NNA’s strong liquidity position
Navios Maritime Acquisition (NNA) has total liquidity of $109.6 million at the end of the quarter, including $70 million in cash. It has additional sufficient cash on hand to fully fund the remaining balance of its new building commitment. Plus, due to bond refinancing during late 2013, NNA does not have significant debt maturities until the fourth quarter of 2021.
NNA expects leverage ratio to reduce naturally as the company enjoys the cash flow benefit of vessels in the water. The company’s net debt capitalization of 68.4% at the end of the year has significantly decreased from previous years.
NNA’S second quarter dividend
For the second quarter 2014, NNA’s board of directors declared a quarterly cash dividend of $0.05 per share on its common stock payable on October 2, 2014, to stockholders of record as of September 17, 2014. The current dividend yield for NNA stands at 6%. NNA’s peers include Teekay Tankers Ltd. (TNK), Tsakos Energy Navigation Ltd. (TNP), Scorpio Tankers Inc. (STNG), and Capital Product Partners (CPLP). The Guggenheim Shipping ETF (SEA) tracks the shipping companies.