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Navios Maritime Acquisition books marginal profit

Navios Maritime Acquisition books marginal profit
Navios Maritime Acquisition Corp has posted a modest net profit of $700,000 for the first quarter of 2013, following a net loss of $800,000 in the same period of 2012.    

Profits were driven by a strong increase in revenue of 23.7% to $44.17m from $35.71m in first quarter 2012. Navios attributed the better earnings to ship acquisitions during 2012, which it said had increased the available days of the fleet to 1,832 days for first quarter 2013 versus 1,319 days for first quarter 2012.

Since the end of Q1, the company has purchased a further four secondhand MR2 product carriers and three option two MR2 newbuilds, it added. In addition, it has concluded a "strategic partnership" deal with HSH Nordbank to buy 10 vessels – five MR2s and five container vessels – averaging 5.5 years in age from debtors of the bank.

"Today, we have 23 vessels on the water and an additional 13 vessels to be delivered,” said chairman and ceo Angeliki Frangou announcing the results. ”We are continuing to grow our fleet in the existing market environment. … We are patiently surveying opportunities and will transact responsibly when the balance is in our favour."