Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document Entity Information [Abstract] | |
Entity Registrant Name | Navios Maritime Acquisition Corporation |
Trading Symbol | NNA |
Entity Central Index Key | 1,437,260 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock Shares Outstanding | 150,782,990 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 69,536 | $ 54,805 |
Restricted cash | 6,904 | 6,840 |
Accounts receivable, net | 15,939 | 14,202 |
Due from related parties, short-term | 21,661 | 17,837 |
Prepaid expenses and other current assets | 2,261 | 3,665 |
Total current assets | 116,301 | 97,349 |
Vessels, net | 1,335,363 | 1,441,635 |
Vessels held for sale | 62,072 | 0 |
Goodwill | 1,579 | 1,579 |
Other long-term assets | 5,850 | 1,920 |
Deferred dry dock and special survey costs, net | 10,186 | 10,326 |
Investment in affiliates | 201,711 | 204,808 |
Due from related parties, long-term | 28,257 | 16,474 |
Total non-current assets | 1,645,018 | 1,676,742 |
Total assets | 1,761,319 | 1,774,091 |
Current liabilities | ||
Accounts payable | 2,366 | 2,753 |
Accrued expenses | 13,211 | 9,802 |
Deferred revenue | 6,516 | 7,600 |
Current portion of long-term debt, net of deferred finance cost | 74,864 | 62,643 |
Total current liabilities | 96,957 | 82,798 |
Long-term debt, net of current portion, premium and net of deferred finance cost | 1,089,901 | 1,134,940 |
Deferred gain on sale of assets | 8,459 | 8,982 |
Total non-current liabilities | 1,098,360 | 1,143,922 |
Total liabilities | 1,195,317 | 1,226,720 |
Commitments and contingencies | ||
Puttable common stock 450,000 and 650,000 shares issued and outstanding with $4,500 and $6,500 redemption amount as of June 30, 2016 and December 31, 2015, respectively | 4,500 | 6,500 |
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 1,000 series C shares and 4,000 series A and C shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively | 0 | 0 |
Common stock, $0.0001 par value; 250,000,000 shares authorized; 150,782,990 and 149,782,990 issued and outstanding as of June 30, 2016 and December 31, 2015, respectively | 15 | 15 |
Additional paid-in capital | 541,384 | 540,856 |
Retained earnings | 20,103 | 0 |
Total stockholders' equity | 561,502 | 540,871 |
Total liabilities and stockholders' equity | $ 1,761,319 | $ 1,774,091 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred stock - par value | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Common stock - par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 150,782,990 | 149,782,990 |
Common stock shares outstanding | 150,782,990 | 149,782,990 |
Puttable Common Stock | ||
Temporary equity, shares issued | 450,000 | 650,000 |
Temporary equity, shares outstanding | 450,000 | 650,000 |
Redemption amount | $ 4,500 | $ 6,500 |
Series C Convertible Preferred Stock | ||
Preferred stock shares issued | 1,000 | 1,000 |
Preferred stock shares outstanding | 1,000 | 1,000 |
Series A and C Convertible Preferred Stock | ||
Preferred stock shares issued | 4,000 | |
Preferred stock shares outstanding | 4,000 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ||||
Revenue | $ 74,495 | $ 80,408 | $ 154,914 | $ 159,019 |
Time charter and voyage expenses | (1,017) | (996) | (2,438) | (2,186) |
Direct vessel expenses | (1,405) | (348) | (2,049) | (697) |
Management fees | (24,318) | (24,293) | (48,504) | (48,335) |
General and administrative expenses | (5,981) | (3,903) | (9,510) | (7,068) |
Depreciation and amortization | (14,294) | (14,880) | (29,177) | (29,771) |
Gain on sale of vessels | 0 | 5,771 | 2,282 | 5,771 |
Interest income | 880 | 302 | 1,534 | 573 |
Interest expense and finance cost | (18,913) | (19,110) | (38,038) | (37,315) |
Equity in net earnings of affiliated companies | 3,731 | 3,651 | 8,622 | 7,089 |
Other expense, net | (994) | (240) | (1,682) | (684) |
Net income | 12,184 | 26,362 | 35,954 | 46,396 |
Dividend on Series B preferred shares | 0 | (27) | 0 | (54) |
Dividend on Series D preferred shares | 0 | (61) | 0 | (199) |
Dividend declared on restricted shares | (35) | (70) | (70) | (140) |
Undistributed income attributable to Series C participating preferred shares | (591) | (1,271) | (1,752) | (2,233) |
Net income attributable to common shareholders, basic | 11,558 | 24,933 | 34,132 | 43,770 |
Dividend on Series B preferred shares | 0 | 27 | 0 | 54 |
Dividend on Series D preferred shares | 0 | 61 | 0 | 199 |
Dividend declared on restricted shares | 35 | 70 | 70 | 140 |
Net income attributable to common shareholders, diluted | $ 11,593 | $ 25,091 | $ 34,202 | $ 44,163 |
Net income per share, basic | $ 0.08 | $ 0.17 | $ 0.23 | $ 0.29 |
Weighted average number of shares, basic | 150,084,084 | 150,580,595 | 149,668,699 | 150,455,682 |
Net income per share, diluted | $ 0.08 | $ 0.16 | $ 0.23 | $ 0.29 |
Weighted average number of shares, diluted | 150,784,089 | 154,197,621 | 150,836,836 | 154,340,946 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities | ||
Net income | $ 35,954 | $ 46,396 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29,177 | 29,771 |
Amortization and write-off of deferred finance cost and bond premium | 1,864 | 1,993 |
Amortization of deferred dry dock and special survey costs | 1,319 | 697 |
Stock based compensation | 528 | 1,318 |
Gain on sale of vessels | (2,282) | (5,771) |
Equity in net earnings of affiliated companies, net of dividends received | (833) | (1,159) |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses and other current assets | 1,404 | 1,388 |
Increase in accounts receivable | (1,737) | (3,143) |
Increase in due from related parties short-term | (3,824) | (2,860) |
Increase in restricted cash | (64) | (50) |
(Increase)/ decrease in other long term assets | (3,930) | 210 |
(Decrease)/ increase in accounts payable | (387) | 726 |
Increase in accrued expenses | 3,409 | 638 |
Payments for dry dock and special survey costs | (2,324) | 0 |
Increase in due from related parties long-term | (6,430) | 0 |
Decrease in due to related parties | 0 | (17,462) |
(Decrease)/ increase in deferred revenue | (1,607) | 1,452 |
Net cash provided by operating activities | 50,237 | 54,144 |
Investing Activities | ||
Acquisition of vessels | 0 | (29,397) |
Dividends received from affiliates | 2,853 | 757 |
Net cash proceeds from sale of vessels | 18,449 | 71,224 |
Investment in affiliates | 0 | (4,826) |
Loans receivable from affiliates | (4,275) | (3,289) |
Net cash provided by investing activities | 17,027 | 34,469 |
Financing Activities | ||
Loan proceeds, net of deferred finance cost | 0 | 25,954 |
Loan repayments | (34,682) | (64,198) |
Dividend paid | (15,851) | (16,170) |
Payment to related party | 0 | (11,265) |
Decrease in restricted cash | 0 | (130) |
Redemption of convertible shares and puttable common stock | (2,000) | (3,500) |
Net cash used in financing activities | (52,533) | (69,309) |
Net increase in cash and cash equivalents | 14,731 | 19,304 |
Cash and cash equivalents, beginning of year | 54,805 | 54,493 |
Cash and cash equivalents, end of period | 69,536 | 73,797 |
Supplemental disclosures of cash flow information | ||
Cash interest paid, net of capitalized interest | 36,187 | 35,700 |
Non-cash investing activities | ||
Capitalized finance fees | 0 | 19 |
Accrued interest on loan to affiliates | 1,078 | 384 |
Deferred gain on sale of assets | 8,459 | 8,972 |
Investment in affiliates received upon sale of vessels | 0 | 27,111 |
Non-cash financing activities | ||
Dividends payable | 0 | 8,035 |
Acquisition of vessels | 0 | (914) |
Due to related party | 0 | 914 |
Stock based compensation | $ 528 | $ 1,318 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings |
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, shares | 400,000 | ||||
Redemption of puttable common stock, shares | (25,000) | ||||
Conversion of preferred stock into common stock, shares | 64,800 | ||||
Conversion of preferred stock into common stock, shares | (162) | ||||
Stock- based compensation (see Note 14) | 1,318 | 1,318 | |||
Dividend paid/declared (see Note 8) | (16,238) | (16,238) | |||
Net income | 46,396 | 46,396 | |||
Balance value at Jun. 30, 2015 | 522,269 | $ 0 | $ 15 | 542,205 | (19,951) |
Balance, shares at Jun. 30, 2015 | 4,378 | 152,104,742 | |||
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 | |||
Balance value at Dec. 31, 2015 | 540,871 | $ 0 | $ 15 | 540,856 | 0 |
Balance, shares at Dec. 31, 2015 | 4,000 | 149,782,990 | |||
Redemption of puttable common stock, shares | (200,000) | ||||
Conversion of preferred stock into common stock, shares | 1,200,000 | ||||
Conversion of preferred stock into common stock, shares | (3,000) | ||||
Stock- based compensation (see Note 14) | 528 | 528 | |||
Dividend paid/declared (see Note 8) | (15,851) | (15,851) | |||
Net income | 35,954 | 35,954 | |||
Balance value at Jun. 30, 2016 | $ 561,502 | $ 0 | $ 15 | $ 541,384 | $ 20,103 |
Balance, shares at Jun. 30, 2016 | 1,000 | 150,782,990 |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended |
Jun. 30, 2016 | |
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 worldwide marine transportation services. The Company's strategy is to charter its vessels to international oil companies, refiners and large vessel operators under long, medium and short-term charters. The Company is committed to providing quality transportation services and developing and maintaining long-term relationships with its customers. The operations of Navios Acquisition are managed by a subsidiary of Navios Maritime Holdings Inc. (“Navios Holdings”). Navios Acquisition was incorporated in the Republic of Marshall Islands on March 14, 2008. On July 1, 2008, Navios Acquisition completed its initial public offering, or its “IPO”. On May 28, 2010, Navios Acquisition consummated the vessel acquisitions which constituted its initial business combination. Following such transaction, Navios Acquisition commenced its operations as an operating company. On January 6, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of the puttable common stock and paid cash of $1,000 to the holder upon redemption. On March 11, 2016, 1,200,000 shares of common stock were issued as a result of the conversion of 3,000 shares of Series A Convertible Preferred Stock. On April 1, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of the puttable common stock and paid cash of $1,000 to the holder upon redemption. As of June 30, 2016, Navios Holdings had 43.3% of the voting power and 46.3% of the economic interest in Navios Acquisition. As of June 30, 2016, Navios Acquisition had outstanding: 150,782,990 shares of common stock and 1,000 shares of Series C Convertible Preferred Stock issued to Navios Holdings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation: 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. (“Navios Midstream”) 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 three and six month period ended June 30, 2015 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 six month period ended June 30, 2015 (amounts in thousands). June 30, 2015 As previously Correction As Revised Balance Sheet Investment in affiliates 183,922 18,640 202,562 Investment in available-for-sale securities 19,274 (19,274 ) — Total non-current assets 1,556,375 (634 ) 1,555,741 Total assets 1,670,298 (634 ) 1,669,664 Other comprehensive income 634 (634 ) — Total stockholders' equity 522,903 (634 ) 522,269 Total liabilities and stockholders' equity 1,670,298 (634 ) 1,669,664 Statements of Operations/ Statement of Comprehensive Income (1) For the Three Unrealized holding income on investments in available-for-sale-securities 1,901 (1,901 ) — Other comprehensive income 1,901 (1,901 ) — Total comprehensive income (1) 28,263 (28,263 ) — Statements of Operations/ Statement of Comprehensive Income (1) For the Six Unrealized holding income on investments in available-for-sale-securities 4,176 (4,176 ) — Other comprehensive income 4,176 (4,176 ) — Total comprehensive income (1) 50,572 (50,572 ) — (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. The revision had an immaterial impact on previously reported amounts of operating, investing or financing cash flows, and had no impact 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: 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 June 30, 2016, and 2015 the entities included in these consolidated financial statements were: Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2016 2015 Company Name Aegean Sea Maritime Holdings Inc. Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Amorgos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Andros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antikithira Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antiparos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Amindra Navigation Co. Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Crete Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Folegandros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Ikaria Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Ios Shipping Corporation Vessel-Owning Company Cayman Is. 1/1 - 6/30 1/1 - 6/30 Kithira Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Kos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Mytilene Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Maritime Acquisition Corporation Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Acquisition Finance (U.S.) Inc. Co-Issuer Delaware 1/1 - 6/30 1/1 - 6/30 Rhodes Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Serifos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Shinyo Dream Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 6/17 Shinyo Loyalty Limited Vessel-Owning Company (1) Hong Kong 1/1 - 6/30 1/1 - 6/30 Shinyo Navigator Limited Vessel-Owning Company (2) Hong Kong 1/1 - 6/30 1/1 - 6/30 Sifnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skiathos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skopelos Shipping Corporation Vessel-Owning Company Cayman Is. 1/1 - 6/30 1/1 - 6/30 Syros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Thera Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Tinos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Oinousses Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Psara Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antipsara Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Samothrace Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Thasos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Limnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skyros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Alonnisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Makronisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Iraklia Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Paxos Shipping Corporation Vessel-Owning Company (5) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Donoussa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Schinousa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Acquisition Europe Finance Inc Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Sikinos Shipping Corporation Vessel-Owning Company (3) Marshall Is. — 1/1 - 6/17 Kerkyra Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Lefkada Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Zakynthos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Leros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Kimolos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Samos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Tilos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 — Delos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 — Navios Maritime Midstream Partners GP LLC Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 (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 in June 2015. (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. (5) Former vessel-owner of the Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. (e) Use of estimates: (f) 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 of $360 per lightweight ton, as we believe these levels are common in the shipping industry. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods. Management estimates the useful life of our vessels to be 25 years from the vessel's original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. (g) Vessels held for sale: Vessels are classified as “Vessels held for sale” when all of the following criteria are met: management has committed to a plan to sell the vessel; the vessel is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable and transfer of the vessel is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale. (h) 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 with respect to the time charter agreement to that vessel) and compared to the vessel carrying value and related carrying value of the intangible with respect to the time charter agreement attached to that vessel or the carrying value of deposits for new buildings, 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. (i) Revenue Recognition: Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight-line basis as the average revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Profit sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit share elements, these are accounted for on the actual cash settlement. Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. Pooling arrangements: The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of accounting for stock based compensation including the tax consequences, classification of awards as equity or liabilities, forfeitures and classification on the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2016, 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 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 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 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 income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance 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.. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3: CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: June 30, 2016 December 31, 2015 Cash on hand and at banks $ 50,451 $ 51,831 Short-term deposits 19,085 2,974 Total cash and cash equivalents $ 69,536 $ 54,805 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. Restricted cash consists of an amount of $6,904 and $6,840 as of June 30, 2016 and as of December 31, 2015, respectively, which are held in retention accounts in order to service debt and interest payments, as required by certain of Navios Acquisition's credit facilities. |
Vessels, Net
Vessels, Net | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
VESSELS, NET | NOTE 4: VESSELS, NET Vessels Cost Accumulated Net Book Balance at January 1, 2015 $ 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 Additions — (29,177 ) (29,177 ) Disposals (16,817 ) 1,794 (15,023 ) Transferred to “Vessels held for sale” (Note 6) (68,502 ) 6,430 (62,072 ) Balance at June 30, 2016 $ 1,505,013 $ (169,650 ) $ 1,335,363 On January 27, 2016, Navios Acquisition sold the Nave Lucida to an unaffiliated third party for net cash proceeds of $18,449. Navios Acquisition prepaid $12,097 which reflects the respective tranche drawn from the Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB facility that was established to finance the Nave Lucida. 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. 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. On June 18, 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 a 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. The gain on sale of vessels amounted to $5,771. For the six month periods ended June 30, 2016 and 2015, capitalized interest amounted to $0 and $104, respectively. For each of the three month periods ended June 30, 2016 and 2015, capitalized interest amounted to $0. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill [Abstract] | |
GOODWILL | NOTE 5: GOODWILL Goodwill as of June 30, 2016 and December 31, 2015 consisted of the following: Balance January 1, 2015 $ 1,579 Balance December 31, 2015 1,579 Balance June 30, 2016 $ 1,579 |
Vessels held for sale
Vessels held for sale | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
VESSELS HELD FOR SALE | NOTE 6: VESSELS HELD FOR SALE During April 2016, Navios Acquisition entered into two separate Memoranda of Agreement (“MOA”) with an unaffiliated third party, for the disposal of the Nave Constellation, a 2013-built chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built chemical tanker of 45,513 dwt, for an aggregate sale price of $74,600. Both vessels are subject to an existing time charter and management has committed to a plan to sell the vessels within the next twelve months. As of June 30, 2016, the vessels have been classified as held for sale as the relevant criteria for the classification were met and, therefore, they are presented in the condensed consolidated balance sheets as held for sale. The sale of the vessels is expected to result in a gain and therefore, the vessels are reflected at their carrying value of $62,072. Proceeds from the sale of the vessels will be used to fully repay the outstanding amount of the HSH Nordbank AG credit facility (See Note 10). |
Investment in Affiliates
Investment in Affiliates | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
INVESTMENT IN AFFILIATES | NOTE 7: 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 June 30, 2016 and December 31, 2015, the estimated maximum potential loss by Navios Acquisition in Navios Europe I would have been $17,012 and $15,764, respectively, which represents the Company's carrying value of its investment of $5,766 (December 31, 2015: $5,498) the Company's portion of the carrying balance of the Navios Revolving Loans I including accrued interest on the Navios Term Loans I of $8,924 (December 31, 2015: $8,523), which is included under “Due from related parties, long-term” and the accrued interest income on the Navios Revolving Loans I in the amount of $2,322 (December 31, 2015: $1,743) which is included under “Due from related parties, short-term”. Refer to Note 12 for the terms of the Navios Revolving Loans I. Income recognized for the three month period ended June 30, 2016 was $136 (June 30, 2015: $210). Income recognized for the six month period ended June 30, 2016 was $268 (June 30, 2015: $210). Accounting for basis difference 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 June 30, 2016 and December 31, 2015, 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 $5,048, and $5,386, 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 June 30, 2016, the estimated maximum potential loss by Navios Acquisition in Navios Europe II would have been $21,083 (December 31, 2015: $15,867), which represents the Company's carrying value of the investment of $6,672 (December 31, 2015: $7,342), the Company's balance of the Navios Revolving Loans II including accrued interest on the Navios Term Loans II of $12,904 (December 31, 2015: $7,952), which is included under “Due from related parties, long-term”, and the accrued interest income on the Navios Revolving Loans II in the amount of $1,507 (December 31, 2015: $573), which is included under “Due from related parties, short-term”. Refer to Note 12 for the terms of the Navios Revolving Loans II. Loss recognized for the three month period ended June 30, 2016 was $396. Loss recognized for the six month period ended June 30, 2016 was $670. For the six month period ended June 30, 2015, Navios Europe II had minimal operations and therefore, the Company did not record any equity method investee income/ (loss). Accounting for basis difference 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 June 30, 2016, 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 $8,424. 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 June 30, 2016 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 June 30, 2016 and December 31, 2015, the carrying amount of the investment in Navios Midstream was $189,273 and $191,968, 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 June 30, 2016 and December 31, 2015, 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 $21,839 and $22,120, 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 three month period ended June 30, 2016 and 2015, total income from Navios Midstream recognized in “Equity in net earnings of affiliated companies” was $3,442 and $3,229, respectively. For the six month period ended June 30, 2016 and 2015, total income from Navios Midstream recognized in “Equity in net earnings of affiliated companies” was $7,946 and $6,495, respectively. Dividends received during the three month period ended June 30, 2016 were $5,320 ($4,524 for the three month period ended June 30, 2015). Dividends received during the six month period ended June 30, 2016 were $10,640 ($6,688 for the six month period ended June 30, 2015). Summarized financial information of the affiliated companies is presented below: June 30, 2016 December 31, 2015 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 $ 38,219 $ 10,209 $ 16,905 $ 37,834 $ 11,839 $ 17,366 Current assets 52,282 14,785 19,620 45,860 14,782 22,539 Non-current assets 425,972 174,842 240,120 434,708 179,023 245,154 Current liabilities 6,199 16,382 15,433 4,078 15,377 16,897 Long-term debt including current portion, net of deferred finance cost and discount 197,495 91,326 124,215 197,819 96,580 129,185 Financial liabilities at fair value* — 70,930 18,777 — 68,535 23,568 Non-current liabilities 196,841 180,488 174,176 197,176 182,537 173,543 (*) representing the fair value of Junior Loan I and Junior Loan II, respectively. Three month period ended June 30, 2016 Three month period ended June 30, 2015 Income Statement Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Revenue $ 22,695 $ 10,418 $ 6,760 $ 18,350 $ 10,765 $ 994 Net (loss)/ income before non-cash change in fair value of Junior Loan — (449 ) (6,889 ) — 527 414 Net income/(loss) 5,889 (1,955 ) (3,220 ) 5,394 (1,069 ) 414 Six month period ended June 30, 2016 Six month period ended June 30, 2015 Income Statement Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Revenue $ 46,844 $ 20,530 $ 14,726 $ 35,053 $ 19,860 $ 994 Net (loss)/ income before non-cash change in fair value of Junior Loan — (739 ) (11,913 ) — (1,355 ) 414 Net income/(loss) 13,384 (3,134 ) (7,122 ) 11,706 (4,800 ) 414 |
Dividend Payable
Dividend Payable | 6 Months Ended |
Jun. 30, 2016 | |
Dividends Payable [Abstract] | |
DIVIDEND PAYABLE | NOTE 8: DIVIDEND PAYABLE 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. A dividend in the aggregate amount of $7,928 was paid on March 23, 2016 out of which $7,544 was paid to the stockholders of record as of March 17, 2016 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of Series C Preferred Stock. On May 11, 2016, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2016 of $0.05 per share of common stock payable on June 22, 2016 to stockholders of record as of June 17, 2016. A dividend in the aggregate amount of $7,923 was paid on June 22, 2016 out of which $7,539 was paid to the stockholders of record as of June 17, 2016 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of Series C Preferred Stock. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Acquisition's cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2016 | |
Accrued Expenses [Abstract] | |
ACCRUED EXPENSES | NOTE 9: ACCRUED EXPENSES Accrued expenses as of June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 Accrued voyage expenses $ 595 $ 485 Accrued loan interest 9,013 9,026 Accrued legal and professional fees 3,603 291 Total accrued expenses $ 13,211 $ 9,802 Included in accrued legal and professional fees is the amount of $2,750, that was authorized and approved by the Compensation committee of Navios Acquisition in December 2015 subject to fulfillment of certain service conditions that were provided and completed during the second quarter of 2016. The amount is recorded in general and administrative expenses on the statements of income for the three and the six month periods ended June 30, 2016. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Borrowings [Abstract] | |
BORROWINGS | NOTE 10: BORROWINGS June 30, 2016 December 31, 2015 Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank $ 114,750 $ 119,250 BNP Paribas S.A. and DVB Bank S.E. 63,000 65,250 Eurobank Ergasias S.A. $52,200 39,661 41,025 Eurobank Ergasias S.A. $52,000 37,326 38,550 Norddeutsche Landesbank Girozentrale 26,172 26,953 DVB Bank S.E. and Credit Agricole Corporate and Investment Bank 50,391 51,953 Ship Mortgage Notes $670,000 670,000 670,000 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB 105,259 125,000 HSH Nordbank AG $40,300 33,373 34,633 BNP Paribas $44,000 42,000 44,000 1,181,932 1,216,614 Less: Deferred finance cost, net (18,669 ) (20,640 ) Add: bond premium 1,502 1,609 Total borrowings $ 1,164,765 $ 1,197,583 Less: current portion, net of deferred finance cost (74,864 ) (62,643 ) Total long-term borrowings, net of current portion, bond premium and deferred finance cost $ 1,089,901 $ 1,134,940 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 2021 Notes will have the right to require the 2021 Co-Issuers to repurchase some or all of the 2021 Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. The 2021 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2021 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2021 Co-Issuers were in compliance with the covenants as of June 30, 2016. 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 As of June 30, 2016, the Company had secured credit facilities with various banks with a total outstanding balance of $511,932. The purpose of the facilities was to finance the construction or acquisition of vessels or refinance existing indebtedness. All of the facilities are denominated in U.S. Dollars and bear interest based on LIBOR plus spread ranging from 250 bps to 320 bps per annum. The facilities are repayable in either semi-annual or quarterly installments, followed by balloon payments with maturities, ranging from October 2016 to October 2022. See also the maturity table included below. 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: (i) the 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. The refinancing was treated as a modification for accounting purposes. 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. On January 27, 2016, Navios Acquisition sold the Nave Lucida to an unaffiliated third party for net cash proceeds of $18,449. 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. Following the prepayment of January 2016, an amount of $214, was written-off from the deferred financing cost. As of June 30, 2016, $105,259 was outstanding under this facility. The Navios Holdings Credit Facility: On April 14, 2016, Navios Acquisition and Navios Holdings announced that the Revolver was terminated. No borrowings had been made under the Revolver. Please refer to “Legal Proceedings” discussion in Note 13. As of June 30, 2016, no amount was available to be drawn from our facilities. 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 June 30, 2016, the Company was in compliance with the covenants in each of its credit facilities. Amounts drawn under the facilities are secured by first preferred mortgages on Navios Acquisition's vessels and other collateral and are guaranteed by each vessel-owning subsidiary. The credit facilities contain a number of restrictive covenants that prohibit or limit Navios Acquisition from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; changing the flag, class, management or ownership of Navios Acquisition's vessels; changing the commercial and technical management of Navios Acquisition's vessels; selling Navios Acquisition's vessels; and subordinating the obligations under each credit facility to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. The credit facilities also require Navios Acquisition to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. The maturity table below reflects the principal payments of all notes and credit facilities outstanding as of June 30, 2016 for the next five years and thereafter based on the repayment schedule of the respective loan facilities (as described above) and the outstanding amount due under the 2021 Notes. Amount Long-Term Debt Obligations: Year June 30, 2017 $ 76,420 June 30, 2018 40,442 June 30, 2019 117,213 June 30, 2020 90,462 June 30, 2021 112,270 June 30, 2022 and thereafter 745,125 Total $ 1,181,932 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 11: FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: Restricted Cash: Due from related parties, short-term: Due from related parties, long-term: Other long-term debt, net of deferred finance cost: Ship Mortgage Notes and premiums: June 30, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 69,536 $ 69,536 $ 54,805 $ 54,805 Restricted cash $ 6,904 $ 6,904 $ 6,840 $ 6,840 Ship mortgage notes and premium $ 658,844 $ 529,722 $ 658,048 $ 589,185 Other long-term debt, net of deferred finance cost $ 505,921 $ 511,932 $ 539,535 $ 546,614 Due from related parties, long-term $ 28,257 $ 28,257 $ 16,474 $ 16,474 Due from related parties, short-term $ 21,661 $ 21,661 $ 17,837 $ 17,837 Fair Value Measurements The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. The Company did not use any Level III inputs as of June 30, 2016. Fair Value Measurements at June 30, 2016 Using Total Level I Level II Level III Cash and cash equivalents $ 69,536 $ 69,536 $ — $ — Restricted cash $ 6,904 $ 6,904 $ — $ — Ship mortgage notes and premium $ 529,722 $ 529,722 $ — $ — Other long-term debt (1) $ 511,932 $ — $ 511,932 (1) $ — Due from related parties, long-term (Europe I, Europe II) $ 21,828 $ — $ 21,828 $ — 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) $ — Due from related parties, long-term (Europe I, Europe II) $ 16,474 $ — $ 16,474 $ — (1 )The fair value of the Company's other long-term debt 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. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Transactions with related parties [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 12: TRANSACTIONS WITH RELATED PARTIES The Navios Holdings Credit Facilities: On April 14, 2016, Navios Acquisition and Navios Holdings announced that the Revolver was terminated. No borrowings had been made under the Revolver. Please refer to “Legal Proceedings” in Note 13. On November 11, 2014, Navios Acquisition entered into a short-term credit facility with Navios Holdings pursuant to which Navios Acquisition could borrow up to $200,000 for general corporate purposes. The facility provided for an arrangement fee of $4,000, and bore fixed interest of 600 bps. All amounts drawn under this facility were fully repaid by the maturity date of December 29, 2014. In 2010, Navios Acquisition entered into a $40,000 credit facility with Navios Holdings, which matured in December 2015. The facility was available for multiple drawings up to a limit of $40,000 and had a margin of LIBOR plus 300 basis points. As of its maturity date, December 31, 2015, all amounts drawn were fully repaid. Management fees: Pursuant to the Management Agreement dated May 28, 2010 and as amended in May 2012 and May 2014, the Manager provided commercial and technical management services to Navios Acquisition's vessels for a fixed daily fee of: (a) $6.0 per MR2 product tanker and chemical tanker vessel; (b) $7.0 per LR1 product tanker vessel; and (c) $9.5 per VLCC, through May 2016. Pursuant to an amendment to the Management Agreement dated as of May 19, 2016, Navios Acquisition fixed the fees for commercial and technical ship management services of the fleet for two additional years from May 29, 2016, following the expiration of the previous fixed fee period, through May 2018, at a daily fee of (a) $6.4 per MR2 product tanker and chemical tanker vessel; (b) $7.2 per LR1 product tanker vessel; and (c) the current daily fee of $9.5 per VLCC. 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. Dry docking expenses are reimbursed by Navios Acquisition at cost. Total management fees for each of the three month periods ended June 30, 2016 and 2015 amounted to $24,318 and $24,293, respectively. Total management fees for each of the six month periods ended June 30, 2016 and 2015 amounted to $48,504 and $48,335, respectively. Included in direct vessel expenses, there is an amount of $730 for the three and six month period ended June 30, 2016, that was incurred for specialized work performed in connection with certain vessels. 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. For each of the three month periods ended June 30, 2016 and 2015 the expense arising from administrative services rendered by Navios Holdings amounted to $2,375 and $1,935, respectively. For each of the six month periods ended June 30, 2016 and 2015 the expense arising from administrative services rendered by Navios Holdings amounted to $4,768 and $3,861, respectively. Balance due from related parties (excluding Navios Europe I and Navios Europe II): Omnibus Agreements Acquisition Omnibus Agreement: Navios Acquisition entered into an omnibus agreement (the “Acquisition Omnibus Agreement”) with Navios Holdings and Navios Partners in connection with the closing of Navios Acquisition's initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for container vessels and vessels that are primarily employed in operations in South America without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter-in drybulk carriers under specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries grant to Navios Holdings and Navios Partners a right of first offer on any proposed sale, transfer or other disposition of any of its drybulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels they might own. These rights of first offer will not apply to a: (a) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the existing terms of any charter or other agreement with a counterparty; or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party. Midstream Omnibus Agreement: Navios Acquisition entered into an omnibus agreement (the “Midstream Omnibus Agreement”), with Navios Midstream, Navios Holdings and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Midstream, Navios Holdings, Navios Partners and their controlled affiliates generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of the Navios Midstream General Partner. The Midstream Omnibus Agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliates to compete with Navios Midstream under specified circumstances. Under the Midstream Omnibus Agreement, Navios Midstream and its subsidiaries will grant to Navios Acquisition a right of first offer on any proposed sale, transfer or other disposition of any of its VLCCs or any crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers and related charters owned or acquired by Navios Midstream. Likewise, Navios Acquisition will agree (and will cause its subsidiaries to agree) to grant a similar right of first offer to Navios Midstream for any of the VLCCs, crude oil tankers, refined petroleum product 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 Agreement: 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: market value. Option Vessels: Balance due from Navios Europe I: Balance due from Navios Europe I as of June 30, 2016 amounted to $11,246 (December 31, 2015: $10,266) which included the Navios Revolving Loans I of $7,125 (December 31, 2015: $7,125), the non-current amount of $1,799 (December 31, 2015: $1,398) related to the accrued interest income earned under the Navios Term Loans I under the caption “Due from related parties, long-term” and the accrued interest income earned under the Navios Revolving Loans I of $2,322 (December 31, 2015: $1,743) under the caption “Due from related parties, short-term.” 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 June 30, 2016, the amount undrawn under the Navios Revolving Loans I was $9,100, of which Navios Acquisition was committed to fund $4,323. Balance due from Navios Europe II: Balance due from Navios Europe II as of June 30, 2016 amounted to $14,411 (December 31, 2015: $8,525) which included the Navios Revolving Loans II of $11,602 (December 31, 2015: $7,327), the non-current amount of $1,302 (December 31, 2015: $625) related to the accrued interest income earned under the Navios Term Loans II under the caption “Due from related parties, long-term” and the accrued interest income earned under the Navios Revolving Loans II of $1,507 (December 31, 2015: $573) under the caption “Due from related parties, short-term.” 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 June 30, 2016, the amount undrawn under the Navios Revolving Loans II was $14,075, of which Navios Acquisition was committed to fund $6,686. |
Commitments and Contigencies
Commitments and Contigencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitment and Contigencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13: COMMITMENTS AND CONTINGENCIES On November 18, 2014, Navios Acquisition entered into a backstop agreement with Navios Midstream. In accordance with the terms of the backstop agreement, Navios Acquisition has committed to charter-in the Shinyo Ocean and Shinyo Kannika for a two-year period at the time of their redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Furthermore, Navios Acquisition has committed to charter-in the following option vessels: a) Nave Celeste for a two-year period at the time of her redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate and b) Nave Galactic and Nave Quasar for a four-year period at the net time charter-out rate per day (net of commissions) of $35 if the market charter rate is lower than the charter-out rate of $35. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit-sharing. The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date of the financial statements were prepared. In the opinion of the management, the ultimate disposition of these matters individually and in aggregate will not materially affect the Company's financial position, results of operations or liquidity. Legal Proceedings On April 1, 2016, Navios Holdings was named as a defendant in a putative shareholder derivative lawsuit brought by two alleged shareholders of Navios Acquisition purportedly on behalf of nominal defendant, Navios Acquisition, in the United States District Court for the Southern District of New York, captioned Metropolitan Capital Advisors International Ltd., et al. v. Navios Maritime Holdings, Inc. et al. On April 14, 2016, Navios Holdings and Navios Acquisition announced that the Revolver had been cancelled, and that no borrowings had been made under the Revolver. In June 2016, the parties reached an agreement resolving the plaintiffs' application for attorneys' fees and expenses which was approved by an order of the Court. The litigation was dismissed upon notice of the order being provided to Navios Acquisition's shareholders via the inclusion of the order as an attachment to a Navios Acquisition Form 6-K and the payment of $775 by Navios Acquisition in satisfaction of the plaintiffs' request for attorneys' fees and expenses. A copy of the order was provided as an exhibit to Navios Acquisition's Form 6-K filed with the Securities and Exchange Commission on June 9, 2016. |
Preferred and Common Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2016 | |
Preferred and Common Stock [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 14: 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 acquisition. 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 fully converted to common stock that was issued on March 11, 2016. 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. On March 11, 2016, 1,200,000 shares of common stock were issued as a result of the conversion of 3,000 shares of Series A Convertible Preferred Stock. As of June 30, 2016, the Company was authorized to issue 10,000,000 shares of $0.0001 par value preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of June 30, 2016, the Company's issued and outstanding preferred stock consisted of the 1,000 Series C Convertible Preferred Stock. As of December 31, 2015, the Company's issued and outstanding preferred stock consisted of the 1,000 Series C Convertible Preferred Stock and the 3,000 Series A 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. On January 6, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of the puttable common stock and paid cash of $1,000 to the holder upon such redemption. On April 1, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of the puttable common stock and paid cash of $1,000 to the holder upon redemption. As of each of June 30, 2016 and December 31, 2015, no shares of Series D Convertible Preferred Stock were outstanding: Series D Preferred Stock Number of preferred shares Amount 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 — $ — Balance at June 30, 2016 — $ — As of June 30, 2016 and December 31, 2015, the following shares of puttable common stock were outstanding: Puttable Common Stock Number of Amount 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 Redemption of 200,000 shares of the puttable common stock (200,000 ) (2,000 ) Balance at June 30, 2016 450,000 $ 4,500 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 $50,000, 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. On March 11, 2016, 1,200,000 shares of common stock were issued as a result of the conversion of 3,000 shares of Series A Convertible Preferred Stock. As of June 30, 2016, 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 over 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 is determined by reference to the quoted stock price on the date of grant of $3.99 per share (or total fair value of $8,379). The fair value of stock option grants is determined with reference to option pricing model, and principally adjusted Black-Scholes models, using historical volatility, historical dividend yield, zero forfeiture rate, risk free rate equal to 10-year US treasury bond and the simplified method for determining the expected option term since the Company does not have sufficient historical exercise data upon which to have a reasonable basis to estimate the expected option term. The fair value of stock options was calculated to $0.79 per option (or $1,188). Compensation expense is recognized based on a graded expense model over the vesting period of three years from the date of the grant. The effect of compensation expense arising from the stock-based arrangements described above amounted to $264 and $662, for the three month period ended June 30, 2016 and 2015, respectively, and was reflected in general and administrative expenses on the statements of income. For the six month period ended June 30, 2016 and 2015, the effect of compensation expense arising from the stock-based arrangements described above amounted to $528 and $1,318, respectively. The recognized compensation expense for the period was presented as adjustment to reconcile net income to net cash provided by operating activities on the statements of cash flows. There were no restricted stock or stock options exercised, forfeited or expired during the three and six month periods ended June 30, 2016 and 2015, respectively. Restricted shares outstanding and not vested amounted to 700,005 shares as of June 30, 2016 and the number of stock options outstanding as of June 30, 2016 amounted to 1,500,000. The estimated compensation cost relating to service conditions of non-vested (a) stock options and (b) restricted stock not yet recognized was $42 and $295, respectively, as of June 30, 2016 and is expected to be recognized over the weighted average period of 0.32 years. The weighted average contractual life of stock options outstanding as at June 30, 2016 was 7.3 years. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | NOTE 15: SEGMENT INFORMATION Navios Acquisition reports financial information and evaluates its operations by charter revenues. Navios Acquisition does not use discrete financial information to evaluate operating results for each type of charter. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus Navios Acquisition has determined that it operates under one reportable segment. The following table sets out operating revenue by geographic region for Navios Acquisition's reportable segment. Revenue is allocated on the basis of the geographic region in which the customer is located. Tanker vessels operate worldwide. Revenues from specific geographic region which contribute over 10% of total revenue are disclosed separately. Revenue by Geographic Region Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. Three Month Three Month Six Month Six Month Period ended Period ended Period ended Period ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 (unaudited) (unaudited) (unaudited) (unaudited) Asia $ 46,750 $ 55,303 $ 98,740 $ 105,624 Europe 9,862 10,780 19,118 21,245 United States 17,883 14,325 37,056 32,150 Total $ 74,495 $ 80,408 $ 154,914 $ 159,019 |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 16: EARNINGS PER COMMON SHARE Income per share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock of Navios Acquisition outstanding during the period. Potential common shares of 9,176,000 for each of six months period ended June 30, 2016 and 2015 (which include Series C Convertible Preferred Stock and Stock options) have an anti-dilutive effect (i.e. those that increase income per share) and are therefore excluded from the calculation of diluted income per share. For the Three For the Three For the Six For the Six Months Ended Months Ended Months Ended Months Ended June 30, June 30 June 30, June 30, 2016 2015 2016 2015 Numerator: Net income $ 12,184 $ 26,362 $ 35,954 $ 46,396 Less: Dividend on Series B preferred shares — (27 ) — (54 ) Dividend on Series D preferred shares — (61 ) — (199 ) Dividend declared on restricted shares (35 ) (70 ) (70 ) (140 ) Undistributed income attributable to Series C participating preferred shares (591 ) (1,271 ) (1,752 ) (2,233 ) Net income attributable to common shareholders, basic $ 11,558 $ 24,933 $ 34,132 $ 43,770 Plus: Dividend on Series B preferred shares — 27 — 54 Dividend declared on Series D preferred shares — 61 — 199 Dividend declared on restricted shares 35 70 70 140 Net income attributable to common stockholders, diluted $ 11,593 $ 25,091 $ 34,202 $ 44,163 Denominator: Denominator for basic net income per share — weighted average shares 150,084,084 150,580,595 149,668,699 150,455,682 Series A preferred stock — 1,200,000 468,132 1,200,000 Series B preferred stock — 216,000 — 216,000 Series D preferred stock — 801,020 — 1,069,258 Restricted shares 700,005 1,400,006 700,005 1,400,006 Denominator for diluted net income per share — adjusted weighted average shares 150,784,089 154,197,621 150,836,836 154,340,946 Basic net income per share $ 0.08 $ 0.17 $ 0.23 $ 0.29 Diluted net income per share $ 0.08 $ 0.16 $ 0.23 $ 0.29 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 17: INCOME TAXES Marshall Islands, Cayman Islands, British Virgin Islands, and Hong Kong, do not impose a tax on international shipping income. Under the laws of 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 income for the six months ended June 30, 2016, and 2015 related to the Greek Tonnage tax was $612 and $538, respectively, and for the three months ended June 30, 2016 and 2015, it was $0 and $21, 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18: SUBSEQUENT EVENTS On July 1, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of the puttable common stock and paid cash of $1,000 to the holder upon redemption. On August 10, 2016, the Board of Directors declared a quarterly cash dividend in respect of the second quarter of 2016 of $0.05 per share of common stock payable on September 21, 2016 to stockholders of record as of September 14, 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. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation: |
Revision of prior period financial statements | 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. (“Navios Midstream”) 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 three and six month period ended June 30, 2015 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 six month period ended June 30, 2015 (amounts in thousands). June 30, 2015 As previously Correction As Revised Balance Sheet Investment in affiliates 183,922 18,640 202,562 Investment in available-for-sale securities 19,274 (19,274 ) — Total non-current assets 1,556,375 (634 ) 1,555,741 Total assets 1,670,298 (634 ) 1,669,664 Other comprehensive income 634 (634 ) — Total stockholders' equity 522,903 (634 ) 522,269 Total liabilities and stockholders' equity 1,670,298 (634 ) 1,669,664 Statements of Operations/ Statement of Comprehensive Income (1) For the Three Unrealized holding income on investments in available-for-sale-securities 1,901 (1,901 ) — Other comprehensive income 1,901 (1,901 ) — Total comprehensive income (1) 28,263 (28,263 ) — Statements of Operations/ Statement of Comprehensive Income (1) For the Six Unrealized holding income on investments in available-for-sale-securities 4,176 (4,176 ) — Other comprehensive income 4,176 (4,176 ) — Total comprehensive income (1) 50,572 (50,572 ) — (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. The revision had an immaterial impact on previously reported amounts of operating, investing or financing cash flows, and had no impact 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. |
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: 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 June 30, 2016, and 2015 the entities included in these consolidated financial statements were: Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2016 2015 Company Name Aegean Sea Maritime Holdings Inc. Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Amorgos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Andros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antikithira Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antiparos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Amindra Navigation Co. Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Crete Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Folegandros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Ikaria Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Ios Shipping Corporation Vessel-Owning Company Cayman Is. 1/1 - 6/30 1/1 - 6/30 Kithira Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Kos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Mytilene Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Maritime Acquisition Corporation Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Acquisition Finance (U.S.) Inc. Co-Issuer Delaware 1/1 - 6/30 1/1 - 6/30 Rhodes Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Serifos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Shinyo Dream Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 6/17 Shinyo Loyalty Limited Vessel-Owning Company (1) Hong Kong 1/1 - 6/30 1/1 - 6/30 Shinyo Navigator Limited Vessel-Owning Company (2) Hong Kong 1/1 - 6/30 1/1 - 6/30 Sifnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skiathos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skopelos Shipping Corporation Vessel-Owning Company Cayman Is. 1/1 - 6/30 1/1 - 6/30 Syros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Thera Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Tinos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Oinousses Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Psara Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antipsara Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Samothrace Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Thasos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Limnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skyros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Alonnisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Makronisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Iraklia Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Paxos Shipping Corporation Vessel-Owning Company (5) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Donoussa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Schinousa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Acquisition Europe Finance Inc Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Sikinos Shipping Corporation Vessel-Owning Company (3) Marshall Is. — 1/1 - 6/17 Kerkyra Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Lefkada Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Zakynthos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Leros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Kimolos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Samos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Tilos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 — Delos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 — Navios Maritime Midstream Partners GP LLC Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 (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 in June 2015. (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. (5) Former vessel-owner of the Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. |
Use of estimates | (e) Use of estimates: |
Vessels, net | (f) 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 of $360 per lightweight ton, as we believe these levels are common in the shipping industry. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods. Management estimates the useful life of our vessels to be 25 years from the vessel's original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. |
Vessels held for sale | (g) Vessels held for sale: Vessels are classified as “Vessels held for sale” when all of the following criteria are met: management has committed to a plan to sell the vessel; the vessel is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable and transfer of the vessel is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale. |
Impairment of long-lived asset group | (h) 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 with respect to the time charter agreement to that vessel) and compared to the vessel carrying value and related carrying value of the intangible with respect to the time charter agreement attached to that vessel or the carrying value of deposits for new buildings, 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. |
Revenue Recognition | (i) Revenue Recognition: Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight-line basis as the average revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Profit sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit share elements, these are accounted for on the actual cash settlement. Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. Pooling arrangements: The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of accounting for stock based compensation including the tax consequences, classification of awards as equity or liabilities, forfeitures and classification on the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2016, 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 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 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 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 income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance 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. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of the impact of the adjustment on the Company's consolidated financial statements | June 30, 2015 As previously Correction As Revised Balance Sheet Investment in affiliates 183,922 18,640 202,562 Investment in available-for-sale securities 19,274 (19,274 ) — Total non-current assets 1,556,375 (634 ) 1,555,741 Total assets 1,670,298 (634 ) 1,669,664 Other comprehensive income 634 (634 ) — Total stockholders' equity 522,903 (634 ) 522,269 Total liabilities and stockholders' equity 1,670,298 (634 ) 1,669,664 Statements of Operations/ Statement of Comprehensive Income (1) For the Three Unrealized holding income on investments in available-for-sale-securities 1,901 (1,901 ) — Other comprehensive income 1,901 (1,901 ) — Total comprehensive income (1) 28,263 (28,263 ) — Statements of Operations/ Statement of Comprehensive Income (1) For the Six Unrealized holding income on investments in available-for-sale-securities 4,176 (4,176 ) — Other comprehensive income 4,176 (4,176 ) — Total comprehensive income (1) 50,572 (50,572 ) — (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. |
Navios Maritime Acquisition Corporation and Subsidiaries | Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2016 2015 Company Name Aegean Sea Maritime Holdings Inc. Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Amorgos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Andros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antikithira Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antiparos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Amindra Navigation Co. Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Crete Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Folegandros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Ikaria Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Ios Shipping Corporation Vessel-Owning Company Cayman Is. 1/1 - 6/30 1/1 - 6/30 Kithira Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Kos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Mytilene Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Maritime Acquisition Corporation Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Acquisition Finance (U.S.) Inc. Co-Issuer Delaware 1/1 - 6/30 1/1 - 6/30 Rhodes Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Serifos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Shinyo Dream Limited Vessel-Owning Company (3) Hong Kong — 1/1 - 6/17 Shinyo Loyalty Limited Vessel-Owning Company (1) Hong Kong 1/1 - 6/30 1/1 - 6/30 Shinyo Navigator Limited Vessel-Owning Company (2) Hong Kong 1/1 - 6/30 1/1 - 6/30 Sifnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skiathos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skopelos Shipping Corporation Vessel-Owning Company Cayman Is. 1/1 - 6/30 1/1 - 6/30 Syros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Thera Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Tinos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Oinousses Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Psara Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antipsara Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Samothrace Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Thasos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Limnos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Skyros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Alonnisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Makronisos Shipping Corporation Vessel-Owning Company (4) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Iraklia Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Paxos Shipping Corporation Vessel-Owning Company (5) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Donoussa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Schinousa Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Navios Acquisition Europe Finance Inc Sub-Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Sikinos Shipping Corporation Vessel-Owning Company (3) Marshall Is. — 1/1 - 6/17 Kerkyra Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Lefkada Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Zakynthos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Leros Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Kimolos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Samos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Tilos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 — Delos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 — Navios Maritime Midstream Partners GP LLC Holding Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 (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 in June 2015. (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. (5) Former vessel-owner of the Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | June 30, 2016 December 31, 2015 Cash on hand and at banks $ 50,451 $ 51,831 Short-term deposits 19,085 2,974 Total cash and cash equivalents $ 69,536 $ 54,805 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Vessels, Net | Vessels Cost Accumulated Net Book Balance at January 1, 2015 $ 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 Additions — (29,177 ) (29,177 Disposals (16,817 ) 1,794 (15,023 Transferred to “Vessels held for sale” (Note 6) (68,502 ) 6,430 (62,072 Balance at June 30, 2016 $ 1,505,013 $ (169,650 ) $ 1,335,363 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill [Abstract] | |
Schedule of Goodwill | Balance January 1, 2015 $ 1,579 Balance December 31, 2015 1,579 Balance June 30, 2016 $ 1,579 |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summarized Financial Information - Balance Sheet Data | June 30, 2016 December 31, 2015 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 $ 38,219 $ 10,209 $ 16,905 $ 37,834 $ 11,839 $ 17,366 Current assets 52,282 14,785 19,620 45,860 14,782 22,539 Non-current assets 425,972 174,842 240,120 434,708 179,023 245,154 Current liabilities 6,199 16,382 15,433 4,078 15,377 16,897 Long-term debt including current portion, net of deferred finance cost and discount 197,495 91,326 124,215 197,819 96,580 129,185 Financial liabilities at fair value* — 70,930 18,777 — 68,535 23,568 Non-current liabilities 196,841 180,488 174,176 197,176 182,537 173,543 (*) representing the fair value of Junior Loan I and Junior Loan II, respectively. |
Summarized Financial Information - Income Statement Data | Three month period ended June 30, 2016 Three month period ended June 30, 2015 Income Statement Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Revenue $ 22,695 $ 10,418 $ 6,760 $ 18,350 $ 10,765 $ 994 Net (loss)/ income before non-cash change in fair value of Junior Loan — (449 ) (6,889 ) — 527 414 Net income/(loss) 5,889 (1,955 ) (3,220 ) 5,394 (1,069 ) 414 Six month period ended June 30, 2016 Six month period ended June 30, 2015 Income Statement Navios Midstream Navios Europe I Navios Europe II Navios Midstream Navios Europe I Navios Europe II Revenue $ 46,844 $ 20,530 $ 14,726 $ 35,053 $ 19,860 $ 994 Net (loss)/ income before non-cash change in fair value of Junior Loan — (739 ) (11,913 ) — (1,355 ) 414 Net income/(loss) 13,384 (3,134 ) (7,122 ) 11,706 (4,800 ) 414 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accrued Expenses [Abstract] | |
Schedule of Accrued Expenses | June 30, 2016 December 31, 2015 Accrued voyage expenses $ 595 $ 485 Accrued loan interest 9,013 9,026 Accrued legal and professional fees 3,603 291 Total accrued expenses $ 13,211 $ 9,802 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Borrowings [Abstract] | |
Schedule of Borrowings | June 30, 2016 December 31, 2015 Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank $ 114,750 $ 119,250 BNP Paribas S.A. and DVB Bank S.E. 63,000 65,250 Eurobank Ergasias S.A. $52,200 39,661 41,025 Eurobank Ergasias S.A. $52,000 37,326 38,550 Norddeutsche Landesbank Girozentrale 26,172 26,953 DVB Bank S.E. and Credit Agricole Corporate and Investment Bank 50,391 51,953 Ship Mortgage Notes $670,000 670,000 670,000 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB 105,259 125,000 HSH Nordbank AG $40,300 33,373 34,633 BNP Paribas $44,000 42,000 44,000 1,181,932 1,216,614 Less: Deferred finance cost, net (18,669 ) (20,640 ) Add: bond premium 1,502 1,609 Total borrowings $ 1,164,765 $ 1,197,583 Less: current portion, net of deferred finance cost (74,864 ) (62,643 ) Total long-term borrowings, net of current portion, bond premium and deferred finance cost $ 1,089,901 $ 1,134,940 |
Long-Term Debt Obligations | Amount Long-Term Debt Obligations: Year June 30, 2017 $ 76,420 June 30, 2018 40,442 June 30, 2019 117,213 June 30, 2020 90,462 June 30, 2021 112,270 June 30, 2022 and thereafter 745,125 Total $ 1,181,932 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | June 30, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 69,536 $ 69,536 $ 54,805 $ 54,805 Restricted cash $ 6,904 $ 6,904 $ 6,840 $ 6,840 Ship mortgage notes and premium $ 658,844 $ 529,722 $ 658,048 $ 589,185 Other long-term debt, net of deferred finance cost $ 505,921 $ 511,932 $ 539,535 $ 546,614 Due from related parties, long-term $ 28,257 $ 28,257 $ 16,474 $ 16,474 Due from related parties, short-term $ 21,661 $ 21,661 $ 17,837 $ 17,837 |
Fair Value of Financial Instruments measured on a Non-Recurring Basis | Fair Value Measurements at June 30, 2016 Using Total Level I Level II Level III Cash and cash equivalents $ 69,536 $ 69,536 $ — $ — Restricted cash $ 6,904 $ 6,904 $ — $ — Ship mortgage notes and premium $ 529,722 $ 529,722 $ — $ — Other long-term debt (1) $ 511,932 $ — $ 511,932 (1) $ — Due from related parties, long-term (Europe I, Europe II) $ 21,828 $ — $ 21,828 $ — 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) $ — Due from related parties, long-term (Europe I, Europe II) $ 16,474 $ — $ 16,474 $ — (1 )The fair value of the Company's other long-term debt 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. |
Preferred and Common Stock (Tab
Preferred and Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Preferred and Common Stock [Abstract] | |
Temporary Equity | As of each of June 30, 2016 and December 31, 2015, no shares of Series D Convertible Preferred Stock were outstanding: Series D Preferred Stock Number of preferred shares Amount 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 — $ — Balance at June 30, 2016 — $ — As of June 30, 2016 and December 31, 2015, the following shares of puttable common stock were outstanding: Puttable Common Stock Number of Amount 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 Redemption of 200,000 shares of the puttable common stock (200,000 ) (2,000 ) Balance at June 30, 2016 450,000 $ 4,500 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Revenue by Geographic Region | Three Month Three Month Six Month Six Month Period ended Period ended Period ended Period ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 (unaudited) (unaudited) (unaudited) (unaudited) Asia $ 46,750 $ 55,303 $ 98,740 $ 105,624 Europe 9,862 10,780 19,118 21,245 United States 17,883 14,325 37,056 32,150 Total $ 74,495 $ 80,408 $ 154,914 $ 159,019 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | |
Schedule of Earnings per Common Share | For the Three For the Three For the Six For the Six Months Ended Months Ended Months Ended Months Ended June 30, June 30 June 30, June 30, 2016 2015 2016 2015 Numerator: Net income $ 12,184 $ 26,362 $ 35,954 $ 46,396 Less: Dividend on Series B preferred shares — (27 ) — (54 Dividend on Series D preferred shares — (61 ) — (199 Dividend declared on restricted shares (35 ) (70 ) (70 ) (140 Undistributed income attributable to Series C participating preferred shares (591 ) (1,271 ) (1,752 ) (2,233 Net income attributable to common shareholders, basic $ 11,558 $ 24,933 $ 34,132 $ 43,770 Plus: Dividend on Series B preferred shares — 27 — 54 Dividend declared on Series D preferred shares — 61 — 199 Dividend declared on restricted shares 35 70 70 140 Net income attributable to common stockholders, diluted $ 11,593 $ 25,091 $ 34,202 $ 44,163 Denominator: Denominator for basic net income per share — weighted average shares 150,084,084 150,580,595 149,668,699 150,455,682 Series A preferred stock — 1,200,000 468,132 1,200,000 Series B preferred stock — 216,000 — 216,000 Series D preferred stock — 801,020 — 1,069,258 Restricted shares 700,005 1,400,006 700,005 1,400,006 Denominator for diluted net income per share — adjusted weighted average shares 150,784,089 154,197,621 150,836,836 154,340,946 Basic net income per share $ 0.08 $ 0.17 $ 0.23 $ 0.29 Diluted net income per share $ 0.08 $ 0.16 $ 0.23 $ 0.29 |
Description of Organization a37
Description of Organization and Business Operations (Details) - USD ($) $ in Thousands | Jan. 06, 2016 | Mar. 11, 2016 | Mar. 02, 2015 | Apr. 01, 2016 | Apr. 30, 2015 | Apr. 24, 2015 | Jun. 30, 2016 | Jul. 15, 2015 | Jun. 30, 2015 | Aug. 13, 2015 | Oct. 02, 2015 | Oct. 27, 2015 | Oct. 26, 2015 | Dec. 31, 2015 |
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 | 43.30% | |||||||||||||
Navios Holdings' economic interest in Navios Acquisition | 46.30% | |||||||||||||
Common stock shares outstanding | 150,782,990 | 149,782,990 | ||||||||||||
Amount paid upon redemption | $ 2,000 | $ 3,500 | ||||||||||||
Puttable Common Stock | ||||||||||||||
Shares redeemed | 100,000 | 100,000 | 25,000 | 200,000 | 50,000 | 75,000 | 150,000 | |||||||
Amount paid upon redemption | $ 1,000 | $ 1,000 | $ 250 | $ 500 | $ 750 | |||||||||
Common Stock | ||||||||||||||
Shares redeemed | 200,000 | 25,000 | ||||||||||||
Conversion of Stock, Shares issued | 1,200,000 | 200,000 | 200,000 | 64,800 | 200,000 | 108,000 | 200,000 | |||||||
Series A Convertible Preferred Stock | ||||||||||||||
Preferred stock shares outstanding | 3,000 | |||||||||||||
Conversion of Stock, Shares converted | 3,000 | |||||||||||||
Series C Convertible Preferred Stock | ||||||||||||||
Preferred stock shares outstanding | 1,000 | 1,000 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Change in Accounting Principle (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Balance Sheet | ||||||
Investment in affiliates | $ 201,711 | $ 204,808 | ||||
Total non-current assets | 1,645,018 | 1,676,742 | ||||
Total assets | 1,761,319 | 1,774,091 | ||||
Total stockholders' equity | $ 522,269 | $ 522,269 | 561,502 | 540,871 | $ 490,793 | |
Total liabilities and stockholders' equity | $ 1,761,319 | $ 1,774,091 | ||||
As previously reported | ||||||
Balance Sheet | ||||||
Investment in affiliates | 183,922 | 183,922 | ||||
Investment in available-for-sale securities | 19,274 | 19,274 | ||||
Total non-current assets | 1,556,375 | 1,556,375 | ||||
Total assets | 1,670,298 | 1,670,298 | ||||
Other comprehensive income | 634 | 634 | ||||
Total stockholders' equity | 522,903 | 522,903 | ||||
Total liabilities and stockholders' equity | 1,670,298 | 1,670,298 | ||||
Statement of Operations/ Statement of Comprehensive Income (1) | ||||||
Unrealized holding income on investments in available-for-sale-securities | 1,901 | 4,176 | ||||
Other comprehensive income | 1,901 | 4,176 | ||||
Total comprehensive income | [1] | 28,263 | 50,572 | |||
Correction Adjustment | ||||||
Balance Sheet | ||||||
Investment in affiliates | 18,640 | 18,640 | ||||
Investment in available-for-sale securities | (19,274) | (19,274) | ||||
Total non-current assets | (634) | (634) | ||||
Total assets | (634) | (634) | ||||
Other comprehensive income | (634) | (634) | ||||
Total stockholders' equity | (634) | (634) | ||||
Total liabilities and stockholders' equity | (634) | (634) | ||||
Statement of Operations/ Statement of Comprehensive Income (1) | ||||||
Unrealized holding income on investments in available-for-sale-securities | (1,901) | (4,176) | ||||
Other comprehensive income | (1,901) | (4,176) | ||||
Total comprehensive income | [1] | (28,263) | (50,572) | |||
As Revised | ||||||
Balance Sheet | ||||||
Investment in affiliates | 202,562 | 202,562 | ||||
Investment in available-for-sale securities | 0 | 0 | ||||
Total non-current assets | 1,555,741 | 1,555,741 | ||||
Total assets | 1,669,664 | 1,669,664 | ||||
Other comprehensive income | 0 | 0 | ||||
Total stockholders' equity | 522,269 | 522,269 | ||||
Total liabilities and stockholders' equity | 1,669,664 | 1,669,664 | ||||
Statement of Operations/ Statement of Comprehensive Income (1) | ||||||
Unrealized holding income on investments in available-for-sale-securities | 0 | 0 | ||||
Other comprehensive income | 0 | 0 | ||||
Total comprehensive income | [1] | $ 0 | $ 0 | |||
[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. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 6 Months Ended | |
Jun. 30, 2016 | ||
Aegean Sea Maritime Holdings Inc. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Amorgos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Andros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Antikithira Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Antiparos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Amindra Navigation Co. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Crete Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Folegandros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Ikaria Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Ios Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Cayman Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Kithira Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Kos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Mytilene Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Navios Acquisition Finance (U.S.) Inc. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Co-Issuer | |
Country of Incorporation | Delaware | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Rhodes Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Serifos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Shinyo Dream Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Hong Kong | [1] |
Statement Of Operations | ||
2,015 | 1/1 - 6/17 | [1] |
Shinyo Loyalty Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [2] |
Country of Incorporation | Hong Kong | [2] |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | [2] |
2,015 | 1/1 - 6/30 | [2] |
Shinyo Navigator Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [3] |
Country of Incorporation | Hong Kong | [3] |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | [3] |
2,015 | 1/1 - 6/30 | [3] |
Sifnos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Skiathos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Skopelos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Cayman Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Syros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Thera Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Tinos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Oinousses Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Psara Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Antipsara Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Samothrace Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Thasos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Limnos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Skyros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Alonnisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [4] |
Country of Incorporation | Marshall Is. | [4] |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | [4] |
2,015 | 1/1 - 6/30 | [4] |
Makronisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [4] |
Country of Incorporation | Marshall Is. | [4] |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | [4] |
2,015 | 1/1 - 6/30 | [4] |
Iraklia Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Paxos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [5] |
Country of Incorporation | Marshall Is. | [5] |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | [5] |
2,015 | 1/1 - 6/30 | [5] |
Antipaxos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Donoussa Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Schinousa Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Navios Acquisition Europe Finance Inc | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Sikinos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Marshall Is. | [1] |
Statement Of Operations | ||
2,015 | 1/1 - 6/17 | [1] |
Kerkyra Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Lefkada Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Zakynthos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Leros Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Kimolos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Samos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Tilos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
Delos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
Navios Maritime Midstream Partners GP LLC | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
Navios Maritime Acquisition Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,016 | 1/1 - 6/30 | |
2,015 | 1/1 - 6/30 | |
[1] | Navios Midstream acquired all of the outstanding shares of capital stock of the vessel-owning subsidiary in June 2015. | |
[2] | Former vessel-owner of the Shinyo Splendor which was sold to an unaffiliated third party on May 6, 2014. | |
[3] | Former vessel-owner of the Shinyo Navigator which was sold to an unaffiliated third party on December 6, 2013. | |
[4] | 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. | |
[5] | Former vessel-owner of the Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Summary of Significant Accounting Policies [Abstract] | |
Depreciation method | straight line |
Scrap value per light weight ton | $ 360 |
Vessels estimated useful life | 25 years |
Cash and Cash Equivalents (Ta41
Cash and Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||||
Cash on hand and at banks | $ 50,451 | $ 51,831 | ||
Short-term deposits | 19,085 | 2,974 | ||
Total cash and cash equivalents | $ 69,536 | $ 54,805 | $ 73,797 | $ 54,493 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 6,904 | $ 6,840 |
Vessels, Net (Table) (Details)
Vessels, Net (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Balance | $ 1,441,635 | |
Balance | 1,335,363 | $ 1,441,635 |
Cost | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,590,332 | 1,487,606 |
Additions | 0 | 207,000 |
Disposals | (16,817) | (104,274) |
Transferred to "Vessels held for sale" (Note 6) | (68,502) | |
Balance | 1,505,013 | 1,590,332 |
Accumulated Depreciation | ||
Property, Plant and Equipment [Line Items] | ||
Balance | (148,697) | (111,675) |
Additions | (29,177) | (57,164) |
Disposals | 1,794 | 20,142 |
Transferred to "Vessels held for sale" (Note 6) | 6,430 | |
Balance | (169,650) | (148,697) |
Net Book Value | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,441,635 | 1,375,931 |
Additions | 149,836 | |
Additions | (29,177) | |
Disposals | (15,023) | (84,132) |
Transferred to "Vessels held for sale" (Note 6) | (62,072) | |
Balance | $ 1,335,363 | $ 1,441,635 |
Vessels, Net (Details)
Vessels, Net (Details) $ in Thousands | Jan. 08, 2015USD ($) | Jan. 27, 2016USD ($) | Feb. 11, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 18, 2015USD ($)shares |
Property, Plant and Equipment [Line Items] | ||||||||
Net cash proceeds from sale of vessels | $ 18,449 | $ 71,224 | ||||||
Cash consideration | 0 | 29,397 | ||||||
Gain on sale of vessels | $ 0 | $ 5,771 | 2,282 | 5,771 | ||||
Interest costs capitalized | $ 0 | $ 0 | $ 0 | $ 104 | ||||
Nave Lucida | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Net cash proceeds from sale of vessels | $ 18,449 | |||||||
Nave Lucida | Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Early repayment of debt | $ 12,097 | |||||||
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 | |||||||
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 | |||||||
Navios Midstream | Nave Celeste and C. Dream | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale price | $ 100,000 | |||||||
Cash received | $ 73,000 | |||||||
Subordinated Series A Units | Navios Midstream | Nave Celeste and C. Dream | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Units exchanged | shares | 1,592,920 |
Goodwill - Schedule (Table) (De
Goodwill - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Abstract] | |||
Balance | $ 1,579 | $ 1,579 | $ 1,579 |
Vessels held for sale (Details)
Vessels held for sale (Details) $ in Thousands | 4 Months Ended | ||
Apr. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | |||
Vessels held for sale | $ 62,072 | $ 0 | |
Nave Constellation | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Vessel Capacity | 45,281 | ||
Vessel Type | 2013-built chemical tanker | ||
Nave Universe | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Vessel Capacity | 45,513 | ||
Vessel Type | 2013-built chemical tanker | ||
Nave Constellation and Nave Universe | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Sale price | $ 74,600 | ||
Vessels held for sale | $ 62,072 |
Investment in Affiliates - Bala
Investment in Affiliates - Balance Sheet Data (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Navios Midstream | |||
Investments In And Advances To Affiliates [Line Items] | |||
Cash and cash equivalents, including restricted cash | $ 38,219 | $ 37,834 | |
Current assets | 52,282 | 45,860 | |
Non-current assets | 425,972 | 434,708 | |
Current liabilities | 6,199 | 4,078 | |
Long- term debt including current portion, net of deferred finance cost and discount | 197,495 | 197,819 | |
Financial liabilities at fair value | [1] | 0 | 0 |
Non-current liabilities | 196,841 | 197,176 | |
Navios Europe I | |||
Investments In And Advances To Affiliates [Line Items] | |||
Cash and cash equivalents, including restricted cash | 10,209 | 11,839 | |
Current assets | 14,785 | 14,782 | |
Non-current assets | 174,842 | 179,023 | |
Current liabilities | 16,382 | 15,377 | |
Long- term debt including current portion, net of deferred finance cost and discount | 91,326 | 96,580 | |
Financial liabilities at fair value | [1] | 70,930 | 68,535 |
Non-current liabilities | 180,488 | 182,537 | |
Navios Europe II | |||
Investments In And Advances To Affiliates [Line Items] | |||
Cash and cash equivalents, including restricted cash | 16,905 | 17,366 | |
Current assets | 19,620 | 22,539 | |
Non-current assets | 240,120 | 245,154 | |
Current liabilities | 15,433 | 16,897 | |
Long- term debt including current portion, net of deferred finance cost and discount | 124,215 | 129,185 | |
Financial liabilities at fair value | [1] | 18,777 | 23,568 |
Non-current liabilities | $ 174,176 | $ 173,543 | |
[1] | (*) representing the fair value of Junior Loan I and Junior Loan II, respectively. |
Investment in Affiliates - Inco
Investment in Affiliates - Income Statement Data (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Navios Midstream | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | $ 22,695 | $ 18,350 | $ 46,844 | $ 35,053 |
Net (loss)/ income before non-cash change in fair value of Junior Loan | 0 | 0 | 0 | 0 |
Net income/(loss) | 5,889 | 5,394 | 13,384 | 11,706 |
Navios Europe I | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | 10,418 | 10,765 | 20,530 | 19,860 |
Net (loss)/ income before non-cash change in fair value of Junior Loan | (449) | 527 | (739) | (1,355) |
Net income/(loss) | (1,955) | (1,069) | (3,134) | (4,800) |
Navios Europe II | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | 6,760 | 994 | 14,726 | 994 |
Net (loss)/ income before non-cash change in fair value of Junior Loan | (6,889) | 414 | (11,913) | 414 |
Net income/(loss) | $ (3,220) | $ 414 | $ (7,122) | $ 414 |
Investment in Affiliates - Navi
Investment in Affiliates - Navios Europe I and Navios Europe II (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Feb. 18, 2015USD ($) | Dec. 18, 2013USD ($) | Oct. 09, 2013USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |||||||||
Proceeds from loan facility | $ 0 | $ 25,954 | |||||||
Amount outstanding | $ 505,921 | 505,921 | $ 539,535 | $ 539,535 | |||||
Long-term debt | 1,164,765 | 1,164,765 | 1,197,583 | 1,197,583 | |||||
Investment in affiliates | 201,711 | 201,711 | 204,808 | 204,808 | |||||
Due from related parties, long-term | 28,257 | 28,257 | 16,474 | 16,474 | |||||
Cash consideration | 0 | 29,397 | |||||||
Equity method investment income | 3,731 | $ 3,651 | 8,622 | 7,089 | |||||
Navios Europe I | |||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||
Ownership percentage | 47.50% | ||||||||
Number of vessels acquired | 10 | ||||||||
Estimated maximum potential loss | 17,012 | 15,764 | |||||||
Investment in affiliates | 5,766 | 5,766 | 5,498 | 5,498 | $ 4,750 | ||||
Due from related parties, long-term | 8,924 | 8,924 | 8,523 | 8,523 | |||||
Equity method investment income | 136 | $ 210 | $ 268 | $ 210 | |||||
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 | 5,048 | $ 5,048 | 5,386 | 5,386 | $ 6,763 | ||||
Navios Europe I | Navios Revolving Loans I | |||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||
Accrued interest on loan to affiliate, current | 2,322 | 2,322 | $ 1,743 | $ 1,743 | |||||
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 | 21,083 | $ 15,867 | |||||||
Investment in affiliates | 6,672 | 6,672 | $ 7,342 | 7,342 | $ 6,650 | ||||
Due from related parties, long-term | 12,904 | 12,904 | 7,952 | 7,952 | |||||
Cash consideration | 145,550 | ||||||||
Equity method investment income | (396) | $ (670) | |||||||
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. 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. | ||||||||
Unamortized difference of investment | 8,424 | $ 8,424 | 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] | |||||||||
Accrued interest on loan to affiliate, current | 1,507 | 1,507 | 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 - Na50
Investment in Affiliates - Navios Midstream Revised (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 11 Months Ended | |||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 18, 2015USD ($)$ / sharesshares | Nov. 30, 2014USD ($)shares | Dec. 31, 2015USD ($) | Nov. 18, 2014USD ($) | |
Investments In And Advances To Affiliates [Line Items] | ||||||||
Proceeds from loan facility | $ 0 | $ 25,954 | ||||||
Investment in affiliates received upon sale of vessels | 0 | 27,111 | ||||||
Investment in affiliates | $ 201,711 | 201,711 | $ 204,808 | |||||
Equity in net earnings of affiliated companies | 3,731 | $ 3,651 | $ 8,622 | 7,089 | ||||
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% | |||||||
Investment in affiliates | 189,273 | $ 189,273 | $ 27,665 | 191,968 | $ 183,141 | |||
Unamortized difference of investment | 21,839 | 21,839 | 2,554 | $ 22,120 | 20,169 | |||
Equity in net earnings of affiliated companies | 3,442 | 3,229 | 7,946 | 6,495 | ||||
Dividends received from affiliates | $ 5,320 | $ 4,524 | $ 10,640 | $ 6,688 | ||||
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 | 381,334 | |||||||
Navios Midstream Revised | General Partner Units | Nave Celeste and C. Dream | ||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||
Units exchanged | shares | 32,509 | |||||||
Proceeds from issuance of general partner units | $ 551 | |||||||
Navios Midstream Revised | Subordinated Series A Units | ||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||
Limited partnership interest | 7.70% | |||||||
Navios Midstream Revised | Subordinated Series A Units | Nave Celeste and C. Dream | ||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||
Units exchanged | shares | 1,592,920 | |||||||
Share price | $ / shares | $ 17.02 | |||||||
Investment in affiliates received upon sale of vessels | $ 27,111 |
Dividend Payable (Details)
Dividend Payable (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Dividends paid - aggregate | $ 15,851 | $ 16,170 | |
Installment 4 - FY 2015 | |||
Dividends Payable, Date Declared | Feb. 4, 2016 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,928 | ||
Dividends Payable, Date to be Paid | Mar. 23, 2016 | ||
Dividends paid to common stockholders | $ 7,544 | ||
Dividends Payable, Date of Record | Mar. 17, 2016 | ||
Installment 1 - FY 2016 | |||
Dividends Payable, Date Declared | May 11, 2016 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,923 | ||
Dividends Payable, Date to be Paid | Jun. 22, 2016 | ||
Dividends paid to common stockholders | $ 7,539 | ||
Dividends Payable, Date of Record | Jun. 17, 2016 | ||
Series C Preferred Stock | |||
Preferred stock shares outstanding | 1,000 | 1,000 | |
Navios Holdings | Series C Preferred Stock | Installment 4 - FY 2015 | |||
Dividends paid to preferred stockholders | $ 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 1 - FY 2016 | |||
Dividends paid to preferred stockholders | $ 384 |
Accrued Expenses - Schedule (Ta
Accrued Expenses - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accrued Expenses [Abstract] | ||
Accrued voyage expenses | $ 595 | $ 485 |
Accrued loan interest | 9,013 | 9,026 |
Accrued legal and professional fees | 3,603 | 291 |
Total accrued expenses | $ 13,211 | $ 9,802 |
Accrued Expenses (Details)
Accrued Expenses (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Accrued Expenses [Abstract] | |
Accrued Bonuses | $ 2,750 |
Borrowings - Schedule (Table) (
Borrowings - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 1,181,932 | $ 1,216,614 |
Less: Deferred finance cost, net | (18,669) | (20,640) |
Add: bond premium | 1,502 | 1,609 |
Total borrowings | 1,164,765 | 1,197,583 |
Less: current portion, net of deferred finance cost | (74,864) | (62,643) |
Total long-term borrowings, net of current portion, bond premium and deferred finance cost | 1,089,901 | 1,134,940 |
Ship Mortgage Notes $670,000 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 670,000 | 670,000 |
Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 114,750 | 119,250 |
BNP Paribas S.A. and DVB Bank S.E. | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 63,000 | 65,250 |
Eurobank Ergasias S.A. $52,200 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 39,661 | 41,025 |
Eurobank Ergasias S.A. $52,000 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 37,326 | 38,550 |
Norddeutsche Landesbank Girozentrale | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 26,172 | 26,953 |
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 50,391 | 51,953 |
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 105,259 | 125,000 |
HSH Nordbank AG $40,300 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 33,373 | 34,633 |
BNP Paribas $44,000 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 42,000 | $ 44,000 |
Borrowings - Long-Term Debt Obl
Borrowings - Long-Term Debt Obligations (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Long-Term Debt Obligations: | ||
June 30, 2017 | $ 76,420 | |
June 30, 2018 | 40,442 | |
June 30, 2019 | 117,213 | |
June 30, 2020 | 90,462 | |
June 30, 2021 | 112,270 | |
June 30, 2022 and thereafter | 745,125 | |
Total | $ 1,181,932 | $ 1,216,614 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2016 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Other long-term debt | $ 511,932 | $ 546,614 | |||
Net cash proceeds from sale of vessels | 18,449 | $ 71,224 | |||
Outstanding Amount | 1,181,932 | 1,216,614 | |||
Ship Mortgage Notes $670,000 | |||||
Debt Instrument [Line Items] | |||||
Outstanding Amount | $ 670,000 | 670,000 | |||
Existing 2021 Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Issuance Date | Nov. 13, 2013 | ||||
Debt instrument face amount | $ 610,000 | ||||
Maturity date | Nov. 15, 2021 | ||||
Fixed interest rate | 8.125% | ||||
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% | ||||
Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Other long-term debt | $ 511,932 | ||||
Interest rate description | LIBOR plus spread | ||||
Repayment frequency | semi-annual or quarterly | ||||
Maturity Date Range, Start | Oct. 31, 2016 | ||||
Maturity Date Range, End | Oct. 31, 2022 | ||||
Line of credit facility remaining borrowing capacity | $ 0 | ||||
Credit Facilities | Minimum | |||||
Debt Instrument [Line Items] | |||||
Loan margin percentage | 2.50% | ||||
Credit Facilities | Maximum | |||||
Debt Instrument [Line Items] | |||||
Loan margin percentage | 3.20% | ||||
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% | ||||
Line of credit facility remaining borrowing capacity | $ 0 | ||||
Outstanding Amount | $ 105,259 | $ 125,000 | |||
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 | ||||
The Navios Holdings Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Mar. 31, 2016 | ||||
Line of credit facility maximum borrowing capacity | $ 50,000 | ||||
Line of credit facility maturity date | Apr. 14, 2016 | ||||
Interest rate description | LIBOR plus 300 bps | ||||
Loan margin percentage | 3.00% | ||||
Outstanding Amount | $ 0 | ||||
Nave Lucida | |||||
Debt Instrument [Line Items] | |||||
Net cash proceeds from sale of vessels | $ 18,449 | ||||
Nave Lucida | Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | |||||
Debt Instrument [Line Items] | |||||
Early repayment of debt | 12,097 | ||||
Writte-off deferred financing cost | $ 214 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |
Credit Facilities, Covenants compliance | As of June 30, 2016, the Company was in compliance with the covenants in each of its credit facilities. |
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 $670,000 | |
Debt Instrument [Line Items] | |
Restrictive covenants | The 2021 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2021 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. |
Covenant compliance | The 2021 Co-Issuers were in compliance with the covenants as of June 30, 2016. |
Fair Value of Financial Instr58
Fair Value of Financial Instruments - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value of Financial Instruments [Abstract] | ||||
Cash and cash equivalents - Book Value | $ 69,536 | $ 54,805 | $ 73,797 | $ 54,493 |
Cash and cash equivalents - Fair Value | 69,536 | 54,805 | ||
Restricted cash - Book Value | 6,904 | 6,840 | ||
Restricted cash - Fair Value | 6,904 | 6,840 | ||
Ship mortgage notes and premium - Book Value | 658,844 | 658,048 | ||
Ship mortgage notes and premium - Fair Value | 529,722 | 589,185 | ||
Other long-term debt, net of deferred finance cost - Book Value | 505,921 | 539,535 | ||
Other long-term debt, net of deferred finance cost - Fair Value | 511,932 | 546,614 | ||
Due from related parties, long-term - Book Value | 28,257 | 16,474 | ||
Due from related parties, long-term - Fair Value | 28,257 | 16,474 | ||
Due from related parties, short-term - Book Value | 21,661 | 17,837 | ||
Due from related parties, short-term - Fair Value | $ 21,661 | $ 17,837 |
Fair Value of Financial Instr59
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 69,536 | $ 54,805 | |
Restricted cash | 6,904 | 6,840 | |
Ship mortgage notes and premium | 529,722 | 589,185 | |
Other long-term debt | 511,932 | 546,614 | |
Due from related parties, long-term (Europe I, Europe II) | 21,828 | 16,474 | |
Level I | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 69,536 | 54,805 | |
Restricted cash | 6,904 | 6,840 | |
Ship mortgage notes and premium | 529,722 | 589,185 | |
Level II | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other long-term debt | 511,932 | 546,614 | [1] |
Due from related parties, long-term (Europe I, Europe II) | $ 21,828 | $ 16,474 | |
[1] | The fair value of the Company's other long-term debt 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. |
Transactions with Related Par60
Transactions with Related Parties (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | May 31, 2016 | May 28, 2010 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||||
Fixed dry dock expenses reimbursement agreement to the Manager | Effective March 30, 2012, Navios Acquisition can, upon request to Navios Holdings, partially or fully defer the reimbursement of 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 | $ 24,318,000 | $ 24,293,000 | $ 48,504,000 | $ 48,335,000 | |||
General and administrative expenses | 5,981,000 | 3,903,000 | 9,510,000 | 7,068,000 | |||
Other expenses from transactions with related parties | 730,000 | $ 730,000 | |||||
$50,000 Revolver with Navios Holdings | |||||||
Related Party Transaction [Line Items] | |||||||
Line of credit facility issuance date | Mar. 31, 2016 | ||||||
Line of credit facility maximum borrowing capacity | 50,000,000 | $ 50,000,000 | |||||
Interest rate description | LIBOR plus 300 bps | ||||||
Loan margin percentage | 3.00% | ||||||
Line of credit facility maturity date | Apr. 14, 2016 | ||||||
Navios Holdings, Short-term credit facility | |||||||
Related Party Transaction [Line Items] | |||||||
Line of credit facility issuance date | Nov. 11, 2014 | ||||||
Line of credit facility maximum borrowing capacity | 200,000,000 | $ 200,000,000 | |||||
Arrangement fee | 4,000,000 | $ 4,000,000 | |||||
Interest rate percentage | 6.00% | ||||||
Line of credit facility maturity date | Dec. 29, 2014 | ||||||
Navios Holdings Credit Facility | |||||||
Related Party Transaction [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 40,000,000 | $ 40,000,000 | |||||
Interest rate description | LIBOR plus 300 basis points | ||||||
Loan margin percentage | 3.00% | ||||||
Line of credit facility maturity date | Dec. 31, 2015 | ||||||
Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Maturity date of agreement | May 31, 2016 | ||||||
Amendment of Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Maturity date of agreement | May 31, 2018 | ||||||
Duration of agreement | 2 years | ||||||
Administrative services agreement with the Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Maturity date of agreement | May 31, 2020 | ||||||
General and administrative expenses | 2,375,000 | $ 1,935,000 | $ 4,768,000 | $ 3,861,000 | |||
MR2 Product Tanker Vessel | Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | $ 6,000 | ||||||
MR2 Product Tanker Vessel | Amendment of Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | $ 6,400 | ||||||
MR2 Chemical Tanker Vessel | Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | 6,000 | ||||||
MR2 Chemical Tanker Vessel | Amendment of Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | 6,400 | ||||||
LR1 Product Tanker Vessel | Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | 7,000 | ||||||
LR1 Product Tanker Vessel | Amendment of Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | 7,200 | ||||||
VLCC | Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | $ 9,500 | ||||||
VLCC | Amendment of Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Daily management fee to Navios Holdings | $ 9,500 | ||||||
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 | ||||||
Navios Midstream | |||||||
Related Party Transaction [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. | ||||||
Navios Holdings and Navios Midstream | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties | $ 24,262,000 | $ 24,262,000 | $ 15,520,000 |
Transactions with Related Par61
Transactions with Related Parties - Navios Europe I and Navios Europe II (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 18, 2013 | |
Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 11,246 | $ 10,266 | |
Preferred distribution percentage | 12.70% | ||
Navios Europe I | Navios Revolving Loans I | |||
Related Party Transaction [Line Items] | |||
Loans receivable from affiliates | $ 7,125 | 7,125 | |
Accrued interest on loan to affiliate, current | 2,322 | 1,743 | |
Line of credit facility remaining borrowing capacity | 9,100 | ||
Amount commited to fund | 4,323 | ||
Navios Europe I | Navios Revolving Loans I | Navios Holdings, Navios Acquisition and Navios Partners | |||
Related Party Transaction [Line Items] | |||
Revolving loan facilitiy maximum borrowing capacity | $ 24,100 | ||
Navios Europe I | Navios Term Loans I | |||
Related Party Transaction [Line Items] | |||
Accrued interest on loan to affiliate, non-current | 1,799 | 1,398 | |
Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 14,411 | 8,525 | |
Preferred distribution percentage | 18.00% | ||
Navios Europe II | Navios Revolving Loans II | |||
Related Party Transaction [Line Items] | |||
Loans receivable from affiliates | $ 11,602 | 7,327 | |
Accrued interest on loan to affiliate, current | 1,507 | 573 | |
Line of credit facility remaining borrowing capacity | 14,075 | ||
Amount commited to fund | 6,686 | ||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisition and Navios Partners | |||
Related Party Transaction [Line Items] | |||
Revolving loan facilitiy maximum borrowing capacity | 38,500 | ||
Navios Europe II | Navios Term Loans II | |||
Related Party Transaction [Line Items] | |||
Accrued interest on loan to affiliate, non-current | $ 1,302 | $ 625 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Other Commitments [Line Items] | |
Attorneys' fees and expenses | $ 775 |
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. |
$50,000 Revolver with Navios Holdings | |
Other Commitments [Line Items] | |
Line of credit facility maximum borrowing capacity | $ 50,000 |
Line of credit facility maturity date | Apr. 14, 2016 |
Preferred and Common Stock - Se
Preferred and Common Stock - Series D Preferred Stock(Table) (Details) - Series D Preferred Stock - 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 | ||||||||
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 | Jan. 06, 2016 | Mar. 02, 2015 | Apr. 01, 2016 | Apr. 30, 2015 | Apr. 24, 2015 | Jun. 30, 2016 | Jul. 15, 2015 | Aug. 13, 2015 | Oct. 02, 2015 | Oct. 26, 2015 | Dec. 31, 2015 |
Common Stock | |||||||||||
Beginning Balance, amount | $ 6,500 | $ 6,500 | $ 6,500 | ||||||||
Ending Balance, amount | $ 4,500 | $ 6,500 | |||||||||
Puttable Common Stock | |||||||||||
Common Stock | |||||||||||
Begining Balance, Number of shares | 650,000 | 0 | 650,000 | 0 | 0 | 650,000 | 0 | 0 | 0 | 0 | 0 |
Beginning Balance, amount | $ 6,500 | $ 0 | $ 6,500 | $ 0 | $ 0 | $ 6,500 | $ 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 | (100,000) | (100,000) | (25,000) | (200,000) | (50,000) | (75,000) | (150,000) | ||||
Redeption of puttable common stock, value | $ (2,000) | $ (1,500) | |||||||||
Ending Balance, Number of shares | 450,000 | 650,000 | |||||||||
Ending Balance, amount | $ 4,500 | $ 6,500 |
Preferred and Common Stock - Pr
Preferred and Common Stock - Preferred Stock (Details) | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | |||||
Mar. 11, 2016shares | Mar. 02, 2015shares | Mar. 30, 2011shares | Apr. 30, 2015shares | Jun. 30, 2015$ / sharesshares | Aug. 13, 2015shares | Sep. 17, 2010shares | Oct. 27, 2015$ / sharesshares | Oct. 26, 2015shares | Oct. 29, 2010$ / sharesshares | Jun. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | |
Preferred Stock | ||||||||||||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | ||||||||||
Preferred stock - par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||
Common Stock | ||||||||||||
Conversion of Stock, Shares issued | 1,200,000 | 200,000 | 200,000 | 64,800 | 200,000 | 108,000 | 200,000 | |||||
Common Stock | Exchange Agreement, Navios Holdings | ||||||||||||
Conversion of Stock, Shares converted | 7,676,000 | |||||||||||
Series A Convertible Preferred Stock | ||||||||||||
Conversion of Stock, Shares converted | 3,000 | |||||||||||
Convertible Preferred Stock, Stock issued durind period, Shares | 3,000 | |||||||||||
Preferred stock shares outstanding | 3,000 | |||||||||||
Preferred stock shares issued | 3,000 | |||||||||||
Series C Convertible Preferred Stock | ||||||||||||
Preferred stock shares outstanding | 1,000 | 1,000 | ||||||||||
Preferred stock shares issued | 1,000 | 1,000 | ||||||||||
Series C Convertible Preferred Stock | Exchange Agreement, Navios Holdings | ||||||||||||
Conversion of Stock, Shares issued | 1,000 | |||||||||||
Convertion ratio | 7,676 | |||||||||||
Series B Convertible Preferred Stock | ||||||||||||
Conversion of Stock, Shares converted | 162 | 378 | ||||||||||
Percentage of originally issued preferred stock converted | 30.00% | 70.00% | ||||||||||
Convertible Preferred Stock, Stock issued durind period, Shares | 540 | |||||||||||
Preferred stock - dividend rate percentage | 2.00% | |||||||||||
Convertion ratio | 0.04 | 0.02857 | ||||||||||
Preferred Stock | ||||||||||||
Preferred stock - par value | $ / shares | $ 10 | $ 10 | ||||||||||
Series B Convertible Preferred Stock | Minimum | ||||||||||||
Preferred stock - Conversion price | $ / shares | $ 25 | |||||||||||
Series B Convertible Preferred Stock | Maximum | ||||||||||||
Preferred stock - Conversion price | $ / shares | $ 35 |
Preferred and Common Stock - 66
Preferred and Common Stock - Series D Convertible Preferred Stock - Common Stock and puttable common stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 06, 2016 | Jan. 31, 2015 | Mar. 11, 2016 | Mar. 02, 2015 | Feb. 20, 2014 | Feb. 13, 2013 | Apr. 01, 2016 | Apr. 30, 2015 | Apr. 24, 2015 | Apr. 24, 2013 | Jun. 30, 2016 | Jul. 15, 2015 | Jun. 30, 2015 | Aug. 13, 2015 | Jul. 31, 2015 | Aug. 31, 2012 | Oct. 02, 2015 | Sep. 17, 2010 | Oct. 31, 2015 | Oct. 27, 2015 | Oct. 26, 2015 | Oct. 31, 2012 | Oct. 29, 2010 | Dec. 31, 2015 |
Amount paid upon redemption | $ 2,000 | $ 3,500 | ||||||||||||||||||||||
Share repurchase program, Authorized amount | $ 50,000 | |||||||||||||||||||||||
Acquisition of treasury stock, shares | 2,704,752 | |||||||||||||||||||||||
Acquisition of treasury stock, cost | $ 9,904 | |||||||||||||||||||||||
Common stock shares authorized | 250,000,000 | 250,000,000 | ||||||||||||||||||||||
Common stock - par value | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||
Series D Convertible Preferred Stock | ||||||||||||||||||||||||
Shares redeemed | 250 | 75 | 50 | 25 | 400 | |||||||||||||||||||
Conversion of Stock, Shares converted | 200 | 200 | 200 | 200 | 800 | |||||||||||||||||||
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 | $ 0 | $ 3,000 | $ 3,000 | $ 12,000 | ||||||||||||||||||
Payments for Repurchase of Redeemable Convertible Preferred Stock | $ 2,500 | $ 750 | $ 500 | $ 250 | ||||||||||||||||||||
Redemption price per share | $ 10 | |||||||||||||||||||||||
Maximum number of shares to be redeemed | 250 | |||||||||||||||||||||||
Preferred stock - dividend rate percentage | 6.00% | |||||||||||||||||||||||
Series D Convertible Preferred Stock | Mandatory conversion at maturity (30 months after issuance) | ||||||||||||||||||||||||
Preferred stock - Conversion price | $ 10 | |||||||||||||||||||||||
Series D Convertible Preferred Stock | Conversion prior maturity dates | ||||||||||||||||||||||||
Preferred stock - Conversion price | $ 7 | |||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||
Shares redeemed | 200,000 | 25,000 | ||||||||||||||||||||||
Conversion of Stock, Shares issued | 1,200,000 | 200,000 | 200,000 | 64,800 | 200,000 | 108,000 | 200,000 | |||||||||||||||||
Issuance of common shares, number of shares | 14,950,000 | |||||||||||||||||||||||
Share price | $ 3.85 | |||||||||||||||||||||||
Net proceeds from equity offerings | $ 57,556 | |||||||||||||||||||||||
Proceeds from issuance of common stock, net of agents' and offering costs | $ 54,289 | |||||||||||||||||||||||
Puttable Common Stock | ||||||||||||||||||||||||
Shares redeemed | 100,000 | 100,000 | 25,000 | 200,000 | 50,000 | 75,000 | 150,000 | |||||||||||||||||
Amount paid upon redemption | $ 1,000 | $ 1,000 | $ 250 | $ 500 | $ 750 | |||||||||||||||||||
Number of shares reclassified to puttable common stock | 200,000 | 200,000 | 200,000 | 200,000 | 800,000 | |||||||||||||||||||
Series B Convertible Preferred Stock | ||||||||||||||||||||||||
Conversion of Stock, Shares converted | 162 | 378 | ||||||||||||||||||||||
Convertible Preferred Stock, Stock issued durind period, Shares | 540 | |||||||||||||||||||||||
Preferred stock - dividend rate percentage | 2.00% | |||||||||||||||||||||||
Series A Convertible Preferred Stock | ||||||||||||||||||||||||
Conversion of Stock, Shares converted | 3,000 | |||||||||||||||||||||||
Convertible Preferred Stock, Stock issued durind period, Shares | 3,000 | |||||||||||||||||||||||
Preferred stock shares outstanding | 3,000 | |||||||||||||||||||||||
Over allotment option | Common Stock | ||||||||||||||||||||||||
Issuance of common shares, number of shares | 1,950,000 | |||||||||||||||||||||||
Agents' Costs | ||||||||||||||||||||||||
Stock issuance costs | $ 3,022 | |||||||||||||||||||||||
Offering Costs | ||||||||||||||||||||||||
Stock issuance costs | $ 247 |
Preferred and Common Stock - 67
Preferred and Common Stock - Series D Convertible Preferred Stock - Additional Information (Details) - Series D Preferred Stock | 6 Months Ended |
Jun. 30, 2016 | |
Series D preferred Stock, Conversion terms | 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. |
Series D preferred Stock, Redemption terms | Navios Acquisition is obligated to redeem the Series D Convertible Preferred Stock (or converted common shares) at their nominal value of $10.00 at the holder's option. Beginning 18 months and no later than 60 months after the issuance of the preferred stock, the holder can exercise the option to request the redemption of up to 250 shares of preferred stock (or such number that has been converted to common shares) on a quarterly basis. |
Preferred and Common Stock - St
Preferred and Common Stock - Stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 10 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Oct. 24, 2015 | Oct. 24, 2014 | Oct. 31, 2013 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock based compensation | $ 264 | $ 662 | $ 528 | $ 1,318 | ||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of restricted shares, number of shares | 2,100,000 | |||||||
Vesting period | 3 years | |||||||
Vesting percentage per year | 33.33% | |||||||
Restricted stock grant date fair value | $ 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 | 700,005 | 1,400,006 | |||||
Compensation cost relating to service conditions of non-vested restricted stock | $ 295 | $ 295 | ||||||
Restricted stock weighted average period of recognition | 3 months 24 days | |||||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock based compensation - stock option issued | 1,500,000 | |||||||
Stock options - exercise price | $ 3.91 | |||||||
Stock options - expiration term | 10 years | |||||||
Option pricing model | Adjusted Black-Scholes models | |||||||
Stock options grant date fair value | $ 0.79 | |||||||
Stock options fair value amount | $ 1,188 | |||||||
Stock options outstanding | 1,500,000 | 1,500,000 | ||||||
Compensation cost relating to service conditions of non-vested stock options | $ 42 | $ 42 | ||||||
Stock options weighted average period of recognition | 7 years 3 months 24 days |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Region (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Total Revenue | $ 74,495 | $ 80,408 | $ 154,914 | $ 159,019 |
Asia | ||||
Total Revenue | 46,750 | 55,303 | 98,740 | 105,624 |
Europe | ||||
Total Revenue | 9,862 | 10,780 | 19,118 | 21,245 |
United States | ||||
Total Revenue | $ 17,883 | $ 14,325 | $ 37,056 | $ 32,150 |
Earnings per Common Share - Cal
Earnings per Common Share - Calculation per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator: | ||||
Net income | $ 12,184 | $ 26,362 | $ 35,954 | $ 46,396 |
Less: | ||||
Dividend on Series B preferred shares | 0 | (27) | 0 | (54) |
Dividend on Series D preferred shares | 0 | (61) | 0 | (199) |
Dividend declared on restricted shares | (35) | (70) | (70) | (140) |
Undistributed income attributable to Series C participating preferred shares | (591) | (1,271) | (1,752) | (2,233) |
Net income attributable to common shareholders, basic | 11,558 | 24,933 | 34,132 | 43,770 |
Plus: | ||||
Dividend on Series B preferred shares | 0 | 27 | 0 | 54 |
Dividend on Series D preferred shares | 0 | 61 | 0 | 199 |
Dividend declared on restricted shares | 35 | 70 | 70 | 140 |
Net income attributable to common shareholders, diluted | $ 11,593 | $ 25,091 | $ 34,202 | $ 44,163 |
Denominator: | ||||
Denominator for basic net income per share - weighted average shares | 150,084,084 | 150,580,595 | 149,668,699 | 150,455,682 |
Series A preferred stock | 0 | 1,200,000 | 468,132 | 1,200,000 |
Series B preferred stock | 0 | 216,000 | 0 | 216,000 |
Series D preferred stock | 0 | 801,020 | 0 | 1,069,258 |
Restricted shares | 700,005 | 1,400,006 | 700,005 | 1,400,006 |
Denominator for diluted net income per share - adjusted weighted average shares | 150,784,089 | 154,197,621 | 150,836,836 | 154,340,946 |
Basic net income per share | $ 0.08 | $ 0.17 | $ 0.23 | $ 0.29 |
Diluted net income per share | $ 0.08 | $ 0.16 | $ 0.23 | $ 0.29 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings per Common Share [Abstract] | ||
Potential common shares having an anti-dilutive effect | 9,176,000 | 9,176,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | ||||
Greek Tonnage tax | $ 0 | $ 21 | $ 612 | $ 538 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 7 Months Ended |
Jul. 01, 2016 | Aug. 10, 2016 | |
Puttable Common Stock | ||
Subsequent Event [Line Items] | ||
Shares redeemed | 100,000 | |
Amount paid upon redemption | $ 1,000 | |
Installment 2 - FY 2016 | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Date Declared | Aug. 10, 2016 | |
Dividends per share | $ 0.05 | |
Dividends Payable, Date to be Paid | Sep. 21, 2016 | |
Dividends Payable, Date of Record | Sep. 14, 2016 |