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SEC Filings

F-4/A
NAVIOS MARITIME ACQUISITION CORP filed this Form F-4/A on 11/13/2018
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Table of Contents

F. Contractual Obligations and Contingencies

The following table summarizes our long-term contractual obligations as of September 30, 2018:

 

     Payments due by period
(Unaudited)
 
     Less than
1 year
     1-3 years      3-5 years      More than
5 years
     Total  
     (In thousands of U.S. dollars)  

Loan obligations(1), (2)

   $ 2,050      $ 196,288      $ —      $ —      $ 198,338  

Total contractual obligations

   $ 2,050      $ 196,288      $ —      $ —      $ 198,338  

 

(1)

The amount identified does not include interest costs associated with the outstanding Term Loan B, which are based on LIBOR, plus the costs of complying with any applicable regulatory requirements and a margin of 4.50% per annum.

(2)

The amount identified excludes the discount associated with the outstanding Term Loan B.

Fleet Employment Profile

Set forth below are selected historical and statistical data of our fleet for each of the three and nine month periods ended September 30, 2018 and September 30, 2017 that we believe may be useful in better understanding our fleet’s financial position and results of operations.

 

     Three Month
Period ended
September 30,
2018
(unaudited)
    Three Month
Period ended
September 30,
2017
(unaudited)
    Nine Month
Period ended
September 30,
2018
(unaudited)
    Nine Month
Period ended
September 30,
2017
(unaudited)
 

FLEET DATA

        

Available days(1)

     548       522       1,587       1,525  

Operating days(2)

     547       519       1,579       1,504  

Fleet utilization(3)

     99.9     99.3     99.5     98.6

Vessels operating at period end

     6       6       6       6  

AVERAGE DAILY RESULTS

        

Time Charter Equivalent per day(4)

   $ 39,355     $ 39,292     $ 38,818     $ 39,043  

 

(1)

Available days: total calendar days the vessels were in Navios Midstream’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: 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: the percentage of time that the Navios Midstream’s vessels were available for generating revenue, 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)

TCE rate: Time charter equivalent rate per day 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 per day is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels of various types of charter contracts for the number of available days of the fleet.

 

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