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Greece's Navios Maritime CEO boasts strong year-end liquidity
By Lisa Kerner
Charlotte, N.C., Feb. 16 - Navios Maritime Acquisition Corp.'s liquidity position is strong at about $130 million, chairman and chief executive officer Angeliki Frangou said during the company's fourth-quarter and full-year earnings call on Thursday.
The company ended 2011 with $73.5 million of cash and about $56 million available on its $120 million credit lines.
Total debt at year's end was $885 million, and net debt to capitalization was 72.2%.
In 2011, the company issued $105 million of senior notes and borrowed about $106 million of bank debt.
Frangou said Navios is more than able to meet its capital expenditure needs.
Financial highlights
Navios reported fourth-quarter 2011 revenue of $39.7 million, a 56.3% increase from the prior-year period. Full-year 2011 revenue grew 262.8% from 2010 to $121.9 million, due mainly to acquisition vessels.
Fourth-quarter net income was $2.5 million, compared with a $4.4 million loss for the three-month period ended Dec. 31, 2010. The increase in net income was due to an $8.9 million increase in adjusted EBITDA partially offset by an increase in direct vessel and interest expenses and a $5.4 million prepayment penalty.
Net loss for the year was $3.9 million, compared with a $13.5 million loss for 2010. The decrease was attributed to, among other things, a $56.1 million increase in adjusted EBITDA and an increase in interest income partially offset by a $32.5 million increase in interest expenses and a $28.5 million increase in depreciation and amortization due to acquisitions.
Navios Maritime is a Piraeus, Greece-based oil and chemical tanker company.
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