Q2 2013 Earnings Presentation
20 August 2013
Statements in this presentation which are not statements of historical fact a...
22
IPO – July 2008
(NYSE:NNA)
 Raised $253.0 million
gross proceeds
2008
Acquired 13 Product
& Chemical Tankers
and 2 opt...
Company Highlights
Large, Modern and
Diverse Tanker Fleet
 41 owned vessels (29 in the water), 12 to be delivered (10 new...
$342.3 million in vessel acquisitions YTD 2013
 9 product tankers - $239.7 million
 2 chemical tankers - $67.2 million
...
Access to distressed deals - ability to acquire vessels at favorable prices
 Deals with banks
− HSH transaction provides ...
HSH Transaction Update
Formation of Navios Europe Inc.
 The Navios Group, composed of Navios Maritime Holdings Inc. (NYSE...
 Nave Celeste to replace 1996 built Shinyo Navigator and take over existing contract
for the remaining duration
− Charter...
46.4
57.3
H1 2012 H1 2013
73.5
97.5
2011 2012
Vessel Deliveries Continue to Provide Material Growth
4,053
5,786
9,646
2011...
9
2013-2015: Twelve Vessels to be Delivered
Capex Fully Funded
Vessel Anticipated Delivery Date DWT
Nave Constellation Che...
10
Strong Liquidity Position
Cash(1) 120.6
Debt 1,016.1
Shareholders' Equity 425.9
Capitalization 1,442.0
Net Debt / Capit...
$7,663 $7,347
$564 $479
$6,303
$5,157
$2,672
$3,283
$20,869 $21,457
11
Cash Flow Cushion from Low Breakeven
2014 – 62.8% F...
12
Fleet Update
13
Recent Developments
Delivery of 10 Vessels YTD 2013
 1 VLCC
 2 LR1 and 6 MR2 product tankers
 1 chemical tanker
MR2 ...
Vessel Type DWT Built Yard Acquisition
Price (million)
Delivery
Nave Equinox
MR2 Product Tanker
50,922 2007 S. Korea $23.2...
29 Product Tankers 4 Chemical Tankers 8 Crude Tankers
Vessel Sizes
in NNA Fleet
 8 LR1 product
tankers
(60,000 –
85,000 d...
93.6%
62.8%
39.8%
0%
20%
40%
60%
80%
100%
2013 2014 2015
Chartering Strategy Maximizes Earning Capacity
$20,869
$21,457
$2...
-5,000
0
5,000
10,000
15,000
20,000
Q1/
12
Q2/
12
Q3/
12
Q4/
12
Q1/
13
Q2/
13
NNA LR1 Base Rate
BCTI TC5-TCE
NNA LR1 Inclu...
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Shinyo Kieran
Shinyo Saowalak
C.Dream
Shinyo Kannika...
34.3%
 Formed in 1978 and is one of the largest Chinese state-owned shipping enterprises,
operating as a wholly owned sub...
20
LTM Average Daily Operating Costs / Vessel (including dry-docking) (1)
 Opex is approximately 16% less than the indust...
21
Product Market Overview
22
Shift in Global Refinery Capacity…
Source: IEA May 2013
 According to the IEA, refinery capacity is expected to increa...
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
Jan-2004
Aug-2004
Mar-2005
Oct-2005
May-2006
Dec-2006
Jul-2007
Feb-2008
Sep-2008
Apr-2009
No...
-529 -644
93 69
Product Supply Balances 2011 and 2017 (thousand barrels per day)
North America
Latin America
Africa
Europe...
12,629
11,77811,35011,361
10,85110,94510,59810,46210,1609,792
12,124
0
3.000
6.000
9.000
12.000
15.000
2004 2005 2006 2007...
Source: Drewry July 2013
World product tanker orderbook schedule
(million dwt – January 2013)
0.9 0.7
0.9
0.4
2.9
1.5
0.1
...
27
Crude Market Overview
-520
-240
-83
88.4
88.9
89.8
90.8
92.0
2010 2011 2012 2013E 2014E
July-13 estimates
28
Global oil demand (2010-2014) (mm b...
0
1
2
3
4
5
6
7
mbpd
29
World Wide Oil Consumption (2006 – 2018) Oil Consumption per Capita by Region
Asian oil consumptio...
 Oil supply volume to China increased from AG, West Africa, South America and Caribs 2001 to 2012
 Tons shipped from WAf...
Deliveries
 2Q2013: 6.6 M dwt delivered, 11.4 M dwt projected (42% preliminary non-delivery by dwt)
 2012: 15.4 M dwt de...
32
Q2 2013 Financial Results
33
Second Quarter 2013 Earnings Highlights
($ million except per share data)
Three month
ended June
30, 2013
Three month
e...
34
Strong Balance Sheet
(1) Including Restricted Cash
Selected Balance Sheet Data
(in $ million) June 30, 2013 December 31...
35
Returning Capital to Shareholders
Dividend Policy:
 Q2 2013 Distribution: $0.05 per share
– Record date: September 18,...
36
Financial Highlights
Prudent Financial Strategy
Ability to Access the
Capital Markets Through
the Cycle
 Raised over $...
37
Appendix
38
Existing Fleet – Product & Chemical Tankers
Vessel Type DWT
Year
Built
Net Charter Rate
($/day)
Expiration
Date
Profit ...
39
Existing Fleet – VLCC
Vessel Type DWT
Year
Built
Net Charter Rate
($/day)
Expiration
Date Profit Share
Shinyo Splendor ...
40
Vessels to be delivered
Vessel / Type DWT
Anticipated
Delivery
Date
Net Charter
Rate ($/day)
Profit
Share
Chemical Tank...
2.5
2.7
0
2
4
6
8
>=20 yrs >=25 yrs
414141
Chemical Ship Supply Fundamentals are Improving
Orderbook
World chemical tanker...
42
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Navios Maritime Acquisition Corp q2 2013 results presentation

  1. 1. Q2 2013 Earnings Presentation 20 August 2013 Statements in this presentation which are not statements of historical fact are "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, the Company at the time this presentation was made. Although the Company believes that the assumptions underlying such statements are reasonable, it can give no assurance that they will be attained. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events, unless it is required to do so under the securities laws. The Company makes no prediction or statement about the performance of its units, warrants or common stock. For the selected financial data presented herein, the Company compiled consolidated statements of income for the three and six month periods ended June 30, 2013 and June 30, 2012.
  2. 2. 22 IPO – July 2008 (NYSE:NNA)  Raised $253.0 million gross proceeds 2008 Acquired 13 Product & Chemical Tankers and 2 options – May 2010  $457.7 million Acquired 7 VLCC Tankers with long-term charters to strong counterparties – September 2010  $587.0 million 2009 2010 Warrant Program – September 2010  Raised $78.3 million and simplified equity capital structure 2013 Bond Issued – October 2010  $400.0 million  8.625% Mortgage Notes due 2017 Acquired 2 LR1 NB Product Tankers – October 2010  $82.8 million Equity Offering – November 2010  Raised $35.8 million gross proceeds  6.5 million shares issued NNA Operating History Bond Additional Issue – May 2011  $105.0 million  8.625% Mortgage Notes due 2017 Acquired 2 MR2 on the water Product Tankers – June 2011  $84.8 million Exercise of Options for 2 LR1 NB Product Tankers – July 2011  $81.0 million 2011 Acquired 3 MR2 NB Product Tankers – January 2012  $106.5 million 2012 Equity Offering – February 2013  Raised $100.5 million gross proceeds  35.2 million shares issued Acquired 4 in the water and 3 NB MR2 Product Tankers – April 2013  $176.8 million Acquired 10 vessels from HSH Bank in Joint Venture (47.5%) with NM and NMM – April 2013 Equity Offering – May 2013  Raised $120.0 million gross proceeds  32.9 million shares issued Exercise of Options for 2 MR2 NB Product Tankers – June 2013  $63.0 million Acquired 2 Chemical Tankers – June 2013  $67.2 million Acquired 1 VLCC – July 2013  $35.4 million
  3. 3. Company Highlights Large, Modern and Diverse Tanker Fleet  41 owned vessels (29 in the water), 12 to be delivered (10 newbuildings)  Modern high-quality fleet with an average age of 4.7 years  Diverse portfolio of 8 VLCC, 8 LR1, 21 MR2 and 4 Chemical Tankers Proprietary Deal Flow Built in Growth  Access to distressed deals through strong relationships with banks  Available revenue days will grow from 5,786 days in 2012 to 12,596 days in 2014 (118% growth in available revenue days)  14 product tankers delivering throughout 2013, 5 in 2014 and 2 in 2015 Long-Term Cash Flow Visibility with Strong Counterparties  93.6% of revenue days fixed in 2013 - $188.4 million  62.8% of revenue days fixed in 2014 - $169.8 million  Average duration of all charters of 2.4 years  Diverse group of first-class charterers (DOSCO, Shell, Koch, Vitol, Formosa) Well Positioned to Capture Product Tanker Market Upside  44% of product tankers revenue days open in 2014 and 70% in 2015  84% of entire contracted fleet and 88% of product tanker contracted fleet has profit sharing  Every $1,000 of profit share above base rate provides $8.0 million free cash flow or $0.07 per common share annualized Low Cash Flow Breakeven  Full cost of entire fleet covered from existing long-term charters for 2013  Operating expenses below the industry average; fixed until mid-2014  Low financing cost through distress deals with banks Seasoned Management Team with Strong Capital Market Presence and Track Record  Strategic relationships with shipyards, banks and key industry players  Average industry experience of 20+ years per person  NNA has raised about $1.1 billion in capital markets 3
  4. 4. $342.3 million in vessel acquisitions YTD 2013  9 product tankers - $239.7 million  2 chemical tankers - $67.2 million  1 VLCC - $35.4 million EBITDA growth - Brand name attracts quality counterparties and attractive charters  ~ $114.6 million 2013 EBITDA run rate (based on H1 2013 EBITDA)  $ 33.6 million additional annualized EBITDA from chartered vessels − $25.1 million annualized base EBITDA from 10 contracted product tankers delivering in 2013(1) − $ 8.5 million annualized base EBITDA from 3 contracted product tankers delivering in 2014(1)  Incremental EBITDA from six unchartered product tankers delivering in 2013 - 2015 Profit sharing captures market upside  Q1 2013 profit sharing from product tankers = $2.1 million  Q2 2013 profit sharing from product tankers = $0.9 million − Profit sharing: 84% of entire contracted fleet; 88% of contracted product tanker fleet Access to financing  $220.5 million equity raised in 2013  $88.8 million bank debt used to finance 3 product tankers and 2 chemical tankers 4 Strong Competitive Positioning (1) Assuming current operating costs and 360 revenue days per year
  5. 5. Access to distressed deals - ability to acquire vessels at favorable prices  Deals with banks − HSH transaction provides a compelling opportunity to acquire vessels through distressed deals (five product tankers and five container vessels)  Deals with shipyards − 4 newbuilding Eco Type MR2 product tankers, built in South Korea delivering in 2014 and 2015 − 2 chemical tankers, 2013-built in South Korea  Deals with ship owners − 2 MR2 product tankers, 2005-built in Japan − 2 MR2 ice class 1A product tankers, 2007-built in South Korea − 1 newbuilding Eco Type MR2 product tanker, built in South Korea delivering in 2013 − 1 VLCC 2003-built in South Korea 5 Executing Responsible Growth Strategy 31,525 54,285 121,403 152,086 0 50,000 100,000 150,000 200,000 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average Daily Trading VolumeBuilding shareholder base  Trading volume increased by 382% since Q3 2012  Share price appreciated 54.7% YTD
  6. 6. HSH Transaction Update Formation of Navios Europe Inc.  The Navios Group, composed of Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime Acquisition Corporation (NYSE: NNA) and Navios Maritime Partners L.P. (NYSE: NMM) formed Navios Europe Inc. as the next step in concluding the letter of intent signed with HSH Nordbank AG ("HSH") in April of 2013  Navios Europe, which will initially acquire five product tankers and five container vessels from debtors of HSH, will be owned 47.5% by NM, 47.5% by NNA and 5% by NMM – It is anticipated that funding requirements will be satisfied in the same percentages Management of Vessels  In August 2013, Navios Europe arranged technical and commercial management for five out of the ten vessels. To date, the following vessels were delivered: – Esperanza N a 2,007 TEU Sub-Panamax Container built in 2008 – Harmony N a 2,824 TEU Sub-Panamax Container built in 2006 – Three tanker vessels are also expected to be delivered through September 2013 Closing  Navios Europe is expected to take ownership of all 10 vessels by November 1, 2013, at which point management of the remaining vessels will be transferred as well Strategic Partnership  HSH and Navios are committed to their excellent working relationship. After the completion of this transaction, HSH and Navios hope to work together toward similar transactions. 6
  7. 7.  Nave Celeste to replace 1996 built Shinyo Navigator and take over existing contract for the remaining duration − Charter rate: $42,705 net per day until Dec 2016  $35.4 million acquisition price historically low for 10 year old VLCC  Shinyo Navigator due for dry docking in Nov 2013 − NNA to save dry docking expenses as well as an estimated 30 days off hire  Shinyo Navigator will be substituted by the Nave Celeste as collateral under the bonds due in 2017 − As a result, an estimated $13.0 million additional value will be added to the existing collateral package 7 Acquisition and Delivery of Nave Celeste VLCC Vessel Type DWT Year Built Yard Delivered Nave Celeste VLCC 298,717 2003 S. Korea August 12, 2013 Replacing a 17-year old VLCC with a 10-year old vessel with only nominal additional cost
  8. 8. 46.4 57.3 H1 2012 H1 2013 73.5 97.5 2011 2012 Vessel Deliveries Continue to Provide Material Growth 4,053 5,786 9,646 2011 2012 2013 Available Days 8 67% 43% 121.9 151.1 188.4 2011 2012 2013 Contracted Revenue (m USD) 25% 24% 100%(1) 100% 93.6% 23% 33% 14 19 34 2011 2012 2013 Fleet 79% 36% (1) % of fixed days (2) Excludes the effect of $3.7 million compensation fee for early charter termination (2) EBITDA (m USD)
  9. 9. 9 2013-2015: Twelve Vessels to be Delivered Capex Fully Funded Vessel Anticipated Delivery Date DWT Nave Constellation Chemical Tanker Q3 2013 45,000 Nave Alderamin MR2 Product Tanker Q3 50,000 Eco Type MR2 Product Tanker Q3 50,000 Nave Dorado MR2 Product Tanker Q3 47,999 Nave Lucida MR2 Product Tanker Q4 47,999 Eco Type MR2 Product Tanker Q1 2014 50,000 Eco Type MR2 Product Tanker Q3 50,000 Eco Type MR2 Product Tanker Q3 51,200 Eco Type MR2 Product Tanker Q4 51,200 Eco Type MR2 Product Tanker Q4 50,000 Eco Type MR2 Product Tanker Q1 2015 51,200 Eco Type MR2 Product Tanker Q2 51,200 Aggregate Cost = $366.3 million Financing = ($247.2 million*) Equity already paid = ($35.2 million) Remaining Balance = $83.9 million 2013 = $24.1 million 2014 = $53.6 million 2015 = $6.3 million (*) Includes $97.1 million financing for 6 MR2 Product Tankers delivering in 2013, 2014 and 2015, under approval process
  10. 10. 10 Strong Liquidity Position Cash(1) 120.6 Debt 1,016.1 Shareholders' Equity 425.9 Capitalization 1,442.0 Net Debt / Capitalization 62.1% June 30, 2013 (in m USD) Available Credit Lines 40.0 Cash(1) 120.6 Total Liquidity 160.6 (1) Includes restricted cash - - - 46.5 544.2 32.0 95.1 116.8 0 100 200 300 400 500 600 2013 2014 2015 2016 2017 2018 2019 2020+ No significant debt maturities until 2017 (m USD) Company deleveraged by 19% since December 31, 2012
  11. 11. $7,663 $7,347 $564 $479 $6,303 $5,157 $2,672 $3,283 $20,869 $21,457 11 Cash Flow Cushion from Low Breakeven 2014 – 62.8% Fixed2013 – 93.6% Fixed Average Contracted Daily Charter-Out Rate Opex (incl. dry docking) General & Administrative Expenses Interest Expense Capital Repayments 2013 E $17,202 2014 E $16,266 CostRevenue − Breakeven includes operating expenses as per Management Agreement inclusive of dry docking, general and administrative expenses, interest expense and capital repayment − Total Available Days of Fleet: 9,646 for 2013; 12,596 for 2014 Fully Loaded Cost Fully Loaded Cost Breakeven Analysis 2013 Total fixed revenue 188,449,893 Total cost (165,926,657) Surplus of revenue over cost 22,523,236 Open days 616 Impact on revenue per $1,000 day rate 616,000
  12. 12. 12 Fleet Update
  13. 13. 13 Recent Developments Delivery of 10 Vessels YTD 2013  1 VLCC  2 LR1 and 6 MR2 product tankers  1 chemical tanker MR2 Product Tanker Chartered out for 4 years – Charter Rate = $15,356 net per day plus 100% profit based on an index, with a ceiling of $20,475 net per day – Charter base and ceiling rates will increase 2% per annum – Annual base EBITDA for the first year = $3.2 million(1); Aggregate base EBITDA = $13.5 million(1) Buddy and Bull MR2 Product Tankers rechartered(1) for 1 + 1 year – Charter Rate = $13,825 net per day first year; $14,813 net per day optional year – Annual EBITDA = $2.7 million(2) per vessel Extension of charters for Nave Cosmos and Nave Polaris Chemical Tankers for 1 year – Charter Rate = $12,188 net plus 50% profit sharing; Annual base EBITDA = $2.1 million(1) per vessel Extension of charters for Nave Cassiopeia, Nave Cetus and Nave Cielo LR1 Product Tankers for 6 months – Charter Rate = $11,850 net plus 50% profit sharing; Base EBITDA = $0.8 million(1) per vessel 3 MR2 Product Tankers delivering 2014 Chartered out for 2 years – Charter Rate = $14,319 net per day plus 50% profit sharing; $15,306 net per day optional year plus 50% profit sharing – Annual base EBITDA = $8.5 million(1); Aggregate base EBITDA = $17.0 million(1) (1) The charter contracts for these vessels since delivery have been terminated following the default of the original charterer and the vessels have been re-chartered to a third party for a one year period (2) Assuming current operating costs and 360 revenue days per year
  14. 14. Vessel Type DWT Built Yard Acquisition Price (million) Delivery Nave Equinox MR2 Product Tanker 50,922 2007 S. Korea $23.2 Q2 2013 Nave Pulsar 50,922 2007 S. Korea $23.2 Q3 2013 Nave Dorado 47,999 2005 Japan $16.5 Q3 2013 Nave Lucida 47,999 2005 Japan $16.5 Q4 2013 TBN1 MR2 Eco Product Tanker 50,000 2013 S. Korea $34.3 Q3 2013 TBN2 51,200 2014 S. Korea $31.5 Q3 2014 TBN3 51,200 2014 S. Korea $31.5 Q4 2014 TBN4 51,200 2015 S. Korea $31.5 Q1 2015 TBN5 51,200 2015 S. Korea $31.5 Q2 2015 Nave Universe Chemical Tanker 45,513 2013 S. Korea $33.6 Q3 2013 Nave Constellation 45,000 2013 S. Korea $33.6 Q3 2013 Nave Celeste VLCC 298,717 2003 S. Korea $35.4 Q3 2013 14 Recent Developments (Cont’d) 2013 YTD Acquisitions - 12 Vessels Purchase Price $ 342.3 million
  15. 15. 29 Product Tankers 4 Chemical Tankers 8 Crude Tankers Vessel Sizes in NNA Fleet  8 LR1 product tankers (60,000 – 85,000 dwt)  21 MR2 product tankers (47,000 – 52,000 dwt)  Chemical tankers (25,000 - 45,000 dwt)  VLCC tankers (280,000 – 320,000 dwt) Commodities Transported  Refined petroleum products (naphtha, gasoline, kerosene, jet fuel)  Liquid bulk chemicals (Organic/inorganic chemicals, vegetable oils and animal fats)  Crude Oil Key Trades  North Sea  Caribbean  Mediterranean  Indo-Pacific  Middle East major export zone  Far East and S. East Asia major import zone  US/Europe and Far East  Primarily long-haul routes  AG to Japan / China  AG to US Gulf  W.Africa to US E. Coast Large, Modern and Diverse Tanker Fleet 41 Vessels (4.2 million dwt) 15
  16. 16. 93.6% 62.8% 39.8% 0% 20% 40% 60% 80% 100% 2013 2014 2015 Chartering Strategy Maximizes Earning Capacity $20,869 $21,457 $24,316 $10,000 $15,000 $20,000 $25,000 $30,000 2013 2014 2015 1,104 4,053 5,786 9,646 12,596 14,419 0 3,000 6,000 9,000 12,000 15,000 2010 2011 2012 2013 2014 2015 Time charter-out strategy provides high utilization rates, operating visibility and upside 16 Total Available Days% Days ContractedAverage Daily Charter-out Rate  44% of Product Tankers available days open in 2014 and 70% in 2015  88% of contracted Product Tanker fleet has profit sharing  Every $1,000 from profit sharing above base rate provides $8.0 million Free Cash Flow or $0.07 per share annualized Well Positioned to Capture Product Tanker Market Upside  2012: $151.1 million  2013: $188.4 million  2014: $169.8 million  2015: $139.6 million Contracted Revenue
  17. 17. -5,000 0 5,000 10,000 15,000 20,000 Q1/ 12 Q2/ 12 Q3/ 12 Q4/ 12 Q1/ 13 Q2/ 13 NNA LR1 Base Rate BCTI TC5-TCE NNA LR1 Including Profit sharing 17 Capturing the Upside While Protecting the Downside MR2 Product Tankers(2)LR1 Product Tankers(1)  Period chartering strategy provides cash flow visibility and protection from downward volatility  Profit sharing captures market movements above the contracted base rate (US$ per day) (US$ per day) (1) Indicative profit sharing benchmarking of Nave Andromeda and Nave Estella with BCTI - TC5 index (2) Indicative profit sharing benchmarking of Nave Atria and Nave Aquila with BCTI TC2_37 index (3) Days contracted with profit sharing element 1H 2013 Per Contracted Day (3) LR1 Product Tankers MR2 Product Tankers Chemical Tankers Average Profit sharing $1,270 $1,253 $1,339 Average Contracted Rate $11,871 $13,347 $11,700 Total Earned $13,210 $14,600 $12,970 0 5,000 10,000 15,000 20,000 25,000 Q3/12 Q4/12 Q1/13 Q2/13 NNA MR2 Base Rate BCTI TC2_37 TCE NNA MR2 Including Profit Sharing
  18. 18. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Shinyo Kieran Shinyo Saowalak C.Dream Shinyo Kannika Shinyo Ocean Nave Celeste Shinyo Splendor Nave Estella (LR1) Nave Andromeda (LR1) Nave Atropos (LR1) Nave Rigel (LR1) Nave Cetus (LR1) Nave Cassiopeia (LR1) Nave Ariadne (LR1) Nave Cielo (LR1) TBN (MR2) TBN (MR2) TBN (MR2) TBN (MR2) Nave Alderamin (MR2) Nave Capella (MR2) Nave Titan (MR2) Nave Orion (MR2) Nave Bellatrix (MR2) Nave Atria (MR2) Nave Aquila (MR2) Bull (MR2) Buddy (MR2) Nave Universe Nave Constellation Nave Cosmos Nave Polaris Staggered Charter Expirations $42,705 $38,019 $38,400 + profit sharing $38,025 + profit sharing $29,625 + profit sharing $48,153 + profit sharing $48,153 + profit sharing $11,850+ P/S 18 $13,825 $13,825 $12,188+ P/S $12,188+ P/S $12,000+ P/S $13,331+ P/S $13,331+ P/S $13,331+ P/S $13,331+ P/S $13,825+ P/S $11,850+ P/S $11,850+ P/S $11,850+ P/S $11,850+ P/S $11,850 + P/S $11,850 + P/S $13,825 $13,163 + P/S $14,869 + P/S $14,869 + P/S $15,356 + P/S $14,319 + P/S $14,319 + P/S $14,319 + P/S Significant Upside Through Profit Sharing: $2.9M profit sharing in H1 2013 Average Duration of all charters: 2.4 years Average Duration of VLCC charters: 5.9 years
  19. 19. 34.3%  Formed in 1978 and is one of the largest Chinese state-owned shipping enterprises, operating as a wholly owned subsidiary of COSCO  Large fleet of 40+ vessels (tankers, LPG ) with total DWT >8mm 20.2%  Established in 2007 and controls a substantial fleet of Product Tankers  Company is largest independent pool and commercial management services provider 7.4%  Formosa Petrochemical Corp. is publicly listed in Taiwan. Their main businesses are refining and petrochemical operations 7.4%  Sinochem Corporation is a key Chinese state-owned enterprise, founded in 1950  Large diversified conglomerate; Fortune Global 500 Company; One of China’s four state oil companies 5.9%  Founded in 1884 and is still a privately held company with its main office located in Copenhagen 5.7%  Founded in 1982, their crude oil transportation business dominates one third of the domestic Korean transportation market  Owns and charters 99 vessels with a total capacity >12mm DWT 5.2%  Major oil trader , trading over 5 million barrels of crude and product every day 4.6%  One of the largest global group of energy and petrochemical companies, operating in over 70 countries with approximately 87,000 employees  Q2 2013 Revenue of $112.7 billion; Fortune Global Top 10 Company 4.2%  Second largest privately held company in the US according to Forbes for 2011  Involved in manufacturing, trading and investments with presence in nearly 60 countries and about 60,000 employees DALIAN Top Charterers List Based on 2013 Contracted Revenue Source: Public filings and Company websites DescriptionCompany % of contracted revenue SHELL 19
  20. 20. 20 LTM Average Daily Operating Costs / Vessel (including dry-docking) (1)  Opex is approximately 16% less than the industry average  Navios Acquisition benefits from fixed operational cost (2) $11,644 $12,410 $10,000 $11,000 $12,000 $13,000 Navios Average per Vessel Industry Average per Vessel $/Day $6,330 $7,851 $5,000 $6,000 $7,000 $8,000 $9,000 Navios Average per Vessel Industry Average per Vessel $/Day $7,330 $8,528 $6,000 $7,000 $8,000 $9,000 Navios Average per Vessel Industry Average per Vessel $/Day IMO II Chemical Tankers LR1 Product TankersVLCC (1) Source: Drewry Shipping Consultants – Annual Report 2012/2013 (2) As per Management Agreement (3) Opex for MR1 Efficient, Low Cost Operator $6,330 $8,096 $5,000 $6,000 $7,000 $8,000 $9,000 Navios Average per Vessel Industry Average per Vessel $/Day MR2 Product Tankers (3)
  21. 21. 21 Product Market Overview
  22. 22. 22 Shift in Global Refinery Capacity… Source: IEA May 2013  According to the IEA, refinery capacity is expected to increase by 9.5 million barrels per day for the period 2013-2018; About 80% of that capacity will be added in the broader Asia and Middle East regions.  For the same period OECD capacity closures are expected to be 0.5 million barrels per day including further closures in OECD Europe and OECD Pacific. OECD Americas refining is expected to increase by 0.2 MBPD.  New low-cost Asian and Middle Eastern capacity is forcing closure of old high-cost OECD capacity, structurally favoring more long-haul products trade.  Accordingly, refined oil products ton mile growth is expected to outpace the demand for refined oil products, increasing the demand for product tankers. Crude Distillation Capacity Additions (2013-2018) U.S. 21% Europe 16% Other Asia 13%China 11% Japan 5% Other Non-OECD 12% Other OECD 7% LatAm 7% FSU 5% Canada 3% Source: IEA Medium Term Oil Market Report – October 2012 2012 Global Oil Consumption -0.5 0.0 0.5 1.0 1.5 2.0 2.5 2013 2014 2015 2016 2017 2018 MBPD OECD China Other Asia Middle East Latin America Other Non-OECD
  23. 23. 3.5 4 4.5 5 5.5 6 6.5 7 7.5 8 Jan-2004 Aug-2004 Mar-2005 Oct-2005 May-2006 Dec-2006 Jul-2007 Feb-2008 Sep-2008 Apr-2009 Nov-2009 Jun-2010 Jan-2011 Aug-2011 Mar-2012 Oct-2012 MBPD US Crude Production 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Jan-2004 Aug-2004 Mar-2005 Oct-2005 May-2006 Dec-2006 Jul-2007 Feb-2008 Sep-2008 Apr-2009 Nov-2009 Jun-2010 Jan-2011 Aug-2011 Mar-2012 Oct-2012 MBPD LatAm Caribs Europe Other 23 US Shifting Role in the Energy Marketplace Source: EIA, IEA, Drewry  Average US domestic crude oil production has increased by 2.2 MBPD since end 2008 to 7.4 MBPD in April ‒ US crude exports are forbidden by law; Product exports have increased with crude production  US Crude production increases along with refinery expansions in US Gulf have lead to product exports from the US rising by 250% since beginning 2002. Majority of exports went to Latin America/Caribs.  US has become a net exporter of Petroleum Products. ‒ Exports surpassed Imports by 44 Mbarrels in 2011, 373 Mbarrels in 2012 US Crude Production increased by 2.2 MBPD 2008-2013 US Exports by Region 2004 to April 2013 US Imports / Exports of Petroleum Products ‘00-’13 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Jan-00 Nov-00 Sep-01 Jul-02 May-03 Mar-04 Jan-05 Nov-05 Sep-06 Jul-07 May-08 Mar-09 Jan-10 Nov-10 Sep-11 Jul-12 MBPD TOTAL EXPORTS TOTAL IMPORTS
  24. 24. -529 -644 93 69 Product Supply Balances 2011 and 2017 (thousand barrels per day) North America Latin America Africa Europe FSU Asia MiddleEast gasoil/kerosene World Product Supply Imbalances = Arbitrage Possibilities -425 -581 73 141 186 182 478 367 -371 84 -51 223  Product transportation is driven by regional refinery output differences, regional needs and development -994 -1367 806 733 -146 -384 gasoline/naphtha Fuel oil 2011 2017 2011 2017 2011 2017 2011 2017 2011 2017 2011 2017 2011 2017 921 1446 314 5341384 875 872 572 -1011 -1286 -869 -1203 Source: IEA Oct 2012 535 1101 810 1226 -112 -535 24
  25. 25. 12,629 11,77811,35011,361 10,85110,94510,59810,46210,1609,792 12,124 0 3.000 6.000 9.000 12.000 15.000 2004 2005 2006 2007 2008 2009 2010 2011 2012P 2013F 2014F 25 …Are Driving Product Tanker Ton Mile Demand Major seaborne refined products trades – existing and prospective Billion Ton Miles Source: Drewry Refined products Crude oil Refined Products Seaborne Ton-Mile Growth ‘04-’12 +7.0% CAGR  Product tanker trading patterns changing:  Exports from USG to South America, Europe and USEC Favoring MR vessels  M. East - India exports to Atlantic (N.America – Europe) Favoring LR vessels Caribbean– N. America Gasoline Naphtha Gas oil N. Europe–N. America Gasoline M. East–Europe Gas oil Jet Fuel S. Korea–Japan Gas oil Gasoline M. East–F. East Naphtha Intra–Asia Gas oil Naphtha Existing trade patterns Prospective trade patterns N. America – Europe Diesel M. East & India– U.S. West Coast M. East– N. America M. East– N. Europe Europe– M. East Gasoline Naphtha Gas oil Diesel N. America – L. America Crude Oil and Refined Products Ton Mile development
  26. 26. Source: Drewry July 2013 World product tanker orderbook schedule (million dwt – January 2013) 0.9 0.7 0.9 0.4 2.9 1.5 0.1 4.6 4.6 3.6 3.5 3.8 3.1 0 1 2 3 4 5 6 7 8 9 2010 2011 2012 2013 2014 2015+ LR 2 MR 2 LR 1 MR 1 8.2% 4.2% (million dwt) Actual Non-del 43 % 8.1 8.8 4.9 2.5 43 % 1.5% 6.7 46 % 0.9 Deliveries  2Q2013: 1.3 M dwt delivered, 3.7 M dwt projected (64% preliminary non-delivery by dwt) – 25-50K DWT: 0.2 M dwt delivered, 1.1 M dwt projected (83% preliminary non-delivery by dwt) – 50-80K DWT: 0.4 M dwt delivered, 1.9 M dwt projected (76% preliminary non-delivery by dwt)  2012: 3.6 M dwt delivered, 6.7 M dwt projected (46% preliminary non-delivery by dwt)  2011: 4.6 M dwt delivered, 8.8 M dwt projected (48% non-delivery by dwt)  2010: 4.6 M dwt delivered, 8.1 M dwt projected (43% non-delivery by dwt)  2009: 6.9 M dwt delivered, 9.3 M dwt projected (26% non-delivery by dwt) Scrapping  2Q2013 = 1.0% of fleet dwt / 0.6M dwt  2012 = 3.7% of fleet dwt / 2.1 M dwt  2011 = 3.6% of fleet dwt / 1.9 M dwt  2010 = 7.7% of fleet dwt / 4.0 M dwt  2009 = 4.4% of fleet dwt / 2.0 M dwt Fleet Size/ Net Fleet Growth  2Q2013= 60.9 M dwt/ 1.5 M dwt or 2.5%  2012 = 59.4 M dwt/ 3.3M dwt or 5.8%  2011= 56.1 M dwt / 3.7 M dwt or 7.1%  2010= 52.4 M dwt / 0.6 M dwt or 1.2%  2009 = 51.8 M dwt / 5.4 M dwt or 11.7% Negative net fleet growth for 25K-50K DWT vessels in 2010, 2011; No growth in 2012; 0.6% growth through 2Q13 Product Tanker Supply Fundamentals 26
  27. 27. 27 Crude Market Overview
  28. 28. -520 -240 -83 88.4 88.9 89.8 90.8 92.0 2010 2011 2012 2013E 2014E July-13 estimates 28 Global oil demand (2010-2014) (mm b/d) Global Oil Demand: Sustained Growth Continues Source: International Energy Agency July 2013, IMF July 2013 Global oil demand growth: 2012 – 2014 OECD America Latin America Africa Europe FSU Asia Middle East 2010 2.8 3.3% 2011 0.5 0.6% 2012 1.0 1.1% 2013E 0.9 1.0% 2014E 1.2 1.3% Global demand growth (mb/d) (Thousands of barrels per day) 2012 2013 2014 134 158 162 1032 489 644 242 180 227 (861) (1,300) 68  According to the IEA, oil demand for 2012 reached 89.8 mb/d representing a yearly growth of +1.0 mb/d and a 1.1% increase over 2011 demand. Global oil demand is expected to rise by 0.9 mb/d to 90.8 mb/d in 2013 (1.0% increase) and by a further 1.2 mb/d (1.3% increase) to 92.0 mb/d in 2014. – Growth continues to be driven by non-OECD countries  The IMF projected global GDP growth for 2013 and 2014 of 3.1% and 3.8% lead by emerging and developing markets growth of 5.0% in 2013 and 5.4% in 2014  Non-OECD oil demand rose in 2012 and 2013 in the current IEA forecast. Non-OECD demand is forecast to exceed OECD demand for the first time in 2014. 184226 178 41 (265) (38) 102 117 122
  29. 29. 0 1 2 3 4 5 6 7 mbpd 29 World Wide Oil Consumption (2006 – 2018) Oil Consumption per Capita by Region Asian oil consumption to grow faster than the OECD Oil Consumption – China ramping up crude oil imports Source: Drewry, BP Statistical Review 2013, US Census 0 5 10 15 20 25 30 35 1965 1975 1985 1995 2005 Barrelsperpersonperyear US Brazil W Europe China India Japan S Korea 0 10 20 30 40 50 60 70 80 90 100 2006 2010 2014 (f) 2018 (f) MillionBPD Total OCED Total Non-OECD World China+non OECD Asia incl abv Source: Chinese Customs data
  30. 30.  Oil supply volume to China increased from AG, West Africa, South America and Caribs 2001 to 2012  Tons shipped from WAfr + S America requires more ships due to the longer trade distance Arabian Gulf 5,500 t m 30 Asia is the Dominant User of VLCC Vessels Source: Drewry, Clarksons (1) Average ton miles based on 2012 tons transported to China  83% of 352 million metric tons of spot crude oil shipped by VLCCs in 2012 discharged in Asia  Forecast declines in US, Europe and Japanese VLCC demand more than offset by Chinese and Indian increases Miles moved per ton transported to China (1): West Africa 9,650 t m China VLCC ton-mile development S America 11,500 t m - 200 400 600 800 1,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 BillionTonMiles WAF+S America AG US & Canada -10 China +65 Europe Lat Amer. & Africa -7 India +17 Japan -12 SE Asia +10 Future VLCC demand by region 2012 to 2016 (number of vessels) Net demand increase of 53 VLCCs by 2016
  31. 31. Deliveries  2Q2013: 6.6 M dwt delivered, 11.4 M dwt projected (42% preliminary non-delivery by dwt)  2012: 15.4 M dwt delivered, 22.4 M dwt projected (31% non-delivery by dwt)  2011: 18.8 M dwt delivered, 28.9 M dwt projected (35% non-delivery by dwt)  2010: 16.9 M dwt delivered, 22.5 M dwt projected (25% non-delivery by dwt)  2009: 16.3 M dwt delivered, 20.4 M dwt projected (20% non-delivery by dwt) Scrapping 16.3 16.9 18.8 15.4 14.3 3.5 17.8 6.9 0 5 10 15 20 25 30 2009 2010 2011 2012 2013 2014+ 31 World VLCC orderbook schedule (million dwt) VLCC Supply Fundamentals Actual Non-deliveries Orderbook as of Jan 2013 20% 25% 22.5 20.4 4.1 5.6 Orderbook as of Jan 2012 Source: Drewry July 2013 35% 28.9 9.8 31% 22.4 7.0  2Q2013 Scrapping = 0.6% of fleet / 1.2M dwt  2012 Scrapping = 2.3% of fleet / 4.1 M dwt  2011 Scrapping = 2.4% of fleet / 4.0 M dwt  2010 Scrapping = 2.5% of fleet / 4.0. M dwt  2009 Scrapping = 1.7% of fleet / 2.6 M dwt Net Fleet Growth  2Q2013 = 191.5 M dwt/ 4.8 M DWT or 2.6%  2012 = 186.7 M dwt/ 10.6 M DWT or 6.0%  2011 = 176.0 M dwt/ 10.6 M DWT or 6.4%  2010 = 165.4 M dwt/ 4.0 M DWT or 2.5%  2009 = 161.3 M dwt/ 9.0 M DWT or 5.9%
  32. 32. 32 Q2 2013 Financial Results
  33. 33. 33 Second Quarter 2013 Earnings Highlights ($ million except per share data) Three month ended June 30, 2013 Three month ended June 30, 2012 YoY (%) Six month ended June 30, 2013 Six month ended June 30, 2012 YoY (%) Revenue 47.1 35.9 30.9% 91.2 71.7 27.3% EBITDA 29.4 22.7 9.2% 57.3 46.4 23.5% Net Income /(Loss) (1.5) (1.9) N/A (0.8) (2.7) N/A Adjusted Net Income / (Loss)(1) 0.1 (1.9) N/A 0.8 (2.7) N/A Loss per share (0.02) (0.04) N/A (0.01) (0.06) N/A Adjusted Earnings / (Loss) Per Share(1) 0.00 (0.04) N/A 0.01 (0.06) N/A -5 5 15 25 35 45 55 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Revenue EBITDA 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Total Assets $ million $ million (1) Net Income and EPS for the 3 and 6 months ended June 30 2013 have been adjusted to exclude $1.6 million accelerated amortization of intangible assets associated with charter out contracts of 2 MR2 vessels, following charterers’ default (2) Revenue for the three month period and the year ended December 31 2011 has been positively affected by $3.7 million of compensation fee for early charter termination (2)
  34. 34. 34 Strong Balance Sheet (1) Including Restricted Cash Selected Balance Sheet Data (in $ million) June 30, 2013 December 31, 2012 Cash & cash equivalents (1) 120.6 64.0 Other current assets 10.4 7.8 Vessel deposits 163.0 276.1 Vessels, net 1,149.5 940.7 Intangible assets other than goodwill 45.3 51.2 Total Assets 1,515.8 1,370.6 Current portion of long term debt 28.0 19.7 Other current liabilities 22.6 48.1 Long term debt, net of current portion 988.1 1,009.4 Stockholders Equity 425.9 225.3 Total Liabilities and Shareholders Equity 1,515.8 1,370.6 Book Capitalization 1,442.0 1,254.4 Net Debt / Book Capitalization 62.1% 76.9%
  35. 35. 35 Returning Capital to Shareholders Dividend Policy:  Q2 2013 Distribution: $0.05 per share – Record date: September 18, 2013 – Payment date: October 3, 2013 – Shares entitled to dividend as of June 30, 2013: 108,640,916
  36. 36. 36 Financial Highlights Prudent Financial Strategy Ability to Access the Capital Markets Through the Cycle  Raised over $2.1 billion of debt and equity since inception to finance tanker investments  Navios has a proven track record raising capital in the debt and equity markets Strong Liquidity Position High Cash Flow Visibility  Long-term contracts with high-quality counterparties secure revenue above fleet cash breakeven  Upside through growth in available days and profit sharing  Focus on risk management  Long-term non amortizing debt in capital structure  Strategic chartering of newbuilds through recovery  Debt with attractive margins and amortization profile  All vessels to be delivered are fully financed
  37. 37. 37 Appendix
  38. 38. 38 Existing Fleet – Product & Chemical Tankers Vessel Type DWT Year Built Net Charter Rate ($/day) Expiration Date Profit Share Nave Atropos LR1 Product Tanker 74,695 2013 11,850 (1) April-14 50%/50% Nave Rigel LR1 Product Tanker 74,673 2013 11,850 (1) Feb-14 50%/50% Nave Cetus LR1 Product Tanker 74,581 2012 11,850 April-14 50%/50% Nave Cassiopeia LR1 Product Tanker 74,711 2012 11,850 Feb-14 50%/50% Nave Estella LR1 Product Tanker 75,000 2012 11,850 (2) Jan-15 90% up to $15,000; 50% after Nave Andromeda LR1 Product Tanker 75,000 2011 12,000 (3) Nov-14 100% up to $15,000; 50% after Nave Cielo LR1 Product Tanker 74,671 2007 11,850 May-14 50%/50% Nave Ariadne LR1 Product Tanker 74,671 2007 11,850 (1) Nov-13 50%/50% Nave Capella MR2 Product Tanker 49,995 2013 13,825 (8) Jul-14 none Nave Titan MR2 Product Tanker 49,999 2013 13,825 (4) Jun-16 50%/50% Nave Orion MR2 Product Tanker 49,999 2013 13,331 (5) Mar-16 50%/50% Nave Bellatrix MR2 Product Tanker 49,999 2013 13,331 (5) Jan-16 50%/50% Nave Aquila MR2 Product Tanker 49,991 2012 13,331 (6) Nov-15 50%/50% Nave Atria MR2 Product Tanker 49,992 2012 13,331 (6) Jul-15 50%/50% Bull MR2 Product Tanker 50,542 2009 13,825 (8,9) Jul-14 None Buddy MR2 Product Tanker 50,470 2009 13,825 (8,9) Jul-14 None Nave Equinox MR2 Product Tanker 50,922 2007 repositioning trip Nave Pulsar MR2 Product Tanker 50,922 2007 repositioning trip Nave Universe Chemical Tanker 45,513 2013 14,869 (7) Jul - 15 50%/50% Nave Cosmos Chemical Tanker 25,130 2010 12,188 Aug-14 50%/50% Nave Polaris Chemical Tanker 25,145 2011 12,188 Jul-14 50%/50% TOTAL 1,196,621 (1) Charterer’s option to extend the charter for 6 months at same rate. (2) Charterer’s option to extend the charter for 1+1 years at $11,850 net 1st optional year plus 90% profit up to $16,000 plus 50% profit sharing above $16,000; $11,850 net 2nd optional year plus 90% profit up to $17,000 plus 50% profit sharing above $17,000. Profit sharing formula is calculated monthly and incorporates $2,000 premium above the relevant index. (3) Charterer’s option to extend the charter for 1+1 years at $13,000 net 1st optional year plus 100% profit up to $16,000 plus 50% profit sharing above $16,000; $14,000 net 2nd optional year plus 100% profit up to $17,000 plus 50% profit sharing above $17,000. Profit sharing formula is calculated monthly and incorporates $2,000 premium above the relevant index. (4) Charter duration three years. Charterer's option to extend the charter for 1 year at $15,306 net plus profit sharing. The charterers will receive 100% of the first $1,000 in profits above the base rate and the owners will receive 100% of the next $1,000. Thereafter, all profits will be split equally to each party. (5) The charterer will receive the first $1,000 of profits above the base rate and the owner will receive next $1,000 of profits. Thereafter, all profits will be split equally to each party. The charterer has been granted an option for an additional year at a rate of $14,813 net per day plus 50% profit sharing. (6) Charterer’s option to extend the charter for 1+ 1 years at $14,566 net 1st optional year plus profit sharing; $15,553 net 2nd optional year plus profit sharing. The profit sharing will be calculated monthly and profits will be split equally to each party. Profit sharing formula incorporates $1,000 premium above the relevant index. (7) The charterer has been granted an option for an additional year at a rate of $16,088 net per day, plus 50% profit sharing (8) Charterer’s option to extend the charter for 1 year at $14,813 net (9) The charter contracts for these vessels since delivery have been terminated following the default of the original charterer and the vessels have been re-chartered to a third party for a one year period
  39. 39. 39 Existing Fleet – VLCC Vessel Type DWT Year Built Net Charter Rate ($/day) Expiration Date Profit Share Shinyo Splendor VLCC 306,474 1993 38,019 May-14 None C. Dream VLCC 298,570 2000 29,625 Mar- 19 50% above $30,000 40% above $40,000 Shinyo Ocean VLCC 281,395 2001 38,400 Jan-17 50% above $43,500 Shinyo Kannika VLCC 287,175 2001 38,025 Feb-17 50% above 44,000 Shinyo Saowalak VLCC 298,000 2010 48,153 June-25 35% above $54,388 40% above $59,388 50% above $69,388 Shinyo Kieran VLCC 297,066 2011 48,153 June-26 35% above $54,388 40% above $59,388 50% above $69,388 Nave Celeste VLCC 298,717 2003 42,705 Dec-16 None Shinyo Navigator VLCC 300,549 1996 repositioning trip TOTAL 2,367,946
  40. 40. 40 Vessels to be delivered Vessel / Type DWT Anticipated Delivery Date Net Charter Rate ($/day) Profit Share Chemical Tanker / Nave Constellation 45,000 Q3 2013 14,869 (1,4) 50%/50% MR2 Product Tanker / Nave Alderamin 50,000 Q3 2013 13,163 (2) 50%/50% TBRN 3 47,999 Q3 2013 TBRN 4 47,999 Q4 2013 MR2 Product Tanker 50,000 Q3 2013 15,356 (3) 100% MR2 Product Tanker 50,000 Q1 2014 14,319 (4,5) 50%/50% MR2 Product Tanker 50,000 Q3 2014 14,319 (4,5) 50%/50% MR2 Product Tanker 51,200 Q3 2014 MR2 Product Tanker 51,200 Q4 2014 MR2 Product Tanker 50,000 Q4 2014 14,319 (4,5) 50%/50% MR2 Product Tanker 51,200 Q1 2015 MR2 Product Tanker 51,200 Q2 2015 Total 595,798 (1) The charterer has been granted an option for an additional year at a rate of $16,088 net per day, plus 50% profit sharing (2) Charter duration six months (3) Charter duration 4 years, rate can reach a maximum of $20,475 net per day calculated based on a formula, both base and ceiling rate , increased by 2% annually (4) Charter duration 2 years (5) The charterer has been granted an option for an additional year at a rate of $15,306 net per day, plus 50% profit sharing
  41. 41. 2.5 2.7 0 2 4 6 8 >=20 yrs >=25 yrs 414141 Chemical Ship Supply Fundamentals are Improving Orderbook World chemical tanker orderbook (million dwt – Jan 2013) Source: Drewry July 2013 Aging chemical tanker fleet (million dwt) (milliondwt) 3.6 2.5 0.6 6.6 4.8 3.4 0 2 4 6 8 10 12 2010 2011 2012 2013 2014 2015+ 40% 8.1 0.7% (million dwt) Growth before slippage as % of Jan 2013 fleet: 4.1% 2.9% 24% 4.5 40% Non-deliveries 10.9 Delivered (M DWT) Projected (M DWT) Non-Del’y (by DWT) 2013 2.5 2.4 -1% 2012 3.4 4.5 25% 2011 4.9 8.1 39% 2010 6.6 10.9 40% 2009 9.2 10.8 15% Fleet Development  2Q2013 Chemical Tanker Fleet = 87.6 M dwt  2012 Chemical Tanker Fleet = 86.6 M dwt  2011 Chemical Tanker Fleet = 83.0 M dwt  2010 Chemical Tanker Fleet = 79.4 M dwt Net Fleet Growth  2Q2013 Net fleet growth was 1.0 M dwt or 1.2%  2012 Net fleet growth was 3.6 M dwt or 4.3%  2011 Net fleet growth was 3.6 M dwt or 4.6%  2010 Net fleet growth was 4.4 M dwt or 5.8% Scrapping  2Q2013 Scrapping = 1.5% of fleet / 1.3 M dwt  2012 Scrapping = 2.5% of fleet / 2.1 M dwt  2011 Scrapping = 2.7% of fleet / 2.1 M dwt  2010 Scrapping = 3.7% of fleet / 2.8 M dwt Age Profile  465 vessels are 20+ years old – 11.4% of the fleet  214 vessels are 25+ years old – 5.2% of the fleet 5.2M DWT 20+ yrs of age: 11.4% by number of vessels, 5.9% by DWT 5.2
  42. 42. 42 www.navios-acquisition.com

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