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Navios Maritime Acquisition Corporation Reports Financial Results for the First Quarter Ended March 31, 2014

MONACO -- (Marketwired) -- 05/14/14 -- Navios Maritime Acquisition Corporation (NYSE: NNA)

  • 38.0% increase in Q1 Revenue to $61.0 million
  • 28.4% increase in Q1 Adjusted EBITDA to $35.9 million
  • One of the leading public owners of VLCCs
    • 11 VLCCs
    • Three VLCCs delivered in 2014 YTD
    • Two additional VLCCs acquired in Q2 2014
  • Extended Management and Administrative Services Agreements to 2020
    • Management fees fixed for two years
    • 5% decrease in VLCC Opex rates
    • Steady Opex rates for product and chemical tankers
  • $1.5 million profit sharing for Q1
  • Quarterly dividend of $0.05 per share

Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the first quarter ended March 31, 2014.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results as we grew revenue and adjusted EBITDA by 38.0% and 28.4%, respectively. As a result, we again declared a quarterly dividend of $0.05 per share. Given our current share price, stockholders are receiving a yield of about 5.4%."

"We have grown our company to be one of the top five largest publicly listed tanker owners among our US and European peers, with one of the youngest on-the-water fleets. In fact, so far this year, we grew this fleet by four vessels and expect six additional vessels to be delivered in 2014. We are proud of our responsible growth strategy, as we have been able to expand our fleet while protecting our balance sheet and stakeholders."

Angeliki Frangou continued, "We also added further visibility into our operating cost as we have extended the management structure with Navios Holdings for another five years and fixed management fees for two years. In a market generally pressured by rising costs, we have been able to reduce VLCC opex rates by 5% while keeping rates for product and chemical tankers constant. In fact, our daily opex is 17% below industry average and our G&A expenses are well below our peers. We believe this demonstrates the group's economies of scale and the group's ability to share these economies with its members, ultimately to the unique benefit of our stakeholders."

HIGHLIGHTS - RECENT DEVELOPMENTS

Dividend of $0.05 per share of common stock

On May 9, 2014, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2014 of $0.05 per share of common stock payable on July 3, 2014 to stockholders of record as of June 17, 2014.

VLCC Acquisitions

In May 2014, Navios Acquisition agreed to acquire, from an unaffiliated third party, a 2002-built 305,178 dwt VLCC for a purchase price of $41.0 million. The vessel is expected to be delivered in the second quarter of 2014.

On April 7, 2014, Navios Acquisition agreed to acquire from an unaffiliated third party a 2003-built 298,287 dwt VLCC, for a purchase price of $43.5 million. The vessel is expected to be delivered in the second quarter of 2014.

Navios Acquisition is expected to finance the acquisitions with cash on its balance sheet and financing consistent with its existing credit arrangements.

Vessel Deliveries and Sale

On May 7, 2014, Navios Acquisition took delivery of the Nave Jupiter, a newbuilding 49,999 dwt MR2 product tanker for a contract price of $35.5 million.

On March 10, 2014, Navios Acquisition took delivery of the Nave Buena Suerte, a 2011-built 297,491 dwt VLCC, from an unaffiliated third party for a total cost of $57.1 million.

On February 12, 2014, Navios Acquisition took delivery of the Nave Quasar, a 2010-built 297,376 dwt VLCC, from an unaffiliated third party for a total cost of $54.7 million.

On February 4, 2014, Navios Acquisition took delivery of the Nave Galactic, a 2009-built 297,168 dwt VLCC, from an unaffiliated third party, for a total cost of $51.7 million.

On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party for a net sale price of $19.2 million.

Navios Acquisition currently owns 44 vessels, 11 VLCCs, 29 product tankers and four chemical tankers of which, 36 vessels are currently on-the-water with the remaining eight vessels still to be delivered, six of which are newbuildings.

Amendment to Management and Administrative Services Agreements

In May 2014, Navios Acquisition extended the duration of its existing Management Agreement with Navios Maritime Holdings Inc. ("Navios Holdings"), until May 2020 and fixed the fees for ship management services of its owned fleet for two additional years through May 2016 at current rates for product tanker and chemical tanker vessels, being $6,000 daily rate per MR2 product tanker and chemical tanker vessel and $7,000 daily rate per LR1 product tanker vessel and reduced the rate by 5% to $9,500 daily rate per VLCC vessel. Drydocking expenses under this Agreement will be reimbursed at cost at occurrence for all vessels.

In May 2014, Navios Acquisition extended the duration of its existing Administrative Services Agreement with Navios Holdings, until May 2020 pursuant to the same terms.

Equity Transactions

On February 20, 2014, Navios Acquisition completed the public offering of 14,950,000 shares of its common stock at $3.85 per share, raising gross proceeds of $57.6 million. These figures include 1,950,000 shares sold pursuant to the underwriters' option, which was exercised in full. Total net proceeds of the above transactions, net of agents' costs of $3.0 million and offering costs $0.3 million, amounted to $54.3 million.

$60.0 Million 8.125% Add-on First Priority Ship Mortgage Notes Due 2021

On March 31, 2014 the Company completed the sale of $60.0 million of its 8.125% first priority ship mortgage notes due 2021 (the "Existing Notes"), with terms identical to the Existing Notes that were issued at 103.25% plus accrued interest from November 13, 2013. The net cash received amounted to $59.8 million.

Time Charter Coverage

As of May 14, 2014, Navios Acquisition had contracted 89.0%, 45.1% and 21.6% of its available days on a charter-out basis for 2014, 2015 and 2016, respectively, equivalent to $221.9 million, $157.5 million and $108.1 million of expected revenue, respectively. The average contractual daily charter-out rate for the fleet is $19,075, $22,297 and $31,100 for 2014, 2015 and 2016, 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 months ended March 31, 2014 and 2013. The quarterly information for 2014 and 2013 was derived from the unaudited condensed consolidated financial statements for the respective periods.


                                                  Three Month   Three Month
                                                 Period ended   Period ended
                                                   March 31,     March 31,
                                                     2014           2013
(Expressed in thousands of U.S. dollars)          (unaudited)   (unaudited)
Revenue                                          $     60,969  $      44,172
EBITDA                                           $     21,558  $      27,952
Adjusted EBITDA(1)                               $     35,878  $      27,952
Net (Loss)/ Income                               $    (12,818) $         735
Adjusted Net Income (1)                          $      1,502  $         735
(Loss)/ Earnings per share (basic and diluted)   $      (0.09) $        0.01
Adjusted Net Income per share (basic and
 diluted) (1)                                    $       0.01  $        0.01

(1) Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per share
    (basic and diluted) for the three months ended March 31, 2014, exclude a
    $10.7 million non-cash impairment loss recognized for one of our VLCCs
    sold in May 2014, a $1.0 million non-cash impairment loss related to a
    receivable, a $1.2 million non-cash fair value loss related to other
    assets and a $1.4 million for non-cash share based compensation expense.
    For the three months ended March 31, 2013, there were no corresponding
    losses or expenses.

Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures and should not be used in isolation or substitution for Navios Acquisition's results (see Exhibit II for reconciliation of Adjusted EBITDA).

Three month periods ended March 31, 2014 and 2013

Revenue for the three month period ended March 31, 2014 increased by $16.8 million or 38.0% to $61.0 million, as compared to $44.2 million for the same period in 2013. The increase was mainly attributable to the acquisitions of the Nave Atropos in April 2013, the Nave Titan and the Nave Equinox in June 2013, the Nave Capella, the Nave Pulsar and the Nave Universe in July 2013, the Nave Celeste in August 2013, the Nave Constellation, the Nave Alderamin, the Nave Dorado and the Bougainville in September 2013, the Nave Lucida in October 2013, the Nave Galactic and the Nave Quasar in February 2014 and the Nave Buena Suerte in March 2014. As a result of the above, available days of the fleet increased to 3,079 days for the three month period ended March 31, 2014, as compared to 1,832 days for the three month period ended March 31, 2013. The increase in revenue was partially mitigated by the decrease in time charter equivalent ("TCE") to $19,544 for the three month period ended March 31, 2014, from $23,725 for the three month period ended March 31, 2013.

Excluding the impact of $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets, and a $1.4 million for non-cash share based compensation expense, Adjusted EBITDA for the three month period ended March 31, 2014 increased by $7.9 million to $35.9 million from $28.0 million in the three month period ended March 31, 2013. The increase in Adjusted EBITDA was due to: (a) a $16.8 million increase in revenue; and (b) a $0.5 million increase in Other income/ (expense), partially mitigated by a: (i) $0.1 million increase in time charter expenses; (ii) $1.1 million increase in general and administrative expenses; and (iii) $8.2 million increase in management fees.

Net loss for the three month period ended March 31, 2014, amounting to $12.8 million, was adversely affected by a $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets, and a $1.4 million non-cash share based compensation expense. Excluding these items, Adjusted Net income for the three month period ended March 31, 2014, amounted to $1.5 million, compared to a $0.7 million Net income for the three month period ended March 31, 2013. The increase in Adjusted Net income by approximately $0.8 million was due to an increase of $7.9 million in Adjusted EBITDA mitigated by a; (a) $3.3 million increase in depreciation and amortization due to the acquisitions of the vessels described above; (b) $3.8 million increase in interest expense and finance cost net; and (c) $0.1 million decrease in interest income.

Fleet Employment Profile

The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three months ended March 31, 2014 and 2013.


                                                      Three month period
                                                        endedMarch 31,
                                                      2014          2013
                                                 ------------- -------------
                                                  (unaudited)   (unaudited)
FLEET DATA
Available days(1)                                        3,079         1,832
Operating days(2)                                        3,073         1,830
Fleet utilization(3)                                     99.8%         99.9%
Time Charter Equivalent per day(4)                     $19,544       $23,725
Vessels operating at period end                             36            22

(1) Available days for the fleet represent total calendar days the vessels
    were in Navios Acquisition's possession for the relevant period after
    subtracting off-hire days associated with scheduled repairs, drydockings
    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 and minimizing the amount of
    days that its vessels are off hire for reasons other than scheduled
    repairs, drydockings or special surveys.

(4) Time Charter Equivalent Rate: Time Charter Equivalent Rate 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 Time
    Charter Equivalent Rate is a standard shipping industry performance
    measure used primarily to present the actual daily earnings generated by
    vessels on various types of charter contracts for the number of
    available days of the fleet.

Conference Call, Webcast and Presentation Details:
As previously announced, Navios Acquisition will host a conference call today, Wednesday May 14, 2014 at 8:30 am ET., at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the first quarter ended March 31, 2014.

US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 34147942

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: 34147942

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 available by 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)

                                                   March 31,
                                                     2014      December 31,
                                                  (unaudited)      2013
                                                 ------------  ------------

ASSETS
Current assets
Cash and cash equivalents                        $    118,001  $     82,835
Restricted cash                                         6,457        24,962
Accounts receivable, net                               12,327         8,441
Prepaid expenses and other current assets               4,298         4,563
                                                 ------------  ------------
Total current assets                                  141,083       120,801
                                                 ------------  ------------

Vessels, net                                        1,490,548     1,353,131
Deposits for vessels acquisitions                      94,429       100,112
Deferred finance costs, net                            25,433        23,246
Goodwill                                                1,579         1,579
Intangible assets-other than goodwill                  38,817        40,171
Other long-term assets                                  3,683         5,533
Deferred dry dock and special survey costs, net         4,551         4,678
Investment in affiliates                                4,790         4,750
Loan receivable from affiliate                          4,975         2,660
                                                 ------------  ------------
Total non-current assets                            1,668,805     1,535,860
                                                 ------------  ------------

Total assets                                     $  1,809,888  $  1,656,661
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable                                 $      1,318  $      1,577
Dividend payable                                        7,967         7,220
Accrued expenses                                       25,960        11,985
Due to related parties, short term                      5,179         2,848
Deferred revenue                                        4,604         7,056
Current portion of long-term debt                      37,566        34,714
                                                 ------------  ------------
Total current liabilities                              82,594        65,400
                                                 ------------  ------------

Long-term debt, net of current portion and
 premium                                            1,219,941     1,119,734
Due to related parties, long term                       6,333         5,144
Unfavorable lease terms                                 3,390         3,561
                                                 ------------  ------------
Total non-current liabilities                       1,229,664     1,128,439
                                                 ------------  ------------

Total liabilities                                $  1,312,258  $  1,193,839
                                                 ============  ============

Commitments and contingencies                              --            --
Series D Convertible Preferred stock 1,200
 shares issued and outstanding with $12,000
 redemption amount as of each of March 31, 2014
 and December 31, 2013                                 12,000        12,000

Stockholders' equity
Preferred stock, $0.0001 par value; 10,000,000
 shares authorized; 4,540 issued and outstanding
 as of each of March 31, 2014 and December 31,
 2013                                                      --            --
Common stock, $0.0001 par value; 250,000,000
 shares authorized; 151,664,942and 136,714,942
 issued and outstanding as of each of March 31,
 2014 and December 31, 2013                                15            13
Additional paid-in capital                            577,827       530,203
Accumulated Deficit                                   (92,212)      (79,394)
                                                 ------------  ------------
Total stockholders' equity                            485,630       450,822
                                                 ------------  ------------

Total liabilities and stockholders' equity       $  1,809,888  $  1,656,661
                                                 ============  ============


                   NAVIOS MARITIME ACQUISITION CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
  (Expressed in thousands of U.S. dollars- except share and per share data)


                                                    For the       For the
                                                 Three Months  Three Months
                                                     Ended         Ended
                                                     March       March 31,
                                                    31,2014        2013
                                                  (unaudited)   (unaudited)
                                                 ------------  ------------
Revenue                                          $     60,969  $     44,172
Time charter and voyage expenses                         (785)         (710)
Direct vessel expenses                                   (736)         (762)
Management fees                                       (22,300)      (14,098)
General and administrative expenses                    (3,585)       (1,084)
Depreciation and amortization                         (16,638)      (13,330)
Impairment loss                                       (11,690)           --
Interest income                                           110           212
Interest expenses and finance cost, net               (17,112)      (13,337)
Change in fair value of other assets                   (1,188)
Other income/ (expense), net                              137          (328)

Net (loss)/ income                               $    (12,818) $        735


Dividend declared on preferred shares Series B            (27)          (27)
Dividend on Series D preferred shares                    (111)           --
Dividend declared on restricted shares                   (105)           --
Undistributed loss/ (income) attributable to
 Series C participating preferred shares                  601           (88)

Net (loss)/ income attributable to common
 shareholders                                         (12,460)          620


Net (loss)/ income per share, basic              $      (0.09) $       0.01


Weighted average number of shares, basic          141,093,275    53,870,086


Net (loss)/ income per share, diluted            $      (0.09) $       0.01


Weighted average number of shares, diluted        141,093,275    56,146,277


                   NAVIOS MARITIME ACQUISITION CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                  (Expressed in thousands of U.S. dollars)

                                                 ------------  ------------
                                                    For the       For the
                                                 Three Months  Three Months
                                                  Ended March   Ended March
                                                   31, 2014      31, 2013
                                                  (unaudited)   (unaudited)
                                                 ------------  ------------
Operating Activities
Net ( loss)/ income                              $    (12,818) $        735
Adjustments to reconcile net loss to net cash
 provided by operating activities:
Depreciation and amortization                          16,638        13,330
Amortization and write-off of deferred finance
 fees and bond premium                                    715           580
Amortization of dry dock and special survey
 costs                                                    736           762
Stock based compensation                                1,442            --
Impairment loss                                        11,690            --
Change in fair value of other assets                    1,188            --
Changes in operating assets and liabilities:
Increase in prepaid expenses and other current
 assets                                                  (715)         (646)
Increase in accounts receivable                        (3,886)       (1,699)
Decrease / (Increase) in restricted cash                  240          (675)
Decrease / (Increase) in other long term assets           341           (12)
(Decrease)/ Increase in accounts payable                 (259)          558
Increase in accrued expenses                           13,975         9,302
Payments for dry dock and special survey costs           (609)           --
Increase/(Decrease) in due to related parties           2,637        (4,446)
Decrease / (Increase) in deferred revenue              (2,452)        1,179
Increase in other long term liabilities                    --           (66)
Net cash provided by operating activities        $     28,863  $     18,902

Investing Activities
Acquisition of vessels                               (146,695)      (27,598)
Deposits for vessel acquisitions                      (10,220)       (5,777)
Decrease in restricted cash                                --         2,991
Loan to affiliate                                      (2,024)           --
Net cash used in investing activities            $   (158,939) $    (30,384)

Financing Activities
Loan proceeds, net of deferred finance costs and
 net of premium                                        50,140        29,564
Loan repayment to related party                            --       (35,000)
Loan repayments                                        (9,890)      (20,880)
Dividend paid                                          (7,358)       (2,436)
Decrease/ (Increase) in restricted cash                18,265        (4,167)
Net proceeds from equity offering                      54,287        95,970
Proceeds from issuance of ship mortgage and
 senior notes, net of debt issuance costs              59,798            --
Net cash provided by financing activities        $    165,242  $     63,051
Net increase in cash and cash equivalents              35,166        51,569
Cash and cash equivalents, beginning of year           82,835        42,846
                                                 ------------  ------------
Cash and cash equivalents, end of year           $    118,001  $     94,415
                                                 ============  ============


                                                                  EXHIBIT II

     Reconciliation of Adjusted EBITDA to Net Cash provided by Operating
                                  Activities
                  (Expressed in thousands of U.S. dollars)


                                                  Three Month   Three Month
                                                    Period        Period
                                                  Ended March   Ended March
                                                   31, 2014      31, 2013
Expressed in thousands of U.S. dollars            (unaudited)   (unaudited)
                                                 ------------  ------------

Net cash provided by operating activities        $     28,863  $     18,902
Net decrease in operating assets                        4,629         3,032
Net increase in operating liabilities                 (13,901)       (6,527)
Net interest cost                                      17,002        13,125
Deferred finance costs                                   (715)         (580)

Adjusted EBITDA(1)                               $     35,878  $     27,952

(1)


                                                  Three Month   Three Month
                                                    Period        Period
                                                  Ended March   Ended March
                                                   31, 2014      31, 2013
                                                  (unaudited)   (unaudited)
                                                 ------------  ------------
Net Cash provided by operating activities        $     28,863  $     18,902
Net Cash used in investing activities            $   (158,939) $    (30,384)
Net Cash provided by financing activities        $    165,242  $     63,051

Disclosure of Non-GAAP Financial Measures

ADJUSTED EBITDA
Adjusted EBITDA represents net income/ (loss) plus interest expenses and finance cost plus depreciation and amortization and income taxes adjusted for change in fair value of other assets, impairment losses and non-cash share- based compensation expense.

Adjusted EBITDA is presented because Navios Acquisition believes that Adjusted 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. Adjusted 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 Adjusted EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of Adjusted 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       DWT

                                                     Date
----------------------------------------------------------------------------
Owned Vessels
Nave Constellation         Chemical Tanker           2013          45,281
Nave Universe              Chemical Tanker           2013          45,513
Nave Polaris               Chemical Tanker           2011          25,145
Nave Cosmos                Chemical Tanker           2010          25,130
Nave Jupiter             MR2 Product Tanker          2014          49,999
Bougainville             MR2 Product Tanker          2013          50,626
Nave Alderamin           MR2 Product Tanker          2013          49,998
Nave Bellatrix           MR2 Product Tanker          2013          49,999
Nave Capella             MR2 Product Tanker          2013          49,995
Nave Orion               MR2 Product Tanker          2013          49,999
Nave Titan               MR2 Product Tanker          2013          49,999
Nave Aquila              MR2 Product Tanker          2012          49,991
Nave Atria               MR2 Product Tanker          2012          49,992
Buddy                    MR2 Product Tanker          2009          50,470
Bull                     MR2 Product Tanker          2009          50,542
Nave Equinox             MR2 Product Tanker          2007          50,922
Nave Pulsar              MR2 Product Tanker          2007          50,922
Nave Dorado              MR2 Product Tanker          2005          47,999
Nave Lucida              MR2 Product Tanker          2005          47,999
Nave Atropos             LR1 Product Tanker          2013          74,695
Nave Rigel               LR1 Product Tanker          2013          74,673
Nave Cassiopeia          LR1 Product Tanker          2012          74,711
Nave Cetus               LR1 Product Tanker          2012          74,581
Nave Estella             LR1 Product Tanker          2012          75,000
Nave Andromeda           LR1 Product Tanker          2011          75,000
Nave Ariadne             LR1 Product Tanker          2007          74,671
Nave Cielo               LR1 Product Tanker          2007          74,671
Nave Buena Suerte               VLCC                 2011          297,491
Shinyo Kieran                   VLCC                 2011          297,066
Shinyo Saowalak                 VLCC                 2010          298,000
Nave Quasar                     VLCC                 2010          297,376
Nave Galactic                   VLCC                 2009          297,168
Nave Celeste                    VLCC                 2003          298,717
Shinyo Kannika                  VLCC                 2001          287,175
Shinyo Ocean                    VLCC                 2001          281,395
C. Dream                        VLCC                 2000          298,570

Owned Vessels to be delivered


TBN                             VLCC               Q2 2014           298,287
TBN                             VLCC               Q2 2014           305,178
Nave Luminosity                  MR2               Q3 2014            50,000
TBN                              MR2               Q3 2014            51,200
Nave Velocity                    MR2               Q4 2014            50,000
TBN                              MR2               Q4 2014            51,200
TBN                              MR2               Q1 2015            51,200
TBN                              MR2               Q2 2015            51,200

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The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.