Navios Acquisition in the black for 2014

In the fourth quarter Navios Acquisition took delivery of four MR2 product tankers and six VLCCs, with four VLCCs subsequently being sold to Navios Midstream in November 2014 for $25.3m. Available fleet days rose around 10% to 3,384 and time charter equivalent earnings (TCE) were up to $21,124 per day for the fourth quarter 2014, from $18,155 per day in Q4 2013.

Available days for its fleet rose from 9,653 in 2013 to 13,227 in 2014 with 37 vessels in operation at the end of 2014 compared to 33 at the end of 2013. TCE edged downward for the year as a whole $19,633 per day for 2014 from $20,267 per day in 2013.

Angeliki Frangou, chairman and ceo of Navios Acquisition stated, "I am pleased with our results, we maintained our trajectory during the fourth quarter and grew revenue by 25.2% to $72.4m.

"We have been actively building scale since we acquired our initial fleet about four years ago. After launching Navios Midstream in November with four VLCCs, Navios Acquisition has 39 vessels, all of which are operational. The fleet is almost 80% employed for 2015, yet about 76% of our available days have exposure to market upside."

The company owns and operates eight VLCCs, 27 product tankers and four chemical tankers.

Navios Acquisition has high contract coverage for the future, with 79.8% and 26.2% of available days secured for 2015 and 2016, respectively, totalling $171.7m and $71.9m in expected revenue. The daily charter rate for the fleet in 2015 and 2016 is $16,668 per day and $19,221 per day, respectively.