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Navios Maritime Acquisition Corporation Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2013

Navios Maritime Acquisition Corporation Reports Financial Results for the 
Second Quarter and Six Months Ended June 30, 2013 
MONACO -- (Marketwired) -- 08/20/13 --  Navios Maritime Acquisition
Corporation ("Navios Acquisition") (NYSE: NNA) 


 
--  30.9% increase in quarterly Revenue to $47.1 million
--  29.2% increase in quarterly EBITDA to $29.4 million
--  53% fleet increase since beginning of the year
--  Acquired 5 vessels for a purchase price of $165.6 million
    --  Exercised option to acquire two newbuilding MR2 eco type product
        tankers
    --  Acquired one VLCC and two newbuilding chemical tankers
--  $88.8 million secured credit facilities from european banks
--  Quarterly dividend declared of $0.05 per share

  
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE:
NNA), an owner and operator of tanker vessels, today reported its
financial results for the second quarter and six months ended June
30, 2013. 
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, "In the second quarter of 2013, we grew revenue
by 30.9% and EBITDA by 29.2% over the second quarter of 2012. Today,
we have a fleet of 41 vessels; 29 vessels are operational and 12
vessels are to be delivered. By the end of 2013, we anticipate having
34 vessels in the water, 79% more than the number of vessels we had
in the water at the end of 2012. As a result, today Navios
Acquisition has one of the largest owned product tanker fleets in the
water among US listed companies." 
Angeliki Frangou continued, "Since identifying the tanker market
opportunity several years ago, we have created critical mass in
technical and commercial operations. This allowed us to acquire
quality vessels and secure period charters from worthy
counterparties. Our process and business model provides reliable cash
flow and material upside through profit participation. We are
continuing to grow our fleet responsibly, by leveraging our brand
name and patiently assessing opportunities." 
HIGHLIGHTS - RECENT DEVELOPMENTS  
Dividend of $0.05 per share of common stock 
On August 14, 2013, the Board of Directors of Navios Acquisition
declared a quarterly cash dividend for the second quarter of 2013 of
$0.05 per share of common stock. The dividend is payable on October
3, 2013 to stockholders of record as of September 18, 2013.  
Vessel Deliveries  
In July 2013, Navios Acquisition took delivery of the Nave Capella, a
49,995 dwt, newbuilding MR2 product tanker vessel, from a South
Korean shipyard. The Nave Capella has been chartered out to a quality
counterparty for one year at a rate of $13,825 net per day. The
charterer has been granted an option for an additional year at a rate
of $14,813 net per day.  
In the second quarter of 2013, Navios Acquisition took delivery of
the Nave Atropos, a 74,695 dwt, newbuilding, LR1 product tanker, from
a South Korean shipyard. The vessel has been chartered out to a high
quality counterparty for one year at a rate of $11,850 net per day
plus 50% profit sharing based on a formula. The charterer has been
granted an option for an additional six months at the same rate.  
In second quarter of 2013, Navios Acquisition took delivery of the
Nave Titan, a newbuilding 49,999 dwt MR2 product tanker vessel, from
a South Korean shipyard. The Nave Titan has been chartered out to a
high quality counterparty for three years at a rate of $13,825 net
per day plus 50% profit sharing based on a formula. The charterer has
been granted an option for an additional year at a rate of $15,306
net per day plus 50% profit sharing.  
In second quarter of 2013, Navios Acquisition took delivery of the
Nave Equinox, a 2007-built MR2 Ice Class 1A product tanker vessel, of
50,922 dwt. The vessel is currently employed in the spot market. 
In July 2013, Navios Acquisition took delivery of the Nave Pulsar, a
2007-built MR2 Ice Class 1A product tanker vessel, of 50,922 dwt. The
vessel is currently employed in the spot market. 
Vessel Acquisitions  


 
--  Acquisition of a VLCC

  
In August 2013, Navios Acquisition acquired and took delivery of the
Nave Celeste, a 2003-built VLCC tanker vessel, for a purchase price
of $35.4 million. In August 2013, the Nave Celeste resumed the time
charter previously performed by the Shinyo Navigator without any
modification to the current charter contract.  
In August 2013, the Shinyo Navigator was substituted by the Nave
Celeste and related collateral as security to the Existing and the
Additional 8 5/8% First Priority Ship Mortgage Notes. 


 
--  Acquisition of two Chemical Tankers

  
In June 2013, Navios Acquisition agreed to acquire two newbuilding
chemical product tankers from a South Korean shipyard of about 45,000
dwt for a purchase price of $33.6 million each. Both vessels have
been chartered out to a quality counterparty for two years at a rate
of $14,869 net per day, plus 50% profit sharing based on a formula.
The charterer has been granted option for an additional year at a
rate of $16,088 net per day, plus 50% profit sharing. The Nave
Universe delivered into Navios Acquisition's fleet on July 22, 2013
and the second vessel is expected to be delivered in the third
quarter of 2013. 


 
--  Exercise of Purchase Option to acquire two newbuilding MR2 Eco Type
    Product Tankers

  
In June 2013, Navios Acquisition exercised the option to acquire two
MR2 Eco Type product tankers, for a purchase price of $31.5 million
per vessel. The vessels are expected to be delivered during the first
and second quarter of 2015.  
The Company expects to finance the acquisitions of the vessels
described above through a combination of debt and existing cash.  
Following the acquisition of the above mentioned vessels, Navios
Acquisition currently owns 41 vessels, 33 product tankers and 8
VLCCs, of which, 29 vessels are currently in the water and the
remaining 12 vessels are still to be delivered, 10 of which are
newbuildings. 
Equity Transactions 
In May 2013, Navios Acquisition completed the placement of a total of
32,876,712 shares of its common stock, at a price of $3.65 per share,
representing gross proceeds of $120.0 million. The placement included
a registered direct offering of 16,438,356 shares of common stock
which raised $60.0 million of gross proceeds and a placement of
16,438,356 common shares to Navios Maritime Holdings Inc. ("Navios
Holdings") which raised $60.0 million of gross proceeds. Both
placements closed on May 21, 2013.  
Total net proceeds of the above transactions, amounted to $115.4
million.  
Credit Facilities  
In August 2013, Navios Acquisition entered into a loan agreement,
with HSH Nordbank AG of up to $40.3 million to partially finance the
acquisition of two chemical tankers. The facility bears interest at a
margin of LIBOR plus 320 bps and has an amortization profile of 16
years.  
In July 2013, Navios Acquisition entered into a loan agreement, with
Deutsche Bank AG Filiale Deutschlandgeschaeft of up to $48.5 million
to partially finance the acquisition of three product tankers. The
facility bears interest at a margin of LIBOR plus 325 bps and has an
amortization profile of 11.2 years. 
Time Charter Coverage  
In August 2013, Navios Acquisition chartered out to a high quality
counterparty one newbuilding MR2 product tanker for four years at a
base rate of $15,356 net per day plus 100% profit based on an index,
with a ceiling of $20,475 net per day. Charter base and ceiling rates
will increase 2% per annum. Navios Acquisition expects the vessel to
be delivered in the third quarter of 2013.  
In August 2013, Navios Acquisition chartered out to a high quality
counterparty three newbuilding MR2 product tankers for two years at a
base rate of $14,319 net per day plus 50% profit sharing. The charter
has been granted the option for an additional year at a rate of
$15,306 net per day plus 50% profit sharing. Navios Acquisition
expects these vessels to be delivered in the first, third and fourth
quarters of 2014.  
In July 2013, Navios Acquisition extended the existing charters on
the LR1 product tanker vessels the Nave Cassiopeia, the Nave Cetus
and the Nave Cielo for an additional six months at the existing
terms.   
Following the default of their charterer in July 2013, the charter
contracts of two MR2 product tankers the Buddy and the Bull, have
been terminated and the vessels have been re-chartered to a third
party for a one year period at a rate of $13,825 net per day. The
charter has been granted the option for an additional year at a rate
of $14,813 net per day.  
In June and July 2013, Navios Acquisition extended the existing
charter on the Chemical Tanker Nave Polaris and the Nave Cosmos for
one additional year ending in the third quarter of 2014 at the
increased base rate of $12,188 net per day with 50% profit sharing.  
As of August 20, 2013, Navios Acquisition has contracted 93.6%, 62.8%
and 39.8% of its available days on a charter-out basis for 2013, 2014
and 2015, respectively, equivalent to $188.4 million, $169.8 million
and $139.6 million of revenue, respectively. The average contractual
daily charter-out rate for the fleet is $20,869, $21,457 and $24,316
for 2013, 2014 and 2015, respectively.  
FINANCIAL HIGHLIGHTS  
For the following results and the selected financial data presented
herein, Navios Acquisition has compiled consolidated statement of
operations for the three months and six months ended June 30, 2013
and 2012. The quarterly information for 2013 and 2012 was derived
from the unaudited condensed consolidated financial statements for
the respective periods.  


 
                                                                            
                                                                            
                      Three Month   Three Month    Six Month     Six Month  
                         Period        Period        Period        Period   
                         ended         ended         ended         ended    
(Expressed in          June 30,      June 30,       June 30,      June 30,  
 thousands of U.S.       2013           2012          2013          2012    
 dollars)             (unaudited)   (unaudited)   (unaudited)   (unaudited) 
                     ------------   -----------  ------------  ------------ 
Revenue             $      47,057  $     35,945  $     91,229  $     71,662 
EBITDA              $      29,354  $     22,714  $     57,306  $     46,404 
Net Loss            $      (1,536) $     (1,928) $       (801) $     (2,716)
Adjusted Net                                                                
 income/(Loss)(1)   $          83  $     (1,928) $        818  $     (2,716)
Loss per share                                                              
 (basic and                                                                 
 diluted)           $       (0.02) $      (0.04) $      (0.01) $      (0.06)
Adjusted Net                                                                
 Income/(Loss) per                                                          
 share (basic and                                                           
 diluted) (1)       $        0.00  $      (0.04) $       0.01  $      (0.06)

 
(1) Adjusted Net Income and Adjusted Net Income per share (basic and
diluted) for the three and the six month period ended June 30, 2013,
exclude $1.6 million of accelerated amortization of the intangible
assets associated with charter-out contracts of two MR2 product
tanker vessels, following charterer's default. 
EBITDA, Adjusted Net Income/(Loss) and Adjusted Net Income/(Loss) per
share 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).  
Three month periods ended June 30, 2013 and 2012  
Revenue for the three month period ended June 30, 2013 increased by
$11.1 million or 30.9% to $47.1 million, as compared to $35.9 million
for the same period in 2012. The increase was mainly attributable to
the acquisitions of the Nave Atria in July 2012, the Nave Cassiopeia
in August 2012, the Nave Cetus in October 2012, the Nave Aquila in
November 2012, the Nave Bellatrix in January 2013, the Nave Rigel in
February 2013, the Nave Orion in March 2013, the Nave Atropos in
April 2013, the Nave Titan and the Nave Equinox in June 2013. As a
result of the vessel acquisitions, available days of the fleet
increased to 2,095 days for the three month period ended June 30,
2013, as compared to 1,316 days for the three month period ended June
30, 2012. The increase in revenue was partially mitigated by the
decrease in time charter equivalent ("TCE") to $22,155 for the three
month period ended June 30, 2013, from $26,458 for the three month
period ended June 30, 2012.   
EBITDA for the three month period ended June 30, 2013, increased by
$6.6 million to $29.4 million, as compared to $22.7 million for the
same period in 2012. The increase in EBITDA was due to: (i) $11.1
million increase in revenue due to the acquisitions of the vessels
described above; (ii) $0.5 million decrease in time charter expenses;
and (iii) $0.1 million decrease in other expense, net. The $11.7
million increase was partially mitigated by: (a) $4.7 million
increase in management fees; and (b) $0.4 million increase in general
and administrative expenses.  
Net loss for the three month period ended June 30, 2013, amounting to
$1.5 million was adversely affected by $1.6 million of accelerated
amortization of the intangible assets associated with charter-out
contracts of two MR2 tanker vessels. Excluding this one-off item,
Adjusted Net income for the three month period ended June 30, 2013,
amounted to $0.1 million compared to a $1.9 million Net loss for the
three month period ended June 30, 2012. The decrease in Net loss by
$2.0 million was due to a $6.6 million increase in EBITDA mitigated
by a: (a) $0.2 million increase in direct vessel expenses; (b) $2.5
million increase in depreciation and amortization due to the
acquisitions of vessels described above; (c) $1.9 million increase in
interest expense and finance cost net; and (d) $0.1 million decrease
in interest income.  
Six month periods ended June 30, 2013 and 2012  
Revenue for the six month period ended June 30, 2013 increased by
$19.6 million or 27.3% to $91.2 million, as compared to $71.7 million
for the same period in 2012. The increase was mainly attributable to
the acquisition of the Nave Atria in July 2012, the Nave Cassiopeia
in August 2012, the Nave Cetus in October 2012, the Nave Aquila in
November 2012, the Nave Bellatrix in January 2013, the Nave Rigel in
February 2013, the Nave Orion in March 2013, the Nave Atropos in
April 2013, the Nave Titan and the Nave Equinox in June 2013,
respectively. As a result of the vessel acquisitions, available days
of the fleet increased to 3,927 days for the six month period ended
June 30, 2013, as compared to 2,635 days for the six month period
ended June 30, 2012. The increase in revenue was partially mitigated
by the decrease in time charter equivalent ("TCE") to $22,887 for the
six month period ended June 30, 2013, from $26,571 for the six month
period ended June 30, 2012.  
EBITDA for the six month period ended June 30, 2013, increased by
$10.9 million to $57.3 million, as compared to $46.4 million for the
same period in 2012. The increase in EBITDA was due to: (i) $19.6
million increase in revenue due to the acquisitions of the vessels
described above; and (ii) $0.3 million decrease in time charter
expenses. The $19.9 million increase was partially mitigated by: (a)
$7.9 million increase in management fees; (b) $0.5 million increase
in general and administrative expenses; and (c) $0.6 million increase
in other (expense)/ income, net.  
Net loss for the six month period ended June 30, 2013, amounting to
$0.8 million was adversely affected by $1.6 million of accelerated
amortization of the intangible assets associated with the charter-out
contracts of two MR2 tanker vessels. Excluding this one-off item,
Adjusted Net income for the six month period ended June 30, 2013 was
$0.8 million as compared to $2.7 million net loss for the six month
period ended June 30, 2012. The decrease in net loss by $3.5 million
was due to a $10.9 million increase in EBITDA mitigated by a: (a)
$0.4 million increase in direct vessel expenses; (b) $3.8 million
increase in depreciation and amortization due to the acquisitions of
vessels discussed above; and (c) $3.1 million increase in interest
expense and finance cost net.  
Fleet Employment Profile  
The following table reflects certain key indicators indicative of the
performance of Navios Acquisition and its core fleet for the three
and six months ended June 30, 2013 and 2012.  


 
                                                                            
                                                                            
                         Three month period ended   Six month period ended  
                                 June 30,                  June 30,         
                            2013          2012         2013         2012    
                        (unaudited)   (unaudited)  (unaudited)  (unaudited) 
                        -----------   -----------  -----------  ----------- 
FLEET DATA                                                                  
Available days (1)            2,095         1,316        3,927        2,635 
Operating days (2)            2,094         1,316        3,924        2,612 
Fleet utilization (3)           100%          100%        99.9%        99.1%
Vessels operating at                                                        
 period end                      25            15           25           15 
AVERAGE DAILY RESULTS                                                       
Time Charter Equivalent                                                     
 per day (4)            $    22,155  $     26,458  $    22,887  $    26,571 

 
(1) Available days for the fleet represent total calendar days the
vessels were in Navios Acquisition's possession for the relevant
period after subtracting off-hire days associated with scheduled
repairs, drydockings 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. The shipping industry uses operating days to measure
the aggregate number of days in a relevant period during which
vessels actually generate revenues. 
(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. The shipping industry uses fleet utilization to measure a
company's efficiency in finding suitable employment for its vessels
and minimizing the amount of days that its vessels are off hire for
reasons other than scheduled repairs, drydockings or special surveys. 
(4) Time Charter Equivalent Rate: Time Charter Equivalent 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 Time Charter Equivalent Rate is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels on 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 today,
Tuesday, August 20, 2013 at 8:30 am ET, at which time Navios
Acquisition's senior management will provide highlights and
commentary on the results of the second quarter and six months ended
June 30, 2013. 
US Dial In: +1.877.480.3873 
 International Dial In: +1.404.665.9927 
Conference ID: 1846 9548 
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: +1.800.585.8367
 International Replay Dial In:
+1.404.537.3406
 Conference ID: 1846 9548 
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 in 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 Navios
Acquisition's growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into
further time charters. Words such as "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 time charters. 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 known and unknown risks and are based upon a
number of assumptions and estimates which 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 changes in the demand for
crude oil, product and chemical tanker vessels, 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 the Navios Acquisition's filings with the
Securities and Exchange Commission. 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. 


 
                                                                   EXHIBIT I
                   NAVIOS MARITIME ACQUISITION CORPORATION                  
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
        (Expressed in thousands of U.S. Dollars - except share data)        
                                                                            
                                                    June 30,   December 31, 
                                                      2013         2012     
                                                  -----------  ------------ 
                                                  (unaudited)               
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                         $   107,800  $     42,846 
Restricted cash                                        12,849        21,163 
Accounts receivable, net                                6,098         5,103 
Prepaid expenses and other current assets               4,262         2,683 
                                                  -----------  ------------ 
Total current assets                                  131,009        71,795 
                                                  -----------  ------------ 
                                                                            
Vessels, net                                        1,149,532       940,738 
Deposits for vessels acquisitions                     162,951       276,142 
Deferred finance costs, net                            19,005        20,727 
Goodwill                                                1,579         1,579 
Intangible assets - other than goodwill                45,309        51,233 
Other long-term assets                                    448           897 
Deferred dry dock and special survey cost, net          6,009         7,533 
                                                  -----------  ------------ 
Total non-current assets                            1,384,833     1,298,849 
                                                  -----------  ------------ 
                                                                            
                                                  -----------  ------------ 
Total assets                                      $ 1,515,842  $  1,370,644 
                                                  ===========  ============ 
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
Current liabilities                                                         
Accounts payable                                  $       825  $      1,277 
Dividend payable                                        5,816         2,410 
Accrued expenses                                       10,938        12,951 
Due to related parties, short term                        561        27,815 
Deferred revenue                                        4,423         3,651 
Current portion of long term debt                      28,010        19,724 
                                                  -----------  ------------ 
Total current liabilities                              50,573        67,828 
                                                  -----------  ------------ 
                                                                            
Long-term debt, net of current portion                988,146       974,362 
Loans due to related party                                  -        35,000 
Due to related parties, long term                      35,290        57,701 
Other long term liabilities                                67           204 
Unfavorable lease terms                                 3,903         4,245 
                                                  -----------  ------------ 
Total non-current liabilities                       1,027,406     1,071,512 
                                                  -----------  ------------ 
                                                                            
Total liabilities                                   1,077,979     1,139,340 
                                                  -----------   ----------- 
Commitments and contingencies                               -             - 
Series D Convertible Preferred stock 1,200 and                              
 600 shares issued and outstanding with $12,000                             
 and $6,000 redemption amount as of each of June                            
 30, 2013 and December 31, 2012                        12,000         6,000 
Stockholders' equity                                                        
Preferred stock, $0.0001 par value; 10,000,000                              
 shares authorized; 4,540 issued and outstanding                            
 as of each of June 30, 2013 and December 31,                               
 2012                                                       -             - 
Common stock, $0.0001 par value; 250,000,000                                
 shares authorized; 108,640,916 and 40,517,413                              
 issued and outstanding as of each of June 30,                              
 2013 and December 31, 2012                                11             4 
Additional paid-in capital                            447,455       246,102 
Accumulated Deficit                                   (21,603)      (20,802)
                                                  -----------  ------------ 
Total stockholders' equity                            425,863       225,304 
                                                  -----------  ------------ 
                                                                            
Total liabilities and stockholders' equity        $ 1,515,842  $  1,370,644 
                                                  ===========  ============ 
                                                                            
                                                                            
                                                                            
                                                                            
                  NAVIOS MARITIME ACQUISITION CORPORATION                   
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
 (Expressed in thousands of U.S. dollars- except share and per share data)  
                                                                            
                           For the      For the                             
                            Three        Three     For the Six  For the Six 
                            Months       Months       Months       Months   
                            Ended        Ended        Ended        Ended    
                           June 30,     June 30,     June 30,     June 30,  
                             2013         2012         2013         2012    
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
                         -----------  -----------  -----------  ----------- 
Revenue                  $    47,057  $    35,945  $    91,229  $    71,662 
Time charter expenses           (647)      (1,129)      (1,357)      (1,659)
Direct vessel expenses          (762)        (601)      (1,524)      (1,103)
Management fees              (15,826)     (11,102)     (29,924)     (22,057)
General and                                                                 
 administrative expenses      (1,123)        (765)      (2,207)      (1,677)
Depreciation and                                                            
 amortization                (16,123)     (12,043)     (29,453)     (23,989)
Interest income                   43          114          255          291 
Interest expenses and                                                       
 finance cost, net           (14,048)     (12,112)     (27,385)     (24,319)
Other (expense)/income,                                                     
 net                            (107)        (235)        (435)         135 
                         -----------  -----------  -----------  ----------- 
Net loss                 $    (1,536) $    (1,928) $      (801) $    (2,716)
                         ===========  ===========  ===========  =========== 
                                                                            
Net loss attributable to                                                    
 common shareholders          (1,441)      (1,644)        (821)      (2,329)
                         ===========  ===========  ===========  =========== 
Net loss per share,                                                         
 basic                   $     (0.02) $     (0.04) $     (0.01) $     (0.06)
                         ===========  ===========  ===========  =========== 
                                                                            
Weighted average number                                                     
 of shares, basic         90,215,506   40,517,413   72,143,198   40,517,413 
                         ===========  ===========  ===========  =========== 
                                                                            
Net loss per share,                                                         
 diluted                 $     (0.02) $     (0.04) $     (0.01) $     (0.06)
                         ===========  ===========  ===========  =========== 
                                                                            
Weighted average number                                                     
 of shares, diluted       90,215,506   40,517,413   72,143,198   40,517,413 
                         ===========  ===========  ===========  =========== 
                                                                            
                                                                            
                                                                            
                                                                            
                  NAVIOS MARITIME ACQUISITION CORPORATION                   
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS              
                   (Expressed in thousands of U.S. dollars)                 
                                                                            
                                                   For the Six  For the Six 
                                                      Months       Months   
                                                    Ended June   Ended June 
                                                     30, 2013     30, 2012  
                                                   (unaudited)  (unaudited) 
                                                   -----------  ----------- 
Operating Activities                                                        
Net loss                                           $      (801) $    (2,716)
Adjustments to reconcile net loss to net cash                               
 (used in)/provided by operating activities:                                
Depreciation and amortization                           29,453       23,989 
Amortization of deferred finance cost, net               1,297        1,445 
Amortization of dry dock and special survey costs        1,524        1,103 
Changes in operating assets and liabilities:                                
(Increase)/decrease in prepaid expenses and other                           
 current assets                                         (1,579)         273 
(Increase)/ decrease in accounts receivable               (995)         822 
(Increase)/decrease in restricted cash                    (855)         423 
Decrease in other long term assets                         449          437 
Decrease in accounts payable                              (452)        (208)
Decrease in accrued expenses                            (2,013)      (4,438)
Payments for dry dock and special survey costs               -       (2,996)
(Decrease)/increase in due to related parties          (45,212)      25,506 
Increase/(decrease) in deferred revenue                    772          (23)
Decrease in other long term liabilities                   (137)        (136)
                                                   -----------  ----------- 
Net cash (used in)/ provided by operating                                   
 activities                                        $   (18,549) $    43,481 
Investing Activities                                                        
Acquisition of vessels                                 (76,183)     (10,482)
Deposits for vessel acquisitions                       (33,217)    (137,057)
Decrease in restricted cash                              8,501        9,131 
                                                   -----------  ----------- 
Net cash used in investing activities              $  (100,899) $  (138,408)
Financing Activities                                                        
Loan proceeds, net of deferred finance costs            64,708      120,600 
Loan repayment to related party                        (35,000)      (5,000)
Loan repayments                                        (42,459)      (6,301)
Dividend paid                                           (6,635)      (4,884)
Decrease/ (increase) in restricted cash                    668       (8,725)
Payment to related party                                (8,282)           - 
Net proceeds from equity offering                      211,402            - 
                                                   -----------  ----------- 
Net cash provided by financing activities          $   184,402  $    95,690 
                                                   -----------  ----------- 
Net increase in cash and cash equivalents               64,954          763 
Cash and cash equivalents, beginning of year            42,846       41,300 
                                                   -----------  ----------- 
Cash and cash equivalents, end of period           $   107,800  $    42,063 
                                                   ===========  =========== 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                  EXHIBIT II
                                                                            
                                                                            
   Reconciliation of EBITDA to Net Cash provided by Operating Activities    
                  (Expressed in thousands of U.S. dollars)                  
                                                                            
                           Three        Three                               
                           Month        Month       Six Month    Six Month  
                           Period       Period        Period       Period   
                           Ended        Ended         Ended        Ended    
                          June 30,     June 30,      June 30,     June 30,  
                            2013         2012          2013         2012    
                        (unaudited)  (unaudited)   (unaudited)  (unaudited) 
                        -----------  -----------   -----------  ----------- 
Expressed in thousands                                                      
 of U.S. dollars                                                            
Net cash (used in)/                                                         
 provided by operating                                                      
 activities            $    (37,451) $    14,876  $    (18,549) $    43,481 
Net (decrease)                                                              
 /increase in                                                               
 operating assets               (52)       1,069         2,980        1,041 
Net                                                                         
 (increase)/decrease                                                        
 in operating                                                               
 liabilities                 53,569       (4,477)       47,042      (20,701)
Net interest cost            14,005       11,998        27,130       24,028 
Deferred finance costs         (717)        (752)       (1,297)      (1,445)
                       ------------  -----------   -----------  ----------- 
EBITDA(1)              $     29,354  $    22,714  $     57,306  $    46,404 
                                                                            
                                                                            
(1)                         Three        Three                              
                            Month        Month      Six Month    Six Month  
                            Period       Period       Period       Period   
                            Ended        Ended        Ended        Ended    
                           June 30,     June 30,     June 30,     June 30,  
                             2013         2012         2013         2012    
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
                         -----------  -----------  -----------  ----------- 
 Net cash (used in)/                                                        
 provided by operating                                                      
 activities              $   (37,451) $    14,876  $   (18,549) $    43,481 
 Net cash used in                                                           
 investing activities    $   (70,515) $   (34,548) $  (100,899) $  (138,408)
 Net cash provided by                                                       
 financing activities    $   121,351  $    20,557  $   184,402  $    95,690 

 
Disclosure of Non-GAAP Financial Measures
 EBITDA  
EBITDA represents net income/ (loss) plus interest expenses and
finance cost plus depreciation and amortization and income taxes.   
EBITDA is presented because Navios Acquisition believes that EBITDA
is a 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. EBITDA is a "non-GAAP
financial measure" and should not be considered a substitute for net
income, cash flow from operating activities and other operations or
cash flow statement data prepared in accordance with accounting
principles generally accepted in the United States or as a measure of
profitability or liquidity. While EBITDA is frequently used as a
measure of operating results and the ability to meet debt service
requirements, the definition of EBITDA used here may not be
comparable to that used by other companies due to differences in
methods of calculation.  


 
                                                                 EXHIBIT III
                                                                            
                                              Built/Delivery                
Vessels                          Type              Date            DWT      
------------------------- ------------------ --------------- ---------------
Owned Vessels                                                               
Nave Cielo                LR1 Product Tanker       2007               74,671
Nave Ariadne              LR1 Product Tanker       2007               74,671
Nave Cosmos                 Chemical Tanker        2010               25,130
Nave Polaris                Chemical Tanker        2011               25,145
Shinyo Splendor                  VLCC              1993              306,474
Nave Celeste                     VLCC              2003              298,717
C. Dream                         VLCC              2000              298,570
Shinyo Ocean                     VLCC              2001              281,395
Shinyo Kannika                   VLCC              2001              287,175
Shinyo Saowalak                  VLCC              2010              298,000
Shinyo Kieran                    VLCC              2011              297,066
Buddy                     MR2 Product Tanker       2009               50,470
Bull                      MR2 Product Tanker       2009               50,542
Nave Andromeda            LR1 Product Tanker       2011               75,000
Nave Estella              LR1 Product Tanker       2012               75,000
Nave Atria                MR2 Product Tanker       2012               49,992
Nave Cassiopeia           LR1 Product Tanker       2012               74,711
Nave Cetus                LR1 Product Tanker       2012               74,581
Nave Aquila               MR2 Product Tanker       2012               49,991
Nave Bellatrix            MR2 Product Tanker       2013               49,999
Nave Rigel                LR1 Product Tanker       2013               74,673
Nave Orion                MR2 Product Tanker       2013               49,999
Nave Atropos              LR1 Product Tanker       2013               74,695
Nave Titan                MR2 Product Tanker       2013               49,999
Nave Equinox              MR2 Product Tanker       2007               50,922
Nave Pulsar               MR2 Product Tanker       2007               50,922
Nave Capella              MR2 Product Tanker       2013               49,995
Nave Universe               Chemical Tanker        2013               45,513
Shinyo Navigator                 VLCC              1996              300,549
                                                                            
Owned Vessels to be                                                         
 Delivered                                                                  
-------------------------                                                   
TBN                         Chemical Tanker      Q3 2013              45,000
TBN                               MR2            Q3 2013              50,000
TBN                               MR2            Q3 2013              50,000
TBN                               MR2            Q3 2013              47,999
TBN                               MR2            Q4 2013              47,999
TBN                               MR2            Q1 2014              50,000
TBN                               MR2            Q3 2014              50,000
TBN                               MR2            Q3 2014              51,200
TBN                               MR2            Q4 2014              50,000
TBN                               MR2            Q4 2014              51,200
TBN                               MR2            Q1 2015              51,200
TBN                               MR2            Q2 2015              51,200

  
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com