NNA - Navios Maritime Acquisition: Dividends Gone As Expected And Bankruptcy Risk Looms

• Navios Maritime Acquisition has started 2021 on a negative note by completely suspending their dividends, which was warned about in my previous article.
• Their earnings and cash flow performance were very strong during 2020, but signs point to severe pain during the start of 2021.
• Sadly, the economic characteristics of their industry are not suitable for providing any given level of dividends.
• The biggest issue that they are facing is refinancing their $603 million ship mortgage notes that mature on 15th November, 2021.
• If these cannot be refinanced, then they face bankruptcy, and since this could go either way, my rating has been changed to neutral.

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