Q4 2020 Navios Maritime Acquisition Corp Earnings Call
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And then the Dual expected to be delivered one in Q3, 2021 and the last one in Q3 2022. If you want twenty Twenty-One years so short mm rebuilt vlcc for twenty three point five million in sales proceeds athlete has a good mixture of fix rate and Market exposure off for 20 21. I'll call flip her 16223 available days of this about 53% around fixed rate is about 15% effects with profit sharing arrangements and all that about 45% of our vlcc days have profit sharing Arrangement almost 10% of our available day. I think some floating the rate and the balance 23% over available days remain open slightly details are balanced development with
Us update by 96.5 million equal to 9% of our debt outstanding as of December 31st, 2020 that reductions included 55.4 million repurchase of ship mortgage not creating a 4.5 million interest rate savings and forty one point 1 million dollars million is a dead agent. We also repaid a 16.1 million bed facility maturing in q1 of twenty Twenty-One. Now, this is your position entered into a hundred thousand along with the event shipmanagement opposition call to provide us with liquidity special Committee of our board composed of independent and disinterested directors with the assistance of independent financial and legal advisor, exclusively negotiated the terms of the law the terms of the facility included in to hear me.
11%
Interest rate was increased to 12.5% on deferred amortization. The lender has an option to convert the loan into Equity of navios Midstream starting in August of 2021 collateral for the loan include several first priority to places that have been detailed on the slide year-to-date thousand million dollars have been drawn under this facility slight 90 days are twenty Twenty-One construction for this year. We have contracted out 67.2% of available days at an average other Outlet waiting thousand $327 per day. This contracted rate excludes potential profit sharing from 2256 days total cost for the same. Is expected to be $18,307 per day. We have $5,228 off.
Open plus floating days which give us a break even $18,266 per opened a a total cost includes operation and general and administrative expenses interest expense and capital repayments at this point. I would like to to turn the call over to mister Ted Petrone dead dead. Thank you, Angela key and good morning whole, please turn to slide 11 acquisition Diversified tanker Fleet consists of 46 vessels with an average age of nine years. Totaling 5.7 month sleep consists of Thirteen vlcc S10 LR 118 mr2s, 3 Mi one product tankers and two chemical tankers.
The second of the four vlcc new building their boats delivered on February 17th, and it started out to a high-quality counterparty for a ten year period and a better rate of $27,816 net per day remaining to vlcc bareboat new buildings are scheduled for delivery in Q3 of twenty one, and the last one is due in 2022 in June 2020. Have you cycle Edition took delivery of seven container ships of approximately 18400 teu capacity following the liquidation of navios Europe to The Container ships on Thursday to date we have sold to container ships and are in agreement to sell to more all unsold vessels are being held to sell. Please turn to slide 12.
So I twelve details our chartering strategy which we used to to balance the market opportunity and credit risk. We seek protection from Market volatility by obtaining Charters a different durations and number to better than markets. Typically for twenty Twenty-One. 53.4% of our fleets available days are fixed at a base rate about 14% at a base rate plus profit sharing and about 10% are fixed on floating-rate as a result of this strategy and navios Fleet enjoy significant downside protection as well as the ability to participate in what is expected to be a strongest second half 2021 with about 46.6% of our Fleet days exposed to Market rates.
Please turn to slide 13.
Navigate acquisition continue this policy of blocking insecure cash flow with credit worthy counterparties. Our fleet has about five hundred million dollars and long-term contracted Revenue. We converge to expand the coverage of our Fleet. We had new fixtures continuation and exercise optional. Including profit sharing and some cases. Please turn to slide fifteen Governor having put in place emergency monetary and fiscal plans to support their economies have kick-started a faster than expected recovery and the world economy. This is led to increase its 20,000 GDP growth projection to 6% The highest and fifty years led by 8.6% expansion into in China India and developing Asia. The iea projects oil demand rebounding by five point seven million barrels per day in 2021. That's the contract an eight point seven million barrels a day and twenty twenty middle graph shows. Yep.
CDP crude oil inventories following below their five-year average as of this past March graph on the right shows 72 vlcc since loading storage as early April Twenty One thirty seven decibels less, please turn to slide sixteen China is the world's largest importer of oil and the second largest consumer of oil importing all the 70% of its rebirth Chinese Imports have increased by about 300% since January 09 representing a 12% carrier Chinese crude imports averaged ten point nine million Brownsburg twenty 27% increase over 2019 through February of this year China increased Imports to eleven point two million barrels per day.
As you can see in the table Below on a per-capita basis us oil usage is 5.8 times that of China European usage is 2.7 times and World usage is 1.5 times if China goes to world per capita consumption levels China would require an additional hundred sixty-four vlcc s assuming all crude is imported by see this represents an expansion of the existing Fleet by about 20% Please turn to slide Seventeen these 2013 total us and Brazilian crude exports have increased by four million barrels per day. It's part of the pandemic total crude exports from these two countries averaged four point five million barrels per day for twenty twenty about 55% of us and Brazilian crude exports have gone through life east of Suez, particularly China and India is estimated that by 2026 over thirty percent of Asian crude oil imports will be sourced from the Atlantic Basin increasing Voice language.
It's Asian countries depend on Imports for over eighty percent of their crude consumption China India and other Asian will expand Refinery capacity by 3.1 million barrels per day charge $20 and $26 representing over 50% of all net expansions. China in particular has a growing Supply Gap domestic crude production continues to decline as finding expand just continued his current plan and Refinery expansions to eighteen point six million barrels per day capacity and twenty Twenty-One translates to an additional $300 million browser Jack Doyle needed which would require adding 38 vlccs to the fleet.
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Let's please gross with 20 20 equals 3.6% with 8.8 million tonnes deadweight delivery rejected Netflix growth for 2021 is only fifty 1.8% It's declined can be particularly attributed to owners hesitancy to Auto long-lived Assets in light of macroeconomic uncertainty in engine technology concerns do the upcoming GT2 restrictions. Please turn the slide nineteen current order book of eighty-two vlcc Sr. 9.6% of the fleet vessels over 20 years of age total $75 or 90% of the total Fleet which compares favorably with a previously mentioned historically low order book with the IMO twenty-twenty and balanced management regulations that will lead to some vessel wage payments after the current disruptions. We believe that the audio book and and Fleet are well-balanced.
Please turn to slide Twenty One according to the iea refinery capacity is expected to increase by eight point five million barrels per day from 2020 to 2026 with ninety percent of the net compact will be added in Asia and the Middle East for the same. The iea expects to see Refinery closures amounting to 3.6 million miles per day. The shift and refining is expected to favor and exchange product trading and additional demand for product tankers.
Turning to slide twenty-two us crude production increases along with Refinery expansion in the u.s. Golf has led to product exports from the US Rising by 477% since I'm getting two thousand and four the US has become net exporter petroleum products and continues to export significant quantities of products to Latin America and the Far East US exports hit an all-time peak of six point three million barrels per day in April of 2020 declined to three point seven million barrels per day is COVID-19 hit lockdowns took place same then us product exports have averaged four point eight million barrels per day on destroying and demand recovery.
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gasoline demand has increased as COVID-19 locked down either and or he's worldwide in particular Chinese demand has risen above the 2019 averages as the economy expands and commuters show a preference for driving amid concerns of a social distancing on public transportation recovery and US gasoline demand from from second quarter of this year. I am stronger driving activity or push demand to it than 3% of 2019 consumption by the end of 2021.
Traffic congestion is near COVID-19 levels across Asia and Europe.
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The fleet group at 2.4% and twenty twenty ejected Netflix growth for 2021 is only 2.6% about 6.3% of the product tanker Fleet is twenty years of age or older as of April 2021. They were 160 product tankers on order and 615 which are Seventeen years of age and older. The tone new order book is about 25% of those ships Seventeen years of age and older. Thank you. This concludes my review and I'd like to turn the call over to leonida scores for the issue for financial results Leo. Thank you, Dad. Have we discussed the financial results for the fourth quarter and the year ended December 31st, 2020, please stay on 2/26 Thursday 4 to 4:20 decreased by 15% to 72.6 million from 85.4 million in Q4 2019 reflecting the softening target market It Off.
2020 we achieved.
99.3 / safely relaxation and reduce time Charter equivalent of $14,600 compared to $22,484 per month in the fourth quarter of 2019 Times Are the referees expenses were five point seven million vessel operating expenses for for 2020 website before million wage expenses were seven point 1 million will be 4 to 4:20 twenty decreased by 72% to 51.2 million from 45.9 million in 2,019 depreciation number of the reservation for two for 20 was sixteen point seven million interest expense and finance course was 18.3 million as a result of the net loss of 7.5 million due to the difficult market conditions. And in order to process gas. We suspended our Gas Distribution turning to the financial results for the here and Ed.
It says 2020 Revenue increased by 29% to 361.4 million from 280.1 Million last year reflecting a 99.5 simply utilization anytime Saturday. We balance of $20,566 per day improved from the $18,248. They are received in 2019 operating expenses for 2020. We're having 27.6 million and see any expenses were twenty two point 1 million for 2020 Japanese by 48% to 190 million from 128.4 million in 2,019. Depreciation about the isolation was 66.6 million and interest in finance course was 82.3 Million net income for 2020 was 27.6 Million compared with the net loss of sixty five point four million for 2019 dead.
Flight twenty-seven provides a method balance of data as of December 31st, 2020 cash and cash equivalents including restricted cash was 41.4 Million vs. Net Book value with one point three billion assets held-for-sale of 77.8 million mainly reflect the net Book value of the seven containers required for being patient of novels Europe II.
Total assets amounted to 1.6 billion total death of the finance course and premium as of December 31st, 2020 was 1 billion seventy six point six million dead use compared to December 31st 2019 by 96.5 million mainly reflecting 55.4 million of the eight and one hundred mortgage notes maturing into 451 replaces in twenty-twenty in the data motorization payments liabilities relating to the seven container vessels account with us helpful say amounted to say 50.1 million needed to be capitalization ratio, as of December 31st, 2020 improve to 73.6% post December 31st, 2028 any further reduces death by another amount of 63.4 million through data monetisation payments and repayment of debt maturities, including the repay the debt associated with the container vessels account.
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And now I would like to pass the call too early for your final remarks as a leaking.
And then, this is a very difficult Market responds very serious below effects, but I am F anticipate a strong CB recovery of a life mate 90% with oil demand, which will be growing this year at about 6.3% All the month is more Billy to the second half of 20 Thursday. We traveling and finally picking up that will result on the only pick up in the old Transportation. So thank you very much this complete presentation month.
Thank you. Ladies and gentlemen, this does conclude today's call you may now disconnect.
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