Navios Maritime Acquisition surges 16% as outlook improves on rates, merger [Seeking Alpha]
Navios Maritime Acquisition Corporation Common stock (NNA)
Last navios maritime acquisition corporation common stock earnings: 11/7 08:00 am
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Source: Seeking Alpha
Navios Maritime Acquisition (NYSE: NNA ) after noting that tanker rates have improved since September and highlighting benefits of its pending merger with Navios Maritime Midstream Partners ( NAP ). TD3 VLCC spot rate increased by 213% to about $51,000 per dand and one-year charter rate rose by about 44% to $28,000 per day, says Chairman and CEO Angeliki Frangou. Furthermore, NNA sees its merger with NAP reducing operating breakeven for available days--not subject to fixed rates--by almost 15% and available days increasing by 17% to about 15,000 days, Frangou says. Q3 adjusted loss per share of 15 cents missed consensus estimate of a 13-cent loss; compares with a loss of 5 cents a a year ago. Q3 revenue of $41.6M exceeds consensus by $3.7M and compares with $54.0M in the year-ago quarter. Previously: Navios Maritime Acquisition misses by $0.02, beats on revenue (Nov. 6) See all stocks on the move » Now read: Capital Product Partners: Blowout Earnin
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