Angeliki Frangou’s Navios Maritime Acquisition Corp topped Wall Street forecasts in the first quarter despite a widening deficit.
The result amounted to $0.02 in negative earnings per share, a penny above analysts’ consensus estimate.
Revenue increased to $37.7m from $25.1m year-on-year while Ebitda climbed 42.1% to $35.7m, the Athens-based owner of 29 crude and products tankers told investors Tuesday.
Going forward, Frangou said Navios Acquisition is “conservatively positioned in the current market”.
“The company's entire operating cost is borne by the 15 vessels in the water for 2012,” the chief continued. “We also enjoy a low cash-flow break even for 2013. Even if there is no recovery in the market, we can generate substantial additional cash flow in the current rate environment.
“Given the company's 50% increase in available days in each of 2012 and 2013, accompanied by profit sharing on almost half of our fleet, any increase in charter rates will be amplified in our results."(Copyright)
