Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Entity Information [Abstract] | ' |
Entity Registrant Name | 'Navios Maritime Acquisition Corporation |
Trading Symbol | 'NNA |
Entity Central Index Key | '0001437260 |
Document Type | '6-K |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Current Fiscal Year End Date | '--12-31 |
Entity Well Known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock Shares Outstanding | 151,664,942 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $61,288 | $82,835 |
Restricted cash | 8,340 | 24,962 |
Accounts receivable, net | 11,502 | 8,441 |
Prepaid expenses and other current assets | 5,514 | 4,563 |
Total current assets | 86,644 | 120,801 |
Vessels, net | 1,539,850 | 1,353,131 |
Deposits for vessels acquisitions | 80,258 | 100,112 |
Deferred finance costs, net | 24,894 | 23,246 |
Goodwill | 1,579 | 1,579 |
Intangible assets-other than goodwill | 37,515 | 40,171 |
Other long-term assets | 1,304 | 5,533 |
Deferred dry dock and special survey costs, net | 3,053 | 4,678 |
Investment in affiliates | 4,893 | 4,750 |
Loan receivable from affiliate | 6,102 | 2,660 |
Total non-current assets | 1,699,448 | 1,535,860 |
Total assets | 1,786,092 | 1,656,661 |
Current liabilities | ' | ' |
Accounts payable | 2,205 | 1,577 |
Dividend payable | 7,967 | 7,220 |
Accrued expenses | 11,394 | 11,985 |
Due to related parties, short-term | 7,100 | 2,848 |
Deferred revenue | 6,741 | 7,056 |
Current portion of long-term debt | 38,781 | 34,714 |
Total current liabilities | 74,188 | 65,400 |
Long-term debt, net of current portion and premium | 1,213,394 | 1,119,734 |
Due to related parties, long-term | 7,169 | 5,144 |
Unfavorable lease terms | 3,219 | 3,561 |
Total non-current liabilities | 1,223,782 | 1,128,439 |
Total liabilities | 1,297,970 | 1,193,839 |
Commitments and contingencies | 0 | 0 |
Series D Convertible Preferred stock 1,200 shares issued and outstanding with $12,000 redemption amount as of each of June 30, 2014 and December 31, 2013 | 12,000 | 12,000 |
Stockholders' equity | ' | ' |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 4,540 issued and outstanding as of each of June 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.0001 par value; 250,000,000 shares authorized; 151,664,942 and 136,714,942 issued and outstanding as of each of June 30, 2014 and December 31, 2013, respectively | 15 | 13 |
Additional paid-in capital | 571,123 | 530,203 |
Accumulated deficit | -95,016 | -79,394 |
Total stockholders' equity | 476,122 | 450,822 |
Total liabilities and stockholders' equity | $1,786,092 | $1,656,661 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Series D Preferred Stock Shares Issued | 1,200 | 1,200 |
Series D Preferred Stock Shares Outstanding | 1,200 | 1,200 |
Redemption amount | $12,000 | $12,000 |
Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock Shares Issued | 4,540 | 4,540 |
Preferred Stock Shares Outstanding | 4,540 | 4,540 |
Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 |
Common Stock Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock Shares Issued | 151,664,942 | 136,714,942 |
Common Stock, Shares, Outstanding | 151,664,942 | 136,714,942 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' |
Revenue | $62,242 | $47,057 | $123,211 | $91,229 |
Time charter and voyage expenses | -1,392 | -647 | -2,178 | -1,357 |
Direct vessel expenses | -477 | -762 | -1,213 | -1,524 |
Management fees | -23,787 | -15,826 | -46,087 | -29,924 |
General and administrative expenses | -3,726 | -1,123 | -7,312 | -2,207 |
Depreciation and amortization | -16,959 | -16,123 | -33,597 | -29,453 |
Impairment loss and loss on sale of vessel | -904 | 0 | -12,594 | 0 |
Interest income | 169 | 43 | 279 | 255 |
Interest expenses and finance cost, net | -18,147 | -14,048 | -35,259 | -27,385 |
Change in fair value of other assets | 0 | 0 | -1,188 | 0 |
Other income/ (expense), net | 177 | -107 | 316 | -435 |
Net loss | -2,804 | -1,536 | -15,622 | -801 |
Dividend declared on preferred shares Series B | -27 | -27 | -54 | -54 |
Dividend declared on Series D preferred shares | -168 | 0 | -279 | 0 |
Dividend declared on restricted shares | -105 | 0 | -210 | 0 |
Undistributed loss attributable to Series C participating preferred shares | 151 | 122 | 825 | 34 |
Net loss attributable to common shareholders | ($2,953) | ($1,441) | ($15,340) | ($821) |
Net loss per share, basic | ($0.02) | ($0.02) | ($0.11) | ($0.01) |
Weighted average number of shares, basic | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 |
Net loss per share, diluted | ($0.02) | ($0.02) | ($0.11) | ($0.01) |
Weighted average number of shares, diluted | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net loss | ($15,622) | ($801) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 33,597 | 29,453 |
Amortization and write-off of deferred finance fees and bond premium | 1,496 | 1,297 |
Amortization of deferred dry dock and special survey costs | 1,213 | 1,524 |
Stock based compensation | 2,900 | 0 |
Impairment loss and loss on sale of vessel | 12,594 | 0 |
Change in fair value of other assets | 1,188 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Increase in prepaid expenses and other current assets | -1,932 | -1,579 |
Increase in accounts receivable | -3,061 | -995 |
Decrease/(increase) in restricted cash | 232 | -855 |
Decrease in other long term assets | 2,297 | 449 |
Increase/(decrease) in accounts payable | 628 | -452 |
Decrease in accrued expenses | -591 | -2,013 |
Payments for dry dock and special survey costs | -609 | 0 |
Increase/(decrease) in due to related parties | 4,014 | -45,212 |
(Decrease)/increase in deferred revenue | -315 | 772 |
Decrease in other long term liabilities | 0 | -137 |
Net cash provided by/(used in) operating activities | 38,029 | -18,549 |
Investing Activities | ' | ' |
Acquisition of vessels | -203,493 | -76,183 |
Deposits for vessel acquisitions | -21,104 | -33,217 |
Decrease in restricted cash | 0 | 8,501 |
Net proceeds from sale of vessel | 18,315 | 0 |
Loan to affiliate | -2,831 | 0 |
Net cash used in investing activities | -209,113 | -100,899 |
Financing Activities | ' | ' |
Loan proceeds, net of deferred finance costs | 53,113 | 64,708 |
Loan repayment to related party | 0 | -35,000 |
Loan repayments | -18,331 | -42,459 |
Dividend paid | -15,520 | -6,635 |
Payment to related party | 0 | -8,282 |
Decrease in restricted cash | 16,390 | 668 |
Net proceeds from equity offering | 54,287 | 211,402 |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs and premium | 59,598 | 0 |
Net cash provided by financing activities | 149,537 | 184,402 |
Net (decrease)/ increase in cash and cash equivalents | -21,547 | 64,954 |
Cash and cash equivalents, beginning of year | 82,835 | 42,846 |
Cash and cash equivalents, end of year | 61,288 | 107,800 |
Supplemental disclosures of cash flow information | ' | ' |
Cash interest paid, net of capitalized interest | 33,359 | 25,030 |
Non-cash investing activities | ' | ' |
Capitalized financing costs | 205 | 245 |
Accrued interest on loan to affiliate | 611 | 0 |
Non-cash financing activities | ' | ' |
Dividends payable | 7,967 | 5,816 |
Acquisition of vessels | -1,283 | -3,197 |
Deposits for vessel acquisition | -980 | -632 |
Due to related party | 2,263 | 3,829 |
Issuance of Series D Convertible Preferred Stock issued for vessel acquisitions | $0 | $6,000 |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements Of Changes In Equity (USD $) | Total | Preferred Stock Shares / Amount | Common Stock Units / Shares / Amount | Additional Paid-in Capital | (Accumulated deficit) |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance value at Dec. 31, 2012 | $225,304 | ' | $4 | $246,102 | ($20,802) |
Balance, units/shares at Dec. 31, 2012 | ' | 4,540 | 40,517,413 | ' | ' |
Issuance of common shares, value | 211,402 | ' | 7 | 211,395 | ' |
Issuance of common shares, number of shares | ' | ' | 68,123,503 | ' | ' |
Dividend paid/declared (see Note 8) | -10,042 | ' | ' | -10,042 | ' |
Net loss | -801 | ' | ' | ' | -801 |
Balance value at Jun. 30, 2013 | 425,863 | ' | 11 | 447,455 | -21,603 |
Balance, units/shares at Jun. 30, 2013 | ' | 4,540 | 108,640,916 | ' | ' |
Balance value at Dec. 31, 2013 | 450,822 | ' | 13 | 530,203 | -79,394 |
Balance, units/shares at Dec. 31, 2013 | ' | 4,540 | 136,714,942 | ' | ' |
Issuance of common shares, value | 54,289 | ' | 2 | 54,287 | ' |
Issuance of common shares, number of shares | ' | ' | 14,950,000 | ' | ' |
Stock-based compensation (see Note 14) | 2,900 | ' | ' | 2,900 | ' |
Dividend paid/declared (see Note 8) | -16,267 | ' | ' | -16,267 | ' |
Net loss | -15,622 | ' | ' | ' | -15,622 |
Balance value at Jun. 30, 2014 | $476,122 | ' | $15 | $571,123 | ($95,016) |
Balance, units/shares at Jun. 30, 2014 | ' | 4,540 | 151,664,942 | ' | ' |
Description_Of_Organization_An
Description Of Organization And Business Operations | 6 Months Ended |
Jun. 30, 2014 | |
Description of Organization and Business Operations [Abstract] | ' |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | ' |
NOTE 1: DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | |
Navios Maritime Acquisition Corporation (“Navios Acquisition” or the “Company”) (NYSE: NNA) owns a large fleet of modern crude oil, refined petroleum product and chemical tankers providing world-wide marine transportation services. The Company's strategy is to charter its vessels to international oil companies, refiners and large vessel operators under long, medium and short-term charters. The Company is committed to providing quality transportation services and developing and maintaining long-term relationships with its customers. The operations of Navios Acquisition are managed by Navios Maritime Holdings Inc. (“Navios Holdings”) from its head offices in Monte Carlo, Monaco. | |
Navios Acquisition was incorporated in the Republic of Marshall Islands on March 14, 2008. On July 1, 2008, Navios Acquisition completed its initial public offering, or its IPO. On May 28, 2010, Navios Acquisition consummated the vessel acquisition which constituted its initial business combination. Following such transaction, Navios Acquisition commenced its operations as an operating company. | |
As of June 30, 2014, Navios Holdings had 43.1% of the voting power and 46.4% of the economic interest in Navios Acquisition. | |
On February 20, 2014, Navios Acquisition completed the public offering of 14,950,000 shares of its common stock at $3.85 per share, raising gross proceeds of $57,556. These figures include 1,950,000 shares sold pursuant to the underwriters' option, which was exercised in full. Total net proceeds of the above transactions, net of agents' costs of $3,022 and offering costs of $247, amounted to $54,287. | |
As of June 30, 2014, Navios Acquisition had: 151,664,942 shares of common stock, 4,540 outstanding shares of preferred stock, from which 1,000 shares of Series C Convertible Preferred Stock are issued to Navios Holdings, and 1,200 shares of convertible preferred stock. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||
(a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Acquisition's condensed consolidated financial position, statements of income and cash flows for the periods presented. Adjustments consist of normal, recurring entries. The yearend condensed balance sheet data was derived from audited financial statements, but does not include all disclosure required by accounting principles generally accepted in the United States of America (“GAAP”). The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under GAAP for complete financial statements. These interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes included in Navios Acquisition's 2013 Annual Report filed on Form 20-F with the Securities and Exchange Commission (“SEC”). | |||||||
(b) Principles of consolidation: The accompanying interim condensed consolidated financial statements include the accounts of Navios Acquisition, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the condensed consolidated statements. | |||||||
The Company also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | |||||||
(c) Equity method investments | |||||||
Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. | |||||||
Navios Acquisition evaluates its investments under the equity method, for other than temporary impairment, on a quarterly basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects and (3) the intent and ability of the Company to retain its investments for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||
(d) Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights and/or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries if deemed to be a business combination. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. | |||||||
As of June 30, 2014, the entities included in these condensed consolidated financial statements were: | |||||||
Navios Maritime Acquisition Corporation and Subsidiaries: | Nature | Country of Incorporation | 2014 | ||||
Company Name | |||||||
Aegean Sea Maritime Holdings Inc. | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Amorgos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Andros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antikithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antiparos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Amindra Shipping Co. | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Crete Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Folegandros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Ikaria Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Ios Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 6/30 | ||||
Kithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Kos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Mytilene Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Maritime Acquisition Corporation | Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Acquisition Finance (U.S.) Inc. | Co-Issuer | Delaware | 1/1 - 6/30 | ||||
Rhodes Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Serifos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Shinyo Dream Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Kannika Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Kieran Limited | Vessel-Owning Company | British Virgin Is. | 1/1 - 6/30 | ||||
Shinyo Loyalty Limited | Vessel-Owning Company(2) | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Navigator Limited | Vessel-Owning Company(3) | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Ocean Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Saowalak Limited | Vessel-Owning Company | British Virgin Is. | 1/1 - 6/30 | ||||
Sifnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skiathos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skopelos Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 6/30 | ||||
Syros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Thera Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Tinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Oinousses Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Psara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antipsara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Samothrace Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Thasos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Limnos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skyros Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Alonnisos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Makronisos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Iraklia Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Paxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antipaxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Donoussa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Schinousa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Acquisition Europe Finance Inc | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Sikinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Kerkyra Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Lefkada Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Zakytnthos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Leros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/4 - 6/30 | ||||
Kimolos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/29 - 6/30 | ||||
(1 | )Each company has the rights over a shipbuilding contract of a tanker vessel. | ||||||
(2 | )Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. | ||||||
(3 | )Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. | ||||||
(e) Use of estimates: The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible assets and scrap value, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | |||||||
(f) Vessels, net: Vessels are stated at historical cost, which consists of the contract price, delivery and acquisition expenses and capitalized interest costs while under construction. Vessels acquired in an asset acquisition or in a business combination are recorded at fair value. Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. | |||||||
Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the residual values of our tanker vessels based on a scrap value of $360 per lightweight ton, as we believe these levels are common in the shipping industry. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. | |||||||
Management estimates the useful life of our vessels to be 25 years from the vessel's original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. | |||||||
(g) Impairment of long-lived asset group: Vessels, other fixed assets and other long-lived assets held and used by Navios Acquisition are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Acquisition's management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed such as, undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. | |||||||
Undiscounted projected net operating cash flows are determined for each asset group (consisting of the individual vessel and the intangible with respect to the time charter agreement to that vessel) and compared to the vessel carrying value and related carrying value of the intangible with respect to the time charter agreement attached to that vessel or the carrying value of deposits for new buildings. Within the shipping industry, vessels are often bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel individual asset group. | |||||||
As of March 31, 2014, the Company had a current expectation that, more likely than not, the Shinyo Splendor would be sold before the end of its previously estimated useful life, and, as a result, performed an impairment test of the specific asset group. The recoverability test was based on undiscounted cash flows expected to result from the entity's use and eventual disposition of the asset. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included determining the net operating cash flows by considering the charter revenues from the existing time charter until its expiration, net of brokerage and address commissions and management fees and an estimate of sale proceeds from its disposal based on market valuations for such vessel. The carrying amount of the asset group was more than its undiscounted future cash flows. As a result, the entity failed the recoverability test (step one) of the impairment test and proceeded with step two of the impairment analysis. | |||||||
An impairment loss in the amount of $10,718 was recognized for the period presented as the carrying amount of the asset group was not recoverable and exceeded its fair value as of March 31, 2014. Management believes the underlying assumptions supporting this assessment are reasonable. | |||||||
The Shinyo Splendor was sold on May 6, 2014 to an unaffiliated third party for a net cash consideration of $18,315 (refer to note 4 “Vessels, Net”). | |||||||
(h) Series D Preferred Stock: Navios Acquisition issued shares of its authorized Series D Preferred Stock (nominal and fair value $12,000) to a shipyard, in partial settlement of the purchase price of certain newbuilding vessels. The Series D Preferred Stock includes a 6% per annum dividend payable quarterly, starting one year after delivery of each vessel. The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price per share of common stock equal to $10.00. The holder of Series D Preferred Stock shall have the right to convert the shares of the preferred stock into common stock prior to the scheduled maturity dates at a price of $7.00 per share of common stock. The Series D Preferred Stock does not have any voting rights. Navios Acquisition is obligated to redeem the Series D Preferred Stock (or converted common shares) at holder's option exercisable beginning on 18 months after issuance, at par, payable at up to 12 equal quarterly installments. | |||||||
The fair value of the Series D Preferred Stock, was determined using a combination of the Black Scholes model and discounted projected cash flows for the conversion option and put, respectively. The model used takes into account the credit spread of Navios Acquisition, the volatility of its stock, as well as the price of its stock at the issuance date. The Series D Preferred Stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the redemption feature upon exercise of the put option granted to the holder of the Series D Preferred Stock. | |||||||
(i) Revenue Recognition: Revenue is recorded when services are rendered, under a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. Revenue is generated from the voyage charter and the time charter of vessels. | |||||||
Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. | |||||||
Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight-line basis as the average revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. | |||||||
Profit sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit share elements, these are accounted for on the actual cash settlement. | |||||||
Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. | |||||||
Pooling arrangements: For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. | |||||||
The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. |
Cash_And_Cash_Equivalents
Cash And Cash Equivalents | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Cash and Cash Equivalents [Abstract] | ' | ||||
CASH AND CASH EQUIVALENTS | ' | ||||
NOTE 3: CASH AND CASH EQUIVALENTS | |||||
Cash and cash equivalents consisted of the following: | |||||
June 30, 2014 | December 31, 2013 | ||||
Cash on hand and at banks | $44,118 | $78,458 | |||
Short-term deposits | 17,170 | 4,377 | |||
Total cash and cash equivalents | $61,288 | $82,835 | |||
Short term deposits relate to time deposit accounts held in banks for general purposes. | |||||
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. The Company does maintain cash deposits and equivalents in excess of government-provided insurance limits. The Company also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions. | |||||
As of June 30, 2014, restricted cash was $8,340 and mainly related to cash held for servicing current debt as required by the credit facilities. | |||||
Vessels_Net
Vessels, Net | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
VESSELS, NET | ' | |||||||
NOTE 4: VESSELS, NET | ||||||||
Vessels | Cost | Accumulated | Net Book | |||||
Depreciation | Value | |||||||
Balance at December 31, 2012 | $1,024,531 | ($83,793) | $940,738 | |||||
Additions | 504,355 | (53,501 | ) | 450,854 | ||||
Disposals | (50,000 | ) | 11,539 | (38,461 | ) | |||
Balance at December 31, 2013 | $1,478,886 | ($125,755) | $1,353,131 | |||||
Additions | 246,918 | (31,283 | ) | 215,635 | ||||
Impairment loss | (22,724 | ) | 12,006 | (10,718 | ) | |||
Disposals | (18,276 | ) | 78 | (18,198 | ) | |||
Balance at June 30, 2014 | $1,684,804 | ($144,954) | $1,539,850 | |||||
On February 4, 2014, Navios Acquisition took delivery of the Nave Galactic, a 2009-built 297,168 dwt VLCC, from an unaffiliated third party, for a total cost of $51,739. Cash paid was $46,564 and $5,175 was transferred from vessel deposits. | ||||||||
On February 12, 2014, Navios Acquisition took delivery of the Nave Quasar, a 2010-built 297,376 dwt VLCC, from an unaffiliated third party, for a total cost of $54,687. Cash paid was $49,222 and $5,465 was transferred from vessel deposits. | ||||||||
On March 10, 2014, Navios Acquisition took delivery of the Nave Buena Suerte, a 2011-built 297,491 dwt VLCC, from an unaffiliated third party, for a total cost of $57,164. Cash paid was $51,450 and $5,714 was transferred from vessel deposits. | ||||||||
On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party for an aggregate sale price of $20,020. As of March 31, 2014, an impairment loss of $10,718 related to the Shinyo Splendor has been recognized under the line item “Impairment Loss and loss on sale of vessel.” The Company had a current expectation that, more likely than not, the Shinyo Splendor would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. The carrying amount of the asset group was more than its undiscounted future cash flows which resulted in an impairment loss (refer to Note 2(g) for further details related to the impairment test). The vessel was under a time charter and not available for immediate sale and therefore, did not meet the held-for-sale criteria. The vessel's aggregate net carrying amount as at the date of sale was $19,219 (including the remaining carrying balance of dry dock and special survey costs in the amount of $1,021). The Company received net cash proceeds in the amount of $18,315 and recognized a loss of $904. This loss is presented under “Impairment loss and loss on sale of vessel” in the condensed consolidated statements of operations. | ||||||||
On May 7, 2014, Navios Acquisition took delivery of the Nave Jupiter, a newbuilding 49,999 dwt MR2 product tanker, for a total cost of $39,643. Cash paid was $13,907, and $25,736 was transferred from vessel deposits. | ||||||||
On June 16, 2014, Navios Acquisition took delivery of the Nave Neutrino, a 2003-built VLCC 298,287 dwt for a total cost of $43,686. | ||||||||
Deposits for vessel acquisition represent deposits for vessels to be delivered in the future. As of June 30, 2014, Navios Acquisition vessel deposits amounted to $80,258 of which $47,080 was financed through loans and the balance from existing cash. For the six months ended June 30 2014, additions to deposits for vessels acquisitions comprising of cash payments and capitalized interest were $21,104, which was offset by $42,090 transferred to vessels, net. | ||||||||
For the six month period ended June 30, 2014 and 2013 capitalized interest amounted to $1,443 and $3,375, respectively. | ||||||||
Intangible_Assets_Other_Than_G
Intangible Assets Other Than Goodwill | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Intangible Assets Other Than Goodwill [Abstract] | ' | ||||||||||||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ' | ||||||||||||||
NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||||||||||||
Intangible assets as of June 30, 2014 and December 31, 2013, consisted of the following: | |||||||||||||||
Favorable lease terms | Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | ||||||||||||||
Balance at December 31, 2012 | $67,417 | ($16,184) | $51,233 | ||||||||||||
Additions | — | (7,014 | ) | (7,014 | ) | ||||||||||
Accelerated amortization* | (10,347 | ) | 6,299 | (4,048 | ) | ||||||||||
Balance at December 31, 2013 | $57,070 | ($16,899) | $40,171 | ||||||||||||
Additions | — | (2,656 | ) | (2,656 | ) | ||||||||||
Write-off ** | (1,695 | ) | 1,695 | — | |||||||||||
Balance at June 30, 2014 | $55,375 | ($17,860) | $37,515 | ||||||||||||
Unfavorable lease terms | Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | ||||||||||||||
Balance at December 31, 2012 | ($5,819) | $1,574 | ($4,245) | ||||||||||||
Additions | — | 684 | 684 | ||||||||||||
Balance at December 31, 2013 | ($5,819) | $2,258 | ($3,561) | ||||||||||||
Additions | — | 342 | 342 | ||||||||||||
Balance at June 30, 2014 | ($5,819) | $2,600 | ($3,219) | ||||||||||||
Amortization (expense) /income of favorable and unfavorable lease terms for the periods ended June 30, 2014 and 2013 is presented in the following table: | |||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Unfavorable lease terms | $342 | $342 | |||||||||||||
Favorable lease terms charter-out | (2,656 | ) | (5,924 | ) | |||||||||||
Total | ($2,314) | ($5,582) | |||||||||||||
The aggregate amortizations of acquired intangibles will be as follows: | |||||||||||||||
Description | Within | Year | Year | Year | Year | Thereafter | Total | ||||||||
One | Two | Three | Four | Five | |||||||||||
Year | |||||||||||||||
Favorable lease terms | ($4,959) | ($4,959) | ($3,874) | ($2,811) | ($2,811) | ($18,101) | ($37,515) | ||||||||
Unfavorable lease terms | 683 | 683 | 683 | 683 | 487 | — | 3,219 | ||||||||
Total | ($4,276) | ($4,276) | ($3,191) | ($2,128) | ($2,324) | ($18,101) | ($34,296) | ||||||||
(*) | Following charterer's default in July 2013, of which the Company became aware in June 2013, relating to two product tanker vessels, an amount of $4,048 has been accounted for as accelerated amortization in the condensed consolidated statements of operations under the caption of “Depreciation and Amortization,” due to the revision of the remaining useful economic life of the related favorable lease. | ||||||||||||||
(**) | On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party purchaser for an aggregate price of $20,020 million. An amount of $1,695 has been accounted for due to the expiration of the time charter of the related favorable lease of the vessel. |
Goodwill
Goodwill | 6 Months Ended | ||
Jun. 30, 2014 | |||
Business Combination, Goodwill [Abstract] | ' | ||
GOODWILL | ' | ||
NOTE 6: GOODWILL | |||
Goodwill as of June 30, 2014 and December 31, 2013 consisted of the following: | |||
Balance at January 1, 2013 | $1,579 | ||
Balance at December 31, 2013 | $1,579 | ||
Balance at June 30, 2014 | $1,579 | ||
Investment_In_Navios_Europe_In
Investment In Navios Europe Inc. | 6 Months Ended | ||
Jun. 30, 2014 | |||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||
INVESTMENTS IN NAVIOS EUROPE INC. | ' | ||
NOTE 7: INVESTMENT IN NAVIOS EUROPE INC. | |||
On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (“Navios Europe”) and have ownership interests of 47.5%, 47.5% and 5.0%, respectively. On December 18, 2013, Navios Europe acquired ten vessels for aggregate consideration consisting of (i) cash consideration of $127,753 (which was funded with the proceeds of a $117,753 senior loan facility (the “Senior Loan”), and loans aggregating $10,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their ownership interests in Navios Europe) (collectively, the “Navios Term Loans”)and (ii) the assumption of a junior participating loan facility (the “Junior Loan”) with a face amount of $173,367 and fair value of $71,929 as of December 31, 2013. In addition to the Navios Term Loans, Navios Holdings, Navios Acquisition and Navios Partners will also make available to Navios Europe (in each case, in proportion to their ownership interests in Navios Europe) revolving loans up to $24,100 to fund working capital requirements, (collectively, the “Navios Revolving Loans”). | |||
On an ongoing basis, Navios Europe is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loan and repayments of the Navios Revolving Loans) according to a defined waterfall calculation as follows: | |||
• | First, Navios Holdings, Navios Acquisition and Navios Partners will each earn a 12.7% preferred distribution on the Navios Term Loans and the Navios Revolving Loans; and | ||
• | Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan holder and (ii) the holders of the Navios Term Loans. | ||
The Navios Term Loan will be repaid from the future sale of vessels owned by Navios Europe and is deemed to be the initial investment by Navios Acquisition. Navios Acquisition evaluated its investment in Navios Europe under ASC 810 and concluded that Navios Europe is a VIE and that they are not the party most closely associated with Navios Europe and, accordingly, is not the primary beneficiary of Navios Europe based on the following: | |||
• | the power to direct the activities that most significantly impact the economic performance of Navios Europe are shared jointly between (i) Navios Holdings, Navios Acquisition and Navios Partners and (ii) and the Junior Loan holder; and | ||
• | while Navios Europe's residual is shared on an 80%/20% basis, respectively, between (i) the Junior Loan holder and (ii) Navios Holdings, Navios Acquisition and Navios Partners, the Junior Loan holder is exposed to a substantial portion of Navios Europe's risks and rewards. | ||
Navios Acquisition further evaluated its investment in the common stock of Navios Europe under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe and, therefore, its investment in Navios Europe is accounted for under the equity method. | |||
As of June 30, 2014, the estimated maximum potential loss by Navios Acquisition in Navios Europe would have been $10,995, which represents the Company's portion of the initial investment of $4,750, equity method investee income of $143, and the Company's portion of the carrying balance of the Navios Revolving Loans of $6,102. Refer to Note 10 for the terms of the Navios Revolving Loans. | |||
Dividend_Payable
Dividend Payable | 6 Months Ended |
Jun. 30, 2014 | |
Dividend Payable [Abstract] | ' |
DIVIDEND PAYABLE | ' |
NOTE 8: DIVIDEND PAYABLE | |
On November 8, 2013, the Board of Directors declared a quarterly cash dividend for the third quarter of 2013 of $0.05 per share of common stock. A dividend in the aggregate amount of $7,220 was paid on January 7, 2014 out of which $6,836 was paid to the stockholders of record as of December 19, 2013 including holders of restricted stock and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
On February 7, 2014, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2013 of $0.05 per share of common stock. A dividend in the aggregate amount of $7,967 was paid on April 8, 2014 out of which $7,583 was paid to the stockholders of record as of March 19, 2014 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
On May 9, 2014, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2014 of $0.05 per share of common stock payable on July 3, 2014 to stockholders of record as of June 17, 2014. A dividend in the aggregate amount of $7,967 was paid on July 3, 2014 out of which $7,583 was paid to the stockholders of record as of June 17, 2014 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
As of June 30, 2014, Navios Acquisition paid a dividend of $333 to the holders of the 540 shares of Series B and Series D Preferred Stock. | |
Accrued_Expenses
Accrued Expenses | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Accrued Expenses [Abstract] | ' | ||||
ACCRUED EXPENSES | ' | ||||
NOTE 9: ACCRUED EXPENSES | |||||
Accrued expenses as of June 30, 2014 and December 31, 2013 consisted of the following: | |||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Accrued voyage expenses | $1,273 | $499 | |||
Accrued loan interest | 9,356 | 9,046 | |||
Accrued legal and professional fees | 765 | 2,440 | |||
Total accrued expenses | $11,394 | $11,985 | |||
Borrowings
Borrowings | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Long-Term Debt Obligations: | ' | |||||
BORROWINGS | ' | |||||
NOTE 10: BORROWINGS | ||||||
30-Jun-14 | December 31, 2013 | |||||
Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank | $132,750 | $137,250 | ||||
BNP Paribas S.A. and DVB Bank SE | 72,000 | 74,250 | ||||
DVB Bank SE and ABN AMRO Bank N.V. | 37,655 | 39,448 | ||||
Eurobank Ergasias S.A. $52.2 million | 45,117 | 46,482 | ||||
Eurobank Ergasias S.A. $52.0 million | 42,222 | 43,446 | ||||
ABN AMRO Bank N.V. | 38,355 | 41,336 | ||||
Norddeutsche Landesbank Girozentrale | 24,971 | 24,971 | ||||
DVB Bank SE and Credit Agricole Corporate and Investment Bank | 53,096 | 49,943 | ||||
Ship Mortgage Notes $670 million | 670,000 | 610,000 | ||||
Deutsche Bank AG Filiale Deutschlandgeschäft | 45,493 | 47,652 | ||||
HSH Nordbank AG $40.3 million | 38,411 | 39,670 | ||||
HSH Nordbank AG $51.0 million | 50,200 | — | ||||
Total borrowings | 1,250,270 | 1,154,448 | ||||
Less: current portion | (38,781 | ) | (34,714 | ) | ||
Add: bond premium | 1,905 | — | ||||
Total long-term borrowings | $1,213,394 | $1,119,734 | ||||
Long-Term Debt Obligations and Credit Arrangements | ||||||
Senior Notes: | ||||||
8 1/8% First Priority Ship Mortgages: On November 13, 2013, the Company and its wholly owned subsidiary, Navios Acquisition Finance (US) Inc. (together with the Company, the “2021 Co-Issuers”) issued $610,000 in first priority ship mortgage notes (the “Existing Notes”) due on November 15, 2021 at a fixed rate of 8.125%. | ||||||
On March 31, 2014 the Company completed a sale of $60,000 of its first priority ship mortgage notes due 2021 (the “Additional Notes,” and together with the Existing Notes, the “2021 Notes”). The terms of the Additional Notes are identical to the Existing Notes and were issued at 103.25% plus accrued interest from November 13, 2013. The net cash received amounted to $59,667. | ||||||
The 2021 Notes are fully and unconditionally guaranteed on a joint and several basis by all of Navios Acquisition's subsidiaries with the exception of Navios Acquisition Finance (US) Inc. (a co-issuer of the 2021 notes). | ||||||
The 2021 Co-Issuers have the option to redeem the 2021 Notes in whole or in part, at any time (i) before November 15, 2016, at a redemption price equal to 100% of the principal amount, plus a make-whole premium, plus accrued and unpaid interest, if any, and (ii) on or after November 15, 2016, at a fixed price of 106.094% of the principal amount, which price declines ratably until it reaches par in 2019, plus accrued and unpaid interest, if any. | ||||||
At any time before November 15, 2016, the 2021 Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2021 Notes with the net proceeds of an equity offering at 108.125% of the principal amount of the 2021 Notes, plus accrued and unpaid interest, if any, so long as at least 65% of the aggregate principal amount of the Existing Notes remains outstanding after such redemption. | ||||||
In addition, upon the occurrence of certain change of control events, the holders of the notes will have the right to require the 2021 Co-Issuers to repurchase some or all of the 2021 Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | ||||||
The 2021 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2021 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2021 Co-Issuers were in compliance with the covenants as of June 30, 2014. | ||||||
The Existing Notes and the Additional Notes are treated as a single class for all purposes under the indenture including, without limitation, waivers, amendments, redemptions and other offers to purchase and the Additional Notes rank evenly with the Existing Notes. The Additional Notes and the Existing Notes have the same CUSIP number. | ||||||
Guarantees | ||||||
The Company's 2021 Notes are fully and unconditionally guaranteed on a joint and several basis by all of the Company's subsidiaries with the exception of Navios Acquisition Finance (a co-issuer of the 2021 notes). The Company's 2021 Notes are unregistered. The guarantees of our subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of our subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. All subsidiaries, including Navios Acquisition Finance are 100% owned. Navios Acquisition does not have any independent assets or operations. Navios Acquisition does not have any subsidiaries that are not guarantors of the 2021 Notes. | ||||||
Credit Facilities | ||||||
Commerzbank AG, Alpha Bank A.E., and Credit Agricole Corporate and Investment Bank: Navios Acquisition assumed a loan agreement dated April 7, 2010, with Commerzbank AG, Alpha Bank A.E. and Credit Agricole Corporate and Investment Bank of up to $150,000 (divided in six equal tranches of $25,000 each) to partially finance the construction of two chemical tankers and four product tankers. Each tranche of the facility is repayable in 12 equal semi-annual installments of $750 each with a final balloon payment of $16,000 to be repaid on the last repayment date. The repayment of each tranche started six months after the delivery date of the respective vessel which that tranche financed. It bears interest at a rate of LIBOR plus 250 bps. The loan also requires compliance with certain financial covenants. As of June 30, 2014, the facility was fully drawn and $132,750 was outstanding. | ||||||
BNP Paribas SA Bank and DVB Bank S.E.: Navios Acquisition assumed a loan agreement dated April 8, 2010, of up to $75,000 (divided in three equal tranches of $25,000 each) to partially finance the purchase price of three product tankers. Each of the tranches is repayable in 12 equal semi-annual installments of $750 each with a final balloon payment of $16,000 to be repaid on the last repayment date. The repayment date of each tranche started six months after the delivery date of the respective vessel which that tranche finances. It bears interest at a rate of LIBOR plus 250 bps. The loan also requires compliance with certain financial covenants. As of June 30, 2014, $72,000 was outstanding with no amount remaining to be drawn under this facility. | ||||||
DVB Bank S.E. and ABN AMRO Bank N.V.: On May 28, 2010, Navios Acquisition entered into a loan agreement with DVB Bank S.E. and ABN AMRO Bank N.V. of up to $52,000 (divided into two tranches of $26,000 each) to partially finance the acquisition costs of two product tanker vessels. Each tranche of the facility is repayable in 24 equal quarterly installments of $448 each with a final balloon payment of $15,241 to be repaid on the last repayment date. The repayment of each tranche started three months after the delivery date of the respective vessel. It bears interest at a rate of LIBOR plus 275 bps. The loan also requires compliance with certain financial covenants. On December 29, 2011, Navios Acquisition prepaid $2,500 in relation to an amendment to its credit facility. After the prepayment, the outstanding amount under each tranche is repayable in five quarterly installments of $198 each, 13 equal quarterly installments of $448 each, with a final balloon payment of $15,241 to be repaid on the last repayment date. On December 31, 2012, Navios Acquisition prepaid $500 in relation to an amendment to its credit facility. After the prepayment, the outstanding amount under each tranche is repayable in two quarterly installments of $198 each, 12 equal quarterly installments of $448 each, with a final balloon payment of $15,241 to be repaid on the last repayment date. As of June 30, 2014, the facility was fully drawn and $37,655 was outstanding. | ||||||
Eurobank Ergasias S.A.: On October 26, 2010, Navios Acquisition entered into a loan agreement with Eurobank Ergasias S.A. of up to $52,200, of which $51,600 is drawn (divided into two tranches of $26,100 and $25,500, respectively) to partially finance the acquisition costs of two LR1 product tanker vessels. Each tranche of the facility is repayable in 32 quarterly installments of $345 and $337, respectively, with a final balloon payment of $15,060 and $14,716, respectively, to be repaid on the last repayment date. The repayment of each tranche started three months after the delivery date of the respective vessel. The loan bears interest at a rate of LIBOR plus (i) plus 250 bps for the period prior to the delivery date in respect of the vessel being financed, and (ii) thereafter 275 bps. The loan also requires compliance with certain financial covenants. The facility was fully drawn and $45,117 was outstanding as of June 30, 2014. | ||||||
Eurobank Ergasias S.A.: On December 6, 2010, Navios Acquisition entered into a loan agreement with Eurobank Ergasias S.A. of up to $52,000 out of which $46,200 has been drawn (divided into two tranches of $23,100 each) to partially finance the acquisition costs of two LR1 product tanker vessels. Each tranche of the facility is repayable in 32 equal quarterly installments of $306 each with a final balloon payment of $13,308, to be repaid on the last repayment date. The repayment of each tranche started three months after the delivery date of the respective vessel. It bears interest at a rate of LIBOR plus 300 bps. The loan also requires compliance with certain financial covenants. The facility was fully drawn and $42,222 was outstanding as of June 30, 2014. | ||||||
ABN AMRO Bank N.V.: On July 8, 2011, Navios Acquisition entered into a loan agreement with ABN AMRO Bank N.V of up to $55,100 (divided into two equal tranches) to partially finance the purchase price of two MR2 product tanker vessels. The total amount of $54,750 was drawn under this facility. Each tranche of the facility is repayable in 12 quarterly installments of $745 each and 12 quarterly installments of $571 each with a final balloon payment of $11,576 to be repaid on the last repayment date. The repayment started in October 2011 and it bears interest at a rate of LIBOR plus 325 bps. The loan also requires compliance with certain financial covenants. As of June 30, 2014, $38,355 was outstanding under this loan agreement ($19,177.5 from each of the two tranches) and no further amounts were available to be drawn. | ||||||
Norddeutsche Landesbank Girozentrale: On December 29, 2011, Navios Acquisition entered into a loan agreement with Norddeutsche Landesbank Girozentrale of up to $28,125 to partially finance the purchase price of one MR2 product tanker vessel. The facility is repayable in 32 quarterly installments of $391 each with a final balloon payment of $15,625 to be repaid on the last repayment date. The repayment starts three months after the delivery of the vessel and it bears interest at a rate of LIBOR plus: (a) up to but not including the drawdown date of, 175bps per annum; (b) thereafter until, but not including, the tenth repayment date, 250 bps per annum; and (c) thereafter 300 bps per annum. The loan also requires compliance with certain financial covenants. As of June 30, 2014, $24,971 was drawn and outstanding under this loan agreement with $3,154 remaining to be drawn. | ||||||
DVB Bank SE and Credit Agricole Corporate and Investment Bank: On December 29, 2011, Navios Acquisition entered into a loan agreement with DVB Bank SE and Credit Agricole Corporate and Investment Bank of up to $56,250 (divided into two tranches of $28,125 each) to partially finance the purchase price of two MR2 product tanker vessels. Each tranche of the facility is repayable in 32 quarterly installments of $391 each with a final balloon payment of $15,625 to be repaid on the last repayment date. The repayment starts three months after the delivery of the respective vessel and it bears interest at a rate of LIBOR plus: (a) up to but not including the Drawdown Date of, 175 bps per annum; (b) thereafter until, but not including, the tenth repayment date, 250 bps per annum; and (c) thereafter 300 bps per annum. The loan also requires compliance with certain financial covenants. As of June 30, 2014, $53,096 was drawn and outstanding under this loan agreement and $3,154 remained to be drawn. | ||||||
The Navios Holdings Credit Facility: Navios Acquisition entered into a $40,000 credit facility with Navios Holdings and paid $400 as an arrangement fee. The $40,000 facility has a margin of LIBOR plus 300 bps and pursuant to an agreement dated November 8, 2011, the Navios Holdings' credit facility was extended to December 2014. Pursuant to an amendment in October 2010, the facility will be available for multiple drawings up to a limit of $40,000. As of June 30, 2014, there was no amount outstanding amount under this facility with $40,000 remaining to be drawn. | ||||||
Deutsche Bank AG Filiale Deutschlandgeschäft: On July 9, 2013, Navios Acquisition entered into a loan agreement, with Deutsche Bank AG Filiale Deutschlandgeschäft of up to $48,465 (divided in three tranches of $13,935, $13,935 and $20,595 each), to partially finance the acquisition of three product tankers. The two tranches of the facility are repayable in 19 quarterly installments of $348 and $387, respectively, with a final balloon payment of $7,316 and $6,575, respectively, to be repaid on the last repayment date. The third tranche of the facility is repayable in one installment of $76, 18 installments of $344, with a final balloon installment of $14,327, to be repaid on the last repayment date. The facility bears interest at a rate of LIBOR plus 325 bps. The loan also requires compliance with certain financial covenants. As of June 30, 2014 the facility was fully drawn and $45,493 was outstanding. | ||||||
HSH Nordbank AG: On August 20, 2013, Navios Acquisition entered into a loan agreement with HSH Nordbank AG of up to $40,300 (divided in two tranches of $20,150 each), to partially finance the acquisition of two chemical tanker vessels. Each tranche of the facility is repayable in 28 quarterly installments of $315 with a final balloon payment of $11,334 to be paid on the last repayment date. The facility bears interest at a rate of LIBOR plus 320 bps. The loan also requires compliance with certain financial covenants. As of June 30, 2014, the facility was fully drawn and $38,411 was outstanding. | ||||||
HSH Nordbank AG: On February 6, 2014, Navios Acquisition entered into a loan agreement of up to $51,000 (divided in two tranches of $25,500 each). The facility bears interest at a margin of LIBOR plus 310 bps. Each tranche of the facility is repayable in 28 consecutive quarterly equal repayment installments of $400 each with a final balloon payment of $14,300 to be repaid on the last repayment date. The repayment started in May 2014. As of June 30, the facility was fully drawn and $50,200 was outstanding. | ||||||
As of June 30, 2014, the total amount available to be drawn from all our facilities was $46,308 and the Company was in compliance with its covenants. | ||||||
The loan facilities include, among other things, compliance with loan to value ratios and certain financial covenants: (i) minimum liquidity higher of $40,000 or $1,000 per vessel, including vessels under construction; (ii) net worth ranging from $50,000 to $135,000; and (iii) total liabilities divided by total assets, adjusted for market values to be lower than 75%, as of January 1, 2014 and thereafter. It is an event of default under the credit facilities if such covenants are not complied with, including the loan to value ratios for which the Company may provide sufficient additional security to prevent such an event. | ||||||
Amounts drawn under the facilities are secured by first preferred mortgages on Navios Acquisition's vessels and other collateral and are guaranteed by each vessel-owning subsidiary. The credit facilities contain a number of restrictive covenants that prohibit or limit Navios Acquisition from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; changing the flag, class, management or ownership of Navios Acquisition's vessels; changing the commercial and technical management of Navios Acquisition's vessels; selling Navios Acquisition's vessels; and subordinating the obligations under each credit facility to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. The credit facilities also require Navios Acquisition to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. | ||||||
The maturity table below reflects the principal payments of all notes and credit facilities outstanding as of June 30, 2014 for the next five years and thereafter are based on the repayment schedule of the respective loan facilities (as described above) and the outstanding amount due under the 2021 Notes. The maturity table below includes in the amount shown for 2020 and thereafter future principal payments of the drawn portion of credit facilities associated with the financing of the construction of vessels scheduled to be delivered on various dates throughout 2015. | ||||||
June 30, 2014 | ||||||
Long-Term Debt Obligations: | ||||||
Year | ||||||
30-Jun-15 | $38,781 | |||||
30-Jun-16 | 38,433 | |||||
30-Jun-17 | 98,475 | |||||
30-Jun-18 | 54,696 | |||||
30-Jun-19 | 132,800 | |||||
June 30, 2020 and thereafter | 887,085 | |||||
Total | $1,250,270 | |||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||
NOTE 11: FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||
Fair Value of Financial Instruments | |||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||
Cash and cash equivalents: The carrying amounts reported in the condensed consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. | |||||||||
Restricted Cash: The carrying amounts reported in the condensed consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. | |||||||||
Accounts receivable: Carrying amounts are considered to approximate fair value due to the short-term nature of these accounts receivables and no significant changes in interest rates. All amounts that are assumed to be uncollectible are written off and/or reserved. | |||||||||
Accounts payable: The carrying amount of accounts payable reported in the balance sheet approximates its fair value due to the short-term nature of these accounts payable and no significant changes in interest rates. | |||||||||
Due to related parties, short-term: The carrying amount of due to related parties, short-term reported in the balance sheet approximates its fair value due to the short-term nature of these accounts payable and no significant changes in interest rates. | |||||||||
Other long-term borrowings: The carrying amount of the floating rate loans approximates its fair value. | |||||||||
Ship Mortgage Notes: The fair value of the 2021 Notes, which has a fixed rate, was determined based on quoted market prices, as indicated in the table below. | |||||||||
Loans due to related party: The carrying amount of the floating rate loans approximates its fair value. | |||||||||
Loans receivable from affiliates: The carrying amount of the floating rate loans approximates its fair value. | |||||||||
Due to related parties, long-term: The carrying amount of the floating rate payable approximates its fair value. | |||||||||
30-Jun-14 | December 31, 2013 | ||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||
Cash and cash equivalents | $61,288 | $61,288 | $82,835 | $82,835 | |||||
Restricted cash | $8,340 | $8,340 | $24,962 | $24,962 | |||||
Accounts receivable | $11,502 | $11,502 | $8,441 | $8,441 | |||||
Accounts payable | $2,205 | $2,205 | $1,577 | $1,577 | |||||
Due to related parties, short-term | $7,100 | $7,100 | $2,848 | $2,848 | |||||
Ship mortgage notes and premium | $671,905 | $703,085 | $610,000 | $622,963 | |||||
Other long-term debt | $580,270 | $580,270 | $544,448 | $544,448 | |||||
Due to related parties, long-term | $7,169 | $7,169 | $5,144 | $5,144 | |||||
Loans receivable from affiliates | $6,102 | $6,102 | $2,660 | $2,660 | |||||
Fair Value Measurements | |||||||||
The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: | |||||||||
Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. | |||||||||
Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. | |||||||||
Level III: Inputs that are unobservable. The Company did not use any Level III inputs as of June 30, 2014. | |||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||
Total | Level I | Level II | Level III | ||||||
Cash and cash equivalents | $61,288 | $61,288 | — | — | |||||
Restricted cash | $8,340 | $8,340 | — | — | |||||
Ship mortgage notes and premium | $703,085 | $703,085 | — | — | |||||
Other long-term debt(1) | $580,270 | — | $580,270 | (1) | — | ||||
Due to related parties, long-term(1) | $7,169 | — | $7,169 | (1) | — | ||||
Loans receivable affiliates | $6,102 | — | $6,102 | (1) | — | ||||
Fair Value Measurements at December 31, 2013 Using | |||||||||
Total | Level I | Level II | Level III | ||||||
Cash and cash equivalents | $82,835 | $82,835 | — | — | |||||
Restricted cash | $24,962 | $24,962 | — | — | |||||
Ship mortgage notes and premium | $622,963 | $622,963 | — | — | |||||
Other long-term debt(1) | $544,448 | — | $544,448 | (1) | — | ||||
Due to related parties, long-term(1) | $5,144 | — | $5,144 | (1) | — | ||||
Loans receivable affiliates | $2,660 | — | $2,660 | (1) | — | ||||
(1) The fair value of the Company's other long-term debt and due to related parties, long-term is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the Company's creditworthiness. | |||||||||
The following table presents the Company's assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. | |||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||
Total | Level I | Level II | Level III | ||||||
Derivatives (included under “Prepaid expenses and other current assets”) | $3,446 | $ — | $3,446 | $ — | |||||
Following the termination of the charter contracts of two MR2 product tankers in June 2013, Navios Acquisition had recorded as of December 31, 2013, an aggregate receivable of $4,623 pursuant to the rehabilitation plan of the defaulted charterer and managements' estimates, consisting of: (i) a derivative of $3,446 being the valuation of the shares that it had the right to receive; and (ii)$1,177 as a long term receivable. | |||||||||
As of March 31, 2014, management revalued the derivative at $2,258 using publicly available trading data and recognized a fair value loss of $1,188 in the condensed consolidated statement of operations. The management reassessed the recoverable amount of the receivable and recognized an impairment loss of $972 in the condensed consolidated statement of operations under “Impairment loss and loss on sale of vessel.” | |||||||||
In April 2014, Navios Acquisition agreed to sell the receivable for $2,463 and the cash was received within the second quarter of 2014. |
Transactions_With_Related_Part
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
Transactions with related parties [Abstract] | ' |
TRANSACTIONS WITH RELATED PARTIES | ' |
NOTE 12: TRANSACTIONS WITH RELATED PARTIES | |
The Navios Holdings Credit Facility: Navios Acquisition entered into a $40,000 credit facility with Navios Holdings. The $40,000 facility has a margin of LIBOR plus 300 bps and a pursuant to an amendment dated November 8, 2011, the maturity of the facility was extended to December 2014. Pursuant to an amendment in October 2010, the facility will be available for multiple drawings up to a limit of $40,000. As of June 30, 2014, there was no outstanding amount under this facility. | |
Management fees: Pursuant to a Management Agreement dated May 28, 2010 as amended on May 4, 2012 (the “Management Agreement”), Navios Holdings provided for five years from the closing of the Company's initial vessel acquisition, commercial and technical management services to Navios Acquisition's vessels for a daily fee through May 28, 2014. This daily fee covered all of the vessels' operating expenses, other than certain fees and costs. Drydocking expenses were fixed for the first four years under this agreement for up to $300 per LR1 and MR2 product tanker vessel and were reimbursed at cost for VLCC vessels. | |
In May 2014, Navios Acquisition extended the duration of its existing Management Agreement with Navios Holdings, until May 2020 and fixed the fees for ship management services of its owned fleet for two additional years through May 2016 at current rates for product tanker and chemical tanker vessels, being $6.0 daily rate per MR2 product tanker and chemical tanker vessel and $7.0 daily rate per LR1 product tanker vessel and reduced the rate by 5% to $9.5 daily rate per VLCC vessel. Drydocking expenses under this Management Agreement will be reimbursed at cost at occurrence for all vessels. | |
Effective March 30, 2012, Navios Acquisition can, upon request to the Navios Holdings, partially or fully defer the reimbursement of drydocking and other extraordinary fees and expenses under the Management Agreement to a later date, but not later than January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. Commencing as of September 28, 2012, Navios Acquisition can, upon request, reimburse Navios Holdings partially or fully, for any fixed management fees outstanding for a period of not more than nine months under the Management Agreement at a later date, but not later than December 31, 2014, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. Total management fees for each of the three month periods ended June 30, 2014 and 2013 amounted to $23,787 and $15,826, respectively. Total management fees for each of the six month periods ended June 30, 2014 and 2013 amounted to $46,087 and $29,924, respectively. | |
General and administrative expenses: On May 28, 2010, Navios Acquisition entered into an administrative services agreement with Navios Holdings, expiring on May 28, 2015, pursuant to which Navios Holdings provides certain administrative management services to Navios Acquisition which include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other services. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. For the six month periods ended June 30, 2014 and 2013 the administrative services rendered by Navios Holdings amounted to $3,498 and $1,414, respectively. For the three month periods ended June 30, 2014 and 2013 the administrative services rendered by Navios Holdings amounted to $1,803 and $754, respectively. | |
In May 2014, Navios Acquisition extended the duration of its existing Administrative Services Agreement with Navios Holdings, until May 2020 pursuant to its existing terms. | |
Balance due to related parties: Amounts due to related parties as of June 30, 2014 and December 31, 2013 was $14,269 and $7,992, respectively, of which the current account payable to Navios Holdings and its subsidiaries was $7,100 and $2,848, respectively, and the long term payable was $7,169 and $5,144, respectively. The balance mainly consisted of management fees administrative fees, drydocking costs and other expenses. | |
Omnibus agreement: Navios Acquisition entered into the Acquisition Omnibus Agreement with Navios Holdings and Navios Partners in connection with the closing of Navios Acquisition's vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for container vessels and vessels that are primarily employed in operations in South America without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter drybulk carriers under specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries grant to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its drybulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels they might own. These rights of first offer will not apply to a: (a) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the existing terms of any charter or other agreement with a counterparty or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party. | |
Revolving Loans to Navios Europe: Navios Holdings, Navios Acquisition and Navios Partners will make available to Navios Europe (in each case, in proportion to their ownership interests in Navios Europe) up to $24,100 to fund working capital requirements under the Navios Revolving Loans. See Note 7 for the Investment in Navios Europe and respective ownership interests. The Navios Revolving Loans earn a 12.7% preferred distribution and are repaid from Free Cash Flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. As of June 30, 2014, Navios Acquisition's portion of the outstanding amount relating to the investment in Navios Europe was $4,750, under caption “Investment in affiliates” and the outstanding amount relating to the Navios revolving loans was $5,491, under caption “Loan receivable from affiliates.” As of June 30, 2014, the amount undrawn from the revolving facility was $12,540 of which Navios Acquisition was committed to fund $5,957. | |
Commitments_And_Contigencies
Commitments And Contigencies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitment and Contigencies [Abstract] | ' | ||
COMMITMENTS AND CONTINGENCIES | ' | ||
NOTE 13: COMMITMENTS AND CONTINGENCIES | |||
As of June 30, 2014, Navios Acquisition committed for future remaining contractual deposits for the vessels to be delivered on various dates through June 2015. | |||
The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date of the financial statements were prepared. In the opinion of the management, the ultimate disposition of these matters individually and in aggregate will not materially affect the Company's financial position, results of operations or liquidity. | |||
The future minimum commitments by period as of June 30, 2014, of Navios Acquisition under its contractual obligations, are as follows: | |||
Amount | |||
30-Jun-15 | $120,955 | ||
31-Dec-15 | 44,310 | ||
Total | $165,265 | ||
Preferred_And_Common_Stock
Preferred And Common Stock | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Preferred and Common Stock [Abstract] | ' | ||||
PREFERRED AND COMMON STOCK | ' | ||||
NOTE 14: PREFERRED AND COMMON STOCK | |||||
Preferred Stock | |||||
As of June 30, 2014, the Company was authorized to issue 10,000,000 shares of $0.0001 par value preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. | |||||
Redeemable Convertible Preferred Stock | |||||
On each of August 31, 2012, October 31, 2012, February 13, 2013 and April 24, 2013, Navios Acquisition issued 300 shares of its authorized Series D Preferred Stock (nominal and fair value $3,000) to a shipyard, in partial settlement of the purchase price of each of the newbuilding LR1 product tankers, Nave Cassiopeia, Nave Cetus, Nave Atropos and Nave Rigel. The preferred stock includes a 6% per annum dividend payable quarterly, starting one year after delivery of each vessel. The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price per share of common stock equal to $10.00. The holder of the preferred stock shall have the right to convert such shares of preferred stock into common stock prior to the scheduled maturity dates at a price of $7.00 per share of common stock. The Series D Preferred Stock does not have any voting rights. Navios Acquisition is obligated to redeem the Series D Preferred Stock (or converted common shares) at holder's option exercisable beginning on 18 months after issuance, at par payable at up to 12 equal quarterly installments. | |||||
The fair value was determined using a combination of Black Scholes model and discounted projected cash flows for the conversion option and put, respectively. The model used takes into account the credit spread of Navios Acquisition, the volatility of its stock, as well as the price of its stock at the issuance date. The convertible preferred stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the redemption feature upon exercise of the put option granted to the holder of the preferred stock. | |||||
As of each of June 30, 2014 and December 31, 2013, there were 4,540 shares of preferred stock issued and outstanding. | |||||
As of each of June 30, 2014 and December 31, 2013, 1,200 shares of Series D Preferred Stock were outstanding. | |||||
Preferred Stock | |||||
Number of | Amount | ||||
preferred shares | |||||
Balance at December 31, 2012 | 600 | $6,000 | |||
Issuance of preferred stock subject to redemption | 600 | 6,000 | |||
Balance at December 31, 2013 | 1,200 | $12,000 | |||
Balance at June 30, 2014 | 1,200 | $12,000 | |||
Stock based compensation | |||||
In October 2013, Navios Acquisition authorized and issued to its directors in the aggregate of 2,100,000 restricted shares of common stock and options to purchase 1,500,000 shares of common stock having an exercise price of $3.91 per share and an expiration term of 10 years. These awards of restricted common stock and stock options are based on service conditions only and vest over a period of over three years. The holders of restricted stock are entitled to dividends paid on the same schedule as paid to the common stockholders of the company. The fair value of restricted stock is determined by reference to the quoted stock price on the date of grant of $3.99 per share (or total fair value of $8,379). | |||||
The fair value of stock option grants is determined with reference to option pricing model, and principally adjusted Black-Scholes models, using historical volatility, historical dividend yield, zero forfeiture rate, risk free rate equal to 10-year US treasury bond and the simplified method for determining the expected option term since the Company does not have sufficient historical exercise data upon which to have a reasonable basis to estimate the expected option term. The fair value of stock options was calculated to $0.79 per option (or $1,188). Compensation expense is recognized based on a graded expense model over the vesting period of three years from the date of the grant. | |||||
The effect of compensation expense arising from the stock-based arrangements described above amounted to $2,900, for the period ended June 30, 2014, and was reflected in general and administrative expenses on the statement of operations. The recognized compensation expense for the year was presented as adjustment to reconcile net income to net cash provided by operating activities on the statements of cash flows. | |||||
There were no restricted stock or stock options exercised, forfeited or expired during the six month period ended June 30, 2014. Restricted shares outstanding and non-vested amounted to 2,100,000 shares as of June 30, 2014 and the number of stock options outstanding as of June 30, 2014 amounted to 1,500,000. There were no stock options exercisable as of June 30, 2014. | |||||
The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock not yet recognized was $693 and $4,886, respectively, as of June 30, 2014 and is expected to be recognized over the weighted average period of 2.32 years. The weighted average contractual life of stock options outstanding as at June 30, 2014 was 9.3 years. | |||||
Common Stock | |||||
On February 20, 2014, Navios Acquisition completed the public offering of 14,950,000 shares of its common stock at $3.85 per share, raising gross proceeds of $57,556. These figures include 1,950,000 shares sold pursuant to the underwriters' option, which was exercised in full. Total net proceeds of the above transactions, net of agents' costs of $3,022 and offering costs of $247, amounted to $54,287. | |||||
As of June 30, 2014, the Company was authorized to issue 250,000,000 shares of $0.0001 par value common stock. | |||||
Segment_Information
Segment Information | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Information [Abstract] | ' | ||||||||
SEGMENT INFORMATION | ' | ||||||||
NOTE 15: SEGMENT INFORMATION | |||||||||
Navios Acquisition reports financial information and evaluates its operations by charter revenues. Navios Acquisition does not use discrete financial information to evaluate operating results for each type of charter. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus Navios Acquisition has determined that it operates under one reportable segment. | |||||||||
The following table sets out operating revenue by geographic region for Navios Acquisition's reportable segment. Revenue is allocated on the basis of the geographic region in which the customer is located. Tanker vessels operate worldwide. Revenues from specific geographic regions which contribute over 10% of total revenue are disclosed separately. | |||||||||
Revenue by Geographic Region | |||||||||
Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. | |||||||||
Three Month | Three Month | Six Month | Six Month | ||||||
Period ended | Period ended | Period ended | Period ended | ||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Asia | $41,125 | $39,057 | $84,323 | $76,681 | |||||
Europe | 9,643 | 5,341 | 17,030 | 8,828 | |||||
United States | 11,474 | 2,659 | 21,858 | 5,720 | |||||
Total | $62,242 | $47,057 | $123,211 | $91,229 | |||||
Loss_Per_Common_Share
Loss Per Common Share | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Loss per common share | ' | |||||||||
LOSS PER COMMON SHARE | ' | |||||||||
NOTE 16: LOSS PER COMMON SHARE | ||||||||||
Loss per share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock of Navios Acquisition outstanding during the period. | ||||||||||
Potential common shares of 14,406,286 for the six month period ended June 30, 2014, and 7,892,000 for the six month period ended June 30, 2013 (which include Series A, Series B, Series C and Series D Preferred Stock, Restricted Stock and Stock Options, wherever applicable) have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted loss per share. | ||||||||||
For the Three | For the Three | For the Six | For the Six | |||||||
Months | Months | Months | Months | |||||||
Ended | Ended | Ended | Ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||||
Numerator: | ||||||||||
Net loss attributable to common | $ (2,804) | ($1,536) | ($15,622) | ($801) | ||||||
stockholders | ||||||||||
Dividend declared on preferred shares | (27 | ) | (27 | ) | (54 | ) | (54 | ) | ||
Series B | ||||||||||
Dividend declared on Series D | (168 | ) | — | (279 | ) | — | ||||
preferred shares | ||||||||||
Dividend declared on restricted shares | (105 | ) | — | (210 | ) | — | ||||
Undistributed loss attributable to | 151 | 122 | 825 | 34 | ||||||
Series C participating preferred | ||||||||||
shares | ||||||||||
Loss attributable to common | ($2,953) | ($1,441) | ($15,340) | ($821) | ||||||
stockholders, basic and diluted | ||||||||||
Denominator: | ||||||||||
Denominator for basic net loss per | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 | ||||||
share — weighted average shares | ||||||||||
Denominator for diluted net loss per | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 | ||||||
share — adjusted weighted average | ||||||||||
shares | ||||||||||
Basic net loss per share | ($0.02) | ($0.02) | ($0.11) | ($0.01) | ||||||
Diluted net loss per share | ($0.02) | ($0.02) | ($0.11) | ($0.01) | ||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax [Abstract] | ' |
INCOME TAXES | ' |
NOTE 17: INCOME TAXES | |
Marshall Islands, Cayman Islands, British Virgin Islands, and Hong Kong, do not impose a tax on international shipping income. Under the laws of Marshall Islands, of the companies' incorporation and vessels' registration, the companies are subject to registration and tonnage taxes which have been included in the daily management fee. | |
As of January 1, 2013, foreign flagged vessels that are managed by Greek or foreign ship management companies in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessels' tonnage. The payment of such duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. The amount included in Navios Acquisition's statement of operations for the six months ended June 30, 2014 and 2013, related to the Greek Tonnage tax was $108 and $67, respectively, and for the three months ended June 30, 2014 and 2013, related to the Greek Tonnage tax was $53 and $47, respectively. | |
Pursuant to Section 883 of the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company operating the ships meets certain incorporation and ownership requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country, which grants an equivalent exemption from income taxes to U.S. corporations. All the Navios Acquisition's ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must meet an ownership test. Subject to proposed regulations becoming finalized in their current form, the management of Navios Acquisition believes by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like Navios Acquisition, the second criterion can also be satisfied based on the trading volume and ownership of the Company's shares, but no assurance can be given that this will remain so in the future. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 18: RECENT ACCOUNTING PRONOUNCEMENTS | |
The FASB issued No.ASU 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment” changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. We plan to adopt No.ASU 2014-08 effective January 1, 2015. | |
The FASB issued ASU No.2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS [Text Block] | ' |
NOTE 19: SUBSEQUENT EVENTS | |
In July 2014, Navios Acquisition, entered into a term loan facility of up to $132,413 (divided into eight tranches) with Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB for the (i) refinancing of the purchase price for one very large crude carrier and two MR2 product tankers, (iii) post-delivery financing of two newbuilding MR2 product tankers, and (iii) the refinancing of an existing facility with Deutsche Bank AG Filiale Deutschlandgeschäft for three MR2 product tankers. Each tranche of the facility is repayable in 20 equal quarterly installments of between approximately $344 and $895, each with a final balloon repayment of the balance to be repaid on the last repayment date. The maturity of the loan is July 18, 2019. The first three tranches of the facility bear interest at LIBOR plus 325 bps per annum and the fourth through eighth tranches bear interest at LIBOR plus 310 bps per annum. The agreement also requires compliance with certain financial covenants. | |
On July 21, 2014, Navios Acquisition took delivery of the Nave Electron, a 2002-built VLCC of 305,178 dwt for a purchase price of $41,000. The Nave Electron has been provided as collateral under the 8.125% First Priority Ship Mortgage Notes due 2021, in place of the Nave Dorado and the Nave Lucida (MR2 product tankers). | |
On August 11, 2014, the Board of Directors declared a quarterly cash dividend in respect of the second quarter of 2014 of $0.05 per share of common stock payable on October 2, 2014 to stockholders of record as of September 17, 2014. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Acquisition's cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||
Basis of presentation | ' | ||||||
(a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Acquisition's condensed consolidated financial position, statements of income and cash flows for the periods presented. Adjustments consist of normal, recurring entries. The yearend condensed balance sheet data was derived from audited financial statements, but does not include all disclosure required by accounting principles generally accepted in the United States of America (“GAAP”). The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under GAAP for complete financial statements. These interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes included in Navios Acquisition's 2013 Annual Report filed on Form 20-F with the Securities and Exchange Commission (“SEC”). | |||||||
Principles of consolidation | ' | ||||||
(b) Principles of consolidation: The accompanying interim condensed consolidated financial statements include the accounts of Navios Acquisition, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the condensed consolidated statements. | |||||||
The Company also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | |||||||
Equity method investments | ' | ||||||
(c) Equity method investments | |||||||
Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. | |||||||
Navios Acquisition evaluates its investments under the equity method, for other than temporary impairment, on a quarterly basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects and (3) the intent and ability of the Company to retain its investments for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||
Subsidiaries | ' | ||||||
(d) Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights and/or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries if deemed to be a business combination. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. | |||||||
As of June 30, 2014, the entities included in these condensed consolidated financial statements were: | |||||||
Navios Maritime Acquisition Corporation and Subsidiaries: | Nature | Country of Incorporation | 2014 | ||||
Company Name | |||||||
Aegean Sea Maritime Holdings Inc. | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Amorgos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Andros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antikithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antiparos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Amindra Shipping Co. | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Crete Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Folegandros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Ikaria Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Ios Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 6/30 | ||||
Kithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Kos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Mytilene Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Maritime Acquisition Corporation | Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Acquisition Finance (U.S.) Inc. | Co-Issuer | Delaware | 1/1 - 6/30 | ||||
Rhodes Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Serifos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Shinyo Dream Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Kannika Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Kieran Limited | Vessel-Owning Company | British Virgin Is. | 1/1 - 6/30 | ||||
Shinyo Loyalty Limited | Vessel-Owning Company(2) | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Navigator Limited | Vessel-Owning Company(3) | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Ocean Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Saowalak Limited | Vessel-Owning Company | British Virgin Is. | 1/1 - 6/30 | ||||
Sifnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skiathos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skopelos Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 6/30 | ||||
Syros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Thera Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Tinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Oinousses Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Psara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antipsara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Samothrace Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Thasos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Limnos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skyros Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Alonnisos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Makronisos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Iraklia Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Paxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antipaxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Donoussa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Schinousa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Acquisition Europe Finance Inc | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Sikinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Kerkyra Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Lefkada Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Zakytnthos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Leros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/4 - 6/30 | ||||
Kimolos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/29 - 6/30 | ||||
(1 | )Each company has the rights over a shipbuilding contract of a tanker vessel. | ||||||
(2 | )Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. | ||||||
(3 | )Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. | ||||||
Use of estimates | ' | ||||||
(e) Use of estimates: The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible assets and scrap value, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | |||||||
Vessels, net | ' | ||||||
(f) Vessels, net: Vessels are stated at historical cost, which consists of the contract price, delivery and acquisition expenses and capitalized interest costs while under construction. Vessels acquired in an asset acquisition or in a business combination are recorded at fair value. Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. | |||||||
Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the residual values of our tanker vessels based on a scrap value of $360 per lightweight ton, as we believe these levels are common in the shipping industry. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. | |||||||
Management estimates the useful life of our vessels to be 25 years from the vessel's original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. | |||||||
Impairment of long-lived asset group | ' | ||||||
(g) Impairment of long-lived asset group: Vessels, other fixed assets and other long-lived assets held and used by Navios Acquisition are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Acquisition's management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed such as, undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. | |||||||
Undiscounted projected net operating cash flows are determined for each asset group (consisting of the individual vessel and the intangible with respect to the time charter agreement to that vessel) and compared to the vessel carrying value and related carrying value of the intangible with respect to the time charter agreement attached to that vessel or the carrying value of deposits for new buildings. Within the shipping industry, vessels are often bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel individual asset group. | |||||||
As of March 31, 2014, the Company had a current expectation that, more likely than not, the Shinyo Splendor would be sold before the end of its previously estimated useful life, and, as a result, performed an impairment test of the specific asset group. The recoverability test was based on undiscounted cash flows expected to result from the entity's use and eventual disposition of the asset. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included determining the net operating cash flows by considering the charter revenues from the existing time charter until its expiration, net of brokerage and address commissions and management fees and an estimate of sale proceeds from its disposal based on market valuations for such vessel. The carrying amount of the asset group was more than its undiscounted future cash flows. As a result, the entity failed the recoverability test (step one) of the impairment test and proceeded with step two of the impairment analysis. | |||||||
An impairment loss in the amount of $10,718 was recognized for the period presented as the carrying amount of the asset group was not recoverable and exceeded its fair value as of March 31, 2014. Management believes the underlying assumptions supporting this assessment are reasonable. | |||||||
The Shinyo Splendor was sold on May 6, 2014 to an unaffiliated third party for a net cash consideration of $18,315 (refer to note 4 “Vessels, Net”). | |||||||
Series D Preferred Stock | ' | ||||||
(h) Series D Preferred Stock: Navios Acquisition issued shares of its authorized Series D Preferred Stock (nominal and fair value $12,000) to a shipyard, in partial settlement of the purchase price of certain newbuilding vessels. The Series D Preferred Stock includes a 6% per annum dividend payable quarterly, starting one year after delivery of each vessel. The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price per share of common stock equal to $10.00. The holder of Series D Preferred Stock shall have the right to convert the shares of the preferred stock into common stock prior to the scheduled maturity dates at a price of $7.00 per share of common stock. The Series D Preferred Stock does not have any voting rights. Navios Acquisition is obligated to redeem the Series D Preferred Stock (or converted common shares) at holder's option exercisable beginning on 18 months after issuance, at par, payable at up to 12 equal quarterly installments. | |||||||
The fair value of the Series D Preferred Stock, was determined using a combination of the Black Scholes model and discounted projected cash flows for the conversion option and put, respectively. The model used takes into account the credit spread of Navios Acquisition, the volatility of its stock, as well as the price of its stock at the issuance date. The Series D Preferred Stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the redemption feature upon exercise of the put option granted to the holder of the Series D Preferred Stock. | |||||||
Revenue Recognition | ' | ||||||
(i) Revenue Recognition: Revenue is recorded when services are rendered, under a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. Revenue is generated from the voyage charter and the time charter of vessels. | |||||||
Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. | |||||||
Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight-line basis as the average revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. | |||||||
Profit sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit share elements, these are accounted for on the actual cash settlement. | |||||||
Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. | |||||||
Pooling arrangements: For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. | |||||||
The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. | |||||||
Recent Accounting Pronouncements | ' | ||||||
The FASB issued No.ASU 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment” changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. We plan to adopt No.ASU 2014-08 effective January 1, 2015. | |||||||
The FASB issued ASU No.2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition. | |||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||
Navios Maritime Acquisition Corporation and Subsidiaries | ' | ||||||
Navios Maritime Acquisition Corporation and Subsidiaries: | Nature | Country of Incorporation | 2014 | ||||
Company Name | |||||||
Aegean Sea Maritime Holdings Inc. | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Amorgos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Andros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antikithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antiparos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Amindra Shipping Co. | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Crete Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Folegandros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Ikaria Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Ios Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 6/30 | ||||
Kithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Kos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Mytilene Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Maritime Acquisition Corporation | Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Acquisition Finance (U.S.) Inc. | Co-Issuer | Delaware | 1/1 - 6/30 | ||||
Rhodes Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Serifos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Shinyo Dream Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Kannika Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Kieran Limited | Vessel-Owning Company | British Virgin Is. | 1/1 - 6/30 | ||||
Shinyo Loyalty Limited | Vessel-Owning Company(2) | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Navigator Limited | Vessel-Owning Company(3) | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Ocean Limited | Vessel-Owning Company | Hong Kong | 1/1 - 6/30 | ||||
Shinyo Saowalak Limited | Vessel-Owning Company | British Virgin Is. | 1/1 - 6/30 | ||||
Sifnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skiathos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skopelos Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 6/30 | ||||
Syros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Thera Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Tinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Oinousses Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Psara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antipsara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Samothrace Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Thasos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Limnos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Skyros Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Alonnisos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Makronisos Shipping Corporation(1) | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Iraklia Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Paxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Antipaxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Donoussa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Schinousa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Navios Acquisition Europe Finance Inc | Sub-Holding Company | Marshall Is. | 1/1 - 6/30 | ||||
Sikinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Kerkyra Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Lefkada Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Zakytnthos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 6/30 | ||||
Leros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/4 - 6/30 | ||||
Kimolos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/29 - 6/30 | ||||
(1) Each company has the rights over a shipbuilding contract of a tanker vessel. | |||||||
(2) Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. | |||||||
(3) Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. |
Cash_And_Cash_Equivalents_Tabl
Cash And Cash Equivalents (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Cash and Cash Equivalents [Abstract] | ' | ||||
Cash and Cash Equivalent | ' | ||||
June 30, 2014 | December 31, 2013 | ||||
Cash on hand and at banks | $44,118 | $78,458 | |||
Short-term deposits | 17,170 | 4,377 | |||
Total cash and cash equivalents | $61,288 | $82,835 |
Vessels_Net_Tables
Vessels, Net (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Vessels, net | ' | |||||||
Vessels | Cost | Accumulated | Net Book | |||||
Depreciation | Value | |||||||
Balance at December 31, 2012 | $1,024,531 | ($83,793) | $940,738 | |||||
Additions | 504,355 | (53,501 | ) | 450,854 | ||||
Disposals | (50,000 | ) | 11,539 | (38,461 | ) | |||
Balance at December 31, 2013 | $1,478,886 | ($125,755) | $1,353,131 | |||||
Additions | 246,918 | (31,283 | ) | 215,635 | ||||
Impairment loss | (22,724 | ) | 12,006 | (10,718 | ) | |||
Disposals | (18,276 | ) | 78 | (18,198 | ) | |||
Balance at June 30, 2014 | $1,684,804 | ($144,954) | $1,539,850 |
Intangible_Assets_Other_Than_G1
Intangible Assets Other Than Goodwill (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Intangible Assets Other Than Goodwill [Abstract] | ' | ||||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||
Favorable lease terms | Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | ||||||||||||||
Balance at December 31, 2012 | $67,417 | ($16,184) | $51,233 | ||||||||||||
Additions | — | (7,014 | ) | (7,014 | ) | ||||||||||
Accelerated amortization* | (10,347 | ) | 6,299 | (4,048 | ) | ||||||||||
Balance at December 31, 2013 | $57,070 | ($16,899) | $40,171 | ||||||||||||
Additions | — | (2,656 | ) | (2,656 | ) | ||||||||||
Write-off ** | (1,695 | ) | 1,695 | — | |||||||||||
Balance at June 30, 2014 | $55,375 | ($17,860) | $37,515 | ||||||||||||
Unfavorable lease terms | Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | ||||||||||||||
Balance at December 31, 2012 | ($5,819) | $1,574 | ($4,245) | ||||||||||||
Additions | — | 684 | 684 | ||||||||||||
Balance at December 31, 2013 | ($5,819) | $2,258 | ($3,561) | ||||||||||||
Additions | — | 342 | 342 | ||||||||||||
Balance at June 30, 2014 | ($5,819) | $2,600 | ($3,219) | ||||||||||||
(*) Following charterer's default in July 2013, of which the Company became aware in June 2013, relating to two product tanker vessels, an amount of $4,048 has been accounted for as accelerated amortization in the condensed consolidated statements of operations under the caption of “Depreciation and Amortization,” due to the revision of the remaining useful economic life of the related favorable lease. | |||||||||||||||
(**) On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party purchaser for an aggregate price of $20,020 million. An amount of $1,695 has been accounted for due to the expiration of the time charter of the related favorable lease of the vessel. | |||||||||||||||
Amortization (expense)/income | ' | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Unfavorable lease terms | $342 | $342 | |||||||||||||
Favorable lease terms charter-out | (2,656 | ) | (5,924 | ) | |||||||||||
Total | ($2,314) | ($5,582) | |||||||||||||
Aggregate amortizations of acquired intangibles | ' | ||||||||||||||
Description | Within | Year | Year | Year | Year | Thereafter | Total | ||||||||
One | Two | Three | Four | Five | |||||||||||
Year | |||||||||||||||
Favorable lease terms | ($4,959) | ($4,959) | ($3,874) | ($2,811) | ($2,811) | ($18,101) | ($37,515) | ||||||||
Unfavorable lease terms | 683 | 683 | 683 | 683 | 487 | — | 3,219 | ||||||||
Total | ($4,276) | ($4,276) | ($3,191) | ($2,128) | ($2,324) | ($18,101) | ($34,296) |
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Business Combination, Goodwill [Abstract] | ' | ||
Goodwill | ' | ||
Balance at January 1, 2013 | $1,579 | ||
Balance at December 31, 2013 | $1,579 | ||
Balance at June 30, 2014 | $1,579 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Accrued Expenses [Abstract] | ' | ||||
Accrued expenses | ' | ||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Accrued voyage expenses | $1,273 | $499 | |||
Accrued loan interest | 9,356 | 9,046 | |||
Accrued legal and professional fees | 765 | 2,440 | |||
Total accrued expenses | $11,394 | $11,985 |
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Long-Term Debt Obligations: | ' | |||||
Borrowings | ' | |||||
30-Jun-14 | December 31, 2013 | |||||
Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank | $132,750 | $137,250 | ||||
BNP Paribas S.A. and DVB Bank SE | 72,000 | 74,250 | ||||
DVB Bank SE and ABN AMRO Bank N.V. | 37,655 | 39,448 | ||||
Eurobank Ergasias S.A. $52.2 million | 45,117 | 46,482 | ||||
Eurobank Ergasias S.A. $52.0 million | 42,222 | 43,446 | ||||
ABN AMRO Bank N.V. | 38,355 | 41,336 | ||||
Norddeutsche Landesbank Girozentrale | 24,971 | 24,971 | ||||
DVB Bank SE and Credit Agricole Corporate and Investment Bank | 53,096 | 49,943 | ||||
Ship Mortgage Notes $670 million | 670,000 | 610,000 | ||||
Deutsche Bank AG Filiale Deutschlandgeschäft | 45,493 | 47,652 | ||||
HSH Nordbank AG $40.3 million | 38,411 | 39,670 | ||||
HSH Nordbank AG $51.0 million | 50,200 | — | ||||
Total borrowings | 1,250,270 | 1,154,448 | ||||
Less: current portion | (38,781 | ) | (34,714 | ) | ||
Add: bond premium | 1,905 | — | ||||
Total long-term borrowings | $1,213,394 | $1,119,734 | ||||
Long-Term Debt Obligations | ' | |||||
June 30, 2014 | ||||||
Long-Term Debt Obligations: | ||||||
Year | ||||||
30-Jun-15 | $38,781 | |||||
30-Jun-16 | 38,433 | |||||
30-Jun-17 | 98,475 | |||||
30-Jun-18 | 54,696 | |||||
30-Jun-19 | 132,800 | |||||
June 30, 2020 and thereafter | 887,085 | |||||
Total | $1,250,270 |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||
Fair Value Of Financial Instruments | ' | ||||||||
30-Jun-14 | December 31, 2013 | ||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||
Cash and cash equivalents | $61,288 | $61,288 | $82,835 | $82,835 | |||||
Restricted cash | $8,340 | $8,340 | $24,962 | $24,962 | |||||
Accounts receivable | $11,502 | $11,502 | $8,441 | $8,441 | |||||
Accounts payable | $2,205 | $2,205 | $1,577 | $1,577 | |||||
Due to related parties, short-term | $7,100 | $7,100 | $2,848 | $2,848 | |||||
Ship mortgage notes and premium | $671,905 | $703,085 | $610,000 | $622,963 | |||||
Other long-term debt | $580,270 | $580,270 | $544,448 | $544,448 | |||||
Due to related parties, long-term | $7,169 | $7,169 | $5,144 | $5,144 | |||||
Loans receivable from affiliates | $6,102 | $6,102 | $2,660 | $2,660 | |||||
Fair value measurement on non recurring basis | ' | ||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||
Total | Level I | Level II | Level III | ||||||
Cash and cash equivalents | $61,288 | $61,288 | — | — | |||||
Restricted cash | $8,340 | $8,340 | — | — | |||||
Ship mortgage notes and premium | $703,085 | $703,085 | — | — | |||||
Other long-term debt(1) | $580,270 | — | $580,270 | (1) | — | ||||
Due to related parties, long-term(1) | $7,169 | — | $7,169 | (1) | — | ||||
Loans receivable affiliates | $6,102 | — | $6,102 | (1) | — | ||||
Fair Value Measurements at December 31, 2013 Using | |||||||||
Total | Level I | Level II | Level III | ||||||
Cash and cash equivalents | $82,835 | $82,835 | — | — | |||||
Restricted cash | $24,962 | $24,962 | — | — | |||||
Ship mortgage notes and premium | $622,963 | $622,963 | — | — | |||||
Other long-term debt(1) | $544,448 | — | $544,448 | (1) | — | ||||
Due to related parties, long-term(1) | $5,144 | — | $5,144 | (1) | — | ||||
Loans receivable affiliates | $2,660 | — | $2,660 | (1) | — | ||||
(1) The fair value of the Company's other long-term debt and due to related parties, long-term is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the Company's creditworthiness. | |||||||||
Fair value measurement on recurring basis | ' | ||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||
Total | Level I | Level II | Level III | ||||||
Derivatives (included under “Prepaid expenses and other current assets”) | $3,446 | $ — | $3,446 | $ — | |||||
Commitments_And_Contigencies_T
Commitments And Contigencies (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitment and Contigencies [Abstract] | ' | ||
Future minimum commitments | ' | ||
Amount | |||
30-Jun-15 | $120,955 | ||
31-Dec-15 | 44,310 | ||
Total | $165,265 |
Preferred_And_Common_Stock_Tab
Preferred And Common Stock (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Preferred and Common Stock [Abstract] | ' | ||||
Preferred stock | ' | ||||
Preferred Stock | |||||
Number of | Amount | ||||
preferred shares | |||||
Balance at December 31, 2012 | 600 | $6,000 | |||
Issuance of preferred stock subject to redemption | 600 | 6,000 | |||
Balance at December 31, 2013 | 1,200 | $12,000 | |||
Balance at June 30, 2014 | 1,200 | $12,000 | |||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Revenue By Geographic Region | ' | ||||||||
Three Month | Three Month | Six Month | Six Month | ||||||
Period ended | Period ended | Period ended | Period ended | ||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Asia | $41,125 | $39,057 | $84,323 | $76,681 | |||||
Europe | 9,643 | 5,341 | 17,030 | 8,828 | |||||
United States | 11,474 | 2,659 | 21,858 | 5,720 | |||||
Total | $62,242 | $47,057 | $123,211 | $91,229 |
Loss_Per_Common_Share_Tables
Loss Per Common Share (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Loss per common share | ' | |||||||||
Loss per common share | ' | |||||||||
For the Three | For the Three | For the Six | For the Six | |||||||
Months | Months | Months | Months | |||||||
Ended | Ended | Ended | Ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||||
Numerator: | ||||||||||
Net loss attributable to common | $ (2,804) | ($1,536) | ($15,622) | ($801) | ||||||
stockholders | ||||||||||
Dividend declared on preferred shares | (27 | ) | (27 | ) | (54 | ) | (54 | ) | ||
Series B | ||||||||||
Dividend declared on Series D | (168 | ) | — | (279 | ) | — | ||||
preferred shares | ||||||||||
Dividend declared on restricted shares | (105 | ) | — | (210 | ) | — | ||||
Undistributed loss attributable to | 151 | 122 | 825 | 34 | ||||||
Series C participating preferred | ||||||||||
shares | ||||||||||
Loss attributable to common | ($2,953) | ($1,441) | ($15,340) | ($821) | ||||||
stockholders, basic and diluted | ||||||||||
Denominator: | ||||||||||
Denominator for basic net loss per | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 | ||||||
share — weighted average shares | ||||||||||
Denominator for diluted net loss per | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 | ||||||
share — adjusted weighted average shares | ||||||||||
Basic net loss per share | ($0.02) | ($0.02) | ($0.11) | ($0.01) | ||||||
Diluted net loss per share | ($0.02) | ($0.02) | ($0.11) | ($0.01) |
Description_Of_Organization_An1
Description Of Organization And Business Operations (Details) (USD $) | 0 Months Ended | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 20, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Description of Organization and Business Operations [Abstract] | ' | ' | ' |
Entity Date Of Incorporation | ' | 14-Mar-08 | ' |
Initial Offering Completion Date | ' | '2008-07-01 | ' |
Business acquisition, percentage of voting interests acquired by parent | ' | 43.10% | ' |
Ownership Percentage by Parent | ' | 46.40% | ' |
Common Stock, Shares, Outstanding | ' | 151,664,942 | 136,714,942 |
Preferred Stock Shares Outstanding | ' | 4,540 | 4,540 |
Series C Convertible Preferred Stock issued to Navios Holdings | ' | 1,000 | ' |
Convertible preferred stock | ' | 1,200 | 1,200 |
Statement [Line Items] | ' | ' | ' |
Common stock authorized and issued | ' | 2,100,000 | ' |
Partners Capital Account Units Sold In Public Offering | 14,950,000 | ' | ' |
Share Price | $3.85 | ' | ' |
Agent Costs | $3,022 | ' | ' |
Offering Costs | 247 | ' | ' |
Gross Proceeds | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Proceeds from issuance public offering | 57,556 | ' | ' |
Net Proceeds | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Proceeds from issuance public offering | $54,287 | ' | ' |
Underwriter's option | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Partners Capital Account Units Sold In Public Offering | 1,950,000 | ' | ' |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies - Subsidiaries (Tables) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Aegean Sea Maritime Holdings Inc. | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Sub-Holding Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Amorgos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Andros Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Antikithira Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Antiparos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Amindra Shipping Co. | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Sub-Holding Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Crete Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Folegandros Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Ikaria Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Ios Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Cayman Is. |
2014 | '1/1 - 06/30 |
Kithira Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Kos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Mytilene Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Navios Maritime Acquisition Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Holding Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Navios Acquisition Finance (U.S.) Inc. | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Co-Issuer |
Country of Incorporation | 'Delaware |
2014 | '1/1 - 06/30 |
Rhodes Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Serifos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Shinyo Dream Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Hong Kong |
2014 | '1/1 - 06/30 |
Shinyo Kannika Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Hong Kong |
2014 | '1/1 - 06/30 |
Shinyo Kieran Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'British Virgin Is. |
2014 | '1/1 - 06/30 |
Shinyo Loyalty Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Hong Kong |
2014 | '1/1 - 06/30 |
Shinyo Navigator Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Hong Kong |
2014 | '1/1 - 06/30 |
Shinyo Ocean Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Hong Kong |
2014 | '1/1 - 06/30 |
Shinyo Saowalak Limited | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'British Virgin Is. |
2014 | '1/1 - 06/30 |
Sifnos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Skiathos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Skopelos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Cayman Is. |
2014 | '1/1 - 06/30 |
Syros Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Thera Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Tinos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Oinousses Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Psara Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Antipsara Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Samothrace Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Thasos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Limnos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Skyros Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Alonnisos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Makronisos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Iraklia Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Paxos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Antipaxos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Donoussa Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Schinousa Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Navios Acquisition Europe Finance Inc | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Sub-Holding Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Sikinos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Kerkyra Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Lefkada Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Zakynthos Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '1/1 - 06/30 |
Leros Shipping Corporation | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '4/4 - 06/30 |
Kimolos Shipping Corporation [Member] | ' |
Subsidiaries Nature, Country of Incorporation List, Statement of Operations | ' |
Nature | 'Vessel Owning Company |
Country of Incorporation | 'Marshall Is. |
2014 | '4/29 - 06/30 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 6-May-14 | Mar. 31, 2014 | Jun. 30, 2014 |
Shinyo Splendor | Shinyo Splendor | Series D Preferred Stock | ||||
Basis of Presentation [Abstract] | ' | ' | ' | ' | ' | ' |
Vessels Salvage Value Per Lightweight Ton | $360 | ' | ' | ' | ' | ' |
Vessels Estimated Useful Life | '25 years | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 6.00% | ' | ' | ' | ' | ' |
Series D Convertible Stock | 12,000 | ' | 12,000 | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment loss | ' | ' | ' | ' | 10,718 | ' |
Net sales proceeds | $18,315 | $0 | ' | $18,315 | ' | ' |
Convertible Preferred Stock Terms Of Conversion | ' | ' | ' | ' | ' | 'The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price per share of common stock equal to $10.00. The holder of Series D Preferred stock shall have the right to convert the shares of the preferred stock into common stock prior to the scheduled maturity dates at a price of $7.00 per share of common stock. The Series D Preferred Stock does not have any voting rights. Navios Acquisition is obligated to redeem the Series D Preferred Stock (or converted common shares) at holder's option exercisable beginning on 18 months after issuance, at par, payable at up to 12 equal quarterly installments. |
Cash_and_Cash_Equivalents_Sche
Cash and Cash Equivalents - Schedule (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' |
Cash on hand and at banks | $44,118 | $78,458 | ' | ' |
Short-term deposits | 17,170 | 4,377 | ' | ' |
Total cash and cash equivalents | $61,288 | $82,835 | $107,800 | $42,846 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Restricted cash | $8,340 | $24,962 |
Vessels_Net_Tables_Details
Vessels, Net (Tables) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Cost | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance | $1,478,886 | $1,024,531 |
Additions | 246,918 | 504,355 |
Impairment loss | -22,724 | ' |
Disposals | -18,276 | -50,000 |
Balance | 1,684,804 | 1,478,886 |
Accumulated Depreciation | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance | -125,755 | -83,793 |
Additions | -31,283 | -53,501 |
Impairment loss | 12,006 | ' |
Disposals | 78 | 11,539 |
Balance | -144,954 | -125,755 |
Net Book Value | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance | 1,353,131 | 940,738 |
Additions | 215,635 | 450,854 |
Impairment loss | -10,718 | ' |
Disposals | -18,198 | -38,461 |
Balance | $1,539,850 | $1,353,131 |
Vessels_Net_Details
Vessels, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Feb. 04, 2014 | Feb. 12, 2014 | Mar. 10, 2014 | 6-May-14 | Mar. 31, 2014 | 7-May-14 | Jun. 16, 2014 | 6-May-14 |
Nave Galactic | Nave Quasar | Nave Buena Suerte | Shinyo Splendor | Shinyo Splendor | Nave Jupiter | Nave Neutrino | Remaining Carrying Balance Shinyo Splendor | ||||||
Significant Acquisitions And Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel Delivery Date | ' | ' | ' | ' | ' | 4-Feb-14 | 12-Feb-14 | 10-Mar-14 | ' | ' | 7-May-14 | 16-Jun-14 | ' |
Vessel Type | ' | ' | ' | ' | ' | 'VLCC | 'VLCC | 'VLCC | ' | ' | 'MR2 product tanker | 'VLCC | ' |
Vessels capacity per DWT | ' | ' | ' | ' | ' | 297,168 | 297,376 | 297,491 | ' | ' | 49,999 | 298,287 | ' |
Total Vessel Acquisition Cost | ' | ' | ' | ' | ' | $51,739 | $54,687 | $57,164 | ' | ' | $39,643 | $43,686 | ' |
Cash consideration | ' | ' | 203,493 | 76,183 | ' | 46,564 | 49,222 | 51,450 | ' | ' | 13,907 | ' | ' |
Transferred From Vessel Deposits | ' | ' | ' | ' | ' | 5,175 | 5,465 | 5,714 | ' | ' | 25,736 | ' | ' |
Vessel Aggregate Sale Price | ' | ' | ' | ' | ' | ' | ' | ' | 20,020 | ' | ' | ' | ' |
Impairment loss and loss on sale of vessel | 904 | 0 | 12,594 | 0 | ' | ' | ' | ' | 904 | 10,718 | ' | ' | ' |
Vessels, net | 1,539,850 | ' | 1,539,850 | ' | 1,353,131 | ' | ' | ' | 19,219 | ' | ' | ' | ' |
Deferred dry dock and special survey costs | 3,053 | ' | 3,053 | ' | 4,678 | ' | ' | ' | ' | ' | ' | ' | 1,021 |
Net sales proceeds | ' | ' | 18,315 | 0 | ' | ' | ' | ' | 18,315 | ' | ' | ' | ' |
Deposits for vessels acquisitions | 80,258 | ' | 80,258 | ' | 100,112 | ' | ' | ' | ' | ' | ' | ' | ' |
Additions to Deposits for Vessels Acquisitions | 21,104 | ' | 21,104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel Deposits Financed Through Loans | 47,080 | ' | 47,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits For Vessel Acquisition Transferred to Vessel | ' | ' | 42,090 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Interest | ' | ' | $1,443 | $3,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Other_Than_G2
Intangible Assets Other Than Goodwill - Schedule (Tables) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Net Book Value | $34,296 | ' | ' |
Favorable lease terms | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Cost | 55,735 | 57,070 | 67,417 |
Additions - Cost | 0 | 0 | ' |
Accelerated amortization - Cost | ' | -10,347 | ' |
Write-Off - Cost | -1,695 | ' | ' |
Accumulated Amortization | -17,860 | -16,899 | -16,184 |
Additions - Accumulated Amortization | -2,656 | -7,014 | ' |
Accelerated amortization - Accumulated Amortization | ' | 6,299 | ' |
Write-Off - Accumulated Amortization | 1,695 | ' | ' |
Net Book Value | 37,515 | 40,171 | 51,233 |
Additions - Net Book Value | -2,656 | -7,014 | ' |
Accelerated amortization - Net Book Value | ' | -4,048 | ' |
Write-off- Net Book Value | 0 | ' | ' |
Unfavorable lease terms | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Cost | -5,819 | -5,819 | -5,819 |
Additions - Cost | 0 | 0 | ' |
Accumulated Amortization | 2,600 | 2,258 | 1,574 |
Additions - Accumulated Amortization | 342 | 684 | ' |
Net Book Value | -3,219 | -3,561 | -4,245 |
Additions - Net Book Value | $342 | $684 | ' |
Intangible_Assets_Other_Than_G3
Intangible Assets Other Than Goodwill - Amortization (Expense) / Income (Tables) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Intangible Assets Other Than Goodwill [Abstract] | ' | ' |
Unfavorable lease terms | $342 | $342 |
Favorable lease terms charter-out | -2,656 | -5,924 |
Total | ($2,314) | ($5,582) |
Intangible_Assets_Other_Than_G4
Intangible Assets Other Than Goodwill - Aggregate Amortizations (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Within One Year | ($4,276) | ' | ' |
Year Two | -4,276 | ' | ' |
Year Three | -3,191 | ' | ' |
Year Four | -2,128 | ' | ' |
Year Five | -2,324 | ' | ' |
Thereafter | -18,101 | ' | ' |
Total | -34,296 | ' | ' |
Favorable lease terms | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Within One Year | -4,959 | ' | ' |
Year Two | -4,959 | ' | ' |
Year Three | -3,874 | ' | ' |
Year Four | -2,811 | ' | ' |
Year Five | -2,811 | ' | ' |
Thereafter | -18,101 | ' | ' |
Total | -37,515 | -40,171 | -51,233 |
Unfavorable lease terms | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Within One Year | 683 | ' | ' |
Year Two | 683 | ' | ' |
Year Three | 683 | ' | ' |
Year Four | 683 | ' | ' |
Year Five | 487 | ' | ' |
Thereafter | 0 | ' | ' |
Total | $3,219 | $3,561 | $4,245 |
Intangible_Assets_Other_Than_G5
Intangible Assets Other Than Goodwill (Details) (Shinyo Splendor, USD $) | 6-May-14 |
In Thousands, unless otherwise specified | |
Shinyo Splendor | ' |
Significant Acquisitions And Disposals [Line Items] | ' |
Vessel Aggregate Sale Price | $20,020 |
Goodwill_Schedule_Tables_Detai
Goodwill - Schedule (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill [Abstract] | ' | ' | ' |
Balance | $1,579 | $1,579 | $1,579 |
Investment_In_Navios_Europe_In1
Investment In Navios Europe Inc. (Details) (USD $) | 6 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 18, 2013 | Oct. 09, 2013 | Oct. 09, 2013 | Oct. 09, 2013 | Dec. 18, 2013 | Oct. 09, 2013 | Dec. 18, 2013 |
Navios Europe | Navios Europe | Navios Holdings | Navios Acquisition | Navios Partners | Funded from Senior Loan $117,753 | Navios Holdings, Navios Acquisition and Navios Partners | New Junior Loan | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | 47.50% | 47.50% | 5.00% | ' | ' | ' |
Number of vessels acquired | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | $127,753 | ' | ' |
Long Term Debt | 1,250,270 | 1,154,448 | ' | 10,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument Face Amount | ' | ' | ' | 173,367 | ' | ' | ' | ' | ' | ' |
Loan fair value amount | ' | 71,929 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan facility to fund working capital requirements | ' | ' | ' | ' | ' | ' | ' | ' | 24,100 | ' |
Profit sharing arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On an ongoing basis, Navios Europe is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loan and repayments of the Navios Revolving Loans) according to a defined waterfall calculation as follows: First, Navios Holdings, Navios Acquisition and Navios Partners will each earn a 12.7% preferred distribution on the Navios Term Loans and the Navios Revolving Loans; and Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan holder and (ii) the holders of the Navios Term Loans. |
Estimated Maximum Potential Loss | 10,995 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,893 | 4,750 | 4,750 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investee Income | 143 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of the Navios Revolving Loan | $6,102 | $2,660 | $5,491 | ' | ' | ' | ' | ' | ' | ' |
Dividend_Payable_Details
Dividend Payable (Details) (USD $) | 0 Months Ended | 6 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 03, 2014 | Apr. 08, 2014 | Jan. 07, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 11, 2014 | 9-May-14 | Feb. 07, 2014 | Nov. 08, 2013 |
Dividends per share | ' | ' | ' | ' | ' | $0.05 | $0.05 | $0.05 | $0.05 |
Payments of Dividends | $7,967 | $7,967 | $7,220 | $15,520 | $6,635 | ' | ' | ' | ' |
Dividend paid to stock holders of record | 7,583 | 7,583 | 6,836 | ' | ' | ' | ' | ' | ' |
Holder of the 1,000 shares Series C preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 384 | 384 | 384 | ' | ' | ' | ' | ' | ' |
Holder of the 540 shares Series B and Series D preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | ' | ' | ' | $333 | ' | ' | ' | ' | ' |
Accrued_Expenses_Schedule_Tabl
Accrued Expenses - Schedule (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Accrued voyage expenses | $1,273 | $499 |
Accrued loan interest | 9,356 | 9,046 |
Accrued legal and professional fees | 765 | 2,440 |
Total accrued expenses | $11,394 | $11,985 |
Borrowings_Schedule_Tables_Det
Borrowings - Schedule (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total borrowing | $1,250,270 | $1,154,448 |
Less: current portion | -38,781 | -34,714 |
Add: bond premium | 1,905 | 0 |
Total long-term borrowings | 1,213,394 | 1,119,734 |
Commerzbank AG, Alpha Bank A.E., and Credit Agricole Corporate and Investment Bank | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 132,750 | 137,250 |
BNP Paribas SA Bank and DVB Bank S.E. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 72,000 | 74,250 |
DVB Bank S.E. and ABN AMRO Bank N.V. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 37,655 | 39,448 |
Eurobank Ergasias S.A. $52.2 million | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 45,117 | 46,482 |
Eurobank Ergasias S.A. $52.0 million | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 42,222 | 43,446 |
ABN AMRO Bank N.V | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 38,355 | 41,336 |
Norddeutsche Landesbank Girozentrale | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 24,971 | 24,971 |
DVB Bank SE and Credit Agricole Corporate and Investment Bank | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 53,096 | 49,943 |
Ship Mortgage Notes $670 million | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 670,000 | 610,000 |
Deutsche Bank AG Filiale Deutschlandgeschaft | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 45,493 | 47,652 |
HSH Nordbank AG $40.3 million | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | 38,411 | 39,670 |
HSH Nordbank AG $ 51.0 million | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable to Bank | $50,200 | $0 |
Borrowings_LongTerm_Debt_Oblig
Borrowings - Long-Term Debt Obligations (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt Obligations: | ' | ' |
30-Jun-15 | $38,781 | ' |
30-Jun-16 | 38,433 | ' |
30-Jun-17 | 98,475 | ' |
30-Jun-18 | 54,696 | ' |
30-Jun-19 | 132,800 | ' |
June 30, 2020 and thereafter | 887,085 | ' |
Total | $1,250,270 | $1,154,448 |
Borrowings_Details
Borrowings (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 13, 2013 | Mar. 31, 2014 | Apr. 07, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 08, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | 28-May-10 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 26, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 06, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 08, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 29, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 29, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 08, 2011 | Jun. 30, 2014 | Jul. 09, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 20, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 06, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Ship Mortgage Notes $670 million | Ship Mortgage Notes $670 million | Ship Mortgage Notes $670 million | Sale of the "Additional Notes" and the Existing Notes | Commerzbank AG, Alpha Bank A.E., and Credit Agricole Corporate and Investment Bank | Commerzbank AG, Alpha Bank A.E., and Credit Agricole Corporate and Investment Bank | Commerzbank AG, Alpha Bank A.E., and Credit Agricole Corporate and Investment Bank | BNP Paribas SA Bank and DVB Bank S.E. | BNP Paribas SA Bank and DVB Bank S.E. | BNP Paribas SA Bank and DVB Bank S.E. | DVB Bank S.E. and ABN AMRO Bank N.V. | DVB Bank S.E. and ABN AMRO Bank N.V. | DVB Bank S.E. and ABN AMRO Bank N.V. | Eurobank Ergasias S.A. $52.2 million | Eurobank Ergasias S.A. $52.2 million | Eurobank Ergasias S.A. $52.2 million | Eurobank Ergasias S.A. $52.0 million | Eurobank Ergasias S.A. $52.0 million | Eurobank Ergasias S.A. $52.0 million | ABN AMRO Bank N.V | ABN AMRO Bank N.V | ABN AMRO Bank N.V | Norddeutsche Landesbank Girozentrale | Norddeutsche Landesbank Girozentrale | Norddeutsche Landesbank Girozentrale | DVB Bank SE and Credit Agricole Corporate and Investment Bank | DVB Bank SE and Credit Agricole Corporate and Investment Bank | DVB Bank SE and Credit Agricole Corporate and Investment Bank | The Navios Holdings Credit Facility | The Navios Holdings Credit Facility | Deutsche Bank AG Filiale Deutschlandgeschaft | Deutsche Bank AG Filiale Deutschlandgeschaft | Deutsche Bank AG Filiale Deutschlandgeschaft | HSH Nordbank AG | HSH Nordbank AG | HSH Nordbank AG | HSH Nordbank AG | HSH Nordbank AG | HSH Nordbank AG | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Face Amount | ' | ' | ' | $610,000 | $60,000 | $150,000 | ' | ' | $75,000 | ' | ' | $52,000 | ' | ' | $52,200 | ' | ' | $52,000 | ' | ' | $55,100 | ' | ' | $28,125 | ' | ' | $56,250 | ' | ' | $40,000 | ' | $48,465 | ' | ' | $40,300 | ' | ' | $51,000 | ' | ' |
Fixed interest rate | ' | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of senior notes percentage of principal amount | ' | ' | ' | ' | 103.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of the 2021 Notes | ' | ' | ' | ' | 59,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Issuance Date | ' | ' | ' | ' | ' | 7-Apr-10 | ' | ' | 8-Apr-10 | ' | ' | 28-May-10 | ' | ' | 26-Oct-10 | ' | ' | 6-Dec-10 | ' | ' | 8-Jul-11 | ' | ' | 29-Dec-11 | ' | ' | 29-Dec-11 | ' | ' | 8-Nov-11 | ' | 9-Jul-13 | ' | ' | 20-Aug-13 | ' | ' | 6-Feb-14 | ' | ' |
Number of Loan Tranches | ' | ' | ' | ' | ' | 6 | ' | ' | 3 | ' | ' | 2 | ' | ' | 2 | ' | ' | 2 | ' | ' | 2 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 3 | ' | ' | 2 | ' | ' | 2 | ' | ' |
Amount of each tranche | ' | ' | ' | ' | ' | '$ 25,000 per each tranche | ' | ' | '$ 25,000 per each tranche | ' | ' | '$ 26,000 per each tranche | ' | ' | 'Two tranches of $ 26,100 and $ 25,500, respectively | ' | ' | '$ 23,100 per each tranche | ' | ' | '$ 27,550 per each tranche | ' | ' | ' | ' | ' | '$ 28,125 per each tranche | ' | ' | ' | ' | 'Three tranches of up to $ 13,935, $ 13,935 and $ 20,595 each | ' | ' | '$ 20,150 per each tranche | ' | ' | '$ 25,500 per each tranche | ' | ' |
Debt Instrument Description Of Variable Rate Basis | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR plus (I) plus 250 bps for the period prior to the delivery date in respect of the vessel being financed, and (ii) thereafter 275 bps | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR plus: (a) up to but not including the Drawdown Date of, 175 bps per annum; (b) thereafter until, but not including, the tenth Repayment Date, 250 bps per annum; and (c) thereafter 300 bps per annum | ' | ' | 'LIBOR plus: (a) up to but not including the Drawdown Date of, 175 bps per annum; (b) thereafter until, but not including, the tenth Repayment Date, 250 bps per annum; and (c) thereafter 300 bps per annum | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 2.50% | ' | ' | 2.50% | ' | ' | 2.75% | ' | ' | ' | ' | ' | 3.00% | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 3.25% | ' | ' | 3.20% | ' | ' | 3.10% | ' | ' |
Loans Payable to Bank | ' | 670,000 | 610,000 | ' | ' | ' | 132,750 | 137,250 | ' | 72,000 | 74,250 | ' | 37,655 | 39,448 | ' | 45,117 | 46,482 | ' | 42,222 | 43,446 | ' | 38,355 | 41,336 | ' | 24,971 | 24,971 | ' | 53,096 | 49,943 | ' | ' | ' | 45,493 | 47,652 | ' | 38,411 | 39,670 | ' | 50,200 | 0 |
Amount drawn down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,600 | ' | ' | 46,200 | ' | ' | 54,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 46,308 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 3,154 | ' | 3,154 | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Arrangements Fees, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Convertible Terms Of Conversion Feature | ' | 'The 2021 Co-Issuers have the option to redeem the 2021 Notes in whole or in part, at any time (i) before November 15, 2016, at a redemption price equal to 100% of the principal amount, plus a make-whole premium, plus accrued and unpaid interest, if any, and (ii) on or after November 15, 2016, at a fixed price of 106.094% of the principal amount, which price declines ratably until it reaches par in 2019, plus accrued and unpaid interest, if any. At any time before November 15, 2016, the 2021 Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2021 Notes with the net proceeds of an equity offering at 108.125% of the principal amount of the 2021 Notes, plus accrued and unpaid interest, if any, so long as at least 65% of the aggregate principal amount of the Existing Notes remains outstanding after such redemption. In addition, upon the occurrence of certain change of control events, the holders of the notes will have the right to require the 2021 Co-Issuers to repurchase some or all of the 2021 Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument payment terms | ' | ' | ' | ' | ' | 'Each tranche of the facility is repayable in 12 equal semi-annual installments of $750 each with a final balloon payment of $16,000 to be repaid on the last repayment date. The repayment of each tranche started six months after the delivery date of the respective vessel which that tranche financed. | ' | ' | 'Each of the tranches is repayable in 12 equal semi-annual installments of $750 each with a final balloon payment of $16,000 to be repaid on the last repayment date. The repayment date of each tranche started six months after the delivery date of the respective vessel which that tranche finances. | ' | ' | 'Each tranche of the facility is repayable in 24 equal quarterly installments of $448 each with a final balloon payment of $15,241 to be repaid on the last repayment date. The repayment of each tranche started three months after the delivery date of the respective vessel. On December 29, 2011, Navios Acquisition prepaid $2,500 in relation to an amendment to its credit facility. After the prepayment, the outstanding amount under each tranche is repayable in five quarterly installments of $198 each, 13 equal quarterly installments of $448 each, with a final balloon payment of $15,241 to be repaid on the last repayment date. On December 31, 2012, Navios Acquisition prepaid $500 in relation to an amendment to its credit facility. After the prepayment, the outstanding amount under each tranche is repayable in two quarterly installments of $198 each, 12 equal quarterly installments of $448 each, with a final balloon payment of $15,241 to be repaid on the last repayment date. | ' | ' | 'Each tranche of the facility is repayable in 32 quarterly installments of $345 and $337, respectively, with a final balloon payment of $15,060 and $14,716, respectively, to be repaid on the last repayment date. The repayment of each tranche started three months after the delivery date of the respective vessel. | ' | ' | 'Each tranche of the facility is repayable in 32 equal quarterly installments of $306 each with a final balloon payment of $13,308, to be repaid on the last repayment date. The repayment of each tranche started three months after the delivery date of the respective vessel. | ' | ' | 'Each tranche of the facility is repayable in 12 quarterly installments of $745 each and 12 quarterly installments of $571 each with a final balloon payment of $11,576 to be repaid on the last repayment date. | ' | ' | 'The facility is repayable in 32 quarterly installments of $391 each with a final balloon payment of $15,625 to be repaid on the last repayment date. | ' | ' | ' Each tranche of the facility is repayable in 32 quarterly installments of $391 each with a final balloon payment of $15,625 to be repaid on the last repayment date. | ' | ' | ' | ' | ' The two tranches of the facility are repayable in 19 quarterly installments of $348 and $387, respectively, with a final balloon payment of $7,316 and $6,575, respectively, to be repaid on the last repayment date. The third tranche of the facility is repayable in one installment of $76, 18 installments of $344, with a final balloon installment of $14,327, to be repaid on the last repayment date. | ' | ' | 'Each tranche of the facility is repayable in 28 quarterly installments of $315 with a final balloon payment of $11,334 to be paid on the last repayment date. | ' | ' | 'Each tranche of the facility is repayable in 28 consecutive quarterly equal repayment installments of $400 each with a final balloon payment of $14,300 to be repaid on the last repayment date. | ' | ' |
Compliance with loan-to-value ratios | 'The loan facilities include, among other things, compliance with loan to value ratios and certain financial covenants: (i) minimum liquidity higher of $40,000 or $1,000 per vessel, including vessels under construction; (ii) net worth ranging from $50,000 to $75,000 up to January 2013 and up to $135,000 thereafter; and (iii) total liabilities divided by total assets, adjusted for market values to be lower than 75%, as of January 1, 2014 and thereafter. It is an event of default under the credit facilities if such covenants are not complied with, including the loan to value ratios for which the Company may provide sufficient additional security to prevent such an event. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments - Schedule (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $61,288 | $82,835 | $107,800 | $42,846 |
Accounts receivable | 11,502 | 8,441 | ' | ' |
Accounts payable | 2,205 | 1,577 | ' | ' |
Due to related parties, short-term | 7,100 | 2,848 | ' | ' |
Due to related parties, long-term | 7,169 | 5,144 | ' | ' |
Loans receivable from affiliates | 6,102 | 2,660 | ' | ' |
Book Value | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 61,288 | 82,835 | ' | ' |
Restricted cash | 8,340 | 24,962 | ' | ' |
Accounts receivable | 11,502 | 8,441 | ' | ' |
Accounts payable | 2,205 | 1,577 | ' | ' |
Due to related parties, short-term | 7,100 | 2,848 | ' | ' |
Ship mortgage notes and premium | 671,905 | 610,000 | ' | ' |
Other long-term debt | 580,270 | 544,448 | ' | ' |
Due to related parties, long-term | 7,169 | 5,144 | ' | ' |
Loans receivable from affiliates | 6,102 | 2,660 | ' | ' |
Fair Value | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 61,288 | 82,835 | ' | ' |
Restricted cash | 8,340 | 24,962 | ' | ' |
Accounts receivable | 11,502 | 8,441 | ' | ' |
Accounts payable | 2,205 | 1,577 | ' | ' |
Due to related parties, short-term | 7,100 | 2,848 | ' | ' |
Ship mortgage notes and premium | 703,085 | 622,963 | ' | ' |
Other long-term debt | 580,270 | 544,448 | ' | ' |
Due to related parties, long-term | 7,169 | 5,144 | ' | ' |
Loans receivable from affiliates | $6,102 | $2,660 | ' | ' |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments - Fair Value Upon Hierarchy (Tables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Restricted cash | $8,340 | $24,962 |
Due to related parties, long-term | 7,169 | 5,144 |
Loans receivable from affiliates | 6,102 | 2,660 |
Non Recurring | Total | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 61,288 | 82,835 |
Restricted cash | 8,340 | 24,962 |
Ship mortgage notes and premium | 703,085 | 622,963 |
Other long-term debt | 580,270 | 544,448 |
Due to related parties, long-term | 7,169 | 5,144 |
Loans receivable from affiliates | 6,102 | 2,660 |
Non Recurring | Level I | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 61,288 | 82,835 |
Restricted cash | 8,340 | 24,962 |
Ship mortgage notes and premium | 703,085 | 622,963 |
Other long-term debt | 0 | 0 |
Due to related parties, long-term | 0 | 0 |
Loans receivable from affiliates | 0 | 0 |
Non Recurring | Level II | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Ship mortgage notes and premium | 0 | 0 |
Other long-term debt | 580,270 | 544,448 |
Due to related parties, long-term | 7,169 | 5,144 |
Loans receivable from affiliates | 6,102 | 2,660 |
Non Recurring | Level III | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Ship mortgage notes and premium | 0 | 0 |
Other long-term debt | 0 | 0 |
Due to related parties, long-term | 0 | 0 |
Loans receivable from affiliates | 0 | 0 |
Recurring | Total | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivatives (included under "Prepaid expenses and other current assets") | ' | 3,446 |
Recurring | Level I | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivatives (included under "Prepaid expenses and other current assets") | ' | 0 |
Recurring | Level II | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivatives (included under "Prepaid expenses and other current assets") | ' | 3,446 |
Recurring | Level III | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivatives (included under "Prepaid expenses and other current assets") | ' | $0 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Defaulted charterer | Defaulted charterer | Defaulted charterer | ||||||
Fair value of financial instruments | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | $4,623 | ' |
Prepaid expenses and other current assets | 5,514 | ' | 5,514 | ' | 4,563 | ' | 3,446 | 2,258 |
Other long-term assets | 1,304 | ' | 1,304 | ' | 5,533 | ' | 1,177 | ' |
Change in fair value of other assets | 0 | 0 | 1,188 | 0 | ' | 1,188 | ' | ' |
Impairment loss and loss on sale of vessel | 904 | 0 | 12,594 | 0 | ' | 972 | ' | ' |
Proceeds from sale of receivable | ' | ' | ' | ' | ' | $2,463 | ' | ' |
Transaction_With_Related_Parti
Transaction With Related Parties (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Nov. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 29-May-14 | 29-May-14 | 29-May-14 | |
The Navios Holdings Credit Facility | The Navios Holdings Credit Facility | Management Fees | Administrative services agreement with the manager | Administrative services agreement with the manager | Administrative services agreement with the manager | Administrative services agreement with the manager | Balance due to related parties | Balance due to related parties | Daily Management Fee MR2 | Daily Management Fee LR1 | Daily Management Fee VLCC | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Face Amount | ' | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Description Of Variable Rate Basis | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Daily management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 7,000 | 9,500 |
Decrease in daily management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Drydock fixed cost | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payables Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payables Description Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional and Contract Services Expense | 23,787,000 | 15,826,000 | 46,087,000 | 29,924,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses | 3,726,000 | 1,123,000 | 7,312,000 | 2,207,000 | ' | ' | ' | ' | 1,803,000 | 754,000 | 3,498,000 | 1,414,000 | ' | ' | ' | ' | ' |
Due To Related Parties Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,269,000 | 7,992,000 | ' | ' | ' |
Due to related parties, short-term | 7,100,000 | ' | 7,100,000 | ' | 2,848,000 | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | 2,848,000 | ' | ' | ' |
Due to related parties, long-term | $7,169,000 | ' | $7,169,000 | ' | $5,144,000 | ' | ' | ' | ' | ' | ' | ' | $7,169,000 | $5,144,000 | ' | ' | ' |
Transactions_With_Related_Part1
Transactions With Related Parties - Navios Europe Inc (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 09, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Navios Holdings, Navios Acquisition and Navios Partners | Navios Holdings, Navios Acquisition and Navios Partners | Navios Europe | Navios Acquisition | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Revolving loan facility to fund working capital requirements, outstanding | ' | ' | $24,100 | ' | ' | ' |
Preferred Distribution Percentage | 12.70% | ' | ' | ' | ' | ' |
Investment in affiliates | 4,893 | 4,750 | ' | ' | 4,750 | ' |
Loan receivable from affiliate | 6,102 | 2,660 | ' | ' | 5,491 | ' |
Revolving Credit Facility Remaining Borrowing Capacity | ' | ' | ' | $12,540 | ' | $5,957 |
Commitments_And_Contigencies_M
Commitments And Contigencies - Minimum Future Commitments (Tables) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitment and Contigencies [Abstract] | ' |
30-Jun-15 | $120,955 |
31-Dec-15 | 44,310 |
Total | $165,265 |
Preferred_And_Common_Stock_Tab1
Preferred And Common Stock (Tables) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2014 |
Balance, beginning of period, number of preferred shares | ' | 1,200 |
Balance, end of period, number of preferred shares | 1,200 | 1,200 |
Balance, beggining of period, amount | ' | 12,000 |
Balance, end of period, amount | 12,000 | 12,000 |
Number of preferred shares | ' | ' |
Balance, beginning of period, number of preferred shares | 600 | 1,200 |
Issuance of preferred stock subject to redemption, number of preferred shares | 600 | ' |
Balance, end of period, number of preferred shares | 1,200 | 1,200 |
Amount | ' | ' |
Balance, beggining of period, amount | 6,000 | 12,000 |
Issuance of preferred stock subject to redemption, amount | 6,000 | ' |
Balance, end of period, amount | 12,000 | 12,000 |
Preferred_And_Common_Stock_Det
Preferred And Common Stock (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 20, 2014 | Oct. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 24, 2013 | Feb. 13, 2013 | Oct. 31, 2012 | Aug. 31, 2012 | Oct. 31, 2013 | Feb. 20, 2014 | Feb. 20, 2014 | Feb. 20, 2014 |
Series D Convertible Preferred Stock | Series D Convertible Preferred Stock | Series D Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Gross Proceeds | Underwriter's option | Net Proceeds | ||||||
Preferred and Common Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Shares Authorized | ' | ' | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Par Or Stated Value Per Share | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Shares Issued | ' | ' | 4,540 | ' | 4,540 | 300 | 300 | 300 | 300 | ' | ' | ' | ' |
Fair value of preferred stock | ' | ' | ' | ' | ' | $3,000 | $3,000 | $3,000 | $3,000 | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 6.00% | ' | ' | 6.00% | 6.00% | 6.00% | 6.00% | ' | ' | ' | ' |
Preferred Stock Shares Outstanding | ' | ' | 4,540 | ' | 4,540 | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity Shares Outstanding | ' | ' | 1,200 | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Disclosure Of Share Based Compensation Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'In October 2013, Navios Acquisition authorized and issued to its directors in the aggregate of 2,100,000 restricted shares of common stock and options to purchase 1,500,000 shares of common stock having an exercise price of $3.91 per share and an expiration term of 10 years. These awards of restricted common stock and stock options are based on service conditions only and vest over a period of over three years. | ' | ' | ' |
Restricted stock price at grant date | ' | $3.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock fair value amount | ' | 8,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation price | ' | $0.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation fair value | ' | 1,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | ' | 2,900 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners Capital Account Units Sold In Public Offering | 14,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,950,000 | ' |
Share Price | $3.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,556 | ' | 54,287 |
Compensation cost relating to service conditions of non-vested stock options | ' | ' | 693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost relating to service conditions of non-vested restricted stock | ' | ' | 4,886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition | ' | ' | '2 years 9 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition of stock options | ' | ' | '9 years 9 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agent Costs | 3,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering Costs | $247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Authorized | ' | ' | 250,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Par Or Stated Value Per Share | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred_And_Common_Stock_Add
Preferred And Common Stock - Additional Information (Details) (Series D Convertible Preferred Stock) | 6 Months Ended |
Jun. 30, 2014 | |
Series D Convertible Preferred Stock | ' |
Convertible Preferred Stock Terms Of Conversion | 'The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price per share of common stock equal to $10.00. The holder of the preferred stock shall have the right to convert such shares of preferred stock into common stock prior to the scheduled maturity dates at a price of $7.00 per share of common stock. The Series D Preferred Stock does not have any voting rights. Navios Acquisition is obligated to redeem the Series D Preferred Stock (or converted common shares) at holder's option exercisable beginning on 18 months after issuance, at par payable at up to 12 equal quarterly installments. |
Segment_Information_Revenue_By
Segment Information - Revenue By Geographic Region (Tables) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total Revenue | $62,242 | $47,057 | $123,211 | $91,229 |
Asia | ' | ' | ' | ' |
Total Revenue | 41,125 | 39,057 | 84,323 | 76,681 |
Europe | ' | ' | ' | ' |
Total Revenue | 9,643 | 5,341 | 17,030 | 8,828 |
United States | ' | ' | ' | ' |
Total Revenue | $11,474 | $2,659 | $21,858 | $5,720 |
Loss_Per_Common_Share_Calculat
Loss Per Common Share - Calculation Of Loss Per Share (Tables) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loss per common share | ' | ' | ' | ' |
Net loss attributable to common stockholders | ($2,804) | ($1,536) | ($15,622) | ($801) |
Dividend declared on preferred shares Series B | -27 | -27 | -54 | -54 |
Dividend declared on Series D preferred shares | -168 | 0 | -279 | 0 |
Dividend declared on restricted shares | -105 | 0 | -210 | 0 |
Undistributed loss attributable to Series C participating preferred shares | 151 | 122 | 825 | 34 |
Loss attributable to common stockholders, basic and diluted | ($2,953) | ($1,441) | ($15,340) | ($821) |
Denominator: | ' | ' | ' | ' |
Denominator for basic net loss per share - weighted average shares | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 |
Denominator for diluted net loss per share - adjusted weighted average shares | 149,564,942 | 90,215,506 | 145,352,511 | 72,143,198 |
Basic net loss per share | ($0.02) | ($0.02) | ($0.11) | ($0.01) |
Diluted net loss per share | ($0.02) | ($0.02) | ($0.11) | ($0.01) |
Loss_Per_Common_Share_Details
Loss Per Common Share (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Loss per common share | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,406,286 | 7,892,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax [Abstract] | ' | ' | ' | ' |
Greek Tonnage tax | $53 | $47 | $108 | $67 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Aug. 11, 2014 | 9-May-14 | Feb. 07, 2014 | Nov. 08, 2013 | Jul. 31, 2014 | Jul. 21, 2014 |
In Thousands, except Per Share data, unless otherwise specified | Deutsche Bank AG Filiale Deutsclandgeschaft & Skandinaviska Enskilda Banken AB | Nave Electron | ||||
Debt Instrument Face Amount | ' | ' | ' | ' | $132,413 | ' |
Number of Loan Tranches | ' | ' | ' | ' | 8 | ' |
Debt instrument payment terms | ' | ' | ' | ' | 'Each tranche of the facility is repayable in 20 equal quarterly installments of between approximately $344 and $895, each with a final balloon repayment if the balance to be repaid on the last repayment date. | ' |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | 18-Jul-19 | ' |
Debt Instrument Description Of Variable Rate Basis | ' | ' | ' | ' | ' The first three tranches of the loan bear interest at LIBOR plus 325 bps per annum and the fourth through eight tranches bear interest at LIBOR plus 310 bps per annum. | ' |
Vessel's capacity in DWT | ' | ' | ' | ' | ' | 305,178 |
Total Vessel Acquisition Cost | ' | ' | ' | ' | ' | $41,000 |
Vessel provided as collateral under the 8.125% First Priority Ship Mortgage Notes due 2021 | ' | ' | ' | ' | ' | 'Nave Electron |
Dividends Payable, Amount Per Share | $0.05 | $0.05 | $0.05 | $0.05 | ' | ' |