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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