SOURCE: Navios Maritime Acquisition Corporation

February 10, 2011 06:00 ET

Navios Maritime Acquisition Corporation Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2010

Declared Quarterly Dividend of $0.05 per Share for Q4 2010

Delivery of Chemical Tanker Nave Polaris in January 2011

Adjusted EBITDA of $17.4 Million for Q4 2010

PIRAEUS, GREECE--(Marketwire - February 10, 2011) - Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the fourth quarter and year ended December 31, 2010.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition said, "2010 was a pivotal year for Navios Acquisition. We acquired over $1.0 billion of assets and engaged in a number of complex financing transactions. Our VLCC fleet has long term charters with quality counter parties, and the cash flow from our operating fleet is sufficient to fund the entire fleet of 22 vessels. With a solid balance sheet and stable cash flow, we are returning capital to our shareholders through a quarterly dividend of $0.05 per share."

Ms. Frangou continued, "As economic activity picks up globally and refineries are moved from developed countries to emerging countries, the demand fundamentals within the product tanker segment are improving. For example, in 2010, ton mile demand increased by about 5.4% while the net growth of the fleet was only 1.2%. Market fundamentals should improve further by the time we take delivery of our new build product tanker vessels."

2010 HIGHLIGHTS - RECENT DEVELOPMENTS

Dividend of $0.05 per share of common stock

The Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2010 of $0.05 per share of common stock. The dividend is payable on April 5, 2011 to shareholders of record as of March 16, 2011. The declaration and payment of any further dividend remains subject to the discretion of the Board and will depend on, among other things, Navios Acquisition's cash requirements as measured by market opportunities and restrictions under its credit agreements.

Delivery of the chemical tanker vessel Nave Polaris

On January 27, 2011, Navios Acquisition took delivery of the chemical tanker Nave Polaris of 25,145 dwt from a South Korean shipyard into its owned fleet. The vessel is chartered out for six months at a net rate of $10,238 per day for the first three months and at a net rate of $11,213 per day for the remaining three months.

Credit Facility

On December 6, 2010, Navios Acquisition entered into a loan agreement with EFG Eurobank Ergasias S.A. of up to $52.0 million (divided into two $26.0 million tranches) to partially finance the acquisition costs of two LR1 product tanker vessels. Each tranche of the facility is repayable in 32 equal quarterly installments of $0.3 million each with a final balloon payment of approximately $15.0 million, to be repaid on the last repayment date. The facility bears interest at a rate of LIBOR plus 300 bps and requires compliance with certain financial covenants.

$400.0 million 8 5/8% First Priority Ship Mortgage Notes Due 2017

On October 21, 2010, Navios Acquisition completed the sale of $400.0 million of 8 5/8% First Priority Ship Mortgage notes due 2017 (the "Notes"). The Notes are secured by first priority ship mortgages on six very large crude carrier vessels, aggregating approximately 1.8 million deadweight tons, owned by certain subsidiary guarantors. The Notes are guaranteed by each of Navios Acquisition's direct and indirect subsidiaries.

The net proceeds of the sale of the Notes, totaling $386.5 million, were used to repay borrowings under certain of Navios Acquisition's existing credit facilities.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three month periods and the years ended December 31, 2010 and 2009. The year ended December 31, 2010 and the quarterly 2010 and 2009 information were derived from the unaudited condensed consolidated financial statements for the respective periods. Adjusted EBITDA and Adjusted Net Income are non-US GAAP financial measures and should not be used in isolation or substitution for Navios Acquisition's results.

                         For the      For the
                          Three        Three
                          Months       Months
                          Ended        Ended      Year Ended   Year Ended
                         December     December     December     December
(Expressed in thousands  31, 2010     31, 2009     31, 2010     31, 2009
 of U.S. dollars)       (unaudited)  (unaudited)  (unaudited)
                        -----------  -----------  -----------  -----------

Revenue                 $    25,440  $        --  $    33,568  $        --
Adjusted EBITDA(1)      $    17,374  $        --  $    21,963  $        --
Net Income/ (Loss)      $    (4,428) $      (180) $   (13,546) $      (648)
Adjusted Net Income (2) $     1,013  $        --  $     2,054  $        --
Loss  Per Share basic
 and diluted            $     (0.10) $     (0.00) $     (0.43) $     (0.03)
Adjusted Earnings Per
 Share(3)               $      0.02  $        --  $      0.06  $        --

(1) Adjusted EBITDA for year ended December 31, 2010, excludes $8.0 million of transaction costs for the acquisition of the fleet of seven VLCC tanker vessels (the "VLCC Acquisition") and $2.1 million of share based compensation.

(2) Adjusted Net Income for the three month period ended December 31, 2010, excludes $5.4 million of prepayment fees and write-off of deferred financing costs. Adjusted Net Income for the year ended December 31, 2010, excludes $8.0 million of transaction costs for the VLCC Acquisition, $2.1 million of share based compensation and $5.4 million of prepayment fees and write-off of deferred financing costs.

(3) Adjusted Earnings Per Share for the three month period ended December 31, 2010, excludes $5.4 million prepayment fees and write-off of deferred financing costs. Adjusted Earnings Per Share for the year ended December 31, 2010, excludes $8.0 million of transaction costs for the VLCC Acquisition, $2.1 million of share based compensation, $5.4 million of prepayment fees and write-off of deferred financing costs and $0.7 million of incremental fair value of securities offered to induce the exercise of warrants.

Three month periods ended December 31, 2010 and 2009

Revenue for the three month period ended December 31, 2010 was $25.4 million. Navios Acquisition, including the chemical tanker Nave Cosmos delivered on October 27, 2010, had 802 available days at a TCE rate of $31,701. There was no revenue in the corresponding period of 2009.

Adjusted EBITDA for the three month period ended December 31, 2010 was $17.4 million as a result of the $25.4 million of revenue from vessel operations and $0.4 million of other income which was partially offset by: (a) $7.2 million of management fees; (b) $0.3 million of voyage expenses: (c) $0.9 million of general and administrative expenses.

Net Loss for the three month period ended December 31, 2010 amounted to $4.4 million compared to $0.2 million loss for the three month period ended December 31, 2009. The $4.4 million loss for the three month period ended December 31, 2010 was due to: (a) $7.2 million of management expenses; (b) $5.4 million of prepayment fees and write-off of deferred financing costs due to full repayment of certain credit facilities; (c) $7.7 million of depreciation and amortization; (d) $8.9 million of interest expense and finance cost; (e) $1.0 million of general and administrative expenses, (f) $0.3 million of voyage expenses. The $30.5 million of expenses were partially offset by $25.4 million of revenue, including revenue from the product tankers Colin Jacob and Ariadne Jacob, the VLCC acquisition in September 2010 and the chemical tanker Nave Cosmos delivered on October 27, 2010, $0.3 million of interest income and $0.4 million related to other income.

During the three month period ended December 31, 2009, Navios Acquisition had no operations and the $0.2 million loss was primarily related to $0.2 million of general and administrative expenses.

Adjusted Net Income for the three month period ended December 31, 2010 was $1.0 million excluding the prepayment fees and write-off of deferred financing costs of $5.4 million incurred in connection with full prepayment of certain facilities.

Year ended December 31, 2010 and 2009

Revenue for the year ended December 31, 2010 was $33.6 million. Following the acquisition of the vessel Nave Cosmos on October 27, 2010, Navios Acquisition had 1,104 available days at a TCE of $30,087 for the year ended December 31, 2010. There was no revenue in the corresponding period of 2009.

Adjusted EBITDA for the year ended December 31, 2010 was $22.0 million as result of $ 33.6 million of revenue from vessel operations and $0.4 million related to other income which was partially offset by: (a) $9.8 million of management fees; (b) $0.4 million voyage expenses; and (c) $1.9 million of general and administrative expenses.

Net Loss for the year ended December 31, 2010 amounted to $13.5 million compared to $0.6 million loss for the year ended December 31, 2009. The $13.5 million loss was due to: (a) $9.8 million of management expenses; (b) $0.4 million of voyage expenses; (c) $8.0 million of expenses incurred in connection with the VLCC Acquisition; (d) $2.1 million of share based compensation; (e) $10.1 million of depreciation and amortization; (f) $10.7 million of interest expense and financing costs; (g) $1.9 million of general and administrative expenses: and (h) $5.4 million of prepayment fees and write-off of deferred financing costs. The $48.4 million of expenses were partially offset by $33.6 million of revenue following the VLCC Acquisition, the acquisition of the product tankers, Colin Jacob and Ariadne Jacob and the acquisition of the chemical tanker the Nave Cosmos, $0.9 million of interest income and $0.4 million related to other income.

During the year ended December 31, 2009, Navios Acquisition had no operations and the $0.7 million loss was primarily related to $1.0 million of general and administrative expenses partially offset by $0.3 million of interest income.

Adjusted Net Income for the year ended December 31, 2010 was $2.1 million excluding the transaction costs of $8.0 million incurred in connection with the VLCC Acquisition, $2.1 million of share based compensation and $5.4 million of prepayment fees and write-off of deferred financing costs incurred in connection with the full prepayment of certain credit facilities.

Time Charter Coverage

As of February 10, 2011, Navios Acquisition had contracted 91.2%, 57.4%, and 36.3% of its available days on a charter-out basis for 2011, 2012 and 2013, respectively, equivalent to $111.3 million, $116.1 million and $109.5 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $31,830, $35,231 and $37,524 for 2011, 2012 and 2013, respectively.

Fleet Employment Profile

The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three month period and year ended December 31, 2010.

                                        Three Months
                                            Ended            Year Ended
                                      December 31, 2010  December 31, 2010
                                         (unaudited)        (unaudited)
                                      -----------------  -----------------
 FLEET DATA
 Available days (1)                                 802              1,104
 Operating days (2)                                 794              1,096
 Fleet utilization (3)                             99.0%              99.3%
 Vessels operating at period end                      9                  9
 Time Charter Equivalent per day (4)  $          31,701  $          30,087

(1) Available days: Available days is the total number of days a vessel is controlled by a company less the aggregate number of days that the vessel is off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

(2) Operating days: Operating days is the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including lack of demand or unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(3) Fleet utilization: Fleet utilization is obtained by dividing the number of operating days during a period by the number of available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.

(4)Time Charter Equivalent: Time Charter Equivalent is defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts, while charter hire rates for vessels on time charters generally are expressed in such amounts.

Conference Call, Webcast and Presentation Details:

As previously announced, Navios Acquisition will host a conference call today, Thursday, February 10, 2011 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the fourth quarter and year ended December 31, 2010 financial results.

US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 3850 9430

The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.642.1687
International Replay Dial In: +1.706.645.9291
Conference ID: 3850 9430

The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, http://www.navios-acquisition.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.

A supplemental slide presentation will be available on the Navios Acquisition website at http://www.navios-acquisition.com under the "Investors" section at 7:45 am ET on the day of the call.

About Navios Acquisition

Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

For more information about Navios Acquisition, please visit our website: http://www.navios-acquisition.com.

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although Navios Acquisition believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for crude oil, product and chemical tanker vessels, competitive factors in the market in which Navios Acquisition operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Acquisition's filings with the Securities and Exchange Commission. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.





                                                                  EXHIBIT I
                  NAVIOS MARITIME ACQUISITION CORPORATION
                        CONSOLIDATED BALANCE SHEETS
       (Expressed in thousands of U.S. Dollars - except share data)

                                                  December 31, December 31,
                                                     2010         2009
                                                  (unaudited)
                                                  -----------  ------------
 ASSETS
 Current assets
 Cash and cash equivalents                        $    61,360  $         87
 Restricted cash, short term portion                   15,012            --
 Accounts receivable, net                               4,479            --
 Prepaid expenses & other current assets                  351            55
                                                  -----------  ------------
 Total current assets                                  81,202           142
                                                  -----------  ------------

 Vessels, net                                         529,659            --
 Deposits for vessels acquisitions                    296,690            --
 Deferred financing costs, net                         18,178            --
 Goodwill                                               1,579            --
 Intangible assets -- other than goodwill              58,992            --
 Investments                                               --       251,493
 Restricted cash, long term portion                    18,787            --
                                                  -----------  ------------
 Total non-current assets                             923,885       251,493
                                                  -----------  ------------
 Total assets                                     $ 1,005,087  $    251,635
                                                  ===========  ============

 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities
 Accounts payable                                 $     3,454  $         56
 Dividend payable                                       2,421            --
 Accrued expenses                                       9,219           414
 Due to related parties                                 6,080            31
 Deferred revenue                                       2,765            --
 Deferred underwriters fees                                --         8,855
 Current portion of long term debt                      5,086            --
                                                  -----------  ------------
 Total current liabilities                             29,025         9,356
                                                  -----------  ------------

 Long term debt, net of current portion               704,332            --
 Loans due to related parties                          12,391            --
 Unfavorable lease terms                                5,611            --
                                                  -----------  ------------
 Total non-current liabilities                        722,334            --
                                                  -----------  ------------
 Total liabilities                                    751,359         9,356
                                                  -----------  ------------

 Commitments and contingencies                             --            --

 Common stock subject to redemption, 10,119,999
  shares at redemption value $9.91 per share               --       100,289

 Stockholders' equity
 Preferred stock, $0.0001 par value; 1,000,000
  shares authorized; 3,540 and 0 issued and
  outstanding as of December 31, 2010 and
  December 31, 2009, respectively.                         --            --
 Common stock, $0.0001 par value; 100,000,000
  shares authorized; 48,410,572 and 31,625,000
  shares issued and outstanding as of December
  31, 2010 and December 31, 2009, respectively              5             3
 Additional paid-in capital                           266,870       141,588
 (Accumulated Deficit) / Retained Earnings            (13,147)          399
                                                  -----------  ------------
 Total stockholders' equity                           253,728       141,990
                                                  -----------  ------------
 Total liabilities and stockholders' equity       $ 1,005,087  $    251,635
                                                  ===========  ============





                  NAVIOS MARITIME ACQUISITION CORPORATION
                    CONSOLIDATED STATEMENTS OF INCOME
 (Expressed in thousands of U.S. dollars - except share and per share data)


                              Three       Three
                              month       month
                              period      period
                              ended       ended     Year ended  Year ended
                             December    December    December    December
                             31, 2010    31, 2009    31, 2010    31, 2009
                            ----------  ----------  ----------  ----------
                            (unaudited) (unaudited) (unaudited)
 Revenue                    $   25,440  $       --  $   33,568  $       --
 Time charter expenses            (288)         --        (355)         --
 Management fees                (7,204)         --      (9,752)         --
 General and administrative
  expenses                        (947)       (230)     (1,902)       (994)
 Share based compensation           --          --      (2,140)         --
 Transaction costs                  --          --      (8,019)         --
 Depreciation and
  amortization                  (7,740)         --     (10,120)         --
 Prepayment fees and
  write-off of deferred
  financing costs               (5,441)         --      (5,441)         --
 Interest income                   269          50         862         346
 Interest expenses and
  financing cost, net           (8,890)         --     (10,651)         --
 Other income/(expense),
  net                              373          --         404          --
                            ----------  ----------  ----------  ----------
 Net loss                   $   (4,428) $     (180) $  (13,546) $     (648)
                            ==========  ==========  ==========  ==========

 Incremental fair value of
  securities offered to
  induce warrants exercised         --          --        (647)         --
                            ----------  ----------  ----------  ----------

 Net loss attributable to
  common shareholders       $   (4,428) $     (180) $  (14,193) $     (648)
                            ----------  ----------  ----------  ----------

 Net loss per share, basic  $    (0.10)      (0.00)      (0.43)      (0.03)
                            ==========  ==========  ==========  ==========

 Weighted average number of
  shares, basic             44,877,963  21,505,001  33,100,194  21,505,001
                            ==========  ==========  ==========  ==========

 Net loss per share,
  diluted                   $    (0.10)      (0.00)      (0.43)      (0.02)
                            ==========  ==========  ==========  ==========


 Weighted average number of
  shares, diluted           44,877,963  21,505,001  33,100,194  21,505,001
                            ==========  ==========  ==========  ==========





                  NAVIOS MARITIME ACQUISITION CORPORATION
                   CONSOLIDATED STATEMENTS OF CASH FLOWS

                  (Expressed in thousands of U.S. dollars)

                                                             For the period
                                                             March 14, 2008
                                                                (date of
                                        Year ended  Year ended  inception)
                                         December    December   to December
                                         31, 2010    31, 2009    31, 2008
                                        ----------  ----------  ----------
                                        (unaudited)
 Operating Activities
 Net (loss)/income                      $  (13,546) $     (648) $    1,047
 Adjustments to reconcile net
  loss/income to net cash provided by /
  (used in) operating activities:
    Share based compensation                 2,140          --          --
    Transaction costs                        5,619          --          --
    Depreciation and amortization           10,120          --          --
 Amortization and write off of deferred
  financing costs                            3,456          --          --
 Changes in operating assets and
  liabilities:
 Decrease/ (increase)in prepaid
  expenses                                   3,188          (2)        (55)
 Increase in accounts receivable            (4,479)         --          --
 Increase in accounts payable                3,398          27          30
 (Decrease)/ Increase in accrued
  expenses                                  (4,022)        106         309
 Increase/(decrease) in due to related
  parties                                    5,569        (106)        136
 Increase in restricted cash                  (288)         --          --
 Increase in deferred revenue                  324          --          --
                                        ----------  ----------  ----------
 Net cash provided by/ (used in)
  operating activities                  $   11,479  $     (623) $    1,467
                                        ----------  ----------  ----------

 Investing Activities
 Cash paid for assets acquired, net of
  cash assumed                             (76,428)         --          --
 Cash paid for business acquisition,
  net of cash assumed                     (102,038)         --          --
 Acquisition of vessels                    (89,910)         --          --
 Deposits for vessel acquisition           (90,233)         --          --
 Restricted cash                             2,335          --          --
 Restricted cash held in trust account          --           5          (7)
 Release from trust account                251,493         703    (252,194)
                                        ----------  ----------  ----------
 Net cash (used in)/ provided by
  investing activities                  $ (104,781) $      708  $ (252,201)
                                        ----------  ----------  ----------

 Financing Activities
 Loan proceeds, net of deferred finance
  fees                                     556,271          --          --
 Loan repayments                          (412,245)         --          --
 Loan proceeds from related party           40,000          --          --
 Repayment on loans from related party     (27,609)         --          --
 Restricted cash                              (250)         --          --
 Deferred underwriter's fee                 (8,855)         --          --
 Net proceeds from warrant exercise         74,978          --          --
 Net proceeds from equity offering          33,402          --     253,000
 Conversion of common stock into cash,
  upon redemption of common stock          (99,312)         --          --
 Issuance of preferred shares               (1,805)         --          --
 Proceeds from issuance of warrants in
  private placement                             --          --       7,600
 Payment for underwriter's discount and
  offering cost                                 --          --      (9,889)
 Proceeds from loan payable,
  stockholder                                   --          --         500
 Loan repayment to stockholder                  --          --        (500)
 Proceeds from issuance of common stock         --          --          25
                                        ----------  ----------  ----------
 Net cash provided by financing
  activities                            $  154,575  $       --  $  250,736
                                        ----------  ----------  ----------
 Net increase in cash and cash
  equivalents                               61,273          85           2
 Cash and cash equivalents, beginning
  of year                                       87           2          --
                                        ----------  ----------  ----------
 Cash and cash equivalents, end of year $   61,360  $       87  $        2
                                        ==========  ==========  ==========

 Supplemental disclosures of cash flow
  information
 Cash interest paid                     $    5,835  $       --  $       --

 Non-cash investing activities
 Common shares issued for VLCC
  acquisition                           $   10,745  $       --  $       --
 Preferred stock issued for transaction
  costs                                 $    5,619  $       --  $       --
 Preferred stock issued for vessel
  deposits                              $    1,649  $       --  $       --
 Capitalized financing costs            $      320  $       --  $       --
 Due to related party                   $      480  $       --  $       --

 Non-cash financing activities
 Dividends payable                      $    2,421  $       --  $       --
 Deferred underwriter's fee             $       --  $    8,855  $    8,855
 Accrued offering costs                 $       --  $       --  $       97
 Amount due to related party, offering
  costs                                 $       --  $       --  $       76





                                                                 EXHIBIT II

 Reconciliation of Adjusted EBITDA to Net Cash from Operating Activities

                        In thousands of US Dollars

                                                  Three Month
                                                    Period
                                                     Ended     Year Ended
                                                    December     December
                                                    31, 2010     31, 2010
                                                  (unaudited)  (unaudited)

Net Cash from Operating Activities                $    (3,191) $    11,479
Net increase in operating assets                        1,552        1,579
Net decrease/(increase) in operating liabilities        8,271       (5,269)
Net interest cost                                      14,062       15,230
Deferred finance charges                               (3,320)      (3,456)
Transaction costs                                          --        2,400
                                                  -----------  -----------
Adjusted EBITDA (1)                               $    17,374  $    21,963
                                                  ===========  ===========



(1) Adjusted EBITDA for the year ended December 31, 2010, excludes share
based compensation of $2.1 million and transaction costs for the VLCC
Acquisition of $8.0 million.

Disclosure of Non-GAAP Financial Measures

Adjusted EBITDA represents net income plus interest and finance costs and depreciation and amortization and transaction costs for the VLCC Acquisition and share based compensation. Adjusted EBITDA is included because it is used by certain investors to measure a company's financial performance. Adjusted EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

Adjusted EBITDA is presented to provide additional information with respect to Navios Acquisition's ability to satisfy its obligations including debt service, capital expenditures, working capital requirements and payment of dividends. While Adjusted EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

                                                                EXHIBIT III

                     Built/           Net                           Expira-
                    Delivery        Charter                          tion
Vessels       Type    Date    DWT    Rate(1)          Profit Share  Date(2)
           -------- -------  ------ ------          ---------------- ------
Owned Vessels
-------------
                LR1
Colin       Product                                      50/50 above
 Jacob       Tanker    2007  74,671 17,000                   $17,000 Jun-13
           -------- -------  ------ ------          ---------------- ------
                LR1
Ariadne     Product                                      50/50 above
 Jacob       Tanker    2007  74,671 17,000                   $17,000 Jul-13
           -------- -------  ------ ------          ---------------- ------
Nave       Chemical
 Cosmos      Tanker    2010  25,130 11,213 (4),(5)              None Aug-11
           -------- -------  ------ ------          ---------------- ------
Nave       Chemical    2011  25,145 10,238                      None Apr-11
 Polaris     Tanker                 11,213                      None Jul-11
           -------- -------  ------ ------          ---------------- ------
Shinyo
 Splendor      VLCC    1993 306,474 38,019                      None May-14
           -------- -------  ------ ------          ---------------- ------
Shinyo
 Navigator     VLCC    1996 300,549 42,705                      None Dec-16
           -------- -------  ------ ------          ---------------- ------
C.Dream        VLCC    2000 298,750 29,625     (3)         50% above
                                                             $30,000 Mar-19
                                                           40% above
                                                             $40,000
           -------- -------  ------ ------          ---------------- ------
Shinyo                                                     50% above
 Ocean         VLCC    2001 281,395 38,400                   $43,500 Jan-17
           -------- -------  ------ ------          ---------------- ------
Shinyo                                                     50% above
 Kannika       VLCC    2001 287,175 38,025                   $44,000 Feb-17
           -------- -------  ------ ------          ---------------- ------
Shinyo         VLCC    2010 298,000 48,153                 35% above Jun-25
 Saowalak                                                    $54,388
                                                           40% above
                                                              59,388
                                                           50% above
                                                              69,388
           -------- -------  ------ ------          ---------------- ------
Owned Vessels
 to be
 Delivered
-------------
Shinyo         VLCC Q2 2011 298,000 48,153                 35% above Jun-26
 Kieran                                                      $54,388
                                                           40% above
                                                             $59,388
                                                           50% above
                                                             $69,388
TBN             LR1 Q4 2011  75,000
TBN             LR1 Q4 2011  75,000
TBN             LR1 Q3 2012  75,000
TBN             LR1 Q4 2012  75,000
TBN             MR2 Q1 2012  50,000
TBN             MR2 Q2 2012  50,000
TBN             MR2 Q3 2012  50,000
TBN             MR2 Q3 2012  50,000
TBN             MR2 Q4 2012  50,000
TBN             MR2 Q4 2012  50,000
TBN             MR2 Q4 2012  50,000

Options to
 Acquire
 Vessels(6)
-------------
TBN             LR1 Q4 2012  75,000
TBN             LR1 Q1 2013  75,000

(1) Net time Charter-out Rate per day (net of commissions).
(2) Estimated dates assuming midpoint of redelivery of charterers.
(3) Vessel subchartered at $34,843/day until Q3 2012.
(4) Vessel chartered until February 11, 2010 at $10,238
(5) Charterer's option to extend the charter for an additional six months
at $11,213 plus 60% / 40% profit sharing.
(6) Our option to acquire the two LR1 vessels expires on July 1, 2011.

Contact Information

  • Public & Investor Relations Contact:
    Navios Maritime Acquisition Corporation
    Investor Relations
    +1.212.906.8644
    info@navios-acquisition.com