These were my initial thoughts on NNA thru 8/22Up until, say 4 months ago, Navios Maritime Acquisition (NNA) was a SPAC (Special Purpose Acquisition Company)that was sitting on cash, and had not made any moves. Then they made one big move, acquiring vesselsin the product/chemical tanker space. I don't find the product tanker space too exciting, so "Meh" from me. But still, it was a significant fleet deal- 13 vessels, mostly newbuilds (under construction now, or soon-to-start construction), plus options on 2 more vessels.http://www.prnewswire.com/news-releases/navios-maritime-acqu...Then, mid July, another big deal, in the crude tanker sector. That got my attention- 7 VLCCs, including one newbuild vessel, all with attached charters.http://finance.yahoo.com/news/Navios-Maritime-Acquisition-pr...Now, this deal has the Navios management traditional flavor- arrange financing on assetacquisition(s), but have the asset(s) backed by a nice revenue stream. The assets in thesecond deal have it, the ones in the first deal did not have it. However, to be fair to Navios management, they have taken delivery of the NNA's first two product tankers, and fixedeach vessel on a three year charter.NNA had a warrant offering, and that is what makes the entity a little messy for me,at the moment. The issue might be resolved by early Sept, as the company has made a coupleof warrant conversion options available. http://finance.yahoo.com/news/Navios-Maritime-Acquisition-pr... I'm waiting for a quarter or two of revenue numbers before I make a decision.--So that was thru 8/22, and today Navios indicated conversion conditions have not been met.The second condition has been waived. In the scheme of things, 3.795M warrants @ $5.65 is about $21.44M, a reasonable amount for NM to cover. But it would mean adrawdown on NM's cash position.http://finance.yahoo.com/news/Navios-Maritime-Acquisition-pr...Until the deal is done, there's the warrant overhang, plus no VLCC revenue. I wait.
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