 Revenue 91.6 increase in Q2 2020 revenue to 112.2 million 54.8 increase in H1 2020 revenue to 210.1 million Net Cash from Operating Activities 50.7 million in H1 2020 20.2 million in Q2 2020 Adjusted EBITDA 228.8 increase in Q2 2020 Adjusted EBITDA to 72.7 million 103.5 increase in H1 2020 Adjusted EBITDA to 129.0 million Liquidation of Navios Europe II Inc. 37.7 million receivables transformed into cash and steel value 92.9 million refinancing for six product tankers Maturities extended through 2027 Fleet Renewal: Option for 4th VLCC newbuilding under bareboat charter exercised in Q2 2020 Returning capital to stockholders: Quarterly dividend: 0.30 per shareMONACO, July 30, 2020 GLOBE NEWSWIRE -- Navios Maritime Acquisition Corporation Navios Acquisition NYSE: NNA, an owner and operator of tanker vessels, reported its financial results today for the second quarter and six months ended June 30, 2020.Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, I am pleased with our results for the second quarter of 2020. During the quarter, Navios Acquisition recorded revenue of 112.2 million, adjusted EBITDA of 72.7 million and adjusted net income of 32.4 million, or 2.03 per share. Our chartering strategy focuses on capturing upside and we earned 20.7 million in profit sharing in the second quarter of 2020. We also declared a quarterly distribution of 0.30 cents per share for the second quarter.Angeliki Frangou continued, During the quarter, we expanded our VLCC fleet by bareboat chartering-in one vessel. We now have bareboat chartered-in four newbuild vessels with in no initial capital outlay. We also successfully liquidated our investment vehicle, Navios Europe II and converted 37.7 million into steel value and cash. For the second half of 2020, we have 74.0 of our available days fixed 22.1 with profit sharing at an average charter rate of 19,622 per day estimated to generate 116.2 million of revenue. This contracted rate excludes potential profit sharing. Navios Acquisition has 48.1 of available days with market exposure and a breakeven rate of 14,775 per open floating day. HIGHLIGHTS RECENT DEVELOPMENTS Quarterly dividend: 0.30 per share On July 28, 2020, the Board of Directors declared a quarterly cash dividend in respect of the second quarter of 2020 of 0.30 per share of common stock, which will be paid on October 8, 2020 to stockholders of record as of September 4, 2020. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Acquisitions cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable. Debt developementsIn June 2020, Navios Acquisition entered into a loan agreement with a commercial bank of 20.8 million in order to refinance the outstanding balance on the existing facility of two product tankers. The facility is repayable in 16 quarterly installments of 0.8 million each with a final balloon payment of 8.0 million repayable on the last repayment date. The facility matures in June 2024 and bears interest at LIBOR plus 300 bps per annum.In June 2020, Navios Acquisition entered into sale and leaseback agreements with unrelated third parties for 72.1 million in order to refinance the outstanding balance on the existing facilities of four product tankers. The agreements will be repaid through periods ranging from four to seven years in consecutive quarterly installments of up to 1.8 million each, with a repurchase obligation of up to 27.0 million in total. The sale and leaseback arrangement bears interest at LIBOR plus a margin ranging from 390 bps to 410 bps per annum, depending on the vessel financed.During the second quarter of 2020, Navios Acquisition prepaid a total of 76.3 million of its existing bank financings.In the third quarter 2020, Navios Acquisition repurchased 5.0 million of its ship mortgage notes for a cost of 2.9 million.Liquidation of Navios Europe II Inc.On June 29, 2020, following the liquidation of Navios Europe II, Navios Acquisition was allocated 8.9 million in cash and seven containerships with their associated working capital. The vessels are accounted for as held for sale. Navios Acquisition drew 41.7 million under a new short term credit facility secured with the seven containerships and repaid 45.1 million of the vessels indebtedness.Continuous Offering ProgramOn November 29, 2019, Navios Acquisition entered into a Continuous Offering Program Sales Agreement, pursuant to which Navios Acquisition may issue and sell from time to time through the sales agent shares of common stock having an aggregate offering price of up to 25.0 million. As of July 28, 2020, since the commencement of the program, Navios Acquisition has issued 516,250 shares of common stock and received net proceeds of 3.2 million.Exercised our option for VLCC newbuilding under bareboat charterIn the second quarter of 2020, Navios Acquisition exercised its option for a fourth Japanese newbuild VLCC under a twelve year bareboat charter agreement with de-escalating purchase options and expected delivery in the second quarter of 2022.The bareboat agreement reflects an implied price of approximately 84.5 million and an annual effective interest of approximately 6 fixed for the duration of the agreement.Fleet employment As of July 28, 2020, Navios Acquisitions core fleet consisted of a total of 47 vessels, of which 14 are very large crude carriers VLCCs including four bareboat chartered-in VLCCs expected to be delivered in each of the fourth quarter of 2020, and the first and the third quarters of 2021 and the second quarter of 2022, 31 are product tankers and two are chemical tankers. Navios Acquisition also owns seven containerships that are accounted for as held for sale.Currently, Navios Acquisition has contracted 85.5 of its available days of its core fleet on a charter-out basis for the remaining six month period of 2020. The average base contractual net daily charter-out rate for the 74.0 of available days that are contracted on base rate andor base rate with profit sharing arrangements is expected to be 19,622 for the second half of 2020.FINANCIAL HIGHLIGHTS For the following results and the selected financial data presented herein, Navios Acquisition has compiled its consolidated statements of operations for the three and six months ended June 30, 2020 and 2019. The quarterly information for 2020 and 2019 was derived from the unaudited condensed consolidated financial statements for the respective periods. Expressed in thousands of U.S. dollars Three Month Period ended June 30, 2020 unaudited Three Month Period ended June 30, 2019 unaudited Six Month Period ended June 30, 2020 unaudited Six Month Period ended June 30, 2019 unaudited Revenue112,224 58,585 210,081 135,704 Net incomeloss31,017 16,550 31,886 15,689 Adjusted net incomeloss32,3511 18,5542 47,2433 17,9944 Net cash provided byused in operating activities 20,206 8,343 50,723 1,545 EBITDA72,612 24,483 114,818 66,147 Adjusted EBITDA72,7351 22,120 2 128,9643 63,3624 Earning loss per share basic1.95 1.23 2.01 1.18 Earnings lossper share diluted1.93 1.23 1.99 1.18 Adjusted earnings loss per share basic2.031 1.332 2.983 1.304 Adjusted earnings loss per share diluted2.011 1.332 2.983 1.304 1EBITDA, net earningsloss and earningsloss per share basic and diluted for the three month period ended June 30, 2020 have been adjusted to exclude 0.1 million of non-cash stock based compensation. Net earningsloss for the three month period ended June 30, 2020 have been further adjusted to exclude 1.2 million write off of deferred finance costs. 2EBITDA, net earningsloss and earningsloss per share basic and diluted for the three month period ended June 30, 2019 have been adjusted to exclude 2.6 million gain on sale of vessels and 0.2 million of non-cash stock based compensation. Net earningsloss for the three month period ended June 30, 2019 have been further adjusted to exclude 0.4 million write off of deferred finance costs. 3EBITDA, net earningsloss and earningsloss per share basic and diluted for the six month period ended June 30, 2020 have been adjusted to exclude a 13.9 million impairment loss relating to the other-than-temporary impairment recognized in the Navios Acquisitions receivable from Navios Europe II and 0.2 million of non-cash stock based compensation. Net earningsloss for the six month period ended June 30, 2020 have been further adjusted to exclude 1.2 million write off of deferred finance costs. 4EBITDA, net earningsloss and earningsloss per share basic and diluted for the six month period ended June 30, 2019 have been adjusted to exclude 3.2 million gain on sale of vessels and 0.5 million of non-cash stock based compensation. Net earningsloss for the six month period ended June 30, 2019 have been further adjusted to exclude 0.5 million write off of deferred finance costs. EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted earnings per share basic and diluted are non-GAAP financial measures and should not be used in isolation or substitution for Navios Acquisitions results see Exhibit II for reconciliation of EBITDA and Adjusted EBITDA. 