• Net income: $5.6 million for Q1 2017; $0.04 per share
  • EBITDA: $37.4 million for Q1 2017
  • Quarterly dividend of $0.05 per share - consistently paid since 2010

MONACO, May 16, 2017 (GLOBE NEWSWIRE) -- 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, 2017.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "For the first quarter of 2017, Navios Acquisition reported EBITDA of $37.4 million and Net income of $5.6 million. We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of approximately 12.0%."

Angeliki Frangou continued, "Our business model has two distinct characteristics. First, we seek long-term charters when available. This provides above market earnings during times in which period employment is unavailable and the spot rates are contracting. For the first quarter of 2017, Navios Acquisition's average charter rate for its fleet was about 42% higher than the spot market average for this fleet. Second, we enjoy economies of scale through our relationship with Navios Holdings. Navios Acquisition's operating costs were approximately 17% lower than the average of its listed peers. These efficiencies created estimated savings of $22.8 million in 2016."


Dividend of $0.05 per share of common stock

On May 12, 2017, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the first quarter of 2017 of $0.05 per share of common stock. The dividend is payable on June 14, 2017 to stockholders of record as of June 7, 2017 and provides a current annualized yield of 12.1%. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Acquisition's cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

If you liked this article you might like

My Best Idea for 2017: Navios Maritime Holdings

Full Speed Ahead for Navios Holdings

Will the Navios 'Preferred Bomb' Go Off?

Will the Navios 'Preferred Bomb' Go Off?

Navios Maritime (NNA) Stock Slumps on Q2 Earnings Miss

3 Hold-Rated Dividend Stocks: GSBD, ENBL, NNA