NNA - Navios Maritime Acquisition stock slips 10% after Q1 earnings results

Navios Maritime Acquisition (NNA) down 10% in pre-market, on reporting Q1 revenue decline of -26% Y/Y to $72.5M, and net loss of $9.7M compared to profit of $869k a year ago.Company says revenue was down due to a decrease in market rates during the quarter, as compared to the same period of 2020.Adj. EBITDA for the quarter decreased by 48.2% Y/Y to $29.15M; and margin fell to 40.2% from 57.5% in 1Q20.Net cash provided by operating activities was $4.91M, vs. $30.52M a year ago.Time charter and voyage expenses decreased by 4.9% Y/Y to $5.8M.As of May 19, 2021, Company’s core fleet consisted of a total of 45 vessels, of which 12 are VLCCs, 31 are product tankers and two are chemical tankers. Company has contracted 76.8% of its available days of its core fleet on a charter-out basis for the remaining nine-month period of 2021.Q1 Fleet utilization of 98.4% declined from 99.3%

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Navios Maritime Acquisition stock slips 10% after Q1 earnings results