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Navios Maritime Reports Financial Results for Q2 and 6 Months Ended 2019

Logistic News - Published on Tue, 27 Aug 2019

Image Source: seekingalpha.com
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the Q2 and 6 months ended June 30, 2019. Ms Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, “I am pleased to report that for the second quarter of 2019, Navios Acquisition recorded revenue of USD 58.6 million and EBITDA of USD 24.5 million, increases of about 40% and 130%, respectively, over the second quarter of 2018. We continue to return capital to our investors and declared a quarterly distribution of USD 0.30 per share for the second quarter of 2019.”

Ms Angeliki Frangou continued, “Navios Acquisition owns 41 diverse tankers with an average age of 8.1 years. We began renewing our VLCC fleet when values were weak. In 2019, we sold three of our oldest VLCCs and finalized the bareboat charters for three newbuild VLCCs for a 12-year period. These vessels will be delivered in 2020 and 2021. We view these bareboat deals as providing reasonable financing for new vessels, requiring no initial capital outlay. We are also pleased to announce that we expect to prepay the Term Loan B by the end of 2019. In addition to refinancing the Term Loan B, debt reduction is a priority, and we expect to reduce debt by 3%, or USD 33.4 million.”

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Posted By : Rabi Wangkhem on Tue, 27 Aug 2019
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