Navios Acquisition turns in loss, declares dividend

angeliki frangouAngeliki Frangou led tanker operator Navios Maritime Acquisition Corporation (NYSE: NNA) reported a net loss for the three month period ended March 31, 2012 of $0.8 million compared to a loss of $0.4 million loss for the first quarter of 2011. Still, quarterly revenue Increased by 42.1 percent to $35.7 million, quarterly EBITDA Increased by 47.6 percent to $23.7 million and the board declared a quarterly dividend of $0.05 per share

Ms. Frangou called the dividend, representing a yield of about 7 percent to shareholders, "a sign of continued confidence in our operations."

"I believe that Navios Acquisition is conservatively positioned in the current market," said Ms. Frangou. "The company's entire operating cost is borne by the 15 vessels in the water for 2012. We also enjoy a low cash-flow break even for 2013. Even if there is no recovery in the market, we can generate substantial additional cash flow in the current rate environment. Given the company's 50 percent increase in available days in each of 2012 and 2013, accompanied by profit sharing on almost half of our fleet, any increase in charter rates will be amplified in our results."

Navios Acquisition amended its existing management agreement with Navios Tankers Management Inc. (the "Manager"), a subsidiary of Navios Maritime Holdings Inc. ("Navios Holdings"), to fix the fees for ship management services of its owned fleet at current levels for two additional years, through May 28, 2014. The management fees are: (a) $7,000 daily rate per LR1 product tanker vessel; (b) $6,000 daily rate per MR 2 product and chemical tanker vessel; and (c) $10,000 daily rate per VLCC tanker vessel.

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May 8, 2012

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