Greek tanker vessels operator, Navios Maritime Acquisition Corp. (NNA: Quote) Tuesday reported a narrower net loss in its second quarter compared to last year, as an increase in the number of fleet days lifted revenues that topped Street estimates.The company reported second quarter net loss of $1.9 million or a loss of $0.04 per share, versus a net loss of $3.2 million or a loss of $0.07 per share in the prior year.
On average, two analysts polled by Thomson Reuters expected the company to incur a loss of $0.05 per share for the second quarter. Analysts' estimates typically exclude special items.
Total revenues for the second quarter rose 38.1% to $35.95 million from $26.02 million last year.
Two analysts had a consensus revenue estimate of $35.38 million for the quarter.
The rise in revenues was due to an increase in the number of fleet days owing to the acquisitions of five vessels which together added 429 fleet days during the quarter.
Meanwhile, the time charter equivalent rate for the quarter decreased to $26,458 from $29,322 a year ago.
The company also incurred higher interest expense and depreciation caused by acquisitions of five vessels.
Shares of Navios Maritime last traded on Tuesday at $2.77, down 5 cents or 1.68%, on the NYSE.
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by RTT Staff Writer
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