Navios Maritime Acquisition Corporation announced earnings results for the third quarter and nine months ended September 30, 2017. For the third quarter of 2017, Navios Acquisition reported revenue of $54 million from $68.1 million reported a year ago reflecting the softening of the tanker market and EBITDA of $23.3 million from $41.7 million a year ago. Revenue was negatively affected by the scheduled drydocking of 3 product tankers. Net loss for the quarter was $8.1 million or minus $0.05.

During the nine months of 2017, the company recorded $87.8 million of adjusted EBITDA from $143.2 million in 2016. Revenue decreased by 20.6% to $177 million from $223 million last year, reflecting time charter equivalent of $17,814 per day and a 99.8% fleet utilization. Depreciation and amortization was $42.7 million, and net interest expense and finance cost was $57.5 million. As a result, it reported an adjusted net loss of $7.1 million.

Pro forma for the $55.1 million expected cash inflow in fourth quarter from the early repayment of the $50 million loan to NM and the $5.1 million of accrued interest, net debt to book of capitalization ratio improved by 5.4% to 61.5%.