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NNA announced q4 2018 results earlier in the week.
- q4 2018 rev of $58.7M, full year revenue of $187.9M
- q4 2018 net loss of $14M, full year net loss of $76.9M
- Completed acquisition of NAP fleet, adding value to NNA
- maintained reverse split payout rate of 30c/sh
- NNA mgmt suggest that the two Navios JVs are worth $72.5M
- Indicated NNA had completed a share buyback.
- Have indicated that NNA have a leasing structure being put into place for $77.5

Okay, picking at the results--
1. Prior to the merger, NNA was already overloaded with debt. NAP's debt was mostly a term loan, one that comes due in 2020. NAP has made little headway on paying down the facility.
2. NNA mgmt are making a big deal about the Navios Europe JV structures, and their value to NNA. I picture these as fairly illiquid assets in the short term. As I recall, both JV's have a fair amount of related debt.
3. Of their 43 vessels (including two newbuilds), a majority of their vessels (18 MR2s, 2 Chemical tankers, 8 LR1 tankers) are in the medium or small category. Most of these categories have not experienced a great bounce in rates.
4. Looking ahead, NNA indicate they have $126.7M in 2019 contracted revenue. To reach breakeven, the vessels on open days have to avg $16.7K daily. The VLCCs can probably exceed that rate, but given the majority of vessels are small or medium-sized, NNA have a very high bar for break-even.
5. NNA have 13 operating VLCCs. However, five of those vessels are over 15 years old. These vessels will struggle to find charters as new VLCCs continue to deliver.

I suspect that NNA mgmt maintained the payout for Navios' benefit - NM own 30 - 35% of NNA shares, and NM could use the extra cash.
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