Navios Maritime Acquisition reports FY2012 results
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, today reported its financial results for the fourth quarter and year ended December 31, 2012, company reports.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "Our financial performance is demonstrating the benefits of the economic engine we have created over the past few years. For 2012 we increased revenue by 24.0% to $151.1 million and EBITDA by 26.3% to $97.5 million. As a result of our strong performance, we declared a quarterly dividend of $0.05 per share reflecting a yield of about 7.5% in our common stock."
Angeliki Frangou continued, "We consider forward visibility in our revenue an essential element of Navios Acquisition's risk management. As a result, we have fixed 91.1% of available days in 2013 and 56.4% of available days in 2014. Yet, Navios Acquisition is positioned to capture any strength in the tanker market. 80% of our entire fleet has profit sharing and 83% of our product tanker fleet has profit sharing. These profit sharing mechanisms provided $2.0 million in 2012, or $0.05 per common share, with $1.1 million earned in the fourth quarter of 2012."
Revenue for the three month period ended December 31, 2012 increased by $2.0 million or 5.0% to $41.7 million, as compared to $39.7 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Nave Estella in January 2012, the Nave Atria in July 2012, the Nave Cassiopeia in August 2012, the Nave Cetus in October 2012 and the Nave Aquila in November 2012. As a result of the vessel acquisitions, available days of the fleet increased to 1,679 days for the three month period ended December 31, 2012, as compared to 1,238 days for the three month period ended December 31, 2011. Time charter equivalent ("TCE") decreased to $24,526 for the three month period ended December 31, 2012, from $30,422 for the three month period ended December 31, 2011.
EBITDA for the three month period ended December 31, 2011, was positively impacted by a $3.7 million of compensation for early charter termination. Excluding such compensation, Adjusted EBITDA for the three month period ended December 31, 2012, increased by $4.5 million to $27.1 million, as compared to $22.6 million for the same period in 2011. The increase in Adjusted EBITDA was due to a: (a) $2.0 million increase in revenue as a result of the acquisition of the vessels discussed above; (b) $1.5 million decrease in time charter expenses; (c) $0.1 million decrease in general and administrative expenses; (d) $3.7 million of compensation for early termination incurred in the three month period ended December 31, 2011; and (e) $0.1 million increase in other income/(expense), net. The above increase was partially offset by a $2.9 million increase in management fees.
Net income for the three month period ended December 31, 2011, was positively impacted by $3.7 million of compensation for early charter termination. Excluding such compensation, Adjusted net income for the three month period ended December 31, 2012 increased by $1.5 million to $0.3 million compared to a $1.2 million Adjusted net loss for the three month period ended December 31, 2011. The increase in adjusted net income by $1.5 million was due to a $4.5 million increase in Adjusted EBITDA partially offset by a: (a) $0.4 million increase in direct vessel expenses; (b) $1.8 million increase in depreciation and amortization due to the acquisitions of the vessels discussed above; (c) $0.1 million decrease in interest income; and (d) $0.7 million increase in interest expense and finance cost net.
Revenue for the year ended December 31, 2012 increased by $29.2 million or 24.0% to $151.1 million, as compared to $121.9 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Shinyo Kieran in June 2011, the Bull and the Buddy in July 2011, the Nave Andromeda in November 2011, the Nave Estella in January 2012, the Nave Atria in July 2012, the Nave Cassiopeia in August 2012, the Nave Cetus in October 2012 and the Nave Aquila in November 2012. As a result of the vessel acquisitions, available days of the fleet increased to 5,786 days for the year ended December 31, 2012, as compared to 4,053 days for year ended December 31, 2011. TCE decreased to $25,625 for the year ended December 31, 2012, from $29,218 for the year ended December 31, 2011.
EBITDA for the year ended December 31, 2011, was positively impacted by a $3.7 million of compensation for early charter termination and negatively impacted by a $0.9 million of write-off of deferred finance costs incurred in connection with the cancellation of committed credit. Excluding such items, Adjusted EBITDA for the year ended December 31, 2012, increased by $23.1 million to $97.5 million, as compared to $74.4 million for the same period in 2011. The increase in Adjusted EBITDA was due to a: (a) $29.2 million increase in revenue due to the acquisition of the vessels discussed above; (b) $0.3 million decrease in general and administrative expenses; (c) $0.5 million increase in other income/(expense), net; (d) $3.7 million of compensation for early termination incurred in the year ended December 31, 2011; and (e) $0.7 million decrease in time charter expenses. The above $34.4 million increase was partially offset by an $11.3 million increase in management fees.
Net loss for the year ended December 31, 2011, was positively impacted by a $3.7 million of compensation for early charter termination and negatively impacted by a $0.9 million of write-off of deferred finance costs incurred in connection with the cancellation of committed credit. Excluding such items, Adjusted net loss for year ended December 31, 2012 decreased by $2.8 million to $3.8 million compared to a $6.6 million loss for the year ended December 31, 2011. The decrease in Adjusted net loss was due to a $23.1 million increase in Adjusted EBITDA partially offset by: (a) $2.0 million increase in direct vessel expenses; (b) $6.3 million increase of interest expenses and finance cost, net; (c) $11.0 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; and (d) $1.0 million decrease in interest income.
Navios Acquisition is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.