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• Revenue
29.0% increase in 2020 revenue to $361.4 million
15.0% decrease in Q4 2020 revenue to $72.6 million
• Net Cash from Operating Activities
$112.6 million in 2020
$26.6 million in Q4 2020
• Adjusted EBITDA
45.9% increase in 2020 Adjusted EBITDA to $191.8 million
41.6% decrease in Q4 2020 Adjusted EBITDA to $25.8 m.
• Delivery of the second newbuilding VLCC under bareboat lease contract
• Reduced debt by $96.5 million; 9% of debt outstanding
Monaco - April 15, 2021
Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the fourth quarter and the year ended December 31, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “The pandemic materially impacted the tanker sector. In early 2020, collapsing oil demand drove the need for storage. As the pandemic progressed, the recession in the travel and entertainment industries migrated to oil transportation. While we believe the outlook looks brighter now, with countries well into vaccination programs and the travel industry showing signs of revival, the market remains difficult today.”?
HIGHLIGHTS — RECENT DEVELOPMENTS
Delivery of the second VLCC
On February 17, 2021, a newbuilding very large crude carrier (“VLCC”) of 313,486 dwt under bareboat lease contract, the Erbil, was delivered from a Japanese shipyard.
The Erbil has been chartered out to a high-quality counterparty for a ten-year period at a bareboat rate of $27,816 net per day. The charter party has an option for an additional five-year period at a bareboat rate of $29,751 net per day.
Sale of vessels
In January 2021, Navios Acquisition sold the Allegro N, a 2014-built container vessel of 46,999 dwt, to an unaffiliated third party for a net sale price of $13.8 million.
In March 2021, Navios Acquisition sold the Nave Celeste, a 2003-built VLCC vessel of 298,717 dwt, to an unaffiliated third party for a net sale price of $23.5 million.
In March 2021, Navios Acquisition sold the Solstice N, a 2007-built container vessel of 44,023 dwt, to an unaffiliated third party for a net sale price of $10.8 million.
Navios Acquisition entered into agreements to sell both the Acrux N, a 2010-built container vessel of 23,338 dwt, and the Vita N, a 2010-built container vessel of 23,359 dwt, to an unaffiliated third party for an aggregate net sale price of $18.0 million. The vessels are expected to be delivered to their new owners in the second quarter of 2021.
Debt developments
During the fourth quarter and full year of 2020, Navios Acquisition repurchased $36.4 million and $55.4 million of its 8 1/8% First Priority Ship Mortgages (the “Ship Mortgage Notes”).
As of December 31, 2020, Navios Acquisition had reduced its outstanding debt by $96.5 million as compared to the year ended December 31, 2019, representing 9% of debt outstanding as of December 31, 2020, excluding the debt associated with the container vessels that are accounted for as held for sale.
During the first quarter of 2021, as already announced on April 13, 2021, Navios Acquisition entered into a secured loan agreement with a subsidiary of N Shipmanagement Acquisition Corp., an entity affiliated with Navios Acquisition’s Chairman and Chief Executive Officer, for a loan of up to $100.0 million to be used for general corporate purposes (the “Loan”). The Loan has a term of two years, scheduled amortization and bears interest at a rate of 11% per annum, payable quarterly. Navios Acquisition may elect to defer all scheduled amortization and interest payments, in which case the applicable interest rate is 12.5% per annum. To date, Navios Acquisition has drawn $18.0 million.
Since the start of 2021 to date, Navios Acquisition has further reduced its indebtedness by a net amount of $63.4 million through debt amortization payments and repayment of debt maturities, including the repayment of the debt associated with the container vessels that are accounted for as held for sale.
Our Ship Mortgage Notes mature on November 15, 2021. Although we are currently attempting to refinance the outstanding amount of our Ship Mortgage Notes and have also engaged in discussions with the holders of our Ship Mortgage Notes, there can be no assurance we will be successful in such attempts or that any such potential refinancing, sales or other action, will be consummated on terms satisfactory to us or at all.
Dividends
The Board of Directors of Navios Acquisition has decided to suspend its quarterly dividend to its stockholders, including the dividend for the quarter ended December 31, 2020. The Board believes such a decision is in the best long-term interests of the Company and its stockholders.
Fleet employment
As of April 7, 2021, Navios Acquisition’s core fleet consisted of a total of 46 vessels, of which 13 are VLCCs (including two bareboat chartered-in VLCCs expected to be delivered in each of the third quarter of 2021 and the third quarter of 2022), 31 are product tankers and two are chemical tankers. Navios Acquisition also owns five containerships that are accounted for as held for sale.
Currently, Navios Acquisition has contracted 76.9% of its available days of its core fleet on a charter-out basis for 2021. The average base contractual net daily charter-out rate for the 67.2% of available days that are contracted on base rate and on base rate with profit sharing arrangements is expected to be $18,327.
Full report
About Navios Acquisition
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com.
Navios Maritime Acquisition Corporation press release
