Navios Maritime Acquisition Corporation Reports Financial Results For The Third Quarter And Nine Months Ended September 30, 2016

  • Net income
    • $8.8 million for Q3 2016; $0.06 per share
    • $44.8 million for the nine months 2016; $0.28 per share
    • $41.7 million for Q3 2016;
    • $144.7 million for the nine months 2016;
  • Profit sharing $7.7 million for the nine months 2016
  • Sale of Nave Universe, chemical tanker
  • Quarterly dividend of $0.05 per share - consistently paid since 2010

MONACO, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE:NNA), an owner and operator of tanker vessels, reported its financial results today for the third quarter and the nine month period ended September 30, 2016. 

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "Navios Acquisition recorded a net income of $44.8 million or $0.28 per share for the first nine months of 2016, of which $8.8 million, or $0.06 per share, was recorded in the third quarter.  EBITDA for the first nine months of 2016 was $144.7 million, of which $41.7 million was recorded in the third quarter. Profit sharing captured market upside and earned $7.7 million during the first nine months of 2016, including $0.3 million in the third quarter.  We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 16%."

Angeliki Frangou continued, "Our chartering policy of seeking long-term charters provided above market earnings during the third quarter, a period during which spot charter rates were correcting.  Navios Acquisition's average charter rate for its fleet, excluding its chemical tankers, was about 54% higher than the market average. Our fleet is effectively fixed for the balance of 2016 and 60.4% fixed for 2017.  Our results speak to the strength of our business model, particularly when coupled with low operating costs which are fixed through mid-2018 at rates about 11% below industry average."

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