Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
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, 2017 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,017 |
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 | 150,407,990 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 51,544 | $ 49,292 |
Restricted cash | 5,248 | 7,366 |
Accounts receivable, net | 11,449 | 20,933 |
Due from related parties, short-term | 19,000 | 25,047 |
Prepaid expenses and other current assets | 4,124 | 4,644 |
Total current assets | 91,365 | 107,282 |
Vessels, net | 1,278,483 | 1,306,923 |
Goodwill | 1,579 | 1,579 |
Other long-term assets | 900 | 900 |
Deferred dry dock and special survey costs, net | 13,273 | 10,172 |
Investment in affiliates | 129,286 | 196,695 |
Due from related parties, long-term | 106,509 | 80,068 |
Total non-current assets | 1,530,030 | 1,596,337 |
Total assets | 1,621,395 | 1,703,619 |
Current liabilities | ||
Accounts payable | 4,422 | 4,855 |
Accrued expenses | 11,601 | 11,047 |
Due to related parties, short-term | 5,937 | 0 |
Deferred revenue | 8,451 | 8,519 |
Current portion of long-term debt, net of deferred finance costs | 38,814 | 55,000 |
Total current liabilities | 69,225 | 79,421 |
Long-term debt, net of current portion, premium and net of deferred finance costs | 1,045,885 | 1,040,938 |
Deferred gain on sale of assets | 7,218 | 7,829 |
Total non-current liabilities | 1,053,103 | 1,048,767 |
Total liabilities | 1,122,328 | 1,128,188 |
Commitments and contingencies | 0 | 0 |
Puttable common stock 75,000 and 250,000 shares issued and outstanding with $750 and $2,500 redemption amount as of June 30, 2017 and December 31, 2016, respectively | 750 | 2,500 |
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 1,000 series C shares issued and outstanding as of June 30, 2017 and December 31, 2016. | 0 | 0 |
Common stock, $0.0001 par value; 250,000,000 shares authorized; 150,407,990 and 150,582,990 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 15 | 15 |
Additional paid-in capital | 533,816 | 541,720 |
(Accumulated deficit)/ Retained earnings | (35,514) | 31,196 |
Total stockholders' equity | 498,317 | 572,931 |
Total liabilities and stockholders' equity | $ 1,621,395 | $ 1,703,619 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 150,407,990 | 150,582,990 |
Common stock shares outstanding | 150,407,990 | 150,582,990 |
Puttable Common Stock | ||
Temporary equity, shares issued | 75,000 | 250,000 |
Temporary equity, shares outstanding | 75,000 | 250,000 |
Redemption amount | $ 750 | $ 2,500 |
Series C Convertible Preferred Stock | ||
Preferred stock shares issued | 1,000 | 1,000 |
Preferred stock shares outstanding | 1,000 | 1,000 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ||||
Revenue | $ 58,458 | $ 74,495 | $ 122,940 | $ 154,914 |
Time charter and voyage expenses | (5,585) | (1,017) | (8,763) | (2,438) |
Direct vessel expenses | (934) | (1,405) | (1,827) | (2,049) |
Management fees (entirely through related party transactions) | (23,678) | (24,318) | (47,096) | (48,504) |
General and administrative expenses | (3,693) | (5,981) | (6,456) | (9,510) |
Depreciation and amortization | (14,220) | (14,294) | (28,440) | (29,177) |
Gain on sale of vessel | 0 | 0 | 0 | 2,282 |
Interest income | 2,546 | 880 | 4,740 | 1,534 |
Interest expense and finance cost | (19,785) | (18,913) | (38,632) | (38,038) |
Equity/ (loss) in net earnings of affiliated companies | (57,728) | 3,731 | (54,960) | 8,622 |
Other income/ (expense), net | 202 | (994) | (308) | (1,682) |
Net (loss)/ income | (64,417) | 12,184 | (58,802) | 35,954 |
Dividend declared on restricted shares | 0 | (35) | 0 | (70) |
Undistributed loss/ (income) attributable to Series C participating preferred shares | 3,127 | (591) | 2,855 | (1,752) |
Net (loss)/ income attributable to common shareholders, basic | (61,290) | 11,558 | (55,947) | 34,132 |
Dividend declared on restricted shares | 0 | 35 | 0 | 70 |
Net (loss)/ income attributable to common shareholders, diluted | $ (61,290) | $ 11,593 | $ (55,947) | $ 34,202 |
Net (loss)/ income per share, basic and diluted | $ (0.41) | $ 0.08 | $ (0.37) | $ 0.23 |
Weighted average number of shares, basic | 150,436,836 | 150,084,084 | 150,468,625 | 149,668,699 |
Weighted average number of shares, diluted | 150,436,836 | 150,784,089 | 150,468,625 | 150,836,836 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net (loss)/ income | $ (58,802) | $ 35,954 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 28,440 | 29,177 |
Amortization and write-off of deferred finance fees and bond premium | 2,579 | 1,864 |
Amortization of dry dock and special survey costs | 1,827 | 1,319 |
Stock based compensation | 0 | 528 |
Gain on sale of vessel | 0 | (2,282) |
Equity/ (loss) in net earnings of affiliates, net of dividends received | 58,413 | (833) |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses and other current assets | 20 | 1,404 |
Decrease/ (increase) in accounts receivable | 9,484 | (1,737) |
Decrease/ (increase) in due from related parties, short-term | 6,047 | (3,824) |
Decrease/ (increase) in restricted cash | 33 | (64) |
Increase in other long term assets | 0 | (3,930) |
Increase in due from related parties, long-term | (15,979) | (6,430) |
Decrease in accounts payable | (433) | (387) |
Increase in accrued expenses | 554 | 3,409 |
Payments for dry dock and special survey costs | (4,928) | (2,324) |
Increase in due to related parties, short-term | 5,937 | 0 |
Decrease in deferred revenue | (53) | (1,607) |
Net cash provided by operating activities | 33,139 | 50,237 |
Investing Activities | ||
Loans receivable from affiliates | (9,061) | (4,275) |
Dividends received from affiliates | 7,197 | 2,853 |
Investment in affiliates | (84) | 0 |
Net cash proceeds from sale of vessel | 0 | 18,449 |
Net cash (used in)/ provided by investing activities | (1,948) | 17,027 |
Financing Activities | ||
Loan proceeds, net of deferred finance costs | 49,764 | 0 |
Loan repayments | (63,226) | (34,682) |
Dividend paid | (15,812) | (15,851) |
Decrease in restricted cash | 2,085 | 0 |
Redemption of convertible shares and puttable common stock | (1,750) | (2,000) |
Net cash used in financing activities | (28,939) | (52,533) |
Net increase in cash and cash equivalents | 2,252 | 14,731 |
Cash and cash equivalents, beginning of period | 49,292 | 54,805 |
Cash and cash equivalents, end of period | 51,544 | 69,536 |
Supplemental disclosures of cash flow information | ||
Cash interest paid, net of capitalized interest | 35,851 | 36,187 |
Non-cash investing activities | ||
Accrued interest on loan to affiliate | 3,512 | 1,078 |
Non-cash financing activities | ||
Stock based compensation | $ 0 | $ 528 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | (Accumulated Deficit)/ Retained Earnings |
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 Series A preferred stock into common stock, shares | 1,200,000 | ||||
Conversion of Series A preferred stock into common stock, shares | (3,000) | ||||
Stock- based compensation (see Note 13) | 528 | 528 | |||
Dividend paid/declared (see Note 7) | (15,851) | (15,851) | |||
Net (loss)/ 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 | |||
Balance value at Dec. 31, 2015 | 540,871 | $ 0 | $ 15 | 540,856 | 0 |
Balance, shares at Dec. 31, 2015 | 4,000 | 149,782,990 | |||
Balance value at Dec. 31, 2016 | 572,931 | $ 0 | $ 15 | 541,720 | 31,196 |
Balance, shares at Dec. 31, 2016 | 1,000 | 150,582,990 | |||
Redemption of puttable common stock, shares | (175,000) | ||||
Dividend paid/declared (see Note 7) | (15,812) | (7,904) | (7,908) | ||
Net (loss)/ income | (58,802) | (58,802) | |||
Balance value at Jun. 30, 2017 | $ 498,317 | $ 0 | $ 15 | $ 533,816 | $ (35,514) |
Balance, shares at Jun. 30, 2017 | 1,000 | 150,407,990 |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended |
Jun. 30, 2017 | |
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. Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NYSE: NAP) is a publicly traded master limited partnership which owns, operates and acquires crude oil tankers, refined petroleum product tankers, chemical tankers and liquefied petroleum gas tankers under long-term employment contracts. As of June 30, 2017, Navios Acquisition owned a 59.0% limited partner interest in Navios Midstream, which included a 2.0% general partner interest. As of June 30, 2017, Navios Holdings had 43.4% of the voting power and 46.2% of the economic interest in Navios Acquisition. As of June 30, 2017, Navios Acquisition had outstanding: 150,407,990 shares of common stock and 1,000 shares of Series C Convertible Preferred Stock held by Navios Holdings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation: (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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these interim condensed consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. The Company elected to early adopt the requirements of Accounting Standard Update (“ASU”) 2017-01, “Business Combinations” effective beginning the second quarter ending June 30, 2017. The early adoption of this ASU did not have a material effect on the Company's consolidated financial statements. (c) Equity method investments: rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. Navios Acquisition evaluates its equity method investments, for other than temporary impairment, on a quarterly basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects and (3) the intent and ability of the Company to retain its investments for a period of time sufficient to allow for any anticipated recovery in fair value. (d) Subsidiaries: As of June 30, 2017, and 2016 the entities included in these consolidated financial statements were: Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2017 2016 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 Loyalty Limited Former Vessel-Owning Company Hong Kong 1/1 - 6/30 1/1 - 6/30 Shinyo Navigator Limited Former Vessel-Owning Company 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 Former Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Makronisos Shipping Corporation Former Vessel-Owning Company ) 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 (1) Marshall Is. 1/1 - 6/30 1/1 - 1/27 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Donoussa Shipping Corporation Vessel-Owning Company (2) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Schinousa Shipping Corporation Vessel-Owning Company (3) 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 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 1/1 - 6/30 Delos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 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 Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. (2 )Former vessel-owner of the Nave Universe which was sold to an unaffiliated third party on October 4, 2016. (3 )Former vessel-owner of the Nave Constellation which was sold to an unaffiliated third party on November 15, 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: (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 the 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 January 2017, the FASB issued Accounting Standard Update (“ASU”) ASU 2017-03 “Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323).” The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance did not have a material effect on the Company's Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. This Update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. 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 January 2016, FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities”. The amendments in this ASU require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of operations. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance was originally effective for interim and annual periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. 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 assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 December 31, 2016 Cash on hand and at banks $ 46,544 $ 39,286 Short-term deposits 5,000 10,006 Total cash and cash equivalents $ 51,544 $ 49,292 Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months. Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. The Company does maintain cash deposits and equivalents in excess of government-provided insurance limits. The Company also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions. In restricted cash there is an amount of $5,248 as of June 30, 2017 and $7,366 as of December 31, 2016 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
VESSELS, NET | NOTE 4: VESSELS, NET Vessels Cost Accumulated Depreciation Net Book Value Balance at December 31, 2015 $ 1,590,332 $ (148,697 ) $ 1,441,635 Additions — (57,617 ) (57,617 ) Disposals (including vessels held for sale) (85,319 ) 8,224 (77,095 ) Balance at December 31, 2016 $ 1,505,013 $ (198,090 ) $ 1,306,923 Additions — (28,440 ) (28,440 ) Balance at June 30, 2017 $ 1,505,013 $ (226,530 ) $ 1,278,483 On January 27, 2016, Navios Acquisition sold the Nave Lucida to an unaffiliated third party for net cash proceeds of $18,449. The gain on sale of the vessel, upon write-off of the unamortized dry-docking, was $2,282. On October 4, 2016, Navios Acquisition sold the Nave Universe to an unaffiliated third party for net cash proceeds of $35,768. As of June 30, 2016, the vessel was classified as held for sale as the relevant criteria for the classification were met. The gain on sale of the vessel was $4,847. On November 15, 2016, Navios Acquisition sold the Nave Constellation to an unaffiliated third party for net cash proceeds of $35,771. As of June 30, 2016, the vessel was classified as held for sale as the relevant criteria for the classification were met. The gain on sale of the vessel was $4,620. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill [Abstract] | |
GOODWILL | NOTE 5: GOODWILL Goodwill as of June 30, 2017 and December 31, 2016 consisted of the following: Balance January 1, 2016 $ 1,579 Balance December 31, 2016 1,579 Balance June 30, 2017 $ 1,579 |
Investment in Affiliates
Investment in Affiliates | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
INVESTMENT IN AFFILIATES | NOTE 6: 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 I and had economic 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 (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 revolving loans up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans I”). Effective November 2014 and as of June 30, 2017, Navios Holdings, Navios Acquisition and Navios Partners have voting interest of 50%, 50% and 0%, respectively. 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. The Navios Term Loans 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. 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, 2017 and December 31, 2016, the estimated maximum potential loss by Navios Acquisition in Navios Europe I would have been $19,404 and $18,268, respectively, which represented the Company's carrying value of its investment of $5,998 (December 31, 2016: $5,967) the Company's portion of the carrying balance of the Navios Revolving Loans I including accrued interest on the Navios Term Loans I of $9,808 (December 31, 2016: $9,356), 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 $3,598 (December 31, 2016: $2,945) which is included under “Due from related parties, short-term”. Refer to Note 11 for the terms of the Navios Revolving Loans I. Income recognized in “Equity/ (loss) in net earnings of affiliated companies” for the three month period ended June 30, 2017 was $215 (June 30, 2016: $340). Income recognized in “Equity/ (loss) in net earnings of affiliated companies” for the six month period ended June 30, 2017 was $483 (June 30, 2016: $669). 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/ (loss) in net earnings of affiliated companies” over the remaining life of Navios Europe I. As of June 30, 2017 and December 31, 2016, 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 $4,372, and $4,710, respectively. Navios Europe II On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II Inc. and had in such entity economic interests of 47.5%, 47.5% and 5.0%, respectively, and voting interests of 50.0%, 50.0 and 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 (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 revolving loans up to $43,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017 the availability under the Navios Revolving Loans II was increased by $14,000. 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. The Navios Term Loans 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. 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, 2017, the estimated maximum potential loss by Navios Acquisition in Navios Europe II would have been $33,188 (December 31, 2016: $22,287), which represented the Company's carrying value of the investment of $5,298 (December 31, 2016: $5,894), the Company's balance of the Navios Revolving Loans II including accrued interest on the Navios Term Loans II of $23,518 (December 31, 2016: $13,652), 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 $4,372 (December 31, 2016: $2,741), which is included under “Due from related parties, short-term”. Refer to Note 11 for the terms of the Navios Revolving Loans II. Income recognized in “Equity/ (loss) in net earnings of affiliated companies” for the three month period ended June 30, 2017 was $168. (June 30, 2016: loss $50). Income recognized in “Equity/ (loss) in net earnings of affiliated companies” for the six month period ended June 30, 2017 was $209. (June 30, 2016: $7). 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/ (loss) in net earnings of affiliated companies” over the remaining life of Navios Europe II. As of June 30, 2017 and December 31, 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 $7,482 and $7,953, respectively. Navios Midstream On October 13, 2014, the Company formed Navios Midstream under the laws of Marshall Islands. Navios Maritime Midstream Partners GP L.L.C. (the “Navios Midstream General Partner”), a wholly owned subsidiary of Navios Acquisition, was also formed on that date to act as the general partner of Navios Midstream and received a 2.0% general partner interest. 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 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 (NYSE: NAP) 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 the 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. On July 29, 2016, Navios Midstream launched a continuous offering sales program of its common units for an aggregate offering of up to $25,000. On September 30, 2016, December 30, 2016, February 16, 2017 and May 5, 2017 Navios Acquisition entered into securities purchase agreements with Navios Midstream pursuant to which Navios Acquisition made an investment in Navios Midstream by purchasing 5,655, 1,143, 6,446 and 412 general partnership interests, respectively, for a consideration of $75, $14, $79 and $5 respectively, in order to maintain its 2.0% partnership interest in Navios Midstream in light of such continuous offering sales program. The Company determined, under the equity method, that the issuance of common units of Navios Midstream qualified as a sale of shares by the investee. As a result, a net loss of $5 and $54 was recognized in “Equity/ (loss) in net earnings of affiliated companies” for the three and six month periods ended June 30, 2017, respectively. As of June 30, 2017, the Company owned a 2.0% general partner interest in Navios Midstream through the Navios Midstream General Partner and a 57.0% limited partnership interest through the ownership of subordinated units (43.7%), the subordinated series A units (7.5%) and through common units (5.8%), based on all of the outstanding common, subordinated and general partner units. For the three month periods ended June 30, 2017 and 2016, total income from Navios Midstream recognized in “Equity/ (loss) in net earnings of affiliated companies” was $993 and $ 3,442, respectively. Dividends received during the three month period ended June 30, 2017 were $5,326 ($5,320 for the three month period ended June 30, 2016). For the six month periods ended June 30, 2017 and 2016, total equity method income from Navios Midstream recognized in “Equity/ (loss) in net earnings of affiliated companies” was $3,452 and $7,946, respectively. Dividends received during the six month period ended June 30, 2017 were $10,649 ($10,640 for the six month period ended June 30, 2016). As of June 30, 2017 and December 31, 2016, the carrying amount of the investment in Navios Midstream was $117,990 and $184,834, respectively. The fair value of our investment in Navios Midstream has been below its carrying value for a period over twelve months, due to the decline in the quoted price of the common units of Navios Midstream. During the three and six month periods ended June 30, 2017, the Company recognized a non-cash other-than-temporary impairment (“OTTI”) loss of $59,104 relating to its investment in Navios Acquisition and the amount was included in “Equity/ (loss) in net earnings of affiliated companies”. As of June 30, 2017 the market value of the investment in Navios Midstream was $117,990. 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/ (loss) 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/ (loss) in net earnings of affiliated companies” over the remaining life of Navios Midstream's tangible and intangible assets. As of June 30, 2017 and December 31, 2016, the pre-OTTI 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 $20,372 and $21,221, respectively. The Company will need to recomputed this difference which is amortized through “Equity/ (loss) in net earnings of affiliated companies” over the remaining life of Navios Midstream's tangible and intangible assets. Summarized financial information of the affiliated companies is presented below: June 30, 2017 December 31, 2016 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 $ 45,777 $ 15,096 $ 15,235 $ 52,791 $ 10,785 $ 16,916 Current assets $ 60,019 $ 20,101 $ 24,997 $ 61,087 $ 15,980 $ 19,487 Non-current assets $ 406,442 $ 164,166 $ 224,929 $ 414,694 $ 169,925 $ 232,363 Current liabilities $ 4,664 $ 20,153 $ 18,792 $ 6,143 $ 18,490 $ 24,126 Long-term debt including current portion, net of deferred finance costs and discount $ 196,841 $ 80,772 $ 111,572 $ 197,176 $ 86,060 $ 119,234 Non-current liabilities $ 196,173 $ 156,406 $ 199,943 $ 196,515 $ 155,387 $ 184,530 Three month period ended Three month period ended Income Statement Navios Navios Navios Navios Navios Navios Revenue $ 18,510 $ 9,394 $ 9,401 $ 22,695 $ 10,418 $ 6,760 Net (loss)/income before non-cash change in fair value of Junior Loan — (1,950 ) (5,058 ) — (449 ) (6,889 ) Net income/(loss) 1,960 (2,489 ) (5,058 ) 5,889 (1,955 ) (3,220 ) Six month period ended Six month period ended Income Statement Navios Navios Navios Navios Navios Navios Revenue $ 39,610 $ 19,278 $ 17,402 $ 46,844 $ 20,530 $ 14,726 Net (loss)/ income before non-cash change in fair value of Junior Loan — (3,239 ) (11,325 ) — (739 ) (11,913 ) Net income/(loss) 6,462 (4,320 ) (12,003 ) 13,384 (3,134 ) (7,122 ) |
Dividend Payable
Dividend Payable | 6 Months Ended |
Jun. 30, 2017 | |
Dividends Payable [Abstract] | |
DIVIDEND PAYABLE | NOTE 7: DIVIDEND PAYABLE On February 3, 2017, the Board of Directors declared a quarterly cash dividend in respect of the fourth quarter of 2016 of $0.05 per share of common stock payable on March 14, 2017 to stockholders of record as of March 7, 2017. A dividend in the aggregate amount of $7,908 was paid on March 14, 2017 out of which $7,524 was paid to the stockholders of record as of March 7, 2017 and $384 was paid to Navios Holdings, the holder of the 1,000 shares of Series C Preferred Stock. On May 12, 2017, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2017 of $0.05 per share of common stock payable on June 14, 2017 to stockholders of record as of June 7, 2017. A dividend in the aggregate amount of $7,904 was paid on June 14, 2017 out of which $7,520 was paid to the stockholders of record as of June 7, 2017 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, 2017 | |
Accrued Expenses [Abstract] | |
ACCRUED EXPENSES | NOTE 8: ACCRUED EXPENSES Accrued expenses as of June 30, 2017 and December 31, 2016 consisted of the following: June 30, 2017 December 31, 2016 Accrued voyage expenses $ 1,022 $ 1,369 Accrued loan interest 8,858 8,800 Accrued legal and professional fees 1,721 878 Total accrued expenses $ 11,601 $ 11,047 Included in accrued legal and professional fees is the amount of $1,470 of which $1, 000 was authorized and approved by the Compensation Committee of Navios Acquisition in December 2016 subject to fulfillment of certain service conditions that were provided and completed during the second quarter of 2017. The amount of $1,000 is recorded in general and administrative expenses on the statements of operations for the three and the six month periods ended June 30, 2017. As of December 31, 2016 the amount of $750 is included in accrued legal and professional fees that was authorized and approved by the Compensation Committee of Navios Acquisition in December 2016 to the directors and/or officers of the Company, subject to fulfillment of certain service conditions that were provided and completed during 2016. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Borrowings [Abstract] | |
BORROWINGS | NOTE 9: BORROWINGS June 30, 2017 December 31, 2016 Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank $ 74,500 $ 94,250 BNP Paribas S.A. and DVB Bank S.E. 58,500 60,750 Eurobank Ergasias S.A. $52,200 36,933 38,297 Eurobank Ergasias S.A. $52,000 34,878 36,102 Norddeutsche Landesbank Girozentrale 24,609 25,391 DVB Bank S.E. and Credit Agricole Corporate and Investment Bank 47,266 48,828 Ship Mortgage Notes $670,000 670,000 670,000 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB 89,971 97,615 BNP Paribas $44,000 38,000 40,000 HSH $24,000 24,000 — 1,098,657 1,111,233 Less: Deferred finance costs, net (15,232 ) (16,685 ) Add: bond premium 1,274 1,390 Total borrowings $ 1,084,699 $ 1,095,938 Less: current portion, net of deferred finance costs (38,814 ) (55,000 ) Total long-term borrowings, net of current portion, bond premium and deferred finance costs $ 1,045,885 $ 1,040,938 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 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, 2017. 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, 2017, the Company had secured credit facilities with various banks with a total outstanding balance of $428,657. 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 230 bps to 400 bps per annum. The facilities are repayable in either semi-annual or quarterly installments, followed by balloon payments with maturities, ranging from July 2018 to October 2022. See also the maturity table included below. ABN AMRO Bank N.V.: an amount of $697 was written-off from the deferred finance costs. As of June 30, 2017, there was no outstanding amount under this facility. HSH Nordbank: As of June 30, 2017, no amounts were 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, 2017, the Company was in compliance with its covenants. Amounts drawn under the facilities are secured by first preferred mortgages on Navios Acquisition's vessels and other collateral and are guaranteed by each vessel-owning subsidiary. The credit facilities contain a number of restrictive covenants that prohibit or limit Navios Acquisition from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; changing the flag, class, management or ownership of Navios Acquisition's vessels; changing the commercial and technical management of Navios Acquisition's vessels; selling Navios Acquisition's vessels; and subordinating the obligations under each credit facility to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. The credit facilities also require Navios Acquisition to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. The maturity table below reflects the principal payments of all notes and credit facilities outstanding as of June 30, 2017 for the next five years and thereafter are based on the repayment schedule of the respective loan facilities (as described above) and the outstanding amount due under the 2021 Notes. Amount Long-Term Debt Obligations: Year June 30, 2018 $ 40,211 June 30, 2019 116,982 June 30, 2020 90,231 June 30, 2021 91,260 June 30, 2022 727,160 June 30, 2023 and thereafter 32,813 Total $ 1,098,657 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 10: 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, long-term: Other long-term debt, net of deferred finance cost: Ship Mortgage Notes and premiums: June 30, 2017 December 31, 2016 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 51,544 $ 51,544 $ 49,292 $ 49,292 Restricted cash $ 5,248 $ 5,248 $ 7,366 $ 7,366 Ship mortgage notes and premium $ 660,547 $ 572,951 $ 659,684 $ 571,597 Other long-term debt, net of deferred finance cost $ 424,152 $ 428,657 $ 436,254 $ 441,233 Due from related parties, long-term $ 106,509 $ 106,944 $ 80,068 $ 80,646 The Company's assets measured at fair value on a non-recurring basis were: Fair Value Measurements as of June 30, 2017 Total Quoted Prices in Significant Other Significant Investment in affiliates $ 117,990 $ 117,990 $ — $ — The Company recorded a non-cash OTTI loss of $59,104 on its investment in Navios Midstream during the three month period ended June 30, 2017, thus reducing its total carrying value to $117,990 based on the quoted price per unit as of June 30, 2017. 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, 2017. Fair Value Measurements at June 30, 2017 Using Total Level I Level II Level III Cash and cash equivalents $ 51,544 $ 51,544 $ — $ — Restricted cash $ 5,248 $ 5,248 $ — $ — Ship mortgage notes and premium $ 572,951 $ 572,951 $ — $ — Other long-term debt (1) $ 428,657 $ — $ 428,657 $ — Due from related parties, long-term (2) $ 106,944 $ — $ 106,944 $ — Fair Value Measurements at December 31, 2016 Using Total Level I Level II Level III Cash and cash equivalents $ 49,292 $ 49,292 $ — $ — Restricted cash $ 7,366 $ 7,366 $ — $ — Ship mortgage notes and premium $ 571,597 $ 571,597 $ — $ — Other long-term debt (1) $ 441,233 $ — $ 441,233 $ — Due from related parties, long-term (2) $ 80,646 $ — $ 80,646 $ — (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. (2 )The fair value of the Company's long term amounts due from related parties is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2017 | |
Transactions with related parties [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 11: TRANSACTIONS WITH RELATED PARTIES The Navios Holdings Credit Facilities: In March 2016, Navios Acquisition entered into the $50,000 Revolver with Navios Holdings, which was available for multiple drawings up to a limit of $50,000. The Revolver had a margin of LIBOR plus 300bps and a maturity until December 2018. On April 14, 2016, Navios Acquisition and Navios Holdings announced that the Revolver was terminated. No borrowings had been made under the Revolver. Management fees: Dry docking expenses are reimbursed by Navios Acquisition at cost. Total management fees for each of the three month periods ended June 30, 2017 and 2016 amounted to $23,678 and $24,318, respectively. Total management fees for each of the six month periods ended June 30, 2017 and 2016 amounted to $47,096 and $48,504, respectively. Included in direct vessel expenses, there was an amount of $730 for each of the three and six month periods ended June 30, 2016, that was incurred for specialized work performed in connection with certain vessels. General and administrative expenses: For each of the three month periods ended June 30, 2017 and 2016 the expense arising from administrative services rendered by Navios Holdings amounted to $2,250 and $2,375, respectively. For each of the six month periods ended June 30, 2017 and 2016 the expense arising from administrative services rendered by Navios Holdings amounted to $4,500 and $4,768, respectively. Balance due from related parties (excluding Navios Europe I, Navios Europe II and Navios Holdings Credit Facility): Balance due to related parties, short-term: Omnibus Agreements Acquisition Omnibus Agreement: Midstream Omnibus Agreement: Under the Midstream Omnibus Agreement, Navios Midstream and its subsidiaries will grant to Navios Acquisition a right of first offer on any proposed sale, transfer or other disposition of any of its VLCCs or any crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers and related charters owned or acquired by Navios Midstream. Likewise, Navios Acquisition will agree (and will cause its subsidiaries to agree) to grant a similar right of first offer to Navios Midstream for any of the VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under charter for five or more years it might own. These rights of first offer will not apply to a: (a) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a charter party, or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third-party. Navios Containers Omnibus Agreement: Backstop Agreement: Navios Midstream General Partner Option Agreement with Navios Holdings: Option Vessels: Sale of the C. Dream and the Nave Celeste: The Company recognized its incremental investment in Navios Midstream, which amounted to $27,665 under “Investment in affiliates”. The investment was recognized at fair value at $17.02 per unit. The incremental investment included the Company's share of the basis difference between the fair value and the underlying book value of Navios Midstream's assets at the transaction date, which amounted to $2,554. Of this difference an amount of $(72) was allocated to the intangibles assets and $2,626 was allocated to the tangible assets. This difference is amortized through “Equity/ (loss) in net earnings of affiliated companies” over the remaining life of Navios Midstream's tangible and intangible assets. The transaction resulted in a gain on sale of $14,742, of which $5,771 was recognized at the time of sale in the statements of operations under “Gain on sale of vessels” and the remaining $8,971 representing profit of Navios Acquisition's 60.9% interest in Navios Midstream has been deferred under “Deferred gain on sale of assets” and is being amortized over the vessels' remaining useful life or until the vessels are sold. Subsequently, the deferred gain is amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain is accelerated in the event that (i) the vessel is subsequently sold or otherwise disposed of by Navios Midstream or (ii) the Company's ownership interest in Navios Midstream is reduced. In connection with the public offerings of common units by Navios Midstream, a pro rata portion of the deferred gain is released to income upon dilution of the Company's ownership interest in Navios Midstream. As of June 30, 2017 and as of December 31, 2016, the unamortized deferred gain for all vessels and rights sold totaled $8,197 and $8,823 , respectively, of which an amount of $979 and $994, respectively, was included in “Deferred revenue”. For the three month periods ended June 30, 2017 and 2016, Navios Acquisition recognized $253 and $0 of the deferred gain, respectively, in “Equity/ (loss) in net earnings of affiliated companies”. For the six month periods ended June 30, 2017 and 2016, Navios Acquisition recognized $626 and $0 of the deferred gain, respectively, in “Equity/ (loss) in net earnings of affiliated companies”. Participation in offerings of affiliates: On September 30, 2016, December 30, 2016, February 16, 2017 and May 5, 2017 Navios Acquisition entered into securities purchase agreements with Navios Midstream pursuant to which Navios Acquisition made an investment in Navios Midstream by purchasing 5,655, 1,143, 6,446 and 412 general partnership interests, respectively, for a consideration of $75, $14, $79 and $5 respectively, in order to maintain its 2.0% partnership interest in Navios Midstream in light of such continuous offering sales program. The Company determined, under the equity method, that the issuance of common units of Navios Midstream qualified as a sale of shares by the investee. As a result, a net loss of $5 and $54 was recognized in “Equity/ (loss) in net earnings of affiliated companies” for the three and six month periods ended June 30, 2017, respectively. Balance due from Navios Europe I: 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, 2017, the amount undrawn under the Navios Revolving Loans I was $4,800, of which Navios Acquisition may be required to fund an amount ranging from $0 to $4,800. Balance due from Navios Europe II: 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, 2017, the amount undrawn under the Navios Revolving Loans II was $15,005, of which Navios Acquisition may be required to fund an amount ranging from $0 to $15,005. |
Commitments and Contigencies
Commitments and Contigencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitment and Contigencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12: COMMITMENTS AND CONTINGENCIES On November 18, 2014, Navios Acquisition entered into backstop agreements with Navios Midstream. In accordance with the terms of the backstop agreements, Navios Acquisition has provided backstop commitments for a two-year period as of the redelivery of each of the Nave Celeste, the Shinyo Ocean and the Shinyo Kannika from their original charters, at a net rate of $35, $38.4 and $38, respectively. Navios Midstream has currently entered into new charter contracts for the above vessels with third parties upon their redelivery which occurred in the first quarter of 2017. Those contracts provide for index linked charter rates or pool earnings, as the case may be. Backstop commitments will be triggered if the actual rates achieved are below the backstop rates. 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. |
Preferred and Common Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2017 | |
Preferred and Common Stock [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 13: PREFERRED AND COMMON STOCK Preferred Stock 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 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, 2017, the Company was authorized to issue 10,000,000 shares of $0.0001 par value preferred stock including these already issued 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, 2017 and December 31, 2016 the Company's issued and outstanding preferred stock consisted of the 1,000 Series C Convertible Preferred Stock. Common Stock and puttable common stock As of June 30, 2017 and December 31, 2016, the following shares of puttable common stock were outstanding: Puttable Common Stock Number of common shares Amount Balance at December 31, 2015 650,000 $ 6,500 Redemption of 400,000 shares of puttable common stock (400,000 ) (4,000 ) Balance at December 31, 2016 250,000 $ 2,500 Redemption of 175,000 shares of puttable common stock (175,000 ) (1,750 ) Balance at June 30, 2017 75,000 $ 750 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. 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. The share repurchase program expired in December 2016. On January 6, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of 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 puttable common stock and paid cash of $1,000 to the holder upon redemption. On July 1, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of puttable common stock and paid cash of $1,000 to the holder upon redemption. On October 3, 2016, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of puttable common stock and paid cash of $1,000 to the holder upon redemption. On January 17, 2017, Navios Acquisition redeemed, through the holder's put option, 100,000 shares of puttable common stock and paid cash of $1,000 to the holder upon redemption. On May 8, 2017, Navios Acquisition redeemed, through the holder's put option, 75,000 shares of puttable common stock and paid cash of $750 to the holder upon redemption. As of June 30, 2017, the Company was authorized to issue 250,000,000 shares of $0.0001 par value common stock of which 150,407,990 were issued and outstanding. Stock based compensation In October 2013, Navios Acquisition authorized and issued to its directors in the aggregate of 2,100,000 restricted shares of common stock and options to purchase 1,500,000 shares of common stock having an exercise price of $3.91 per share and an expiration term of 10 years. These awards of restricted common stock and stock options are based on service conditions only and vest ratably over a period of three years (33.33% each year). The holders of restricted stock are entitled to dividends paid on the same schedule as paid to the common stockholders of the company. The fair value of restricted stock was determined by reference to the quoted stock price on the date of grant of $3.99 per share (or total fair value of $8,379). The fair value of stock option grants was determined with reference to the option pricing model, and principally adjusted Black-Scholes models, using historical volatility, historical dividend yield, zero forfeiture rate, risk free rate equal to 10-year U.S. treasury bond and the simplified method for determining the expected option term since the Company did not have sufficient historical exercise data upon which to have a reasonable basis to estimate the expected option term. The fair value of stock options was calculated at $0.79 per option (or $1,188). Compensation expense is recognized based on a graded expense model over the vesting period of three years from the date of the grant. The effect of compensation expense arising from the stock-based arrangements described above amounted to $0 and $264, for the three month periods ended June 30, 2017 and 2016, respectively, and was reflected in general and administrative expenses on the statements of operations. The recognized compensation expense was presented as an adjustment to reconcile net income to net cash provided by operating activities on the statements of cash flows. For the six month period ended June 30, 2017 and 2016, the effect of compensation expense arising from the stock-based arrangements described above amounted to $0 and $528, respectively. There were no restricted stock or stock options exercised, forfeited or expired during the three and six month periods ended June 30, 2017. On October 24, 2016, 2015 and 2014, 700,005, 700,001 and 699,994 shares of restricted stock, respectively, were vested. Accordingly, there were no unvested restricted shares outstanding as of June 30, 2017 and as of December 31, 2016. On each of October 24, 2016, 2015 and 2014, 500,000 stock options were vested. Accordingly, there were no unvested stock options outstanding and non-vested as of June 30, 2017 and as of December 31, 2016. The weighted average contractual life of stock options outstanding as of June 30, 2017 was 6.3 years. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | NOTE 14: 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 Asia $ 34,722 $ 46,750 $ 72,754 $ 98,740 Europe 10,536 9,862 22,502 19,118 United States 13,200 17,883 27,684 37,056 Total $ 58,458 $ 74,495 $ 122,940 $ 154,914 |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings per Common Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 15: (LOSS)/ EARNINGS PER COMMON SHARE Earnings/ (loss) per share is calculated by dividing net income/ (loss) available to common stockholders by the weighted average number of shares of common stock of Navios Acquisition outstanding during the period. Potential common shares of 9,176,000 (which includes Series C Convertible Preferred Stock and Stock options) for the three and six month periods ended June 30, 2017 and 2016 have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted income/ (loss) per share. For the Three For the Three For the Six For the Six Numerator: Net (loss)/ income $ (64,417 ) $ 12,184 $ (58,802 ) $ 35,954 Less: Dividend declared on restricted shares — (35 ) — (70 ) Undistributed loss/ (income) attributable to Series C participating preferred shares 3,127 (591 ) 2,855 (1,752 ) Net (loss)/ income attributable to common stockholders, basic $ (61,290 ) $ 11,558 $ (55,947 ) $ 34,132 Plus: Dividend declared on restricted shares — 35 — 70 Net (loss)/ income attributable to common stockholders, diluted $ (61,290 ) $ 11,593 $ (55,947 ) $ 34,202 Denominator: Denominator for basic net (loss)/ income per share — weighted average shares 150,436,836 150,084,084 150,468,625 149,668,699 Series A preferred stock — — — 468,132 Restricted shares — 700,005 — 700,005 Denominator for diluted net (loss)/ income per share — adjusted weighted average shares 150,436,836 150,784,089 150,468,625 150,836,836 Net (loss)/ income per share, basic and diluted $ (0.41 ) $ 0.08 $ (0.37 ) $ 0.23 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 16: INCOME TAXES Marshall Islands, Cayman Islands, British Virgin Islands, and Hong Kong, do not impose a tax on international shipping income. Under the laws of these countries, the countries of incorporation of the Company and its subsidiaries and /or vessels' registration, the companies are subject to registration and tonnage taxes which have been included in the daily management fee. In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessels' tonnage. The payment of said duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. The amount included in Navios Acquisition's statements of operations for the six months ended June 30, 2017, and 2016 related to the Greek Tonnage tax was $480 and $612, respectively, and for the three months ended June 30, 2017 and 2016, it was $68 and $0, 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, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17: SUBSEQUENT EVENTS On August 8, 2017, Navios Acquisition redeemed, through the holder's put option, 50,000 shares of puttable common stock and paid cash of $500 to the holder upon redemption. On August 9, 2017, the Board of Directors declared a quarterly cash dividend in respect of the second quarter of 2017 of $0.05 per share of common stock payable on September 14, 2017 to stockholders of record as of September 7, 2017. 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 Accoun24
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation: |
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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these interim condensed consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. The Company elected to early adopt the requirements of Accounting Standard Update (“ASU”) 2017-01, “Business Combinations” effective beginning the second quarter ending June 30, 2017. The early adoption of this ASU did not have a material effect on the Company's consolidated financial statements. |
Equity method investments | (c) Equity method investments: rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. Navios Acquisition evaluates its equity method investments, for other than temporary impairment, on a quarterly basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects and (3) the intent and ability of the Company to retain its investments for a period of time sufficient to allow for any anticipated recovery in fair value. |
Subsidiaries | (d) Subsidiaries: As of June 30, 2017, and 2016 the entities included in these consolidated financial statements were: Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2017 2016 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 Loyalty Limited Former Vessel-Owning Company Hong Kong 1/1 - 6/30 1/1 - 6/30 Shinyo Navigator Limited Former Vessel-Owning Company 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 Former Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Makronisos Shipping Corporation Former Vessel-Owning Company ) 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 (1) Marshall Is. 1/1 - 6/30 1/1 - 1/27 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Donoussa Shipping Corporation Vessel-Owning Company (2) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Schinousa Shipping Corporation Vessel-Owning Company (3) 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 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 1/1 - 6/30 Delos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 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 Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. (2 )Former vessel-owner of the Nave Universe which was sold to an unaffiliated third party on October 4, 2016. (3 )Former vessel-owner of the Nave Constellation which was sold to an unaffiliated third party on November 15, 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: |
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 the 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 January 2017, the FASB issued Accounting Standard Update (“ASU”) ASU 2017-03 “Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323).” The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance did not have a material effect on the Company's Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. This Update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. 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 January 2016, FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities”. The amendments in this ASU require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of operations. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance was originally effective for interim and annual periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. 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 assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Navios Maritime Acquisition Corporation and Subsidiaries | Navios Maritime Acquisition Corporation and Subsidiaries: Nature Country of Incorporation 2017 2016 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 Loyalty Limited Former Vessel-Owning Company Hong Kong 1/1 - 6/30 1/1 - 6/30 Shinyo Navigator Limited Former Vessel-Owning Company 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 Former Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Makronisos Shipping Corporation Former Vessel-Owning Company ) 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 (1) Marshall Is. 1/1 - 6/30 1/1 - 1/27 Antipaxos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 1/1 - 6/30 Donoussa Shipping Corporation Vessel-Owning Company (2) Marshall Is. 1/1 - 6/30 1/1 - 6/30 Schinousa Shipping Corporation Vessel-Owning Company (3) 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 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 1/1 - 6/30 Delos Shipping Corporation Vessel-Owning Company Marshall Is. 1/1 - 6/30 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 Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. (2 )Former vessel-owner of the Nave Universe which was sold to an unaffiliated third party on October 4, 2016. (3 )Former vessel-owner of the Nave Constellation which was sold to an unaffiliated third party on November 15, 2016. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | June 30, 2017 December 31, 2016 Cash on hand and at banks $ 46,544 $ 39,286 Short-term deposits 5,000 10,006 Total cash and cash equivalents $ 51,544 $ 49,292 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Vessels, Net | Vessels Cost Accumulated Depreciation Net Book Value Balance at December 31, 2015 $ 1,590,332 $ (148,697 ) $ 1,441,635 Additions — (57,617 ) (57,617 ) Disposals (including vessels held for sale) (85,319 ) 8,224 (77,095 ) Balance at December 31, 2016 $ 1,505,013 $ (198,090 ) $ 1,306,923 Additions — (28,440 ) (28,440 ) Balance at June 30, 2017 $ 1,505,013 $ (226,530 ) $ 1,278,483 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill [Abstract] | |
Schedule of Goodwill | Balance January 1, 2016 $ 1,579 Balance December 31, 2016 1,579 Balance June 30, 2017 $ 1,579 |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summarized Financial Information - Balance Sheet Data | June 30, 2017 December 31, 2016 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 $ 45,777 $ 15,096 $ 15,235 $ 52,791 $ 10,785 $ 16,916 Current assets $ 60,019 $ 20,101 $ 24,997 $ 61,087 $ 15,980 $ 19,487 Non-current assets $ 406,442 $ 164,166 $ 224,929 $ 414,694 $ 169,925 $ 232,363 Current liabilities $ 4,664 $ 20,153 $ 18,792 $ 6,143 $ 18,490 $ 24,126 Long-term debt including current portion, net of deferred finance costs and discount $ 196,841 $ 80,772 $ 111,572 $ 197,176 $ 86,060 $ 119,234 Non-current liabilities $ 196,173 $ 156,406 $ 199,943 $ 196,515 $ 155,387 $ 184,530 |
Summarized Financial Information - Income Statement Data | Three month period ended Three month period ended Income Statement Navios Navios Navios Navios Navios Navios Revenue $ 18,510 $ 9,394 $ 9,401 $ 22,695 $ 10,418 $ 6,760 Net (loss)/income before non-cash change in fair value of Junior Loan — (1,950 ) (5,058 ) — (449 ) (6,889 ) Net income/(loss) 1,960 (2,489 ) (5,058 ) 5,889 (1,955 ) (3,220 ) Six month period ended Six month period ended Income Statement Navios Navios Navios Navios Navios Navios Revenue $ 39,610 $ 19,278 $ 17,402 $ 46,844 $ 20,530 $ 14,726 Net (loss)/ income before non-cash change in fair value of Junior Loan — (3,239 ) (11,325 ) — (739 ) (11,913 ) Net income/(loss) 6,462 (4,320 ) (12,003 ) 13,384 (3,134 ) (7,122 ) |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Expenses [Abstract] | |
Schedule of Accrued Expenses | June 30, 2017 December 31, 2016 Accrued voyage expenses $ 1,022 $ 1,369 Accrued loan interest 8,858 8,800 Accrued legal and professional fees 1,721 878 Total accrued expenses $ 11,601 $ 11,047 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Borrowings [Abstract] | |
Schedule of Borrowings | June 30, 2017 December 31, 2016 Commerzbank AG, Alpha Bank AE, Credit Agricole Corporate and Investment Bank $ 74,500 $ 94,250 BNP Paribas S.A. and DVB Bank S.E. 58,500 60,750 Eurobank Ergasias S.A. $52,200 36,933 38,297 Eurobank Ergasias S.A. $52,000 34,878 36,102 Norddeutsche Landesbank Girozentrale 24,609 25,391 DVB Bank S.E. and Credit Agricole Corporate and Investment Bank 47,266 48,828 Ship Mortgage Notes $670,000 670,000 670,000 Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB 89,971 97,615 BNP Paribas $44,000 38,000 40,000 HSH $24,000 24,000 — 1,098,657 1,111,233 Less: Deferred finance costs, net (15,232 ) (16,685 ) Add: bond premium 1,274 1,390 Total borrowings $ 1,084,699 $ 1,095,938 Less: current portion, net of deferred finance costs (38,814 ) (55,000 ) Total long-term borrowings, net of current portion, bond premium and deferred finance costs $ 1,045,885 $ 1,040,938 |
Long-Term Debt Obligations | Amount Long-Term Debt Obligations: Year June 30, 2018 $ 40,211 June 30, 2019 116,982 June 30, 2020 90,231 June 30, 2021 91,260 June 30, 2022 727,160 June 30, 2023 and thereafter 32,813 Total $ 1,098,657 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | June 30, 2017 December 31, 2016 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 51,544 $ 51,544 $ 49,292 $ 49,292 Restricted cash $ 5,248 $ 5,248 $ 7,366 $ 7,366 Ship mortgage notes and premium $ 660,547 $ 572,951 $ 659,684 $ 571,597 Other long-term debt, net of deferred finance cost $ 424,152 $ 428,657 $ 436,254 $ 441,233 Due from related parties, long-term $ 106,509 $ 106,944 $ 80,068 $ 80,646 |
Fair Value of Financial Instruments measured on a Non-Recurring Basis | Fair Value Measurements as of June 30, 2017 Total Quoted Prices in Significant Other Significant Investment in affiliates $ 117,990 $ 117,990 $ — $ — |
Fair value measurements on a nonrecurring basis | Fair Value Measurements at June 30, 2017 Using Total Level I Level II Level III Cash and cash equivalents $ 51,544 $ 51,544 $ — $ — Restricted cash $ 5,248 $ 5,248 $ — $ — Ship mortgage notes and premium $ 572,951 $ 572,951 $ — $ — Other long-term debt (1) $ 428,657 $ — $ 428,657 $ — Due from related parties, long-term (2) $ 106,944 $ — $ 106,944 $ — Fair Value Measurements at December 31, 2016 Using Total Level I Level II Level III Cash and cash equivalents $ 49,292 $ 49,292 $ — $ — Restricted cash $ 7,366 $ 7,366 $ — $ — Ship mortgage notes and premium $ 571,597 $ 571,597 $ — $ — Other long-term debt (1) $ 441,233 $ — $ 441,233 $ — Due from related parties, long-term (2) $ 80,646 $ — $ 80,646 $ — (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. (2 )The fair value of the Company's long term amounts due from related parties is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. |
Preferred and Common Stock (Tab
Preferred and Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Preferred and Common Stock [Abstract] | |
Temporary Equity | Puttable Common Stock Number of common shares Amount Balance at December 31, 2015 650,000 $ 6,500 Redemption of 400,000 shares of puttable common stock (400,000 ) (4,000 ) Balance at December 31, 2016 250,000 $ 2,500 Redemption of 175,000 shares of puttable common stock (175,000 ) (1,750 ) Balance at June 30, 2017 75,000 $ 750 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Information [Abstract] | |
Revenue by Geographic Region | Three Month Three Month Six Month Six Month Asia $ 34,722 $ 46,750 $ 72,754 $ 98,740 Europe 10,536 9,862 22,502 19,118 United States 13,200 17,883 27,684 37,056 Total $ 58,458 $ 74,495 $ 122,940 $ 154,914 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings per Common Share [Abstract] | |
Schedule of Earnings per Common Share | For the Three For the Three For the Six For the Six Numerator: Net (loss)/ income $ (64,417 ) $ 12,184 $ (58,802 ) $ 35,954 Less: Dividend declared on restricted shares — (35 ) — (70 ) Undistributed loss/ (income) attributable to Series C participating preferred shares 3,127 (591 ) 2,855 (1,752 ) Net (loss)/ income attributable to common stockholders, basic $ (61,290 ) $ 11,558 $ (55,947 ) $ 34,132 Plus: Dividend declared on restricted shares — 35 — 70 Net (loss)/ income attributable to common stockholders, diluted $ (61,290 ) $ 11,593 $ (55,947 ) $ 34,202 Denominator: Denominator for basic net (loss)/ income per share — weighted average shares 150,436,836 150,084,084 150,468,625 149,668,699 Series A preferred stock — — — 468,132 Restricted shares — 700,005 — 700,005 Denominator for diluted net (loss)/ income per share — adjusted weighted average shares 150,436,836 150,784,089 150,468,625 150,836,836 Net (loss)/ income per share, basic and diluted $ (0.41 ) $ 0.08 $ (0.37 ) $ 0.23 |
Description of Organization a36
Description of Organization and Business Operations (Details) - shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
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 | 43.40% | |
Navios Holdings' economic interest in Navios Acquisition | 46.20% | |
Common stock shares outstanding | 150,407,990 | 150,582,990 |
Navios Maritime Midstream Partners GP LLC | Common Unitholders | ||
Description of Organization and Business Operations [Abstract] | ||
Limited partnership interest in Navios Midstream | 59.00% | |
Navios Maritime Midstream Partners GP LLC | General Partner Units | ||
Description of Organization and Business Operations [Abstract] | ||
General partner interest in Navios Midstream | 2.00% | |
Series C Convertible Preferred Stock | ||
Preferred stock shares outstanding | 1,000 | 1,000 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 6 Months Ended | |
Jun. 30, 2017 | ||
Navios Maritime Acquisition Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Aegean Sea Maritime Holdings Inc. | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Shinyo Loyalty Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Former Vessel-Owning Company | |
Country of Incorporation | Hong Kong | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Shinyo Navigator Limited | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Former Vessel-Owning Company | |
Country of Incorporation | Hong Kong | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Sifnos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Alonnisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Former Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Makronisos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Former Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Iraklia Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Paxos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [1] |
Country of Incorporation | Marshall Is. | [1] |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | [1] |
2,016 | 1/1 - 1/27 | [1] |
Antipaxos Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Donoussa Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [2] |
Country of Incorporation | Marshall Is. | [2] |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | [2] |
2,016 | 1/1 - 6/30 | [2] |
Schinousa Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | [3] |
Country of Incorporation | Marshall Is. | [3] |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | [3] |
2,016 | 1/1 - 6/30 | [3] |
Navios Acquisition Europe Finance Inc | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Sub-Holding Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
Kerkyra Shipping Corporation | ||
Subsidiaries Nature, Country of Incorporation List | ||
Nature | Vessel-Owning Company | |
Country of Incorporation | Marshall Is. | |
Statement Of Operations | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 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 | ||
2,017 | 1/1 - 6/30 | |
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 | ||
2,017 | 1/1 - 6/30 | |
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 | ||
2,017 | 1/1 - 6/30 | |
2,016 | 1/1 - 6/30 | |
[1] | Former vessel-owner of the Nave Lucida which was sold to an unaffiliated third party on January 27, 2016. | |
[2] | Former vessel-owner of the Nave Universe which was sold to an unaffiliated third party on October 4, 2016 | |
[3] | Former vessel-owner of the Nave Constellation which was sold to an unaffiliated third party on November 15, 2016 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
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 (Ta39
Cash and Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||||
Cash on hand and at banks | $ 46,544 | $ 39,286 | ||
Short-term deposits | 5,000 | 10,006 | ||
Total cash and cash equivalents | $ 51,544 | $ 49,292 | $ 69,536 | $ 54,805 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 5,248 | $ 7,366 |
Vessels, Net (Table) (Details)
Vessels, Net (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Balance | $ 1,306,923 | |
Balance | 1,278,483 | $ 1,306,923 |
Cost | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,505,013 | 1,590,332 |
Additions | 0 | 0 |
Disposals (including vessels held for sale) | (85,319) | |
Balance | 1,505,013 | 1,505,013 |
Accumulated Depreciation | ||
Property, Plant and Equipment [Line Items] | ||
Balance | (198,090) | (148,697) |
Additions | (28,440) | (57,617) |
Disposals (including vessels held for sale) | 8,224 | |
Balance | (226,530) | (198,090) |
Net Book Value | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,306,923 | 1,441,635 |
Additions | (28,440) | (57,617) |
Disposals (including vessels held for sale) | (77,095) | |
Balance | $ 1,278,483 | $ 1,306,923 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 11 Months Ended | ||
Jan. 27, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Oct. 04, 2016 | Nov. 15, 2016 | |
Property, Plant and Equipment [Line Items] | |||||||
Net cash proceeds from sale of vessel | $ 0 | $ 18,449 | |||||
Gain on sale of vessel | $ 0 | $ 0 | $ 0 | $ 2,282 | |||
Nave Constellation | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Net cash proceeds from sale of vessel | $ 35,771 | ||||||
Gain on sale of vessel | $ 4,620 | ||||||
Nave Universe | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Net cash proceeds from sale of vessel | $ 35,768 | ||||||
Gain on sale of vessel | $ 4,847 | ||||||
Nave Lucida | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Net cash proceeds from sale of vessel | $ 18,449 | ||||||
Gain on sale of vessel | $ 2,282 |
Goodwill - Schedule (Table) (De
Goodwill - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill [Abstract] | |||
Balance | $ 1,579 | $ 1,579 | $ 1,579 |
Investment in Affiliates - Bala
Investment in Affiliates - Balance Sheet Data (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Navios Midstream | ||
Investments In And Advances To Affiliates [Line Items] | ||
Cash and cash equivalents, including restricted cash | $ 45,777 | $ 52,791 |
Current assets | 60,019 | 61,087 |
Non-current assets | 406,442 | 414,694 |
Current liabilities | 4,664 | 6,143 |
Long- term debt including current portion, net of deferred finance costs and discount | 196,841 | 197,176 |
Non-current liabilities | 196,173 | 196,515 |
Navios Europe I | ||
Investments In And Advances To Affiliates [Line Items] | ||
Cash and cash equivalents, including restricted cash | 15,096 | 10,785 |
Current assets | 20,101 | 15,980 |
Non-current assets | 164,166 | 169,925 |
Current liabilities | 20,153 | 18,490 |
Long- term debt including current portion, net of deferred finance costs and discount | 80,772 | 86,060 |
Non-current liabilities | 156,406 | 155,387 |
Navios Europe II | ||
Investments In And Advances To Affiliates [Line Items] | ||
Cash and cash equivalents, including restricted cash | 15,235 | 16,916 |
Current assets | 24,997 | 19,487 |
Non-current assets | 224,929 | 232,363 |
Current liabilities | 18,792 | 24,126 |
Long- term debt including current portion, net of deferred finance costs and discount | 111,572 | 119,234 |
Non-current liabilities | $ 199,943 | $ 184,530 |
Investment in Affiliates - Inco
Investment in Affiliates - Income Statement Data (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Navios Midstream | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | $ 18,510 | $ 22,695 | $ 39,610 | $ 46,844 |
Net (loss)/ income before non-cash change in fair value of Junior Loan | 0 | 0 | 0 | 0 |
Net income/(loss) | 1,960 | 5,889 | 6,462 | 13,384 |
Navios Europe I | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | 9,394 | 10,418 | 19,278 | 20,530 |
Net (loss)/ income before non-cash change in fair value of Junior Loan | (1,950) | (449) | (3,239) | (739) |
Net income/(loss) | (2,489) | (1,955) | (4,320) | (3,134) |
Navios Europe II | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Revenue | 9,401 | 6,760 | 17,402 | 14,726 |
Net (loss)/ income before non-cash change in fair value of Junior Loan | (5,058) | (6,889) | (11,325) | (11,913) |
Net income/(loss) | $ (4,113) | $ (3,220) | $ (12,003) | $ (7,122) |
Investment in Affiliates - Navi
Investment in Affiliates - Navios Europe I and Navios Europe II (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Feb. 18, 2015USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 18, 2013USD ($) | Oct. 09, 2013USD ($) | |
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Proceeds from loan facility | $ 49,764 | $ 0 | ||||||||
Amount outstanding | $ 424,152 | 424,152 | $ 436,254 | |||||||
Long-term debt | 1,084,699 | 1,084,699 | 1,095,938 | |||||||
Investment in affiliates | 129,286 | 129,286 | 196,695 | |||||||
Equity/ (loss) in net earnings of affiliated companies | (57,728) | $ 3,731 | (54,960) | 8,622 | ||||||
Navios Europe I | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage | 47.50% | |||||||||
Number of vessels acquired | 10 | |||||||||
Estimated maximum potential loss | 19,404 | 18,268 | ||||||||
Investment in affiliates | 5,998 | 5,998 | 5,967 | $ 4,750 | ||||||
Equity/ (loss) in net earnings of affiliated companies | 215 | 340 | $ 483 | 669 | ||||||
Percentage of voting stock | 50.00% | |||||||||
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. | |||||||||
Unamortized difference of investment | 4,372 | $ 4,372 | 4,710 | $ 6,763 | ||||||
Navios Europe I | Navios Revolving Loans I | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Loan portion | 9,808 | 9,808 | 9,536 | |||||||
Accrued interest on loan to affiliate | 3,598 | 3,598 | 2,945 | |||||||
Navios Europe I | Navios Term Loans I | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Accrued interest on loan to affiliate | 3,598 | $ 3,598 | 2,945 | |||||||
Navios Europe I | Navios Holdings | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage | 47.50% | |||||||||
Percentage of voting stock | 50.00% | |||||||||
Navios Europe I | Navios Maritime Partners L.P. | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage | 5.00% | |||||||||
Percentage of voting stock | 0.00% | |||||||||
Navios Europe I | Navios Holdings, Navios Acquisition and Navios Partners | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Preferred distribution percentage | 12.70% | |||||||||
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 | |||||||||
Estimated maximum potential loss | $ 33,188 | 22,287 | ||||||||
Investment in affiliates | $ 6,650 | 5,298 | 5,298 | 5,894 | ||||||
Cash consideration | $ 145,550 | |||||||||
Equity/ (loss) in net earnings of affiliated companies | 168 | $ 50 | $ 209 | $ 7 | ||||||
Percentage of voting stock | 50.00% | |||||||||
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. | |||||||||
Unamortized difference of investment | $ 9,419 | 7,482 | $ 7,482 | 7,953 | ||||||
Loan portion | 23,518 | 23,518 | 13,652 | |||||||
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] | ||||||||||
Increase in availability under the Navios Revolving Loans II | $ 14,000 | |||||||||
Loan portion | 20,662 | 20,662 | 11,602 | |||||||
Accrued interest on loan to affiliate | 4,372 | $ 4,372 | $ 2,741 | |||||||
Navios Europe II | Junior Loan II | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Debt instrument face amount | 182,150 | |||||||||
Debt instrument fair value | 99,147 | |||||||||
Navios Europe II | Navios Holdings | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage | 47.50% | |||||||||
Percentage of voting stock | 50.00% | |||||||||
Navios Europe II | Navios Maritime Partners L.P. | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage | 5.00% | |||||||||
Percentage of voting stock | 0.00% | |||||||||
Navios Europe II | Navios Holdings, Navios Acquisition and Navios Partners | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Preferred distribution percentage | 18.00% | |||||||||
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 | $ 43,500 | $ 43,500 | ||||||||
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 |
Investment in Affiliates - Na47
Investment in Affiliates - Navios Midstream Revised (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Feb. 16, 2017USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | May 05, 2017USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 18, 2015USD ($)$ / sharesshares | Jul. 29, 2016USD ($) | Sep. 30, 2016USD ($)shares | Nov. 30, 2014USD ($)shares | Dec. 30, 2016USD ($)shares | Dec. 31, 2016USD ($) | Nov. 18, 2014USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |||||||||||||
Proceeds from loan facility | $ 49,764 | $ 0 | |||||||||||
Carrying amount of investment in Navios Midstream | $ 129,286 | 129,286 | $ 196,695 | ||||||||||
Equity/ (loss) in net earnings of affiliated companies | (57,728) | $ 3,731 | $ (54,960) | 8,622 | |||||||||
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 | 57.00% | ||||||||||||
Carrying amount of investment in Navios Midstream | 117,990 | $ 117,990 | $ 27,665 | 184,834 | $ 183,141 | ||||||||
Unamortized difference of investment | 20,372 | 20,372 | 2,554 | $ 21,221 | 20,169 | ||||||||
Equity/ (loss) in net earnings of affiliated companies | 993 | 3,442 | 3,452 | 7,946 | |||||||||
Dividends received from affiliates | 5,326 | $ 5,320 | 10,649 | $ 10,640 | |||||||||
Total market value of the investment | 117,990 | 117,990 | |||||||||||
Maximum Aggregate Offering Price For Issuance Of Limited Partner Interests | $ 25,000 | ||||||||||||
General partnership interests | shares | shares | 6,446 | 412 | 5,655 | 1,143 | |||||||||
Loss recognised as a result of the issuance of common units of Navios Midstream | (5) | (54) | |||||||||||
Equity/ (loss) in net earnings of affiliated companies | $ 59,104 | $ 59,104 | |||||||||||
Aggregate consideration for general partner interests | $ 79 | $ 5 | $ 75 | $ 14 | |||||||||
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 | shares | 9,342,692 | ||||||||||||
Limited partnership interest | 43.70% | ||||||||||||
Navios Midstream Revised | Common Units | |||||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||||
Units exchanged | shares | shares | 1,242,692 | ||||||||||||
Limited partnership interest | 5.80% | ||||||||||||
Navios Midstream Revised | General Partner Units | |||||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||||
Units exchanged | shares | shares | 32,509 | 381,334 | |||||||||||
Proceeds from issuance of general partner units | $ 551 | ||||||||||||
Navios Midstream Revised | Subordinated Series A Units | |||||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||||
Units exchanged | shares | shares | 1,592,920 | ||||||||||||
Limited partnership interest | 7.50% | ||||||||||||
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, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Dividends paid - aggregate | $ 15,812 | $ 15,851 | |
Installment 4 - FY 2016 | |||
Dividends Payable, Date Declared | Feb. 3, 2017 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,908 | ||
Dividends Payable, Date to be Paid | Mar. 14, 2017 | ||
Dividends paid to common stockholders | $ 7,524 | ||
Dividends Payable, Date of Record | Mar. 7, 2017 | ||
Installment 1 - FY 2017 | |||
Dividends Payable, Date Declared | May 12, 2017 | ||
Dividends per share | $ 0.05 | ||
Dividends paid - aggregate | $ 7,904 | ||
Dividends Payable, Date to be Paid | Jun. 14, 2017 | ||
Dividends paid to common stockholders | $ 7,520 | ||
Dividends Payable, Date of Record | Jun. 7, 2017 | ||
Series C Preferred Stock | |||
Preferred stock shares outstanding | 1,000 | 1,000 | |
Navios Holdings | Series C Preferred Stock | Installment 4 - FY 2016 | |||
Dividends paid to preferred stockholders | $ 384 | ||
Navios Holdings | Series C Preferred Stock | Installment 1 - FY 2017 | |||
Dividends paid to preferred stockholders | $ 384 |
Accrued Expenses - Schedule (Ta
Accrued Expenses - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Expenses [Abstract] | ||
Accrued voyage expenses | $ 1,022 | $ 1,369 |
Accrued loan interest | 8,858 | 8,800 |
Accrued legal and professional fees | 1,721 | 878 |
Total accrued expenses | $ 11,601 | $ 11,047 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Professional Fees, Current | $ 1,721 | $ 878 |
Legal and professional fees | ||
Accrued Professional Fees, Current | 1,470 | $ 750 |
General and administrative expenses | ||
Cash award, authorized amount | $ 1,000 |
Borrowings - Schedule (Table) (
Borrowings - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 1,098,657 | $ 1,111,233 |
Less: Deferred finance costs, net | (15,232) | (16,685) |
Add: bond premium | 1,274 | 1,390 |
Total borrowings | 1,084,699 | 1,095,938 |
Less: current portion, net of deferred finance costs | (38,814) | (55,000) |
Total long-term borrowings, net of current portion, bond premium and deferred finance costs | 1,045,885 | 1,040,938 |
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 | 74,500 | 94,250 |
BNP Paribas S.A. and DVB Bank S.E. | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 58,500 | 60,750 |
Eurobank Ergasias S.A. $52,200 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 36,933 | 38,297 |
Eurobank Ergasias S.A. $52,000 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 34,878 | 36,102 |
Norddeutsche Landesbank Girozentrale | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 24,609 | 25,391 |
DVB Bank S.E. and Credit Agricole Corporate and Investment Bank | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 47,266 | 48,828 |
Deutsche Bank AG Filiale Deutschlandgeschaft and Skandinaviska Enskilda Banken AB | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 89,971 | 97,615 |
BNP Paribas $44,000 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | 38,000 | 40,000 |
$24000 | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 24,000 | $ 0 |
Borrowings - Long-Term Debt Obl
Borrowings - Long-Term Debt Obligations (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long-Term Debt Obligations: | ||
June 30, 2018 | $ 40,211 | |
June 30, 2019 | 116,982 | |
June 30, 2020 | 90,231 | |
June 30, 2021 | 91,260 | |
June 30, 2022 | 727,160 | |
June 30, 2023 and thereafter | 32,813 | |
Total | $ 1,098,657 | $ 1,111,233 |
Borrowings (Details)
Borrowings (Details) $ in Thousands | 2 Months Ended | 6 Months Ended | |||
Feb. 28, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | |||||
Other long-term debt | [1] | $ 428,657 | $ 441,233 | ||
Outstanding Amount | 1,098,657 | 1,111,233 | |||
Amount drawn down | $ 49,764 | $ 0 | |||
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. | ||||
Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Ownreship percentage | 100.00% | ||||
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% | ||||
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% | ||||
Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Other long-term debt | $ 428,657 | ||||
Interest rate description | LIBOR plus spread | ||||
Repayment frequency | semi-annual or quarterly | ||||
Maturity Date Range, Start | Jul. 31, 2018 | ||||
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 | 2.30% | ||||
Credit Facilities | Maximum | |||||
Debt Instrument [Line Items] | |||||
Loan margin percentage | 4.00% | ||||
ABN AMRO Bank N.V. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Feb. 28, 2017 | ||||
Repayment installments | 4 | ||||
Repayment amount | $ 650 | ||||
Line of credit facility maturity date | Feb. 28, 2018 | ||||
Interest rate description | LIBOR plus 400 bps | ||||
Loan margin percentage | 4.00% | ||||
Repayment frequency | quarterly | ||||
Line of credit facility remaining borrowing capacity | $ 0 | ||||
Writte-off deferred financing cost | 697 | ||||
Amount drawn down | $ 26,650 | ||||
Outstanding balance prepaid | $ 26,000 | ||||
Credit Facilities, Collateral | two chemical tankers | ||||
HSH Nordbank AG | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Jun. 30, 2017 | ||||
Line of credit facility maximum borrowing capacity | $ 24,000 | ||||
Number of loan tranches | 2 | ||||
Repayment installments | 17 | ||||
Repayment amount | $ 572 | ||||
Line of credit facility maturity date | Sep. 30, 2021 | ||||
Interest rate description | LIBOR plus 300 bps | ||||
Loan margin percentage | 3.00% | ||||
Repayment frequency | quarterly | ||||
Line of credit facility remaining borrowing capacity | $ 0 | ||||
Outstanding Amount | $ 24,000 | $ 0 | |||
[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. |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |
Credit Facilities, Covenants compliance | As of June 30, 2017, the Company was in compliance with its covenants. |
Credit Facilities, Collateral | Amounts drawn under the facilities are secured by first preferred mortgages on Navios Acquisition's vessels and other collateral and are guaranteed by each vessel-owning subsidiary. |
Restrictive covenants | The credit facilities contain a number of restrictive covenants that prohibit or limit Navios Acquisition from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; changing the flag, class, management or ownership of Navios Acquisition's vessels; changing the commercial and technical management of Navios Acquisition's vessels; selling Navios Acquisition's vessels; and subordinating the obligations under each credit facility to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. The credit facilities also require Navios Acquisition to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. |
Total Liabilities to Total Assets ratio lower than threshold | 75.00% |
Minimum | |
Debt Instrument [Line Items] | |
Liquidity required for compliance | $ 40,000 |
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] | |
Net worth required for compliance | $ 135,000 |
Ship Mortgage Notes $670,000 | |
Debt Instrument [Line Items] | |
Restrictive covenants | The 2021 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2021 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2021 Co-Issuers were in compliance with the covenants as of June 30, 2017. |
Covenant compliance | The 2021 Co-Issuers were in compliance with the covenants as of June 30, 2017. |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |||||
Cash and cash equivalents - Book Value | $ 51,544 | $ 49,292 | $ 69,536 | $ 54,805 | |
Cash and cash equivalents - Fair Value | 51,544 | 49,292 | |||
Restricted cash - Book Value | 5,248 | 7,366 | |||
Restricted cash - Fair Value | 5,248 | 7,366 | |||
Ship mortgage notes and premium - Book Value | 660,547 | 659,684 | |||
Ship mortgage notes and premium - Fair Value | 572,951 | 571,597 | |||
Other long-term debt, net of deferred finance cost - Book Value | 424,152 | 436,254 | |||
Other long-term debt, net of deferred finance cost - Fair Value | [1] | 428,657 | 441,233 | ||
Due from related parties, long-term - Book Value | 106,509 | 80,068 | |||
Due from related parties, long-term - Fair Value | [2] | $ 106,944 | $ 80,646 | ||
[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. | ||||
[2] | The fair value of the Company's long term amounts due from related parties is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. |
Fair Value - Measurements (Tabl
Fair Value - Measurements (Table)(Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment in affiliates | $ 129,286 | $ 196,695 |
Quoted Prices in Active Markets for Identical Assets (Level I) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment in affiliates | $ 117,990 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 51,544 | $ 49,292 | |
Restricted cash | 5,248 | 7,366 | |
Ship mortgage notes and premium | 572,951 | 571,597 | |
Other long-term debt | [1] | 428,657 | 441,233 |
Due from related parties, long-term | [2] | 106,944 | 80,646 |
Level I | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 51,544 | 49,292 | |
Restricted cash | 5,248 | 7,366 | |
Ship mortgage notes and premium | 572,951 | 571,597 | |
Level II | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other long-term debt | 428,657 | 441,233 | |
Due from related parties, long-term | $ 106,944 | $ 80,646 | |
[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. | ||
[2] | The fair value of the Company's long term amounts due from related parties is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty's creditworthiness. |
Fair Value - Measurements (Deta
Fair Value - Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Navios Midstream | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity/ (loss) in net earnings of affiliated companies | $ 59,104 | $ 59,104 |
Transactions with Related Par59
Transactions with Related Parties (Details) | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Feb. 16, 2017USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | May 05, 2017USD ($)shares | May 29, 2016USD ($) | May 28, 2014USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 18, 2015USD ($)$ / sharesshares | Jul. 29, 2016USD ($) | Sep. 30, 2016USD ($)shares | Sep. 20, 2016USD ($) | Sep. 19, 2016USD ($) | Nov. 30, 2014USD ($)shares | Dec. 31, 2016USD ($) | Dec. 30, 2016USD ($)shares | Nov. 18, 2016 | Mar. 31, 2016USD ($) | Nov. 18, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||||||||
Amount drawn down | $ 49,764,000 | $ 0 | |||||||||||||||||
Navios Holdings' interest in Navios South American Logistics Inc. | 46.20% | 46.20% | |||||||||||||||||
Amount incurred for specialized work in connection with certain vessels | $ 730,000 | 730,000 | |||||||||||||||||
Management fees | $ 23,678,000 | 24,318,000 | $ 47,096,000 | 48,504,000 | |||||||||||||||
General and administrative expenses | 3,693,000 | 5,981,000 | 6,456,000 | 9,510,000 | |||||||||||||||
Due from related parties, long-term | 106,509,000 | 106,509,000 | $ 80,068,000 | ||||||||||||||||
Amount outstanding | 424,152,000 | 424,152,000 | 436,254,000 | ||||||||||||||||
Interest income | 2,546,000 | 880,000 | 4,740,000 | 1,534,000 | |||||||||||||||
Due to related parties, short-term | 5,937,000 | 5,937,000 | 0 | ||||||||||||||||
Time charter and voyage expenses | 5,585,000 | 1,017,000 | 8,763,000 | 2,438,000 | |||||||||||||||
Investment in affiliates | 129,286,000 | 129,286,000 | 196,695,000 | ||||||||||||||||
Gain on sale of vessels recognized at time of sale | 0 | 0 | 0 | 2,282,000 | |||||||||||||||
Deferred revenue | 8,451,000 | 8,451,000 | 8,519,000 | ||||||||||||||||
Deferred gain on sale of assets | 7,218,000 | 7,218,000 | 7,829,000 | ||||||||||||||||
The Navios Holdings Credit Facility | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 70,000,000 | ||||||||||||||||||
Arrangement fee | $ 700,000 | ||||||||||||||||||
Amount drawn down | 0 | $ 50,000,000 | |||||||||||||||||
Interest rate percentage | 8.75% | ||||||||||||||||||
Navios Holdings' interest in Navios South American Logistics Inc. | 78.50% | ||||||||||||||||||
Line of credit facility termination date | Nov. 15, 2018 | ||||||||||||||||||
Due from related parties, long-term | 53,059,000 | 53,059,000 | 50,661,000 | ||||||||||||||||
Amount outstanding | 0 | 0 | |||||||||||||||||
Interest expense, Related party | 3,494,000 | 1,240,000 | |||||||||||||||||
Interest income | 1,206,000 | $ 2,398,000 | |||||||||||||||||
$50,000 Revolver with Navios Holdings | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | Mar. 31, 2016 | ||||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||||||||||||||||||
Interest rate description | LIBOR plus 300 bps | ||||||||||||||||||
Loan margin percentage | 3.00% | ||||||||||||||||||
Line of credit facility termination date | Apr. 14, 2016 | ||||||||||||||||||
Management Agreement | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Termination date of agreement | May 31, 2016 | ||||||||||||||||||
Amendment of Management Agreement | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Termination date of agreement | May 31, 2018 | ||||||||||||||||||
Duration of agreement | 2 years | ||||||||||||||||||
Administrative services agreement with the Navios Holdings | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Termination date of agreement | May 31, 2020 | ||||||||||||||||||
General and administrative expenses | 2,250,000 | 2,375,000 | $ 4,500,000 | 4,768,000 | |||||||||||||||
Navios Midstream General Partner Option Agreement with Navios Holdings | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | Nov. 18, 2014 | ||||||||||||||||||
Line of credit facility termination date | Nov. 18, 2024 | ||||||||||||||||||
Intercompany Agreements Description | On October 25, 2016, Navios Acquisition extended the option periods on three of the five remaining VLCCs, the Nave Buena Suerte, the Nave Neutrino and the Nave Electron, for an additional two-year period expiring on November 18, 2018. | ||||||||||||||||||
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 | $ 6,350 | ||||||||||||||||||
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 | 6,350 | ||||||||||||||||||
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 | 7,150 | ||||||||||||||||||
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 | ||||||||||||||||||
Shinyo Ocean Limited | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Duration of agreement | 2 years | ||||||||||||||||||
Charter hire daily rate | $ 38,400 | ||||||||||||||||||
Shinyo Kannika Limited | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Duration of agreement | 2 years | ||||||||||||||||||
Charter hire daily rate | $ 38,000 | ||||||||||||||||||
Navios Midstream | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Amount drawn down | $ 104,451,000 | ||||||||||||||||||
Intercompany Agreements Description | 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 backstop commitments for a two-year period as of the redelivery of each of the Nave Celeste, the Shinyo Ocean and the Shinyo Kannika from their original charters, at a net rate of $35, $38.4 and $38, respectively. Navios Midstream has currently entered into new charter contracts for the above vessels with third parties upon their redelivery which occurred in the first quarter of 2017. Those contracts provide for index linked charter rates or pool earnings, as the case may be. Backstop commitments will be triggered if the actual rates achieved are below the backstop rates. | ||||||||||||||||||
Due to related parties, short-term | 5,937,000 | $ 5,937,000 | 0 | ||||||||||||||||
Time charter and voyage expenses | 4,075,000 | 0 | $ 5,231,000 | 0 | |||||||||||||||
Navios GP LLC general partner interest in Navios Midstream | 2.00% | 2.00% | |||||||||||||||||
Investment in affiliates | 117,990,000 | $ 117,990,000 | $ 27,665,000 | 184,834,000 | $ 183,141,000 | ||||||||||||||
Unamortized difference of investment | 20,372,000 | $ 20,372,000 | 2,554,000 | 21,221,000 | 20,169,000 | ||||||||||||||
Navios Acquisition interest in Navios Midstream | 60.90% | ||||||||||||||||||
Deferred revenue | 979,000 | $ 979,000 | 994,000 | ||||||||||||||||
Maximum Aggregate Offering Price For Issuance Of Limited Partner Interests | $ 25,000,000 | ||||||||||||||||||
General partnership interests | shares | shares | 6,446 | 412 | 5,655 | 1,143 | |||||||||||||||
Aggregate consideration for general partner interests | $ 79,000 | $ 5,000 | $ 75,000 | $ 14,000 | |||||||||||||||
Deferred gain on sale of assets | 8,197,000 | 8,197,000 | 8,823,000 | ||||||||||||||||
Deferred gain recognized | 253,000 | $ 0 | 626,000 | $ 0 | |||||||||||||||
Loss recognised as a result of the issuance of common units of Navios Midstream | (5,000) | (54,000) | |||||||||||||||||
Navios Midstream | Tangible Assets | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Unamortized difference of investment | 2,626,000 | 20,501,000 | |||||||||||||||||
Navios Midstream | Nave Celeste and C. Dream | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Sale price | 100,000,000 | ||||||||||||||||||
Cash received | 73,000,000 | ||||||||||||||||||
Gain on sale of vessels, total | 14,742,000 | ||||||||||||||||||
Gain on sale of vessels recognized at time of sale | 5,771,000 | ||||||||||||||||||
Deferred gain on sale of assets | 8,971,000 | ||||||||||||||||||
Navios Holdings and Navios Midstream | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due from related parties | $ 31,154,000 | $ 31,154,000 | $ 25,760,000 | ||||||||||||||||
Intangible Assets | Navios Midstream | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Unamortized difference of investment | $ (72,000) | $ (332,000) | |||||||||||||||||
Subordinated Series A Units | Navios Midstream | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Units exchanged | shares | shares | 1,592,920 | ||||||||||||||||||
Share price | $ / shares | $ 17.02 | ||||||||||||||||||
General Partner Units | Navios Midstream | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Units exchanged | shares | shares | 32,509 | 381,334 | |||||||||||||||||
Proceeds from issuance of general partner units | $ 551,000 | ||||||||||||||||||
Options Vessels | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of vessels | 7 |
Transactions with Related Par60
Transactions with Related Parties - Navios Europe I and Navios Europe II (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Navios Europe I | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 13,406 | $ 12,301 |
Navios Europe I | Navios Holdings, Navios Acquisition and Navios Partners | ||
Related Party Transaction [Line Items] | ||
Preferred distribution percentage | 12.70% | |
Navios Europe I | Navios Revolving Loans I | ||
Related Party Transaction [Line Items] | ||
Line of credit facility remaining borrowing capacity | $ 4,800 | |
Accrued interest on loan to affiliate, current | 3,598 | 2,945 |
Loan portion | 9,808 | 9,536 |
Navios Europe I | Navios Revolving Loans I | Minimum | ||
Related Party Transaction [Line Items] | ||
Amount commited to fund | 0 | |
Navios Europe I | Navios Revolving Loans I | Maximum | ||
Related Party Transaction [Line Items] | ||
Amount commited to fund | 4,800 | |
Navios Europe I | Navios Term Loans I | ||
Related Party Transaction [Line Items] | ||
Accrued interest on loan to affiliate, non-current | 2,683 | 2,231 |
Loan portion | 7,125 | 7,125 |
Accrued interest on loan to affiliate, current | 3,598 | 2,945 |
Navios Europe II | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 27,890 | 16,393 |
Loan portion | $ 23,518 | 13,652 |
Navios Europe II | Navios Holdings, Navios Acquisition and Navios Partners | ||
Related Party Transaction [Line Items] | ||
Preferred distribution percentage | 18.00% | |
Navios Europe II | Navios Revolving Loans II | ||
Related Party Transaction [Line Items] | ||
Line of credit facility remaining borrowing capacity | $ 15,005 | |
Accrued interest on loan to affiliate, current | 4,372 | 2,741 |
Loan portion | 20,662 | 11,602 |
Navios Europe II | Navios Revolving Loans II | Minimum | ||
Related Party Transaction [Line Items] | ||
Amount commited to fund | 0 | |
Navios Europe II | Navios Revolving Loans II | Maximum | ||
Related Party Transaction [Line Items] | ||
Amount commited to fund | 15,005 | |
Navios Europe II | Navios Term Loans II | ||
Related Party Transaction [Line Items] | ||
Accrued interest on loan to affiliate, non-current | $ 2,856 | $ 2,050 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Shinyo Kannika Limited | |
Other Commitments [Line Items] | |
Duration of agreement | 2 years |
Charter hire daily rate | $ 38,000 |
Shinyo Ocean Limited | |
Other Commitments [Line Items] | |
Duration of agreement | 2 years |
Charter hire daily rate | $ 38,400 |
Nave Celeste | |
Other Commitments [Line Items] | |
Duration of agreement | 2 years |
Charter hire daily rate | $ 35,000 |
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 backstop commitments for a two-year period as of the redelivery of each of the Nave Celeste, the Shinyo Ocean and the Shinyo Kannika from their original charters, at a net rate of $35, $38.4 and $38, respectively. Navios Midstream has currently entered into new charter contracts for the above vessels with third parties upon their redelivery which occurred in the first quarter of 2017. Those contracts provide for index linked charter rates or pool earnings, as the case may be. Backstop commitments will be triggered if the actual rates achieved are below the backstop rates. |
Preferred and Common Stock - Pu
Preferred and Common Stock - Puttable Common Stock (Table) (Details) - USD ($) $ in Thousands | Jan. 06, 2016 | Jan. 17, 2017 | Apr. 01, 2016 | May 08, 2017 | Jun. 30, 2017 | Jul. 01, 2016 | Oct. 03, 2016 | Dec. 31, 2016 |
Common Stock | ||||||||
Beginning Balance, amount | $ 2,500 | $ 2,500 | $ 2,500 | |||||
Ending Balance, amount | $ 750 | $ 2,500 | ||||||
Puttable Common Stock | ||||||||
Common Stock | ||||||||
Begining Balance, Number of shares | 650,000 | 250,000 | 650,000 | 250,000 | 250,000 | 650,000 | 650,000 | 650,000 |
Beginning Balance, amount | $ 6,500 | $ 2,500 | $ 6,500 | $ 2,500 | $ 2,500 | $ 6,500 | $ 6,500 | $ 6,500 |
Redemption of puttable common stock, shares | (100,000) | (100,000) | (100,000) | (75,000) | (175,000) | (100,000) | (100,000) | (400,000) |
Redeption of puttable common stock, value | $ (1,750) | $ (4,000) | ||||||
Ending Balance, Number of shares | 75,000 | 250,000 | ||||||
Ending Balance, amount | $ 750 | $ 2,500 |
Preferred and Common Stock - Pr
Preferred and Common Stock - Preferred Stock (Details) | 2 Months Ended | 3 Months Ended | |||
Mar. 11, 2016shares | Mar. 30, 2011shares | Jun. 30, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Sep. 17, 2010shares | |
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 | ||||
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 | ||||
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 |
Preferred and Common Stock - Se
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. 17, 2017 | Mar. 11, 2016 | Apr. 01, 2016 | May 08, 2017 | Jun. 30, 2017 | Jul. 01, 2016 | Jun. 30, 2016 | Oct. 03, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Amount paid upon redemption | $ 1,750 | $ 2,000 | |||||||||
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 | |||||||||
Common stock shares issued | 150,407,990 | 150,582,990 | |||||||||
Common stock shares outstanding | 150,407,990 | 150,582,990 | |||||||||
Common Stock | |||||||||||
Shares redeemed | shares | 175,000 | 200,000 | |||||||||
Conversion of Stock, Shares issued | 1,200,000 | ||||||||||
Shares Issued | 150,407,990 | 150,782,990 | 150,582,990 | 149,782,990 | |||||||
Puttable Common Stock | |||||||||||
Shares redeemed | shares | 100,000 | 100,000 | 100,000 | 75,000 | 175,000 | 100,000 | 100,000 | 400,000 | |||
Amount paid upon redemption | $ 1,000 | $ 1,000 | $ 1,000 | $ 750 | $ 1,000 | $ 1,000 | |||||
Series A Convertible Preferred Stock | |||||||||||
Conversion of Stock, Shares converted | 3,000 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Oct. 24, 2016 | Oct. 24, 2015 | Oct. 24, 2014 | Oct. 31, 2013 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock based compensation | $ 0 | $ 264 | $ 0 | $ 528 | |||||
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 | 700,005 | 700,001 | 699,994 | ||||||
Restricted stock exercised | 0 | 0 | |||||||
Restricted stock forfeited | 0 | 0 | |||||||
Restricted stock expired | 0 | 0 | |||||||
Restricted shares non-vested | 0 | 0 | 0 | 0 | 1,400,006 | ||||
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 weighted average period of recognition | 6 years 3 months 16 days | ||||||||
Stock options vested | 500,000 | 500,000 | 500,000 | ||||||
Stock options exercised | 0 | 0 | |||||||
Stock options forfeited | 0 | 0 | |||||||
Stock options expired | 0 | 0 | |||||||
Stock options non-vested | 0 | 0 | 0 | 0 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Region (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total Revenue | $ 58,458 | $ 74,495 | $ 122,940 | $ 154,914 |
Asia | ||||
Total Revenue | 34,722 | 46,750 | 72,754 | 98,740 |
Europe | ||||
Total Revenue | 10,536 | 9,862 | 22,502 | 19,118 |
United States | ||||
Total Revenue | $ 13,200 | $ 17,883 | $ 27,684 | $ 37,056 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net (loss)/ income | $ (64,417) | $ 12,184 | $ (58,802) | $ 35,954 |
Less: | ||||
Dividend declared on restricted shares | 0 | (35) | 0 | (70) |
Undistributed loss/ (income) attributable to Series C participating preferred shares | 3,127 | (591) | 2,855 | (1,752) |
Net (loss)/ income attributable to common shareholders, basic | (61,290) | 11,558 | (55,947) | 34,132 |
Plus: | ||||
Dividend declared on restricted shares | 0 | 35 | 0 | 70 |
Net (loss)/ income attributable to common shareholders, diluted | $ (61,290) | $ 11,593 | $ (55,947) | $ 34,202 |
Denominator: | ||||
Denominator for basic net (loss)/ income per share - weighted average shares | 150,436,836 | 150,084,084 | 150,468,625 | 149,668,699 |
Series A preferred stock | 0 | 0 | 0 | 468,132 |
Restricted shares | 0 | 700,005 | 0 | 700,005 |
Denominator for diluted net (loss)/ income per share - adjusted weighted average shares | 150,436,836 | 150,784,089 | 150,468,625 | 150,836,836 |
Net (loss)/ income per share, basic and diluted | $ (0.41) | $ 0.08 | $ (0.37) | $ 0.23 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | ||||
Potential common shares having an anti-dilutive effect | 9,176,000 | 9,176,000 | 9,176,000 | 9,176,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes [Abstract] | ||||
Greek Tonnage tax | $ 68 | $ 0 | $ 480 | $ 612 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 06, 2016 | Jan. 17, 2017 | Apr. 01, 2016 | May 08, 2017 | Jun. 30, 2017 | Jul. 01, 2016 | Jun. 30, 2016 | Aug. 09, 2017 | Aug. 08, 2017 | Oct. 03, 2016 | Dec. 31, 2016 |
Subsequent Event [Line Items] | |||||||||||
Amount paid upon redemption | $ 1,750 | $ 2,000 | |||||||||
Puttable Common Stock | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares redeemed | shares | 100,000 | 100,000 | 100,000 | 75,000 | 175,000 | 100,000 | 100,000 | 400,000 | |||
Amount paid upon redemption | $ 1,000 | $ 1,000 | $ 1,000 | $ 750 | $ 1,000 | $ 1,000 | |||||
Subsequent Event | Puttable Common Stock | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares redeemed | shares | 50,000 | ||||||||||
Amount paid upon redemption | $ 500 | ||||||||||
Installment 4 - FY 2017 | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividends Payable, Date Declared | Aug. 9, 2017 | ||||||||||
Dividends per share | $ 0.05 | ||||||||||
Dividends Payable, Date to be Paid | Sep. 14, 2017 | ||||||||||
Dividends Payable, Date of Record | Sep. 7, 2017 |