Navios Acquisition’s Quarterly Net Income Cut in Half

Owner and operator of tanker vessels Navios Maritime Acquisition Corporation has reported its net income for the second quarter of 2016 at USD 12.2 million, representing a drop of USD 14.2 million compared to USD 26.4 million seen in the same quarter in 2015.

The company said that the drop was mainly attributed to a decrease of USD 15.2 million in EBITDA and an increase of USD 0.3 million in amortization of dry docking and special survey costs included in direct vessel expenses.

Navios Acquisition’s revenue for the quarter amounted to USD 74.5 million, 7.4% lower compared to USD 80.4 million seen in the same period of 2015.

Available days of the fleet were also down to 3,437 days from 3,523 days, while the TCE rate decreased to USD 21,380 from USD 22,541 for the respective periods.

Navios Acquisition currently owns 38 vessels with an average age of 5.4 years, “all of which are generating cash flow,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, said.

The company’s fleet is 98.2% fixed for 2016 and 56.6% fixed for 2017, Frangou said, adding that Navios Acquisition’s operating costs are fixed through mid-2018, “at rates that are about 11% below industry average through our operating agreements with Navios Holdings.”

For the six-month period ended June 30, 2016, Navios Acquisition’s net income decreased to USD 36 million from USD 46.4 million reported in the first half of 2015, while its revenue was down by 2.6% to USD 154.9 million, as compared to USD 159 million for the same period of 2015.

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