8.4 million for the same period of
2019. The decrease was mainly attributable to a: (i) $2.8 million
decrease in bunkers and voyage expenses related to the spot voyages
incurred in the period; and (ii) $0.3 million decrease in brokers’
commission costs; partially mitigated by $0.4 million increase in
port expenses.
Net loss was $7.5 million for the three month period
ended December 31, 2020 as compared to $6.6 million net
income for the same period of 2019. Net loss was affected by the
items described in the table above. Excluding these items, Adjusted
net loss for the three month period ended December 31, 2020
was $12.9 million as compared to $4.9 million Adjusted net income
for the same period of 2019. The decrease in Adjusted net income
was mainly attributable to: (i) an $18.4 million decrease in
Adjusted EBITDA; (ii) a $1.1 million increase in direct vessel
expenses (in relation to amortization of dry dock and special
survey cost); (iii) a $1.1 million increase in depreciation and
amortization; and (iv) a $0.9 million decrease in interest income;
partially mitigated by a $3.7 million decrease in interest expense
and finance cost (excluding write off of deferred finance
costs).
EBITDA for the three month periods ended December 31, 2020 and
2019 was affected by items described in the table above. Excluding
these items, Adjusted EBITDA for the three month period ended
December 31, 2020 decreased by $18.4 million to
$25.8 million, as compared to $44.2 million for the same
period of 2019. The decrease in Adjusted EBITDA was mainly due to
a: (i) $12.8 million decrease in revenue; (ii) $7.5 million
increase in vessel operating expenses primarily due to the increase
in the size of our fleet as discussed above; (iii) $1.3 million
increase in general and administrative expenses (excluding
stock-based compensation) mainly due to the increase in the size of
our fleet as discussed above; and (iv) $0.3 million decrease in
equity in net earnings of affiliated companies; partially mitigated
by a: (i) $2.7 million decrease in time charter and voyage
expenses; (ii) $0.5 million decrease in direct vessel expenses
(other than amortization of dry dock and special survey cost); and
(iii) $0.3 million increase in other income.
Year ended December 31, 2020 and
2019
Revenue for the year ended December 31, 2020 increased by
$81.3 million, or 29.0%, to $361.4 million, as compared
to $280.1 million for the same period of 2019. The increase
was mainly attributable to an: (i) increase in revenue by $27.4
million due to the acquisition of five product tankers from Navios
Europe I in December 2019 and by $10.9 million due to the
acquisition of seven containers from Navios Europe II in June 2020;
and (ii) increase in market rates during the year ended
December 31, 2020 as compared to the same period of 2019;
partially mitigated by the sale of three VLCCs in 2019. Available
days of the fleet increased to 16,708 days for the year ended
December 31, 2020, as compared to 14,107 days for the year
ended December 31, 2019, due to the reasons mentioned above.
The TCE Rate increased to $20,566 for the year ended
December 31, 2020, from $18,248 for the year ended
December 31, 2019.
Time charter and voyage expenses for the year ended
December 31, 2020 decreased by $4.9 million to
$17.8 million as compared to $22.7 million for the year
ended December 31, 2019. The decrease was mainly attributable
to a: (i) $4.6 million decrease in bunkers and voyage expenses
related to the spot voyages incurred in the period; and (ii) $2.1
million decrease in port expenses; partially mitigated by a $1.8
million increase in brokers’ commission costs.
Net income was $27.6 million for the year ended
December 31, 2020 as compared to $65.4 million Net loss for
the same period of 2019. Net income was affected by the items
described in the table above. Adjusted net income for the year
ended December 31, 2020 was $30.7 million as compared to $29.3
million Adjusted net loss for the same period of 2019. The increase
in Adjusted net income was mainly attributable to a: (i) $60.3
million increase in Adjusted EBITDA; (ii) $10.0 million decrease in
interest expense and finance cost (excluding write off of deferred
finance costs); and (iii) $1.3 million decrease in depreciation and
amortization; partially mitigated by a: (i) $7.7 million decrease
in interest income; and (ii) $3.9 million increase in direct vessel
expenses (in relation to amortization of dry dock and special
survey cost).
EBITDA for years ended December 31, 2020 and 2019 was affected
by items described in the table above. Excluding these items,
Adjusted EBITDA affected by the items described in the table above,
for the year ended December 31, 2020 increased by $60.3
million to $191.8 million, as compared to $131.5 million for the
same period of 2019. The increase in Adjusted EBITDA was mainly due
to: (i) an $81.3 million increase in revenue; and (ii) a $4.9
million decrease in time charter and voyage expenses; partially
mitigated by a: (i) $19.9 million increase in vessel operating
expenses primarily due to the increase in the size of our fleet as
discussed above; (ii) $2.9 million decrease in equity in net
earnings of affiliated companies; (iii) $1.1 million increase in
other expense; (iv) $1.0 million decrease in other income; and (v)
$1.0 million increase in general and administrative expenses
(excluding stock-based compensation) mainly due to the increase in
the size of our fleet as discussed above.
Fleet employment profile The
following table reflects certain key indicators of the performance
of Navios Acquisition’s fleet for the three month periods and years
ended December 31, 2020 and 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three month period endedDecember 31, |
|
|
Year endedDecember 31, |
|
| |
|
2020(unaudited) |
|
|
2019(unaudited) |
|
|
2020(unaudited) |
|
|
2019 |
|
| FLEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available days(1) |
|
|
4,574 |
|
|
|
3,429 |
|
|
|
16,708 |
|
|
|
14,107 |
|
| Operating days(2) |
|
|
4,541 |
|
|
|
3,409 |
|
|
|
16,576 |
|
|
|
14,051 |
|
| Fleet utilization(3) |
|
|
99.3 |
% |
|
|
99.4 |
% |
|
|
99.2 |
% |
|
|
99.6 |
% |
| Vessels operating at period
end |
|
|
51 |
|
|
|
43 |
|
|
|
51 |
|
|
|
43 |
|
| AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Time charter equivalent rate per
day(4) |
|
$ |
14,608 |
|
|
$ |
22,484 |
|
|
$ |
20,566 |
|
|
$ |
18,248 |
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of income consist of the
following:
|
(1) |
|
Available days: Available days for the fleet are
total calendar days the vessels were in Navios Acquisition’s
possession for the relevant period after subtracting off-hire days
associated with major repairs, drydocking or special surveys. The
shipping industry uses available days to measure the number of days
in a relevant period during which vessels should be capable of
generating revenues. |
|
(2) |
|
Operating days:
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen
circumstances. |
|
(3) |
|
Fleet
utilization: Fleet utilization is the percentage of time
that Navios Acquisition’s vessels were available for generating
revenue, and is determined by dividing the number of operating days
during a relevant period by the number of available days during
that period. |
|
(4) |
|
Time charter equivalent
rate per day: Time charter equivalent rate per day
(“TCE Rate”) is 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 per day is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels of various types of charter
contracts for the number of available days of the fleet. |
Conference Call, Webcast and Presentation
Details:
As previously announced, Navios Acquisition will
host a conference call on Thursday, April 15, 2021 at 8:30 am ET,
at which time Navios Acquisition’s senior management will provide
highlights and commentary on earnings results for the fourth
quarter and year ended December 31, 2020.
US Dial In: +1.877.480.3873International Dial
In: +1.404.665.9927Conference ID: 939 7434
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: +1.800.585.8367International
Replay Dial In: +1.404.537.3406Conference ID: 939 7434
The call will be simultaneously Webcast. The
Webcast will be available on the Navios Acquisition website,
www.navios-acquisition.com, 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 by 8:00 am ET on the day of the call.
About Navios Acquisition
Navios Acquisition (NYSE: NNA) is an owner and operator of
tanker vessels focusing on the transportation of petroleum products
(clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition, please visit our
website: www.navios-acquisition.com.
Forward-Looking Statements
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 expectations, including Navios
Acquisition’s future dividends, ability to refinance its Ship
Mortgage Notes, expected cash flow generation and Navios
Acquisition’s growth strategy and measures to implement such
strategy, including expected vessel acquisitions and entering into
further employment contracts. Words such as “may,” “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
employment contracts. These forward-looking statements are based on
the information available to, and the expectations and assumptions
deemed reasonable by, Navios Acquisition at the time these
statements were made. 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 risks and are
based upon a number of assumptions and estimates that 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, risks
relating to: global and regional economic and political conditions
including the impact of the COVID-19 pandemic and efforts
throughout the world to contain its spread, including effects on
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates,
shipyards performing scrubber installations, drydocking and
repairs, changing vessel crews and availability of financing;
potential disruption of shipping routes due to accidents, diseases,
pandemics, political events, piracy or acts by terrorists,
including the impact of the COVID-19 pandemic and the
ongoing efforts throughout the world to contain it, uncertainty
relating to global trade, including prices of seaborne commodities
and continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term employment contracts, our
ability to maximize the use of our vessels, expected demand in the
tanker sector, the ability of our contract counterparties to
fulfill their obligations to us; tanker industry trends, including
fluctuations in charter rates and vessel values and factors
affecting vessel supply and demand; the aging of our fleet and
resultant increases in operation and dry docking costs; the loss of
any customer or charter or vessel; our ability to repay outstanding
indebtedness, to obtain additional financing and to obtain
replacement charters for our vessels, in each case, at commercially
acceptable rates or at all; the financial condition of our
customers, changes in the availability and costs of funding due to
conditions in the bank market, capital markets and other factors;
increases in costs and expenses, including but not limited to crew,
insurance, provisions, port expenses, lube oil, bunkers, repairs,
maintenance and general and administrative expenses; the expected
cost of, and our ability to comply with, governmental regulations
and maritime self-regulatory organization standards, as well as
standard regulations imposed by our charterers applicable to our
business; potential liability from litigation and our vessel
operations, including discharge of pollutants; general domestic and
international political conditions; 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 Navios Acquisition’s filings with the Securities
and Exchange Commission, including its annual and interim reports
filed on Form 20-F and Form 6-K. 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. Navios Acquisition
makes no prediction or statement about the performance of its
common stock.
Public & Investor Relations Contact:Navios
Maritime Acquisition
Corporation+1.212.906.8644info@navios-acquisition.com
|
EXHIBIT I |
|
| |
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONSELECTED BALANCE SHEET
DATA(Expressed in thousands of U.S. dollars- except share
data) |
|
| |
|
| |
|
|
December 31,2020(unaudited) |
|
|
December 31,2019 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash |
|
|
$ |
41,357 |
|
|
$ |
44,051 |
|
| Vessels, net |
|
|
|
1,286,378 |
|
|
|
1,348,251 |
|
| Assets held for sale |
|
|
|
77,831 |
|
|
|
— |
|
| Other assets (including current
and non-current) |
|
|
|
161,852 |
|
|
|
162,074 |
|
| Goodwill |
|
|
|
1,579 |
|
|
|
1,579 |
|
| Total
assets |
|
|
$ |
1,568,997 |
|
|
$ |
1,555,955 |
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
| Liabilities associated with
assets held for sale |
|
|
$ |
34,071 |
|
|
$ |
— |
|
| Other liabilities (including
current and non-current) |
|
|
|
128,482 |
|
|
|
68,986 |
|
| Long-term debt, including current
portion, net of deferred finance costs and premium |
|
|
|
1,076,587 |
|
|
|
1,173,117 |
|
| Total
liabilities |
|
|
$ |
1,239,140 |
|
|
$ |
1,242,103 |
|
| Total stockholders’
equity |
|
|
$ |
329,857 |
|
|
$ |
313,852 |
|
| Total liabilities and
stockholders’ equity |
|
|
$ |
1,568,997 |
|
|
$ |
1,555,955 |
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. dollars- except
share and per share data)
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the ThreeMonthsEndedDecember 31, 2020(unaudited) |
|
For the ThreeMonthsEndedDecember 31, 2019(unaudited) |
|
|
For the
YearEndedDecember 31, 2020(unaudited) |
|
For the
YearEndedDecember 31, 2019 |
|
Revenue |
$ |
72,550 |
|
|
$ |
85,448 |
|
|
$ |
361,438 |
|
|
$ |
280,117 |
|
| Time charter and voyage
expenses |
|
(5,729) |
|
|
|
(8,350) |
|
|
|
(17,820) |
|
|
|
(22,690) |
|
| Direct vessel expenses |
|
(3,748) |
|
|
|
(3,015) |
|
|
|
(14,119) |
|
|
|
(10,132) |
|
| Vessel operating expenses |
|
(33,969) |
|
|
|
(26,524) |
|
|
|
(127,611) |
|
|
|
(107,748) |
|
| General and administrative
expenses |
|
(7,131) |
|
|
|
(6,012) |
|
|
|
(22,097) |
|
|
|
(21,689) |
|
| Depreciation and
amortization |
|
(16,698) |
|
|
|
(15,635) |
|
|
|
(66,629) |
|
|
|
(67,892) |
|
| Gain on sale of vessels/
Impairment loss |
|
(3,268) |
|
|
|
— |
|
|
|
(17,168) |
|
|
|
(36,731) |
|
| Gain on bond repurchase |
|
8,776 |
|
|
|
1,940 |
|
|
|
15,786 |
|
|
|
1,940 |
|
| Interest income |
|
— |
|
|
|
877 |
|
|
|
32 |
|
|
|
7,717 |
|
| Interest expense and finance
cost |
|
(18,314) |
|
|
|
(21,968) |
|
|
|
(82,278) |
|
|
|
(91,442) |
|
| Equity in net earnings of
affiliated companies |
|
— |
|
|
|
278 |
|
|
|
— |
|
|
|
2,948 |
|
| Other income |
|
340 |
|
|
|
— |
|
|
|
341 |
|
|
|
1,335 |
|
| Other expense |
|
(322) |
|
|
|
(395) |
|
|
|
(2,266) |
|
|
|
(1,174) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) /
earnings |
$ |
(7,513) |
|
|
$ |
6,644 |
|
|
$ |
27,609 |
|
|
$ |
(65,441) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) / earnings per
share, basic |
$ |
(0.46) |
|
|
$ |
0.44 |
|
|
$ |
1.71 |
|
|
$ |
(4.75) |
|
| Weighted average number of
shares, basic |
|
16,435,526 |
|
|
|
14,942,219 |
|
|
|
16,038,648 |
|
|
|
13,823,754 |
|
| Net (loss) / earnings per share,
diluted |
|
(0.46) |
|
|
|
0.44 |
|
|
|
1.70 |
|
|
|
(4.75) |
|
| Weighted average number of
shares, diluted |
|
16,435,526 |
|
|
|
15,149,917 |
|
|
|
16,190,920 |
|
|
|
13,823,754 |
|
|
EXHIBIT II |
| |
|
Reconciliation of EBITDA and Adjusted EBITDA to Net
Cash from Operating Activities |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three MonthPeriodEndedDecember 31,2020(unaudited) |
|
Three MonthPeriodEndedDecember 31,2019(unaudited) |
|
|
YearEndedDecember 31,2020(unaudited) |
|
YearEndedDecember 31,2019 |
| Expressed in thousands of
U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
26,631 |
|
|
$ |
8,186 |
|
|
$ |
112,616 |
|
|
$ |
29,244 |
|
| Net (decrease) / increase in
operating assets |
|
(3,015) |
|
|
|
18,483 |
|
|
|
(24,725) |
|
|
|
8,569 |
|
| Net (increase) / decrease in
liabilities |
|
(14,836) |
|
|
|
(2,430) |
|
|
|
27,375 |
|
|
|
11,764 |
|
| Net interest cost |
|
18,314 |
|
|
|
21,091 |
|
|
|
82,246 |
|
|
|
83,725 |
|
| Amortization
and write-off of deferred finance costs and bond
premium |
|
(1,267) |
|
|
|
(1,452) |
|
|
|
(5,671) |
|
|
|
(4,798) |
|
| Impairment of receivable in
Navios Europe II / Equity/ (loss) in net earnings of
affiliates |
|
— |
|
|
|
278 |
|
|
|
(13,900) |
|
|
|
2,948 |
|
| Gain on sale of vessels |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,245 |
|
| Impairment loss |
|
(3,268) |
|
|
|
— |
|
|
|
(3,268) |
|
|
|
(7,287) |
|
| Gain on bond repurchase |
|
8,776 |
|
|
|
1,940 |
|
|
|
15,786 |
|
|
|
1,940 |
|
| Stock-based compensation |
|
(112) |
|
|
|
(215) |
|
|
|
(482) |
|
|
|
(909) |
|
| EBITDA |
$ |
31,223 |
|
|
$ |
45,881 |
|
|
$ |
189,977 |
|
|
$ |
128,441 |
|
| Gain on sale of vessels |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,245) |
|
| Impairment loss |
|
3,268 |
|
|
|
— |
|
|
|
3,268 |
|
|
|
7,287 |
|
| Impairment of receivable in
Navios Europe II |
|
— |
|
|
|
— |
|
|
|
13,900 |
|
|
|
— |
|
| Gain on bond repurchase |
|
(8,776) |
|
|
|
(1,940) |
|
|
|
(15,786) |
|
|
|
(1,940) |
|
| Stock-based compensation |
|
112 |
|
|
|
215 |
|
|
|
482 |
|
|
|
909 |
|
| Adjusted
EBITDA |
$ |
25,827 |
|
|
$ |
44,156 |
|
|
$ |
191,841 |
|
|
$ |
131,452 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three MonthPeriodEndedDecember 31,2020(unaudited) |
|
Three MonthPeriodEndedDecember 31,2019(unaudited) |
|
YearEndedDecember 31,2020(unaudited) |
|
YearEndedDecember 31,2019 |
|
|
Net cash provided by operating activities |
|
$ |
26,631 |
|
|
$ |
8,186 |
|
$ |
112,616 |
|
|
29,244 |
|
|
| Net cash provided by/ (used in)
investing activities |
|
$ |
5,385 |
|
|
$ |
(27,316) |
|
$ |
(41,023) |
|
|
4,027 |
|
|
| Net cash used in financing
activities |
|
$ |
(50,912) |
|
|
$ |
(39,691) |
|
$ |
(74,287) |
|
|
(35,829) |
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted net income/ (loss) and
Adjusted income/ (loss) per share (basic and diluted) are non-U.S.
GAAP financial measures and should not be used in isolation or as
substitution for Navios Acquisition’s results calculated in
accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”).
EBITDA represents net income/ (loss) before interest and
finance costs, before depreciation and amortization and before
income taxes. Adjusted EBITDA in this document represents
EBITDA excluding certain items as described under “Financial
Highlights”. Adjusted net income/ (loss) and Adjusted income/
(loss) per share (basic and diluted) represent net income/
(loss) and income/ (loss) per share (basic and diluted),
excluding certain items as described under “Financial Highlights”.
We use Adjusted EBITDA as liquidity measure and reconcile EBITDA
and Adjusted EBITDA to net cash provided by/ (used in) operating
activities, the most comparable U.S. GAAP liquidity measure. EBITDA
is calculated as follows: net cash provided by/(used in) operating
activities adding back, when applicable and as the case may be, the
effect of: (i) net increase/(decrease) in operating assets; (ii)
net (increase)/decrease in operating liabilities; (iii) net
interest cost; (iv) amortization of deferred finance costs and
other related expenses; (v) equity/ (loss) in net earnings of
affiliates, net of dividends received; (vi) payments for dry dock
and special survey costs; (vii) impairment charges; (viii) gain/
(loss) on sale of assets; (ix) gain/ (loss) on debt repayment; (x)
stock- based compensation and (xi) transaction costs. Navios
Acquisition believes that EBITDA and Adjusted EBITDA are each the
basis upon which liquidity can be assessed and present useful
information to investors regarding Navios Acquisition’s ability to
service and/or incur indebtedness, pay capital expenditures, meet
working capital requirements and pay dividends. Navios Acquisition
also believes that EBITDA and Adjusted EBITDA are used: (i) by
potential lenders to evaluate potential transactions; (ii) to
evaluate and price potential acquisition candidates; and (iii) by
securities analysts, investors and other interested parties in the
evaluation of companies in our industry. EBITDA and Adjusted
EBITDA have limitations as an analytical tool, and should not be
considered in isolation or as a substitute for the analysis of
Navios Acquisition’s results as reported under U.S. GAAP. Some of
these limitations are: (i) EBITDA and Adjusted EBITDA do not
reflect changes in, or cash requirements for, working capital
needs; and (ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Acquisition’s
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
|
EXHIBIT III |
|
|
|
Vessels |
Type |
Year Built/Delivery |
DWT |
|
Date |
|
• Core fleet |
|
|
|
| Vessels
Owned by Navios Acquisition |
|
|
|
| Nave Polaris |
Chemical Tanker |
2011 |
25,145 |
| Nave Cosmos |
Chemical Tanker |
2010 |
25,130 |
| Star N |
MR1 Product Tanker |
2009 |
37,836 |
| Hector N |
MR1 Product Tanker |
2008 |
38,402 |
| Nave
Bellatrix |
MR2 Product Tanker |
2013 |
49,999 |
| Nave Orion |
MR2 Product Tanker |
2013 |
49,999 |
| Nave Aquila |
MR2 Product Tanker |
2012 |
49,991 |
| Nave Atria |
MR2 Product Tanker |
2012 |
49,992 |
| Nave Neutrino |
VLCC |
2003 |
298,287 |
| Nave Photon |
VLCC |
2008 |
297,395 |
| Nave
Spherical |
VLCC |
2009 |
297,188 |
| Nave Galactic |
VLCC |
2009 |
297,168 |
| Nave Quasar |
VLCC |
2010 |
297,376 |
| Nave Synergy |
VLCC |
2010 |
299,973 |
| Nave
Constellation |
VLCC |
2010 |
298,000 |
| Nave Universe |
VLCC |
2011 |
297,066 |
| Nave Buena
Suerte |
VLCC |
2011 |
297,491 |
|
Baghdad* |
VLCC |
2020 |
313,433 |
| Erbil* |
VLCC |
2021 |
313,486 |
| Vessels to
be delivered |
|
|
|
| Nave Electron
* |
VLCC |
Expected Q3 2021 |
310,000 |
| TBN IV * |
VLCC |
Expected Q3 2022 |
310,000 |
| Vessels
Owned by Navios Maritime Midstream Partners L.P. |
|
|
|
| Perseus N |
MR1 Product Tanker |
2009 |
36,264 |
| Nave Velocity |
MR2 Product Tanker |
2015 |
49,999 |
| Nave Sextans |
MR2 Product Tanker |
2015 |
49,999 |
| Nave Pyxis |
MR2 Product Tanker |
2014 |
49,998 |
| Nave
Luminosity |
MR2 Product Tanker |
2014 |
49,999 |
| Nave Jupiter |
MR2 Product Tanker |
2014 |
49,999 |
| Bougainville |
MR2 Product Tanker |
2013 |
50,626 |
| Nave Orbit |
MR2 Product Tanker |
2009 |
50,470 |
| Nave Equator |
MR2 Product Tanker |
2009 |
50,542 |
| Nave Equinox |
MR2 Product Tanker |
2007 |
50,922 |
| Nave Pulsar |
MR2 Product Tanker |
2007 |
50,922 |
| Nave Dorado |
MR2 Product Tanker |
2005 |
47,999 |
| Nave Titan |
MR2 Product Tanker |
2013 |
49,999 |
| Nave
Alderamin |
MR2 Product Tanker |
2013 |
49,998 |
| Nave Capella |
MR2 Product Tanker |
2013 |
49,995 |
| Nave Atropos |
LR1 Product Tanker |
2013 |
74,695 |
| Nave Rigel |
LR1 Product Tanker |
2013 |
74,673 |
| Nave
Cassiopeia |
LR1 Product Tanker |
2012 |
74,711 |
| Nave Cetus |
LR1 Product Tanker |
2012 |
74,581 |
| Nave Ariadne |
LR1 Product Tanker |
2007 |
74,671 |
| Nave Cielo |
LR1 Product Tanker |
2007 |
74,671 |
| Lumen N |
LR1 Product Tanker |
2008 |
63,599 |
| Aurora N |
LR1 Product Tanker |
2008 |
63,495 |
| Nave Estella |
LR1 Product Tanker |
2012 |
75,000 |
| Nave
Andromeda |
LR1 Product Tanker |
2011 |
75,000 |
|
• Owned Vessels held for sale |
|
|
|
| Acrux N** |
Container |
2010 |
23,338 |
| Fleur N |
Container |
2012 |
41,130 |
| Ete N |
Container |
2012 |
41,139 |
| Spectrum N |
Container |
2009 |
34,333 |
| Vita N** |
Container |
2010 |
23,359 |
| |
|
|
|
| *
Bareboat chartered-in vessels with purchase
option. |
| |
| ** Agreed to be
sold. |
Navios Maritime Acquisit... (NYSE:NNA)
過去 株価チャート
から 12 2024 まで 1 2025
Navios Maritime Acquisit... (NYSE:NNA)
過去 株価チャート
から 1 2024 まで 1 2025
