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, 2021.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “I am pleased with our results for the first
quarter of 2021, another hard quarter since the start of the
pandemic. During the first quarter of 2021, Navios Acquisition
reported $72.5 million of revenue and $29.1 million of Adjusted
EBITDA. While the current market remains difficult, prospects are
positive. The IMF projects 2021 global GDP to grow by a virtually
unprecedented 6%, and we have experienced modest recovery in the
product tanker sector.”
HIGHLIGHTS — RECENT DEVELOPMENTS
Fleet development
During the second quarter of 2021, Navios Acquisition completed
the sale of all container vessels acquired in 2020 as part of the
liquidation of Navios Europe II. During the first quarter of 2021,
Navios Acquisition sold the Allegro N and the Solstice N for an
aggregate net sale price of $24.6 million. During the second
quarter of 2021, Navios Acquisition sold the Acrux N, the Vita N,
the Ete N, the Fleur N and the Spectrum N for an aggregate net sale
price of $73.5 million.
Navios Acquisition entered into agreements to sell two VLCC
vessels, to unaffiliated third parties, for an aggregate net sale
price of $48.0 million. The Nave Celeste, a 2003-built VLCC vessel
of 298,717 dwt, was delivered to her new owners in March 2021. The
Nave Neutrino, a 2003-built VLCC vessel of 298,287 dwt, is expected
to be delivered to her new owners in June 2021.
Two newbuilding VLCC vessels, the Baghdad of 313,433 dwt and the
Erbil of 313,486 dwt under bareboat lease contracts, were delivered
in October 2020 and February 2021, respectively, from a Japanese
shipyard.
Two additional newbuilding VLCC vessels of about 310,000 dwt
each, are expected to be delivered in each of the third quarter of
2021 and the third quarter of 2022.
8.125% Ship Mortgage Notes maturity
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.
Fleet employment
As of May 19, 2021, Navios Acquisition’s core fleet consisted of
a total of 45 vessels (excluding the Nave Neutrino), of which 12
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.
Currently, Navios Acquisition has contracted 76.8% of its
available days of its core fleet on a charter-out basis for the
remaining nine month period of 2021. The average base contractual
net daily charter-out rate for the 67.1% of available days that are
contracted on base rate and on base rate with profit sharing
arrangements is expected to be $18,017.
FINANCIAL HIGHLIGHTS For the
following results and the selected financial data presented herein,
Navios Acquisition has compiled its consolidated statements of
operations for the three month periods ended March 31, 2021
and 2020. The quarterly information for 2021 and 2020 was derived
from the unaudited condensed consolidated financial statements
for the respective periods.
| (Expressed in
thousands of U.S. dollars) |
|
|
Three MonthPeriod
endedMarch
31, 2021(unaudited) |
|
|
Three MonthPeriod
endedMarch
31, 2020(unaudited) |
|
|
Revenue |
|
|
$ |
72,505 |
|
|
$ |
97,857 |
|
| Net (loss)/ income |
|
|
$ |
(9,703 |
) |
|
$ |
869 |
|
| Adjusted net (loss)/
income |
|
|
$ |
(9,661 |
)(1) |
|
$ |
14,892 |
(2) |
| Net cash provided by operating
activities |
|
|
$ |
4,909 |
|
|
$ |
30,517 |
|
| EBITDA |
|
|
$ |
29,106 |
|
|
$ |
42,205 |
|
| Adjusted EBITDA |
|
|
$ |
29,148 |
(1) |
|
$ |
56,228 |
(2) |
| (Loss)/ earnings per share
(basic and diluted) |
|
|
$ |
(0.59 |
) |
|
$ |
0.05 |
|
| Adjusted (loss)/ earnings per
share (basic) |
|
|
$ |
(0.59 |
)(1) |
|
$ |
0.95 |
(2) |
| Adjusted (loss)/ earnings per
share (diluted) |
|
|
$ |
(0.59 |
)(1) |
|
$ |
0.94 |
(2) |
(1) Adjusted EBITDA, Adjusted net loss and Adjusted loss per
share (basic and diluted) for the three month period ended March
31, 2021 have been adjusted to exclude $0.1 million of non-cash
stock based compensation and less than $0.1 million of gain due to
sale of three vessels. (2) Adjusted EBITDA, Adjusted net earnings
and Adjusted earnings per share (basic and diluted) for the three
month period ended March 31, 2020 have been adjusted to exclude a
$13.9 million impairment loss relating to the other-than-temporary
impairment recognized in the Navios Acquisition’s receivable from
Navios Europe II and $0.1 million of non-cash stock based
compensation.
EBITDA, Adjusted EBITDA, Adjusted net income/ (loss) and
Adjusted earnings/ (loss) per share (basic and diluted) 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 EBITDA and Adjusted EBITDA).
Three month periods ended March 31, 2021 and
2020
Revenue for the three month period ended March 31, 2021
decreased by $25.4 million, or 25.9%, to $72.5 million,
as compared to $97.9 million for the same period of 2020. The
decrease was mainly attributable to a decrease in market rates
during the three month period ended March 31, 2021 as compared
to the same period of 2020; partially mitigated by an increase in
revenue by $9.5 million due to the acquisition of seven
containerships from Navios Europe II in June 2020 and the delivery
of two bareboat charter-in vessels, one in each of October 2020 and
February 2021. Available days of the fleet increased to
4,493 days for the three month period ended March 31,
2021, as compared to 3,755 days for the three month period
ended March 31, 2020, mainly due to the reasons mentioned
above. The time charter equivalent rate, or TCE Rate per day,
decreased to $14,854 for the three month period ended
March 31, 2021, from $24,442 for the three month period ended
March 31, 2020.
Time charter and voyage expenses for the three month period
ended March 31, 2021 decreased by $0.3 million, or 4.9%, to
$5.8 million, as compared to $6.1 million for the same period of
2020. The decrease was mainly attributable to a: (i) $2.4 million
decrease in bunkers and voyage expenses related to the spot voyages
incurred in the period; (ii) $0.5 decrease in port expenses; and
(iii) $0.3 million decrease in brokers’ commission costs; partially
mitigated by a $2.9 million increase in charter-in expenses.
Net loss was $9.7 million for the three month period
ended March 31, 2021 as compared to $0.9 million net
income for the same period of 2020. Net loss was affected by the
items described in the table above. Excluding these items, Adjusted
net loss for the three month period ended March 31, 2021 was
$9.7 million as compared to $14.9 million Adjusted net income for
the same period of 2020. The decrease in Adjusted net income was
mainly attributable to a: (i) $27.1 million decrease in Adjusted
EBITDA; and (ii) $1.0 million increase in direct vessel expenses
(in relation to amortization of dry dock and special survey cost);
partially mitigated by a $3.5 million decrease in interest expense
and finance cost (excluding write off of deferred finance
costs).
EBITDA for the three month periods ended March 31, 2021 and 2020
was affected by items described in the table above. Excluding these
items, Adjusted EBITDA for the three month period ended
March 31, 2021 decreased by $27.1 million to
$29.1 million, as compared to $56.2 million for the same
period of 2020. The decrease in Adjusted EBITDA was mainly due to
a: (i) $25.4 million decrease in revenue; (ii) $2.7 million
increase in vessel operating expenses primarily due to the increase
in the size of our fleet as discussed above; and (iii) $1.2 million
increase in general and administrative expenses (excluding
stock-based compensation) mainly due to the increase in the size of
our fleet as discussed above; partially mitigated by a: (i) $1.7
million decrease in other expenses, net; (ii) $0.3 million
decrease in time charter and voyage expenses; and (iii) $0.2
million decrease in direct vessel expenses (other than amortization
of dry dock and special survey cost).
Fleet employment profile The
following table reflects certain key indicators of the performance
of Navios Acquisition’s fleet for the three month periods ended
March 31, 2021 and 2020.
| |
|
Three month period endedMarch 31, |
|
| |
|
2021(unaudited) |
|
|
2020(unaudited) |
|
|
FLEET DATA |
|
|
|
|
|
|
|
|
|
Available days(1) |
|
|
4,493 |
|
|
|
3,755 |
|
|
Operating days(2) |
|
|
4,421 |
|
|
|
3,730 |
|
|
Fleet utilization(3) |
|
|
98.4 |
% |
|
|
99.3 |
% |
|
Vessels operating at period end |
|
|
49 |
|
|
|
43 |
|
|
AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
|
|
Time charter equivalent rate per day(4) |
|
$ |
14,854 |
|
|
$ |
24,442 |
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of income consist of the
following:
|
(1 |
) |
Available days:
Available days for the fleet are total calendar days the vessels
were in Navios Acquisition’s possession for the relevant period
after subtracting off-hire days associated with major repairs,
drydocking 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. |
|
(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. |
|
(4 |
) |
Time charter equivalent
rate per day: Time charter equivalent rate per day
(“TCE 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 TCE Rate per day is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels of 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 on Wednesday, May 19, 2021 at 8:30 am ET, at
which time Navios Acquisition’s senior management will provide
highlights and commentary on earnings results for the first quarter
ended March 31, 2021.
US Dial In: +1.877.480.3873International Dial
In: +1.404.665.9927Conference ID: 979 9357
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: +1.800.585.8367International
Replay Dial In: +1.404.537.3406Conference ID: 979 9357
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 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.
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 expectations, including Navios
Acquisition’s future dividends, ability to refinance its Ship
Mortgage Notes, expected cash flow generation and Navios
Acquisition’s growth strategy and measures to implement such
strategy, including expected vessel acquisitions and entering into
further employment contracts. Words such as “may,” “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
employment contracts. These forward-looking statements are based on
the information available to, and the expectations and assumptions
deemed reasonable by, Navios Acquisition at the time these
statements were made. 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 risks and are
based upon a number of assumptions and estimates that 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, risks
relating to: global and regional economic and political conditions
including the impact of the COVID-19 pandemic and efforts
throughout the world to contain its spread, including effects on
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates,
shipyards performing scrubber installations, drydocking and
repairs, changing vessel crews and availability of financing;
potential disruption of shipping routes due to accidents, diseases,
pandemics, political events, piracy or acts by terrorists,
including the impact of the COVID-19 pandemic and the
ongoing efforts throughout the world to contain it, uncertainty
relating to global trade, including prices of seaborne commodities
and continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term employment contracts, our
ability to maximize the use of our vessels, expected demand in the
tanker sector, the ability of our contract counterparties to
fulfill their obligations to us; tanker industry trends, including
fluctuations in charter rates and vessel values and factors
affecting vessel supply and demand; the aging of our fleet and
resultant increases in operation and dry docking costs; the loss of
any customer or charter or vessel; our ability to repay outstanding
indebtedness, to obtain additional financing and to obtain
replacement charters for our vessels, in each case, at commercially
acceptable rates or at all; the financial condition of our
customers, changes in the availability and costs of funding due to
conditions in the bank market, capital markets and other factors;
increases in costs and expenses, including but not limited to crew,
insurance, provisions, port expenses, lube oil, bunkers, repairs,
maintenance and general and administrative expenses; the expected
cost of, and our ability to comply with, governmental regulations
and maritime self-regulatory organization standards, as well as
standard regulations imposed by our charterers applicable to our
business; potential liability from litigation and our vessel
operations, including discharge of pollutants; general domestic and
international political conditions; 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 Navios Acquisition’s filings with the Securities
and Exchange Commission, including its annual and interim reports
filed on Form 20-F and Form 6-K. 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. Navios Acquisition
makes no prediction or statement about the performance of its
common stock.
Public & Investor Relations Contact:Navios
Maritime Acquisition
Corporation+1.345.232.3066+1.212.906.8644info@navios-acquisition.com
EXHIBIT I
NAVIOS MARITIME ACQUISITION
CORPORATIONSELECTED BALANCE SHEET
DATA(Expressed in thousands of U.S. dollars- except share
data)
| |
|
|
March 31,2021(unaudited) |
|
|
December 31,2020 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash |
|
|
$ |
46,649 |
|
|
$ |
41,357 |
|
| Vessels, net |
|
|
|
1,247,242 |
|
|
|
1,286,378 |
|
| Assets held for sale |
|
|
|
59,627 |
|
|
|
77,831 |
|
| Other assets (including current
and non-current) |
|
|
|
224,184 |
|
|
|
161,852 |
|
| Goodwill |
|
|
|
1,579 |
|
|
|
1,579 |
|
| Total
assets |
|
|
$ |
1,579,281 |
|
|
$ |
1,568,997 |
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
| Liabilities associated with
assets held for sale |
|
|
$ |
1,118 |
|
|
$ |
34,071 |
|
| Other liabilities (including
current and non-current) |
|
|
|
192,619 |
|
|
|
128,482 |
|
| Long-term debt, including current
portion, net of deferred finance costs and premium |
|
|
|
1,048,483 |
|
|
|
1,076,587 |
|
| Loan payable to affiliate
company, including current portion, net of deferred finance
costs |
|
|
|
16,850 |
|
|
|
- |
|
| Total
liabilities |
|
|
$ |
1,259,070 |
|
|
$ |
1,239,140 |
|
| Total stockholders’
equity |
|
|
$ |
320,211 |
|
|
$ |
329,857 |
|
| Total liabilities and
stockholders’ equity |
|
|
$ |
1,579,281 |
|
|
$ |
1,568,997 |
|
| |
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. dollars- except
share and per share data)
| |
|
|
|
|
|
| |
For the ThreeMonthsEndedMarch 31, 2021(unaudited) |
|
For the ThreeMonthsEndedMarch 31, 2020(unaudited) |
|
Revenue |
$ |
72,505 |
|
|
$ |
97,857 |
|
|
Time charter and voyage expenses |
|
(5,769 |
) |
|
|
(6,082 |
) |
|
Direct vessel expenses |
|
(4,003 |
) |
|
|
(3,140 |
) |
|
Vessel operating expenses |
|
(32,522 |
) |
|
|
(29,837 |
) |
|
General and administrative expenses |
|
(5,057 |
) |
|
|
(3,954 |
) |
|
Depreciation and amortization |
|
(16,625 |
) |
|
|
(16,606 |
) |
|
Gain on sale of vessels/ Impairment loss |
|
15 |
|
|
|
(13,900 |
) |
|
Interest income |
|
3 |
|
|
|
3 |
|
|
Interest expense and finance cost |
|
(18,307 |
) |
|
|
(21,843 |
) |
|
Other income/ (expense), net |
|
57 |
|
|
|
(1,629 |
) |
| |
|
|
|
|
|
|
Net (loss) / earnings |
$ |
(9,703 |
) |
|
$ |
869 |
|
| |
|
|
|
|
|
|
Net (loss) / earnings per share, basic and diluted |
$ |
(0.59 |
) |
|
$ |
0.05 |
|
|
Weighted average number of shares, basic |
|
16,466,599 |
|
|
|
15,717,977 |
|
|
Weighted average number of shares, diluted |
|
16,466,599 |
|
|
|
15,874,089 |
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash
from Operating Activities
|
|
|
|
|
|
|
|
|
| |
|
Three MonthPeriodEndedMarch 31,2021(unaudited) |
|
Three MonthPeriodEndedMarch 31,2020(unaudited) |
|
|
Expressed in thousands of U.S. dollars |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
4,909 |
|
|
$ |
30,517 |
|
| Net
increase / (decrease) in operating assets |
|
|
5,342 |
|
|
|
(13,961 |
) |
| Net
decrease in liabilities |
|
|
1,790 |
|
|
|
19,344 |
|
| Net
interest cost |
|
|
18,304 |
|
|
|
21,840 |
|
|
Amortization and write-off of deferred finance costs and
bond premium |
|
|
(1,197 |
) |
|
|
(1,512 |
) |
|
Impairment of receivable in Navios Europe II |
|
|
— |
|
|
|
(13,900 |
) |
| Gain on
sale of vessels |
|
|
15 |
|
|
|
— |
|
|
Stock-based compensation |
|
|
(57 |
) |
|
|
(123 |
) |
| |
|
|
|
|
|
|
|
| EBITDA |
|
$ |
29,106 |
|
|
$ |
42,205 |
|
| Gain on sale of vessels |
|
|
(15 |
) |
|
|
— |
|
| Impairment of receivable in
Navios Europe II |
|
|
— |
|
|
|
13,900 |
|
| Stock-based compensation |
|
|
57 |
|
|
|
123 |
|
| Adjusted
EBITDA |
|
$ |
29,148 |
|
|
$ |
56,228 |
|
| |
|
|
|
|
|
|
|
| |
|
Three MonthPeriodEndedMarch 31,2021(unaudited) |
|
Three MonthPeriodEndedMarch 31,2020(unaudited) |
|
|
Net cash provided by operating activities |
|
$ |
4,909 |
|
|
$ |
30,517 |
|
|
Net cash provided by/ (used in) investing activities |
|
$ |
45,380 |
|
|
$ |
(5,882 |
) |
|
Net cash used in financing activities |
|
$ |
(44,997 |
) |
|
$ |
(17,618 |
) |
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted net income/ (loss) and
Adjusted income/ (loss) per share (basic and diluted) are non-U.S.
GAAP financial measures and should not be used in isolation or as
substitution for Navios Acquisition’s results calculated in
accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”).
EBITDA represents net income/ (loss) before interest and
finance costs, before depreciation and amortization and before
income taxes. Adjusted EBITDA in this document represents
EBITDA excluding certain items as described under “Financial
Highlights”. Adjusted net income/ (loss) and Adjusted income/
(loss) per share (basic and diluted) represent net income/
(loss) and income/ (loss) per share (basic and diluted),
excluding certain items as described under “Financial Highlights”.
We use Adjusted EBITDA as liquidity measure and reconcile EBITDA
and Adjusted EBITDA to net cash provided by/ (used in) operating
activities, the most comparable U.S. GAAP liquidity measure. EBITDA
is calculated as follows: net cash provided by/(used in) operating
activities adding back, when applicable and as the case may be, the
effect of: (i) net increase/(decrease) in operating assets; (ii)
net (increase)/decrease in operating liabilities; (iii) net
interest cost; (iv) amortization of deferred finance costs and
other related expenses; (v) equity/ (loss) in net earnings of
affiliates, net of dividends received; (vi) payments for dry dock
and special survey costs; (vii) impairment charges; (viii) gain/
(loss) on sale of assets; (ix) gain/ (loss) on debt repayment; (x)
stock- based compensation and (xi) transaction costs. Navios
Acquisition believes that EBITDA and Adjusted EBITDA are each the
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. Navios Acquisition
also believes that EBITDA and Adjusted EBITDA are used: (i) by
potential lenders to evaluate potential transactions; (ii) to
evaluate and price potential acquisition candidates; and (iii) by
securities analysts, investors and other interested parties in the
evaluation of companies in our industry. EBITDA and Adjusted
EBITDA have limitations as an analytical tool, and should not be
considered in isolation or as a substitute for the analysis of
Navios Acquisition’s results as reported under U.S. GAAP. Some of
these limitations are: (i) EBITDA and Adjusted EBITDA do not
reflect changes in, or cash requirements for, working capital
needs; and (ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Acquisition’s
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
EXHIBIT III
|
Vessels |
Type |
Year Built/Delivery |
DWT |
|
|
Date |
|
|
|
|
|
|
|
|
| Vessels
Owned by Navios Acquisition |
|
|
|
|
|
| Nave Polaris |
Chemical Tanker |
2011 |
|
25,145 |
|
| Nave Cosmos |
Chemical Tanker |
2010 |
|
25,130 |
|
| Star N |
MR1 Product Tanker |
2009 |
|
37,836 |
|
| Hector N |
MR1 Product Tanker |
2008 |
|
38,402 |
|
| Nave
Bellatrix |
MR2 Product Tanker |
2013 |
|
49,999 |
|
| Nave Orion |
MR2 Product Tanker |
2013 |
|
49,999 |
|
| Nave Aquila |
MR2 Product Tanker |
2012 |
|
49,991 |
|
| Nave Atria |
MR2 Product Tanker |
2012 |
|
49,992 |
|
| Nave
Neutrino** |
VLCC |
2003 |
|
298,287 |
|
| Nave Photon |
VLCC |
2008 |
|
297,395 |
|
| Nave
Spherical |
VLCC |
2009 |
|
297,188 |
|
| Nave Galactic |
VLCC |
2009 |
|
297,168 |
|
| Nave Quasar |
VLCC |
2010 |
|
297,376 |
|
| Nave Synergy |
VLCC |
2010 |
299,973 |
|
| Nave
Constellation |
VLCC |
2010 |
|
298,000 |
|
| Nave Universe |
VLCC |
2011 |
|
297,066 |
|
| Nave Buena
Suerte |
VLCC |
2011 |
|
297,491 |
|
|
Baghdad* |
VLCC |
2020 |
|
313,433 |
|
| Erbil* |
VLCC |
2021 |
|
313,486 |
|
| Vessels to
be delivered |
|
|
|
|
|
| Nave Electron
* |
VLCC |
Expected Q3 2021 |
|
310,000 |
|
| TBN IV * |
VLCC |
Expected Q3 2022 |
|
310,000 |
|
| Vessels
Owned by Navios Maritime Midstream Partners L.P. |
|
|
|
|
|
| Perseus N |
MR1 Product Tanker |
2009 |
|
36,264 |
|
| Nave Velocity |
MR2 Product Tanker |
2015 |
|
49,999 |
|
| Nave Sextans |
MR2 Product Tanker |
2015 |
|
49,999 |
|
| Nave Pyxis |
MR2 Product Tanker |
2014 |
|
49,998 |
|
| Nave
Luminosity |
MR2 Product Tanker |
2014 |
|
49,999 |
|
| Nave Jupiter |
MR2 Product Tanker |
2014 |
|
49,999 |
|
| Bougainville |
MR2 Product Tanker |
2013 |
|
50,626 |
|
| Nave Orbit |
MR2 Product Tanker |
2009 |
|
50,470 |
|
| Nave Equator |
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 Titan |
MR2 Product Tanker |
2013 |
|
49,999 |
|
| Nave
Alderamin |
MR2 Product Tanker |
2013 |
|
49,998 |
|
| Nave Capella |
MR2 Product Tanker |
2013 |
|
49,995 |
|
| 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 Ariadne |
LR1 Product Tanker |
2007 |
|
74,671 |
|
| Nave Cielo |
LR1 Product Tanker |
2007 |
|
74,671 |
|
| Lumen N |
LR1 Product Tanker |
2008 |
|
63,599 |
|
| Aurora N |
LR1 Product Tanker |
2008 |
|
63,495 |
|
| Nave Estella |
LR1 Product Tanker |
2012 |
|
75,000 |
|
| Nave
Andromeda |
LR1 Product Tanker |
2011 |
|
75,000 |
|
| *
Bareboat chartered-in vessels with purchase
option. |
| |
|
| ** Agreement for
sale. |
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