Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Entity Information [Abstract] | |
Entity Registrant Name | Navios Maritime Acquisition Corporation |
Trading Symbol | NNA |
Entity Central Index Key | 1,437,260 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock Shares Outstanding | 149,782,990 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 54,805 | $ 54,493 |
Restricted cash | 6,840 | 6,669 |
Accounts receivable, net | 14,202 | 18,273 |
Due from related parties | 17,837 | 1,361 |
Prepaid expenses and other current assets | 3,665 | 8,732 |
Total current assets | 97,349 | 89,528 |
Vessels, net | 1,441,635 | 1,375,931 |
Deposits for vessels acquisitions | 0 | 42,276 |
Goodwill | 1,579 | 1,579 |
Intangible assets-other than goodwill | 0 | 3,300 |
Other long-term assets | 1,920 | 690 |
Deferred dry dock and special survey costs, net | 10,326 | 5,312 |
Investment in affiliates | 204,808 | 170,607 |
Loans receivable from affiliates | 16,474 | 7,791 |
Total non-current assets | 1,676,742 | 1,607,486 |
Total assets | 1,774,091 | 1,697,014 |
Current liabilities | ||
Accounts payable | 2,753 | 1,599 |
Dividend payable | 0 | 7,967 |
Accrued expenses | 9,802 | 10,261 |
Due to related parties, short term | 0 | 18,489 |
Deferred revenue | 7,600 | 1,400 |
Current portion of long-term debt, net of deferred finance costs | 62,643 | 31,882 |
Total current liabilities | 82,798 | 71,598 |
Long-term debt, net of current portion, premium and deferred finance costs | 1,134,940 | 1,110,120 |
Due to related parties, long term | 0 | 9,625 |
Unfavorable lease terms | 0 | 2,878 |
Deferred gain on sale of assets | 8,982 | 0 |
Total non-current liabilities | 1,143,922 | 1,122,623 |
Total liabilities | $ 1,226,720 | $ 1,194,221 |
Commitments and contingencies | ||
Series D Convertible Preferred Stock, 0 and 1,200 shares issued and outstanding with $0 and $12,000 redemption amount as of December 31, 2015 and December 31, 2014, respectively | $ 0 | $ 12,000 |
Puttable common stock 650,000 and 0 shares issued and outstanding with $6,500 and $0 redemption amount as of December 31, 2015 and December 31, 2014, respectively | 6,500 | 0 |
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 4,000 and 4,540 series A, B and C shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 0 | 0 |
Common stock, $0.0001 par value; 250,000,000 shares authorized; 149,782,990 and 151,664,942 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 15 | 15 |
Additional paid-in capital | 540,856 | 557,125 |
Accumulated deficit | 0 | (66,347) |
Total stockholders' equity | 540,871 | 490,793 |
Total liabilities and stockholders' equity | $ 1,774,091 | $ 1,697,014 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock - par value | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 4,000 | 4,540 |
Preferred stock shares outstanding | 4,000 | 4,540 |
Common stock - par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 149,782,990 | 151,664,942 |
Common stock shares outstanding | 149,782,990 | 151,664,942 |
Series D Convertible Preferred Stock | ||
Temporary equity, shares issued | 0 | 1,200 |
Temporary equity, shares outstanding | 0 | 1,200 |
Redemption amount | $ 0 | $ 12,000 |
Puttable Common Stock | ||
Temporary equity, shares issued | 650,000 | 0 |
Temporary equity, shares outstanding | 650,000 | 0 |
Redemption amount | $ 6,500 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Revenue | $ 313,396 | $ 264,877 | $ 202,397 |
Time charter and voyage expenses | (4,492) | (5,187) | (6,762) |
Direct vessel expenses | (1,532) | (1,979) | (3,096) |
Management fees (entirely through related party transactions) | (95,336) | (95,827) | (71,392) |
General and administrative expenses | (15,532) | (14,588) | (7,017) |
Depreciation and amortization | (57,623) | (67,718) | (63,880) |
Loss on bond extinguishment | 0 | 0 | (33,973) |
Interest income | 1,683 | 720 | 315 |
Interest expenses and finance cost | (73,561) | (78,610) | (58,386) |
Impairment loss | 0 | (11,690) | 0 |
Gain/ (loss) on sale of vessels | 5,771 | 22,599 | (21,098) |
Change in fair value of other assets | 0 | (1,188) | 0 |
Equity in net earnings of affiliated companies | 18,436 | 2,000 | 0 |
Other income | 41 | 280 | 4,787 |
Other expense | (1,514) | (642) | (487) |
Net income/ (loss) | 89,737 | 13,047 | (58,592) |
Other comprehensive loss | |||
Dividend declared on preferred shares Series B | (78) | (108) | (108) |
Dividend declared on preferred shares Series D | (281) | (642) | (91) |
Dividend declared on restricted shares | (245) | (385) | (105) |
Undistributed (income)/ loss attributable to Series C participating preferred shares | (4,337) | (541) | 3,206 |
Net income/ (loss) attributable to common stockholders, basic | 84,796 | 11,371 | (55,690) |
Dividend declared on preferred shares Series B | 78 | 0 | 0 |
Dividend declared on preferred shares Series D | 281 | 0 | 0 |
Dividend declared on restricted shares | 245 | 0 | 0 |
Undistributed income attributable to Series C participating preferred shares | 0 | 541 | 0 |
Net income/ (loss) attributable to common stockholders, diluted | $ 85,400 | $ 11,912 | $ (55,690) |
Net earnings/ (loss) per share, basic | $ 0.57 | $ 0.08 | $ (0.57) |
Weighted average number of shares, basic | 150,025,086 | 147,606,448 | 98,085,189 |
Net earnings/ (loss) per share, diluted | $ 0.56 | $ 0.08 | $ (0.57) |
Weighted average number of shares, diluted | 153,300,395 | 156,482,448 | 98,085,189 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income/ (loss) | $ 89,737 | $ 13,047 | $ (58,592) |
Adjustments to reconcile net income/ (loss) to net cash provided by/ (used in) operating activities: | |||
Depreciation and amortization | 57,623 | 67,718 | 63,880 |
Amortization and write-off of deferred finance fees and bond premium | 3,495 | 9,111 | 11,615 |
Amortization of dry dock and special survey costs | 1,532 | 1,979 | 3,096 |
Stock based compensation | 2,362 | 5,254 | 1,089 |
Impairment loss | 0 | 11,690 | 0 |
(Gain)/ loss on sale of vessels | (5,771) | (22,599) | 21,098 |
Non-cash settlement received | 0 | 0 | (3,446) |
Change in fair value of other assets | 0 | 1,188 | 0 |
Equity in earnings of affiliates, net of dividends received | (3,821) | (2,000) | 0 |
Changes in operating assets and liabilities: | |||
Decrease/ (increase) in prepaid expenses and other current assets | 5,067 | (5,287) | 1,523 |
Decrease/ (increase) in accounts receivable | 4,367 | (9,308) | (3,338) |
(Increase)/ decrease in restricted cash | (41) | 642 | (1,538) |
(Increase)/ decrease in other long term assets | (1,230) | 3,665 | (4,636) |
Increase in accounts payable | 1,246 | 254 | 300 |
Decrease in accrued expenses | (293) | (1,640) | (966) |
Payments for dry dock and special survey costs | (6,598) | (5,726) | (242) |
(Decrease)/ increase in due to related parties | (17,763) | 15,014 | (62,615) |
Increase in due from related parties | (16,476) | (1,361) | 0 |
Increase/ (decrease) in deferred revenue | 6,200 | (5,656) | 3,405 |
Decrease in other long term liabilities | 0 | 0 | (204) |
Net cash provided by/ (used in) operating activities | 119,636 | 75,985 | (29,571) |
Investing Activities | |||
Acquisition of vessels | (163,791) | (362,339) | (288,906) |
Deposits for vessel acquisitions | 0 | (11,881) | (24,907) |
Net cash proceeds from sale of vessels and intangibles | 71,224 | 232,956 | 17,407 |
Investment in affiliates | (7,201) | 0 | (4,750) |
Loans receivable from affiliates | (7,327) | (4,465) | (2,660) |
Decrease in restricted cash | 0 | 0 | 10,076 |
Dividends received from affiliates | 2,585 | 0 | 0 |
Net cash used in investing activities | (104,510) | (145,729) | (293,740) |
Financing Activities | |||
Loan proceeds, net of deferred finance costs and net of premium | 192,930 | 161,932 | 155,550 |
Loan proceeds from related party, net of deferred finance cost | 0 | 165,650 | 0 |
Loan repayment to related party | 0 | (169,650) | (35,000) |
Loan repayments | (140,861) | (216,197) | (100,216) |
Repayment of Senior Notes | 0 | 0 | (505,000) |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 0 | 59,598 | 595,420 |
Dividend paid | (40,084) | (31,871) | (19,711) |
(Increase)/ decrease in restricted cash | (130) | 17,651 | (12,337) |
Payment to related party | (11,265) | 0 | (22,948) |
Net proceeds from equity offerings | 0 | 54,289 | 307,542 |
Redemption of Series D Convertible preferred stock and puttable common stock | (5,500) | 0 | 0 |
Acquisition of treasury stock | (9,904) | 0 | 0 |
Net cash (used in)/ provided by financing activities | (14,814) | 41,402 | 363,300 |
Net increase/ (decrease) in cash and cash equivalents | 312 | (28,342) | 39,989 |
Cash and cash equivalents, beginning of year | 54,493 | 82,835 | 42,846 |
Cash and cash equivalents, end of year | 54,805 | 54,493 | 82,835 |
Supplemental disclosures of cash flow information | |||
Cash interest paid, net of capitalized interest | 70,130 | 69,255 | 54,726 |
Non-cash investing activities | |||
Capitalized financing costs | 19 | 355 | 472 |
AFS securities received upon sale of vessels | 0 | 18,640 | 0 |
Investment in affiliates received upon sale of vessels | 27,111 | 145,860 | 0 |
Accrued interest on loan to affiliate | 1,357 | 645 | 0 |
Deferred gain on sale of assets | 8,972 | 0 | 0 |
Non-cash financing activities | |||
Dividends payable | 0 | 7,967 | 7,220 |
Acquisition of vessels | (914) | (3,885) | (7,198) |
Deposits for vessel acquisitions | 0 | (1,201) | (841) |
Due to related party | (914) | 5,086 | 8,039 |
Issuance of Series D Convertible Preferred Stock issued for vessel acquisitions | 0 | 0 | 6,000 |
Stock-based compensation | $ 2,362 | $ 5,254 | $ 1,089 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance value at Dec. 31, 2012 | $ 225,304 | $ 0 | $ 4 | $ 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) | |||
Balance value at Dec. 31, 2013 | 450,822 | $ 0 | $ 13 | 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 | |||
Balance value at Dec. 31, 2014 | 490,793 | $ 0 | $ 15 | 557,125 | (66,347) |
Balance, shares at Dec. 31, 2014 | 4,540 | 151,664,942 | |||
Conversion of preferred stock into puttable common stock | 800,000 | ||||
Redemption of puttable common stock, shares | (150,000) | ||||
Conversion of preferred stock into common stock | 172,800 | ||||
Conversion of preferred stock into common stock | (540) | ||||
Acquisition of treasury stock, value | (9,904) | (9,904) | |||
Acquisition of treasury stock, shares | (2,704,752) | ||||
Issuance of restricted shares / Stock- based compensation, value | 2,362 | 2,362 | |||
Dividend paid/declared | (32,117) | (8,727) | (23,390) | ||
Net income/ (loss) | 89,737 | 89,737 | |||
Balance value at Dec. 31, 2015 | $ 540,871 | $ 0 | $ 15 | $ 540,856 | $ 0 |
Balance, shares at Dec. 31, 2015 | 4,000 | 149,782,990 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 (“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. In November 2014, Navios Maritime Midstream Partners L.P. (“Navios Midstream”), a company formed as a subsidiary of Navios Acquisition, completed an 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 Navios Midstream and deconsolidated the vessels sold as of the IPO date. (Refer to Note 8, “Investment in affiliates”). In June 2015, Navios Midstream exercised its option to acquire the shares of the vessel-owning subsidiaries of the Nave Celeste and the C. Dream from Navios Acquisition for an aggregate purchase price of $100,000. The aggregate purchase price consisted of 1,592,920 of Subordinated Series A Units, issued to Navios Acquisition and $73,000 cash consideration. As of December 31, 2015, Navios Maritime Holdings Inc. (“Navios Holdings”) had 43.6% of the voting power and 46.6% of the economic interest in Navios Acquisition. As of December 31, 2015, Navios Acquisition had outstanding: 149,782,990 shares of common stock (which included 650,000 shares of puttable common stock), 3,000 shares of Series A Convertible Preferred Stock and 1,000 shares of Series C Convertible Preferred Stock issued to Navios Holdings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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). Change in Accounting Principle The Company historically presented deferred debt issuance costs, or fees related to directly issuing debt, as long-term assets on the consolidated balance sheets. During the first quarter of 2015, the Company adopted guidance codified in ASU 2015-03 “Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs”. The guidance simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Therefore, these costs will continue to be amortized as interest expense using the effective interest method pursuant to ASC 835-30-35-2 through 35-3. Upon adoption, the Company applied the new guidance retrospectively to all prior periods presented in the financial statements. The Company elected to early adopt the requirements of ASU 2015-03 effective beginning the first quarter ended March 31, 2015 and applied this guidance retrospectively to all prior periods presented in the Company's financial statements. The reclassification does not impact net income as previously reported or any prior amounts reported on the Statements of Operations or the Consolidated Statements of Cash Flows. The effect of the retrospective application of this change in accounting principle on the Company's Consolidated Balance Sheets as of December 31, 2014 resulted in a reduction of Total non-current assets and Total assets in the amount of $22,330, with a corresponding decrease of $20,781 in Long-term debt, net and Total non-current liabilities and a decrease of $1,549 in Current portion of long-term debt net and Total current liabilities. Revision of prior period financial statements The Company has historically accounted for its investment in the common units of Navios Maritime Midstream Partners L.P. as available for sale securities, with the change in the market value of those securities recorded in other comprehensive income. The Company has reevaluated its accounting for those interests and concluded that they should be accounted for under the equity method of accounting. Management evaluated the materiality of the error, quantitatively and qualitatively, and determined it was not material to any of our previously issued financial statements. Accordingly, the Company has revised its previously reported results and related disclosures as of and for the year ended December 31, 2014 to correct its accounting. The schedule below provides a summary of the impact of the adjustment on the Company's consolidated financial statements as of and for the year ended December 31, 2014 (amounts in thousands). December 31, 2014 As previously reported Adoption of new accounting principle (1) Correction Adjustment As Revised Balance Sheet Investment in affiliates 151,966 — 18,641 170,607 Investment in available-for-sale securities 15,099 — (15,099) — Total non-current assets 1,626,274 (22,330) 3.542 1,607,486 Total assets 1,715,802 (22,330) 3.542 1,697,014 Other comprehensive loss (3,542 ) — 3,542 — Total stockholders' equity 487,251 — 3,542 490,793 Total liabilities and stockholders' equity 1,715,802 (22,330) 3,542 1,697,014 Statement of Operations/ Statement of Comprehensive Income (2) Unrealized holding loss on investments in available-for-sale-securities (3,542 ) — 3,542 — Other comprehensive loss (3,542) — 3,542 — Total comprehensive income (2) 9,505 — 3,542 13,047 (1) Reclassification impact as a result of the adoption of ASU 2015-03. See Note 2 — “Change in Accounting Principle”. (2) The Company no longer presents “Total Comprehensive Income” consistent with ASC 220-10-15-3(a) because following the correction, it has no other comprehensive income to report. The revision had no impact on previously reported amounts of operating, investing or financing cash flows, or on previously reported amounts of basic or diluted earnings per share. No corrections have been made to previously reported net income or net income attributable to common stockholders because the impacts on these line items were determined to be inconsequential. (b) Principles of consolidation: The Company also consolidates entities that are determined to be variable interest entities (“VIEs”) 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, 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: As of December 31, 2015, the entities included in these consolidated financial statements were: Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2015 2014 2013 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 Navigation 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 Acquisition Corporation Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 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 (3) Hong Kong 1/1 - 6/17 1/1 - 12/31 1/1 - 12/31 Shinyo Kannika Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 11/17 1/1 - 12/31 Shinyo Kieran Limited Vessel-Owning Company (3) British Virgin Is — 1/1 - 11/17 1/1 - 12/31 Shinyo Loyalty Limited Vessel-Owning Company (1) Hong Kong 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shinyo Navigator Limited Vessel-Owning Company (2) Hong Kong 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shinyo Ocean Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 11/17 1/1 - 12/31 Shinyo Saowalak Limited Vessel-Owning Company (3) British Virgin Is. — 1/1 - 11/17 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 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 1/1 - 12/31 3/19 - 12/31 Thasos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Limnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Skyros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Alonnisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Makronisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Iraklia Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/2 - 12/31 Paxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/25 - 12/31 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/25 - 12/31 Donoussa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/28 - 12/31 Schinousa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/28 - 12/31 Navios Acquisition Europe Finance Inc Sub-Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/4 - 12/31 Sikinos Shipping Corporation Vessel-Owning Company (3) Marshall Is. 1/1 - 6/17 1/1 - 12/31 7/3 - 12/31 Kerkyra Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Lefkada Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Zakynthos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Leros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 4/4 - 12/31 — Kimolos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 4/29 - 12/31 — Samos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 9/15 - 12/31 — Tilos Shipping Corporation Vessel-Owning Company Marshall Is. 10/9-12/31 — — Delos Shipping Corporation Vessel-Owning Company Marshall Is. 10/9-12/31 — — Navios Maritime Midstream Partners GP LLC Holding Company Marshall Is. 1/1 - 12/31 10/13 - 12/31 — (1 )Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. (2 )Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. (3 )Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. (4 )Each company had 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. (e) Use of estimates: (f) Cash and Cash equivalents: (g) Restricted Cash: (h) Accounts Receivable, net: (i) Other long term assets: (j) Vessels, net : 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. The management after considering current market trends for scrap rates and 10-year average historical scrap rates of the residual values of the Company's vessels, estimates scrap value at a rate of $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: (l) Impairment of long-lived asset group: Undiscounted projected net operating cash flows are determined for each asset group (consisting of the individual vessel and the intangible, if any, 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, if any. 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 2015, management concluded that, although market rates were at healthy levels during the year, however, events occurred and circumstances had changed, over previous years, 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 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 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 99.7% based on the fleets historical performance. The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels, existed as of December 31, 2015, 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 statements of operations 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 $0, $10,718 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively. (m) Deferred Finance Costs: (n) Goodwill: 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: 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 statements of operations 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. As of December 31, 2015, Navios Acquisition did not have any intangible assets or liabilities. Management, after considering various indicators performed impairment tests on asset groups which included intangible assets and liabilities as described in paragraph (l) above. As of December 31, 2015 and 2014, there was no impairment of intangible assets. (p) Preferred shares Series D: 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 took 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 was 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) Investments in Equity Securities: (r) Deferred Dry dock and Special Survey Costs: 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, 2015, 2014 and 2013, the amortization expense was $1,532, $1,979 and $3,096, respectively. Accumulated amortization as of December 31, 2015 and 2014 amounted to $2,222 and $880, respectively. (s) Foreign currency translation: (t) Provisions: (u) Segment Reporting: (v) Revenue and Expense Recognition: Revenue Recognition: 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, 2015, December 31, 2014 and December 31, 2013 amounted to $32,060, $6,710 and $4,360, 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: 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: Direct Vessel Expense: Management fees: 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. Dry docking expenses under this Management Agreement will be reimbursed at cost for all vessels. Effective March 30, 2012, Navios Acquisition can, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking 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, 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. Deferred Revenue: Prepaid Expense and Other Current Assets: (w) Financial Instruments: Financial risk management: Credit risk: No other customers accounted for 10% or more of total revenue for any of the years presented. Foreign exchange risk: (x) Earnings/ (Loss) per Share: Net income/ (loss) for the years ended December 31, 2015, 2014 and 2013 was adjusted for the purposes of earnings per share calculation, for the dividends on the Series B Preferred Shares, the Series D Preferred Shares, the restricted common stock and for the undistributed (income)/ loss that is attributable to Series C preferred stock. (y) Dividends: (z) Stock based Compensation: 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 $2,362, $5,254 and $1,089 as of December 31, 2015, 2014 and 2013 and it is reflected in general and administrative expenses on the statements of operations. The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock, not yet recognized was $107 and $758, respectively, as of December 31, 2015 and is expected to be recognized over the weighted average period of 0.82 years. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents consisted of the following: December 31, 2015 December 31, 2014 Cash on hand and at banks $ 51,831 $ 19,380 Short-term deposits 2,974 35,113 Total cash and cash equivalents $ 54,805 $ 54,493 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 $6,840 for 2015 and $6,669 for 2014 held in retention account in order to service debt and interest payments, as required by certain of Navios Acquisition's credit facilities. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 4: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, 2015 December 31, 2014 Accounts receivable $ 14,202 $ 18,273 Less: Provision for doubtful accounts — — Accounts receivable, net $ 14,202 $ 18,273 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, 2015 | |
Property, Plant and Equipment [Abstract] | |
VESSELS, NET | NOTE 5: VESSELS, NET Vessels Cost Accumulated Depreciation Net Book Value 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 Additions 207,000 (57,164 ) 149,836 Disposals (104,274 ) 20,142 (84,132 ) Balance at December 31, 2015 $ 1,590,332 $ (148,697 ) $ 1,441,635 Acquisition of vessels 2015 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 total cost of $33,373. Cash paid was $17,750 and $15,623 was transferred from vessel deposits. On February 11, 2015, Navios Acquisition took delivery of the Nave Velocity, a newbuilding, 49,999 dwt, MR2 product tanker, from an unaffiliated third party for a total cost of $39,233. Cash paid was $12,591 and $26,642 was transferred from vessel deposits. On November 6, 2015, Navios Acquisition took delivery of the Nave Spherical, a 2009-built, 297,188 dwt VLCC, from an unaffiliated third party for a total cost of $69,198. On December 2, 2015, Navios Acquisition took delivery of the Nave Photon, a 2008-built, 297,395 dwt VLCC from an unaffiliated third party for a total cost of $65,196. Improvements for vessels for the year ended December 31, 2015 amounted to $0 and $410 for the year ended December 31, 2014. 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, 298,287 dwt VLCC, 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, 305,178 dwt VLCC, 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, 299,973 dwt VLCC, from an unaffiliated third party, for a total cost of $75,918. Disposal of vessels 2015 On June 18, 2015, Navios Midstream exercised its option to acquire the shares of the vessel-owning subsidiaries of the Nave Celeste, a 2003-built of 298,717 dwt VLCC, and the C. Dream from Navios Acquisition for an aggregate sale price of $100,000. The sale price consisted of $73,000 cash consideration and the issuance of 1,592,920 Subordinated Series A Units to Navios Acquisition. Refer to Note 15. The gain on sale of vessels amounted to $5,771 and was calculated as follows: Proceeds received: Net Cash proceeds received from sale of assets $ 71,224 Subordinated Series A Units 27,111 98,335 Carrying Value of assets sold: Vessels and deferred dry dock and special survey costs, net (84,184 ) Favorable & unfavorable leases 37 Working capital 554 (83,593 ) 14,742 Deferred gain on sale of assets 8,971 Gain on sale of vessels $ 5,771 2014 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 operations. 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 8, “Investment in affiliates”. This gain is included in “Gain / (loss) on sale of vessels” in the consolidated statements of operations. Navios Midstream was deconsolidated from the date of the IPO. Refer to Note 8, “Investment in affiliates”. Deposits for vessel acquisitions Deposits for vessel acquisitions represent deposits for vessels to be delivered in the future. As of December 31, 2015, there were no 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. For the year ended December 31, 2015, 2014 and 2013, capitalized interest amounted to $104, $3,290 and $6,149, respectively. |
Intangible Assets Other Than Go
Intangible Assets Other Than Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets Other Than Goodwill [Abstract] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | NOTE 6: INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible assets as of December 31, 2015 and December 31, 2014, consisted of the following: Favorable lease terms Cost Accumulated Amortization Net Book Value 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 Additions — (776 ) (776 ) Disposals*** (10,498 ) 7,974 (2,524 ) Balance at December 31, 2015 $ — $ — $ — Unfavorable lease terms Cost Accumulated Amortization Net Book Value 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 ) Additions — 317 317 Disposals*** 5,819 (3,258 ) 2,561 Balance at December 31, 2015 $ — $ — $ — Amortization (expense) /income of favorable and unfavorable lease terms for the years ended December 31, 2015, 2014 and 2013 is presented in the following table: December 31, 2015 December 31, 2014 December 31, 2013 Unfavorable lease terms $ 317 $ 683 $ 684 Favorable lease terms charter-out (*) (776 ) (4,742 ) (11,062 ) Total $ (459 ) $ (4,059 ) $ (10,378 ) (*) 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 four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) to Navios Midstream. The carrying amount of the favorable leases was $32,129. (***) On June 18, 2015, Navios Acquisition sold all of the outstanding shares of capital stock of two of Navios Acquisition's vessel-owning subsidiaries (Sikinos Shipping Corporation and Shinyo Dream Limited) to Navios Midstream. The carrying amount of the favorable leases was $2,524 and of the unfavorable leases was $(2,561). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
GOODWILL | NOTE 7: GOODWILL Goodwill as of December 31, 2015 and December 31, 2014 amounted to: Balance at January 1, 2014 $ 1,579 Balance at December 31, 2014 $ 1,579 Balance at December 31, 2015 $ 1,579 |
Investment in Affiliates
Investment in Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
INVESTMENT IN AFFILIATES | NOTE 8: INVESTMENT IN AFFILIATES Navios Europe I On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Maritime Partners L.P. (“Navios Partners”) established Navios Europe Inc. (“Navios Europe I”) and have ownership interests of 47.5%, 47.5% and 5.0%, respectively. On December 18, 2013, Navios Europe I acquired ten vessels for aggregate consideration consisting of (i) cash which was funded with the proceeds of senior loan facility (the “Senior Loan I”) 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 I) (collectively, the “Navios Term Loans I”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan I”). In addition to the Navios Term Loans I, Navios Holdings, Navios Acquisition and Navios Partners will also make available to Navios Europe I (in each case, in proportion to their ownership interests in Navios Europe I) revolving loans up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans I”). On an ongoing basis, Navios Europe I is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loan I and repayments of the Navios Revolving Loans I) 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 I and the Navios Revolving Loans I; and • Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan I holder and (ii) the holders of the Navios Term Loans I. The Navios Term Loan I will be repaid from the future sale of vessels owned by Navios Europe I and is deemed to be the initial investment by Navios Acquisition. Navios Acquisition evaluated its investment in Navios Europe I under ASC 810 and concluded that Navios Europe I is a VIE and that the Company is not the party most closely associated with Navios Europe I and, accordingly, is not the primary beneficiary of Navios Europe I based on the following: • the power to direct the activities that most significantly impact the economic performance of Navios Europe I are shared jointly between (i) Navios Holdings, Navios Acquisition and Navios Partners and (ii) and the Junior Loan I holder; and • while Navios Europe I's residual is shared on an 80%/20% basis, respectively, between (i) the Junior Loan I holder and (ii) Navios Holdings, Navios Acquisition and Navios Partners, the Junior Loan I holder is exposed to a substantial portion of Navios Europe I's risks and rewards. Navios Acquisition further evaluated its investment in the common stock of Navios Europe I under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe I and, therefore, its investment in Navios Europe I is accounted for under the equity method. The fleet of Navios Europe I is managed by subsidiaries of Navios Holdings. As of December 31, 2015 and December 31, 2014, the estimated maximum potential loss by Navios Acquisition in Navios Europe I would have been $15,764 and $13,414, respectively, which represents the Company's carrying value of its investment of $5,498 (December 31, 2014: $4,935) the Company's portion of the carrying balance of the Navios Revolving Loans I including accrued interest on the Navios Term Loans I of $8,523 (December 31, 2014: $7,791) and the accrued interest income on the Navios Revolving Loans I in the amount of $1,743 (December 31, 2014: $688) which is included under “Due from related parties”. Refer to Note 15 for the terms of the Navios Revolving Loans I. Income recognized for the year ended December 31, 2015 was $732 (December 31, 2014: $644). The initial investment in Navios Europe I recorded under the equity method of $4,750, at the inception included the Company's share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe I, which amounted to $ 6,763. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Europe I. As of December 31, 2015 and December 31, 2014, the unamortized difference between the carrying amount of the investment in Navios Europe I and the amount of the Company's underlying equity in net assets of Navios Europe I was $5,386, and $6,063, respectively. Navios Europe II On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II) Inc. (“Navios Europe II”) and have ownership interests of 47.5%, 47.5% and 5.0%, respectively. From June 8, 2015 through December 31, 2015, Navios Europe II acquired fourteen vessels for: (i) cash consideration of $145,550 (which was funded with the proceeds of $131,550 of senior loan facilities (the “Senior Loans II”) and loans aggregating $14,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their ownership interests in Navios Europe II) (collectively, the “Navios Term Loans II”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan II”) with a face amount of $182,150 and fair value of $99,147. In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners will also make available to Navios Europe II (in each case, in proportion to their ownership interests in Navios Europe II) revolving loans up to $38,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans and repayments of the Navios Revolving Loans II) according to a defined waterfall calculation as follows: • First, Navios Holdings, Navios Acquisition and Navios Partners will each earn a 18.0% preferred distribution on the Navios Term Loans II and the Navios Revolving Loans II; and • Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan II holder and (ii) the holders of the Navios Term Loans II. The Navios Term Loan II will be repaid from the future sale of vessels owned by Navios Europe II and is deemed to be the initial investment by Navios Acquisition. Navios Acquisition evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II is a “VIE” and that the Company is not the party most closely associated with Navios Europe II and, accordingly, is not the primary beneficiary of Navios Europe II based on the following: • the power to direct the activities that most significantly impact the economic performance of Navios Europe II are shared jointly between (i) Navios Holdings, Navios Acquisition and Navios Partners and (ii) the Junior Loan holder II; and • while Navios Europe II's residual is shared on an 80%/20% basis, respectively, between (i) the Junior Loan holder II and (ii) Navios Holdings, Navios Acquisition and Navios Partners, the Junior Loan II holder is exposed to a substantial portion of Navios Europe II's risks and rewards. Navios Acquisition further evaluated its investment in the common stock of Navios Europe II under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II is accounted for under the equity method. The fleet of Navios Europe II is managed by subsidiaries of Navios Holdings. As of December 31, 2015, the estimated maximum potential loss by Navios Acquisition in Navios Europe II would have been $15,867, which represents the Company's carrying value of the investment of $7,342, the Company's balance of the Navios Revolving Loans II including accrued interest on the Navios Term Loans II of $7,952 and the accrued interest income on the Navios Revolving Loans II in the amount of $573 which is included under “Due from related parties”. As of December 31, 2015, the Navios Acquisition' portion of the Navios Revolving Loan II outstanding was $7,327. Income recognized for the year ended December 31, 2015 was $625. The initial investment in Navios Europe II recorded under the equity method of $6,650, at the inception included the Company's share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe II, which amounted to $ 9,419. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Europe II. As of December 31, 2015, the unamortized difference between the carrying amount of the investment in Navios Europe II and the amount of the Company's underlying equity in net assets of Navios Europe II was $ 8,895. Navios Midstream (Revised) 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 “Navios Midstream 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 Navios Midstream General Partner. 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 Navios Midstream but concluded that it does maintain significant influence and deconsolidated the vessels sold as of the IPO date. Following the deconsolidation of Navios Midstream, the Company accounts for all of its interest in the general partner and in each of the common and subordinated units under the equity method of accounting. In connection with the sale of Nave Celeste and the C. Dream to Navios Midstream in June 2015, Navios Acquisition received 1,592,920 Subordinated Series A Units of Navios Midstream, as part of the sales price. In conjunction with the transaction, Navios Midstream also issued 32,509 general partner units to the General Partner for $551, in order for the General Partner to maintain its 2.0% general partnership interest. The Company analyzed its investment in the subordinated Series A units and concluded that this is to be accounted for under the equity method on the basis that the Company has significant influence over Navios Midstream. The Company's investment in the subordinated Series A units was fair valued at $ 17.02 per unit, in total $27,111 on the date of the sale of the vessels to Navios Midstream. Following the above transactions, as of December 31, 2015 the Company owned a 2.0% general partner interest in Navios Midstream through the Navios Midstream General Partner and a 58.85% limited partnership interest through the ownership of subordinated units (45.15%), the subordinated series A units (7.7%) and through common units (6.01%), based on all of the outstanding common, subordinated and general partner units. As of December 31, 2015 and December 31, 2014, the carrying amount of the investment in Navios Midstream was $191,968 and $165,671, respectively. Accounting for basis difference The initial investment in Navios Midstream following the completion of the IPO recorded under the equity method of $183,141, as of the deconsolidation date included the Company's share of the basis difference between the fair value and the underlying book value of Navios Midstream's assets, which amounted to $20,169. Of this difference, an amount of $(332) was allocated on the intangibles assets and $20,501 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. In connection with the sale of the Nave Celeste and the C. Dream, the Company recognized its incremental investment upon the receipt of the Subordinated series A units in Navios Midstream, which amounted to $27,665 under “Investment in affiliates”. The investment was recognized at fair value at $17.02 per unit. The incremental investment 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 transaction date, which amounted to $2,554. Of this difference an amount of $(72) was allocated to the intangible assets and $2,626 was allocated to 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. As of December 31, 2015 and December 31, 2014, the unamortized difference between the carrying amount of the investment in Navios Midstream and the amount of the Company's underlying equity in net assets of Navios Midstream was $22,120 and $20,076, respectively. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Midstream's tangible and intangible assets. For the year ended December 31, 2015 and 2014, total income from the Company's equity method investees recognized in “Equity in net earnings of affiliated companies” was $17,090 and $1,356, respectively. Dividends received during the year ended December 31, 2015 were $17,202 (0 for the year ended December 31, 2014). Summarized financial information of the affiliated companies is presented below: December 31, 2015 December 31, 2014 Balance Sheet Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Cash and cash equivalents, including restricted cash $ 37,834 $ 11,839 $ 17,366 $ 30,877 $ 12,042 $ — Current assets 45,860 14,782 22,539 31,742 13,764 — Non-current assets 434,708 179,023 245,154 353,920 190,638 — Current liabilities 4,078 15,377 16,897 18,113 15,649 — Long- term debt including current portion, net of deferred finance costs and discount 197,819 96,580 129,185 124,087 107,034 — Financial liabilities at fair value ( ) — 68,535 23,568 — 68,764 — Non-current liabilities 197,176 182,537 173,543 114,065 191,744 — (*)representing the fair value of Junior Loan I and Junior Loan II, respectively. Year Ended December 31, 2015 For the period November 18, 2014 to December 31, 2014 Year Ended December 31, 2014 Year Ended December 31, 2013 Income Statement Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Revenue $ 83,362 $ 41,437 $ 20,767 $ 7,643 $ 35,119 $ — $ — $ 1,152 $ — Net income/ (loss) before non-cash change in fair value of Junior Loan 27,072 (1,347 ) 1,673 2,551 (5,061 ) — — (355 ) — Net income/ (loss) 27,072 (1,118 ) 77,252 2,551 (1,896 ) — — (1,096 ) — |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable [Abstract] | |
ACCOUNTS PAYABLE | NOTE 9: ACCOUNTS PAYABLE Accounts payable as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 December 31, 2014 Creditors $ 638 $ 505 Brokers 1,800 900 Professional and legal fees 315 194 Total accounts payable $ 2,753 $ 1,599 |
Dividend Payable
Dividend Payable | 12 Months Ended |
Dec. 31, 2015 | |
Dividends Payable [Abstract] | |
DIVIDEND PAYABLE | NOTE 10: DIVIDENDS PAYABLE 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. 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. A dividend in the aggregate amount of $7,977 was paid on April 2, 2015 out of which $7,593 was paid to the stockholders of record as of March 18, 2015 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C Preferred Stock. On May 11, 2015, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2015 of $0.05 per share of common stock payable on July 2, 2015 to stockholders of record as of June 18, 2015. A dividend in the aggregate amount of $7,986 was paid on July 2, 2015 out of which $7,602 was paid to the stockholders of record as of June 18, 2015 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C Preferred Stock. On August 13, 2015, the Board of Directors declared a quarterly cash dividend for the second quarter of 2015 of $0.05 per share of common stock payable on September 24, 2015 to stockholders of record as of September 18, 2015. A dividend in the aggregate amount of $7,922 was paid on September 24, 2015 out of which $7,538 was paid to the stockholders of record as of September 18, 2015 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C Preferred Stock. On November 6, 2015, the Board of Directors declared a quarterly cash dividend for the third quarter of 2015 of $0.05 per share of common stock payable on December 23, 2015 to stockholders of record as of December 17, 2015. A dividend in the aggregate amount of $7,873 was paid on December 23, 2015 out of which $7,489 was paid to the stockholders of record as of December 17, 2015 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of the Series C Preferred Stock. As of December 31, 2015, Navios Acquisition had declared dividends in the aggregate of $359 to the holders of the Series B and Series D 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. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Expenses [Abstract] | |
ACCRUED EXPENSES | NOTE 11: ACCRUED EXPENSES Accrued expenses as of December 31, 2015 and December 31, 2014 consisted of the following: December 31, 2015 December 31, 2014 Accrued voyage expenses $ 485 $ 559 Accrued loan interest 9,026 8,925 Accrued legal and professional fees 291 777 Total accrued expenses $ 9,802 $ 10,261 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Borrowings [Abstract] | |
BORROWINGS | NOTE 12: BORROWINGS December 31, 2015 December 31, 2014 Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank $ 119,250 $ 128,250 BNP Paribas S.A. and DVB Bank S.E. 65,250 69,750 DVB Bank S.E. and ABN Amro Bank N.V. — 17,931 Eurobank Ergasias S.A. $52,200 41,025 43,753 Eurobank Ergasias S.A. $52,000 38,550 40,998 Norddeutsche Landesbank Girozentrale 26,953 24,971 DVB Bank S.E. and Credit Agricole Corporate and Investment Bank 51,953 55,078 Ship Mortgage Notes $670,000 670,000 670,000 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB 125,000 74,639 HSH Nordbank AG $40,300 34,633 37,152 BNP Paribas $44,000 44,000 — 1,216,614 1,162,522 Less: Deferred finance costs, net (20,640 ) (22,330 ) Add: bond premium 1,609 1,810 Total borrowings $ 1,197,583 $ 1,142,002 Less: current portion, net of deferred finance costs (62,643 ) (31,882 ) Total long-term borrowings, net of current portion, bond premium and deferred finance costs $ 1,134,940 $ 1,110,120 Long-Term Debt Obligations and Credit Arrangements Ship Mortgage Notes: 8 1/8% First Priority Ship Mortgages: On March 31, 2014, the Company completed a sale of $60,000 of its first priority ship mortgage notes due in 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, 2015. 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. Except as provided above, 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: BNP Paribas S.A. Bank and DVB Bank S.E.: DVB Bank S.E. and ABN AMRO Bank N.V.: Eurobank Ergasias S.A Eurobank Ergasias S.A.: Norddeutsche Landesbank Girozentrale: DVB Bank S.E. and Credit Agricole Corporate and Investment Bank: The Navios Holdings Credit Facilities 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 provided 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 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB In November 2015, Navios Acquisition, entered into a term loan facility of up to $125,000 (divided into five tranches) with Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB for the: (i) financing of the purchase price of the Nave Spherical; and (ii) the refinancing of the existing facility with Deutsche Bank AG Filiale Deutschlandgescäft and Skandinaviska Enskilda Banken AB as described above. The refinancing was treated as a modification for accounting purposes. The four of the five tranches of the facility are repayable in 20 quarterly installments of between approximately $435 and $1,896, each with a final balloon repayment to be made on the last repayment date. The fifth tranche is repayable in 16 quarterly installments of between approximately $709 and $803, each. The maturity date of the loan is in the fourth quarter of 2020. The credit facility bears interest at LIBOR plus 295 bps per annum. As of December 31, 2015, the facility was fully drawn and $125,000 was outstanding. BNP Paribas S.A. Bank: On December 18, 2015, Navios Acquisition, through certain of its wholly owned subsidiaries, entered into a term loan facility agreement of up to $44,000 with BNP Paribas, as agent and the lenders named therein, for the partial post-delivery financing of a LR1 product tanker and a MR2 product tanker. The facility is repayable in 12 equal consecutive semi-annual installments in the amount of $2,000 each, with a final balloon payment of the balance to be repaid on the last repayment date. The maturity date of the loan is in December 2021. The loan bears interest at LIBOR plus 230 bps per annum. As of December 31, 2015, the facility was fully drawn and $44,000 was outstanding. 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; (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%. 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, 2015, 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, 2015 for the next five years and thereafter and is based on the repayment schedule of the respective loan facilities (as described above) and the outstanding amount due under the 2021 Notes. December 31, 2015 Long-Term Debt Obligations: Year December 31, 2016 $ 64,382 December 31, 2017 62,132 December 31, 2018 73,549 December 31, 2019 131,359 December 31, 2020 135,722 December 31, 2021 and thereafter 749,470 Total $ 1,216,614 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 13: 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: Restricted Cash: Due from related parties: Due to related parties, short-term: Other long-term debt, net of deferred finance costs: Ship Mortgage Notes and premiums: Loans receivable from affiliates: Due to related parties, long-term: December 31, 2015 December 31, 2014 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 54,805 $ 54,805 $ 54,493 $ 54,493 Restricted cash $ 6,840 $ 6,840 $ 6,669 $ 6,669 Due from related parties, short-term $ 17,837 $ 17,837 $ 1,361 $ 1,361 Due to related parties, short-term $ — $ — $ 18,489 $ 18,489 Ship mortgage notes and premium $ 658,048 $ 589,185 $ 656,552 $ 657,860 Other long-term debt, net of deferred finance costs $ 539,535 $ 546,614 $ 485,450 $ 492,522 Due to related parties, long term $ — $ — $ 9,625 $ 9,625 Loans receivable from affiliates $ 16,474 $ 16,474 $ 7,791 $ 7,791 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, 2015. Fair Value Measurements at December 31, 2015 Using Total Level I Level II Level III Cash and cash equivalents $ 54,805 $ 54,805 $ — $ — Restricted cash $ 6,840 $ 6,840 $ — $ — Ship mortgage notes and premium $ 589,185 $ 589,185 $ — $ — Other long-term debt (1) $ 546,614 $ — $ 546,614 (1) $ — Loans receivable from affiliates (2) $ 16,474 $ — $ 16,474 (2) $ — Due from related parties (3) $ 17,837 $ — $ 17,837 (3) $ — 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) $ — Loans receivable from affiliates (2) $ 7,791 $ — $ 7,791 (2) $ — Due to related parties, long-term (1) $ 9,625 $ — $ 9,625 (1) $ — Due from related parties, short-term (3) $ 1,361 $ — $ 1,361 (3) $ — Due to related parties, short-term $ 18,489 $ — $ 18,489 $ — (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. (2 )The fair value of the Company's loans receivable from affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. (3 )The fair value of the Company's due from related parties takes into account the counterparty's creditworthiness. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
LEASES | NOTE 14: LEASES Chartered-out: The future minimum contractual lease income (charter-out rates is presented net of commissions) is as follows: Amount 2016 $ 178,740 2017 81,567 2018 13,987 2019 6,218 2020 — Thereafter — Total minimum lease revenue, net of commissions $ 280,512 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 Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Transactions with related parties [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 15: TRANSACTIONS WITH RELATED PARTIES The Navios Holdings Credit Facilities: As of December 31, 2015, there was no outstanding amount under this facility. For the years ended December 31, 2015, 2014 and 2013, interest expense in relation to this facility amounted to $0, $0 and $199, respectively, and was included under interest expense and finance cost, net in the statement of operations. 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 provided 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, a subsidiary of 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. Dry docking 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. Dry docking expenses under this Management Agreement will be reimbursed at cost for all vessels. Effective March 30, 2012, Navios Acquisition can, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking 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. Total management fees for each of the years ended December 31, 2015, 2014 and 2013 amounted to $95,336, $95,827 and $71,392, respectively. General and administrative expenses: On May 28, 2010, Navios Acquisition entered into an Administrative Services Agreement with Navios Holdings, expiring on May 28, 2015, pursuant to which Navios Holdings provides certain administrative management services to Navios Acquisition which include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other services. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. 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, 2015, 2014 and 2013 the expense arising from administrative services rendered by Navios Holdings amounted to $7,608, $7,314 and $3,476, respectively. Balance due to related parties: Amounts due to related parties as of December 31, 2015 and December 31, 2014 were $0 and $28,114, respectively, of which the current amount payable to Navios Holdings and its subsidiaries was $0 and $18,489, respectively, and the long term amount payable was $0 and $9,625, respectively. The amounts mainly consisted of management fees, administrative fees, dry docking costs and other expenses, along with amounts paid by Navios Holdings on behalf of the Company in relation to the Company's vessels, while these were under construction. Balance due from related parties: Amounts due from related parties as of December 31, 2015 and December 31, 2014 were $17,837 and $1,361, respectively. As of December 31, 2015, the Company had: (i) a receivable from Navios Europe I in the amount of $1,743 in connection with the accrued interest income on the working capital loan; (ii) a receivable from Navios Europe II in the amount of $573 in connection with the accrued interest income on the working capital loan; (iii) a receivable from Navios Holdings in the amount of $15,175 in connection with the prepayment of management fees and other expenses; and (iv) a receivable from Navios Midstream in the amount of $346. As of December 31, 2014, the Company had: (a) a receivable from Navios Midstream in the amount of $674 in connection with various payables that were settled on its behalf; and (b) a receivable from Navios Europe I in the amount of $687 in connection with the accrued interest income on the working capital loan. Omnibus Agreements Acquisition Omnibus Agreement: Midstream Omnibus Agreement: 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 tankers, 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 Agreements: backstop commitment to charter-in the option vessels, the Nave Galactic and the Nave Quasar for a four-year period as of their scheduled redelivery, 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: Option Vessels: Sale of C. Dream and Nave Celeste: The Company recognized its incremental investment in Navios Midstream, which amounted to $27,665 under “Investment in affiliates”. The investment was recognized at fair value at $17.02 per unit. The incremental investment 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 transaction date, which amounted to $2,554. Of this difference an amount of $(72) was allocated to the intangibles assets and $2,626 was allocated to 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. The transaction resulted in a gain on sale of $14,742, of which $5,771 was recognized at the time of sale in the statements of operations under “Gain / (loss) on sale of vessels” and the remaining $8,971 representing profit of Navios Acquisition's 60.9% interest in Navios Midstream has been deferred under “Deferred gain on sale of assets” and is being amortized over the vessels' remaining useful life or until the vessels are sold. Balance due from Navios Europe I: Balance due from Navios Europe I as of December 31, 2015 amounted to $10,266 (December 31, 2014: $8,478) which included the Navios Revolving Loans I of $7,125 (December 31, 2014: $7,125), the non-current amount of $1,398 (December 31, 2014: $665) related to the accrued interest income earned under the Navios Term Loans I under the caption “Loans receivable from affiliates” and the accrued interest income earned under the Navios Revolving Loans I of $1,743 (December 31, 2014: $688) under the caption “Balance due from related parties.” The Navios Revolving Loans I and the Navios Term Loans I earn interest and an annual preferred return, respectively, at 12.7% per annum, on a quarterly compounding basis and are repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates. As of December 31, 2015, the amount undrawn under the Navios Revolving Loans I was $9,100, of which Navios Acquisition is committed to fund $4,323. Balance due from Navios Europe II: Balance due from Navios Europe II as of December 31, 2015 amounted to $8,525 which included the Navios Revolving Loans II of $7,327, the non-current amount of $625 related to the accrued interest income earned under the Navios Term Loans II under the caption “Loans receivable from affiliates” and the accrued interest income earned under the Navios Revolving Loans II of $573 under the caption “Balance due from related parties.” The Navios Revolving Loans II and the Navios Term Loans II earn interest and an annual preferred return, respectively, at 18% per annum, on a quarterly compounding basis and are repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates. As of December 31, 2015, the amount undrawn under the Navios Revolving Loans II was $23,075, of which Navios Acquisition is committed to fund $10,961. As of December 31, 2015, the outstanding amount was fully drawn under the Navios Term Loans II. Compensation: |
Commitments and Contigencies
Commitments and Contigencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitment and Contigencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16: COMMITMENTS AND CONTINGENCIES On November 18, 2014, Navios Acquisition entered into backstop agreements with Navios Midstream. In accordance with the terms of the backstop agreements, Navios Acquisition has provided a backstop commitment to charter-in the Shinyo Ocean and the Shinyo Kannika for a two-year period as of their scheduled redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Further, Navios Acquisition has provided a backstop commitment to charter-in the Nave Celeste for a two-year period as of its scheduled redelivery, 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. Navios Acquisition has also provided a backstop commitment to charter-in the option vessels, the Nave Galactic and the Nave Quasar for a four-year period as of their scheduled redelivery, 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 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. |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred and Common Stock [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 17: PREFERRED AND COMMON STOCK Preferred Stock As of December 31, 2015, 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. On March 30, 2011, pursuant to an Exchange Agreement Navios Holdings exchanged 7,676,000 shares of Navios Acquisition's common stock it held for 1,000 non-voting Series C Convertible Preferred Stock of Navios Acquisition. Each holder of shares of Series C Convertible Preferred Stock shall be entitled at their option at any time, after March 31, 2013 to convert all or any of the outstanding shares of Series C Convertible Preferred Stock into a number of fully paid and non-assessable shares of Common Stock determined by multiplying each share of Series C Convertible Preferred Stock to be converted by 7,676, subject to certain limitations. Upon the declaration of a common stock dividend, the holders of the Series C Convertible Preferred Stock are entitled to receive dividends on the Series C Convertible Preferred Stock in an amount equal to the amount that would have been received in the number of shares of Common Stock into which the Shares of Series C Convertible Preferred Stock held by each holder thereof could be converted. For the purpose of calculating earnings / (loss) per share this preferred stock is treated as in-substance common stock and is allocated income / (losses) and considered in the diluted calculation. On September 17, 2010, Navios Acquisition issued 3,000 shares of the Company's authorized Series A Convertible Preferred Stock to an independent third party as a consideration for certain consulting and advisory fees related to the VLCC. The preferred stock has no voting rights, is only convertible into shares of common stock and does not participate in dividends until such time as the shares are converted into common stock. The Series A shares of preferred stock were converted to common stock that was issued on March 11, 2016. Refer to 23 “Subsequent Events”. On October 29, 2010, Navios Acquisition issued 540 shares of the Company's authorized Series B Convertible Preferred Stock to the seller of the two LR1 product tankers. The preferred stock contains a 2% per annum dividend payable quarterly starting on January 1, 2011 and upon declaration by the Company's Board commences payment on March 31, 2011. The Series B Convertible Preferred Stock, plus any accrued but unpaid dividends, will mandatorily convert into shares of common stock as follows: 30% of the outstanding amount will convert on June 30, 2015 and the remaining outstanding amounts will convert on June 30, 2020 at a price per share of common stock not less than $25.00. 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 $35.00 per share of common stock. The preferred stock does not have any voting rights. On June 30, 2015, 162 shares of Series B Convertible Preferred Stock (being 30% of the 540 shares originally issued), with nominal value of $10 per share, were mandatorily converted into 64,800 shares of common stock at a conversion ratio of 1:25. On October 27, 2015, the remaining 378 shares of Series B Convertible Preferred Stock (being 70% of the 540 shares originally issued), with nominal value of $10 per share, were converted into 108,000 shares of common stock at a conversion ratio of 1:35. As of December 31, 2015, there were 4,000 (3,000 shares of Series A Convertible Preferred Stock and 1,000 shares of Series C Convertible Preferred Stock) shares of preferred stock issued and outstanding. As of each of December 31, 2014 and December 31, 2013, there were 4,540 shares of preferred stock issued and outstanding (3,000 shares of Series A Convertible Preferred Stock, 540 shares of Series B Convertible Preferred Stock and 1,000 shares of Series C Convertible Preferred Stock). Series D 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 Convertible 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 Convertible Preferred Stock mandatorily converted 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 Convertible Preferred Stock does not have any voting rights. Navios Acquisition is obligated to redeem the Series D Convertible Preferred Stock (or converted common shares) at their nominal value of $10.00 at the holder's option. Beginning 18 months and no later than 60 months after the issuance of the preferred stock, the holder can exercise the option to request the redemption of up to 250 shares of preferred stock (or such number that has been converted to common shares) on a quarterly basis. 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. In January 2015, Navios Acquisition redeemed, through the holder's put option, 250 shares of the Series D Convertible Preferred Stock and paid $2,500 to the holder upon redemption. In March 2015, 200 shares of Series D Convertible Preferred Stock were mandatorily converted into 200,000 shares of common stock. In conjunction with the conversion, the 200,000 shares of common stock have been reclassified to puttable common stock within temporary equity, as a result of an embedded put option of the holder for up to 30 months after the conversion date. In April 2015, Navios Acquisition redeemed, through the holder's put option, 75 shares of the Series D Convertible Preferred Stock and paid $750 to the holder upon redemption. In April 2015, 200 shares of Series D Convertible Preferred Stock were mandatorily converted into 200,000 shares of common stock. In conjunction with the conversion, the 200,000 shares of common stock have been reclassified to puttable common stock within temporary equity, as a result of an embedded put option of the holder for up to 30 months. In July 2015, Navios Acquisition redeemed, through the holder's put option 50 shares of its Series D Convertible Preferred Stock and paid $500 to the holder upon redemption. In August 2015, 200 shares of Series D Convertible Preferred Stock were mandatorily converted into 200,000 shares of common stock. In conjunction with the conversion, the 200,000 shares of common stock have been reclassified to puttable common stock within temporary equity, as a result of an embedded put option of the holder for up to 30 months after the conversion date. In October 2015, Navios Acquisition redeemed, through the holder's put option 25 shares of its Series D Convertible Preferred Stock and paid $250 to the holder upon redemption. In October 2015, 200 shares of Series D Convertible Preferred Stock were converted into 200,000 shares of common stock. In conjunction with the conversion, the 200,000 shares of common stock have been reclassified to puttable common stock within temporary equity, as a result of an embedded put option of the holder for up to 30 months after the conversion date. As of December 31, 2015 and December 31, 2014, 0 and 1,200 shares of Series D Convertible Preferred Stock, respectively, were outstanding. Series D Preferred Stock Number of preferred shares Amount Balance at December 31, 2013 1,200 $ 12,000 Balance at December 31, 2014 1,200 $ 12,000 Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock (800 ) (8,000 ) Redemption of Series D Preferred Stock (400 ) (4,000 ) Balance at December 31, 2015 — $ — Puttable Common Stock Number of Amount Balance at December 31, 2013 — $ — Balance at December 31, 2014 — $ — Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock 800,000 8,000 Redemption of puttable common stock (150,000 ) (1,500 ) Balance at December 31, 2015 650,000 $ 6,500 Common Stock and puttable common stock Pursuant to an Exchange Agreement entered into on March 30, 2011, Navios Holdings exchanged 7,676,000 shares of Navios Acquisition's common stock it held for 1,000 non-voting shares of Series C Convertible Preferred Stock of Navios Acquisition. On February 20, 2014, Navios Acquisition completed the public offering of 14,950,000 shares of its common stock at $3.85 per share, raising gross proceeds of $57,556. These figures include 1,950,000 shares sold pursuant to the underwriters' option, which was exercised in full. Total net proceeds of the above transactions, net of agents' costs of $3,022 and offering costs of $247, amounted to $54,289. On March 2, 2015, 200 shares of the Series D Convertible Preferred Stock were mandatorily converted into 200,000 shares of puttable common stock and on April 24, 2015, 25,000 shares of such puttable common stock were redeemed for $250. On April 30, 2015, 200 shares of the Series D Convertible Preferred Stock were mandatorily converted into 200,000 shares of puttable common stock. On June 30, 2015, 162 shares of Series B Convertible Preferred Stock were converted into 64,800 shares of common stock. On July 15, 2015, Navios Acquisition redeemed, through the holder's put option, 50,000 shares of the puttable common stock and paid $500 to the holder upon redemption. On August 13, 2015, 200 shares of the Series D Convertible Preferred Stock were mandatorily converted into 200,000 shares of puttable common stock. On October 2, 2015, Navios Acquisition redeemed, through the holder's put option, 75,000 shares of the puttable common stock and paid $750 to the holder upon redemption. On October 26, 2015, 200 shares of the Series D Convertible Preferred Stock were converted into 200,000 shares of puttable common stock. On October 27, 2015, 378 shares of Series B Convertible Preferred Stock were mandatorily converted into 108,000 shares of common stock. Under the share repurchase program, for up to $50.0 million, approved and authorized by the Board of Directors, Navios Acquisition has repurchased 2,704,752 shares for a total cost of approximately $9,904, as of December 31, 2015. As of December 31, 2015, the Company was authorized to issue 250,000,000 shares of $0.0001 par value common stock. 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 $2,362, $5,254 and $1,089 for the years ended December 31, 2015, 2014 and 2013, respectively, and was reflected in general and administrative expenses on the statements of operations. 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, 2015. On October 24, 2014, and October 24, 2015, 699,994 and 700,001 shares of restricted stock were vested. Accordingly, restricted shares outstanding and non-vested amounted to 700,005 shares as of December 31, 2015 (December 31, 2014: 1,400,006) and the number of stock options outstanding and non-vested as of December 31, 2015 amounted to 500,000. There were no stock options exercised as of December 31, 2015. The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock not yet recognized was $107 and $758, respectively, as of December 31, 2015 and is expected to be recognized over the weighted average period of 0.82 years. The weighted average contractual life of stock options outstanding as of December 31, 2015 was 7.8 years. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | NOTE 18: 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 December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Asia $ 208,690 $ 167,670 $ 158,441 Europe 40,147 40,875 23,949 United States 64,559 56,332 20,007 Total Revenue $ 313,396 $ 264,877 $ 202,397 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Income [Abstract] | |
OTHER INCOME | NOTE 19: OTHER INCOME As of each of December 31, 2015, 2014 and 2013, other income amounted to $41, $280 and $4,787, 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 operations under “Other Income” since the loss claim was accepted by the court and the acceptance was irrevocable. |
Income_ (Loss) per Common Share
Income/ (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Income/ (Loss) per Common Share [Abstract] | |
INCOME/ (LOSS) PER COMMON SHARE | NOTE 20: 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, 2015, 2014 and 2013 was adjusted for the purposes of earnings per share calculation, for the dividends on Series B Preferred Shares, Series D preferred shares, restricted shares and for the undistributed (income)/ loss that is attributable to Series C preferred stock. Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Numerator: Net income/ (loss) $ 89,737 $ 13,047 $ (58,592 ) Less: Dividend declared on preferred shares Series B (78 ) (108 ) (108 ) Dividend declared on preferred shares Series D (281 ) (642 ) (91 ) Dividend declared on restricted shares (245 ) (385 ) (105 ) Undistributed (income)/ loss attributable to Series C participating preferred shares (4,337 ) (541 ) 3,206 Net income / (loss) attributable to common stockholders, basic $ 84,796 $ 11,371 $ (55,690 ) Plus: Dividend declared on preferred shares Series B 78 — — Dividend declared on preferred shares Series D 281 — — Dividend declared on restricted shares 245 — — Undistributed income/ (loss) attributable to Series C participating preferred shares — 541 — Net income/ ( loss) attributable to common stockholders, diluted 85,400 11,912 (55,690 ) Denominator: Denominator for basic net income/ (loss) per share — weighted average shares 150,025,086 147,606,448 98,085,189 Series A preferred stock 1,200,000 1,200,000 — Series B preferred stock 156,893 — — Series C preferred stock — 7,676,000 — Series D preferred stock 647,758 — — Restricted shares 1,270,658 — — Denominator for diluted net income/ (loss) per share — adjusted weighted average shares 153,300,395 156,482,448 98,085,189 Basic net earnings/ (loss) per share $ 0.57 $ 0.08 $ (0.57 ) Diluted net earnings/ (loss) per share $ 0.56 $ 0.08 $ (0.57 ) Potential common shares of 9,176,000 for the year ended December 31, 2015 (which includes Series C Preferred Stock and stock options), 4,830,286 for the year ended December 31, 2014 (which includes Series B and Series D Preferred Stock, restricted stock and stock options) and 14,406,286 for the year ended December 31, 2013 (which includes Series A, Series B, Series C and Series D Preferred Stock, restricted stock and stock options) have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) and are therefore excluded from the calculation of diluted earnings/ (loss) per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 21: 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 these countries, the countries of incorporation of the Company and its subsidiaries and /or 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 statements of operations for each of the years ended December 31, 2015 and 2014, related to the Greek Tonnage tax was $551 and $336, 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 Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 22: RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will apply to both types of leases—capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. 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. The Company does not expect the adoption of this ASU to have a material impact on Company's results of operations, financial position or cash flows. 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 the Company'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. The Company plans to adopt this standard effective January 1, 2017. The adoption of the new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of operations. 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 was originally effective for interim and annual periods beginning after December 15, 2016. On July 9, 2015, the FASB finalized a one-year deferral of the effective date for the new revenue standard. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company is currently reviewing the effect of ASU No. 2014-09 on its revenue recognition. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 23: SUBSEQUENT EVENTS On March 11, 2016, 1,200,000 shares of common stock were issued subsequent to the conversion of 3,000 shares of Series A Convertible Preferred Stock. On March 9, 2016, the Company entered into a loan agreement with Navios Holdings, pursuant to which Navios Acquisition provided a revolving loan facility of up to $50,000 to Navios Holdings (the “Revolver”). The interest rate in respect of the Revolver will be based on LIBOR plus 3% per annum. The Revolver must be repaid by Navios Holdings on December 31, 2018. Navios Holdings may prepay the Revolver at any time prior to December 31, 2018, with any amounts prepaid available for re-borrowing. Navios Holdings may at any time permanently terminate the Revolver in full, or from time to time, permanently reduce, the Revolver in part. The Revolver will be guaranteed by Navios Holdings Europe Finance Inc. (the “Guarantor”), a wholly owned subsidiary of Navios Holdings, and will be secured by (i) a first priority pledge of all of the Guarantor's ownership interests in Navios Europe Holdings Inc. (the parent Company of Navios Europe I, in which Navios Holdings has 47.5% ownership interest) and (ii) a first priority pledge of 8,000,000 common units of Navios Partners owned by Navios Holdings. On February 4, 2016, the Board of Directors declared a quarterly cash dividend in respect of the fourth quarter of 2015 of $0.05 per share of common stock payable on March 23, 2016 to stockholders of record as of March 17, 2016. 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. On January 27, 2016, Navios Acquisition sold the Nave Lucida to an unaffiliated third party for a sale price of $18,228. Navios Acquisition prepaid $12,097 being the respective tranche of the Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB facility that was drawn to finance the Nave Lucida. On January 6, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of the puttable common stock and paid $1,000 to the holder upon redemption. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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). Change in Accounting Principle The Company historically presented deferred debt issuance costs, or fees related to directly issuing debt, as long-term assets on the consolidated balance sheets. During the first quarter of 2015, the Company adopted guidance codified in ASU 2015-03 “Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs”. The guidance simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Therefore, these costs will continue to be amortized as interest expense using the effective interest method pursuant to ASC 835-30-35-2 through 35-3. Upon adoption, the Company applied the new guidance retrospectively to all prior periods presented in the financial statements. The Company elected to early adopt the requirements of ASU 2015-03 effective beginning the first quarter ended March 31, 2015 and applied this guidance retrospectively to all prior periods presented in the Company's financial statements. The reclassification does not impact net income as previously reported or any prior amounts reported on the Statements of Operations or the Consolidated Statements of Cash Flows. The effect of the retrospective application of this change in accounting principle on the Company's Consolidated Balance Sheets as of December 31, 2014 resulted in a reduction of Total non-current assets and Total assets in the amount of $22,330, with a corresponding decrease of $20,781 in Long-term debt, net and Total non-current liabilities and a decrease of $1,549 in Current portion of long-term debt net and Total current liabilities. Revision of prior period financial statements The Company has historically accounted for its investment in the common units of Navios Maritime Midstream Partners L.P. as available for sale securities, with the change in the market value of those securities recorded in other comprehensive income. The Company has reevaluated its accounting for those interests and concluded that they should be accounted for under the equity method of accounting. Management evaluated the materiality of the error, quantitatively and qualitatively, and determined it was not material to any of our previously issued financial statements. Accordingly, the Company has revised its previously reported results and related disclosures as of and for the year ended December 31, 2014 to correct its accounting. The schedule below provides a summary of the impact of the adjustment on the Company's consolidated financial statements as of and for the year ended December 31, 2014 (amounts in thousands). December 31, 2014 As previously reported Adoption of new accounting principle (1) Correction Adjustment As Revised Balance Sheet Investment in affiliates 151,966 — 18,641 170,607 Investment in available-for-sale securities 15,099 — (15,099) — Total non-current assets 1,626,274 (22,330) 3.542 1,607,486 Total assets 1,715,802 (22,330) 3.542 1,697,014 Other comprehensive loss (3,542 ) — 3,542 — Total stockholders' equity 487,251 — 3,542 490,793 Total liabilities and stockholders' equity 1,715,802 (22,330) 3,542 1,697,014 Statement of Operations/ Statement of Comprehensive Income (2) Unrealized holding loss on investments in available-for-sale-securities (3,542 ) — 3,542 — Other comprehensive loss (3,542) — 3,542 — Total comprehensive income (2) 9,505 — 3,542 13,047 (1) Reclassification impact as a result of the adoption of ASU 2015-03. See Note 2 — “Change in Accounting Principle”. (2) The Company no longer presents “Total Comprehensive Income” consistent with ASC 220-10-15-3(a) because following the correction, it has no other comprehensive income to report. The revision had no impact on previously reported amounts of operating, investing or financing cash flows, or on previously reported amounts of basic or diluted earnings per share. No corrections have been made to previously reported net income or net income attributable to common stockholders because the impacts on these line items were determined to be inconsequential. |
Change in Accounting Principle | Change in Accounting Principle The Company historically presented deferred debt issuance costs, or fees related to directly issuing debt, as long-term assets on the consolidated balance sheets. During the first quarter of 2015, the Company adopted guidance codified in ASU 2015-03 “Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs”. The guidance simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Therefore, these costs will continue to be amortized as interest expense using the effective interest method pursuant to ASC 835-30-35-2 through 35-3. Upon adoption, the Company applied the new guidance retrospectively to all prior periods presented in the financial statements. The Company elected to early adopt the requirements of ASU 2015-03 effective beginning the first quarter ended March 31, 2015 and applied this guidance retrospectively to all prior periods presented in the Company's financial statements. The reclassification does not impact net income as previously reported or any prior amounts reported on the Statements of Operations or the Consolidated Statements of Cash Flows. The effect of the retrospective application of this change in accounting principle on the Company's Consolidated Balance Sheets as of December 31, 2014 resulted in a reduction of Total non-current assets and Total assets in the amount of $22,330, with a corresponding decrease of $20,781 in Long-term debt, net and Total non-current liabilities and a decrease of $1,549 in Current portion of long-term debt net and Total current liabilities. |
Principles of consolidation | (b) Principles of consolidation: The Company also consolidates entities that are determined to be variable interest entities (“VIEs”) 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, 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: As of December 31, 2015, the entities included in these consolidated financial statements were: Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2015 2014 2013 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 Navigation 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 Acquisition Corporation Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 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 (3) Hong Kong 1/1 - 6/17 1/1 - 12/31 1/1 - 12/31 Shinyo Kannika Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 11/17 1/1 - 12/31 Shinyo Kieran Limited Vessel-Owning Company (3) British Virgin Is — 1/1 - 11/17 1/1 - 12/31 Shinyo Loyalty Limited Vessel-Owning Company (1) Hong Kong 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shinyo Navigator Limited Vessel-Owning Company (2) Hong Kong 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shinyo Ocean Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 11/17 1/1 - 12/31 Shinyo Saowalak Limited Vessel-Owning Company (3) British Virgin Is. — 1/1 - 11/17 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 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 1/1 - 12/31 3/19 - 12/31 Thasos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Limnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Skyros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Alonnisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Makronisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Iraklia Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/2 - 12/31 Paxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/25 - 12/31 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/25 - 12/31 Donoussa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/28 - 12/31 Schinousa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/28 - 12/31 Navios Acquisition Europe Finance Inc Sub-Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/4 - 12/31 Sikinos Shipping Corporation Vessel-Owning Company (3) Marshall Is. 1/1 - 6/17 1/1 - 12/31 7/3 - 12/31 Kerkyra Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Lefkada Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Zakynthos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Leros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 4/4 - 12/31 — Kimolos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 4/29 - 12/31 — Samos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 9/15 - 12/31 — Tilos Shipping Corporation Vessel-Owning Company Marshall Is. 10/9-12/31 — — Delos Shipping Corporation Vessel-Owning Company Marshall Is. 10/9-12/31 — — Navios Maritime Midstream Partners GP LLC Holding Company Marshall Is. 1/1 - 12/31 10/13 - 12/31 — (1 )Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. (2 )Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. (3 )Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. (4 )Each company had 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. |
Use of estimates | (e) Use of estimates: |
Cash and Cash equivalents | (f) Cash and Cash equivalents: |
Restricted Cash | (g) Restricted Cash: |
Accounts Receivable, net | (h) Accounts Receivable, net: |
Other long term assets | (i) Other long term assets: |
Vessels, net | (j) Vessels, net : 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. The management after considering current market trends for scrap rates and 10-year average historical scrap rates of the residual values of the Company's vessels, estimates scrap value at a rate of $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: |
Impairment of long-lived asset group | (l) Impairment of long-lived asset group: Undiscounted projected net operating cash flows are determined for each asset group (consisting of the individual vessel and the intangible, if any, 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, if any. 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 2015, management concluded that, although market rates were at healthy levels during the year, however, events occurred and circumstances had changed, over previous years, 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 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 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 99.7% based on the fleets historical performance. The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels, existed as of December 31, 2015, 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 statements of operations 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 $0, $10,718 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Deferred Financing Costs | (m) Deferred Finance Costs: |
Goodwill | (n) Goodwill: 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: 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 statements of operations 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. As of December 31, 2015, Navios Acquisition did not have any intangible assets or liabilities. Management, after considering various indicators performed impairment tests on asset groups which included intangible assets and liabilities as described in paragraph (l) above. As of December 31, 2015 and 2014, there was no impairment of intangible assets. |
Preferred shares Series D | (p) Preferred shares Series D: 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 took 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 was 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. |
Investments in Equity Securities | (q) Investments in Equity Securities: |
Deferred Drydock and Special Survey Costs | (r) Deferred Dry dock and Special Survey Costs: 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, 2015, 2014 and 2013, the amortization expense was $1,532, $1,979 and $3,096, respectively. Accumulated amortization as of December 31, 2015 and 2014 amounted to $2,222 and $880, respectively. |
Foreign currency translation | (s) Foreign currency translation: |
Provisions | (t) Provisions: |
Segment Reporting | (u) Segment Reporting: |
Revenue Recognition | (v) Revenue and Expense Recognition: Revenue Recognition: 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, 2015, December 31, 2014 and December 31, 2013 amounted to $32,060, $6,710 and $4,360, 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: 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: Direct Vessel Expense: Management fees: 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. Dry docking expenses under this Management Agreement will be reimbursed at cost for all vessels. Effective March 30, 2012, Navios Acquisition can, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking 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, 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. Deferred Revenue: Prepaid Expense and Other Current Assets: |
Financial Instruments | (w) Financial Instruments: Financial risk management: Credit risk: No other customers accounted for 10% or more of total revenue for any of the years presented. Foreign exchange risk: |
Earnings/ (Loss) per Share | (x) Earnings/ (Loss) per Share: Net income/ (loss) for the years ended December 31, 2015, 2014 and 2013 was adjusted for the purposes of earnings per share calculation, for the dividends on the Series B Preferred Shares, the Series D Preferred Shares, the restricted common stock and for the undistributed (income)/ loss that is attributable to Series C preferred stock. |
Dividends | (y) Dividends: |
Stock-based Compensation | (z) Stock based Compensation: 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 $2,362, $5,254 and $1,089 as of December 31, 2015, 2014 and 2013 and it is reflected in general and administrative expenses on the statements of operations. The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock, not yet recognized was $107 and $758, respectively, as of December 31, 2015 and is expected to be recognized over the weighted average period of 0.82 years. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of the impact of the change in accounting principle on the Company's consolidated financial statements | December 31, 2014 As previously reported Adoption of new accounting principle (1) Correction Adjustment As Revised Balance Sheet Investment in affiliates 151,966 — 18,641 170,607 Investment in available-for-sale securities 15,099 — (15,099) — Total non-current assets 1,626,274 (22,330) 3.542 1,607,486 Total assets 1,715,802 (22,330) 3.542 1,697,014 Other comprehensive loss (3,542 ) — 3,542 — Total stockholders' equity 487,251 — 3,542 490,793 Total liabilities and stockholders' equity 1,715,802 (22,330) 3,542 1,697,014 Statement of Operations/ Statement of Comprehensive Income (2) Unrealized holding loss on investments in available-for-sale-securities (3,542 ) — 3,542 — Other comprehensive loss (3,542) — 3,542 — Total comprehensive income (2) 9,505 — 3,542 13,047 |
Navios Maritime Acquisition Corporation and Subsidiaries | Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2015 2014 2013 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 Navigation 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 Acquisition Corporation Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 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 (3) Hong Kong 1/1 - 6/17 1/1 - 12/31 1/1 - 12/31 Shinyo Kannika Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 11/17 1/1 - 12/31 Shinyo Kieran Limited Vessel-Owning Company (3) British Virgin Is — 1/1 - 11/17 1/1 - 12/31 Shinyo Loyalty Limited Vessel-Owning Company (1) Hong Kong 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shinyo Navigator Limited Vessel-Owning Company (2) Hong Kong 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shinyo Ocean Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 11/17 1/1 - 12/31 Shinyo Saowalak Limited Vessel-Owning Company (3) British Virgin Is. — 1/1 - 11/17 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 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 1/1 - 12/31 3/19 - 12/31 Thasos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Limnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Skyros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Alonnisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Makronisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 12/31 1/1 - 12/31 3/19 - 12/31 Iraklia Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/2 - 12/31 Paxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/25 - 12/31 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 4/25 - 12/31 Donoussa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/28 - 12/31 Schinousa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/28 - 12/31 Navios Acquisition Europe Finance Inc Sub-Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/4 - 12/31 Sikinos Shipping Corporation Vessel-Owning Company (3) Marshall Is. 1/1 - 6/17 1/1 - 12/31 7/3 - 12/31 Kerkyra Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Lefkada Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Zakynthos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/8 - 12/31 Leros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 4/4 - 12/31 — Kimolos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 4/29 - 12/31 — Samos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 12/31 9/15 - 12/31 — Tilos Shipping Corporation Vessel-Owning Company Marshall Is. 10/9-12/31 — — Delos Shipping Corporation Vessel-Owning Company Marshall Is. 10/9-12/31 — — Navios Maritime Midstream Partners GP LLC Holding Company Marshall Is. 1/1 - 12/31 10/13 - 12/31 — (1 )Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. (2 )Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. (3 )Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary. (4 )Each company had 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. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | December 31, 2015 December 31, 2014 Cash on hand and at banks $ 51,831 $ 19,380 Short-term deposits 2,974 35,113 Total cash and cash equivalents $ 54,805 $ 54,493 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | December 31, 2015 December 31, 2014 Accounts receivable $ 14,202 $ 18,273 Less: Provision for doubtful accounts — — Accounts receivable, net $ 14,202 $ 18,273 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Vessels, Net | Vessels Cost Accumulated Depreciation Net Book Value 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 Additions 207,000 (57,164 ) 149,836 Disposals (104,274 ) 20,142 (84,132 Balance at December 31, 2015 $ 1,590,332 $ (148,697 ) $ 1,441,635 |
Nave Celeste and C. Dream | |
Property, Plant and Equipment [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Proceeds received: Net Cash proceeds received from sale of assets $ 71,224 Subordinated Series A Units 27,111 98,335 Carrying Value of assets sold: Vessels and deferred dry dock and special survey costs, net (84,184 ) Favorable & unfavorable leases 37 Working capital 554 (83,593 ) 14,742 Deferred gain on sale of assets 8,971 Gain on sale of vessels $ 5,771 |
Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited | |
Property, Plant and Equipment [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 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 |
Intangible Assets Other Than 35
Intangible Assets Other Than Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets Other Than Goodwill [Abstract] | |
Schedule of Intangible Assets | Favorable lease terms Cost Accumulated Amortization Net Book Value 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 Additions — (776 ) (776 ) Disposals*** (10,498 ) 7,974 (2,524 ) Balance at December 31, 2015 $ — $ — $ — Unfavorable lease terms Cost Accumulated Amortization Net Book Value 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 ) Additions — 317 317 Disposals*** 5,819 (3,258 ) 2,561 Balance at December 31, 2015 $ — $ — $ — |
Amortization (Expense) / Income of Intangible Assets | December 31, 2015 December 31, 2014 December 31, 2013 Unfavorable lease terms $ 317 $ 683 $ 684 Favorable lease terms charter-out (*) (776 ) (4,742 ) (11,062 ) Total $ (459 ) $ (4,059 ) $ (10,378 ) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Schedule of Goodwill | Balance at January 1, 2014 $ 1,579 Balance at December 31, 2014 $ 1,579 Balance at December 31, 2015 $ 1,579 |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summarized Financial Information - Balance Sheet Data | December 31, 2015 December 31, 2014 Balance Sheet Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Cash and cash equivalents, including restricted cash $ 37,834 $ 11,839 $ 17,366 $ 30,877 $ 12,042 $ — Current assets 45,860 14,782 22,539 31,742 13,764 — Non-current assets 434,708 179,023 245,154 353,920 190,638 — Current liabilities 4,078 15,377 16,897 18,113 15,649 — Long- term debt including current portion, net of deferred finance costs and discount 197,819 96,580 129,185 124,087 107,034 — Financial liabilities at fair value ( ) — 68,535 23,568 — 68,764 — Non-current liabilities 197,176 182,537 173,543 114,065 191,744 — (*)representing the fair value of Junior Loan I and Junior Loan II, respectively. |
Summarized Financial Information - Income Statement Data | Year Ended December 31, 2015 For the period November 18, 2014 to December 31, 2014 Year Ended December 31, 2014 Year Ended December 31, 2013 Income Statement Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Revenue $ 83,362 $ 41,437 $ 20,767 $ 7,643 $ 35,119 $ — $ — $ 1,152 $ — Net income/ (loss) before non-cash change in fair value of Junior Loan 27,072 (1,347 ) 1,673 2,551 (5,061 ) — — (355 ) — Net income/ (loss) 27,072 (1,118 ) 77,252 2,551 (1,896 ) — — (1,096 ) — |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable [Abstract] | |
Schedule of Accounts Payable | December 31, 2015 December 31, 2014 Creditors $ 638 $ 505 Brokers 1,800 900 Professional and legal fees 315 194 Total accounts payable $ 2,753 $ 1,599 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Expenses [Abstract] | |
Schedule of Accrued Expenses | December 31, 2015 December 31, 2014 Accrued voyage expenses $ 485 $ 559 Accrued loan interest 9,026 8,925 Accrued legal and professional fees 291 777 Total accrued expenses $ 9,802 $ 10,261 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Borrowings [Abstract] | |
Schedule of Borrowings | December 31, 2015 December 31, 2014 Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank $ 119,250 $ 128,250 BNP Paribas S.A. and DVB Bank S.E. 65,250 69,750 DVB Bank S.E. and ABN Amro Bank N.V. — 17,931 Eurobank Ergasias S.A. $52,200 41,025 43,753 Eurobank Ergasias S.A. $52,000 38,550 40,998 Norddeutsche Landesbank Girozentrale 26,953 24,971 DVB Bank S.E. and Credit Agricole Corporate and Investment Bank 51,953 55,078 Ship Mortgage Notes $670,000 670,000 670,000 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB 125,000 74,639 HSH Nordbank AG $40,300 34,633 37,152 BNP Paribas $44,000 44,000 — 1,216,614 1,162,522 Less: Deferred finance costs, net (20,640 ) (22,330 ) Add: bond premium 1,609 1,810 Total borrowings $ 1,197,583 $ 1,142,002 Less: current portion, net of deferred finance costs (62,643 ) (31,882 ) Total long-term borrowings, net of current portion, bond premium and deferred finance costs $ 1,134,940 $ 1,110,120 |
Long-Term Debt Obligations | December 31, 2015 Long-Term Debt Obligations: Year December 31, 2016 $ 64,382 December 31, 2017 62,132 December 31, 2018 73,549 December 31, 2019 131,359 December 31, 2020 135,722 December 31, 2021 and thereafter 749,470 Total $ 1,216,614 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | December 31, 2015 December 31, 2014 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 54,805 $ 54,805 $ 54,493 $ 54,493 Restricted cash $ 6,840 $ 6,840 $ 6,669 $ 6,669 Due from related parties, short-term $ 17,837 $ 17,837 $ 1,361 $ 1,361 Due to related parties, short-term $ — $ — $ 18,489 $ 18,489 Ship mortgage notes and premium $ 658,048 $ 589,185 $ 656,552 $ 657,860 Other long-term debt, net of deferred finance costs $ 539,535 $ 546,614 $ 485,450 $ 492,522 Due to related parties, long term $ — $ — $ 9,625 $ 9,625 Loans receivable from affiliates $ 16,474 $ 16,474 $ 7,791 $ 7,791 |
Fair Value of Financial Instruments measured on a Non-Recurring Basis | Fair Value Measurements at December 31, 2015 Using Total Level I Level II Level III Cash and cash equivalents $ 54,805 $ 54,805 $ — $ — Restricted cash $ 6,840 $ 6,840 $ — $ — Ship mortgage notes and premium $ 589,185 $ 589,185 $ — $ — Other long-term debt (1) $ 546,614 $ — $ 546,614 (1) $ — Loans receivable from affiliates (2) $ 16,474 $ — $ 16,474 (2) $ — Due from related parties (3) $ 17,837 $ — $ 17,837 (3) $ — 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) $ — Loans receivable from affiliates (2) $ 7,791 $ — $ 7,791 (2) $ — Due to related parties, long-term (1) $ 9,625 $ — $ 9,625 (1) $ — Due from related parties, short-term (3) $ 1,361 $ — $ 1,361 (3) $ — Due to related parties, short-term $ 18,489 $ — $ 18,489 $ — (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. (2 )The fair value of the Company's loans receivable from affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. (3 )The fair value of the Company's due from related parties takes into account the counterparty's creditworthiness. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Contractual Lease Income (Net of Commissions) | Amount 2016 $ 178,740 2017 81,567 2018 13,987 2019 6,218 2020 — Thereafter — Total minimum lease revenue, net of commissions $ 280,512 |
Preferred and Common Stock (Tab
Preferred and Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Preferred and Common Stock [Abstract] | |
Temporary Equity [Table Text Block] | Series D Preferred Stock Number of preferred shares Amount Balance at December 31, 2013 1,200 $ 12,000 Balance at December 31, 2014 1,200 $ 12,000 Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock (800 ) (8,000 ) Redemption of Series D Preferred Stock (400 ) (4,000 ) Balance at December 31, 2015 — $ — Puttable Common Stock Number of Amount Balance at December 31, 2013 — $ — Balance at December 31, 2014 — $ — Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock 800,000 8,000 Redemption of puttable common stock (150,000 ) (1,500 ) Balance at December 31, 2015 650,000 $ 6,500 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Revenue by Geographic Region | Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Asia $ 208,690 $ 167,670 $ 158,441 Europe 40,147 40,875 23,949 United States 64,559 56,332 20,007 Total Revenue $ 313,396 $ 264,877 $ 202,397 |
Income_ (Loss) per Common Sha45
Income/ (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income/ (Loss) per Common Share [Abstract] | |
Schedule of Earnings / (Losses) per Common Share | Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Numerator: Net income/ (loss) $ 89,737 $ 13,047 $ (58,592 ) Less: Dividend declared on preferred shares Series B (78 ) (108 ) (108 ) Dividend declared on preferred shares Series D (281 ) (642 ) (91 ) Dividend declared on restricted shares (245 ) (385 ) (105 ) Undistributed (income)/ loss attributable to Series C participating preferred shares (4,337 ) (541 ) 3,206 Net income / (loss) attributable to common stockholders, basic $ 84,796 $ 11,371 $ (55,690 ) Plus: Dividend declared on preferred shares Series B 78 — — Dividend declared on preferred shares Series D 281 — — Dividend declared on restricted shares 245 — — Undistributed income/ (loss) attributable to Series C participating preferred shares — 541 — Net income/ ( loss) attributable to common stockholders, diluted 85,400 11,912 (55,690 ) Denominator: Denominator for basic net income/ (loss) per share — weighted average shares 150,025,086 147,606,448 98,085,189 Series A preferred stock 1,200,000 1,200,000 — Series B preferred stock 156,893 — — Series C preferred stock — 7,676,000 — Series D preferred stock 647,758 — — Restricted shares 1,270,658 — — Denominator for diluted net income/ (loss) per share — adjusted weighted average shares 153,300,395 156,482,448 98,085,189 Basic net earnings/ (loss) per share $ 0.57 $ 0.08 $ (0.57 ) Diluted net earnings/ (loss) per share $ 0.56 $ 0.08 $ (0.57 ) |
Description of Organization a46
Description of Organization and Business Operations (Details) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 18, 2015USD ($)shares | Nov. 30, 2014USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Description of Organization and Business Operations [Abstract] | |||||
Entity date of incorporation | Mar. 14, 2008 | ||||
Entity date of Initial Public Offering | Jul. 1, 2008 | ||||
Navios Holdings' voting interest in Navios Acquisition | 43.60% | ||||
Navios Holdings' economic interest in Navios Acquisition | 46.60% | ||||
Common stock shares outstanding | 149,782,990 | 151,664,942 | |||
Preferred stock shares outstanding | 4,000 | 4,540 | 4,540 | ||
Proceeds from loan facility | $ | $ 192,930 | $ 161,932 | $ 155,550 | ||
Navios Midstream | |||||
Number of vessel-owning companies acquired | 4 | ||||
Proceeds from Public offering | $ | $ 110,403 | ||||
Proceeds from loan facility | $ | $ 104,451 | ||||
Navios GP LLC general partner interest in Navios Midstream | 2.00% | 2.00% | |||
Credit Suisse AG | Navios Midstream | |||||
Line of credit facility maximum borrowing capacity | $ | $ 126,000 | ||||
Subordinated Units | Navios Midstream | |||||
Units exchanged | 9,342,692 | ||||
Common Units | Navios Midstream | |||||
Units exchanged | 1,242,692 | ||||
General Partner Units | Navios Midstream | |||||
Units exchanged | 32,509 | 381,334 | |||
Nave Celeste and C. Dream | Navios Midstream | |||||
Sale price | $ | $ 100,000 | ||||
Cash received | $ | $ 73,000 | ||||
Subordinated Series A Units | Nave Celeste and C. Dream | Navios Midstream | |||||
Units exchanged | 1,592,920 | ||||
Puttable Common Stock | |||||
Temporary equity, shares outstanding | 650,000 | 0 | |||
Series A Convertible Preferred Stock | |||||
Preferred stock shares outstanding | 3,000 | 3,000 | 3,000 | ||
Series C Convertible Preferred Stock | |||||
Preferred stock shares outstanding | 1,000 | 1,000 | 1,000 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Change in Accounting Principle (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Balance Sheet | |||||
Investment in affiliates | $ 204,808 | $ 170,607 | |||
Total non-current assets | 1,676,742 | 1,607,486 | |||
Total assets | 1,774,091 | 1,697,014 | |||
Total stockholders' equity | 540,871 | 490,793 | $ 450,822 | $ 225,304 | |
Total liabilities and stockholders' equity | 1,774,091 | 1,697,014 | |||
Statement of Comprehensive Income | |||||
Total comprehensive income | $ 89,737 | 13,047 | $ (58,592) | ||
As previously reported | |||||
Balance Sheet | |||||
Investment in affiliates | 151,966 | ||||
Investment in available-for-sale securities | 15,099 | ||||
Total non-current assets | 1,626,274 | ||||
Total assets | 1,715,802 | ||||
Other comprehensive loss | (3,542) | ||||
Total stockholders' equity | 487,251 | ||||
Total liabilities and stockholders' equity | 1,715,802 | ||||
Statement of Comprehensive Income | |||||
Unrealized holding loss on investments in available-for-sale-securities | (3,542) | ||||
Other comprehensive loss | (3,542) | ||||
Total comprehensive income | [1] | 9,505 | |||
Correction Adjustment | |||||
Balance Sheet | |||||
Investment in affiliates | 18,641 | ||||
Investment in available-for-sale securities | (15,099) | ||||
Total non-current assets | 3,542 | ||||
Total assets | 3,542 | ||||
Other comprehensive loss | 3,542 | ||||
Total stockholders' equity | 3,542 | ||||
Total liabilities and stockholders' equity | 3,542 | ||||
Statement of Comprehensive Income | |||||
Unrealized holding loss on investments in available-for-sale-securities | 3,542 | ||||
Other comprehensive loss | 3,542 | ||||
Total comprehensive income | 3,542 | ||||
Adoption of new accounting principle | |||||
Balance Sheet | |||||
Total non-current assets | [2] | (22,330) | |||
Total assets | (22,330) | ||||
Total liabilities and stockholders' equity | [2] | $ (22,330) | |||
[1] | The Company no longer presents "Total Comprehensive Income" consistent with ASC 220 - 10 - 15 -3 (a) because following the correction, it has no other comprehensive income to report. | ||||
[2] | Reclassification impact as a result of the adoption of ASU 2015-03. See Note 2 - "Change in Accounting Principle" |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 12 Months Ended | |
Dec. 31, 2015 | ||
Aegean Sea Maritime Holdings Inc. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 1/1 - 12/31 | |
Amindra Navigation Co. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 1/1 - 12/31 | |
Shinyo Dream Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Hong Kong | |
Statement Of Operations | ||
2,015 | 1/1 - 6/17 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,014 | 1/1 - 11/17 | |
2,013 | 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 | ||
2,014 | 1/1 - 11/17 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,014 | 1/1 - 11/17 | |
2,013 | 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 | ||
2,014 | 1/1 - 11/17 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 1/1 - 12/31 | |
Antipsara Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 3/19 - 12/31 | |
Limnos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 3/19 - 12/31 | |
Skyros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 3/19 - 12/31 | |
Alonnisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [4] |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 3/19 - 12/31 | |
Makronisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [4] |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 6/4 - 12/31 | |
Sikinos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 6/17 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 9/15 - 12/31 | |
Tilos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 10/9 - 12/31 | |
Delos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 10/9 - 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 | ||
2,015 | 1/1 - 12/31 | |
2,014 | 10/13 - 12/31 | |
Navios Maritime Acquisition Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,015 | 1/1 - 12/31 | |
2,014 | 1/1 - 12/31 | |
2,013 | 1/1 - 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. 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. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Change in Accounting Principle (Details) - New Accounting Pronouncement, Early Adoption, Effect $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Reduction of total assets, due to change in accounting principle | $ (22,330) |
Reduction of long term debt, due to change in accounting principle | (20,781) |
Reduction of current portion of long term debt, due to change in accounting principle | $ (1,549) |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | May. 06, 2014 | May. 28, 2014 | May. 28, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2013 | Feb. 13, 2013 | Oct. 31, 2012 | Aug. 31, 2012 | |
Related Party Transaction [Line Items] | |||||||||||
Restricted cash | $ 6,840,000 | $ 6,669,000 | |||||||||
Other long-term assets | $ 1,920,000 | 690,000 | |||||||||
Depreciation method | straight line | ||||||||||
Scrap value per light weight ton | $ 360 | ||||||||||
Vessels estimated useful life | 25 years | ||||||||||
Interest costs capitalized | $ 104,000 | 3,290,000 | $ 6,149,000 | ||||||||
Impairment loss | 0 | 11,690,000 | 0 | ||||||||
Net cash proceeds from sale of vessels and intangibles | $ 71,224,000 | 232,956,000 | 17,407,000 | ||||||||
Assumed annual increase in management fees | 3.00% | ||||||||||
Utilization rate of fleet | 99.70% | ||||||||||
Amortization of deferred financing cost | $ 3,183,000 | 7,275,000 | 3,252,000 | ||||||||
Series D Convertible Preferred Stock | 0 | 12,000,000 | |||||||||
Amortization of dry dock and special survey costs | 1,532,000 | 1,979,000 | 3,096,000 | ||||||||
Accumulated amortization of dry dock and special survey | 2,222,000 | 880,000 | |||||||||
Profit sharing arrangement | 32,060,000 | 6,710,000 | 4,360,000 | ||||||||
Revenue for vessels operating in pooling arrangements, net of expenses | $ 43,406,000 | 16,974,000 | 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 dry docking 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. | ||||||||||
Stock based compensation | $ 2,362,000 | 5,254,000 | 1,089,000 | ||||||||
Series D Convertible Preferred Stock | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Series D Convertible Preferred Stock | 0 | 12,000,000 | 12,000,000 | ||||||||
Fair value of preferred stock | $ 0 | 12,000,000 | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | |||||
Preferred stock - dividend rate percentage | 6.00% | ||||||||||
Convertible preferred stock - terms of conversion | The Series D Preferred Stock mandatorily converted 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 had 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. | ||||||||||
Preferred Stock, Redemption Terms | Navios Acquisition was 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. Beginning 18 months and no later than 60 months after the issuance of the preferred stock, the holder can exercise the option to request the redemption of up to 250 shares of preferred stock (or such number that has been converted to common shares) on a quarterly basis. | ||||||||||
Mandatory conversion at maturity (30 months after issuance) | Series D Convertible Preferred Stock | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Preferred stock - Conversion price | $ 10 | ||||||||||
Conversion prior maturity dates | Series D Convertible Preferred Stock | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Preferred stock - Conversion price | $ 7 | ||||||||||
Shinyo Splendor | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Impairment loss | $ 10,718,000 | ||||||||||
Net cash proceeds from sale of vessels and intangibles | $ 18,315,000 | ||||||||||
Long Lived Assets | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Impairment loss | $ 0 | 10,718,000 | $ 0 | ||||||||
Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Maturity date of agreement | May 28, 2014 | ||||||||||
Duration of agreement | 5 years | ||||||||||
Management Agreement | MR2 Product Tanker Vessel | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed dry dock expense payable to Navios Holdings | $ 300,000 | ||||||||||
Duration of agreement | 4 years | ||||||||||
Management Agreement | MR2 Chemical Tanker Vessel | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | ||||||||||
Duration of agreement | 4 years | ||||||||||
Management Agreement | LR1 Product Tanker Vessel | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed dry dock expense payable to Navios Holdings | 300,000 | ||||||||||
Duration of agreement | 4 years | ||||||||||
Extended Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Maturity date of agreement | May 31, 2020 | ||||||||||
Extended Management Agreement | MR2 Product Tanker Vessel | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 6,000 | ||||||||||
Duration of agreement | 2 years | ||||||||||
Extended Management Agreement | MR2 Chemical Tanker Vessel | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 6,000 | ||||||||||
Duration of agreement | 2 years | ||||||||||
Extended Management Agreement | LR1 Product Tanker Vessel | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 7,000 | ||||||||||
Duration of agreement | 2 years | ||||||||||
Extended Management Agreement | VLCC | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 9,500 | ||||||||||
Decrease in daily management fee | 5.00% | ||||||||||
Duration of agreement | 2 years | ||||||||||
Advances of certain counterparties for working capital purposes | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Other long-term assets | $ 1,920,000 | $ 690,000 | |||||||||
Minimum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interval between vessel drydockings / special surveys | 30 months | ||||||||||
Maximum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interval between vessel drydockings / special surveys | 60 months | ||||||||||
Restricted Stock | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Compensation cost relating to service conditions of non-vested restricted stock | $ 758,000 | ||||||||||
Restricted stock weighted average period of recognition | 9 months 26 days | ||||||||||
Employee Stock Option | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Compensation cost relating to service conditions of non-vested stock options | $ 107,000 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Major Charters (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Navig8 Chemicals Shipping and Trading Co. ("Navig8") | |||
Concentration Risk [Line Items] | |||
Credit Risk Concentration Percentage | 35.20% | 28.80% | 22.40% |
Shell Tankers Singapore Private LTD ("Shell") | |||
Concentration Risk [Line Items] | |||
Credit Risk Concentration Percentage | 13.60% | ||
Mansel LTD ("Mansel") | |||
Concentration Risk [Line Items] | |||
Credit Risk Concentration Percentage | 10.80% | ||
Dalian Ocean Shipping Co. ("DOSCO") | |||
Concentration Risk [Line Items] | |||
Credit Risk Concentration Percentage | 22.40% | 32.00% |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Abstract] | ||||
Cash on hand and at banks | $ 51,831 | $ 19,380 | ||
Short-term deposits | 2,974 | 35,113 | ||
Total cash and cash equivalents | $ 54,805 | $ 54,493 | $ 82,835 | $ 42,846 |
Cash and Cash Equivalents and53
Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 6,840 | $ 6,669 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Account Receivable, Net [Abstract] | ||
Accounts receivable | $ 14,202 | $ 18,273 |
Less: Provision for doubtful accounts | 0 | 0 |
Accounts receivable, net | $ 14,202 | $ 18,273 |
Vessels, Net (Table) (Details)
Vessels, Net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Balance | $ 1,375,931 | ||
Additions | 149,836 | ||
Disposals | (84,132) | ||
Impairment loss | 0 | $ (11,690) | $ 0 |
Balance | 1,441,635 | 1,375,931 | |
Cost | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 1,487,606 | 1,478,886 | |
Additions | 207,000 | 437,498 | |
Disposals | (104,274) | (406,054) | |
Impairment loss | (22,724) | ||
Balance | 1,590,332 | 1,487,606 | 1,478,886 |
Accumulated Depreciation | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (111,675) | (125,755) | |
Additions | (57,164) | (63,660) | |
Disposals | 20,142 | 65,734 | |
Impairment loss | 12,006 | ||
Balance | (148,697) | (111,675) | (125,755) |
Net Book Value | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 1,375,931 | 1,353,131 | |
Additions | 149,836 | 373,838 | |
Disposals | (84,132) | (340,320) | |
Impairment loss | (10,718) | ||
Balance | $ 1,441,635 | $ 1,375,931 | $ 1,353,131 |
Vessels, Net - Disposal of Vess
Vessels, Net - Disposal of Vessels (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds received: | ||||
Net Cash proceeds received from sale of assets | $ 71,224 | $ 232,956 | $ 17,407 | |
Subordinated Series A units | 27,111 | 145,860 | 0 | |
Carrying Value of assets sold: | ||||
Favorable & unfavorable leases | 0 | 2,878 | ||
Deferred gain on sale of assets | 8,972 | 0 | 0 | |
Gain on sale of vessels | $ 5,771 | $ 22,599 | $ (21,098) | |
Nave Celeste and C. Dream | ||||
Proceeds received: | ||||
Net Cash proceeds received from sale of assets | $ 71,224 | |||
Subordinated Series A units | 27,111 | |||
Total sale proceeds | 98,335 | |||
Carrying Value of assets sold: | ||||
Vessels and deferred dry dock and special survey costs, net | (84,184) | |||
Favorable & unfavorable leases | 37 | |||
Working capital | 554 | |||
Carrying value of assets sold | (83,593) | |||
Carrying value of assets sold, less proceeds received | 14,742 | |||
Deferred gain on sale of assets | 8,971 | |||
Gain on sale of vessels | $ 5,771 |
Vessels, Net - Disposal of Ve57
Vessels, Net - Disposal of Vessels 2 (Table) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Nov. 18, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds received: | ||||
Net Cash proceeds received from sale of assets | $ 71,224 | $ 232,956 | $ 17,407 | |
Common units | 0 | 18,640 | 0 | |
Investment in affiliates received upon sale of vessels | 27,111 | 145,860 | 0 | |
Carrying Value of assets sold: | ||||
Gain on sale of vessels | $ 5,771 | $ 22,599 | $ (21,098) | |
Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited | ||||
Proceeds received: | ||||
Net Cash proceeds received from sale of assets | $ 214,854 | |||
Common units | 18,640 | |||
Selling expenses | (211) | |||
Total sale proceeds | 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 vessels | 23,503 | |||
General Partner Units | Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited | ||||
Proceeds received: | ||||
Investment in affiliates received upon sale of vessels | 5,720 | |||
Subordinated Units | Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited | ||||
Proceeds received: | ||||
Investment in affiliates received upon sale of vessels | $ 140,140 |
Vessels, Net - Acquisition of V
Vessels, Net - Acquisition of Vessels (Details) $ in Thousands | Jan. 08, 2015USD ($) | Dec. 09, 2014USD ($) | Nov. 20, 2014USD ($) | Sep. 19, 2014USD ($) | Jul. 21, 2014USD ($) | Jun. 16, 2014USD ($) | May. 07, 2014USD ($) | Mar. 10, 2014USD ($) | Feb. 12, 2014USD ($) | Feb. 04, 2014USD ($) | Feb. 11, 2015USD ($) | Nov. 06, 2015USD ($) | Dec. 02, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Cash consideration | $ 163,791 | $ 362,339 | $ 288,906 | |||||||||||||
Deposits for vessels acquisitions | 0 | 42,276 | ||||||||||||||
Vessel improvements | $ 0 | $ 410 | ||||||||||||||
Nave Sextans | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Jan. 8, 2015 | |||||||||||||||
Vessels capacity in DWT | 49,999 | |||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||
Total vessel acquisition cost | $ 33,373 | |||||||||||||||
Cash consideration | 17,750 | |||||||||||||||
Deposits for vessels acquisitions | $ 15,623 | |||||||||||||||
Nave Velocity | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Feb. 11, 2015 | |||||||||||||||
Vessels capacity in DWT | 49,999 | |||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||
Total vessel acquisition cost | $ 39,233 | |||||||||||||||
Cash consideration | 12,591 | |||||||||||||||
Deposits for vessels acquisitions | $ 26,642 | |||||||||||||||
Nave Spherical | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Nov. 6, 2015 | |||||||||||||||
Vessels capacity in DWT | 297,188 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 69,198 | |||||||||||||||
Nave Photon | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Dec. 2, 2015 | |||||||||||||||
Vessels capacity in DWT | 297,395 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 65,196 | |||||||||||||||
Nave Galactic | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Feb. 4, 2014 | |||||||||||||||
Vessels capacity in DWT | 297,168 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 51,739 | |||||||||||||||
Cash consideration | 46,564 | |||||||||||||||
Deposits for vessels acquisitions | $ 5,175 | |||||||||||||||
Nave Quasar | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Feb. 12, 2014 | |||||||||||||||
Vessels capacity in 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 | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Mar. 10, 2014 | |||||||||||||||
Vessels capacity in DWT | 297,491 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 57,164 | |||||||||||||||
Cash consideration | 51,450 | |||||||||||||||
Deposits for vessels acquisitions | $ 5,714 | |||||||||||||||
Nave Jupiter | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | May 7, 2014 | |||||||||||||||
Vessels capacity in 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 | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Jun. 16, 2014 | |||||||||||||||
Vessels capacity in DWT | 298,287 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 43,686 | |||||||||||||||
Nave Electron | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Jul. 21, 2014 | |||||||||||||||
Vessels capacity in DWT | 305,178 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 41,209 | |||||||||||||||
Nave Luminosity | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Sep. 19, 2014 | |||||||||||||||
Vessels capacity in DWT | 49,999 | |||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||
Total vessel acquisition cost | $ 39,630 | |||||||||||||||
Nave Pyxis | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Nov. 20, 2014 | |||||||||||||||
Vessels capacity in DWT | 49,998 | |||||||||||||||
Vessel type | MR2 product tanker | |||||||||||||||
Total vessel acquisition cost | $ 33,411 | |||||||||||||||
Nave Synergy | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel delivery date | Dec. 9, 2014 | |||||||||||||||
Vessels capacity in DWT | 299,973 | |||||||||||||||
Vessel type | VLCC | |||||||||||||||
Total vessel acquisition cost | $ 75,918 |
Vessels, Net - Disposal of Ve59
Vessels, Net - Disposal of Vessels (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | May. 06, 2014 | Jun. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||||
Impairment loss | $ 0 | $ 11,690 | $ 0 | |||
Deferred dry dock and special survey costs | 10,326 | 5,312 | ||||
Net cash proceeds from sale of vessels and intangibles | 71,224 | 232,956 | 17,407 | |||
Gain/ (loss) on sale of vessels | $ 5,771 | $ 22,599 | $ (21,098) | |||
Nave Celeste and C. Dream | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total sale proceeds | $ 98,335 | |||||
Carrying value of assets sold | 83,593 | |||||
Net cash proceeds from sale of vessels and intangibles | 71,224 | |||||
Gain/ (loss) on sale of vessels | 5,771 | |||||
Nave Celeste and C. Dream | Navios Midstream | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Sale price | 100,000 | |||||
Cash received | $ 73,000 | |||||
Nave Celeste and C. Dream | Subordinated Series A Units | Navios Midstream | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Units exchanged | 1,592,920 | |||||
Shinyo Splendor | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total sale proceeds | $ 20,020 | |||||
Impairment loss | $ 10,718 | |||||
Carrying value of assets sold | 19,219 | |||||
Deferred dry dock and special survey costs | 1,021 | |||||
Net cash proceeds from sale of vessels and intangibles | 18,315 | |||||
Gain/ (loss) on sale of vessels | $ (904) |
Vessels, Net - Deposits for Ves
Vessels, Net - Deposits for Vessel Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Construction In Progress Gross | $ 0 | $ 42,276 | |
Vessel deposits financed through loans and existing cash | 23,540 | ||
Additions to deposits for vessel acquisitions | 11,881 | ||
Deposits for vessel acquisition transferred to vessel | 71,220 | ||
Interest costs capitalized | $ 104 | $ 3,290 | $ 6,149 |
Intangible Assets Other Than 61
Intangible Assets Other Than Goodwill - Schedule (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Favorable lease terms | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Additions - Cost | $ 0 | $ 0 | ||
Disposals - Cost | [1] | (10,498) | (44,877) | |
Write-off - Cost | [2] | (1,695) | ||
Cost | 0 | 10,498 | $ 57,070 | |
Additions - Accumulated Amortization | (776) | (4,742) | ||
Disposals - Accumulated Amortization | [1] | 7,974 | 12,748 | |
Write-off - Accumulated Amortization | 1,695 | |||
Accumulated Amortization | 0 | (7,198) | (16,889) | |
Additions - Net Book Value | (776) | (4,742) | ||
Disposals - Net Book Value | [1] | (2,524) | (32,129) | |
Write-off - Net Book Value | 0 | |||
Net Book Value | 0 | 3,300 | 40,171 | |
Unfavorable lease terms | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Additions - Cost | 0 | 0 | ||
Disposals - Cost | [3] | 5,819 | ||
Cost | 0 | (5,819) | (5,819) | |
Additions - Accumulated Amortization | 317 | 683 | ||
Disposals - Accumulated Amortization | [3] | (3,258) | ||
Accumulated Amortization | 0 | 2,941 | 2,258 | |
Additions - Net Book Value | 317 | 683 | ||
Disposals - Net Book Value | [3] | 2,561 | ||
Net Book Value | $ 0 | $ (2,878) | $ (3,561) | |
[1] | On November 18, 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) to Navios Midstream. The carrying amount of the favorable leases was $32,129. | |||
[2] | 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. | |||
[3] | On June 18, 2015, Navios Acquisition sold all of the outstanding shares of capital stock of two of Navios Acquisition's vessel-owning subsidiaries (Sikinos Shipping Corporation and Shinyo Dream Limited) to Navios Midstream. The carrying amount of the favorable leases was $2,524 and of the unfavorable leases was $(2,561). |
Intangible Assets Other Than 62
Intangible Assets Other Than Goodwill - Amortization (Expense) / Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Intangible Assets Other Than Goodwill [Abstract] | ||||
Unfavorable lease terms | $ 317 | $ 683 | $ 684 | |
Favorable lease terms charter-out | (776) | [1] | (4,742) | (11,062) |
Total | $ (459) | $ (4,059) | $ (10,378) | |
[1] | 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 $1,695 has been written off due to the expiration of the time charter of the related favorable lease of the vessel. |
Intangible Assets Other Than 63
Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||||
May. 06, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Jun. 18, 2015 | Nov. 18, 2014 | Dec. 31, 2013 | |
Acquired Finite Lived Intangible Assets | ||||||
Unfavorable lease terms | $ (2,878) | $ 0 | ||||
Shinyo Splendor | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Total sale proceeds | $ 20,020 | |||||
Write off due to the expiration of the time charter | $ 1,695 | |||||
Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Total sale proceeds | $ 379,143 | |||||
Favorable lease terms | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Write off due to the expiration of the time charter | 0 | |||||
Finite lived intangible assets, Carrying amount | 3,300 | 0 | $ 40,171 | |||
Favorable lease terms | Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Finite lived intangible assets, Carrying amount | $ 32,129 | |||||
Unfavorable lease terms | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Finite lived intangible assets, Carrying amount | $ (2,878) | $ 0 | $ (3,561) | |||
Sikinos Shipping Corporation and Shinyo Dream Limited | Favorable lease terms | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Finite lived intangible assets, Carrying amount | $ 2,524 | |||||
Sikinos Shipping Corporation and Shinyo Dream Limited | Unfavorable lease terms | ||||||
Acquired Finite Lived Intangible Assets | ||||||
Unfavorable lease terms | $ (2,561) |
Goodwill - Schedule (Table) (De
Goodwill - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Abstract] | |||
Balance | $ 1,579 | $ 1,579 | $ 1,579 |
Investment in Affiliates - Bala
Investment in Affiliates - Balance Sheet Data (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Navios Midstream | ||
Investments In And Advances To Affiliates [Line Items] | ||
Cash and cash equivalents, including restricted cash | $ 37,834 | $ 30,877 |
Current assets | 45,860 | 31,742 |
Non-current assets | 434,708 | 353,920 |
Current liabilities | 4,078 | 18,113 |
Long- term debt including current portion, net of deferred finance costs and discount | 197,819 | 124,087 |
Financial liabilities at fair value | 0 | 0 |
Non-current liabilities | 197,176 | 114,065 |
Navios Europe I | ||
Investments In And Advances To Affiliates [Line Items] | ||
Cash and cash equivalents, including restricted cash | 11,839 | 12,042 |
Current assets | 14,782 | 13,764 |
Non-current assets | 179,023 | 190,638 |
Current liabilities | 15,377 | 15,649 |
Long- term debt including current portion, net of deferred finance costs and discount | 96,580 | 107,034 |
Financial liabilities at fair value | 68,535 | 68,764 |
Non-current liabilities | 182,537 | $ 191,744 |
Navios Europe II | ||
Investments In And Advances To Affiliates [Line Items] | ||
Cash and cash equivalents, including restricted cash | 17,366 | |
Current assets | 22,539 | |
Non-current assets | 245,154 | |
Current liabilities | 16,897 | |
Long- term debt including current portion, net of deferred finance costs and discount | 129,185 | |
Financial liabilities at fair value | 23,568 | |
Non-current liabilities | $ 173,543 |
Investment in Affiliates - Inco
Investment in Affiliates - Income Statement Data (Table) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Navios Midstream | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | $ 7,643 | $ 83,362 | ||
Net income/ (loss) before non-cash change in fair value of Junior Loan | 2,551 | 27,072 | ||
Net income/(loss) | $ 2,551 | 27,072 | ||
Navios Europe I | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | 41,437 | $ 35,119 | $ 1,152 | |
Net income/ (loss) before non-cash change in fair value of Junior Loan | (1,347) | (5,061) | (355) | |
Net income/(loss) | (1,118) | $ (1,896) | $ (1,096) | |
Navios Europe II | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | 20,767 | |||
Net income/ (loss) before non-cash change in fair value of Junior Loan | 1,673 | |||
Net income/(loss) | $ 77,252 |
Investment in Affiliates - Navi
Investment in Affiliates - Navios Europe I and Navios Europe II (Details) $ in Thousands | 7 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 18, 2015USD ($) | Dec. 18, 2013USD ($) | Oct. 09, 2013USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |||||||
Proceeds from loan facility | $ 192,930 | $ 161,932 | $ 155,550 | ||||
Amount outstanding | $ 539,535 | 539,535 | 485,450 | ||||
Long-term debt | 1,197,583 | 1,197,583 | 1,142,002 | ||||
Investment in affiliates | 204,808 | 204,808 | 170,607 | ||||
Loan portion | 16,474 | 16,474 | 7,791 | ||||
Loan portion | 16,474 | 16,474 | 7,791 | ||||
Cash consideration | 163,791 | 362,339 | 288,906 | ||||
Equity method investment income | 18,436 | 2,000 | $ 0 | ||||
Navios Europe I | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Ownership percentage | 47.50% | ||||||
Number of vessels acquired | 10 | ||||||
Estimated maximum potential loss | 15,764 | 13,414 | |||||
Investment in affiliates | 5,498 | 5,498 | 4,935 | $ 4,750 | |||
Equity method investment income | $ 732 | 644 | |||||
Preferred distribution percentage | 12.70% | ||||||
Profit sharing arrangement | On an ongoing basis, Navios Europe I is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loan I and repayments of the Navios Revolving Loans I) 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 I and the Navios Revolving Loans I; and - Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan I holder and (ii) the holders of the Navios Term Loans I. The Navios Term Loan I will be repaid from the future sale of vessels owned by Navios Europe I and is deemed to be the initial investment by Navios Acquisition. Navios Acquisition evaluated its investment in Navios Europe I under ASC 810 and concluded that Navios Europe I is a VIE and that the Company is not the party most closely associated with Navios Europe I and, accordingly, is not the primary beneficiary of Navios Europe I based on the following: - the power to direct the activities that most significantly impact the economic performance of Navios Europe I are shared jointly between (i) Navios Holdings, Navios Acquisition and Navios Partners and (ii) and the Junior Loan I holder; and - while Navios Europe I's residual is shared on an 80%/20% basis, respectively, between (i) the Junior Loan I holder and (ii) Navios Holdings, Navios Acquisition and Navios Partners, the Junior Loan I holder is exposed to a substantial portion of Navios Europe I's risks and rewards. | ||||||
Unamortized difference of investment | 5,386 | $ 5,386 | 6,063 | $ 6,763 | |||
Navios Europe I | Navios Revolving Loans I | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Loan portion | 8,523 | 8,523 | 7,791 | ||||
Loan portion | 7,125 | 7,125 | 7,125 | ||||
Accrued interest on loan to affiliate | $ 1,743 | $ 1,743 | $ 688 | ||||
Navios Europe I | Navios Holdings | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Ownership percentage | 47.50% | ||||||
Navios Europe I | Navios Maritime Partners L.P. | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Ownership percentage | 5.00% | ||||||
Navios Europe I | Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans I | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 24,100 | ||||||
Navios Europe I | Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans I | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Long-term debt | $ 10,000 | ||||||
Navios Europe II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Ownership percentage | 47.50% | ||||||
Number of vessels acquired | 14 | 14 | |||||
Estimated maximum potential loss | $ 15,867 | ||||||
Investment in affiliates | $ 7,342 | 7,342 | $ 6,650 | ||||
Loan portion | 7,952 | 7,952 | |||||
Cash consideration | 145,550 | ||||||
Equity method investment income | $ 625 | ||||||
Preferred distribution percentage | 18.00% | ||||||
Profit sharing arrangement | On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans and repayments of the Navios Revolving Loans II) according to a defined waterfall calculation as follows: First, Navios Holdings, Navios Acquisition and Navios Partners will each earn a 18.0% preferred distribution on the Navios Term Loans II and the Navios Revolving Loans II; and Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan II holder and (ii) the holders of the Navios Term Loans II. | ||||||
Unamortized difference of investment | 8,895 | $ 8,895 | $ 9,419 | ||||
Navios Europe II | Senior Loans II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Proceeds from loan facility | 131,550 | ||||||
Navios Europe II | Navios Revolving Loans II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Loan portion | 7,327 | 7,327 | |||||
Accrued interest on loan to affiliate | 573 | 573 | |||||
Navios Europe II | Junior Loan II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Debt instrument face amount | 182,150 | 182,150 | |||||
Debt instrument fair value | 99,147 | 99,147 | |||||
Navios Europe II | Navios Holdings | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Ownership percentage | 47.50% | ||||||
Navios Europe II | Navios Maritime Partners L.P. | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Ownership percentage | 5.00% | ||||||
Navios Europe II | Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 38,500 | 38,500 | |||||
Navios Europe II | Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Long-term debt | $ 14,000 | $ 14,000 |
Investment in Affiliates - Na68
Investment in Affiliates - Navios Midstream Revised (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Jun. 18, 2015USD ($)$ / sharesshares | Nov. 30, 2014USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 18, 2014USD ($) | |
Investments In And Advances To Affiliates [Line Items] | ||||||
Proceeds from loan facility | $ 192,930 | $ 161,932 | $ 155,550 | |||
Preferred stock, value | 0 | 0 | ||||
Investment in affiliates received upon sale of vessels | 27,111 | 145,860 | 0 | |||
Carrying amount of investment in Navios Midstream | 204,808 | 170,607 | ||||
Equity in net earnings of affiliated companies | $ 18,436 | 2,000 | $ 0 | |||
Navios Midstream Revised | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Number of vessel-owning companies acquired | 4 | |||||
Navios Midstream IPO net proceeds | $ 110,403 | |||||
Proceeds from loan facility | $ 104,451 | |||||
Navios GP LLC general partner interest in Navios Midstream | 2.00% | 2.00% | ||||
Limited partnership interest | 58.85% | |||||
Carrying amount of investment in Navios Midstream | $ 27,665 | $ 191,968 | 165,671 | $ 183,141 | ||
Unamortized difference of investment | 2,554 | 22,120 | 20,076 | 20,169 | ||
Equity in net earnings of affiliated companies | 17,090 | 1,356 | ||||
Dividends received from affiliates | $ 17,202 | $ 0 | ||||
Navios Midstream Revised | Credit Suisse AG | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 126,000 | |||||
Navios Midstream Revised | Intangible Assets | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Unamortized difference of investment | (72) | (332) | ||||
Navios Midstream Revised | Tangible Assets | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Unamortized difference of investment | $ 2,626 | $ 20,501 | ||||
Navios Midstream Revised | Subordinated Units | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Units exchanged | shares | 9,342,692 | |||||
Limited partnership interest | 45.15% | |||||
Navios Midstream Revised | Common Units | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Units exchanged | shares | 1,242,692 | |||||
Limited partnership interest | 6.01% | |||||
Navios Midstream Revised | General Partner Units | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Units exchanged | shares | 32,509 | 381,334 | ||||
Proceeds from issuance of general partner units | $ 551 | |||||
Navios Midstream Revised | Subordinated Series A Units | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Units exchanged | shares | 1,592,920 | |||||
Limited partnership interest | 7.70% | |||||
Share price | $ / shares | $ 17.02 | |||||
Investment in affiliates received upon sale of vessels | $ 27,111 |
Accounts Payable - Schedule (Ta
Accounts Payable - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable [Abstract] | ||
Creditors | $ 638 | $ 505 |
Brokers | 1,800 | 900 |
Professional and legal fees | 315 | 194 |
Total accounts payable | $ 2,753 | $ 1,599 |
Dividend Payable (Details)
Dividend Payable (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends paid - aggregate | $ 40,084 | $ 31,871 | $ 19,711 |
Preferred stock shares outstanding | 4,000 | 4,540 | 4,540 |
Installment 3 - FY 2012 | |||
Dividends Payable, Date Declared | Nov. 9, 2012 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 2,410 | ||
Dividends Payable, Date to be Paid | Jan. 4, 2013 | ||
Dividends paid to common stockholders | 2,026 | ||
Dividends Payable, Date of Record | Dec. 19, 2012 | ||
Installment 4 - FY 2012 | |||
Dividends Payable, Date Declared | Feb. 7, 2013 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | 4,172 | ||
Dividends Payable, Date to be Paid | Apr. 4, 2013 | ||
Dividends paid to common stockholders | 3,788 | ||
Dividends Payable, Date of Record | Mar. 19, 2013 | ||
Installment 1 - FY 2013 | |||
Dividends Payable, Date Declared | Apr. 30, 2013 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | 5,816 | ||
Dividends Payable, Date to be Paid | Jul. 3, 2013 | ||
Dividends paid to common stockholders | 5,432 | ||
Dividends Payable, Date of Record | Jun. 19, 2013 | ||
Installment 2 - FY 2013 | |||
Dividends Payable, Date Declared | Aug. 14, 2013 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | 7,115 | ||
Dividends Payable, Date to be Paid | Oct. 2, 2013 | ||
Dividends paid to common stockholders | $ 6,731 | ||
Dividends Payable, Date of Record | Sep. 18, 2013 | ||
Installment 3 - FY 2013 | |||
Dividends Payable, Date Declared | Nov. 8, 2013 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,220 | ||
Dividends Payable, Date to be Paid | Jan. 7, 2014 | ||
Dividends paid to common stockholders | 6,836 | ||
Dividends Payable, Date of Record | Dec. 19, 2013 | ||
Installment 4 - FY 2013 | |||
Dividends Payable, Date Declared | Feb. 7, 2014 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | 7,967 | ||
Dividends Payable, Date to be Paid | Apr. 8, 2014 | ||
Dividends paid to common stockholders | 7,583 | ||
Dividends Payable, Date of Record | Mar. 19, 2014 | ||
Installment 1 - FY 2014 | |||
Dividends Payable, Date Declared | May 9, 2014 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | 7,967 | ||
Dividends Payable, Date to be Paid | Jul. 3, 2014 | ||
Dividends paid to common stockholders | 7,583 | ||
Dividends Payable, Date of Record | Jun. 17, 2014 | ||
Installment 2 - FY 2014 | |||
Dividends Payable, Date Declared | Aug. 11, 2014 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | 7,967 | ||
Dividends Payable, Date to be Paid | Oct. 2, 2014 | ||
Dividends paid to common stockholders | $ 7,583 | ||
Dividends Payable, Date of Record | Sep. 17, 2014 | ||
Installment 3 - FY 2014 | |||
Dividends Payable, Date Declared | Oct. 31, 2014 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,967 | ||
Dividends Payable, Date to be Paid | Jan. 6, 2015 | ||
Dividends paid to common stockholders | $ 7,583 | ||
Dividends Payable, Date of Record | Dec. 17, 2014 | ||
Installment 4 - FY 2014 | |||
Dividends Payable, Date Declared | Feb. 6, 2015 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,977 | ||
Dividends Payable, Date to be Paid | Apr. 2, 2015 | ||
Dividends paid to common stockholders | $ 7,593 | ||
Dividends Payable, Date of Record | Mar. 18, 2015 | ||
Installment 1 - FY 2015 | |||
Dividends Payable, Date Declared | May 11, 2015 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,986 | ||
Dividends Payable, Date to be Paid | Jul. 2, 2015 | ||
Dividends paid to common stockholders | $ 7,602 | ||
Dividends Payable, Date of Record | Jun. 18, 2015 | ||
Installment 2 - FY 2015 | |||
Dividends Payable, Date Declared | Aug. 13, 2015 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,922 | ||
Dividends Payable, Date to be Paid | Sep. 24, 2015 | ||
Dividends paid to common stockholders | $ 7,538 | ||
Dividends Payable, Date of Record | Sep. 18, 2015 | ||
Installment 3 - FY 2015 | |||
Dividends Payable, Date Declared | Nov. 6, 2015 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,873 | ||
Dividends Payable, Date to be Paid | Dec. 23, 2015 | ||
Dividends paid to common stockholders | $ 7,489 | ||
Dividends Payable, Date of Record | Dec. 17, 2015 | ||
Series C Preferred Stock | |||
Preferred stock shares outstanding | 1,000 | 1,000 | 1,000 |
Holder of the Series B and Series D Preferred Stock | |||
Dividends paid to preferred stockholders | $ 359 | ||
Navios Holdings | Series C Preferred Stock | Installment 3 - FY 2012 | |||
Dividends paid to preferred stockholders | $ 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 4 - FY 2012 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 1 - FY 2013 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 2 - FY 2013 | |||
Dividends paid to preferred stockholders | $ 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 3 - FY 2013 | |||
Dividends paid to preferred stockholders | $ 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 4 - FY 2013 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 1 - FY 2014 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 2 - FY 2014 | |||
Dividends paid to preferred stockholders | $ 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 3 - FY 2014 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 4 - FY 2014 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 1 - FY 2015 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 2 - FY 2015 | |||
Dividends paid to preferred stockholders | 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 3 - FY 2015 | |||
Dividends paid to preferred stockholders | $ 384 |
Accrued Expenses - Schedule (Ta
Accrued Expenses - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses [Abstract] | ||
Accrued voyage expenses | $ 485 | $ 559 |
Accrued loan interest | 9,026 | 8,925 |
Accrued legal and professional fees | 291 | 777 |
Total accrued expenses | $ 9,802 | $ 10,261 |
Borrowings - Schedule (Table) (
Borrowings - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 539,535 | $ 485,450 |
Outstanding Amount | 1,216,614 | 1,162,522 |
Less: Deferred finance costs, net | (20,640) | (22,330) |
Add: bond premium | 1,609 | 1,810 |
Total borrowings | 1,197,583 | 1,142,002 |
Less: current portion, net of deferred finance costs | (62,643) | (31,882) |
Total long-term borrowingst, net of current portion, bond premium and deferred finance costs | 1,134,940 | 1,110,120 |
Ship Mortgage Notes $670,000 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 670,000 | 670,000 |
Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Long-term debt | 119,250 | 128,250 |
BNP Paribas S.A. and DVB Bank S.E. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 65,250 | 69,750 |
DVB Bank S.E. and ABN Amro Bank N.V. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 17,931 |
Eurobank Ergasias S.A. $52,200 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 41,025 | 43,753 |
Eurobank Ergasias S.A. $52,000 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 38,550 | 40,998 |
Norddeutsche Landesbank Girozentrale | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,953 | 24,971 |
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Long-term debt | 51,953 | 55,078 |
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||
Debt Instrument [Line Items] | ||
Long-term debt | 125,000 | 74,639 |
HSH Nordbank AG $40,300 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 34,633 | 37,152 |
BNP Paribas $44,000 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 44,000 | $ 0 |
Borrowings - Long-Term Debt Obl
Borrowings - Long-Term Debt Obligations (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Debt Obligations: | ||
December 31, 2016 | $ 64,382 | |
December 31, 2017 | 62,132 | |
December 31, 2018 | 73,549 | |
December 31, 2019 | 131,359 | |
December 31, 2020 | 135,722 | |
December 31, 2021 and thereafter | 749,470 | |
Total | $ 1,216,614 | $ 1,162,522 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Jun. 30, 2015 | Nov. 13, 2014 | Oct. 26, 2010 | Dec. 06, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||||||
Amount drawn down | $ 192,930 | $ 161,932 | $ 155,550 | |||||
Amount outstanding | 539,535 | 485,450 | ||||||
Proceeds from the sale of the 2021 Notes | 0 | 59,598 | $ 595,420 | |||||
Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | $ 670,000 | 670,000 | ||||||
Existing 2021 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Issuance Date | Nov. 13, 2013 | |||||||
Debt instrument face amount | $ 610,000 | |||||||
Fixed interest rate | 8.125% | |||||||
Maturity date | Nov. 15, 2021 | |||||||
Additional 2021 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Issuance Date | Nov. 13, 2013 | |||||||
Debt instrument face amount | $ 60,000 | |||||||
Debt instrument, Original issue price percentage | 103.25% | |||||||
Proceeds from the sale of the 2021 Notes | $ 59,598 | |||||||
Redemption period one - Before November 15, 2016 | Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price percentage | 100.00% | |||||||
Redemption period two - On or after November 15, 2016 | Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price percentage | 106.094% | |||||||
Redemption using net proceeds of equity offering | Redemption period one - Before November 15, 2016 | Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price percentage | 108.125% | |||||||
Redemption upon the occurence of certain change of control events | Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price percentage | 101.00% | |||||||
Minimum | Redemption using net proceeds of equity offering | Redemption period one - Before November 15, 2016 | Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount of debt outstanding after redemption | 65.00% | |||||||
Maximum | Redemption using net proceeds of equity offering | Redemption period one - Before November 15, 2016 | Ship Mortgage Notes $670,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount redeemed | 35.00% | |||||||
Subsidiaries | ||||||||
Debt Instrument [Line Items] | ||||||||
Ownreship percentage | 100.00% | |||||||
Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Apr. 7, 2010 | |||||||
Line of credit facility maximum borrowing capacity | $ 150,000 | |||||||
Number of loan tranches | 6 | |||||||
Amount of each tranche | $ 25,000 | |||||||
Repayment installments | 12 | |||||||
Repayment frequency | semi-annual | |||||||
Repayment amount | $ 750 | |||||||
Balloon payment on the last repayment date | $ 16,000 | |||||||
Interest rate description | LIBOR plus 250 bps | |||||||
Loan margin percentage | 2.50% | |||||||
Amount outstanding | $ 119,250 | 128,250 | ||||||
BNP Paribas S.A. and DVB Bank S.E. | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Apr. 8, 2010 | |||||||
Line of credit facility maximum borrowing capacity | $ 75,000 | |||||||
Number of loan tranches | 3 | |||||||
Amount of each tranche | $ 25,000 | |||||||
Repayment installments | 12 | |||||||
Repayment frequency | semi-annual | |||||||
Repayment amount | $ 750 | |||||||
Balloon payment on the last repayment date | $ 16,000 | |||||||
Interest rate description | LIBOR plus 250 bps | |||||||
Loan margin percentage | 2.50% | |||||||
Amount outstanding | $ 65,250 | 69,750 | ||||||
DVB Bank S.E. and ABN Amro Bank N.V. | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | May 28, 2010 | |||||||
Line of credit facility maximum borrowing capacity | $ 52,000 | |||||||
Number of loan tranches | 2 | |||||||
Amount of each tranche | $ 26,000 | |||||||
Deferred charges written-off | $ 91 | |||||||
Interest rate description | LIBOR plus 275 bps | |||||||
Loan margin percentage | 2.75% | |||||||
Amount outstanding | $ 0 | 17,931 | ||||||
Early repayment of debt | $ 18,379 | |||||||
Eurobank Ergasias S.A. $52,200 | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Oct. 26, 2010 | |||||||
Line of credit facility maximum borrowing capacity | $ 52,200 | |||||||
Amount drawn down | $ 51,600 | |||||||
Number of loan tranches | 2 | |||||||
Repayment installments | 32 | |||||||
Repayment frequency | quarterly | |||||||
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 | |||||||
Amount outstanding | $ 41,025 | 43,753 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
Eurobank Ergasias S.A. $52,200 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 2.50% | |||||||
Eurobank Ergasias S.A. $52,200 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 2.75% | |||||||
Eurobank Ergasias S.A. $52,200 | Tranche A | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of each tranche | $ 26,100 | |||||||
Repayment amount | 345 | |||||||
Balloon payment on the last repayment date | 15,060 | |||||||
Eurobank Ergasias S.A. $52,200 | Tranche B | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of each tranche | 25,500 | |||||||
Repayment amount | 337 | |||||||
Balloon payment on the last repayment date | $ 14,716 | |||||||
Eurobank Ergasias S.A. $52,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Dec. 6, 2010 | |||||||
Line of credit facility maximum borrowing capacity | $ 52,000 | |||||||
Amount drawn down | $ 46,200 | |||||||
Number of loan tranches | 2 | |||||||
Amount of each tranche | $ 23,100 | |||||||
Repayment installments | 32 | |||||||
Repayment frequency | quarterly | |||||||
Repayment amount | $ 306 | |||||||
Balloon payment on the last repayment date | $ 13,308 | |||||||
Interest rate description | LIBOR plus 300 bps | |||||||
Loan margin percentage | 3.00% | |||||||
Amount outstanding | $ 38,550 | 40,998 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
Norddeutsche Landesbank Girozentrale | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Dec. 29, 2011 | |||||||
Line of credit facility maximum borrowing capacity | $ 28,125 | |||||||
Repayment installments | 32 | |||||||
Repayment frequency | quarterly | |||||||
Repayment amount | $ 391 | |||||||
Balloon payment on the last repayment date | $ 15,625 | |||||||
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 | |||||||
Amount outstanding | $ 26,953 | 24,971 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
Norddeutsche Landesbank Girozentrale | From issuance up to but not including the drawndown darte | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 1.75% | |||||||
Norddeutsche Landesbank Girozentrale | From drawndown date up to but not including the tenth repayment date | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 2.50% | |||||||
Norddeutsche Landesbank Girozentrale | From tenth repayment date and thereafter | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 3.00% | |||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Dec. 29, 2011 | |||||||
Line of credit facility maximum borrowing capacity | $ 56,250 | |||||||
Number of loan tranches | 2 | |||||||
Amount of each tranche | $ 28,125 | |||||||
Repayment installments | 32 | |||||||
Repayment frequency | quarterly | |||||||
Repayment amount | $ 391 | |||||||
Balloon payment on the last repayment date | $ 15,625 | |||||||
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 | |||||||
Amount outstanding | $ 51,953 | 55,078 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | From issuance up to but not including the drawndown darte | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 1.75% | |||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | From drawndown date up to but not including the tenth repayment date | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 2.50% | |||||||
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | From tenth repayment date and thereafter | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan margin percentage | 3.00% | |||||||
The Navios Holdings Credit Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Nov. 8, 2011 | |||||||
Line of credit facility maximum borrowing capacity | $ 40,000 | |||||||
Arrangement fee | $ 400 | |||||||
Interest rate description | LIBOR plus 300 bps | |||||||
Loan margin percentage | 3.00% | |||||||
Amount outstanding | $ 0 | |||||||
Line of credit facility remaining borrowing capacity | $ 40,000 | |||||||
Navios Holdings, Short term credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Nov. 11, 2014 | |||||||
Line of credit facility maximum borrowing capacity | $ 200,000 | |||||||
Arrangement fee | $ 4,000 | |||||||
Amount drawn down | 169,650 | |||||||
Interest rate percentage | 6.00% | |||||||
Line of credit facility maturity date | Dec. 29, 2014 | |||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
HSH Nordbank AG $40,300 | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Aug. 20, 2013 | |||||||
Line of credit facility maximum borrowing capacity | $ 40,300 | |||||||
Number of loan tranches | 2 | |||||||
Amount of each tranche | $ 20,150 | |||||||
Repayment installments | 28 | |||||||
Repayment frequency | quarterly | |||||||
Repayment amount | $ 315 | |||||||
Balloon payment on the last repayment date | $ 11,334 | |||||||
Interest rate description | LIBOR plus 320 bps | |||||||
Loan margin percentage | 3.20% | |||||||
Amount outstanding | $ 34,633 | 37,152 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Jul. 18, 2014 | |||||||
Debt Instrument, Term | 5 years | |||||||
Line of credit facility maximum borrowing capacity | $ 132,413 | |||||||
Number of loan tranches | 8 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Two tranches | ||||||||
Debt Instrument [Line Items] | ||||||||
Early repayment of debt | $ 29,610 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Another two tranches | ||||||||
Debt Instrument [Line Items] | ||||||||
Early repayment of debt | $ 29,678 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Nov. 30, 2015 | |||||||
Line of credit facility maximum borrowing capacity | $ 125,000 | |||||||
Number of loan tranches | 5 | |||||||
Line of credit facility maturity date | Dec. 31, 2020 | |||||||
Interest rate description | LIBOR plus 295 bps | |||||||
Loan margin percentage | 2.95% | |||||||
Amount outstanding | $ 125,000 | 74,639 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Four Tranches | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of loan tranches | 4 | |||||||
Repayment installments | 20 | |||||||
Repayment frequency | quarterly | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Four Tranches | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment amount | $ 435 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Four Tranches | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment amount | $ 1,896 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Fifth Tranche | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment installments | 16 | |||||||
Repayment frequency | quarterly | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Fifth Tranche | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment amount | $ 709 | |||||||
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | Fifth Tranche | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment amount | $ 803 | |||||||
BNP Paribas $44,000 | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility issuance date | Dec. 18, 2015 | |||||||
Line of credit facility maximum borrowing capacity | $ 44,000 | |||||||
Repayment installments | 12 | |||||||
Repayment frequency | semi-annual | |||||||
Repayment amount | $ 2,000 | |||||||
Line of credit facility maturity date | Dec. 31, 2021 | |||||||
Interest rate description | LIBOR plus 230 bps | |||||||
Loan margin percentage | 2.30% | |||||||
Amount outstanding | $ 44,000 | $ 0 | ||||||
Line of credit facility remaining borrowing capacity | $ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Credit Facilities, Covenants compliance | As of December 31, 2015, the Company was in compliance with its covenants. |
Credit Facilities, Collateral | 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. |
Restrictive covenants | 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. |
Total Liabilities to Total Assets ratio | 75.00% |
Minimum | |
Debt Instrument [Line Items] | |
Liquidity required for compliance | $ 40,000 |
Minimum net worth required for compliance | 50,000 |
Minimum | Liquidity per vessel | |
Debt Instrument [Line Items] | |
Liquidity required for compliance | 1,000 |
Maximum | |
Debt Instrument [Line Items] | |
Minimum net worth required for compliance | $ 135,000 |
Ship Mortgage Notes $670,000 | |
Debt Instrument [Line Items] | |
Restrictive covenants | The 2021 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2021 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. |
Covenant compliance | The 2021 Co-Issuers were in compliance with the covenants as of December 31, 2015. |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments [Abstract] | ||||
Cash and cash equivalents - Book Value | $ 54,805 | $ 54,493 | $ 82,835 | $ 42,846 |
Cash and cash equivalents - Fair Value | 54,805 | 54,493 | ||
Restricted cash - Book Value | 6,840 | 6,669 | ||
Restricted cash - Fair Value | 6,840 | 6,669 | ||
Due from related parties, short-term - Book Value | 17,837 | 1,361 | ||
Due from related parties, short-term - Fair Value | 17,837 | 1,361 | ||
Due to related parties, short-term - Book Value | 0 | 18,489 | ||
Due to related parties, short-term - Fair Value | 0 | 18,489 | ||
Ship mortgage notes and premium - Book Value | 658,048 | 656,552 | ||
Ship mortgage notes and premium - Fair Value | 589,185 | 657,860 | ||
Other long-term debt, net of deferred finance costs - Book Value | 539,535 | 485,450 | ||
Other long-term debt, net of deferred finance costs - Fair Value | 546,614 | 492,522 | ||
Due to related parties, long-term - Book Value | 0 | 9,625 | ||
Due to related parties, long-term - Fair Value | 0 | 9,625 | ||
Loans receivable from affiliates - Book Value | 16,474 | 7,791 | ||
Loans receivable from affiliates - Fair Value | $ 16,474 | $ 7,791 |
Fair Value of Financial Instr77
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | $ 54,805 | $ 54,493 | |||
Restricted cash | 6,840 | 6,669 | |||
Ship mortgage notes and premium | 589,185 | 657,860 | |||
Other long-term debt | 546,614 | 492,522 | |||
Loans receivable from affiliates | 16,474 | 7,791 | |||
Due to related parties, long-term | 0 | 9,625 | |||
Due from related parties, short-term | 17,837 | 1,361 | |||
Due to related parties, short-term | 0 | 18,489 | |||
Level I | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | 54,805 | 54,493 | |||
Restricted cash | 6,840 | 6,669 | |||
Ship mortgage notes and premium | 589,185 | 657,860 | |||
Level II | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other long-term debt | [1],[2] | 546,614 | 492,522 | ||
Loans receivable from affiliates | [1] | 16,474 | [3] | 7,791 | [2] |
Due to related parties, long-term | [3] | 9,625 | |||
Due from related parties, short-term | [4] | $ 17,837 | 1,361 | ||
Due to related parties, short-term | $ 18,489 | ||||
[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. | ||||
[2] | 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. | ||||
[3] | The fair value of the Company's loans receivable from affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. | ||||
[4] | The fair value of the Company?s due from related parties takes into account the counterparty?s creditworthiness. |
Leases - Minimum Future Income
Leases - Minimum Future Income (Table) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 178,740 |
2,017 | 81,567 |
2,018 | 13,987 |
2,019 | 6,218 |
2,020 | 0 |
Thereafter | 0 |
Total minimum lease revenue, net of commissions | $ 280,512 |
Transactions with Related Par79
Transactions with Related Parties (Details) - USD ($) | 5 Months Ended | 6 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
May. 28, 2014 | May. 28, 2010 | Jun. 18, 2015 | Nov. 13, 2014 | Nov. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 18, 2015 | Nov. 18, 2014 | Oct. 09, 2013 | |
Related Party Transaction [Line Items] | |||||||||||
Amount drawn down | $ 192,930,000 | $ 161,932,000 | $ 155,550,000 | ||||||||
Amount outstanding | $ 539,535,000 | 485,450,000 | |||||||||
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 dry docking 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. | ||||||||||
Management fees | $ 95,336,000 | 95,827,000 | 71,392,000 | ||||||||
General and administrative expenses | 15,532,000 | 14,588,000 | 7,017,000 | ||||||||
Due to related parties total | 0 | 28,114,000 | |||||||||
Due to related parties, short term | 0 | 18,489,000 | |||||||||
Due to related parties, long term | 0 | 9,625,000 | |||||||||
Due from related parties | 17,837,000 | 1,361,000 | |||||||||
Investment in affiliates | 204,808,000 | 170,607,000 | |||||||||
Gain on sale of vessels recognized at time of sale | 5,771,000 | 22,599,000 | (21,098,000) | ||||||||
Deferred gain on sale of assets | 8,972,000 | 0 | 0 | ||||||||
Cash award, authorized amount | 2,750,000 | ||||||||||
The Navios Holdings Credit Facilities | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Line of credit facility maximum borrowing capacity | 40,000,000 | ||||||||||
Arrangement fee | $ 400,000 | ||||||||||
Interest rate description | LIBOR plus 300 bps | ||||||||||
Loan margin percentage | 3.00% | ||||||||||
Line of credit facility amendment date | Nov. 8, 2011 | ||||||||||
Amount outstanding | $ 0 | ||||||||||
Interest expense, Related party | 0 | 0 | 199,000 | ||||||||
Navios Holdings, Short term credit facility | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Line of credit facility maximum borrowing capacity | 200,000,000 | ||||||||||
Arrangement fee | $ 4,000,000 | ||||||||||
Amount drawn down | $ 169,650,000 | ||||||||||
Interest rate percentage | 6.00% | ||||||||||
Line of credit facility amendment date | Nov. 11, 2014 | ||||||||||
Line of credit facility maturity date | Dec. 29, 2014 | ||||||||||
Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Maturity date of agreement | May 28, 2014 | ||||||||||
Duration of agreement | 5 years | ||||||||||
Extended Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Maturity date of agreement | May 31, 2020 | ||||||||||
Administrative services agreement with the Manager | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Maturity date of agreement | May 31, 2020 | ||||||||||
General and administrative expenses | $ 7,608,000 | 7,314,000 | $ 3,476,000 | ||||||||
LR1 Product Tanker Vessel | Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed dry dock expense payable to Navios Holdings | $ 300,000 | ||||||||||
Duration of agreement | 4 years | ||||||||||
LR1 Product Tanker Vessel | Extended Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 7,000 | ||||||||||
Duration of agreement | 2 years | ||||||||||
MR2 Product Tanker Vessel | Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed dry dock expense payable to Navios Holdings | $ 300,000 | ||||||||||
Duration of agreement | 4 years | ||||||||||
MR2 Product Tanker Vessel | Extended Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 6,000 | ||||||||||
Duration of agreement | 2 years | ||||||||||
MR2 Chemical Tanker Vessel | Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed dry dock expense payable to Navios Holdings | $ 300,000 | ||||||||||
Duration of agreement | 4 years | ||||||||||
MR2 Chemical Tanker Vessel | Extended Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 6,000 | ||||||||||
Duration of agreement | 2 years | ||||||||||
VLCC | Extended Management Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Daily management fee to Navios Holdings | $ 9,500 | ||||||||||
Decrease in daily management fee | 5.00% | ||||||||||
Duration of agreement | 2 years | ||||||||||
Nave Celeste | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Duration of agreement | 2 years | ||||||||||
Charter hire daily rate | $ 35,000 | ||||||||||
Market charter hire daily rate threshold | $ 35,000 | ||||||||||
Nave Galactic | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Duration of agreement | 4 years | ||||||||||
Charter hire daily rate | $ 35,000 | ||||||||||
Market charter hire daily rate threshold | $ 35,000 | ||||||||||
Nave Quasar | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Duration of agreement | 4 years | ||||||||||
Charter hire daily rate | $ 35,000 | ||||||||||
Market charter hire daily rate threshold | 35,000 | ||||||||||
Nave Celeste and C. Dream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Gain on sale of vessels, total | $ 14,742,000 | ||||||||||
Gain on sale of vessels recognized at time of sale | 5,771,000 | ||||||||||
Deferred gain on sale of assets | 8,971,000 | ||||||||||
Navios Europe I | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from related parties | 1,743,000 | 687,000 | |||||||||
Investment in affiliates | 5,498,000 | 4,935,000 | $ 4,750,000 | ||||||||
Unamortized difference of investment | 5,386,000 | 6,063,000 | $ 6,763,000 | ||||||||
Navios Europe II | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from related parties | 573,000 | ||||||||||
Investment in affiliates | 7,342,000 | $ 6,650,000 | |||||||||
Unamortized difference of investment | 8,895,000 | $ 9,419,000 | |||||||||
Navios Midstream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amount drawn down | $ 104,451,000 | ||||||||||
Due from related parties | $ 346,000 | 674,000 | |||||||||
Backstop Agreement with Navios Midstream | On November 18, 2014, Navios Acquisition entered into backstop agreements with Navios Midstream. In accordance with the terms of the backstop agreements, Navios Acquisition has provided a backstop commitment to charter-in the Shinyo Ocean and the Shinyo Kannika for a two-year period as of their scheduled redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Further, Navios Acquisition has provided a backstop commitment to charter-in the Nave Celeste for a two-year period as of its scheduled redelivery, 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. Navios Acquisition has also provided a backstop commitment to charter-in the option vessels, the Nave Galactic and the Nave Quasar for a four-year period as of their scheduled redelivery, 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 GP LLC general partner interest in Navios Midstream | 2.00% | 2.00% | |||||||||
Navios Acquisition interest in Navios Midstream | 60.90% | ||||||||||
Investment in affiliates | 27,665,000 | $ 191,968,000 | 165,671,000 | $ 183,141,000 | |||||||
Unamortized difference of investment | 2,554,000 | 22,120,000 | $ 20,076,000 | 20,169,000 | |||||||
Navios Midstream | Tangible Assets | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Unamortized difference of investment | 2,626,000 | 20,501,000 | |||||||||
Navios Midstream | Nave Celeste and C. Dream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Sale price | 100,000,000 | ||||||||||
Cash received | 73,000,000 | ||||||||||
Navios Holdings | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from related parties | 15,175,000 | ||||||||||
Intangible Assets | Navios Midstream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Unamortized difference of investment | $ (72,000) | $ (332,000) | |||||||||
Subordinated Series A Units | Navios Midstream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Units exchanged | 1,592,920 | ||||||||||
Share price | $ 17.02 | ||||||||||
General Partner Units | Navios Midstream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Units exchanged | 32,509 | 381,334 | |||||||||
Proceeds from issuance of general partner units | $ 551,000 | ||||||||||
Deferred Bonus | Directors and/or Officers | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Cash award, authorized amount | $ 2,750,000 |
Transactions with Related Par80
Transactions with Related Parties - Navios Europe I and Navios Europe II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 18, 2013 | |
Related Party Transaction [Line Items] | |||
Loan portion | $ 16,474 | $ 7,791 | |
Loan portion | 16,474 | 7,791 | |
Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 10,266 | 8,478 | |
Accrued interest on loan to affiliate, non-current | $ 1,398 | 665 | |
Preferred distribution percentage | 12.70% | ||
Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 8,525 | ||
Loan portion | 7,952 | ||
Accrued interest on loan to affiliate, non-current | $ 625 | ||
Preferred distribution percentage | 18.00% | ||
Navios Revolving Loans I | Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Loan portion | $ 7,125 | 7,125 | |
Loan portion | 8,523 | 7,791 | |
Accrued interest on loan to affiliate, current | 1,743 | $ 688 | |
Line of credit facility remaining borrowing capacity | 9,100 | ||
Amount commited to fund | 4,323 | ||
Navios Revolving Loans I | Navios Europe I | Navios Holdings, Navios Acquisition and Navios Partners | |||
Related Party Transaction [Line Items] | |||
Revolving loan facilitiy maximum borrowing capacity | $ 24,100 | ||
Navios Revolving Loans II | Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Loan portion | 7,327 | ||
Accrued interest on loan to affiliate, current | 573 | ||
Line of credit facility remaining borrowing capacity | 23,075 | ||
Amount commited to fund | 10,961 | ||
Navios Revolving Loans II | Navios Europe II | Navios Holdings, Navios Acquisition and Navios Partners | |||
Related Party Transaction [Line Items] | |||
Revolving loan facilitiy maximum borrowing capacity | 38,500 | ||
Navios Term Loans II | Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Line of credit facility remaining borrowing capacity | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Nave Celeste | |
Other Commitments [Line Items] | |
Duration of agreement | 2 years |
Charter hire daily rate | $ 35 |
Market charter hire daily rate threshold | $ 35 |
Nave Galactic | |
Other Commitments [Line Items] | |
Duration of agreement | 4 years |
Charter hire daily rate | $ 35 |
Market charter hire daily rate threshold | $ 35 |
Nave Quasar | |
Other Commitments [Line Items] | |
Duration of agreement | 4 years |
Charter hire daily rate | $ 35 |
Market charter hire daily rate threshold | $ 35 |
Navios Midstream | |
Other Commitments [Line Items] | |
Backstop Agreement with Navios Midstream | On November 18, 2014, Navios Acquisition entered into backstop agreements with Navios Midstream. In accordance with the terms of the backstop agreements, Navios Acquisition has provided a backstop commitment to charter-in the Shinyo Ocean and the Shinyo Kannika for a two-year period as of their scheduled redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Further, Navios Acquisition has provided a backstop commitment to charter-in the Nave Celeste for a two-year period as of its scheduled redelivery, 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. Navios Acquisition has also provided a backstop commitment to charter-in the option vessels, the Nave Galactic and the Nave Quasar for a four-year period as of their scheduled redelivery, 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 $35. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered-out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit sharing. |
Preferred and Common Stock - Se
Preferred and Common Stock - Series D Preferred Stock(Table) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 4 Months Ended | 7 Months Ended | 10 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 02, 2015 | Apr. 30, 2015 | Aug. 13, 2015 | Jul. 31, 2015 | Oct. 31, 2015 | Oct. 26, 2015 | Dec. 31, 2015 | |
Redeemable Convertible Preferred Stock | ||||||||
Beginning Balance, amount | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 |
Ending Balance, amount | $ 0 | |||||||
Series D Preferred Stock | ||||||||
Redeemable Convertible Preferred Stock | ||||||||
Begining Balance, Number of shares | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 |
Beginning Balance, amount | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 |
Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock, shares | (200) | (200) | (200) | (200) | (800) | |||
Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock, amount | $ (8,000) | |||||||
Redemption of Series D Preferred Stock, shares | (250) | (75) | (50) | (25) | (400) | |||
Redemption of Series D Preferred Stock, value | $ (4,000) | |||||||
Ending Balance, Number of shares | 0 | |||||||
Ending Balance, amount | $ 0 |
Preferred and Common Stock - Pu
Preferred and Common Stock - Puttable Common Stock (Table) (Details) - USD ($) $ in Thousands | 2 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |
Mar. 02, 2015 | Apr. 30, 2015 | Apr. 24, 2015 | Jul. 15, 2015 | Aug. 13, 2015 | Oct. 02, 2015 | Oct. 26, 2015 | Dec. 31, 2015 | |
Common Stock | ||||||||
Beginning Balance, amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Ending Balance, amount | $ 6,500 | |||||||
Puttable Common Stock | ||||||||
Common Stock | ||||||||
Begining Balance, Number of shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Beginning Balance, amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock, shares | 200,000 | 200,000 | 200,000 | 200,000 | 800,000 | |||
Conversion of 800 shares of the Series D Preferred Stock into 800,000 shares of puttable common stock, amount | $ 8,000 | |||||||
Redemption of puttable common stock, shares | (25,000) | (50,000) | (75,000) | (150,000) | ||||
Redeption of puttable common stock, value | $ (1,500) | |||||||
Ending Balance, Number of shares | 650,000 | |||||||
Ending Balance, amount | $ 6,500 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015USD ($)shares | Mar. 02, 2015shares | Feb. 20, 2014USD ($)$ / sharesshares | Feb. 13, 2013USD ($)shares | Mar. 30, 2011shares | Apr. 30, 2015USD ($)shares | Apr. 24, 2015USD ($)shares | Apr. 24, 2013USD ($)shares | Jul. 15, 2015USD ($)shares | Jun. 30, 2015$ / sharesshares | Aug. 13, 2015shares | Jul. 31, 2015USD ($)shares | Aug. 31, 2012USD ($)shares | Oct. 02, 2015USD ($)shares | Sep. 27, 2010shares | Oct. 31, 2015USD ($)shares | Oct. 27, 2015$ / sharesshares | Oct. 26, 2015shares | Oct. 24, 2015shares | Oct. 24, 2014shares | Oct. 31, 2013USD ($)$ / sharesshares | Oct. 31, 2012USD ($)shares | Oct. 29, 2010$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | |
Preferred Stock | ||||||||||||||||||||||||||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||
Preferred stock - par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||
Preferred stock shares issued | 4,000 | 4,540 | 4,540 | |||||||||||||||||||||||
Preferred stock shares outstanding | 4,000 | 4,540 | 4,540 | |||||||||||||||||||||||
Share Based Compensation | ||||||||||||||||||||||||||
Stock based compensation | $ | $ 2,362 | $ 5,254 | $ 1,089 | |||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Common stock shares authorized | 250,000,000 | 250,000,000 | ||||||||||||||||||||||||
Common stock - par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||
Amount paid upon redemption | $ | $ 5,500 | $ 0 | 0 | |||||||||||||||||||||||
Share repurchase program, Authorized amount | $ | 50,000 | |||||||||||||||||||||||||
Acquisition of treasury stock, cost | $ | 9,904 | |||||||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 0 | $ 54,289 | $ 307,542 | |||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Shares redeemed | 150,000 | |||||||||||||||||||||||||
Conversion of Stock, Shares issued | 200,000 | 200,000 | 64,800 | 200,000 | 108,000 | 200,000 | ||||||||||||||||||||
Share Based Compensation | ||||||||||||||||||||||||||
Stock based compensation - restricted shares issued | 2,100,000 | |||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Issuance of common shares, number of shares | 14,950,000 | 94,097,529 | ||||||||||||||||||||||||
Share price | $ / shares | $ 3.85 | |||||||||||||||||||||||||
Acquisition of treasury stock, shares | 2,704,752 | |||||||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 57,556 | |||||||||||||||||||||||||
Proceeds from issuance of common stock, net of agents' and offering costs | $ | $ 54,289 | |||||||||||||||||||||||||
Common Stock | Exchange Agreement, Navios Holdings | ||||||||||||||||||||||||||
Conversion of Stock, Shares converted | 7,676,000 | |||||||||||||||||||||||||
Series A Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||
Preferred stock shares issued | 3,000 | 3,000 | 3,000 | |||||||||||||||||||||||
Preferred stock shares outstanding | 3,000 | 3,000 | 3,000 | |||||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Convertible Preferred Stock, Stock issued durind period, Shares | 3,000 | |||||||||||||||||||||||||
Series C Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||
Preferred stock shares issued | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||
Preferred stock shares outstanding | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||
Series C Convertible Preferred Stock | Exchange Agreement, Navios Holdings | ||||||||||||||||||||||||||
Conversion of Stock, Shares issued | 1,000 | |||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||
Convertion ratio | 7,676 | |||||||||||||||||||||||||
Series B Convertible Preferred Stock | ||||||||||||||||||||||||||
Conversion of Stock, Shares converted | 162 | 378 | ||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||
Preferred stock - par value | $ / shares | $ 10 | $ 10 | ||||||||||||||||||||||||
Convertion ratio | 0.04 | 0.02857 | ||||||||||||||||||||||||
Preferred stock shares issued | 540 | 540 | 540 | |||||||||||||||||||||||
Preferred stock shares outstanding | 540 | 540 | ||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred stock - dividend rate percentage | 2.00% | |||||||||||||||||||||||||
Percentage of outstanding preferred stock mandatorily converted | 30.00% | |||||||||||||||||||||||||
Series B Convertible Preferred Stock | Minimum | ||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred stock - Conversion price | $ / shares | $ 25 | |||||||||||||||||||||||||
Series B Convertible Preferred Stock | Maximum | ||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred stock - Conversion price | $ / shares | $ 35 | |||||||||||||||||||||||||
Series D Convertible Preferred Stock | ||||||||||||||||||||||||||
Shares redeemed | 250 | 75 | 50 | 25 | 400 | |||||||||||||||||||||
Conversion of Stock, Shares converted | 200 | 200 | 200 | 200 | 800 | |||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Convertible Preferred Stock, Stock issued durind period, Shares | 300 | 300 | 300 | 300 | ||||||||||||||||||||||
Convertible Preferred Stock, Stock issued durind period, Value | $ | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | ||||||||||||||||||||||
Fair value of preferred stock | $ | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | $ 0 | $ 12,000 | ||||||||||||||||||||
Amount paid upon redemption | $ | $ 2,500 | $ 750 | $ 500 | $ 250 | ||||||||||||||||||||||
Preferred stock - dividend rate percentage | 6.00% | |||||||||||||||||||||||||
Redemption price per share | $ / shares | $ 10 | |||||||||||||||||||||||||
Maximum number of shares to be redeemed | 250 | |||||||||||||||||||||||||
Convertible preferred stock - terms of conversion | The Series D Preferred Stock mandatorily converted 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 had 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. | |||||||||||||||||||||||||
Puttable Common Stock | ||||||||||||||||||||||||||
Shares redeemed | 25,000 | 50,000 | 75,000 | 150,000 | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Amount paid upon redemption | $ | $ 250 | $ 500 | $ 750 | |||||||||||||||||||||||
Number of shares reclassified to puttable common stock | 200,000 | 200,000 | 200,000 | 200,000 | 800,000 | |||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||
Conversion of Stock, Shares converted | 540 | |||||||||||||||||||||||||
Mandatory conversion at maturity (30 months after issuance) | Series D Convertible Preferred Stock | ||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred stock - Conversion price | $ / shares | $ 10 | |||||||||||||||||||||||||
Conversion prior maturity dates | Series D Convertible Preferred Stock | ||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||
Preferred stock - Conversion price | $ / shares | $ 7 | |||||||||||||||||||||||||
Over allotment option | Common Stock | ||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Issuance of common shares, number of shares | 1,950,000 | |||||||||||||||||||||||||
Agents' Costs | ||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Stock issuance costs | $ | $ 3,022 | |||||||||||||||||||||||||
Offering Costs | ||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Stock issuance costs | $ | $ 247 | |||||||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||||||
Share Based Compensation | ||||||||||||||||||||||||||
Stock based compensation - restricted shares issued | 2,100,000 | |||||||||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||||||
Vesting percentage per year | 33.33% | |||||||||||||||||||||||||
Restricted stock grant date fair value | $ / shares | $ 3.99 | |||||||||||||||||||||||||
Restricted stock grant date fair value, total amount | $ | $ 8,379 | |||||||||||||||||||||||||
Vested during the period | 700,001 | 699,994 | ||||||||||||||||||||||||
Restricted shares outstanding | 700,005 | 1,400,006 | ||||||||||||||||||||||||
Compensation cost relating to service conditions of non-vested restricted stock | $ | $ 758 | |||||||||||||||||||||||||
Restricted stock weighted average period of recognition | 9 months 26 days | |||||||||||||||||||||||||
Employee Stock Option | ||||||||||||||||||||||||||
Share Based Compensation | ||||||||||||||||||||||||||
Stock based compensation - shares issued | 1,500,000 | |||||||||||||||||||||||||
Stock options - exercise price | $ / shares | $ 3.91 | |||||||||||||||||||||||||
Stock options - expiration term | 10 years | |||||||||||||||||||||||||
Option pricing model | Adjusted Black-Scholes models | |||||||||||||||||||||||||
Stock options grant date fair value | $ / shares | $ 0.79 | |||||||||||||||||||||||||
Stock options fair value amount | $ | $ 1,188 | |||||||||||||||||||||||||
Stock options outstanding | 500,000 | |||||||||||||||||||||||||
Compensation cost relating to service conditions of non-vested stock options | $ | $ 107 | |||||||||||||||||||||||||
Stock options weighted average period of recognition | 7 years 9 months 19 days |
Preferred and Common Stock - Ad
Preferred and Common Stock - Additional Information (Details) - Series D Preferred Stock | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Series D preferred Stock, Redemption terms | Navios Acquisition was 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. Beginning 18 months and no later than 60 months after the issuance of the preferred stock, the holder can exercise the option to request the redemption of up to 250 shares of preferred stock (or such number that has been converted to common shares) on a quarterly basis. |
Redemption price per share | $ 10 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Region (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total Revenue | $ 313,396 | $ 264,877 | $ 202,397 |
Asia | |||
Total Revenue | 208,690 | 167,670 | 158,441 |
Europe | |||
Total Revenue | 40,147 | 40,875 | 23,949 |
United States | |||
Total Revenue | $ 64,559 | $ 56,332 | $ 20,007 |
Other Income (Details)
Other Income (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other income | $ 41 | $ 280 | $ 4,787 |
Other long-term assets | $ 1,920 | $ 690 | |
Defaulted charterer | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other income | $ 4,623 | ||
Number of vessels | 2 | ||
Derivative | $ 3,446 | ||
Other long-term assets | $ 1,177 |
Income_ (Loss) per Common Sha88
Income/ (Loss) per Common Share - Calculation per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||
Net income/ (loss) | $ 89,737 | $ 13,047 | $ (58,592) |
Less: | |||
Dividend declared on preferred shares Series B | (78) | (108) | (108) |
Dividend declared on preferred shares Series D | (281) | (642) | (91) |
Dividend declared on restricted shares | (245) | (385) | (105) |
Undistributed (income)/ loss attributable to Series C participating preferred shares | (4,337) | (541) | 3,206 |
Net income/ (loss) attributable to common stockholders, basic | 84,796 | 11,371 | (55,690) |
Plus: | |||
Dividend declared on preferred shares Series B | 78 | 0 | 0 |
Dividend declared on preferred shares Series D | 281 | 0 | 0 |
Dividend declared on restricted shares | 245 | 0 | 0 |
Undistributed income/ (loss) attributable to Series C participating preferred shares | 0 | 541 | 0 |
Net income/ (loss) attributable to common stockholders, diluted | $ 85,400 | $ 11,912 | $ (55,690) |
Denominator: | |||
Denominator for basic net income/ (loss) per share - weighted average shares | 150,025,086 | 147,606,448 | 98,085,189 |
Series A preferred stock | 1,200,000 | 1,200,000 | 0 |
Series B preferred stock | 156,893 | 0 | 0 |
Series C preferred stock | 0 | 7,676,000 | 0 |
Series D preferred stock | 647,758 | 0 | 0 |
Restricted shares | 1,270,658 | 0 | 0 |
Denominator for diluted net income/ (loss) per share - adjusted weighted average shares | 153,300,395 | 156,482,448 | 98,085,189 |
Basic net earnings / (loss) per share | $ 0.57 | $ 0.08 | $ (0.57) |
Diluted net earnings / (loss) per share | $ 0.56 | $ 0.08 | $ (0.57) |
Income_ (Loss) per Common Sha89
Income/ (Loss) per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income/ (Loss) per Common Share [Abstract] | |||
Potential common shares | 9,176,000 | 4,830,286 | 14,406,286 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||
Greek Tonnage tax | $ 551 | $ 336 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | Jan. 06, 2016 | Jan. 27, 2016 | Mar. 11, 2016 | Mar. 09, 2016 | Dec. 31, 2016 |
Common Stock | |||||
Subsequent Event [Line Items] | |||||
Conversion of Stock, Shares issued | 1,200,000 | ||||
Series A Convertible Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Conversion of Stock, Shares converted | 3,000 | ||||
Puttable Common Stock | |||||
Subsequent Event [Line Items] | |||||
Amount paid upon redemption | $ 1,000 | ||||
Shares redeemed | 100,000 | ||||
Navios Holdings Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Line of credit facility maximum borrowing capacity | $ 50,000 | ||||
Interest rate description | LIBOR plus 300 bps | ||||
Loan margin percentage | 3.00% | ||||
Debt Instrument Maturity Date | Dec. 31, 2018 | ||||
Navios Holdings Credit Facility | Navios Europe Holdings Inc. | |||||
Subsequent Event [Line Items] | |||||
Ownership percentage in Navios Europe Holdings Inc. | 47.50% | ||||
Navios Holdings Credit Facility | Collateral pledged | Navios Partners | |||||
Subsequent Event [Line Items] | |||||
Number of units | 8,000,000 | ||||
Installment 4 - FY 2015 | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date Declared | Feb. 4, 2016 | ||||
Dividends per share | $ 0.05 | ||||
Dividends Payable, Date to be Paid | Mar. 23, 2016 | ||||
Dividends Payable, Date of Record | Mar. 17, 2016 | ||||
Nave Lucida | |||||
Subsequent Event [Line Items] | |||||
Total sale proceeds | $ 18,228 | ||||
Nave Lucida | Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | |||||
Subsequent Event [Line Items] | |||||
Early repayment of debt | $ 12,097 |