Navios Maritime Acquisition Corporation Reports Financial Results for the First Quarter Ended March 31, 2014

Navios Maritime Acquisition Corporation Reports Financial Results for the First  Quarter Ended March 31, 2014  MONACO -- (Marketwired) -- 05/14/14 --  Navios Maritime Acquisition Corporation (NYSE: NNA)      --  38.0% increase in Q1 Revenue to $61.0 million --  28.4% increase in Q1 Adjusted EBITDA to $35.9 million --  One of the leading public owners of VLCCs     --  11 VLCCs     --  Three VLCCs delivered in 2014 YTD     --  Two additional VLCCs acquired in Q2 2014 --  Extended Management and Administrative Services Agreements to 2020     --  Management fees fixed for two years     --  5% decrease in VLCC Opex rates     --  Steady Opex rates for product and chemical tankers --  $1.5 million profit sharing for Q1 --  Quarterly dividend of $0.05 per share     Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the first quarter ended March 31, 2014.   Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results as we grew revenue and adjusted EBITDA by 38.0% and 28.4%, respectively. As a result, we again declared a quarterly dividend of $0.05 per share. Given our current share price, stockholders are receiving a yield of about 5.4%."  "We have grown our company to be one of the top five largest publicly listed tanker owners among our US and European peers, with one of the youngest on-the-water fleets. In fact, so far this year, we grew this fleet by four vessels and expect six additional vessels to be delivered in 2014. We are proud of our responsible growth strategy, as we have been able to expand our fleet while protecting our balance sheet and stakeholders."  Angeliki Frangou continued, "We also added further visibility into our operating cost as we have extended the management structure with Navios Holdings for another five years and fixed management fees for two years. In a market generally pressured by rising costs, we have been able to reduce VLCC opex rates by 5% while keeping rates for product and chemical tankers constant. In fact, our daily opex is 17% below industry average and our G&A expenses are well below our peers. We believe this demonstrates the group's economies of scale and the group's ability to share these economies with its members, ultimately to the unique benefit of our stakeholders."  HIGHLIGHTS - RECENT DEVELOPMENTS   Dividend of $0.05 per share of common stock  On May 9, 2014, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2014 of $0.05 per share of common stock payable on July 3, 2014 to stockholders of record as of June 17, 2014.   VLCC Acquisitions   In May 2014, Navios Acquisition agreed to acquire, from an unaffiliated third party, a 2002-built 305,178 dwt VLCC for a purchase price of $41.0 million. The vessel is expected to be delivered in the second quarter of 2014.   On April 7, 2014, Navios Acquisition agreed to acquire from an unaffiliated third party a 2003-built 298,287 dwt VLCC, for a purchase price of $43.5 million. The vessel is expected to be delivered in the second quarter of 2014.   Navios Acquisition is expected to finance the acquisitions with cash on its balance sheet and financing consistent with its existing credit arrangements.  Vessel Deliveries and Sale   On May 7, 2014, Navios Acquisition took delivery of the Nave Jupiter, a newbuilding 49,999 dwt MR2 product tanker for a contract price of $35.5 million.   On March 10, 2014, Navios Acquisition took delivery of the Nave Buena Suerte, a 2011-built 297,491 dwt VLCC, from an unaffiliated third party for a total cost of $57.1 million.   On February 12, 2014, Navios Acquisition took delivery of the Nave Quasar, a 2010-built 297,376 dwt VLCC, from an unaffiliated third party for a total cost of $54.7 million.   On February 4, 2014, Navios Acquisition took delivery of the Nave Galactic, a 2009-built 297,168 dwt VLCC, from an unaffiliated third party, for a total cost of $51.7 million.   On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party for a net sale price of $19.2 million.   Navios Acquisition currently owns 44 vessels, 11 VLCCs, 29 product tankers and four chemical tankers of which, 36 vessels are currently on-the-water with the remaining eight vessels still to be delivered, six of which are newbuildings.   Amendment to Management and Administrative Services Agreements   In May 2014, Navios Acquisition extended the duration of its existing Management Agreement with Navios Maritime Holdings Inc. ("Navios Holdings"), until May 2020 and fixed the fees for ship management services of its owned fleet for two additional years through May 2016 at current rates for product tanker and chemical tanker vessels, being $6,000 daily rate per MR2 product tanker and chemical tanker vessel and $7,000 daily rate per LR1 product tanker vessel and reduced the rate by 5% to $9,500 daily rate per VLCC vessel. Drydocking expenses under this Agreement will be reimbursed at cost at occurrence for all vessels.   In May 2014, Navios Acquisition extended the duration of its existing Administrative Services Agreement with Navios Holdings, until May 2020 pursuant to the same terms.   Equity Transactions   On February 20, 2014, Navios Acquisition completed the public offering of 14,950,000 shares of its common stock at $3.85 per share, raising gross proceeds of $57.6 million. These figures include 1,950,000 shares sold pursuant to the underwriters' option, which was exercised in full. Total net proceeds of the above transactions, net of agents' costs of $3.0 million and offering costs $0.3 million, amounted to $54.3 million.  $60.0 Million 8.125% Add-on First Priority Ship Mortgage Notes Due 2021  On March 31, 2014 the Company completed the sale of $60.0 million of its 8.125% first priority ship mortgage notes due 2021 (the "Existing Notes"), with terms identical to the Existing Notes that were issued at 103.25% plus accrued interest from November 13, 2013. The net cash received amounted to $59.8 million.  Time Charter Coverage  As of May 14, 2014, Navios Acquisition had contracted 89.0%, 45.1% and 21.6% of its available days on a charter-out basis for 2014, 2015 and 2016, respectively, equivalent to $221.9 million, $157.5 million and $108.1 million of expected revenue, respectively. The average contractual daily charter-out rate for the fleet is $19,075, $22,297 and $31,100 for 2014, 2015 and 2016, 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 ended March 31, 2014 and 2013. The quarterly information for 2014 and 2013 was derived from the unaudited condensed consolidated financial statements for the respective periods.                                                                                                                                      Three Month   Three Month                                                   Period ended   Period ended                                                    March 31,     March 31,                                                        2014           2013     (Expressed in thousands of U.S. dollars)          (unaudited)   (unaudited)  Revenue                                          $     60,969  $      44,172 EBITDA                                           $     21,558  $      27,952 Adjusted EBITDA(1)                               $     35,878  $      27,952 Net (Loss)/ Income                               $    (12,818) $         735 Adjusted Net Income (1)                          $      1,502  $         735 (Loss)/ Earnings per share (basic and diluted)   $      (0.09) $        0.01 Adjusted Net Income per share (basic and                                      diluted) (1)                                    $       0.01  $        0.01                                                                                 (1) Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per share       (basic and diluted) for the three months ended March 31, 2014, exclude a     $10.7 million non-cash impairment loss recognized for one of our VLCCs       sold in May 2014, a $1.0 million non-cash impairment loss related to a       receivable, a $1.2 million non-cash fair value loss related to other         assets and a $1.4 million for non-cash share based compensation expense.     For the three months ended March 31, 2013, there were no corresponding       losses or expenses.                                                         Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income 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 Adjusted EBITDA).   Three month periods ended March 31, 2014 and 2013   Revenue for the three month period ended March 31, 2014 increased by $16.8 million or 38.0% to $61.0 million, as compared to $44.2 million for the same period in 2013. The increase was mainly attributable to the acquisitions of the Nave Atropos in April 2013, the Nave Titan and the Nave Equinox in June 2013, the Nave Capella, the Nave Pulsar and the Nave Universe in July 2013, the Nave Celeste in August 2013, the Nave Constellation, the Nave Alderamin, the Nave Dorado and the Bougainville in September 2013, the Nave Lucida in October 2013, the Nave Galactic and the Nave Quasar in February 2014 and the Nave Buena Suerte in March 2014. As a result of the above, available days of the fleet increased to 3,079 days for the three month period ended March 31, 2014, as compared to 1,832 days for the three month period ended March 31, 2013. The increase in revenue was partially mitigated by the decrease in time charter equivalent ("TCE") to $19,544 for the three month period ended March 31, 2014, from $23,725 for the three month period ended March 31, 2013.   Excluding the impact of $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets, and a $1.4 million for non-cash share based compensation expense, Adjusted EBITDA for the three month period ended March 31, 2014 increased by $7.9 million to $35.9 million from $28.0 million in the three month period ended March 31, 2013. The increase in Adjusted EBITDA was due to: (a) a $16.8 million increase in revenue; and (b) a $0.5 million increase in Other income/ (expense), partially mitigated by a: (i) $0.1 million increase in time charter expenses; (ii) $1.1 million increase in general and administrative expenses; and (iii) $8.2 million increase in management fees.  Net loss for the three month period ended March 31, 2014, amounting to $12.8 million, was adversely affected by a $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets, and a $1.4 million non-cash share based compensation expense. Excluding these items, Adjusted Net income for the three month period ended March 31, 2014, amounted to $1.5 million, compared to a $0.7 million Net income for the three month period ended March 31, 2013. The increase in Adjusted Net income by approximately $0.8 million was due to an increase of $7.9 million in Adjusted EBITDA mitigated by a; (a) $3.3 million increase in depreciation and amortization due to the acquisitions of the vessels described above; (b) $3.8 million increase in interest expense and finance cost net; and (c) $0.1 million decrease in interest income.  Fleet Employment Profile   The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three months ended March 31, 2014 and 2013.                                                                                                                                          Three month period                                                             endedMarch 31,                                                             2014          2013                                                      ------------- -------------                                                   (unaudited)   (unaudited)  FLEET DATA                                                                   Available days(1)                                        3,079         1,832 Operating days(2)                                        3,073         1,830 Fleet utilization(3)                                     99.8%         99.9% Time Charter Equivalent per day(4)                     $19,544       $23,725 Vessels operating at period end                             36            22                                                                              (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, Wednesday May 14, 2014 at 8:30 am ET., at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the first quarter ended March 31, 2014.  US Dial In: +1.877.480.3873   International Dial In: +1.404.665.9927  Conference ID: 34147942  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: 34147942  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)                                                                                                                                        March 31,                                                                      2014      December 31,                                                    (unaudited)      2013                                                       ------------  ------------                                                                               ASSETS                                                                       Current assets                                                               Cash and cash equivalents                        $    118,001  $     82,835  Restricted cash                                         6,457        24,962  Accounts receivable, net                               12,327         8,441  Prepaid expenses and other current assets               4,298         4,563                                                   ------------  ------------  Total current assets                                  141,083       120,801                                                   ------------  ------------                                                                               Vessels, net                                        1,490,548     1,353,131  Deposits for vessels acquisitions                      94,429       100,112  Deferred finance costs, net                            25,433        23,246  Goodwill                                                1,579         1,579  Intangible assets-other than goodwill                  38,817        40,171  Other long-term assets                                  3,683         5,533  Deferred dry dock and special survey costs, net         4,551         4,678  Investment in affiliates                                4,790         4,750  Loan receivable from affiliate                          4,975         2,660                                                   ------------  ------------  Total non-current assets                            1,668,805     1,535,860                                                   ------------  ------------                                                                               Total assets                                     $  1,809,888  $  1,656,661                                                   ============  ============                                                                               LIABILITIES AND STOCKHOLDERS' EQUITY                                         Current liabilities                                                          Accounts payable                                 $      1,318  $      1,577  Dividend payable                                        7,967         7,220  Accrued expenses                                       25,960        11,985  Due to related parties, short term                      5,179         2,848  Deferred revenue                                        4,604         7,056  Current portion of long-term debt                      37,566        34,714                                                   ------------  ------------  Total current liabilities                              82,594        65,400                                                   ------------  ------------                                                                               Long-term debt, net of current portion and                                    premium                                            1,219,941     1,119,734  Due to related parties, long term                       6,333         5,144  Unfavorable lease terms                                 3,390         3,561                                                   ------------  ------------  Total non-current liabilities                       1,229,664     1,128,439                                                   ------------  ------------                                                                               Total liabilities                                $  1,312,258  $  1,193,839                                                   ============  ============                                                                               Commitments and contingencies                              --            --  Series D Convertible Preferred stock 1,200                                    shares issued and outstanding with $12,000                                   redemption amount as of each of March 31, 2014                               and December 31, 2013                                 12,000        12,000                                                                               Stockholders' equity                                                         Preferred stock, $0.0001 par value; 10,000,000                                shares authorized; 4,540 issued and outstanding                              as of each of March 31, 2014 and December 31,                                2013                                                      --            --  Common stock, $0.0001 par value; 250,000,000                                  shares authorized; 151,664,942and 136,714,942                                issued and outstanding as of each of March 31,                               2014 and December 31, 2013                                15            13  Additional paid-in capital                            577,827       530,203  Accumulated Deficit                                   (92,212)      (79,394)                                                  ------------  ------------  Total stockholders' equity                            485,630       450,822                                                   ------------  ------------                                                                               Total liabilities and stockholders' equity       $  1,809,888  $  1,656,661                                                   ============  ============                                                                                                                                                                               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 Months  Three Months                                                       Ended         Ended                                                          March       March 31,                                                       31,2014        2013                                                        (unaudited)   (unaudited)                                                   ------------  ------------  Revenue                                          $     60,969  $     44,172  Time charter and voyage expenses                         (785)         (710) Direct vessel expenses                                   (736)         (762) Management fees                                       (22,300)      (14,098) General and administrative expenses                    (3,585)       (1,084) Depreciation and amortization                         (16,638)      (13,330) Impairment loss                                       (11,690)           --  Interest income                                           110           212  Interest expenses and finance cost, net               (17,112)      (13,337) Change in fair value of other assets                   (1,188)               Other income/ (expense), net                              137          (328)                                                                              Net (loss)/ income                               $    (12,818) $        735                                                                                                                                                            Dividend declared on preferred shares Series B            (27)          (27) Dividend on Series D preferred shares                    (111)           --  Dividend declared on restricted shares                   (105)           --  Undistributed loss/ (income) attributable to                                  Series C participating preferred shares                  601           (88)                                                                              Net (loss)/ income attributable to common                                     shareholders                                         (12,460)          620                                                                                                                                                            Net (loss)/ income per share, basic              $      (0.09) $       0.01                                                                                                                                                            Weighted average number of shares, basic          141,093,275    53,870,086                                                                                                                                                            Net (loss)/ income per share, diluted            $      (0.09) $       0.01                                                                                                                                                            Weighted average number of shares, diluted        141,093,275    56,146,277                                                                                                                                                                               NAVIOS MARITIME ACQUISITION CORPORATION                                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                 (Expressed in thousands of U.S. dollars)                                                                                                                                                 ------------  ------------                                                      For the       For the                                                     Three Months  Three Months                                                    Ended March   Ended March                                                     31, 2014      31, 2013                                                      (unaudited)   (unaudited)                                                   ------------  ------------  Operating Activities                                                         Net ( loss)/ income                              $    (12,818) $        735  Adjustments to reconcile net loss to net cash                                 provided by operating activities:                                           Depreciation and amortization                          16,638        13,330  Amortization and write-off of deferred finance                                fees and bond premium                                    715           580  Amortization of dry dock and special survey                                   costs                                                    736           762  Stock based compensation                                1,442            --  Impairment loss                                        11,690            --  Change in fair value of other assets                    1,188            --  Changes in operating assets and liabilities:                                 Increase in prepaid expenses and other current                                assets                                                  (715)         (646) Increase in accounts receivable                        (3,886)       (1,699) Decrease / (Increase) in restricted cash                  240          (675) Decrease / (Increase) in other long term assets           341           (12) (Decrease)/ Increase in accounts payable                 (259)          558  Increase in accrued expenses                           13,975         9,302  Payments for dry dock and special survey costs           (609)           --  Increase/(Decrease) in due to related parties           2,637        (4,446) Decrease / (Increase) in deferred revenue              (2,452)        1,179  Increase in other long term liabilities                    --           (66) Net cash provided by operating activities        $     28,863  $     18,902                                                                               Investing Activities                                                         Acquisition of vessels                               (146,695)      (27,598) Deposits for vessel acquisitions                      (10,220)       (5,777) Decrease in restricted cash                                --         2,991  Loan to affiliate                                      (2,024)           --  Net cash used in investing activities            $   (158,939) $    (30,384)                                                                              Financing Activities                                                         Loan proceeds, net of deferred finance costs and                              net of premium                                        50,140        29,564  Loan repayment to related party                            --       (35,000) Loan repayments                                        (9,890)      (20,880) Dividend paid                                          (7,358)       (2,436) Decrease/ (Increase) in restricted cash                18,265        (4,167) Net proceeds from equity offering                      54,287        95,970  Proceeds from issuance of ship mortgage and                                   senior notes, net of debt issuance costs              59,798            --  Net cash provided by financing activities        $    165,242  $     63,051  Net increase in cash and cash equivalents              35,166        51,569  Cash and cash equivalents, beginning of year           82,835        42,846                                                   ------------  ------------  Cash and cash equivalents, end of year           $    118,001  $     94,415                                                   ============  ============                                                                                                                                                                                                                              EXHIBIT II                                                                                   Reconciliation of Adjusted EBITDA to Net Cash provided by Operating                                       Activities                                                   (Expressed in thousands of U.S. dollars)                                                                                                                                                                                                                               Three Month   Three Month                                                      Period        Period                                                       Ended March   Ended March                                                     31, 2014      31, 2013    Expressed in thousands of U.S. dollars            (unaudited)   (unaudited)                                                   ------------  ------------                                                                               Net cash provided by operating activities        $     28,863  $     18,902  Net decrease in operating assets                        4,629         3,032  Net increase in operating liabilities                 (13,901)       (6,527) Net interest cost                                      17,002        13,125  Deferred finance costs                                   (715)         (580)                                                                              Adjusted EBITDA(1)                               $     35,878  $     27,952      (1)                                                                                                                                     Three Month   Three Month                                                      Period        Period                                                       Ended March   Ended March                                                     31, 2014      31, 2013                                                      (unaudited)   (unaudited)                                                   ------------  ------------  Net Cash provided by operating activities        $     28,863  $     18,902  Net Cash used in investing activities            $   (158,939) $    (30,384) Net Cash provided by financing activities        $    165,242  $     63,051     Disclosure of Non-GAAP Financial Measures   ADJUSTED EBITDA   Adjusted EBITDA represents net income/ (loss) plus interest expenses and finance cost plus depreciation and amortization and income taxes adjusted for change in fair value of other assets, impairment losses and non-cash share- based compensation expense.  Adjusted EBITDA is presented because Navios Acquisition believes that Adjusted 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. Adjusted 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 Adjusted EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.                                                                                                                                                   EXHIBIT III                                                                                       Vessels                 Type            Built/Delivery       DWT                                                                                                                                       Date                    ---------------------------------------------------------------------------- Owned Vessels                                                                Nave Constellation         Chemical Tanker           2013          45,281    Nave Universe              Chemical Tanker           2013          45,513    Nave Polaris               Chemical Tanker           2011          25,145    Nave Cosmos                Chemical Tanker           2010          25,130    Nave Jupiter             MR2 Product Tanker          2014          49,999    Bougainville             MR2 Product Tanker          2013          50,626    Nave Alderamin           MR2 Product Tanker          2013          49,998    Nave Bellatrix           MR2 Product Tanker          2013          49,999    Nave Capella             MR2 Product Tanker          2013          49,995    Nave Orion               MR2 Product Tanker          2013          49,999    Nave Titan               MR2 Product Tanker          2013          49,999    Nave Aquila              MR2 Product Tanker          2012          49,991    Nave Atria               MR2 Product Tanker          2012          49,992    Buddy                    MR2 Product Tanker          2009          50,470    Bull                     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 Lucida              MR2 Product Tanker          2005          47,999    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 Estella             LR1 Product Tanker          2012          75,000    Nave Andromeda           LR1 Product Tanker          2011          75,000    Nave Ariadne             LR1 Product Tanker          2007          74,671    Nave Cielo               LR1 Product Tanker          2007          74,671    Nave Buena Suerte               VLCC                 2011          297,491   Shinyo Kieran                   VLCC                 2011          297,066   Shinyo Saowalak                 VLCC                 2010          298,000   Nave Quasar                     VLCC                 2010          297,376   Nave Galactic                   VLCC                 2009          297,168   Nave Celeste                    VLCC                 2003          298,717   Shinyo Kannika                  VLCC                 2001          287,175   Shinyo Ocean                    VLCC                 2001          281,395   C. Dream                        VLCC                 2000          298,570      Owned Vessels to be delivered                                                                                   TBN                             VLCC               Q2 2014           298,287 TBN                             VLCC               Q2 2014           305,178 Nave Luminosity                  MR2               Q3 2014            50,000 TBN                              MR2               Q3 2014            51,200 Nave Velocity                    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     
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