SOURCE: Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation

November 13, 2012 07:19 ET

Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2012

PIRAEUS, GREECE--(Marketwire - Nov 13, 2012) - Navios Maritime Acquisition Corporation (NYSE: NNA)

  • 21.5% increase in quarterly revenue to $37.8 million
  • 18.8% increase in quarterly EBITDA to $24.0 million
  • 100% of available days contracted for 2012 and 83.4% for 2013
  • Delivery of four newbuild product tankers
  • $12.0 million of Preferred Stock
  • Quarterly dividend of $0.05 per share

Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the third quarter and nine months ended September 30, 2012.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "I am pleased with our results. We are beginning to show the benefits of the economic engine we have assembled over the past several years. For the third quarter of 2012, we increased revenue by about 22% and EBITDA by about 19%. Because of these strong results, we declared a quarterly dividend of $0.05 per share, reflecting a yield of about 7.6% on our common stock."

Angeliki Frangou continued, "Navios Acquisition is building a stable business in a difficult operating environment. While most of its peers are struggling, Navios Acquisition has developed a low cash flow breakeven through economies of scale. We have also become a trusted name in the tanker market. For 2013, we have about 83% of the available days fixed. We also have significant upside for 2013 through profit sharing we have on 70% of our vessels. As result, it seems that we will exit this phase of the cycle stronger than we entered."

HIGHLIGHTS - RECENT DEVELOPMENTS

Dividend of $0.05 per share of common stock

On November 9, 2012, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2012 of $0.05 per share of common stock. The dividend is payable on January 4, 2013 to stockholders of record as of December 19, 2012. The declaration and payment of any further dividends 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 and other debt obligations and such other factors as the Board may deem advisable.

Redeemable Convertible Preferred Stock

Navios Acquisition agreed to issue 1,200 shares of its authorized Series D Redeemable Convertible Preferred Stock without voting rights ("Series D Preferred Stock") in partial payment of the purchase price of four newbuild LR1 product tankers, including the Nave Cassiopeia and the Nave Cetus. The Series D Preferred Stock has an effective dividend rate of 3.6%. The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price of $10.00 and may be converted prior to maturity at a price of $7.00 per share of common stock. At the holder's option, exercisable beginning 18 months after issuance, the shares of Series D Preferred Stock are redeemable at par.

Delivery of four newbuild product tankers

On November 9, 2012, Navios Acquisition took delivery of the Nave Aquila, a 49,991 dwt MR2 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $13,331 per day for a period of three years plus two one year options with 50% profit sharing, calculated monthly and based on a formula incorporating a $1,000 premium above the relevant index. Base rate for the first optional year is $14,566 (net) plus profit sharing and for the second optional year $15,553 (net) plus profit sharing, with both being at the charterer's option.

On October 30, 2012, Navios Acquisition took delivery of the Nave Cetus, a 74,581 dwt LR1 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $11,850 per day for a period of one year plus 50% profit sharing. The charterer has the option to extend the charter for another six months at the same terms. Navios Acquisition issued 300 shares of its Series D Preferred Stock to the shipyard, in partial settlement of the purchase price.

On August 31, 2012, Navios Acquisition took delivery of the Nave Cassiopeia, a 74,711 dwt LR1 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $11,850 per day for a period of one year plus 50% profit sharing. The charterer has the option to extend the charter for another six months at the same terms. Navios Acquisition issued 300 shares of its Series D Preferred Stock to the shipyard, in partial settlement of the purchase price.

On July 31, 2012, Navios Acquisition took delivery of the Nave Atria, a 49,992 dwt MR2 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $13,331 per day for a period of three years plus two one year options with 50% profit sharing, calculated monthly and based on a formula incorporating a $1,000 premium above the relevant index. Base rate for the first optional year is $14,566 (net) plus profit sharing and for the second optional year $15,553 (net) plus profit sharing, with both being at the charterer's option.

Time Charter Coverage

As of November 13, 2012, Navios Acquisition has contracted 100.0%, 83.4% and 55.2% of its available days on a charter-out basis for 2012, 2013 and 2014, respectively, equivalent to $150.7 million, $173.8 million and $140.4 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $25,631, $22,667 and $25,547 for 2012, 2013 and 2014, respectively.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three and nine month periods ended September 30, 2012 and 2011. The quarterly and nine month information for 2012 and 2011 was derived from the unaudited condensed consolidated financial statements for the respective periods.

                         
                         
(Expressed in thousands of U.S. dollars)   Three Month Period ended
September 30,
2012
(unaudited)
    Three Month Period ended
September 30,
2011
(unaudited)
    Nine Month
Period ended September 30, 2012
(unaudited)
    Nine Month
Period ended
September 30, 2011
(unaudited)
 
Revenue   $ 37,761     $ 31,127     $ 109,423     $ 82,274  
EBITDA   $ 23,984     $ 20,169     $ 70,388     $ 50,877  
Net loss   $ (1,415 )   $ (2,767 )   $ (4,131 )   $ (6,372 )
Loss per share (basic and diluted)   $ (0.03 )   $ (0.06 )   $ (0.09 )   $ (0.13 )
                                 
                                 

EBITDA is a non-US GAAP financial measure and should not be used in isolation or substitution for Navios Acquisition's results (see Exhibit II for reconciliation of EBITDA to net cash provided by operating activities).

Three month periods ended September 30, 2012 and 2011

Revenue for the three month period ended September 30, 2012 increased by $6.7 million or 21.5% to $37.8 million, as compared to $31.1 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Bull and the Buddy in July 2011, the Nave Andromeda in November 2011, the Nave Estella in January 2012, the Nave Atria in July 2012 and the Nave Cassiopeia in August 2012. As a result of the vessel acquisitions, available days of the fleet increased to 1,472 days for the three month period ended September 30, 2012, as compared to 1,054 days for the three month period ended September 30, 2011. Time charter equivalent ("TCE") decreased to $25,185 for the three month period ended September 30, 2012, from $29,518 for the three month period ended September 30, 2011.

EBITDA for the three month period ended September 30, 2012, increased by $3.8 million to $24.0 million, as compared to $20.2 million for the same period in 2011. The increase in EBITDA was due to a $6.7 million increase in revenue as a result of the acquisition of vessels discussed above. The above increase was partially off-set by a: (a) $2.0 million increase in management fees; (b) $0.3 million increase in other expense, net; and (c) $0.6 million increase in time charter expenses.

Net loss for the three month period ended September 30, 2012 decreased by 50% to $1.4 million compared to a $2.8 million loss for the three month period ended September 30, 2011. The decrease in net loss by $1.4 million was due to a: (a) $0.5 million increase in direct vessel expenses; (b) $1.6 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; (c) $0.1 million decrease in interest income; and (d) $0.2 million increase in interest expense and finance cost net, partially offset by a $3.8 million increase in EBITDA.

Nine month periods ended September 30, 2012 and 2011

Revenue for the nine month period ended September 30, 2012 increased by $27.1 million or 32.9% to $109.4 million, as compared to $82.3 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Shinyo Kieran in June 2011, the Bull and the Buddy in July 2011, the Nave Andromeda in November 2011, the Nave Estella in January 2012, the Nave Atria in July 2012 and the Nave Cassiopeia in August 2012. As a result of the vessel acquisitions, available days of the fleet increased to 4,107 days for the nine month period ended September 30, 2012, as compared to 2,815 days for the nine month period ended September 30, 2011. TCE decreased to $26,074 for the nine month period ended September 30, 2012, from $29,223 for the nine month period ended September 30, 2011.

EBITDA for the nine month period ended September 30, 2012, increased by $19.5 million to $70.4 million, as compared to $50.9 million for the same period in 2011. The increase in EBITDA was due to a: (a) $27.1 million increase in revenue due to the acquisition of vessels discussed above; (b) $0.9 million decrease in write off of deferred finance costs; (c) $0.3 million decrease in general and administrative expenses; and (d) $0.5 increase in other income, net. The above $28.5 million increase was partially off-set by a: (i) $8.5 million increase in management fees; and (ii) $0.8 million increase in time charter expenses.

Net loss for the nine month period ended September 30, 2012 decreased by 36% to $4.1 million compared to a $6.4 million loss for the nine month period ended September 30, 2011. The decrease in net loss by $2.3 million was due to a: (a) $1.6 million increase in direct vessel expenses; (b) $5.6 million increase of interest expenses and finance cost, net; (c) $9.2 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; and (d) $0.8 million decrease in interest income, partially offset by the $19.5 million increase in EBITDA.

Fleet Employment Profile

The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three and nine month periods ended September 30, 2012 and 2011.

             
             
 
 
 
 
Three month period ended
September 30,
    Nine month period ended
September 30,
 
    2012     2011     2012     2011  
FLEET DATA                              
Available days (1)     1,472     1,054       4,107       2,815  
Operating days (2)     1,468     1,049       4,079       2,768  
Fleet utilization (3)     99.7 %   99.5 %     99.3 %     98.3 %
Vessels operating at period end     17     13       17       13  
AVERAGE DAILY RESULTS                              
Time Charter Equivalent per day (4)   $ 25,185     29,518     $ 26,074     $ 29,223  
                               
  (1) Available days for the fleet are total calendar days the vessels were in Navios Acquisition's possession for the relevant period after subtracting off-hire days associated with major repairs, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.
   
  (2) Operating days: Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
   
  (3) Fleet utilization: Fleet utilization is the percentage of time that Navios Acquisition's vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels.
   
  (4) Time Charter Equivalent: Time Charter Equivalent is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period.
   
   

Conference Call, Webcast and Presentation Details:
As previously announced, Navios Acquisition will host a conference call today, Tuesday, November 13, 2012 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the third quarter and nine months ended September 30, 2012.

US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 4017 0559

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: +1.800.585.8367

International Replay Dial In: +1.404.537.3406

Conference ID: 4017 0559

The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, 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 8:00 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: 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
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars -- except share data)
 
 
    September 30,
2012
    December 31,
2011
 
    (unaudited)        
ASSETS                
Current assets                
Cash and cash equivalents   $ 45,885     $ 41,300  
Restricted cash, short term portion     26,206       30,640  
Accounts receivable, net     4,741       6,478  
Prepaid expenses and other current assets     816       489  
Total current assets     77,648       78,907  
                 
Vessels, net     870,274       774,624  
Deposits for vessels acquisitions     323,316       245,567  
Deferred finance costs, net     21,573       24,819  
Goodwill     1,579       1,579  
Intangible assets -- other than goodwill     53,395       59,879  
Restricted cash, long term portion     --       1,574  
Other long-term assets     884       1,310  
Deferred dry dock and special survey cost, net     8,404       7,210  
Total non-current assets     1,279,425       1,116,562  
                 
Total assets   $ 1,357,073     $ 1,195,469  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities                
Accounts payable   $ 544     $ 1,021  
Dividend payable     2,410       2,421  
Accrued expenses     23,112       15,492  
Due to related parties, short term     30,482       43,616  
Deferred revenue     2,497       3,251  
Current portion of long term debt     17,000       11,928  
Total current liabilities     76,045       77,729  
                 
Long-term debt, net of current portion     966,497       833,483  
Loans due to related party     30,000       40,000  
Due to related parties, long term     49,433       --  
Other long term liabilities     275       480  
Unfavorable lease terms     4,415       4,928  
Total non-current liabilities     1,050,620       878,891  
                 
Total liabilities     1,126,665       956,620  
Commitments and contingencies     --       --  
Series D Convertible Preferred stock 300 shares issued and outstanding with $3,000 redemption amount     3,000       --  
Stockholders' equity                
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 4,540 issued and outstanding as of September 30, 2012 and December 31, 2011     --       --  
Common stock, $0.0001 par value; 250,000,000 shares authorized; 40,517,413 issued and outstanding as of September 30, 2012 and December 31, 2011     4       4  
Additional paid-in capital     248,539       255,849  
Accumulated deficit     (21,135 )     (17,004 )
Total stockholders' equity     227,408       238,849  
                 
Total liabilities and stockholders' equity   $ 1,357,073     $ 1,195,469  
                 
                 
                 
   
   
NAVIOS MARITIME ACQUISITION CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(Expressed in thousands of U.S. dollars -- except share and per share data)  
   
                         
    For the
Three Months Ended
September 30, 2012
    For the
Three Months Ended
September 30, 2011
    For the Nine Months Ended
September 30, 2012
    For the Nine Months Ended
September 30, 2011
 
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue   $ 37,761     $ 31,127     $ 109,423     $ 82,274  
Time charter expenses     (678 )     (113 )     (2,337 )     (1,503 )
Direct vessel expenses     (789 )     (306 )     (1,892 )     (306 )
Management fees     (11,813 )     (9,768 )     (33,870 )     (25,408 )
General and administrative expenses     (1,168 )     (1,197 )     (2,845 )     (3,112 )
Write-off of deferred finance costs     --       --       --       (935 )
Depreciation and amortization     (12,402 )     (10,828 )     (36,391 )     (27,169 )
Interest income     100       332       391       1,229  
Interest expenses and finance cost, net     (12,308 )     (12,134 )     (36,627 )     (31,003 )
Other (expense)/income, net     (118 )     120       17       (439 )
Net loss   $ (1,415 )   $ (2,767 )   $ (4,131 )   $ (6,372 )
                                 
Net loss attributable to common shareholders     (1,212 )     (2,338 )     (3,541 )     (5,470 )
                                 
Net loss per share, basic   $ (0.03 )   $ (0.06 )   $ (0.09 )   $ (0.13 )
                                 
Weighted average number of shares, basic     40,517,413       39,356,450       40,517,413       41,858,882  
                                 
Net loss per share, diluted   $ (0.03 )   $ (0.06 )   $ (0.09 )   $ (0.13 )
                                 
Weighted average number of shares, diluted     40,517,413       39,356,450       40,517,413       41,858,882  
                                 
                                 
   
   
NAVIOS MARITIME ACQUISITION CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(Expressed in thousands of U.S. dollars)  
   
    For the Nine Months Ended
September 30, 2012
(unaudited)
    For the Nine Months Ended
September 30, 2011
(unaudited)
 
Operating Activities                
Net loss   $ (4,131 )   $ (6,372 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization     36,391       27,169  
Amortization & write-off of deferred finance cost, net     2,208       1,609  
Amortization of dry dock and special survey costs     1,892       306  
Write-off of deferred finance costs     --       935  
Changes in operating assets and liabilities:                
Increase in prepaid expenses     (327 )     (1,504 )
Decrease/(increase) in accounts receivable     1,737       (498 )
Decrease/(increase) in restricted cash     343       (338 )
Decrease in other long term assets     425       --  
Decrease in accounts payable     (477 )     (2,612 )
Payments for drydock and special survey costs     (3,086 )     (13,978 )
Increase in accrued expenses     7,619       13,205  
Increase in due to related parties     32,280       21,340  
Decrease in deferred revenue     (755 )     (677 )
(Decrease)/increase in other long term liabilities     (206 )     536  
Net cash provided by operating activities   $ 73,913     $ 39,121  
                 
Investing Activities                
Acquisition of vessels     (45,025 )     (106,725 )
Deposits for vessel acquisition     (151,033 )     (49,439 )
Decrease in restricted cash     15,848       1,775  
Acquisition on intangible assets other than goodwill     --       (10,347 )
Net cash used in investing activities   $ (180,210 )   $ (164,736 )
                 
Financing Activities                
Loan proceeds, net of deferred finance costs and net of premium     148,005       188,626  
Loan from related party proceeds     --       29,609  
Loan repayment to related party     (10,000 )     (6,000 )
Loan repayments     (9,620 )     (96,340 )
Dividend paid     (7,321 )     (7,343 )
Increase in restricted cash     (10,182 )     (1,619 )
Net cash provided by financing activities   $ 110,882     $ 106,933  
                 
Net increase / (decrease) in cash and cash equivalents     4,585       (18,682 )
Cash and cash equivalents, beginning of year     41,300       61,360  
Cash and cash equivalents, end of period   $ 45,885     $ 42,678  
                 
                 
EXHIBIT II  
   
Reconciliation of EBITDA to Net Cash provided by Operating Activities  
(Expressed in thousands of U.S. dollars)  
   
   
 
 
 
 
 
 
 
 
Three Month
Period Ended

September 30,
2012
 
 
 
 
 
 
 
 
Three Month
Period Ended

September 30,
2011
 
 
 
 
 
 
 
 
Nine Month
Period Ended

September 30,
2012
 
 
 
 
 
 
 
 
 
Nine Month
Period Ended

September 30,
2011
 
 
 
 
 
    (unaudited)      (unaudited)      (unaudited)      (unaudited)   
Expressed in thousands of U.S. dollars                                
Net cash provided by operating activities   $ 30,432     $ 18,259     $ 73,913     $ 39,121  
Net (decrease)/ increase in operating assets     (223 )     1,656       (2,178 )     2,340  
Net increase in operating liabilities     (17,760 )     (22,562 )     (38,461 )     (31,792 )
Net interest cost     12,208       11,802       36,236       29,774  
Deferred finance costs     (763 )     (743 )     (2,208 )     (1,609 )
Capitalized dry dock and special survey costs, net     90       11,757       3,086       13,978  
Write-off of deferred finance costs     --       --       --       (935 )
EBITDA(1)   $ 23,984     $ 20,169     $ 70,388     $ 50,877  
                                 
(1)
 
 
 
 
 
 
 
 
 
Three Month
Period Ended
September 30, 2012
    Three Month
Period Ended
September 30, 2011
    Nine Month
Period Ended September 30, 2012
    Nine Month
Period Ended September 30, 2011
 
(unaudited)     (unaudited)     (unaudited)     (unaudited)  
Net Cash provided by operating activities   $ 30,432     $ 18,259     $ 73,913     $ 39,121  
Net Cash used in investing activities   $ (41,802 )   $ (104,509 )   $ (180,210 )   $ (164,736 )
Net Cash provided by financing activities   $ 15,192     $ 88,377     $ 110,882     $ 106,933  
                                 
                                 

Disclosure of Non-GAAP Financial Measures
EBITDA
EBITDA represents net income/ (loss) plus interest expenses and finance cost plus depreciation and amortization and income taxes.

EBITDA is presented because Navios Acquisition believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Acquisition's ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. 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.

While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

 
 
EXHIBIT III
 
Vessels   Type   Built/Delivery
Date
  DWT
Owned Vessels            
Nave Cielo   LR1 Product Tanker   2007   74,671
Nave Ariadne   LR1 Product Tanker   2007   74,671
Nave Cosmos   Chemical Tanker   2010   25,130
Nave Polaris   Chemical Tanker   2011   25,145
Shinyo Splendor   VLCC   1993   306,474
Shinyo Navigator   VLCC   1996   300,549
C. Dream   VLCC   2000   298,570
Shinyo Ocean   VLCC   2001   281,395
Shinyo Kannika   VLCC   2001   287,175
Shinyo Saowalak   VLCC   2010   298,000
Shinyo Kieran   VLCC   2011   297,066
Buddy   MR2 Product Tanker   2009   50,470
Bull   MR2 Product Tanker   2009   50,542
Nave Andromeda   LR1 Product Tanker   2011   75,000
Nave Estella   LR1 Product Tanker   2012   75,000
Nave Atria   MR2 Product Tanker   2012   49,992
Nave Cassiopeia   LR1 Product Tanker   2012   74,711
Nave Cetus   LR1 Product Tanker   2012   74,581
Nave Aquila   MR2 Product Tanker   2012   49,991
 Owned Vessels to be Delivered            
  TBN   LR1   Q1 2013   75,000
  TBN   LR1   Q1 2013   75,000
  TBN   MR2   Q4 2012   50,000
  TBN   MR2   Q1 2013   50,000
  TBN   MR2   Q1 2013   50,000
  TBN   MR2   Q1 2013   50,000
  TBN   MR2   Q2 2013   50,000
  TBN   MR2   Q2 2014   50,000
  TBN   MR2   Q3 2014   50,000
  TBN   MR2   Q4 2014   50,000
               
               

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