Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Entity Information [Abstract] | |
Entity Registrant Name | Navios Maritime Acquisition Corporation |
Trading Symbol | NNA |
Entity Central Index Key | 1437260 |
Document Type | 20-F |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | -19 |
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 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $54,493 | $82,835 |
Restricted cash | 6,669 | 24,962 |
Accounts receivable, net | 18,273 | 8,441 |
Due from related parties | 1,361 | 0 |
Prepaid expenses and other current assets | 8,732 | 4,563 |
Total current assets | 89,528 | 120,801 |
Vessels, net | 1,375,931 | 1,353,131 |
Deposits for vessels acquisitions | 42,276 | 100,112 |
Deferred finance costs, net | 22,330 | 23,246 |
Goodwill | 1,579 | 1,579 |
Intangible assets-other than goodwill | 3,300 | 40,171 |
Other long-term assets | 690 | 5,533 |
Deferred dry dock and special survey costs, net | 5,312 | 4,678 |
Investment in affiliates | 151,966 | 4,750 |
Investment in available-for-sale securities | 15,099 | 0 |
Loan receivable from affiliate | 7,791 | 2,660 |
Total non-current assets | 1,626,274 | 1,535,860 |
Total assets | 1,715,802 | 1,656,661 |
Current liabilities | ||
Accounts payable | 1,599 | 1,577 |
Dividend payable | 7,967 | 7,220 |
Accrued expenses | 10,261 | 11,985 |
Due to related parties, short term | 18,489 | 2,848 |
Deferred revenue | 1,400 | 7,056 |
Current portion of long-term debt | 33,431 | 34,714 |
Total current liabilities | 73,147 | 65,400 |
Long-term debt, net of current portion and premium | 1,130,901 | 1,119,734 |
Due to related parties, long term | 9,625 | 5,144 |
Unfavorable lease terms | 2,878 | 3,561 |
Total non-current liabilities | 1,143,404 | 1,128,439 |
Total liabilities | 1,216,551 | 1,193,839 |
Commitments and contingencies | ||
Series D Convertible Preferred stock 1,200 shares issued and outstanding with $12,000 redemption amount as of December 31, 2014 and December 31, 2013, respectively | 12,000 | 12,000 |
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 4,540 issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 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 December 31, 2014 and December 31, 2013, respectively | 15 | 13 |
Additional paid-in capital | 557,125 | 530,203 |
Accumulated deficit | -66,347 | -79,394 |
Other Comprehensive Loss | -3,542 | 0 |
Total stockholders' equity | 487,251 | 450,822 |
Total liabilities and stockholders' equity | $1,715,802 | $1,656,661 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock - par value | $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 value | $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 |
Series D Convertible Preferred Stock | ||
Redemption amount | $12,000 | $12,000 |
Preferred stock shares issued | 1,200 | 1,200 |
Preferred stock shares outstanding | 1,200 | 1,200 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income/ (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS) [Abstract] | |||
Revenue | $264,877 | $202,397 | $151,097 |
Time charter and voyage expenses | -5,187 | -6,762 | -2,824 |
Direct vessel expenses | -1,979 | -3,096 | -2,622 |
Management fees (entirely through related party transactions) | -95,827 | -71,392 | -47,043 |
General and administrative expenses | -14,588 | -7,017 | -3,853 |
Depreciation and amortization | -67,718 | -63,880 | -49,644 |
Loss on bond extinguishment | 0 | -33,973 | 0 |
Interest income | 720 | 315 | 445 |
Interest expenses and finance cost | -78,610 | -58,386 | -49,432 |
Impairment loss | -11,690 | 0 | 0 |
Gain/ (loss) on sale of vessels | 22,599 | -21,098 | 0 |
Change in fair value of other assets | -1,188 | 0 | 0 |
Equity in net earnings of affiliated companies | 2,000 | 0 | 0 |
Other income | 280 | 4,787 | 280 |
Other expense | -642 | -487 | -202 |
Net income/ (loss) | 13,047 | -58,592 | -3,798 |
Other comprehensive loss | |||
Unrealized holding loss on investments in- available-for-sale securities | -3,542 | 0 | 0 |
Other comprehensive loss | -3,542 | 0 | 0 |
Total comprehensive income/ (loss) | 9,505 | -58,592 | -3,798 |
Dividend declared on preferred shares Series B | -108 | -108 | -108 |
Dividend declared on Series D preferred shares | -642 | -91 | 0 |
Dividend declared on restricted shares | -385 | -105 | 0 |
Undistributed income/ (loss) attributable to Series C participating preferred shares | -541 | 3,206 | 622 |
Net income/ (loss) attributable to common stockholders, basic | 11,371 | -55,690 | -3,284 |
Plus: | |||
Undistributed income/ (loss) attributable to Series C participating preferred shares | 541 | 0 | 0 |
Net income/( loss) attributable to common stockholders, diluted | $11,912 | ($55,690) | ($3,284) |
Net income/(loss) per share, basic | $0.08 | ($0.57) | ($0.08) |
Weighted average number of shares, basic | 147,606,448 | 98,085,189 | 40,517,413 |
Net income/ (loss) per share, diluted | $0.08 | ($0.57) | ($0.08) |
Weighted average number of shares, diluted | 156,482,448 | 98,085,189 | 40,517,413 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income/ (loss) | $13,047 | ($58,592) | ($3,798) |
Adjustments to reconcile net loss to net cash provided by/ (used in) operating activities: | |||
Depreciation and amortization | 67,718 | 63,880 | 49,644 |
Amortization and write-off of deferred finance fees and bond premium | 9,111 | 11,615 | 2,820 |
Amortization of dry dock and special survey costs | 1,979 | 3,096 | 2,622 |
Stock based compensation | 5,254 | 1,089 | 0 |
Impairment loss | 11,690 | 0 | 0 |
(Gain)/ loss on sale of vessels | -22,599 | 21,098 | 0 |
Non- cash settlement received | 0 | -3,446 | 0 |
Change in fair value of other assets | 1,188 | 0 | 0 |
Equity in earnings of affiliates | -2,000 | 0 | 0 |
Changes in operating assets and liabilities: | |||
(Increase)/ decrease in prepaid expenses and other current assets | -5,287 | 1,523 | -2,194 |
(Increase)/ decrease in accounts receivable | -9,308 | -3,338 | 1,375 |
Decrease/(increase) in restricted cash | 642 | -1,538 | 320 |
Decrease/(increase) in other long term assets | 3,665 | -4,636 | 413 |
Increase in accounts payable | 254 | 300 | 256 |
Decrease in accrued expenses | -1,640 | -966 | -2,541 |
Payments for dry dock and special survey costs | -5,726 | -242 | -2,944 |
(Increase)/ decrease in due to related parties | 15,014 | -62,615 | 35,780 |
(Decrease)/increase in due from related parties | -1,361 | 0 | 0 |
(Decrease)/increase in deferred revenue | -5,656 | 3,405 | 400 |
Decrease in other long term liabilities | 0 | -204 | -276 |
Net cash provided by/(used in) operating activities | 75,985 | -29,571 | 81,877 |
Investing Activities | |||
Acquisition of vessels | -362,339 | -288,906 | -83,253 |
Deposits for vessel acquisitions | -11,881 | -24,907 | -142,119 |
Net cash proceeds from sale of vessels and intangibles | 232,956 | 17,407 | 0 |
Investment in affiliate | 0 | -4,750 | 0 |
Loan receivable to / from affiliate | -4,465 | -2,660 | 0 |
Decrease in restricted cash | 0 | 10,076 | 19,416 |
Net cash used in investing activities | -145,729 | -293,740 | -205,956 |
Financing Activities | |||
Loan proceeds, net of deferred finance costs and net of premium | 161,932 | 155,550 | 162,813 |
Loan proceeds from related party, net of deferred finance cost | 165,650 | 0 | 5,000 |
Loan repayment to related party | -169,650 | -35,000 | -10,000 |
Loan repayments | -216,197 | -100,216 | -13,744 |
Repayment of Senior Notes | 0 | -505,000 | 0 |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 59,598 | 595,420 | 0 |
Dividend paid | -31,871 | -19,711 | -9,759 |
Increase/ (Decrease) in restricted cash | 17,651 | -12,337 | -8,685 |
Payment to related party | 0 | -22,948 | 0 |
Net proceeds from equity offerings | 54,289 | 307,542 | 0 |
Net cash provided by financing activities | 41,402 | 363,300 | 125,625 |
Net (decrease)/increase in cash and cash equivalents | -28,342 | 39,989 | 1,546 |
Cash and cash equivalents, beginning of year | 82,835 | 42,846 | 41,300 |
Cash and cash equivalents, end of year | 54,493 | 82,835 | 42,846 |
Supplemental disclosures of cash flow information | |||
Cash interest paid, net of capitalized interest | 69,255 | 54,726 | 47,102 |
Non-cash investing activities | |||
Capitalized financing costs | 355 | 472 | 879 |
AFS securities received upon sale of vessels | 18,640 | 0 | 0 |
Investment in affiliates received upon sale of vessels | 145,860 | 0 | 0 |
Accrued interest on loan to affiliate | 1,353 | 0 | 0 |
Non-cash financing activities | |||
Dividends payable | 7,967 | 7,220 | 2,410 |
Acquisition of vessels | -3,885 | -7,198 | -4,313 |
Deposits for vessel acquisitions | -1,201 | -841 | -1,848 |
Due to related party | 5,086 | 8,039 | 6,161 |
Issuance of Series D Convertible Preferred Stock issued for vessel acquisitions | 0 | 6,000 | 6,000 |
Issuance of restricted stock | $5,254 | $1,089 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Preferred Stock | Common Stock | Other Comprehensive Loss | Additional Paid-in Capital | (Accumulated deficit) |
In Thousands, except Share data | ||||||
Balance value at Dec. 31, 2011 | $238,849 | $0 | $4 | $0 | $255,849 | ($17,004) |
Balance, shares at Dec. 31, 2011 | 4,540 | 40,517,413 | ||||
Dividend paid/declared | -9,747 | -9,747 | ||||
Net income/ (loss) | -3,798 | -3,798 | ||||
Other Comprehensive loss | 0 | |||||
Balance value at Dec. 31, 2012 | 225,304 | 0 | 4 | 0 | 246,102 | -20,802 |
Balance, shares at Dec. 31, 2012 | 4,540 | 40,517,413 | ||||
Issuance of common shares, value | 307,542 | 9 | 307,533 | |||
Issuance of common shares, number of shares | 94,097,529 | |||||
Issuance of restricted shares / Stock- based compensation, value | 1,089 | 1,089 | ||||
Issuance of restricted shares, number of shares | 2,100,000 | |||||
Dividend paid/declared | -24,521 | -24,521 | ||||
Net income/ (loss) | -58,592 | -58,592 | ||||
Other Comprehensive loss | 0 | |||||
Balance value at Dec. 31, 2013 | 450,822 | 0 | 13 | 0 | 530,203 | -79,394 |
Balance, 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 | |||||
Issuance of restricted shares / Stock- based compensation, value | 5,254 | 5,254 | ||||
Dividend paid/declared | -32,619 | -32,619 | ||||
Net income/ (loss) | 13,047 | 13,047 | ||||
Other Comprehensive loss | -3,542 | -3,542 | ||||
Balance value at Dec. 31, 2014 | $487,251 | $0 | $15 | ($3,542) | $557,125 | ($66,347) |
Balance, shares at Dec. 31, 2014 | 4,540 | 151,664,942 |
Description_of_Organization_an
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 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 the 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 December 31, 2014, Navios Holdings had 43.0% of the voting power and 46.1% of the economic interest in Navios Acquisition. | |
As of December 31, 2014, Navios Acquisition had outstanding: 151,664,942 shares of common stock, 4,540 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. | |
In November 2014, Navios Maritime Midstream Partners LP (“Navios Midstream”), a company formed as a subsidiary of Navios Acquisition, completed an initial public offering (“IPO”) of its units in the United States and is listed on the NYSE. | |
In connection with the IPO of Navios Midstream, the Company sold all of the outstanding shares of capital stock of four of its vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) in exchange for: (i) all of the estimated net proceeds from the IPO amounting to $110,403; (ii) $104,451 of the $126,000 of borrowings under Navios Midstream's new credit facility; (iii) 9,342,692 subordinated units and 1,242,692 common units; and (iv) 381,334 general partner units, representing a 2.0% general partner interest in Navios Midstream, and all of the incentive distribution rights in Navios Midstream, to the general partner of Navios Midstream. | |
Following the IPO, the Company concluded that it does not hold a controlling financial interest in Midstream and deconsolidated the vessels sold as of the IPO date. (Refer to Note 9, “Investment in affiliates”). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 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 consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). | |||||||||||
(b) Principles of consolidation: The accompanying 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 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 it 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 equity method investments investments, 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 December 31, 2014, the entities included in these consolidated financial statements were: | |||||||||||
Navios Maritime Acquisition | Nature | Country of | 2014 | 2013 | 2012 | ||||||
Corporation and Subsidiaries: | Incorporation | ||||||||||
Company Name | |||||||||||
Aegean Sea Maritime Holdings Inc. | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Amorgos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Andros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antikithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antiparos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Amindra Shipping Co. | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Crete Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Folegandros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Ikaria Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Ios Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Kithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Kos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Mytilene Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Navios Maritime | Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Acquisition Corporation | |||||||||||
Navios Acquisition Finance (U.S.) Inc. | Co-Issuer | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Rhodes Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Serifos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Dream Limited | Vessel-Owning Company | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Kannika Limited | Vessel-Owning Company (4) | Hong Kong | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Kieran Limited | Vessel-Owning Company (4) | British Virgin Is. | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Loyalty Limited | Vessel-Owning Company (2) | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Navigator Limited | Vessel-Owning Company (3) | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Ocean Limited | Vessel-Owning Company (4) | Hong Kong | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Saowalak Limited | Vessel-Owning Company (4) | British Virgin Is. | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Sifnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Skiathos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Skopelos Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Syros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Thera Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Tinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Oinousses Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Psara Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antipsara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Samothrace Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Thasos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Limnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Skyros Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Alonnisos Shipping Corporation (5) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Makronisos Shipping Corporation (5) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Iraklia Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/2 - 12/31 | — | ||||||
Paxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/25 - 12/31 | — | ||||||
Antipaxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/25 - 12/31 | — | ||||||
Donoussa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 6/28 - 12/31 | — | ||||||
Schinousa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 6/28 - 12/31 | — | ||||||
Navios Acquisition Europe Finance Inc | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 6/4-12/31 | — | ||||||
Sikinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 7/3 - 12/31 | — | ||||||
Kerkyra Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Lefkada Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Zakynthos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Leros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/4 - 12/31 | — | — | ||||||
Kimolos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/29 - 12/31 | — | — | ||||||
Samos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 9/15-12/31 | — | — | ||||||
Navios Maritime Midstream Partners GP LLC | Holding Company | Marshall Is. | 10/13 - 12/31 | - | - | ||||||
(1 | )Each company had the rights over a shipbuilding contract of an MR2 product tanker vessel, such vessels having been delivered during 2015. | ||||||||||
(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. | ||||||||||
(4 | )Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. | ||||||||||
(5 | )Each company held the rights over a shipbuilding contract of an MR2 product tanker vessel. In February 2015, these shipbuilding contracts were terminated, with no exposure to Navios Acquisition, due to the shipyard's inability to issue a refund guarantee. Refer to Note 25 “Subsequent events”. | ||||||||||
(e) Use of estimates: The preparation of 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 and the valuations estimates inherent in the deconsolidation gain. 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) Cash and Cash equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. | |||||||||||
(g) Restricted Cash: As of December 31, 2014 and 2013, restricted cash comprised of an amount of $6,669 and $7,555 respectively which related to amounts held in retention account in order to service debt, interest payments and pledged cash, as required by certain of Navios Acquisition's credit facilities. As of December 31, 2013 restricted cash also included an amount of $17,407 being cash collateral to the Senior Notes due in 2021, that was settled in 2014. | |||||||||||
(h) Accounts Receivable, net: The amount shown as accounts receivable, net at each balance sheet date includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | |||||||||||
(i) Other long term assets: As of December 31, 2014, the amount shown as other long term assets reflects the advances of $690 to certain unrelated counterparties for working capital purposes as per charters entered with them. As of December 31, 2013, the amount shown as other long term assets reflected the advances of $3,897 to certain unrelated counterparties for working capital purposes as per charters entered with them and the fair value of the cash amount to be received in connection with the rehabilitation process for a defaulted charterer of $1,177. (See Note 14 “Fair value of financial instruments”). | |||||||||||
(j) 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 cost of steel times the weight of the ship noted in lightweight ton (LWT). 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. Up to December 31, 2012, management estimated the residual values of its vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the company's vessels, the estimated scrap value per LWT was increased to $360 per LWT. | |||||||||||
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. | |||||||||||
(k) Deposits for vessels acquisitions: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of long-lived fixed assets. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest amounted to $3,290, $6,149 and $14,240 as of December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(l) 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 attached 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 newbuildings. 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 on this asset group as the carrying amount of the asset group was not recoverable and exceeded its fair value as of March 31, 2014. 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 5 “Vessels, Net”). | |||||||||||
During the fourth quarter of fiscal 2014, management concluded that events occurred and circumstances had changed, which indicated the potential impairment of Navios Acquisition's long-lived assets may exist. These indicators included continued volatility in the charter market and the related impact of the current tanker sector has on management's expectation for future revenues. As a result, an impairment assessment of long-lived assets or identified asset groups was performed. | |||||||||||
The Company determined undiscounted projected net operating cash flows for each vessel and deposits for newbuildings and compared it to the vessel's carrying value together with the carrying value of the related intangible. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on the 10- year average historical one year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions, excluding days of scheduled off-hires, management fees fixed until May 2016 and thereafter assuming an annual increase of 3.0% and utilization rate of 98.6% based on the fleets historical performance. | |||||||||||
For the deposits for new build vessels, the net cash flows also included the future cash out flows to make the vessels ready for use, all remaining progress payments to shipyards and other pre-delivery expenses (e.g., capitalized interest). | |||||||||||
The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels, deposits for vessel acquisitions and related intangible assets existed as of December 31, 2014, as the undiscounted projected net operating cash flows exceeded the carrying value. | |||||||||||
In the event that impairment would occur, the fair value of the related asset would be determined and a charge would be recognized in the statement of comprehensive income/ (loss) calculated by comparing the asset's carrying value to its fair value. Fair value is estimated primarily through the use of third-party valuations performed on an individual vessel basis. | |||||||||||
Although management believes the underlying assumptions supporting this assessment are reasonable, if charter rate trends and the length of the current market downturn vary significantly from our forecasts, management may be required to perform step two of the impairment analysis in the future that could expose Navios Acquisition to material impairment charges in the future. | |||||||||||
Impairment loss recognized amounted to $10,718, $0.0 and $0.0 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(m) Deferred Finance Costs: Deferred finance costs include fees, commissions and legal expenses associated with obtaining loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization of deferred finance costs for each of the years ended December 31, 2014, 2013 and 2012 were $7,275, $3,252 and $2,820, respectively. | |||||||||||
(n) Goodwill: Goodwill acquired in a business combination is not to be amortized. Goodwill is tested for impairment at the reporting unit level at least annually and written down with a charge to the statement of comprehensive income/ (loss) if the carrying amount exceeds the estimated implied fair value. | |||||||||||
The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of discounted cash flow analysis and an industry market multiple. | |||||||||||
If the fair value exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step in order to determine the implied fair value of the reporting unit's goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that unit, as if the unit had been acquired in a business combination and the fair value of the unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. | |||||||||||
Navios Acquisition has one reporting unit. No impairment loss was recognized for any of the periods presented. | |||||||||||
(o) Intangibles other than goodwill: Navios Acquisition's intangible assets and liabilities consist of favorable lease terms and unfavorable lease terms. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires us to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of its vessels and its weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on Navios Acquisition's financial position and results of operations. | |||||||||||
The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statement of comprehensive income/ (loss) in the depreciation and amortization line item. The amortizable value of favorable leases would be considered impaired if their fair market values could not be recovered from the future undiscounted cash flows associated with the asset. If a vessel purchase option is exercised the portion of this asset will be capitalized as part of the cost of the vessel and will be depreciated over the remaining useful life of the vessel. | |||||||||||
Management, after considering various indicators performed impairment tests on asset groups which included intangible assets as described in paragraph (l) above. As of December 31, 2014 and 2013, there was no impairment of intangible assets. | |||||||||||
(p) Preferred shares Series D: Navios Acquisition issues 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 its newbuild vessels. The preferred stock contains a 6% per annum dividend payable quarterly, starting one year after delivery of the 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 the 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 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 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. | |||||||||||
(q) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss) unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the statements of income. Management evaluates securities for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||
Investment in Equity Securities: Navios Acquisition evaluates its investments in Navios Midstream and Navios Europe Inc. (“Navios Europe”) for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Midstream and Navios Europe, and (iii) the intent and ability of the Company to retain its investment in Navios Midstream and Navios Europe for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||
(r) Deferred Dry dock and Special Survey Costs: Navios Acquisition's vessels are subject to regularly scheduled drydocking and special surveys which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys is deferred and amortized over the above periods or to the next drydocking or special survey date if such has been determined. Unamortized drydocking or special survey costs of vessels sold are written off to income in the year the vessel is sold. | |||||||||||
Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2014, 2013 and 2012, the amortization expense was $1,979, $3,096 and $2,622, respectively. Accumulated amortization as of December 31, 2014 and 2013 amounted to $880 and $6,351, respectively. | |||||||||||
(s) Foreign currency translation: Navios Acquisition's functional and reporting currency is the U.S. dollar. Navios Acquisition engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, Navios Acquisition's wholly owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar-denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statement of comprehensive income/ (loss). | |||||||||||
(t) Provisions: Navios Acquisition, in the ordinary course of its business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisors, will provide for a contingent loss in the financial statements if the contingency had been incurred at the date of the financial statements and the amount of the loss was probable and can be reasonably estimated. If Navios Acquisition has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, Navios Acquisition will provide the lower amount of the range. Navios Acquisition, through the Management Agreement with the Manager, participates in Protection and Indemnity (P&I) insurance coverage plans provided by mutual insurance societies known as P&I clubs. Services such as the ones described above are provided by the Manager under the management agreement dated May 28, 2010 as amended in May 2014, and are included as part of the daily fee of $6.0 for each MR2 Product tanker and chemical tanker vessel, $7.0 per owned LR1 product tanker vessel and $9.5 per owned VLCC vessel. (See Note 16). | |||||||||||
(u) Segment Reporting: Navios Acquisition reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. Navios Acquisition does not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses, profitability or other financial information by charter type. 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. | |||||||||||
(v) Revenue and Expense Recognition: | |||||||||||
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. Voyage expenses are recognized as incurred. 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 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. Profit sharing for the years ended December 31, 2014, December 31, 2013 and December 31, 2012 amounted to $6,710, $4,360 and $2,014, respectively. | |||||||||||
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. Revenue for vessels operating in pooling arrangements amounted to $16,974, $0.0 and $0.0, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. | |||||||||||
Time Charter and Voyage Expenses: Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Time charter expenses are expensed over the period of the time charter and voyage expenses are recognized as incurred. | |||||||||||
Direct Vessel Expense: Direct vessel expenses comprise of the amortization of drydock and special survey costs of certain vessels of Navios Acquisition's fleet. | |||||||||||
Management fees: Pursuant to a management agreement dated May 28, 2010 (the “Management Agreement”), the Manager provides, 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 of $6.0 per owned MR2 product tanker and chemical tanker vessel, $7.0 per owned LR1 product tanker vessel, and $10.0 per owned VLCC vessel for the first two years. On May 4, 2012, Navios Acquisition amended its existing Management Agreement with the Manager, to fix the fees for ship management services of its owned fleet at current rates for two additional years, through May 28, 2014. This daily fee covers all of the vessels' operating expenses, other than certain extraordinary fees and costs. During the remaining term of the Management Agreement, Navios Acquisition expects it will reimburse Navios Holdings for all of the actual operating costs and expenses it incurs in connection with the management of its fleet. Actual operating costs and expenses will be determined in a manner consistent with how the initial fixed fees were determined. Drydocking expenses are fixed under this agreement for up to $300 per vessel, for chemical tanker, MR2 and LR1 product tankers, and will be reimbursed at cost for VLCC vessels. | |||||||||||
In May 2014, the duration of the existing Management Agreement was extended until May 2020 and the daily rate was reduced by 5% to $9.5 per VLCC vessel for two additional years through May 2016. 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 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. Effective 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 January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | |||||||||||
General and administrative expenses: On May 28, 2010, Navios Acquisition entered into an administrative services agreement with Navios Holdings, initially set to expire on May 28, 2015 (the “Administrative Services Agreement”), pursuant to which a subsidiary of Navios Holdings provides certain administrative management services to Navios Acquisition which include: rent, 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. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. | |||||||||||
In May 2014, the duration of its existing Administrative Services Agreement was extended until May 2020 pursuant to its existing terms. | |||||||||||
Deferred Revenue: Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. | |||||||||||
Prepaid Expense and Other Current Assets: Prepaid expenses relate primarily to cash paid in advance for expenses associated with voyages. These amounts are recognized as expense over the voyage or charter period. As of December 31, 2013, other current assets also included the fair value of the non-cash settlement of $3,446 recognized pursuant to the rehabilitation process for a defaulted charterer. (See Note 21: Other income) | |||||||||||
(w) Financial Instruments: Financial instruments carried on the balance sheet include trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. | |||||||||||
Financial risk management: Navios Acquisition's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, and fuel prices, credit and interest rate risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. | |||||||||||
Credit risk: Navios Acquisition closely monitors its exposure to customers and counterparties for credit risk. Navios Acquisition has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Acquisition. When negotiating on behalf of Navios Acquisition various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. | |||||||||||
For the year ended December 31, 2014, Navios Acquisition's customers representing 10% or more of total revenue were Navig8 Chemicals Shipping and Trading Co. (“Navig8”) and Dalian Ocean Shipping Co. (“DOSCO”), which accounted for 28.8% and 22.4%, respectively. For the year ended December 31, 2013, Navios Acquisition's customers representing 10% or more of total revenue were DOSCO and Navig8, which accounted for 32.0% and 22.4% of total revenue, respectively. For the year ended December 31, 2012, Navios Acquisition's customers representing 10% or more of total revenue were DOSCO and STX Panocean Co. Ltd., which accounted for 43.3% and 10.7% of total revenue, respectively. No other customers accounted for 10% or more of total revenue for any of the years presented. | |||||||||||
Foreign exchange risk: Foreign currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income/ (loss). | |||||||||||
(x) Earnings/ (Loss) per Share: Basic earnings/ (loss) per share is computed by dividing net income/ (loss) attributable to Navios Acquisition's common shareholders by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities (the warrants and preferred shares and the stock options) are assumed to be exercised and the proceeds used to repurchase shares of common stock at the weighted average market price of the Company's common stock during the relevant periods. Convertible shares are included in the diluted earnings/ (loss) per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted earnings per share computation. Restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings per share, based on the weighted average number of restricted stock and restricted stock units assumed to be outstanding during the period. | |||||||||||
Net income/ (loss) for the year ended December 31, 2014, 2013 and 2012 was adjusted for the purposes of earnings per share calculation, for the dividends on Series B Preferred Shares and for the undistributed income/ (loss) that is attributable to Series C preferred stock. Net income/ (loss) for the years ended December 31, 2014 and December 31, 2013 was also adjusted for the dividends on Series D Preferred Shares and for the dividend declared on Restricted Common Stock. | |||||||||||
(y) Dividends: Dividends are recorded in the Company's financial statements in the period in which they are declared. | |||||||||||
(z) Stock based Compensation: In October 2013, Navios Acquisition authorized the issuance of shares of restricted common stock and stock options for its directors. These awards of restricted common stock and stock options are based on service conditions only and vest over three years. | |||||||||||
The fair value of stock option grants is determined with reference to option pricing model, and principally adjusted Black-Scholes models. The fair value of restricted stock is determined by reference to the quoted stock price on the date of grant. Compensation expense is recognized based on a graded expense model over the vesting period. | |||||||||||
The effect of compensation expense arising from the restricted shares and stock options described above amounted to $5,254, as of December 31, 2014, and it is reflected in general and administrative expenses on the statement of comprehensive income/ (loss). | |||||||||||
The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock, not yet recognized was $401 and $2,825, respectively, as of December 31, 2014 and is expected to be recognized over the weighted average period of 1.82 years. | |||||||||||
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Restricted Cash | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||||||
Cash and cash equivalents consisted of the following: | |||||||
December 31, 2014 | December 31, 2013 | ||||||
Cash on hand and at banks | $ | 19,380 | $ | 78,458 | |||
Short-term deposits | 35,113 | 4,377 | |||||
Total cash and cash equivalents | $ | 54,493 | $ | 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. | |||||||
In restricted cash there is an amount of $6,669 for 2014 and $7,555 for 2013 held in retention account in order to service debt, interest payments and pledged accounts, as required by certain of Navios Acquisition's credit facilities. | |||||||
In restricted cash as of December 31, 2013 there was also an amount of $17,407 which represented cash received from the sale of Shinyo Navigator and served as temporary collateral to the Senior Notes 2021, up to when the Company offered a new vessel. | |||||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts Receivable, Net [Abstract] | |||||||
ACCOUNTS RECEIVABLE, NET | NOTE 4: ACCOUNTS RECEIVABLE, NET | ||||||
Accounts receivable consist of the following: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Accounts receivable | $ | 18,273 | $ | 8,441 | |||
Less: Provision for doubtful accounts | — | — | |||||
Accounts receivable, net | $ | 18,273 | $ | 8,441 | |||
Financial instruments that potentially subject Navios Acquisition to concentrations of credit risk are accounts receivable. Navios Acquisition does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. |
Vessels_Net
Vessels, Net | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
VESSELS, NET | NOTE 5: 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 | 437,498 | (63,660 | ) | 373,838 | |||||||
Disposals | (406,054 | ) | 65,734 | (340,320 | ) | ||||||
Impairment loss | (22,724 | ) | 12,006 | (10,718 | ) | ||||||
Balance at December 31, 2014 | $ | 1,487,606 | $ | -111,675 | $ | 1,375,931 | |||||
Acquisition of vessels | |||||||||||
2014 | |||||||||||
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 7, 2014, Navios Acquisition took delivery of the Nave Jupiter, a newbuilding 49,999 dwt MR2 product tanker, from an unaffiliated third party, 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, from an unaffiliated third party, for a total cost of $43,686. | |||||||||||
On July 21, 2014, Navios Acquisition took delivery of the Nave Electron, a 2002-built VLCC of 305,178 dwt, from an unaffiliated third party, for a total cost of $41,209. | |||||||||||
On September 19, 2014, Navios Acquisition took delivery of the Nave Luminosity, a newbuilding 49,999 dwt MR2 product tanker, from an unaffiliated third party, for a total cost of $39,630. | |||||||||||
On November 20, 2014, Navios Acquisition took delivery of the Nave Pyxis, a newbuilding 49,998 dwt MR2 product tanker, from an unaffiliated third party, for a total cost of $33,411. | |||||||||||
On December 9, 2014, Navios Acquisition took delivery of the Nave Synergy a 2010-built VLCC of 299,973 dwt, from an unaffiliated third party, for a total cost of $75,918. | |||||||||||
Improvements for vessels for the year ended December 31, 2014 amounted to $410 and $0.0 for the year ended December 31, 2013. | |||||||||||
2013 | |||||||||||
On January 24, 2013, Navios Acquisition took delivery of the Nave Bellatrix, a 49,999 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $38,021. Cash paid was $4,563 and $33,458 was transferred from vessel deposits. | |||||||||||
On February 13, 2013, Navios Acquisition took delivery of the Nave Rigel, a 74,673 dwt South Korean — built LR1 product tanker, from an unaffiliated third party, for a total cost of $47,863. The $47,863 consisted of: (i) cash paid of $16,591, (ii) the issuance of $3,000 Series D Preferred; and (iii) $28,272 was transferred from vessel deposits. | |||||||||||
On March 22, 2013, Navios Acquisition took delivery of the Nave Orion, a 49,999 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $38,054. Cash paid was $8,157 and $29,897 was transferred from vessel deposits. | |||||||||||
On April 24, 2013, Navios Acquisition took delivery of the Nave Atropos, a 74,695 dwt South Korean — built LR1 product tanker, from an unaffiliated third party, for a total cost of $48,197. The $48,197 consisted of: (i) cash paid of $17,089; (ii) the issuance of $3,000 of Series D Preferred Stock; and (iii) $28,108 was transferred from vessel deposits. | |||||||||||
On June 10, 2013, Navios Acquisition took delivery of the Nave Titan, a 49,999 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $37,123. Cash paid was $9,573 and $27,550 was transferred from vessel deposits. | |||||||||||
On June 26, 2013, Navios Acquisition took delivery of the Nave Equinox, a 50,922 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $23,449 paid in cash. | |||||||||||
On July 9, 2013, Navios Acquisition took delivery of the Nave Capella, a 49,995 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $37,151. Cash paid was $9,639 and $27,512 was transferred from vessel deposits. | |||||||||||
On July 9, 2013, Navios Acquisition took delivery of the Nave Pulsar, a 50,922 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $23,625 paid in cash. | |||||||||||
On July 22, 2013, Navios Acquisition took delivery of the Nave Universe, a 45,313 dwt South Korean — built Chemical tanker, from an unaffiliated third party, for a total cost of $34,208 paid in cash. | |||||||||||
On August 13, 2013, Navios Acquisition took delivery of the Nave Celeste, a 298,717 dwt South Korean — built VLCC, from an unaffiliated third party, for a total cost of $35,864 paid in cash. | |||||||||||
On September 3, 2013, Navios Acquisition took delivery of the Nave Alderamin, a 49,998 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $37,340. Cash paid was $9,886 and $27,454 was transferred from vessel deposits. | |||||||||||
On September 5, 2013, Navios Acquisition took delivery of the Nave Constellation, a 45,281 dwt South Korean — built Chemical tanker, from an unaffiliated third party, for a total cost of $34,294 paid in cash. | |||||||||||
On September 24, 2013, Navios Acquisition took delivery of the Nave Dorado, a 2005 Japanese built MR2 product tanker, from an unaffiliated third party, for a total cost of $16,789 paid in cash. | |||||||||||
On September 30, 2013, Navios Acquisition took delivery of the Bougainville, a 50,626 dwt South Korean — built MR2 product tanker, from an unaffiliated third party, for a total cost of $35,560 paid in cash. | |||||||||||
On October 23, 2013, Navios Acquisition took delivery of the Nave Lucida, a 2005 Japanese built MR2 product tanker, from an unaffiliated third party, for a total cost of $16,817 paid in cash. | |||||||||||
Disposal of vessels | |||||||||||
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.” 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(l) for further details related to the impairment test). 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 “Gain / (loss) on sale of vessels” in the consolidated statements of comprehensive income/ (loss). | |||||||||||
On November 18, 2014, Navios Acquisition sold all of the outstanding shares of capital stock of four of its vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) to Navios Midstream (see Note 1). | |||||||||||
The gain on sale amounted to $23,503 and was calculated as: | |||||||||||
Proceeds received: | |||||||||||
Cash proceeds received from sale of assets | $ | 214,854 | |||||||||
Common units | 18,640 | ||||||||||
General Partner units | 5,720 | ||||||||||
Subordinated units | 140,140 | ||||||||||
Selling expenses | (211) | 379,143 | |||||||||
Carrying Value of assets sold: | |||||||||||
Vessels | (322,121 | ) | |||||||||
Favorable leases | (32,129) | ||||||||||
Other assets / liabilities, net | (1,390) | -355,640 | |||||||||
Gain on sale of vessels | $ | 23,503 | |||||||||
The Company recorded the common units, general partner units and subordinated units at their fair value on November 18, 2014. Refer to Note 9, “Investment in affiliates”. | |||||||||||
This gain is included in “Gain / (loss) on sale of vessels” in the consolidated statements of comprehensive income/ (loss). Navios Midstream was deconsolidated from the date of the IPO. Refer to Note 9, “Investment in affiliates”. | |||||||||||
On December 6, 2013, Navios Acquisition sold the Shinyo Navigator to an unaffiliated third party purchaser for an aggregate price of $18,132. The loss on sale of $21,098 was calculated as the sales price less the carrying value of the vessel of $38,461, and related selling expenses of $725 and bunkers written-off of $44. This loss is included under the loss on sale of vessels in the consolidated statements of comprehensive income/ (loss). | |||||||||||
Deposits for vessel acquisitions | |||||||||||
Deposits for vessel acquisitions represent deposits for vessels to be delivered in the future. As of December 31, 2014, Navios Acquisition vessel deposits amounted to $42,276 of which $23,540 was financed through loans and the balance from existing cash. For the year ended December 31 2014, additions to deposits for vessels acquisitions comprising of cash payments and capitalized interest were $11,881, which was offset by $71,220 transferred to vessels, net. As of December 31, 2013, Navios Acquisition vessel deposits amounted to $100,112 of which $70,620 was financed through loans and the balance from existing cash. For the year ended December 31 2013, additions to deposits for vessels acquisitions comprising of cash payments and capitalized interest were $24,907, which was offset by $202,251 transferred to vessels, net. | |||||||||||
For the year ended December 31, 2014, 2013 and 2012, capitalized interest amounted to $3,290, $6,149 and $14,240 respectively. | |||||||||||
Deferred_Finance_Costs
Deferred Finance Costs | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Deferred Finance Costs [Abstract] | |||||
DEFERRED FINANCE COSTS | NOTE 6: DEFERRED FINANCE COSTS | ||||
Deferred finance costs consisted of the following: | |||||
Financing | |||||
Costs | |||||
Balance at December 31, 2012 | $ | 20,727 | |||
Additions | 16,200 | ||||
Capitalized into vessel deposits | (472 | ) | |||
Amortization | (3,252 | ) | |||
Deferred charges written-off | (9,957 | ) | |||
Balance at December 31, 2013 | $ | 23,246 | |||
Additions | 8,691 | ||||
Capitalized into vessel deposits | (355 | ) | |||
Amortization | (7,275 | ) | |||
Deferred charges written-off | (1,977 | ) | |||
Balance at December 31, 2014 | $ | 22,330 | |||
In 2014, an amount of $1,977 of deferred financing costs was written-off in relation to the tranches of the loans with ABN AMRO Bank N.V, HSH Nordbank AG and DVB Bank S.E which were prepaid in November 2014. In addition, the amortization income of the bond premium was $140 for 2014, $343 for 2013, and $435 for 2012. In 2013, an amount of $9,343 of deferred financing costs was written- off in relation to the $505,000 bond and $614 in relation to the loan with DVB Bank S.E which was fully repaid on November 12, 2013. (See Note 13: Borrowings). | |||||
Intangible_Assets_Other_Than_G
Intangible Assets Other Than Goodwill | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Intangible Assets Other Than Goodwill [Abstract] | |||||||||||||||||||||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | NOTE 7: INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||||||||||||||||||||
Intangible assets as of December 31, 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 | — | (4,742 | ) | (4,742 | ) | ||||||||||||||||||
Disposals*** | (44,877 | ) | 12,748 | (32,129 | ) | ||||||||||||||||||
Write-off** | (1,695 | ) | 1,695 | — | |||||||||||||||||||
Balance at December 31, 2014 | $ | 10,498 | $ | -7,198 | $ | 3,300 | |||||||||||||||||
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 | — | 683 | 683 | ||||||||||||||||||||
Balance at December 31, 2014 | $ | -5,819 | $ | 2,941 | $ | -2,878 | |||||||||||||||||
Amortization (expense) /income of favorable and unfavorable lease terms for the years ended December 31, 2014, 2013 and 2012 is presented in the following table: | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Unfavorable lease terms | $ | 683 | $ | 684 | $ | 683 | |||||||||||||||||
Favorable lease terms charter-out(*) | (4,742 | ) | (11,062 | ) | (8,646 | ) | |||||||||||||||||
Total | $ | -4,059 | $ | -10,378 | $ | -7,963 | |||||||||||||||||
Description | Within | Year | Year | Year | Year | Thereafter | Total | ||||||||||||||||
One | Two | Three | Four | Five | |||||||||||||||||||
Year | |||||||||||||||||||||||
Favorable lease terms | $ | (1,673 | ) | $ | (1,627 | ) | $ | — | $ | — | $ | — | $ | — | $ | (3,300 | ) | ||||||
Unfavorable lease terms | 683 | 683 | 683 | 684 | 145 | — | 2,878 | ||||||||||||||||
Total | $ | -990 | $ | -944 | $ | 683 | $ | 684 | $ | 145 | $ | — | $ | -422 | |||||||||
The aggregate amortizations of acquired intangibles will be as follows: | |||||||||||||||||||||||
(*) 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 consolidated statements of comprehensive income/ (loss) 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. An amount of $1,695 has been written off due to the expiration of the time charter of the related favorable lease of the vessel. | |||||||||||||||||||||||
(***) On November 18, 2014, Navios Acquisition sold all of the outstanding shares of capital stock of the four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) to Navios Midstream (see Note 1). The carrying amount of the favorable leases was $32,129. | |||||||||||||||||||||||
Goodwill
Goodwill | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Goodwill [Abstract] | ||||
GOODWILL | NOTE 8: GOODWILL | |||
Goodwill as of December 31, 2014 and December 31, 2013 amounted to: | ||||
Balance at January 1, 2013 | $ | 1,579 | ||
Balance at December 31, 2013 | $ | 1,579 | ||
Balance at December 31, 2014 | $ | 1,579 | ||
Investment_in_Affiliates
Investment in Affiliates | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity Method Investments And Joint Ventures [Abstract] | |||||||
INVESTMENT IN AFFILIATES | NOTE 9: INVESTMENT IN AFFILIATES | ||||||
Navios Europe | |||||||
On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Maritime Partners L.P. (“Navios Partners”) established 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 December 31, 2014, the estimated maximum potential loss by Navios Acquisition in Navios Europe would have been $13,414, which represents the Company's portion of the initial investment of $4,750, equity method investee income of $185, the Company's portion of the carrying balance of the Navios Revolving Loans and the Navios Term Loans of $7,791 and the accrued interest receivable in the amount of $688 which is included under “Due from related parties”. Refer to Note 16 for the terms of the Navios Revolving Loans. For the year ended December 31, 2013, Navios Europe had minimal operations and therefore, the Company did not record any equity method investee income/(loss). | |||||||
Navios Midstream | |||||||
On October 13, 2014, the Company formed in the Marshall Islands a wholly-owned subsidiary, Navios Midstream. The purpose of Navios Midstream is to own, operate and acquire crude oil tankers, refined petroleum product tankers, chemical tankers and liquefied petroleum gas tankers under long-term employment contracts. | |||||||
On the same day, the Company formed in the Marshall Islands a limited liability company, Navios Maritime Midstream Partners GP LLC (the “General Partner”) a wholly-owned subsidiary to act as the general partner of Navios Midstream. | |||||||
Navios Midstream completed an IPO of its units on November 18, 2014 and is listed on the NYSE under the symbol “NAP”. | |||||||
In connection with the IPO of Navios Midstream in November 2014, Navios Acquisition sold all of the outstanding shares of capital stock of four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) in exchange for: (i) all of the estimated net cash proceeds from the IPO amounting to $110,403, (ii) $104,451 of the $126,000 borrowings under Navios Midstream's new credit facility, (iii) 9,342,692 subordinated units and 1,242,692 common units and (iv) 381,334 general partner units, representing a 2.0% general partner interest in Navios Midstream, and all of the incentive distribution rights in Navios Midstream to the General Partner. | |||||||
Following the completion of the IPO, the Company owns a 2.0% general partner interest in Navios Midstream through the General Partner and a 55.5% limited partnership interest through the ownership of subordinated units (49%) and through common units (6.5%), based on all of the outstanding common, subordinated and general partner units. | |||||||
The Company evaluated its investment in Navios Midstream under ASC 810 and concluded that Navios Midstream is not a VIE. The Company further evaluated the power to control the board of directors of Navios Midstream under the voting interest model. As of the IPO date, Navios Acquisition as the general partner, delegated all its powers to the board of directors of Navios Midstream and does not have the right to remove or replace the elected directors from the board of directors. Elected directors were appointed by the general partner, but as of the IPO date are deemed to be elected directors. The elected directors represent the majority of the board of directors of Midstream and therefore, the Company concluded that it does not hold a controlling financial interest in Midstream and deconsolidated the vessels sold as of the IPO date. Accordingly, the consolidated statements of comprehensive income/ (loss) present the results of the four vessel-owning subsidiaries that were sold to Navios Midstream for the period up to November 17, 2014. | |||||||
Navios Acquisition further evaluated its investments in Navios Midstream as follows: | |||||||
• Investment in common units - The 1,242,692 common units that were acquired at the closing of the IPO were fair valued at $15 per unit and are accounted for under investment in available for sale securities. As of December 31, 2014 and 2013, the carrying amount of the investment in available-for-sale common units was $15,099 and $0.0, respectively. (See Note 20). | |||||||
• Investment in the subordinated units and general partner units - Under ASC 323, the Company concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Midstream and, therefore, its investment in the subordinated and general partner units of Navios Midstream was fair valued at $15 per unit and is accounted for under the equity method. As of December 31, 2014 and 2013, the carrying amount of the investment in Navios Midstream (subordinated units and general partner units) accounted for under the equity method was $147,031 and $0.0, respectively. | |||||||
Gain on retained investment in Navios Midstream | |||||||
The table below shows the portion of the gain on loss of control related to the remeasurement of the Company's retained investment (the Company's ownership interest of 57.5%) in Navios Midstream. | |||||||
As of November 18, 2014 | |||||||
Fair value of investment in Navios Midstream | 164,501 | ||||||
Less: Percentage retained of carrying value of net assets in Navios Midstream | (144,287 | ) | |||||
Gain on retained investment in Navios Midstream | $20,214 | ||||||
Accounting for basis difference | |||||||
The investment in Navios Midstream recorded under the equity method of $145,860 included the Company's share of the basis difference between the fair value and the underlying book value of Navios Midstream's assets at the deconsolidation date. The Company's share of the basis difference is with reference to its holding in the subordinated units and general partner units only. | |||||||
As of the deconsolidation date, the Company's share of the basis difference between the fair value and the underlying book value of Navios Midstream's assets was $17,883, from which an amount of $(300) was allocated on the intangibles assets and $18,183 was allocated on the tangible assets. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Midstream's tangible and intangible assets. | |||||||
Earnings of $2,000 were recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2014. | |||||||
Summarized financial information of the affiliated companies is presented below: | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Balance Sheet | Navios Midstream | Navios Europe | Navios Europe | ||||
Current Assets | 31,742 | 13,764 | 8,224 | ||||
Non-current Assets | 355,833 | 190,913 | 199,761 | ||||
Current Liabilities | 18,595 | 16,257 | 14,792 | ||||
Non-current Liabilities | 115,496 | 191,411 | 194,288 | ||||
For the period | For the Year | For the period | |||||
from November 18, | ended December | from October 9, 2013 to December 31, 2013 | |||||
2014 to December 31, | 31, 2014 | ||||||
2014 | |||||||
Income Statement | Navios Midstream | Navios Europe | Navios Europe | ||||
Revenue | 7,643 | 35,119 | 1,152 | ||||
Net Income / (Loss) | 2,551 | (1,896 | ) | (1,096 | ) | ||
Accounts_Payable
Accounts Payable | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts Payable [Abstract] | |||||||
ACCOUNTS PAYABLE | NOTE 10: ACCOUNTS PAYABLE | ||||||
Accounts payable as of December 31, 2014 and 2013 consisted of the following: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Creditors | $ | 505 | $ | 234 | |||
Brokers | 900 | 966 | |||||
Professional and legal fees | 194 | 377 | |||||
Total accounts payable | $ | 1,599 | $ | 1,577 | |||
Dividends_Payable
Dividends Payable | 12 Months Ended |
Dec. 31, 2014 | |
Dividends Payable [Abstract] | |
DIVIDENDS PAYABLE | NOTE 11: DIVIDENDS PAYABLE |
On November 7, 2011, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2011 of $0.05 per share of common stock. A dividend in the aggregate amount of $2,421 was paid on January 5, 2012 out of which $2,037 was paid to the stock holders of record as of December 15, 2011 and $384 was paid to the holders of 1,000 shares of the Series C preferred stock which is Navios Holdings. | |
On February 13, 2012, the Board of Directors declared a quarterly cash dividend in respect of the fourth quarter of 2011 of $0.05 per common share of common stock. A dividend in the aggregate amount of $2,410 was paid on April 5, 2012 out of which $2,026 was paid to the stock holders of record as of March 22, 2012 and $384 was paid to the holder of 1,000 shares of the Series C preferred stock which is Navios Holdings. | |
On May 4, 2012, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2012 of $0.05 per share of common stock. A dividend in the aggregate amount of $2,410 was paid on July 3, 2012 out of which $2,026 was paid to the stock holders of record as of June 20, 2012 and $384 was paid to the holder of 1,000 shares of the Series C preferred stock which is Navios Holdings. | |
On August 13, 2012, the Board of Directors declared a quarterly cash dividend in respect of the second quarter of 2012 of $0.05 per share of common stock. A dividend in the aggregate amount of $2,410 was paid on October 3, 2012 out of which $2,026 was paid to the stock holders of record as of September 19, 2012 and $384 was paid to the holder of 1,000 shares of the Series C preferred stock which is Navios Holdings. | |
On November 9, 2012, the Board of Directors declared a quarterly cash dividend in respect of the third quarter of 2012 of $0.05 per share of common stock. A dividend in the aggregate amount of $2,410 was paid on January 4, 2013 out of which $2,026 was paid to the stockholders of record as of December 19, 2012 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
On February 7, 2013, the Board of Directors declared a quarterly cash dividend in respect of the fourth quarter of 2012 of $0.05 per common share payable on April 4, 2013 to stockholders of record as of March 19, 2013. A dividend in the aggregate amount of $4,172 was paid April 4, 2013 out of which $3,788 was paid to the stockholders of record as of March 19, 2013 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
On April 30, 2013, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2013 of $0.05 per share of common stock. A dividend in the aggregate amount of $5,816 was paid July 3, 2013 out of which $5,432 was paid to the stockholders of record as of June 19, 2013 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
On August 14, 2013, the Board of Directors declared a quarterly cash dividend in respect of the second quarter of 2013 of $0.05 per share of common stock. A dividend in the aggregate amount of $7,115 was paid on October 2, 2013 out of which $6,731 was paid to the stockholders of record as of September 18, 2013 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
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. | |
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 1, 2014 to stockholders of record as of September 17, 2014. A dividend in the aggregate amount of $7,967 was paid on October 2, 2014 out of which $7,583 was paid to the stockholders of record as of September 17, 2014 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
On October 31, 2014, the Board of Directors declared a quarterly cash dividend in respect of the third quarter of 2014 of $0.05 per share of common stock payable on January 6, 2015 to stockholders of record as of December 17, 2014. A dividend in the aggregate amount of $7,967 was paid on January 6, 2015 out of which $7,583 was paid to the stockholders of record as of December 17, 2014 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C preferred stock. | |
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. | |
As of December 31, 2014, Navios Acquisition paid a dividend of $750 to the holders of the 540 shares of Series B and Series D Preferred Stock. | |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Expenses [Abstract] | |||||||
ACCRUED EXPENSES | NOTE 12: ACCRUED EXPENSES | ||||||
Accrued expenses as of December 31, 2014 and December 31, 2013 consisted of the following: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Accrued voyage expenses | $ | 559 | $ | 499 | |||
Accrued loan interest | 8,925 | 9,046 | |||||
Accrued legal and professional fees | 777 | 2,440 | |||||
Total accrued expenses | $ | 10,261 | $ | 11,985 | |||
Borrowings
Borrowings | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Borrowings [Abstract] | ||||||||
BORROWINGS | NOTE 13: BORROWINGS | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Commerzbank AG, Alpha Bank AE, | $ | 128,250 | $ | 137,250 | ||||
Credit Agricole Corporate and Investment Bank | ||||||||
BNP Paribas S.A. and DVB Bank S.E. | 69,750 | 74,250 | ||||||
DVB Bank S.E. and ABN AMRO Bank N.V. | 17,931 | 39,448 | ||||||
Eurobank Ergasias S.A. $52,200 | 43,753 | 46,482 | ||||||
Eurobank Ergasias S.A. $52,000 | 40,998 | 43,446 | ||||||
ABN AMRO Bank N.V. | — | 41,336 | ||||||
Norddeutsche Landesbank Girozentrale | 24,971 | 24,971 | ||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | 55,078 | 49,943 | ||||||
Ship Mortgage Notes $670,000 | 670,000 | 610,000 | ||||||
Deutsche Bank AG Filiale Deutschlandgeschäft | — | 47,652 | ||||||
Deutsche Bank AG Filiale Deutschlandgeschäft | 74,639 | — | ||||||
and Skandinaviska Enskilda Banken AB | ||||||||
HSH Nordbank AG $40,300 | 37,152 | 39,670 | ||||||
Total borrowings | 1,162,522 | 1,154,448 | ||||||
Less: current portion | (33,431 | ) | (34,714 | ) | ||||
Add: bond premium | 1,810 | — | ||||||
Total long-term borrowings | $ | 1,130,901 | $ | 1,119,734 | ||||
Long-Term Debt Obligations and Credit Arrangements | ||||||||
Ship Mortgage Notes: | ||||||||
8 1/8% First Priority Ship Mortgages: On November 13, 2013, the Company and its wholly owned subsidiary, Navios Acquisition Finance (US) Inc. (“Navios Acquisition Finance” and 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 $59,598. | ||||||||
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 (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 December 31, 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 December 31, 2014, the facility was fully drawn and $128,250 was outstanding. | ||||||||
BNP Paribas S.A. 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 December 31, 2014, $69,750 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. On November 13, 2014, the Company prepaid an amount of $18,379 which was the entire amount outstanding under one of the two tranches using a portion of the proceeds received from Navios Midstream's IPO. As of December 31, 2014, the facility was fully drawn and $17,931 was outstanding. The outstanding balance is repayable in six quarterly installments of $448 each, with final balloon payment of $15,241 to be repaid on the last repayment date. | ||||||||
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) 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 $43,753 was outstanding as of December 31, 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 $40,998 was outstanding as of December 31, 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 loan bears interest at a rate of LIBOR plus 325 bps. In November 2014, the outstanding balance of $35,722 was fully repaid. | ||||||||
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, 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 December 31, 2014, $24,971 was drawn and outstanding under this loan agreement with $3,154 remaining to be drawn. | ||||||||
DVB Bank S.E. 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 December 31, 2014, the facility was fully drawn and $55,078 was outstanding. | ||||||||
The Navios Holdings Credit Facilities: 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. In December 2014 the facility was renewed for one year. As of December 31, 2014, there was no amount outstanding under this facility with $40,000 remaining to be drawn. | ||||||||
On November 11, 2014, Navios Acquisition entered into a short term credit facility with Navios Holdings pursuant to which Navios Acquisition may borrow up to $200,000 for general corporate purposes. The loan provides for an arrangement fee of $4,000 and bore a fixed interest of 600 bps. On November 13, 2014, the Company drew an amount of $169,650 from the facility. The facility matured and was fully repaid by December 29, 2014. | ||||||||
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 December 31, 2014, the facility was fully drawn and $37,152 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. In November 2014, the outstanding balance of $48,600 was fully repaid. | ||||||||
Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB: On July 18, 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; (ii) post-delivery financing of two newbuilding MR2 product tankers, and (iii) the refinancing of a credit facility with Deutsche Bank AG Filiale Deutschlandgeschäft for three MR2 product tankers. The refinancing was treated as a modification for accounting purposes. Each tranche of the facility is repayable in 20 equal quarterly installments of between approximately $344 and $387, each with a final balloon repayment of the balance to be repaid on the last repayment date. The maturity of the loan is January 8, 2020. 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 November 13, 2014, the Company prepaid an amount of $29,610 which was the entire amount outstanding under two of the tranches. As of December 31, 2014 the amount of $74,639 was drawn and outstanding and $22,800 remained to be drawn. | ||||||||
As of December 31, 2014, the total amount available to be drawn from all our facilities was $65,954 | ||||||||
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. | ||||||||
As of December 31, 2014, the Company was in compliance with its covenants. | ||||||||
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 December 31, 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 2015 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. | ||||||||
December 31, | ||||||||
2014 | ||||||||
Long-Term Debt Obligations: | ||||||||
Year | ||||||||
December 31, 2015 | $ | 33,431 | ||||||
December 31, 2016 | 63,776 | |||||||
December 31, 2017 | 46,531 | |||||||
December 31, 2018 | 62,200 | |||||||
December 31, 2019 | 158,059 | |||||||
December 31, 2020 and thereafter | 798,525 | |||||||
Total | $ | 1,162,522 | ||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 14: 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 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 consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. | ||||||||||||||
Due from related parties: The carrying amount of due from related parties, short-term reported in the balance sheet approximates its fair value due to the short-term nature of these accounts receivable. | ||||||||||||||
Investments in available-for-sale securities: The carrying amount of the investments in available-for-sale securities reported in the balance sheet represents unrealized gains and losses on these securities, which are reflected directly in equity unless an unrealized loss is considered “other-than-temporary”, in which case it is transferred to the statements of comprehensive (loss)/income. | ||||||||||||||
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 and premiums: 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 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. | ||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||
Book Value | Fair Value | Book Value | Fair Value | |||||||||||
Cash and cash equivalents | $ | 54,493 | $ | 54,493 | $ | 82,835 | $ | 82,835 | ||||||
Restricted cash | $ | 6,669 | $ | 6,669 | $ | 24,962 | $ | 24,962 | ||||||
Due from related parties, short-term | $ | 1,361 | $ | 1,361 | $ | — | $ | — | ||||||
Investments in available-for-sale securities | $ | 15,099 | $ | 15,099 | $ | — | $ | — | ||||||
Due to related parties, short-term | $ | 18,489 | $ | 18,489 | $ | 2,848 | $ | 2,848 | ||||||
Ship mortgage notes and premium | $ | 671,810 | $ | 657,860 | $ | 610,000 | $ | 622,963 | ||||||
Other long-term debt | $ | 492,522 | $ | 492,522 | $ | 544,448 | $ | 544,448 | ||||||
Due to related parties, long-term | $ | 9,625 | $ | 9,625 | $ | 5,144 | $ | 5,144 | ||||||
Loans receivable from affiliates | $ | 7,791 | $ | 7,791 | $ | 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 December 31, 2014. | ||||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||
Total | Level I | Level II | Level III | |||||||||||
Cash and cash equivalents | $ | 54,493 | $ | 54,493 | $ | — | $ | — | ||||||
Restricted cash | $ | 6,669 | $ | 6,669 | $ | — | $ | — | ||||||
Ship mortgage notes and premium | $ | 657,860 | $ | 657,860 | $ | — | $ | — | ||||||
Other long-term debt(1) | $ | 492,522 | $ | — | $ | 492,522 | (1) | $ | — | |||||
Due to related parties, long-term(1) | $ | 9,625 | $ | — | $ | 9,625 | (1) | $ | — | |||||
Loans receivable from affiliates | $ | 7,791 | $ | — | $ | 7,791 | (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 from 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 as of December 31, 2014 Using | ||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
(Level I) | (Level II) | (Level III) | ||||||||||||
Investments in available-for-sale securities | $ | 15,099 | $ | 15,099 | $ | — | $ | — | ||||||
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 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 consolidated statement of comprehensive income/ (loss). The management reassessed the recoverable amount of the receivable and recognized an impairment loss of $972 in the consolidated statement of comprehensive income/ (loss) under “Impairment loss”. | ||||||||||||||
In April 2014, Navios Acquisition agreed to sell the receivable for $2,463 and the cash was received within the second quarter of 2014. | ||||||||||||||
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
LEASES | NOTE 15: LEASES | |||
Chartered-out: | ||||
The future minimum contractual lease income (charter-out rates is presented net of commissions), including revenue for vessels expected to be delivered in 2015 for which a charter party has been concluded, is as follows: | ||||
Amount | ||||
2015 | $ | 171,682 | ||
2016 | 71,888 | |||
2017 | 28,591 | |||
2018 | 11,644 | |||
2019 | 2,192 | |||
Thereafter | — | |||
Total minimum lease revenue, net of commissions | $ | 285,997 | ||
Revenues from time charters are not generally received when a vessel is off-hire, including time required for scheduled maintenance of the vessel. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Transactions with related parties [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 16: TRANSACTIONS WITH RELATED PARTIES |
The Navios Holdings Credit Facilities: 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.In December 2014 the facility was renewed for one year. As of December 31, 2014, there was no outstanding amount under this facility. | |
On November 11, 2014, Navios Acquisition entered into a short term credit facility with Navios Holdings pursuant to which Navios Acquisition may borrow up to $200,000 for general corporate purposes. The loan provides for an arrangement fee of $4,000 and bore a fixed interest of 600 bps. Pursuant to the terms of the short term credit facility, the Company drew down an amount of $169,650 on November 13, 2014. The facility matured and was repaid in full by December 29, 2014. | |
Management fees: Pursuant to the Management Agreement dated May 28, 2010 as amended on May 4, 2012, 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. Total management fees for each of the years ended December 31, 2014, 2013 and 2012 amounted to $95,827, $71,392 and $47,043 respectively. | |
Effective March 30, 2012, Navios Acquisition can, upon request to 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 January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | |
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. 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. | |
For each of the years ended December 31, 2014, 2013 and 2012 the expense arising from administrative services rendered by Navios Holdings amounted to $7,314, $3,476 and $2,110 respectively. | |
Balance due to related parties: Amounts due to related parties as of December 31, 2014 and December 31, 2013 was $28,144 and $7,992, respectively, of which the current account payable to Navios Holdings and its subsidiaries was $18,489 and $2,848, respectively, and the long term payable was $9,625 and $5,144, respectively. The amounts mainly consisted of management fees administrative fees, drydocking costs and other expenses. | |
Balance due from related parties: Amounts due from related parties as of December 31, 2014 and December 31, 2013 were $1,361 and $0.0, respectively. As of December 31, 2014, the Company had a receivable from Navios Midstream in the amount of $674 in connection with various payables that were settled on its behalf. Further, the Company had a receivable from Navios Europe in the amount of $687 in connection with the accrued interest receivable on the working capital loan. | |
Omnibus Agreements | |
Acquisition Omnibus Agreement: Navios Acquisition entered into an omnibus agreement (the “Acquisition Omnibus Agreement”) with Navios Holdings and Navios Partners in connection with the closing of Navios Acquisition's initial 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-in 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. | |
Midstream Omnibus Agreement: Navios Acquisition entered into an omnibus agreement (the “Midstream Omnibus Agreement”), with Navios Midstream, Navios Holdings and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Midstream, Navios Holdings, Navios Partners and their controlled affiliates generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of the General Partner of Navios Midstream. The Midstream Omnibus Agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliates to compete with Navios Midstream under specified circumstances. | |
Under the Midstream Omnibus Agreement, Navios Midstream and its subsidiaries will grant to Navios Acquisition a right of first offer on any proposed sale, transfer or other disposition of any of its VLCCs or any crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers and related charters owned or acquired by Navios Midstream. Likewise, Navios Acquisition will agree (and will cause its subsidiaries to agree) to grant a similar right of first offer to Navios Midstream for any of the VLCCs, crude oil tankers, refined petroleum product tanker, LPG tankers or chemical tankers under charter for five or more years it 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 terms of any charter or other agreement with a charter party or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third-party. | |
Backstop Agreement: On November 18, 2014, Navios Acquisition entered into a backstop agreement with Navios Midstream. In accordance with the terms of the backstop agreement, Navios Acquisition has committed to charter-in the Shinyo Ocean and Shinyo Kannika for a two-year period at the time of their redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Furthermore, Navios Maritime Acquisition has committed to charter-in the following option vessels: a) Nave Celeste for a two-year period at the time of her redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate and b) Nave Galactic and Nave Quasar for a four-year period at the net time charter-out rate per day (net of commissions) of $35 if the market charter rate is lower than the charter-out rate of $35. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit-sharing. | |
Navios Midstream General Partner Option Agreement with Navios Holdings: Navios Acquisition entered into an option agreement, dated November 18, 2014, with Navios Holdings under which Navios Acquisition grants Navios Holdings the option to acquire any or all of the outstanding membership interests in Navios Midstream General Partner and all of the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. Any such exercise shall relate to not less than twenty-five percent of the option interest and the purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. | |
Option Vessels: Navios Acquisition has granted options to Navios Midstream exercisable for a period of two years following the closing of the Midstream IPO, to purchase seven VLCCs from Navios Acquisition at fair market value. | |
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 9 for the Investment in Affiliates 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 December 31, 2014, Navios Acquisition's portion of the outstanding amount relating to its initial investment in Navios Europe was $4,750, under the caption “Investment in affiliates”, and the outstanding amount relating to the Navios revolving loans, excluding interest receivable, was $7,125, under the caption “Loan receivable from affiliates.” As of December 31, 2014, the amount undrawn from the revolving facility was $9,100 of which Navios Acquisition was committed to fund $4,323. | |
Commitments_and_Contigencies
Commitments and Contigencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitment and Contigencies [Abstract] | ||||
COMMITMENTS AND CONTINGENCIES | NOTE 17: COMMITMENTS AND CONTINGENCIES | |||
As of December 31, 2014, Navios Acquisition had commitments for future remaining contractual deposits for vessels to be delivered on various dates through February 2015. | ||||
On November 18, 2014, Navios Acquisition entered into a backstop agreement with Navios Midstream. In accordance with the terms of the backstop agreement, Navios Acquisition has committed to charter-in the Shinyo Ocean and Shinyo Kannika for a two-year period at the time of their redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Furthermore, Navios Maritime Acquisition has committed to charter-in the following option vessels: a) Nave Celeste for a two-year period at the time of her redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate and b) Nave Galactic and Nave Quasar for a four-year period at the net time charter-out rate per day (net of commissions) of $35 if the market charter rate is lower than the charter-out rate of $35. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit-sharing. | ||||
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 December 31, 2014, of Navios Acquisition under its contractual obligations related to newbuilding vessels, are as follows: | ||||
Amount | ||||
December 31, 2015 | $ | 29,368 | ||
Total | $ | 29,368 | ||
Preferred_and_Common_Stock
Preferred and Common Stock | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Preferred and Common Stock [Abstract] | ||||||
PREFERRED AND COMMON STOCK | NOTE 18: PREFERRED AND COMMON STOCK | |||||
Preferred Stock | ||||||
As of December 31, 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. | ||||||
As of each of December 31, 2014 and December 31, 2013, there were 4,540 shares of preferred stock issued and outstanding. | ||||||
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 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 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 December 31, 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 December 31, 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 ratably over a period of three years (33.33% each year). 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 was 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 was determined with reference to the 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 U.S. treasury bond and the simplified method for determining the expected option term since the Company did 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 at $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 $5,254, $1,089 and $0.0 for the years ended December 31, 2014, 2013 and 2012, respectively and was reflected in general and administrative expenses on the statement of comprehensive income/ (loss). The recognized compensation expense for the year was presented as an 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 year ended December 31, 2014. On October 24, 2014 699,994 shares of restricted stock were vested. Accordingly restricted shares outstanding and non-vested amounted to 1,400,006 shares as of December 31, 2014 and the number of stock options outstanding and non-vested as of December 31, 2014 amounted to 1,000,000. There were no stock options exercised as of December 31, 2014. | ||||||
The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock not yet recognized was $401 and $2,825, respectively, as of December 31, 2014 and is expected to be recognized over the weighted average period of 1.82 years. The weighted average contractual life of stock options outstanding as of December 31, 2014 was 8.8 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 $54,289. | ||||||
On September 16, 2013, Navios Acquisition completed the placement of a total of 25,974,026 shares of common stock, at a price of $3.85 per share, representing gross proceeds of $100,000 and net proceeds of $96,120. The placement included a registered direct offering of 12,987,013 shares of common stock which raised $50,000 of gross proceeds and a private placement of 12,987,013 shares of common stock to Navios Holdings which raised $50,000 of gross proceeds. | ||||||
Total net proceeds of the above transactions, net of agents' costs of $3,501 and offering costs of $379, amounted to $96,120. | ||||||
In May 2013, Navios Acquisition completed the placement of a total of 32,876,712 shares of its common stock, at a price of $3.65 per share, representing gross proceeds of $120,000. The placement included a registered direct offering of 16,438,356 shares of common stock which raised $60,000 of gross proceeds and a placement of 16,438,356 common shares to Navios Holdings which raised $60,000 of gross proceeds. Both placements closed on May 21, 2013. | ||||||
Total net proceeds of the transactions in May 2013, net of agents' costs of $4,199 and offering costs of $369, amounted to $115,432. | ||||||
In February 2013, Navios Acquisition completed multiple offerings, including registered direct offerings, of a total of 35,246,791 shares of its common stock, at a price of $2.85 per share representing gross proceeds of $100,453. The offerings were conducted as follows: | ||||||
• The first registered direct offering of 7,719,300 shares of common stock was completed on February 21, 2013, raising $22,000 of gross proceeds. | ||||||
• The second registered direct offering of 9,825,000 shares of common stock was completed on February 26, 2013, raising $28,001 of gross proceeds. | ||||||
• In addition, Navios Holdings and certain members of management of Navios Acquisition, Navios Holdings and Navios Partners purchased an aggregate of 17,702,491 shares of common stock in a private placement that was completed on February 26, 2013, raising $50,452 of gross proceeds. | ||||||
Total net proceeds, of the transactions in February 2013, net of agents' costs of $4,018 and offering costs of $465, amounted to $95,970. | ||||||
As of December 31, 2014, the Company was authorized to issue 250,000,000 shares of $0.0001 par value common stock. | ||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
SEGMENT INFORMATION | NOTE 19: 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. | ||||||||||
Year Ended | Year Ended | Year Ended | ||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Asia | $ | 167,670 | $ | 158,441 | $ | 131,263 | ||||
Europe | 40,875 | 23,949 | 16,881 | |||||||
United States | 56,332 | 20,007 | 2,953 | |||||||
Total Revenue | $ | 264,877 | $ | 202,397 | $ | 151,097 | ||||
Investment_in_Available_for_Sa
Investment in Available for Sale Securities | 12 Months Ended |
Dec. 31, 2014 | |
Investments In Available For Sale Securities [Abstract] | |
INVESTMENT IN AVAILABLE FOR SALE SECURITIES | NOTE 20: INVESTMENT IN AVAILABLE FOR SALE SECURITIES |
As part of the consideration received from the sale of all of the outstanding shares of capital stock of four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) to Navios Midstream in November 2014, the Company received 1,242,692 common units of Navios Midstream. As of December 31, 2014 and 2013, the carrying amount of the investment in available-for-sale common units was $15,099 and $0.0, respectively. As of December 31, 2014 the unrealized holding loss on the investment amounted to $3,542 and is included in “Other comprehensive loss”. | |
Other_Income
Other Income | 12 Months Ended |
Dec. 31, 2014 | |
Other Income [Abstract] | |
OTHER INCOME | NOTE 21: OTHER INCOME |
As of each of December 31, 2014, 2013 and 2012 other income amounted to $280, $4,787 and $280, respectively. | |
Following the default of their charterer in June 2013, the original charters of two MR2 product tankers, were terminated. Pursuant to the rehabilitation plan of the defaulted charterer, Navios Acquisition would be paid, partly in cash and partly in shares, for a loss claim that was agreed by the competent court in December 2013. The Company had a right to receive shares (issued in 2014) and therefore, recorded a derivative of $3,446 which was valued using the publicly available trading data on the settlement date. The derivative would be marked-to-market until the shares are received. The long-term notes receivable for cash of $1,177 was discounted using a discount rate that was determined based on the terms of the rehabilitation plan and managements' estimates. The total amount of $4,623 was recognized in the consolidated statements of comprehensive income/ (loss) under “Other Income” since the loss claim was accepted by the court and the acceptance was irrevocable. (See Note 14 for the subsequent sale of the receivable and derivative). | |
Earnings_Loss_per_Common_Share
Earnings/ (Loss) per Common Share | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings/ (Loss) per Common Share | |||||||||||
EARNINGS/ (LOSS) PER COMMON SHARE | NOTE 22: EARNINGS/ (LOSS) PER COMMON SHARE | ||||||||||
Earnings/ (Loss) per share is calculated by dividing net income/ (loss) attributable to common stockholders by the weighted average number of shares of common stock of Navios Acquisition outstanding during the period. | |||||||||||
Net income / (loss) for the years ended December 31, 2014, 2013 and 2012 was adjusted for the purposes of earnings per share calculation, for the dividends on Series B Preferred Shares and for the undistributed loss that is attributable to Series C preferred stock. Net income / (loss) for the years ended December 31, 2014 and 2013 was also adjusted for the dividends on Series D Preferred Shares and for the dividend declared on Restricted shares. | |||||||||||
Year ended | Year ended | Year ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net income / (loss) | $ | 13,047 | $ | (58,592 | ) | $ | (3,798 | ) | |||
Dividend declared on preferred shares Series B | (108 | ) | (108 | ) | (108 | ) | |||||
Dividend declared on Series D preferred shares | (642 | ) | (91 | ) | — | ||||||
Dividend declared on restricted shares | (385 | ) | (105 | ) | — | ||||||
Undistributed (income)/ loss attributable to Series C participating preferred shares | (541 | ) | 3,206 | 622 | |||||||
Income / (loss) attributable to common stockholders | $ | 11,371 | $ | (55,690 | ) | $ | (3,284 | ) | |||
Undistributed income/ (loss) attributable to Series C participating preferred shares | 541 | — | — | ||||||||
Net income/ (loss) attributable to common stockholders, diluted | 11,912 | (55,690 | ) | (3,284 | ) | ||||||
Denominator: | |||||||||||
Denominator for basic net income/ | 147,606,448 | 98,085,189 | 40,517,413 | ||||||||
(loss) per share — weighted average shares | |||||||||||
Series A preferred stock | 1,200,000 | — | — | ||||||||
Series C preferred stock | 7,676,000 | — | — | ||||||||
Denominator for diluted net income/ | 156,482,448 | 98,085,189 | 40,517,413 | ||||||||
(loss) per share — adjusted weighted average shares | |||||||||||
Basic net income / (loss) per share | $ | 0.08 | $ | (0.57 | ) | $ | (0.08 | ) | |||
Diluted net income / (loss) per share | $ | 0.08 | $ | (0.57 | ) | $ | (0.08 | ) | |||
Potential common shares of 4,830,286 for the year ended December 31, 2014 (which include Series B and Series D Preferred Stock, restricted stock and stock options), 14,406,286 for the year ended December 31, 2013 (which include Series A, Series B, Series C and Series D Preferred Stock, restricted stock and stock options) and 9,949,143 for the year ended December 31, 2012 (which include Series A, Series B, Series C and Series D Preferred Stock) 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 income/ (loss) per share. | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 23: 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. | |
In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessels' tonnage. The payment of said 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 comprehensive income/ (loss) for each of the years ended December 31, 2014 and 2013, related to the Greek Tonnage tax was $336 and $136, 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 | 12 Months Ended |
Dec. 31, 2014 | |
Recent Accounting Pronouncements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 24: RECENT ACCOUNTING PRONOUNCEMENTS |
In February 2015, the FASB issued the ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, which amends the criteria for determining which entities are considered VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this ASU to have a material impact on the Company's results of operations, financial position or cash flows, except if Navios Acquisition were to enter into new arrangements in 2015 that fall into the scope prior to adoption of this standard. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. Navios Acquisition plans to adopt this standard effective January 1, 2016. The adoption of the new standard is not expected to have a material impact on Navios Acquisition's results of operations, financial position or cash flows. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. This standard requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Before this new standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We plan to adopt this standard effective January 1, 2017. The adoption of the new standard is not expected to have a material impact on Navios Acquisition's results of operations, financial position or cash flows. | |
In May 2014, The FASB issued ASU 2014-09, Revenue from Contracts with Customers, which changed 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. | |
In April 2014, the FASB issued 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. The adoption of the new standard is not expected to have a material impact on Navios Acquisition's results of operations, financial position or cash flows. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 25: SUBSEQUENT EVENTS |
In January 2015, Navios Acquisition redeemed 250 shares of the Series D Preferred Stock and paid $2,500 to the holder upon exercise of the put option granted. On February 28, 2015, 200 shares of the Series D preferred stock were mandatorily converted into 200,000 shares of common stock. | |
On January 8, 2015, Navios Acquisition took delivery of the Nave Sextans, a newbuilding 49,999 dwt MR2 product tanker, from an unaffiliated third party for a purchase price of $31,500. | |
In February 2015, Navios Acquisition terminated the newbuilding contracts for two MR2 product tankers, with no exposure to the Company, due to the shipyard's inability to issue a refund guarantee. | |
On February 6, 2015, Navios Acquisition took delivery of the Nave Velocity, a newbuilding 49,999 dwt MR2 product tanker, from an unaffiliated third party for a purchase price of $35,500. | |
On February 6, 2015, the Board of Directors declared a quarterly cash dividend in respect of the fourth quarter of 2014 of $0.05 per share of common stock payable on April 2, 2015 to stockholders of record as of March 18, 2015. 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) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Basis of presentation | (a) Basis of presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). | ||||||||||
Principles of consolidation | (b) Principles of consolidation: The accompanying 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 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 it 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 equity method investments investments, 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 December 31, 2014, the entities included in these consolidated financial statements were: | |||||||||||
Navios Maritime Acquisition | Nature | Country of | 2014 | 2013 | 2012 | ||||||
Corporation and Subsidiaries: | Incorporation | ||||||||||
Company Name | |||||||||||
Aegean Sea Maritime Holdings Inc. | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Amorgos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Andros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antikithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antiparos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Amindra Shipping Co. | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Crete Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Folegandros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Ikaria Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Ios Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Kithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Kos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Mytilene Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Navios Maritime | Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Acquisition Corporation | |||||||||||
Navios Acquisition Finance (U.S.) Inc. | Co-Issuer | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Rhodes Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Serifos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Dream Limited | Vessel-Owning Company | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Kannika Limited | Vessel-Owning Company (4) | Hong Kong | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Kieran Limited | Vessel-Owning Company (4) | British Virgin Is. | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Loyalty Limited | Vessel-Owning Company (2) | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Navigator Limited | Vessel-Owning Company (3) | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Ocean Limited | Vessel-Owning Company (4) | Hong Kong | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Saowalak Limited | Vessel-Owning Company (4) | British Virgin Is. | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Sifnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Skiathos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Skopelos Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Syros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Thera Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Tinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Oinousses Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Psara Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antipsara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Samothrace Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Thasos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Limnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Skyros Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Alonnisos Shipping Corporation (5) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Makronisos Shipping Corporation (5) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Iraklia Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/2 - 12/31 | — | ||||||
Paxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/25 - 12/31 | — | ||||||
Antipaxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/25 - 12/31 | — | ||||||
Donoussa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 6/28 - 12/31 | — | ||||||
Schinousa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 6/28 - 12/31 | — | ||||||
Navios Acquisition Europe Finance Inc | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 6/4-12/31 | — | ||||||
Sikinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 7/3 - 12/31 | — | ||||||
Kerkyra Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Lefkada Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Zakynthos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Leros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/4 - 12/31 | — | — | ||||||
Kimolos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/29 - 12/31 | — | — | ||||||
Samos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 9/15-12/31 | — | — | ||||||
Navios Maritime Midstream Partners GP LLC | Holding Company | Marshall Is. | 10/13 - 12/31 | - | - | ||||||
(1 | )Each company had the rights over a shipbuilding contract of an MR2 product tanker vessel, such vessels having been delivered during 2015. | ||||||||||
(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. | ||||||||||
(4 | )Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. | ||||||||||
(5 | )Each company held the rights over a shipbuilding contract of an MR2 product tanker vessel. In February 2015, these shipbuilding contracts were terminated, with no exposure to Navios Acquisition, due to the shipyard's inability to issue a refund guarantee. Refer to Note 25 “Subsequent events”. | ||||||||||
Use of estimates | (e) Use of estimates: The preparation of 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 and the valuations estimates inherent in the deconsolidation gain. 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. | ||||||||||
Cash and Cash equivalents | (f) Cash and Cash equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. | ||||||||||
Restricted Cash | (g) Restricted Cash: As of December 31, 2014 and 2013, restricted cash comprised of an amount of $6,669 and $7,555 respectively which related to amounts held in retention account in order to service debt, interest payments and pledged cash, as required by certain of Navios Acquisition's credit facilities. As of December 31, 2013 restricted cash also included an amount of $17,407 being cash collateral to the Senior Notes due in 2021, that was settled in 2014. | ||||||||||
Accounts Receivable, net | (h) Accounts Receivable, net: The amount shown as accounts receivable, net at each balance sheet date includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | ||||||||||
Other long term assets | (i) Other long term assets: As of December 31, 2014, the amount shown as other long term assets reflects the advances of $690 to certain unrelated counterparties for working capital purposes as per charters entered with them. As of December 31, 2013, the amount shown as other long term assets reflected the advances of $3,897 to certain unrelated counterparties for working capital purposes as per charters entered with them and the fair value of the cash amount to be received in connection with the rehabilitation process for a defaulted charterer of $1,177. (See Note 14 “Fair value of financial instruments”). | ||||||||||
Vessels, net | (j) 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 cost of steel times the weight of the ship noted in lightweight ton (LWT). 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. Up to December 31, 2012, management estimated the residual values of its vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the company's vessels, the estimated scrap value per LWT was increased to $360 per LWT. | |||||||||||
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. | |||||||||||
Deposits for vessels acquisitions | (k) Deposits for vessels acquisitions: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of long-lived fixed assets. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest amounted to $3,290, $6,149 and $14,240 as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||
Impairment of long-lived asset group | (l) 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 attached 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 newbuildings. 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 on this asset group as the carrying amount of the asset group was not recoverable and exceeded its fair value as of March 31, 2014. 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 5 “Vessels, Net”). | |||||||||||
During the fourth quarter of fiscal 2014, management concluded that events occurred and circumstances had changed, which indicated the potential impairment of Navios Acquisition's long-lived assets may exist. These indicators included continued volatility in the charter market and the related impact of the current tanker sector has on management's expectation for future revenues. As a result, an impairment assessment of long-lived assets or identified asset groups was performed. | |||||||||||
The Company determined undiscounted projected net operating cash flows for each vessel and deposits for newbuildings and compared it to the vessel's carrying value together with the carrying value of the related intangible. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on the 10- year average historical one year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions, excluding days of scheduled off-hires, management fees fixed until May 2016 and thereafter assuming an annual increase of 3.0% and utilization rate of 98.6% based on the fleets historical performance. | |||||||||||
For the deposits for new build vessels, the net cash flows also included the future cash out flows to make the vessels ready for use, all remaining progress payments to shipyards and other pre-delivery expenses (e.g., capitalized interest). | |||||||||||
The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels, deposits for vessel acquisitions and related intangible assets existed as of December 31, 2014, as the undiscounted projected net operating cash flows exceeded the carrying value. | |||||||||||
In the event that impairment would occur, the fair value of the related asset would be determined and a charge would be recognized in the statement of comprehensive income/ (loss) calculated by comparing the asset's carrying value to its fair value. Fair value is estimated primarily through the use of third-party valuations performed on an individual vessel basis. | |||||||||||
Although management believes the underlying assumptions supporting this assessment are reasonable, if charter rate trends and the length of the current market downturn vary significantly from our forecasts, management may be required to perform step two of the impairment analysis in the future that could expose Navios Acquisition to material impairment charges in the future. | |||||||||||
Impairment loss recognized amounted to $10,718, $0.0 and $0.0 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Deferred Finance Costs | (m) Deferred Finance Costs: Deferred finance costs include fees, commissions and legal expenses associated with obtaining loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization of deferred finance costs for each of the years ended December 31, 2014, 2013 and 2012 were $7,275, $3,252 and $2,820, respectively. | ||||||||||
Goodwill | (n) Goodwill: Goodwill acquired in a business combination is not to be amortized. Goodwill is tested for impairment at the reporting unit level at least annually and written down with a charge to the statement of comprehensive income/ (loss) if the carrying amount exceeds the estimated implied fair value. | ||||||||||
The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of discounted cash flow analysis and an industry market multiple. | |||||||||||
If the fair value exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step in order to determine the implied fair value of the reporting unit's goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that unit, as if the unit had been acquired in a business combination and the fair value of the unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. | |||||||||||
Navios Acquisition has one reporting unit. No impairment loss was recognized for any of the periods presented. | |||||||||||
Intangibles other than goodwill | (o) Intangibles other than goodwill: Navios Acquisition's intangible assets and liabilities consist of favorable lease terms and unfavorable lease terms. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires us to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of its vessels and its weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on Navios Acquisition's financial position and results of operations. | ||||||||||
The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statement of comprehensive income/ (loss) in the depreciation and amortization line item. The amortizable value of favorable leases would be considered impaired if their fair market values could not be recovered from the future undiscounted cash flows associated with the asset. If a vessel purchase option is exercised the portion of this asset will be capitalized as part of the cost of the vessel and will be depreciated over the remaining useful life of the vessel. | |||||||||||
Management, after considering various indicators performed impairment tests on asset groups which included intangible assets as described in paragraph (l) above. As of December 31, 2014 and 2013, there was no impairment of intangible assets. | |||||||||||
Preferred shares Series D | (p) Preferred shares Series D: Navios Acquisition issues 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 its newbuild vessels. The preferred stock contains a 6% per annum dividend payable quarterly, starting one year after delivery of the 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 the 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 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 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. | |||||||||||
Investment in Available-for-Sale Securities | (q) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss) unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the statements of income. Management evaluates securities for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||
Investment in Equity Securities: Navios Acquisition evaluates its investments in Navios Midstream and Navios Europe Inc. (“Navios Europe”) for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Midstream and Navios Europe, and (iii) the intent and ability of the Company to retain its investment in Navios Midstream and Navios Europe for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||
Deferred Dry dock and Special Survey Costs | (r) Deferred Dry dock and Special Survey Costs: Navios Acquisition's vessels are subject to regularly scheduled drydocking and special surveys which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys is deferred and amortized over the above periods or to the next drydocking or special survey date if such has been determined. Unamortized drydocking or special survey costs of vessels sold are written off to income in the year the vessel is sold. | ||||||||||
Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2014, 2013 and 2012, the amortization expense was $1,979, $3,096 and $2,622, respectively. Accumulated amortization as of December 31, 2014 and 2013 amounted to $880 and $6,351, respectively. | |||||||||||
Foreign currency translation | (s) Foreign currency translation: Navios Acquisition's functional and reporting currency is the U.S. dollar. Navios Acquisition engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, Navios Acquisition's wholly owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar-denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statement of comprehensive income/ (loss). | ||||||||||
Provisions | (t) Provisions: Navios Acquisition, in the ordinary course of its business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisors, will provide for a contingent loss in the financial statements if the contingency had been incurred at the date of the financial statements and the amount of the loss was probable and can be reasonably estimated. If Navios Acquisition has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, Navios Acquisition will provide the lower amount of the range. Navios Acquisition, through the Management Agreement with the Manager, participates in Protection and Indemnity (P&I) insurance coverage plans provided by mutual insurance societies known as P&I clubs. Services such as the ones described above are provided by the Manager under the management agreement dated May 28, 2010 as amended in May 2014, and are included as part of the daily fee of $6.0 for each MR2 Product tanker and chemical tanker vessel, $7.0 per owned LR1 product tanker vessel and $9.5 per owned VLCC vessel. (See Note 16). | ||||||||||
Segment Reporting | (u) Segment Reporting: Navios Acquisition reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. Navios Acquisition does not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses, profitability or other financial information by charter type. 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. | ||||||||||
Revenue and Expense Recognition | (v) Revenue and Expense Recognition: | ||||||||||
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. Voyage expenses are recognized as incurred. 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 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. Profit sharing for the years ended December 31, 2014, December 31, 2013 and December 31, 2012 amounted to $6,710, $4,360 and $2,014, respectively. | |||||||||||
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. Revenue for vessels operating in pooling arrangements amounted to $16,974, $0.0 and $0.0, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. | |||||||||||
Time Charter and Voyage Expenses: Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Time charter expenses are expensed over the period of the time charter and voyage expenses are recognized as incurred. | |||||||||||
Direct Vessel Expense: Direct vessel expenses comprise of the amortization of drydock and special survey costs of certain vessels of Navios Acquisition's fleet. | |||||||||||
Management fees: Pursuant to a management agreement dated May 28, 2010 (the “Management Agreement”), the Manager provides, 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 of $6.0 per owned MR2 product tanker and chemical tanker vessel, $7.0 per owned LR1 product tanker vessel, and $10.0 per owned VLCC vessel for the first two years. On May 4, 2012, Navios Acquisition amended its existing Management Agreement with the Manager, to fix the fees for ship management services of its owned fleet at current rates for two additional years, through May 28, 2014. This daily fee covers all of the vessels' operating expenses, other than certain extraordinary fees and costs. During the remaining term of the Management Agreement, Navios Acquisition expects it will reimburse Navios Holdings for all of the actual operating costs and expenses it incurs in connection with the management of its fleet. Actual operating costs and expenses will be determined in a manner consistent with how the initial fixed fees were determined. Drydocking expenses are fixed under this agreement for up to $300 per vessel, for chemical tanker, MR2 and LR1 product tankers, and will be reimbursed at cost for VLCC vessels. | |||||||||||
In May 2014, the duration of the existing Management Agreement was extended until May 2020 and the daily rate was reduced by 5% to $9.5 per VLCC vessel for two additional years through May 2016. 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 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. Effective 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 January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | |||||||||||
General and administrative expenses: On May 28, 2010, Navios Acquisition entered into an administrative services agreement with Navios Holdings, initially set to expire on May 28, 2015 (the “Administrative Services Agreement”), pursuant to which a subsidiary of Navios Holdings provides certain administrative management services to Navios Acquisition which include: rent, 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. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. | |||||||||||
In May 2014, the duration of its existing Administrative Services Agreement was extended until May 2020 pursuant to its existing terms. | |||||||||||
Deferred Revenue: Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. | |||||||||||
Prepaid Expense and Other Current Assets: Prepaid expenses relate primarily to cash paid in advance for expenses associated with voyages. These amounts are recognized as expense over the voyage or charter period. As of December 31, 2013, other current assets also included the fair value of the non-cash settlement of $3,446 recognized pursuant to the rehabilitation process for a defaulted charterer. (See Note 21: Other income) | |||||||||||
Financial Instruments | (w) Financial Instruments: Financial instruments carried on the balance sheet include trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. | ||||||||||
Financial risk management: Navios Acquisition's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, and fuel prices, credit and interest rate risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. | |||||||||||
Credit risk: Navios Acquisition closely monitors its exposure to customers and counterparties for credit risk. Navios Acquisition has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Acquisition. When negotiating on behalf of Navios Acquisition various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. | |||||||||||
For the year ended December 31, 2014, Navios Acquisition's customers representing 10% or more of total revenue were Navig8 Chemicals Shipping and Trading Co. (“Navig8”) and Dalian Ocean Shipping Co. (“DOSCO”), which accounted for 28.8% and 22.4%, respectively. For the year ended December 31, 2013, Navios Acquisition's customers representing 10% or more of total revenue were DOSCO and Navig8, which accounted for 32.0% and 22.4% of total revenue, respectively. For the year ended December 31, 2012, Navios Acquisition's customers representing 10% or more of total revenue were DOSCO and STX Panocean Co. Ltd., which accounted for 43.3% and 10.7% of total revenue, respectively. No other customers accounted for 10% or more of total revenue for any of the years presented. | |||||||||||
Foreign exchange risk: Foreign currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income/ (loss). | |||||||||||
Earnings/ (Loss) per Share | (x) Earnings/ (Loss) per Share: Basic earnings/ (loss) per share is computed by dividing net income/ (loss) attributable to Navios Acquisition's common shareholders by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities (the warrants and preferred shares and the stock options) are assumed to be exercised and the proceeds used to repurchase shares of common stock at the weighted average market price of the Company's common stock during the relevant periods. Convertible shares are included in the diluted earnings/ (loss) per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted earnings per share computation. Restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings per share, based on the weighted average number of restricted stock and restricted stock units assumed to be outstanding during the period. | ||||||||||
Net income/ (loss) for the year ended December 31, 2014, 2013 and 2012 was adjusted for the purposes of earnings per share calculation, for the dividends on Series B Preferred Shares and for the undistributed income/ (loss) that is attributable to Series C preferred stock. Net income/ (loss) for the years ended December 31, 2014 and December 31, 2013 was also adjusted for the dividends on Series D Preferred Shares and for the dividend declared on Restricted Common Stock. | |||||||||||
Dividends | (y) Dividends: Dividends are recorded in the Company's financial statements in the period in which they are declared. | ||||||||||
Stock-based Compensation | (z) Stock based Compensation: In October 2013, Navios Acquisition authorized the issuance of shares of restricted common stock and stock options for its directors. These awards of restricted common stock and stock options are based on service conditions only and vest over three years. | ||||||||||
The fair value of stock option grants is determined with reference to option pricing model, and principally adjusted Black-Scholes models. The fair value of restricted stock is determined by reference to the quoted stock price on the date of grant. Compensation expense is recognized based on a graded expense model over the vesting period. | |||||||||||
The effect of compensation expense arising from the restricted shares and stock options described above amounted to $5,254, as of December 31, 2014, and it is reflected in general and administrative expenses on the statement of comprehensive income/ (loss). | |||||||||||
The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock, not yet recognized was $401 and $2,825, respectively, as of December 31, 2014 and is expected to be recognized over the weighted average period of 1.82 years. | |||||||||||
Recent Accounting Pronouncements | In February 2015, the FASB issued the ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, which amends the criteria for determining which entities are considered VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this ASU to have a material impact on the Company's results of operations, financial position or cash flows, except if Navios Acquisition were to enter into new arrangements in 2015 that fall into the scope prior to adoption of this standard. | ||||||||||
In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. Navios Acquisition plans to adopt this standard effective January 1, 2016. The adoption of the new standard is not expected to have a material impact on Navios Acquisition's results of operations, financial position or cash flows. | |||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. This standard requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Before this new standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We plan to adopt this standard effective January 1, 2017. The adoption of the new standard is not expected to have a material impact on Navios Acquisition's results of operations, financial position or cash flows. | |||||||||||
In May 2014, The FASB issued ASU 2014-09, Revenue from Contracts with Customers, which changed 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. | |||||||||||
In April 2014, the FASB issued 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. The adoption of the new standard is not expected to have a material impact on Navios Acquisition's results of operations, financial position or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Navios Maritime Acquisition Corporation and Subsidiaries | Navios Maritime Acquisition | Nature | Country of | 2014 | 2013 | 2012 | |||||
Corporation and Subsidiaries: | Incorporation | ||||||||||
Company Name | |||||||||||
Aegean Sea Maritime Holdings Inc. | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Amorgos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Andros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antikithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antiparos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Amindra Shipping Co. | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Crete Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Folegandros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Ikaria Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Ios Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Kithira Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Kos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Mytilene Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Navios Maritime | Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Acquisition Corporation | |||||||||||
Navios Acquisition Finance (U.S.) Inc. | Co-Issuer | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Rhodes Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Serifos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Dream Limited | Vessel-Owning Company | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Kannika Limited | Vessel-Owning Company (4) | Hong Kong | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Kieran Limited | Vessel-Owning Company (4) | British Virgin Is. | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Loyalty Limited | Vessel-Owning Company (2) | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Navigator Limited | Vessel-Owning Company (3) | Hong Kong | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Ocean Limited | Vessel-Owning Company (4) | Hong Kong | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Shinyo Saowalak Limited | Vessel-Owning Company (4) | British Virgin Is. | 1/1 - 11/17 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Sifnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Skiathos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Skopelos Shipping Corporation | Vessel-Owning Company | Cayman Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Syros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Thera Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Tinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Oinousses Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Psara Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Antipsara Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||
Samothrace Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Thasos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Limnos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Skyros Shipping Corporation (1) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Alonnisos Shipping Corporation (5) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Makronisos Shipping Corporation (5) | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 3/19 - 12/31 | — | ||||||
Iraklia Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/2 - 12/31 | — | ||||||
Paxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/25 - 12/31 | — | ||||||
Antipaxos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 4/25 - 12/31 | — | ||||||
Donoussa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 6/28 - 12/31 | — | ||||||
Schinousa Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 6/28 - 12/31 | — | ||||||
Navios Acquisition Europe Finance Inc | Sub-Holding Company | Marshall Is. | 1/1 - 12/31 | 6/4-12/31 | — | ||||||
Sikinos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 7/3 - 12/31 | — | ||||||
Kerkyra Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Lefkada Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Zakynthos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 1/1 - 12/31 | 11/8-12/31 | — | ||||||
Leros Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/4 - 12/31 | — | — | ||||||
Kimolos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 4/29 - 12/31 | — | — | ||||||
Samos Shipping Corporation | Vessel-Owning Company | Marshall Is. | 9/15-12/31 | — | — | ||||||
Navios Maritime Midstream Partners GP LLC | Holding Company | Marshall Is. | 10/13 - 12/31 | - | - | ||||||
(1 | )Each company had the rights over a shipbuilding contract of an MR2 product tanker vessel, such vessels having been delivered during 2015. | ||||||||||
(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. | ||||||||||
(4 | )Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. | ||||||||||
(5 | )Each company held the rights over a shipbuilding contract of an MR2 product tanker vessel. In February 2015, these shipbuilding contracts were terminated, with no exposure to Navios Acquisition, due to the shipyard's inability to issue a refund guarantee. Refer to Note 25 “Subsequent events”. |
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||||||
Cash and Cash Equivalent | December 31, 2014 | December 31, 2013 | |||||
Cash on hand and at banks | $ | 19,380 | $ | 78,458 | |||
Short-term deposits | 35,113 | 4,377 | |||||
Total cash and cash equivalents | $ | 54,493 | $ | 82,835 | |||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts Receivable, Net [Abstract] | |||||||
Account Receivable, Net | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Accounts receivable | $ | 18,273 | $ | 8,441 | |||
Less: Provision for doubtful accounts | — | — | |||||
Accounts receivable, net | $ | 18,273 | $ | 8,441 | |||
Vessels_Net_Tables
Vessels, Net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Schedule of 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 | 437,498 | (63,660 | ) | 373,838 | |||||||
Disposals | (406,054 | ) | 65,734 | (340,320 | ) | ||||||
Impairment loss | (22,724 | ) | 12,006 | (10,718 | ) | ||||||
Balance at December 31, 2014 | $ | 1,487,606 | $ | -111,675 | $ | 1,375,931 | |||||
Calculation of Gain from Disposal of Assets | Proceeds received: | ||||||||||
Cash proceeds received from sale of assets | $ | 214,854 | |||||||||
Common units | 18,640 | ||||||||||
General Partner units | 5,720 | ||||||||||
Subordinated units | 140,140 | ||||||||||
Selling expenses | (211) | 379,143 | |||||||||
Carrying Value of assets sold: | |||||||||||
Vessels | (322,121 | ) | |||||||||
Favorable leases | (32,129) | ||||||||||
Other assets / liabilities, net | (1,390) | -355,640 | |||||||||
Gain on sale of vessels | $ | 23,503 |
Deferred_Finance_Costs_Tables
Deferred Finance Costs (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Deferred Finance Costs [Abstract] | |||||
Deferred Finance Costs | Financing | ||||
Costs | |||||
Balance at December 31, 2012 | $ | 20,727 | |||
Additions | 16,200 | ||||
Capitalized into vessel deposits | (472 | ) | |||
Amortization | (3,252 | ) | |||
Deferred charges written-off | (9,957 | ) | |||
Balance at December 31, 2013 | $ | 23,246 | |||
Additions | 8,691 | ||||
Capitalized into vessel deposits | (355 | ) | |||
Amortization | (7,275 | ) | |||
Deferred charges written-off | (1,977 | ) | |||
Balance at December 31, 2014 | $ | 22,330 | |||
Intangible_Assets_Other_Than_G1
Intangible Assets Other Than Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 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 | — | (4,742 | ) | (4,742 | ) | ||||||||||||||||||
Disposals*** | (44,877 | ) | 12,748 | (32,129 | ) | ||||||||||||||||||
Write-off** | (1,695 | ) | 1,695 | — | |||||||||||||||||||
Balance at December 31, 2014 | $ | 10,498 | $ | -7,198 | $ | 3,300 | |||||||||||||||||
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 | — | 683 | 683 | ||||||||||||||||||||
Balance at December 31, 2014 | $ | -5,819 | $ | 2,941 | $ | -2,878 | |||||||||||||||||
(*) | 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 consolidated statements of comprehensive income/ (loss) 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. An amount of $1,695 has been written off due to the expiration of the time charter of the related favorable lease of the vessel. | ||||||||||||||||||||||
(***) | On November 18, 2014, Navios Acquisition sold all of the outstanding shares of capital stock of the four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) to Navios Midstream (see Note 1). The carrying amount of the favorable leases was $32,129. | ||||||||||||||||||||||
Amortization (Expense) / Income of Intangible Assets | December 31, | December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Unfavorable lease terms | $ | 683 | $ | 684 | $ | 683 | |||||||||||||||||
Favorable lease terms charter-out(*) | (4,742 | ) | (11,062 | ) | (8,646 | ) | |||||||||||||||||
Total | $ | -4,059 | $ | -10,378 | $ | -7,963 | |||||||||||||||||
(*) | 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 consolidated statements of comprehensive income/ (loss) under the caption of “Depreciation and Amortization”, due to the revision of the remaining useful economic life of the related favorable lease. | ||||||||||||||||||||||
Aggregate Amortizations of Acquired Intangible Assets | Description | Within | Year | Year | Year | Year | Thereafter | Total | |||||||||||||||
One | Two | Three | Four | Five | |||||||||||||||||||
Year | |||||||||||||||||||||||
Favorable lease terms | $ | (1,673 | ) | $ | (1,627 | ) | $ | — | $ | — | $ | — | $ | — | $ | (3,300 | ) | ||||||
Unfavorable lease terms | 683 | 683 | 683 | 684 | 145 | — | 2,878 | ||||||||||||||||
Total | $ | -990 | $ | -944 | $ | 683 | $ | 684 | $ | 145 | $ | — | $ | -422 | |||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Goodwill [Abstract] | ||||
Schedule of Goodwill | Balance at January 1, 2013 | $ | 1,579 | |
Balance at December 31, 2013 | $ | 1,579 | ||
Balance at December 31, 2014 | $ | 1,579 |
Investment_in_Affiliates_Table
Investment in Affiliates (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity Method Investments And Joint Ventures [Abstract] | |||||||
Gain on Retained Investment in Navios Midstream | |||||||
As of November 18, 2014 | |||||||
Fair value of investment in Navios Midstream | 164,501 | ||||||
Less: Percentage retained of carrying value of net assets in Navios Midstream | (144,287 | ) | |||||
Gain on retained investment in Navios Midstream | $20,214 | ||||||
Summarized Financial Information - Balance Sheet Data | 31-Dec-14 | 31-Dec-13 | |||||
Balance Sheet | Navios Midstream | Navios Europe | Navios Europe | ||||
Current Assets | 31,742 | 13,764 | 8,224 | ||||
Non-current Assets | 355,833 | 190,913 | 199,761 | ||||
Current Liabilities | 18,595 | 16,257 | 14,792 | ||||
Non-current Liabilities | 115,496 | 191,411 | 194,288 | ||||
Summarized Financial Information - Income Statement Data | For the period | For the Year | For the period | ||||
from November 18, | ended December | from October 9, 2013 to December 31, 2013 | |||||
2014 to December 31, | 31, 2014 | ||||||
2014 | |||||||
Income Statement | Navios Midstream | Navios Europe | Navios Europe | ||||
Revenue | 7,643 | 35,119 | 1,152 | ||||
Net Income / (Loss) | 2,551 | (1,896 | ) | (1,096 | ) |
Accounts_Payable_Tables
Accounts Payable (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts Payable [Abstract] | |||||||
Schedule of Accounts Payable | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Creditors | $ | 505 | $ | 234 | |||
Brokers | 900 | 966 | |||||
Professional and legal fees | 194 | 377 | |||||
Total accounts payable | $ | 1,599 | $ | 1,577 | |||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Borrowings [Abstract] | ||||||||
Schedule of Borrowings | December 31, 2014 | December 31, 2013 | ||||||
Commerzbank AG, Alpha Bank AE, | $ | 128,250 | $ | 137,250 | ||||
Credit Agricole Corporate and Investment Bank | ||||||||
BNP Paribas S.A. and DVB Bank S.E. | 69,750 | 74,250 | ||||||
DVB Bank S.E. and ABN AMRO Bank N.V. | 17,931 | 39,448 | ||||||
Eurobank Ergasias S.A. $52,200 | 43,753 | 46,482 | ||||||
Eurobank Ergasias S.A. $52,000 | 40,998 | 43,446 | ||||||
ABN AMRO Bank N.V. | — | 41,336 | ||||||
Norddeutsche Landesbank Girozentrale | 24,971 | 24,971 | ||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | 55,078 | 49,943 | ||||||
Ship Mortgage Notes $670,000 | 670,000 | 610,000 | ||||||
Deutsche Bank AG Filiale Deutschlandgeschäft | — | 47,652 | ||||||
Deutsche Bank AG Filiale Deutschlandgeschäft | 74,639 | — | ||||||
and Skandinaviska Enskilda Banken AB | ||||||||
HSH Nordbank AG $40,300 | 37,152 | 39,670 | ||||||
Total borrowings | 1,162,522 | 1,154,448 | ||||||
Less: current portion | (33,431 | ) | (34,714 | ) | ||||
Add: bond premium | 1,810 | — | ||||||
Total long-term borrowings | $ | 1,130,901 | $ | 1,119,734 | ||||
Long-Term Debt Obligations | December 31, | |||||||
2014 | ||||||||
Long-Term Debt Obligations: | ||||||||
Year | ||||||||
December 31, 2015 | $ | 33,431 | ||||||
December 31, 2016 | 63,776 | |||||||
December 31, 2017 | 46,531 | |||||||
December 31, 2018 | 62,200 | |||||||
December 31, 2019 | 158,059 | |||||||
December 31, 2020 and thereafter | 798,525 | |||||||
Total | $ | 1,162,522 | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||||
Fair Value of Financial Instruments | December 31, 2014 | December 31, 2013 | ||||||||||||
Book Value | Fair Value | Book Value | Fair Value | |||||||||||
Cash and cash equivalents | $ | 54,493 | $ | 54,493 | $ | 82,835 | $ | 82,835 | ||||||
Restricted cash | $ | 6,669 | $ | 6,669 | $ | 24,962 | $ | 24,962 | ||||||
Due from related parties, short-term | $ | 1,361 | $ | 1,361 | $ | — | $ | — | ||||||
Investments in available-for-sale securities | $ | 15,099 | $ | 15,099 | $ | — | $ | — | ||||||
Due to related parties, short-term | $ | 18,489 | $ | 18,489 | $ | 2,848 | $ | 2,848 | ||||||
Ship mortgage notes and premium | $ | 671,810 | $ | 657,860 | $ | 610,000 | $ | 622,963 | ||||||
Other long-term debt | $ | 492,522 | $ | 492,522 | $ | 544,448 | $ | 544,448 | ||||||
Due to related parties, long-term | $ | 9,625 | $ | 9,625 | $ | 5,144 | $ | 5,144 | ||||||
Loans receivable from affiliates | $ | 7,791 | $ | 7,791 | $ | 2,660 | $ | 2,660 | ||||||
Fair Value of Financial Instruments measured on a Non-Recurring Basis | Fair Value Measurements at December 31, 2014 Using | |||||||||||||
Total | Level I | Level II | Level III | |||||||||||
Cash and cash equivalents | $ | 54,493 | $ | 54,493 | $ | — | $ | — | ||||||
Restricted cash | $ | 6,669 | $ | 6,669 | $ | — | $ | — | ||||||
Ship mortgage notes and premium | $ | 657,860 | $ | 657,860 | $ | — | $ | — | ||||||
Other long-term debt(1) | $ | 492,522 | $ | — | $ | 492,522 | (1) | $ | — | |||||
Due to related parties, long-term(1) | $ | 9,625 | $ | — | $ | 9,625 | (1) | $ | — | |||||
Loans receivable from affiliates | $ | 7,791 | $ | — | $ | 7,791 | (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 from 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 of Financial Instruments measured on a Recurring Basis | Fair Value Measurements as of December 31, 2014 Using | |||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
(Level I) | (Level II) | (Level III) | ||||||||||||
Investments in available-for-sale securities | $ | 15,099 | $ | 15,099 | $ | — | $ | — | ||||||
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 | $ | — | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Future Minimum Contractual Lease Income (Net of Commissions) | Amount | |||
2015 | $ | 171,682 | ||
2016 | 71,888 | |||
2017 | 28,591 | |||
2018 | 11,644 | |||
2019 | 2,192 | |||
Thereafter | — | |||
Total minimum lease revenue, net of commissions | $ | 285,997 | ||
Commitments_and_Contigencies_T
Commitments and Contigencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitment and Contigencies [Abstract] | ||||
Future Minimum Commitments | Amount | |||
December 31, 2015 | $ | 29,368 | ||
Total | $ | 29,368 | ||
Preferred_and_Common_Stock_Tab
Preferred and Common Stock (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Preferred and Common Stock [Abstract] | ||||||
Redeemable Convertible 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 December 31, 2014 | 1,200 | $ | 12,000 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Revenue by Geographic Region | Year Ended | Year Ended | Year Ended | |||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Asia | $ | 167,670 | $ | 158,441 | $ | 131,263 | ||||
Europe | 40,875 | 23,949 | 16,881 | |||||||
United States | 56,332 | 20,007 | 2,953 | |||||||
Total Revenue | $ | 264,877 | $ | 202,397 | $ | 151,097 | ||||
Earnings_Loss_per_Common_Share1
Earnings/ (Loss) per Common Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings/ (Loss) per Common Share | |||||||||||
Schedule of Earnings / (Loss) per Common Share | Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net income / (loss) | $ | 13,047 | $ | (58,592 | ) | $ | (3,798 | ) | |||
Dividend declared on preferred shares Series B | (108 | ) | (108 | ) | (108 | ) | |||||
Dividend declared on Series D preferred shares | (642 | ) | (91 | ) | — | ||||||
Dividend declared on restricted shares | (385 | ) | (105 | ) | — | ||||||
Undistributed (income)/ loss attributable to Series C participating preferred shares | (541 | ) | 3,206 | 622 | |||||||
Income / (loss) attributable to common stockholders | $ | 11,371 | $ | (55,690 | ) | $ | (3,284 | ) | |||
Undistributed income/ (loss) attributable to Series C participating preferred shares | 541 | — | — | ||||||||
Net income/ (loss) attributable to common stockholders, diluted | 11,912 | (55,690 | ) | (3,284 | ) | ||||||
Denominator: | |||||||||||
Denominator for basic net income/ | 147,606,448 | 98,085,189 | 40,517,413 | ||||||||
(loss) per share — weighted average shares | |||||||||||
Series A preferred stock | 1,200,000 | — | — | ||||||||
Series C preferred stock | 7,676,000 | — | — | ||||||||
Denominator for diluted net income/ | 156,482,448 | 98,085,189 | 40,517,413 | ||||||||
(loss) per share — adjusted weighted average shares | |||||||||||
Basic net income / (loss) per share | $ | 0.08 | $ | (0.57 | ) | $ | (0.08 | ) | |||
Diluted net income / (loss) per share | $ | 0.08 | $ | (0.57 | ) | $ | (0.08 | ) | |||
Description_of_Organization_an1
Description of Organization and Business Operations (Details) (USD $) | 12 Months Ended | 11 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Description of Organization and Business Operations [Abstract] | ||||
Entity date of incorporation | 14-Mar-08 | |||
Entity date of Initial Public Offering | 1-Jul-08 | |||
Navios Holdings' voting interest in Navios Acquisition | 43.00% | |||
Navios Holdings' economic interest in Navios Acquisition | 46.10% | |||
Statement [Line Items] | ||||
Common stock shares outstanding | 151,664,942 | 136,714,942 | ||
Preferred stock shares outstanding | 4,540 | 4,540 | ||
Preferred stock shares issued | 4,540 | 4,540 | ||
Series C Convertible Preferred Stock | ||||
Statement [Line Items] | ||||
Preferred stock shares issued | 1,000 | |||
Series D Convertible Preferred Stock | ||||
Statement [Line Items] | ||||
Preferred stock shares outstanding | 1,200 | 1,200 | 600 | |
Preferred stock shares issued | 1,200 | 1,200 | ||
Navios Midstream | ||||
Statement [Line Items] | ||||
Navios Midstream IPO net proceeds | $110,403 | |||
Proceeds from $126,000 Navios Midstream credit facility | $104,451 | |||
Navios GP LLC general partner interest in Navios Midstream | 2.00% | |||
Navios Midstream | Subordinated Units | ||||
Statement [Line Items] | ||||
Units exchanged | 9,342,692 | |||
Navios Midstream | Common Units | ||||
Statement [Line Items] | ||||
Units exchanged | 1,242,692 | |||
Navios Midstream | General Partner Units | ||||
Statement [Line Items] | ||||
Units exchanged | 381,334 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 12 Months Ended | |
Dec. 31, 2014 | ||
Aegean Sea Maritime Holdings Inc. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Amorgos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Andros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Antikithira Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 -12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Antiparos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Amindra Shipping Co. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Crete Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Folegandros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Ikaria Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Ios Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Cayman Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Kithira Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Kos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Mytilene Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Navios Maritime Acquisition Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Navios Acquisition Finance (U.S.) Inc. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Co-Issuer | |
Country of Incorporation | Delaware | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Rhodes Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Serifos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Dream Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Hong Kong | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Kannika Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Hong Kong | |
Statement of Operations | ||
2014 | 1/1 - 11/17 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Kieran Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | British Virgin Is. | |
Statement of Operations | ||
2014 | 1/1 - 11/17 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Loyalty Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [2] |
Country of Incorporation | Hong Kong | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Navigator Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [3] |
Country of Incorporation | Hong Kong | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Ocean Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Hong Kong | |
Statement of Operations | ||
2014 | 1/1 - 11/17 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Shinyo Saowalak Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | British Virgin Is. | |
Statement of Operations | ||
2014 | 1/1 - 11/17 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Sifnos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Skiathos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Skopelos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Cayman Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Syros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Thera Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Tinos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Oinousses Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Psara Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Antipsara Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [4] |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 1/1 - 12/31 | |
2012 | 1/1 - 12/31 | |
Samothrace Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 3/19 - 12/31 | |
Thasos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 3/19 - 12/31 | |
Limnos Shipping Corportaion | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 3/19 - 12/31 | |
Skyros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [4] |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 3/19 - 12/31 | |
Alonnisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [5] |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 3/19 - 12/31 | |
Makronisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [5] |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 3/19 - 12/31 | |
Iraklia Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 4/2 - 12/31 | |
Paxos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 4/25 - 12/31 | |
Antipaxos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 4/25 - 12/31 | |
Donoussa Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 6/28 - 12/31 | |
Schinousa Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 6/28 - 12/31 | |
Navios Acquisition Europe Finance Inc | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 6/4 - 12/31 | |
Sikinos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 7/3 - 12/31 | |
Kerkyra Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 11/8 - 12/31 | |
Lefkada Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 11/8 - 12/31 | |
Zakynthos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 1/1 - 12/31 | |
2013 | 11/8 - 12/31 | |
Leros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 4/4 - 12/31 | |
Kimolos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 4/29 - 12/31 | |
Samos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 9/15 - 12/31 | |
Navios Maritime Midstream Partners GP LLC | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement of Operations | ||
2014 | 10/13 - 12/31 | |
[1] | Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. | |
[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. | |
[4] | Each company had the rights over a shipbuilding contract of an MR2 product tanker vessel, such vessels having been delivered during 2015. | |
[5] | Each company held the rights over a shipbuilding contract of an MR2 product tanker vessel. In February 2015, these shipbuilding contracts were terminated, with no exposure to Navios Acquisition, due to the shipyard's inability to issue a refund guarantee. Refer to Note 25 "Subsequent events". |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 24 Months Ended | 48 Months Ended | 3 Months Ended | 4 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | 31-May-16 | 28-May-14 | Jun. 30, 2014 | Mar. 31, 2014 | 6-May-14 | |
Related Party Transaction [Line Items] | |||||||||
Restricted cash | $6,669,000 | $24,962,000 | $6,669,000 | ||||||
Other long-term assets | 690,000 | 5,533,000 | 690,000 | ||||||
Depreciation method | straight line | ||||||||
Scrap value per light weight ton | 285 | 360 | |||||||
Vessels estimated useful life | 25 years | ||||||||
Interest costs capitalized | 3,290,000 | 6,149,000 | 14,240,000 | ||||||
Impairment loss | 11,690,000 | 0 | 0 | ||||||
Net proceeds from sale of vessel | 232,956,000 | 17,407,000 | 0 | ||||||
Assumed annual increase in management fees | 3.00% | ||||||||
Utilization rate of fleet | 98.60% | ||||||||
Amortization of deferred financing cost | 7,275,000 | 3,252,000 | 2,820,000 | ||||||
Series D Convertible Preferred Stock | 12,000,000 | 12,000,000 | 12,000,000 | ||||||
Interval between vessel drydockings / special surveys | Every 30 or 60 months | ||||||||
Amortization of dry dock and special survey costs | 1,979,000 | 3,096,000 | 2,622,000 | ||||||
Accumulated amortization of dry dock and special survey | 880,000 | 6,351,000 | 880,000 | ||||||
Profit sharing arrangement | 6,710,000 | 4,360,000 | 2,014,000 | ||||||
Revenue for vessels operating in pooling arrangements, net of expenses | 16,974,000 | 0 | 0 | ||||||
Fixed dry dock expenses reimbursement agreement to the Manager | Effective March 30, 2012, Navios Acquisition can, upon request to 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. Effective 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 January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | ||||||||
Non- cash settlement recognized | 0 | 3,446,000 | 0 | ||||||
General and administrative expenses | 14,588,000 | 7,017,000 | 3,853,000 | ||||||
Stock Option | |||||||||
Related Party Transaction [Line Items] | |||||||||
General and administrative expenses | 5,254,000 | ||||||||
Series D Convertible Preferred Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Series D Convertible Preferred Stock | 12,000,000 | 12,000,000 | 6,000,000 | 12,000,000 | |||||
Preferred stock - dividend rate percentage | 6.00% | ||||||||
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 the 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 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. | ||||||||
Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Compensation cost relating to service conditions of non-vested stock options | 401,000 | 401,000 | |||||||
Compensation cost relating to service conditions of non-vested restricted stock | 2,825,000 | 2,825,000 | |||||||
Weighted average period of recognition | 1 year 9 months 26 days | ||||||||
Retention and pledged accounts | |||||||||
Related Party Transaction [Line Items] | |||||||||
Restricted cash | 6,669,000 | 7,555,000 | 6,669,000 | ||||||
Cash Collateral Due to Senior Notes | |||||||||
Related Party Transaction [Line Items] | |||||||||
Restricted cash | 17,407,000 | ||||||||
MR2 Product Tanker Vessel | |||||||||
Related Party Transaction [Line Items] | |||||||||
Daily management fee to Navios Holdings | 6,000 | 6,000 | |||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | ||||||||
MR2 Chemical Tanker Vessel | |||||||||
Related Party Transaction [Line Items] | |||||||||
Daily management fee to Navios Holdings | 6,000 | 6,000 | |||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | ||||||||
LR1 Product Tanker Vessel | |||||||||
Related Party Transaction [Line Items] | |||||||||
Daily management fee to Navios Holdings | 7,000 | 7,000 | |||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | ||||||||
VLCC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Daily management fee to Navios Holdings | 9,500 | 10,000 | |||||||
Decrease in daily management fee | 5.00% | ||||||||
Long Lived Assets | |||||||||
Related Party Transaction [Line Items] | |||||||||
Impairment loss | 10,718,000 | 0 | 0 | ||||||
Advances of certain counterparties for working capital purposes | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other long-term assets | 690,000 | 3,897,000 | 690,000 | ||||||
Defaulted charterer | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other long-term assets | 1,177,000 | ||||||||
Impairment loss | -972,000 | ||||||||
Non- cash settlement recognized | 3,446,000 | ||||||||
Shinyo Splendor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Impairment loss | 10,718,000 | ||||||||
Net proceeds from sale of vessel | $18,315,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Major Charters (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Navig8 Chemicals Shipping and Trading Co. ("Navig8") | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Credit Risk Concentration Percentage | 28.80% | 22.40% | |
Dalian Ocean Shipping Co. ("DOSCO") | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Credit Risk Concentration Percentage | 22.40% | 32.00% | 43.30% |
STX Panocean Co. Ltd. | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Credit Risk Concentration Percentage | 10.70% |
Cash_and_Cash_Equivalents_and_2
Cash and Cash Equivalents and Restricted Cash - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash on hand and at banks | $19,380 | $78,458 | ||
Short-term deposits | 35,113 | 4,377 | ||
Total cash and cash equivalents | $54,493 | $82,835 | $42,846 | $41,300 |
Cash_and_Cash_Equivalents_and_3
Cash and Cash Equivalents and Restricted Cash (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $6,669 | $24,962 |
Retention and pledged accounts | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | 6,669 | 7,555 |
Cash Collateral Due to Senior Notes | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $17,407 |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Account Receivable, Net [Abstract] | ||
Accounts receivable | $18,273 | $8,441 |
Less: Provision for doubtful accounts | 0 | 0 |
Accounts receivable, net | $18,273 | $8,441 |
Vessels_Net_Schedule_Table_Det
Vessels, Net - Schedule (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Balance | $1,353,131 | ||
Additions | 410 | 0 | |
Impairment loss | 11,690 | 0 | 0 |
Balance | 1,375,931 | 1,353,131 | |
Cost | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 1,478,886 | 1,024,531 | |
Additions | 437,498 | 504,355 | |
Disposals | -406,054 | -50,000 | |
Impairment loss | -22,724 | ||
Balance | 1,487,606 | 1,478,886 | |
Accumulated Depreciation | |||
Property, Plant and Equipment [Line Items] | |||
Balance | -125,755 | -83,793 | |
Additions | -63,660 | -53,501 | |
Disposals | 65,734 | 11,539 | |
Impairment loss | 12,006 | ||
Balance | -111,675 | -125,755 | |
Net Book Value | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 1,353,131 | 940,738 | |
Additions | 373,838 | 450,854 | |
Disposals | -340,320 | -38,461 | |
Impairment loss | -10,718 | ||
Balance | $1,375,931 | $1,353,131 |
Vessels_Net_Disposal_of_Vessel
Vessels, Net - Disposal of Vessels (Table) (Details) (USD $) | 12 Months Ended | 11 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 18, 2014 |
Proceeds received: | ||||
Cash proceeds received from sale of assets | $232,956 | $17,407 | $0 | |
Carrying Value of assets sold: | ||||
Carrying value of assets sold | -1,375,931 | -1,353,131 | ||
Gain on sale of assets | 22,599 | -21,098 | 0 | |
Shinyo Ocean Limited and Shinyo Kannika Limited and Shinyo Kieran Limited and Shinyo Saowalak Limited | ||||
Proceeds received: | ||||
Cash proceeds received from sale of assets | 214,854 | |||
Selling expenses | -211 | |||
Proceeds received from sale of assets, net of expenses | 379,143 | |||
Carrying Value of assets sold: | ||||
Vessels | -322,121 | |||
Favorable leases | -32,129 | |||
Other assets / liabilities, net | -1,390 | |||
Carrying value of assets sold | -355,640 | |||
Gain on sale of assets | 23,503 | |||
Shinyo Ocean Limited and Shinyo Kannika Limited and Shinyo Kieran Limited and Shinyo Saowalak Limited | Common Units | ||||
Proceeds received: | ||||
Value of stock received | 18,640 | |||
Shinyo Ocean Limited and Shinyo Kannika Limited and Shinyo Kieran Limited and Shinyo Saowalak Limited | General Partner Units | ||||
Proceeds received: | ||||
Value of stock received | 5,720 | |||
Shinyo Ocean Limited and Shinyo Kannika Limited and Shinyo Kieran Limited and Shinyo Saowalak Limited | Subordinated Units | ||||
Proceeds received: | ||||
Value of stock received | $140,140 |
Vessels_Net_Acquisition_of_Ves
Vessels, Net - Acquisition of Vessels (Details) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | 4 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 04, 2014 | Feb. 12, 2014 | Mar. 10, 2014 | 7-May-14 | Jan. 24, 2013 | Feb. 13, 2013 | Mar. 22, 2013 | Apr. 24, 2013 | Jun. 10, 2013 | Jun. 26, 2013 | Jul. 09, 2013 | Jul. 22, 2013 | Aug. 13, 2013 | Sep. 03, 2013 | Sep. 05, 2013 | Sep. 24, 2013 | Sep. 30, 2013 | Oct. 23, 2013 | Jun. 16, 2014 | Jul. 21, 2014 | Sep. 19, 2014 | Nov. 20, 2014 | Dec. 09, 2014 |
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Cash consideration | $362,339 | $288,906 | $83,253 | |||||||||||||||||||||||
Deposits for vessels acquisitions | 42,276 | 100,112 | ||||||||||||||||||||||||
Vessel improvements | 410 | 0 | ||||||||||||||||||||||||
Nave Galactic | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 4-Feb-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 297,168 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Total vessel acquisition cost | 51,739 | |||||||||||||||||||||||||
Cash consideration | 46,564 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 5,175 | |||||||||||||||||||||||||
Nave Quasar | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 12-Feb-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 297,376 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Total vessel acquisition cost | 54,687 | |||||||||||||||||||||||||
Cash consideration | 49,222 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 5,465 | |||||||||||||||||||||||||
Nave Buena Suerte | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 10-Mar-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 297,491 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Total vessel acquisition cost | 57,164 | |||||||||||||||||||||||||
Cash consideration | 51,450 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 5,714 | |||||||||||||||||||||||||
Nave Jupiter | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 7-May-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 39,643 | |||||||||||||||||||||||||
Cash consideration | 13,907 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 25,736 | |||||||||||||||||||||||||
Nave Neutrino | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 16-Jun-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 298,287 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Total vessel acquisition cost | 43,686 | |||||||||||||||||||||||||
Nave Electron | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 21-Jul-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 305,178 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Total vessel acquisition cost | 41,209 | |||||||||||||||||||||||||
Nave Luminosity | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 19-Sep-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 39,630 | |||||||||||||||||||||||||
Nave Pyxis | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 20-Nov-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,998 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 33,411 | |||||||||||||||||||||||||
Nave Synergy | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 9-Dec-14 | |||||||||||||||||||||||||
Vessels capacity per DWT | 299,973 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Total vessel acquisition cost | 75,918 | |||||||||||||||||||||||||
Nave Bellatrix | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 24-Jan-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 38,021 | |||||||||||||||||||||||||
Cash consideration | 4,563 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 33,458 | |||||||||||||||||||||||||
Nave Rigel | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 13-Feb-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 74,673 | |||||||||||||||||||||||||
Vessel type | LR1 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 47,863 | |||||||||||||||||||||||||
Cash consideration | 16,591 | |||||||||||||||||||||||||
Series D Preferred Stock issued for vessel acquisition | 3,000 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 28,272 | |||||||||||||||||||||||||
Nave Orion | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 22-Mar-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 38,054 | |||||||||||||||||||||||||
Cash consideration | 8,157 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 29,897 | |||||||||||||||||||||||||
Nave Atropos | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 24-Apr-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 74,695 | |||||||||||||||||||||||||
Vessel type | LR1 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 48,197 | |||||||||||||||||||||||||
Cash consideration | 17,089 | |||||||||||||||||||||||||
Series D Preferred Stock issued for vessel acquisition | 3,000 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 28,108 | |||||||||||||||||||||||||
Nave Titan | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 10-Jun-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 37,123 | |||||||||||||||||||||||||
Cash consideration | 9,573 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 27,550 | |||||||||||||||||||||||||
Nave Equinox | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 26-Jun-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 50,922 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Cash consideration | 23,449 | |||||||||||||||||||||||||
Nave Capella | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 9-Jul-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,995 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 37,151 | |||||||||||||||||||||||||
Cash consideration | 9,639 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 27,512 | |||||||||||||||||||||||||
Nave Pulsar | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 9-Jul-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 50,922 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Cash consideration | 23,625 | |||||||||||||||||||||||||
Nave Universe | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 22-Jul-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 45,313 | |||||||||||||||||||||||||
Vessel type | Chemical tanker | |||||||||||||||||||||||||
Cash consideration | 34,208 | |||||||||||||||||||||||||
Nave Celeste | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 13-Aug-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 298,717 | |||||||||||||||||||||||||
Vessel type | VLCC | |||||||||||||||||||||||||
Cash consideration | 35,864 | |||||||||||||||||||||||||
Nave Alderamin | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 3-Sep-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 49,998 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Total vessel acquisition cost | 37,340 | |||||||||||||||||||||||||
Cash consideration | 9,886 | |||||||||||||||||||||||||
Deposits for vessels acquisitions | 27,454 | |||||||||||||||||||||||||
Nave Constellation | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 5-Sep-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 45,281 | |||||||||||||||||||||||||
Vessel type | Chemical tanker | |||||||||||||||||||||||||
Cash consideration | 34,294 | |||||||||||||||||||||||||
Nave Dorado | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 24-Sep-13 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Cash consideration | 16,789 | |||||||||||||||||||||||||
Bougainville | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 30-Sep-13 | |||||||||||||||||||||||||
Vessels capacity per DWT | 50,626 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Cash consideration | 35,560 | |||||||||||||||||||||||||
Nave Lucida | ||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||||||||||
Vessel delivery date | 23-Oct-13 | |||||||||||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||||||||||
Cash consideration | $16,817 |
Vessels_Net_Disposal_of_Vessel1
Vessels, Net - Disposal of Vessels (Details) (USD $) | 12 Months Ended | 3 Months Ended | 4 Months Ended | 11 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | 6-May-14 | Dec. 06, 2013 |
Significant Acquisitions And Disposals [Line Items] | ||||||
Impairment loss | $11,690 | $0 | $0 | |||
Carrying value of assets sold | 1,375,931 | 1,353,131 | ||||
Dry dock and special survey costs | 5,312 | 4,678 | ||||
Net proceeds from sale of vessel | 232,956 | 17,407 | 0 | |||
Gain/ (loss) on sale of vessels | 22,599 | -21,098 | 0 | |||
Shinyo Splendor | ||||||
Significant Acquisitions And Disposals [Line Items] | ||||||
Total sale proceeds | 20,020 | |||||
Impairment loss | 10,718 | |||||
Carrying value of assets sold | 19,219 | |||||
Dry dock and special survey costs | 1,021 | |||||
Net proceeds from sale of vessel | 18,315 | |||||
Gain/ (loss) on sale of vessels | -904 | |||||
Shinyo Navigator | ||||||
Significant Acquisitions And Disposals [Line Items] | ||||||
Total sale proceeds | 18,132 | |||||
Carrying value of assets sold | 38,461 | |||||
Gain/ (loss) on sale of vessels | -21,098 | |||||
Expenses related to disposal of vessel | 725 | |||||
Write-off of bunker cost | $44 |
Vessels_Net_Deposits_for_Vesse
Vessels, Net - Deposits for Vessel Acquisitions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Deposits for vessels acquisitions | $42,276 | $100,112 | |
Vessel deposits financed through loans | 23,540 | 70,620 | |
Additions to deposits for vessel acquisitions | 11,881 | 24,907 | |
Deposits for vessel acquisition transferred to vessel | 71,220 | 202,251 | |
Interest costs capitalized | $3,290 | $6,149 | $14,240 |
Deferred_Finance_Costs_Schedul
Deferred Finance Costs - Schedule (Table) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Finance Costs [Abstract] | ||
Balance | $23,246 | $20,727 |
Additions | 8,691 | 16,200 |
Capitalized into vessel deposits | -355 | -472 |
Amortization | -7,275 | -3,252 |
Deferred charges written-off | -1,977 | -9,957 |
Balance | $22,330 | $23,246 |
Deferred_Finance_Costs_Details
Deferred Finance Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Write-off of deferred debt issuance costs | $1,977 | $9,957 | |
Bond premium amortization income | 140 | 343 | 435 |
ABN AMRO Bank N.V, HSH Nordbank AG and DVB Bank S.E | |||
Write-off of deferred debt issuance costs | 1,977 | ||
$505,000 bond | |||
Write-off of deferred debt issuance costs | 9,343 | ||
DVB Bank S.E | |||
Write-off of deferred debt issuance costs | $614 |
Intangible_Assets_Other_Than_G2
Intangible Assets Other Than Goodwill - Schedule (Table) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Net Book Value | $422 | ||||
Favorable lease terms | |||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Cost | 10,498 | 57,070 | 67,417 | ||
Additions - Cost | 0 | 0 | |||
Accelerated amortization - Cost | -10,347 | [1] | |||
Disposals - Cost | -44,877 | [2] | |||
Write-off - Cost | -1,695 | [3] | |||
Accumulated Amortization | -7,198 | -16,899 | -16,184 | ||
Additions - Accumulated Amortization | -4,742 | -7,014 | |||
Accelerated amortization - Accumulated Amortization | 6,299 | [1] | |||
Disposals - Accumulated Amortization | 12,748 | [2] | |||
Write-off - Accumulated Amortization | 1,695 | [3] | |||
Net Book Value | 3,300 | 40,171 | 51,233 | ||
Additions - Net Book Value | -4,742 | -7,014 | |||
Accelerated amortization - Net Book Value | -4,048 | [1] | |||
Disposals - Net Book Value | -32,129 | [2] | |||
Write-off - Net Book Value | 0 | [3] | |||
Unfavorable lease terms | |||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Cost | -5,819 | -5,819 | -5,819 | ||
Additions - Cost | 0 | 0 | |||
Accumulated Amortization | 2,941 | 2,258 | 1,574 | ||
Additions - Accumulated Amortization | 683 | 684 | |||
Net Book Value | -2,878 | -3,561 | -4,245 | ||
Additions - Net Book Value | $683 | $684 | |||
[1] | 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 consolidated statements of comprehensive income/ (loss) under the caption of "Depreciation and Amortization", due to the revision of the remaining useful economic life of the related favorable lease. | ||||
[2] | On November 18, 2014, Navios Acquisition sold all of the outstanding shares of capital stock of the four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) to Navios Midstream (see Note 1). The carrying amount of the favorable leases was $32,129. | ||||
[3] | On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party purchaser for an aggregate price of $20,020. An amount of $1,695 has been written off due to the expiration of the time charter of the related favorable lease of the vessel. |
Intangible_Assets_Other_Than_G3
Intangible Assets Other Than Goodwill - Amortization Expense (Table) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Intangible Assets Other Than Goodwill [Abstract] | ||||||
Unfavorable lease terms | $683 | $684 | $683 | |||
Favorable lease terms charter-out | -4,742 | [1] | -11,062 | [1] | -8,646 | [1] |
Total | ($4,059) | ($10,378) | ($7,963) | |||
[1] | 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 consolidated statements of comprehensive income/ (loss) under the caption of "Depreciation and Amortization", due to the revision of the remaining useful economic life of the related favorable lease. |
Intangible_Assets_Other_Than_G4
Intangible Assets Other Than Goodwill - Aggregate Amortizations (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Within One Year | ($990) | ||
Year Two | -944 | ||
Year Three | 683 | ||
Year Four | 684 | ||
Year Five | 145 | ||
Thereafter | 0 | ||
Total | -422 | ||
Favorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Within One Year | -1,673 | ||
Year Two | -1,627 | ||
Year Three | 0 | ||
Year Four | 0 | ||
Year Five | 0 | ||
Thereafter | 0 | ||
Total | -3,300 | -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 | 684 | ||
Year Five | 145 | ||
Thereafter | 0 | ||
Total | $2,878 | $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 | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Total sale proceeds | $20,020 |
Goodwill_Schedule_Table_Detail
Goodwill - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill [Abstract] | |||
Balance | $1,579 | $1,579 | $1,579 |
Investment_in_Affiliates_Gain_
Investment in Affiliates - Gain on Retained Investment in Navios Midstream (Table) (Details) (Navios Midstream, USD $) | 11 Months Ended |
In Thousands, unless otherwise specified | Nov. 18, 2014 |
Navios Midstream | |
Investments In And Advances To Affiliates [Line Items] | |
Fair value of investment in Navios Midstream | $164,501 |
Less: Percentage retained of carrying value of net assets in Navios Midstream | -144,287 |
Gain on retained investment in Navios Midstream | $20,214 |
Investment_in_Affiliates_Balan
Investment in Affiliates - Balance Sheet Data (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments In And Advances To Affiliates [Line Items] | ||
Current Assets | $89,528 | $120,801 |
Non-current Assets | 1,626,274 | 1,535,860 |
Current Liabilities | 73,147 | 65,400 |
Non-current Liabilities | 1,143,404 | 1,128,439 |
Navios Midstream | ||
Investments In And Advances To Affiliates [Line Items] | ||
Current Assets | 31,742 | |
Non-current Assets | 355,833 | |
Current Liabilities | 18,595 | |
Non-current Liabilities | 115,496 | |
Navios Europe | ||
Investments In And Advances To Affiliates [Line Items] | ||
Current Assets | 13,764 | 8,224 |
Non-current Assets | 190,913 | 199,761 |
Current Liabilities | 16,257 | 14,792 |
Non-current Liabilities | $191,411 | $194,288 |
Investment_in_Affiliates_Incom
Investment in Affiliates - Income Statement Data (Table) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments In And Advances To Affiliates [Line Items] | |||||
Revenue | $264,877 | $202,397 | $151,097 | ||
Net Income / (Loss) | 13,047 | -58,592 | -3,798 | ||
Navios Midstream | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Revenue | 7,643 | ||||
Net Income / (Loss) | 2,551 | ||||
Navios Europe | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Revenue | 35,119 | 1,152 | |||
Net Income / (Loss) | ($1,896) | ($1,096) |
Investment_in_Affiliates_Navio
Investment in Affiliates - Navios Europe (Details) (USD $) | 12 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 18, 2013 | Oct. 09, 2013 |
Business Acquisition [Line Items] | |||||
Long-term debt | $1,162,522 | $1,154,448 | |||
Investment in affiliates | 151,966 | 4,750 | |||
Equity method investment income | 2,000 | 0 | 0 | ||
Portion of the Navios Revolving Loan and the Navios Term Loans | 7,791 | 2,660 | |||
Accrued interest on loan to affiliate | 1,353 | 0 | 0 | ||
Navios Holdings | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 47.50% | ||||
Navios Acquisition | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 47.50% | ||||
Estimated maximum potential loss | 13,414 | ||||
Navios Maritime Partners L.P. | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 5.00% | ||||
Funded from Senior Loan $117,753 | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | 127,753 | ||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans | |||||
Business Acquisition [Line Items] | |||||
Long-term debt | 10,000 | ||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans | |||||
Business Acquisition [Line Items] | |||||
Revolving loan facility to fund working capital requirements | 24,100 | ||||
Junior Loan | |||||
Business Acquisition [Line Items] | |||||
Debt instrument face amount | 173,367 | ||||
Debt instrument fair value | 71,929 | ||||
Navios Europe | |||||
Business Acquisition [Line Items] | |||||
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. | ||||
Investment in affiliates | 4,750 | ||||
Equity method investment income | 185 | ||||
Accrued interest on loan to affiliate | 688 | ||||
Navios Europe | Navios Revolving Loans | |||||
Business Acquisition [Line Items] | |||||
Portion of the Navios Revolving Loan and the Navios Term Loans | 7,125 | ||||
Navios Europe | Navios Term Loans and Navios Revolving Loans | |||||
Business Acquisition [Line Items] | |||||
Portion of the Navios Revolving Loan and the Navios Term Loans | $7,791 |
Investment_in_Affiliates_Navio1
Investment in Affiliates - Navios Midstream (Details) (USD $) | 12 Months Ended | 11 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 18, 2014 | Nov. 30, 2014 |
Investments In And Advances To Affiliates [Line Items] | |||||
Carrying amount of investment in Navios Midstream | $15,099 | $0 | |||
Carrying amount of investment in Navios Midstream | 151,966 | 4,750 | |||
Investment in affiliates | 145,860 | 0 | 0 | ||
Equity in net earnings of affiliated companies | 2,000 | 0 | 0 | ||
Navios Midstream | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Navios Midstream IPO net cash proceeds | 110,403 | ||||
Proceeds from $126,000 Navios Midstream credit facility | 104,451 | ||||
Navios GP LLC general partner interest in Navios Midstream | 2.00% | ||||
Limited partnership interest | 55.50% | ||||
Unamortized difference of investment | 17,883 | ||||
Investment in affiliates | 145,860 | ||||
Navios Midstream | Intangible Assets | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Unamortized difference of investment | -300 | ||||
Navios Midstream | Tangible Assets | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Unamortized difference of investment | 18,183 | ||||
Navios Midstream | Subordinated Units | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Units exchanged | 9,342,692 | ||||
Limited partnership interest | 49.00% | ||||
Unit price | $15 | ||||
Navios Midstream | Common Units | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Units exchanged | 1,242,692 | ||||
Limited partnership interest | 6.50% | ||||
Unit price | $15 | ||||
Carrying amount of investment in Navios Midstream | 15,099 | 0 | |||
Navios Midstream | General Partner Units | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Units exchanged | 381,334 | ||||
Unit price | $15 | ||||
Navios Midstream | Subordinated and General Partner Units | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Carrying amount of investment in Navios Midstream | $147,031 | $0 |
Accounts_Payable_Schedule_Tabl
Accounts Payable - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable [Abstract] | ||
Creditors | $505 | $234 |
Brokers | 900 | 966 |
Professional and legal fees | 194 | 377 |
Total accounts payable | $1,599 | $1,577 |
Dividends_Payable_Details
Dividends Payable (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 06, 2015 | Jan. 07, 2014 | Jan. 04, 2013 | Jan. 05, 2012 | Apr. 08, 2014 | Apr. 04, 2013 | Apr. 05, 2012 | Jul. 03, 2014 | Jul. 03, 2013 | Jul. 03, 2012 | Oct. 02, 2014 | Oct. 02, 2013 | Oct. 03, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 06, 2015 | Oct. 31, 2014 | Aug. 11, 2014 | 9-May-14 | Feb. 07, 2014 | Nov. 08, 2013 | Aug. 14, 2013 | Apr. 30, 2013 | Feb. 07, 2013 | Nov. 09, 2012 | Aug. 13, 2012 | 4-May-12 | Feb. 13, 2012 | Nov. 07, 2011 |
Dividends per share | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | ||||||||||||||||
Dividend paid - aggregate | $7,967 | $7,220 | $2,410 | $2,421 | $7,967 | $4,172 | $2,410 | $7,967 | $5,816 | $2,410 | $7,967 | $7,115 | $2,410 | $31,871 | $19,711 | $9,759 | ||||||||||||||
Dividend paid to stockholders of record | 7,583 | 6,836 | 2,026 | 2,037 | 7,583 | 3,788 | 2,026 | 7,583 | 5,432 | 2,026 | 7,583 | 6,731 | 2,026 | |||||||||||||||||
Holder of the 1,000 shares Series C preferred stock | ||||||||||||||||||||||||||||||
Dividend paid | 384 | 384 | 384 | 384 | 384 | 384 | 384 | 384 | 384 | 384 | 384 | 384 | 384 | |||||||||||||||||
Holder of the 540 shares Series B and Series D preferred stock | ||||||||||||||||||||||||||||||
Dividend paid | $750 |
Accrued_Expenses_Schedule_Tabl
Accrued Expenses - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Accrued voyage expenses | $559 | $499 |
Accrued loan interest | 8,925 | 9,046 |
Accrued legal and professional fees | 777 | 2,440 |
Total accrued expenses | $10,261 | $11,985 |
Borrowings_Schedule_Table_Deta
Borrowings - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total borrowings | $1,162,522 | $1,154,448 |
Less: current portion | -33,431 | -34,714 |
Add: bond premium | 1,810 | 0 |
Total long-term borrowings | 1,130,901 | 1,119,734 |
Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Loans payable | 128,250 | 137,250 |
BNP Paribas S.A. and DVB Bank S.E. | ||
Debt Instrument [Line Items] | ||
Loans payable | 69,750 | 74,250 |
DVB Bank S.E. and ABN AMRO Bank N.V. | ||
Debt Instrument [Line Items] | ||
Loans payable | 17,931 | 39,448 |
Eurobank Ergasias S.A. $52,200 | ||
Debt Instrument [Line Items] | ||
Loans payable | 43,753 | 46,482 |
Eurobank Ergasias S.A. $52,000 | ||
Debt Instrument [Line Items] | ||
Loans payable | 40,998 | 43,446 |
ABN AMRO Bank N.V | ||
Debt Instrument [Line Items] | ||
Loans payable | 0 | 41,336 |
Norddeutsche Landesbank Girozentrale | ||
Debt Instrument [Line Items] | ||
Loans payable | 24,971 | 24,971 |
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Loans payable | 55,078 | 49,943 |
Ship Mortgage Notes $670,000 | ||
Debt Instrument [Line Items] | ||
Loans payable | 670,000 | 610,000 |
Deutsche Bank AG Filiale Deutschlandgeschaft | ||
Debt Instrument [Line Items] | ||
Loans payable | 0 | 47,652 |
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||
Debt Instrument [Line Items] | ||
Loans payable | 74,639 | 0 |
HSH Nordbank AG $40,300 | ||
Debt Instrument [Line Items] | ||
Loans payable | $37,152 | $39,670 |
Borrowings_LongTerm_Debt_Oblig
Borrowings - Long-Term Debt Obligations (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt Obligations: | ||
31-Dec-15 | $33,431 | |
31-Dec-16 | 63,776 | |
31-Dec-17 | 46,531 | |
31-Dec-18 | 62,200 | |
31-Dec-19 | 158,059 | |
December 31, 2020 and thereafter | 798,525 | |
Total | $1,162,522 | $1,154,448 |
Borrowings_Details
Borrowings (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 5 Months Ended | 10 Months Ended | 11 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 10 Months Ended | 8 Months Ended | 1 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 07, 2010 | Apr. 08, 2010 | 28-May-10 | Oct. 26, 2010 | Dec. 06, 2010 | Nov. 30, 2014 | Jul. 08, 2011 | Dec. 29, 2011 | Nov. 08, 2011 | Nov. 11, 2014 | Nov. 13, 2014 | Aug. 20, 2013 | Feb. 06, 2014 | Jul. 18, 2014 | Dec. 31, 2013 | Nov. 13, 2013 |
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility remaining borrowing capacity | $65,954 | |||||||||||||||||
Ship Mortgage Notes $670,000 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument Face Amount | 60,000 | 610,000 | ||||||||||||||||
Fixed rate | 8.13% | |||||||||||||||||
Redemption price of senior notes percentage of principal amount | 103.25% | |||||||||||||||||
Proceeds from the sale of the 2021 Notes | 59,598 | |||||||||||||||||
Terms of conversion | 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. | |||||||||||||||||
Amount outstanding | 670,000 | 610,000 | ||||||||||||||||
Commerzbank AG, Alpha Bank A.E., and Credit Agricole Corporate and Investment Bank | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 7-Apr-10 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 150,000 | |||||||||||||||||
Number of loan tranches | 6 | |||||||||||||||||
Amount of each tranche | $ 25,000 per each tranche | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 2.50% | |||||||||||||||||
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. | |||||||||||||||||
Amount outstanding | 128,250 | 137,250 | ||||||||||||||||
BNP Paribas S.A. and DVB Bank S.E. | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 8-Apr-10 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 75,000 | |||||||||||||||||
Number of loan tranches | 3 | |||||||||||||||||
Amount of each tranche | $ 25,000 per each tranche | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 2.50% | |||||||||||||||||
Payment terms | 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. | |||||||||||||||||
Amount outstanding | 69,750 | 74,250 | ||||||||||||||||
Line of credit facility remaining borrowing capacity | 0 | |||||||||||||||||
DVB Bank S.E. and ABN AMRO Bank N.V. | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 28-May-10 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 52,000 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Amount of each tranche | $ 26,000 per each tranche | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 2.75% | |||||||||||||||||
Payment terms | 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. On November 13, 2014, the Company prepaid an amount of $18,379 which was the entire amount outstanding under one of the two tranches using a portion of the proceeds received from Navios Midstream's IPO. The outstanding balance is repayable in six quarterly installments of $448 each, with final balloon payment of $15,241 to be repaid on the last repayment date. | |||||||||||||||||
Amount outstanding | 17,931 | 39,448 | ||||||||||||||||
Eurobank Ergasias S.A. $52,200 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 26-Oct-10 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 52,200 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Amount of each tranche | Two tranches of $ 26,100 and $ 25,500, respectively | |||||||||||||||||
Interest rate description | LIBOR plus (i) 250 bps for the period prior to the delivery date in respect of the vessel being financed, and (ii) thereafter 275 bps | |||||||||||||||||
Payment terms | 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. | |||||||||||||||||
Amount outstanding | 43,753 | 46,482 | ||||||||||||||||
Amount drawn down under credit facility | 51,600 | |||||||||||||||||
Eurobank Ergasias S.A. $52,000 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 6-Dec-10 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 52,000 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Amount of each tranche | $ 23,100 per each tranche | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 3.00% | |||||||||||||||||
Payment terms | 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. | |||||||||||||||||
Amount outstanding | 40,998 | 43,446 | ||||||||||||||||
Amount drawn down under credit facility | 46,200 | |||||||||||||||||
ABN AMRO Bank N.V | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 8-Jul-11 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 55,100 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 3.25% | |||||||||||||||||
Amount repaid | 35,722 | |||||||||||||||||
Amount outstanding | 0 | 41,336 | ||||||||||||||||
Norddeutsche Landesbank Girozentrale | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 29-Dec-11 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 28,125 | |||||||||||||||||
Interest rate description | 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 | |||||||||||||||||
Payment terms | 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. | |||||||||||||||||
Amount outstanding | 24,971 | 24,971 | ||||||||||||||||
Line of credit facility remaining borrowing capacity | 3,154 | |||||||||||||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 29-Dec-11 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 56,250 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Amount of each tranche | $ 28,125 per each tranche | |||||||||||||||||
Interest rate description | 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 | |||||||||||||||||
Payment terms | 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. | |||||||||||||||||
Amount outstanding | 55,078 | 49,943 | ||||||||||||||||
Navios Holdings Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 8-Nov-11 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 40,000 | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 3.00% | |||||||||||||||||
Amount outstanding | 0 | |||||||||||||||||
Line of credit facility remaining borrowing capacity | 40,000 | |||||||||||||||||
Arrangement fee | 400 | |||||||||||||||||
Line of credit facility maturity date | 31-Dec-14 | |||||||||||||||||
Navios Holdings Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 11-Nov-14 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 200,000 | |||||||||||||||||
Interest rate percentage | 6.00% | |||||||||||||||||
Amount drawn down under credit facility | 169,650 | |||||||||||||||||
Arrangement fee | 4,000 | |||||||||||||||||
Line of credit facility maturity date | 29-Dec-14 | |||||||||||||||||
HSH Nordbank AG $40,300 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 20-Aug-13 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 40,300 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Amount of each tranche | $ 20,150 per each tranche | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 3.20% | |||||||||||||||||
Payment terms | 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. | |||||||||||||||||
Amount outstanding | 37,152 | 39,670 | ||||||||||||||||
HSH Nordbank AG $51,000 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 6-Feb-14 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 51,000 | |||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||
Amount of each tranche | $ 25,500 per each tranche | |||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||
Interest rate percentage | 3.10% | |||||||||||||||||
Amount repaid | 48,600 | |||||||||||||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility issuance date | 18-Jul-14 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | 132,413 | |||||||||||||||||
Number of loan tranches | 8 | |||||||||||||||||
Interest rate description | 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. | |||||||||||||||||
Payment terms | Each tranche of the facility is repayable in 20 equal quarterly installments of between approximately $344 and $387, each with a final balloon repayment of the balance to be repaid on the last repayment date. On November 13, 2014, the Company prepaid an amount of $29,610 which was the entire amount outstanding under two of the tranches. | |||||||||||||||||
Amount outstanding | 74,639 | 0 | ||||||||||||||||
Line of credit facility remaining borrowing capacity | 22,800 | |||||||||||||||||
Amount drawn down under credit facility | $74,639 | |||||||||||||||||
Line of credit facility maturity date | 8-Jan-20 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Borrowings [Abstract] | |
Credit facilities 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. |
Compliance with loan-to-value ratios | As of December 31, 2014, the Company was in compliance with its covenants. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value of Financial Instruments [Abstract] | ||||
Cash and cash equivalents - Book Value | $54,493 | $82,835 | $42,846 | $41,300 |
Cash and cash equivalents - Fair Value | 54,493 | 82,835 | ||
Restricted cash - Book Value | 6,669 | 24,962 | ||
Restricted cash - Fair Value | 6,669 | 24,962 | ||
Due from related parties, short-term - Book Value | 1,361 | 0 | ||
Due from related parties, short-term - Fair Value | 1,361 | 0 | ||
Investments in available-for-sale securities - Book Value | 15,099 | 0 | ||
Investments in available-for-sale securities - Fair Value | 15,099 | 0 | ||
Due to related parties, short-term - Book Value | 18,489 | 2,848 | ||
Due to related parties, short-term - Fair Value | 18,489 | 2,848 | ||
Ship mortgage notes and premium - Book Value | 671,810 | 610,000 | ||
Ship mortgage notes and premium - Fair Value | 657,860 | 622,963 | ||
Other long-term debt - Book Value | 492,522 | 544,448 | ||
Other long-term debt - Fair Value | 492,522 | 544,448 | ||
Due to related parties, long-term - Book Value | 9,625 | 5,144 | ||
Due to related parties, long-term - Fair Value | 9,625 | 5,144 | ||
Loans receivable from affiliates - Book Value | 7,791 | 2,660 | ||
Loans receivable from affiliates - Fair Value | $7,791 | $2,660 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $54,493 | $82,835 | ||
Restricted cash | 6,669 | 24,962 | ||
Ship mortgage notes and premium | 657,860 | 622,963 | ||
Other long-term debt | 492,522 | 544,448 | ||
Due to related parties, long-term | 9,625 | 5,144 | ||
Loans receivable from affiliates | 7,791 | 2,660 | ||
Level I | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 54,493 | 82,835 | ||
Restricted cash | 6,669 | 24,962 | ||
Ship mortgage notes and premium | 657,860 | 622,963 | ||
Level II | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other long-term debt | 492,522 | [1] | 544,448 | [1] |
Due to related parties, long-term | 9,625 | [1] | 5,144 | [1] |
Loans receivable from affiliates | $7,791 | [1] | $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_of_Financial_Instru4
Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities | $15,099 | $0 |
Derivatives (included under "Prepaid expenses and other current assets") | 3,446 | |
Quoted Prices in Active Markets for Identical Assets (Level I) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities | 15,099 | |
Significant Other Observable Inputs (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 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 |
Fair Value Inputs Assets Quantitative Information [Line Items] | |||||
Other income | $280 | $4,787 | $280 | ||
Derivative | 3,446 | ||||
Other long-term assets | 690 | 5,533 | |||
Change in fair value of other assets | 1,188 | 0 | 0 | ||
Impairment loss | -11,690 | 0 | 0 | ||
Defaulted charterer | |||||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||||
Other income | 4,623 | ||||
Derivative | 3,446 | 2,258 | |||
Other long-term assets | 1,177 | ||||
Change in fair value of other assets | -1,188 | ||||
Impairment loss | 972 | ||||
Proceeds from sale of receivable | $2,463 |
Leases_Minimum_Future_Income_T
Leases - Minimum Future Income (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $171,682 |
2016 | 71,888 |
2017 | 28,591 |
2018 | 11,644 |
2019 | 2,192 |
Thereafter | 0 |
Total minimum lease revenue, net of commissions | $285,997 |
Transactions_with_Related_Part1
Transactions with Related Parties (Details) (USD $) | 12 Months Ended | 24 Months Ended | 48 Months Ended | 10 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-16 | 28-May-14 | Nov. 08, 2011 | Nov. 11, 2014 | Nov. 13, 2014 | |
Related Party Transaction [Line Items] | ||||||||
Fixed dry dock expenses reimbursement agreement to the Manager | Effective March 30, 2012, Navios Acquisition can, upon request to 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. Effective 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 January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | |||||||
Management fees | $95,827,000 | $71,392,000 | $47,043,000 | |||||
General and administrative expenses | 14,588,000 | 7,017,000 | 3,853,000 | |||||
Due to related parties total | 28,144,000 | 7,992,000 | ||||||
Due to related parties, short term | 18,489,000 | 2,848,000 | ||||||
Due to related parties, long term | 9,625,000 | 5,144,000 | ||||||
Due from related parties | 1,361,000 | 0 | ||||||
Backstop Agreement with Navios Midstream | On November 18, 2014, Navios Acquisition entered into a backstop agreement with Navios Midstream. In accordance with the terms of the backstop agreement, Navios Acquisition has committed to charter-in the Shinyo Ocean and Shinyo Kannika for a two-year period at the time of their redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Furthermore, Navios Maritime Acquisition has committed to charter-in the following option vessels: (a) Nave Celeste for a two-year period at the time of her redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate and (b) Nave Galactic and Nave Quasar for a four-year period at the net time charter-out rate per day (net of commissions) of $35,000 if the market charter rate is lower than the charter-out rate of $35,000. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit-sharing. | |||||||
Navios Midstream | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | 674,000 | |||||||
Navios Europe | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | 687,000 | |||||||
LR1 Product Tanker Vessel | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | |||||||
Daily management fee to Navios Holdings | 7,000 | 7,000 | ||||||
MR2 Product Tanker Vessel | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | |||||||
Daily management fee to Navios Holdings | 6,000 | 6,000 | ||||||
MR2 Chemical Tanker Vessel | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | |||||||
Daily management fee to Navios Holdings | 6,000 | 6,000 | ||||||
VLCC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Daily management fee to Navios Holdings | 9,500 | 10,000 | ||||||
Decrease in daily management fee | 5.00% | |||||||
Navios Holdings Credit Facility | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | 40,000,000 | |||||||
Interest rate description | LIBOR | |||||||
Interest rate percentage | 3.00% | |||||||
Line of credit facility maturity date | 31-Dec-14 | |||||||
Arrangement fee | 400,000 | |||||||
Amount outstanding | 0 | |||||||
Navios Holdings Credit Facility | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | 200,000,000 | |||||||
Interest rate percentage | 6.00% | |||||||
Line of credit facility maturity date | 29-Dec-14 | |||||||
Arrangement fee | 4,000,000 | |||||||
Amount drawn down under credit facility | 169,650,000 | |||||||
Administrative services agreement with the manager | ||||||||
Related Party Transaction [Line Items] | ||||||||
General and administrative expenses | $7,314,000 | $3,476,000 | $2,110,000 |
Transactions_with_Related_Part2
Transactions with Related Parties - Navios Europe (Details) (USD $) | 12 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 09, 2013 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Preferred distribution percentage | 12.70% | ||
Investment in affiliates | $151,966 | $4,750 | |
Loan receivable from affiliate | 7,791 | 2,660 | |
Line of credit facility remaining borrowing capacity | 65,954 | ||
Navios Holdings, Navios Acquisition and Navios Partners | |||
Business Acquisition [Line Items] | |||
Line of credit facility remaining borrowing capacity | 9,100 | ||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans | |||
Business Acquisition [Line Items] | |||
Revolving loan facility to fund working capital requirements, outstanding | 24,100 | ||
Navios Europe | |||
Business Acquisition [Line Items] | |||
Investment in affiliates | 4,750 | ||
Navios Europe | Navios Revolving Loans | |||
Business Acquisition [Line Items] | |||
Loan receivable from affiliate | 7,125 | ||
Navios Acquisition | |||
Business Acquisition [Line Items] | |||
Line of credit facility remaining borrowing capacity | $4,323 |
Commitments_and_Contigencies_M
Commitments and Contigencies - Minimum Future Commitments (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitment and Contigencies [Abstract] | |
31-Dec-15 | $29,368 |
Total | $29,368 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Other Commitments [Line Items] | |
Backstop Agreement with Navios Midstream | On November 18, 2014, Navios Acquisition entered into a backstop agreement with Navios Midstream. In accordance with the terms of the backstop agreement, Navios Acquisition has committed to charter-in the Shinyo Ocean and Shinyo Kannika for a two-year period at the time of their redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Furthermore, Navios Maritime Acquisition has committed to charter-in the following option vessels: (a) Nave Celeste for a two-year period at the time of her redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate and (b) Nave Galactic and Nave Quasar for a four-year period at the net time charter-out rate per day (net of commissions) of $35,000 if the market charter rate is lower than the charter-out rate of $35,000. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit-sharing. |
Preferred_and_Common_Stock_Tab1
Preferred and Common Stock (Table) (Details) (USD $) | 1 Months Ended | 4 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 13, 2013 | Apr. 24, 2013 | Aug. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 |
Balance, amount | $12,000 | |||||
Balance, number of preferred shares | 4,540 | |||||
Balance, amount | 12,000 | 12,000 | ||||
Balance, number of preferred shares | 4,540 | 4,540 | ||||
Series D Convertible Preferred Stock | ||||||
Balance, amount | 6,000 | 6,000 | 6,000 | 12,000 | ||
Balance, number of preferred shares | 600 | 600 | 600 | 1,200 | ||
Issuance of preferred stock subject to redemption, amount | 6,000 | |||||
Issuance of preferred stock subject to redemption, shares | 300 | 300 | 300 | 300 | 600 | |
Balance, amount | $12,000 | $12,000 | ||||
Balance, number of preferred shares | 1,200 | 1,200 |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 8 Months Ended | 10 Months Ended | 0 Months Ended | 10 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 20, 2014 | Sep. 16, 2013 | 21-May-13 | Feb. 28, 2013 | Feb. 26, 2013 | Feb. 21, 2013 | Feb. 13, 2013 | Apr. 24, 2013 | Aug. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 24, 2014 | Oct. 31, 2013 |
Preferred Stock | ||||||||||||||||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | ||||||||||||||
Preferred stock - par value | $0.00 | $0.00 | ||||||||||||||
Preferred stock shares issued | 4,540 | 4,540 | ||||||||||||||
Preferred stock shares outstanding | 4,540 | 4,540 | ||||||||||||||
Stock based compensation | ||||||||||||||||
Share-based Compensation | $5,254 | $1,089 | $0 | |||||||||||||
Common Stock | ||||||||||||||||
Proceeds from issuance of common stock | 54,289 | 307,542 | 0 | |||||||||||||
Common stock shares authorized | 250,000,000 | 250,000,000 | ||||||||||||||
Common stock - par value | $0.00 | $0.00 | ||||||||||||||
Gross Proceeds | ||||||||||||||||
Common Stock | ||||||||||||||||
Proceeds from issuance of common stock | 57,556 | 100,000 | 120,000 | 100,453 | 28,001 | 22,000 | ||||||||||
Net Proceeds | ||||||||||||||||
Common Stock | ||||||||||||||||
Proceeds from issuance of common stock | 54,289 | 96,120 | 115,432 | 95,970 | ||||||||||||
Agents' Costs | ||||||||||||||||
Common Stock | ||||||||||||||||
Stock issuance costs | 3,022 | 3,501 | 4,199 | 4,018 | ||||||||||||
Offering Costs | ||||||||||||||||
Common Stock | ||||||||||||||||
Stock issuance costs | 247 | 379 | 369 | 465 | ||||||||||||
Direct Offering | Gross Proceeds | ||||||||||||||||
Common Stock | ||||||||||||||||
Proceeds from issuance of common stock | 50,000 | 60,000 | ||||||||||||||
Private Placement | Gross Proceeds | ||||||||||||||||
Common Stock | ||||||||||||||||
Proceeds from issuance of common stock | 50,000 | 60,000 | 50,452 | |||||||||||||
Series D Redeemable Convertible Preferred Stock | ||||||||||||||||
Preferred Stock | ||||||||||||||||
Preferred stock shares issued | 1,200 | 1,200 | ||||||||||||||
Preferred stock shares outstanding | 1,200 | 1,200 | 600 | |||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||
Issuance of preferred shares | 600 | 300 | 300 | 300 | 300 | |||||||||||
Fair value of preferred stock | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||||||
Preferred stock - dividend rate percentage | 6.00% | |||||||||||||||
Common Stock | ||||||||||||||||
Stock based compensation | ||||||||||||||||
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 ratably over a period of three years (33.33% each year). | |||||||||||||||
Stock based compensation - restricted shares issued | 2,100,000 | 2,100,000 | ||||||||||||||
Stock based compensation - shares issued | 1,500,000 | |||||||||||||||
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 | |||||||||||||||
Vested during the period | 699,994 | |||||||||||||||
Restricted shares outstanding | 1,400,006 | |||||||||||||||
Stock options outstanding | 1,000,000 | |||||||||||||||
Compensation cost relating to service conditions of non-vested stock options | 401 | |||||||||||||||
Compensation cost relating to service conditions of non-vested restricted stock | $2,825 | |||||||||||||||
Weighted average period of recognition | 1 year 9 months 26 days | |||||||||||||||
Weighted average period of recognition of stock options | 8 years 9 months 19 days | |||||||||||||||
Common Stock | ||||||||||||||||
Issuance of common shares, number of shares | 14,950,000 | 94,097,529 | 14,950,000 | 25,974,026 | 32,876,712 | 35,246,791 | 9,825,000 | 7,719,300 | ||||||||
Share price | $3.85 | $3.85 | $3.65 | $2.85 | ||||||||||||
Common Stock | Overallotment option | ||||||||||||||||
Common Stock | ||||||||||||||||
Issuance of common shares, number of shares | 1,950,000 | |||||||||||||||
Common Stock | Direct Offering | ||||||||||||||||
Common Stock | ||||||||||||||||
Issuance of common shares, number of shares | 12,987,013 | 16,438,356 | ||||||||||||||
Common Stock | Private Placement | ||||||||||||||||
Common Stock | ||||||||||||||||
Issuance of common shares, number of shares | 12,987,013 | 16,438,356 | 17,702,491 |
Preferred_and_Common_Stock_Add
Preferred and Common Stock - Additional Information (Details) (Series D Redeemable Convertible Preferred Stock) | 12 Months Ended |
Dec. 31, 2014 | |
Series D Redeemable 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 the 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 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 (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total Revenue | $264,877 | $202,397 | $151,097 |
Asia | |||
Total Revenue | 167,670 | 158,441 | 131,263 |
Europe | |||
Total Revenue | 40,875 | 23,949 | 16,881 |
United States | |||
Total Revenue | $56,332 | $20,007 | $2,953 |
Investment_in_Available_for_Sa1
Investment in Available for Sale Securities (Details) (USD $) | 11 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments In And Advances To Affiliates [Line Items] | |||
Investment in available-for-sale securities | $15,099 | $0 | |
Unrealized holding loss | 3,542 | 0 | |
Navios Midstream | Common Units | |||
Investments In And Advances To Affiliates [Line Items] | |||
Units exchanged | 1,242,692 | ||
Investment in available-for-sale securities | $15,099 | $0 |
Other_Income_Details
Other Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||
Other income | $280 | $4,787 | $280 | |
Derivative | 3,446 | |||
Other long-term assets | 690 | 5,533 | ||
Other Comprehensive loss | -3,542 | 0 | 0 | |
Defaulted charterer | ||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||
Other income | 4,623 | |||
Derivative | 3,446 | 2,258 | ||
Other long-term assets | $1,177 |
Earnings_Loss_per_Common_Share2
Earnings/ (Loss) per Common Share - Calculation per Share (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||
Net income/ (loss) | $13,047 | ($58,592) | ($3,798) |
Dividend declared on preferred shares Series B | -108 | -108 | -108 |
Dividend declared on Series D preferred shares | -642 | -91 | 0 |
Dividend declared on restricted shares | -385 | -105 | 0 |
Undistributed income/ (loss) attributable to Series C participating preferred shares | -541 | 3,206 | 622 |
Income / (loss) attributable to common stockholders | 11,371 | -55,690 | -3,284 |
Undistributed income/ (loss) attributable to Series C participating preferred shares | 541 | 0 | 0 |
Net income/ ( loss) attributable to common stockholders, diluted | $11,912 | ($55,690) | ($3,284) |
Denominator: | |||
Denominator for basic net income / (loss) per share - weighted average shares | 147,606,448 | 98,085,189 | 40,517,413 |
Series A preferred stock | 1,200,000 | 0 | 0 |
Series C preferred stock | 7,676,000 | 0 | 0 |
Denominator for diluted net income/ (loss) per share - adjusted weighted average shares | 156,482,448 | 98,085,189 | 40,517,413 |
Basic net income / (loss) per share | $0.08 | ($0.57) | ($0.08) |
Diluted net income / (loss) per share | $0.08 | ($0.57) | ($0.08) |
Earnings_Loss_per_Common_Share3
Earnings/ (Loss) per Common Share (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings/ (Loss) per Common Share | |||
Potential common shares | 4,830,286 | 14,406,286 | 9,949,143 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Greek Tonnage tax | $336 | $136 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Feb. 06, 2015 | Oct. 31, 2014 | Aug. 11, 2014 | 9-May-14 | Feb. 07, 2014 | Nov. 08, 2013 | Aug. 14, 2013 | Apr. 30, 2013 | Feb. 07, 2013 | Nov. 09, 2012 | Aug. 13, 2012 | 4-May-12 | Feb. 13, 2012 | Nov. 07, 2011 | Jan. 08, 2015 |
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||
Dividends per share payable | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | ||||
Series D Convertible Preferred Stock | ||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||
Shares redeemed | 250 | 200 | ||||||||||||||||
Payments to redeem shares | $2,500 | |||||||||||||||||
Common Stock | ||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||
Shares issued upon convertion of Series D preferred stock | 200,000 | |||||||||||||||||
Nave Velocity | ||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||
Vessel delivery date | 6-Feb-15 | |||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||
Total vessel acquisition cost | 35,500 | |||||||||||||||||
Nave Sextans | ||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | ||||||||||||||||||
Vessel delivery date | 8-Jan-15 | |||||||||||||||||
Vessels capacity per DWT | 49,999 | |||||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||||
Total vessel acquisition cost | $31,500 |