Thank you for joining us this morning’s Third Quarter 2013 Earnings Conference Call for Navios Maritime Acquisition Corporation. With us today from the company are Chairman and CEO, Angeliki Frangou; President, Mr. Ted Petrone; and Chief Financial Officer, Leonidas Korres. As a reminder, today’s conference call is also being webcast. To listen to the webcast, please visit the Investor Relations page of Navios Acquisition’s website at www.navios-acquisition.com. Before I review the structure of this morning’s call, I’d like to read the Safe Harbor statement. This conference call could contain forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Acquisition. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectation of Navios Acquisition’s management and are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements. Such risks are more fully discussed in Navios Acquisition’s filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Acquisition does not assume any obligation to update the information contained in this conference call. Thank you. I’d now like to outline the agenda for today’s call. First, Ms. Frangou will offer opening remarks. Next, Mr. Petrone will provide an operational update and an industry overview. After Mr. Petrone, Mr. Korres will review Navios Acquisition’s financial results. Finally, we’ll open the call for question-and-answer. And now I’d like to turn the call over to Navios Acquisition’s Chairman and CEO, Ms. Angeliki Frangou, Angeliki?

Thank you, Laura, and good morning to all of you joining us on today’s call. I’m pleased with our results. We grew revenues by 41% and EBITDA by 22% over the third quarter of 2012. As a result of the strong performance, we declared a quarterly dividend of $0.05 resulting in a yield of 5%. Turning to Slide 3, we have a fleet of 44 vessels, of which 34 in the water and 10 vessels are to be delivered. Today, Navios has one of the largest product tanker fleet in the water among our U.S. listed peers. In addition, as we will discuss in a moment, we have recently purchased three VLCCs with an average age of approximately three years. Navios has thus established strategy. We try and provide stable flow while also capturing the market recovery. Our fleet has long-term cash flow visibility as we are virtually at 100% fixed for 2013 and 74% for 2014. Our charters with strong counterparties and the profit sharing mechanism creates our profit balance of stable cash flow and our cash flow fencing [ph]. In fact, 86% of our entire contracted revenue fleet and 90% of our product tanker contracted revenue fleet has profit sharing. For every $1,000 of profit share, we receive $9.5 million in free cash flow or $0.07 per common share annualized. Turning now to Slide 4, Navios has agreed to acquire three VLCCs for an aggregate acquisition price over $163 million. We acquired these vessels for a number of reasons. The purchase price is near the all-time low on an inflated adjusted basis with deadweight tons of VLCCs. Our entity dry is only part of the reason we invested in the VLCCs. In the VLCCs, our cash flow positive in today’s low rate environment. Our daily breakeven cost for…

Thank you, Angeliki. Please turn to Slide 11. With the recent acquisition of three modern VLCCs, our fleet has grown to 44 vessels. Year-to-date we have committed $505.3 million to acquire 15 vessels; nine MR2s, two chemical tankers and four VLCCs, all at favorable prices. Five MR2s and the two chemical tankers are on chart, two MR2s buildings will deliver in 2014 and two in 2015. One VLCC has replaced a 1996 VLCC, earned an existing current for the remaining duration was about 3.2 years at $42,705 a day daily net. In the date we have taken delivery of 13 tankers. Two LR1s, ten MR2s, two chemical tankers and one VLCC. Please turn to Slide 12. Navios Acquisition’s diversified fleet consists of totaling 44 vessels, totaling 5.1 million deadweight. The fleet consists of four chemical tankers, 21 MR product tankers, eight LR1 product tankers and 11 VLCC crude tankers. All the fleet statistics includes vessels in the Asia Pacific region. Navios Acquisition currently has 34 vessels in the water with an average age of 4.6 years. Since December, our product tanker fleet in the water has grown by 120% to 22 and the total fleet in the water grew 79% to 34 vessels. 12 product tankers have delivered in 2013, five will be delivered in 2014 and two in 2015. Available fleet days will grow from 9,672 in 2013 to 15,879 in 2015, a 64% growth in available revenue days. Turning to Slide 13. Navios Acquisition continues the Navios Group policy of locking in secured cash flow with credible counterparties. Year-to-date we have chartered out 12 MR2s for total of 16.5 years, similarly we have extended the charters of six LR1s for nine years and four chemical tankers of six years contract. All 22 vessels are contracted to high quality…

Thank you, Ted. Now we will discuss the financial results for the third quarter and the nine month period ended September 30 2013. As shown in Slide 31, we continue to demonstrate strong growth and excellent operational performance. Our operating metrics for the third quarter of 2013 have significantly improved compared to Q3, 2012 mainly due to the 80% increase in the number of available days from 1,472 to 2,646 days. During the quarter, we acquired gain from three another vessels [ph] which took over the charter contract [indiscernible]. I will sum up the arrangement by moving substitute in the moving which was already into fleet performance and long-term charter, we get approximately 20 days or higher. These negatively affected our revenue, EBITDA and net income for the period. However the time lost during the all five days will be accounted during the 20 day period as these charter contracts is extended. Revenue for Q3, 2013, increased by 41.3% to $53.4 million from $37.8 million in Q3 of 2012. We achieved a 99% fleet utilization and the time charter equivalent of $18,835 per day. Our strategy to charter our vessels on time charter contracts with profit sharing is paying off. As a result, $1.4 million from profit sharing was earned in addition to our stable base revenue stream. Operating and voyage related expenses were $22.9 million and G&A expenses were $1.1 million or $543 per day per vessel. We continue to grow our EBITDA for the second quarter of 2013 increased 21.8% to $29.2 million from an EBITDA of $24 million in the same period of 2012. Other expenses include depreciation and amortization of $17.8 million, and interest expense and finance cost of $14.8 million. Following the termination of contracts for two MR2 product tankers due to charters default, amortization…

Thank you, Leo. This concludes our formal part. We’ll open the call to questions.

(Operator Instructions) Your first question comes from the line of Justin Yagerman of Deutsche Bank. Justin Yagerman – Deutsche Bank: Hi, good morning. Thanks for taking my call. The first question I think obviously – the most obvious here is on the VLs. How are you thinking about chartering these vessels? Is this going to be long-term in nature? I mean you called out rates on VLCCs which I think are at multiyear highs right now. So how realistic is it to go out and charter a VL for a year at $20,000. Can you get profit share on that, which seems to be some of the shorter-term and longer term charters? How are you thinking about this conceptually?

Okay, the answer of this question is first of all, opportunistically we’re stepped in because if you see the rates we are going with – on the three vessels, we are going at the all historical low for double haul vessels over 25 years of data. And also you have a quite significant upside potential. Your breakeven which is unique because you’re buying at the low historical is $19,100. Your one year rate which for multiple counterparties to commit if awarded is in the low $20,000, even low $20,000 I can say. And the spot market is around $40,000. Justin Yagerman – Deutsche Bank: Yes.

So overall if you see the net result, and what is making it very attractive part is that – we would show that net result here is 1.6% and net here is negative vessels for ‘14 and ‘15. So you are coming at a good point of time, when we see economies recovering last year and we believe that we can have the upside potential of between, well year-to-date on one years and 10 years average is $50,000, 20 year average is $40,000. Our strategy is to go on a combination of one year with profit sharing and even do entering [ph] the spot market as well more you can see that clearly you cover your cost. Your big competitive advantage is your cost. Justin Yagerman – Deutsche Bank: Okay. So it’s kind of an asset play that’s covered with cash flow right now, probably stay short-term, and as a result I would expect that this isn’t something where you’d be expecting to drive a lift in your dividends the way that you had substantially at the cash flow from the long-term VLs?

Yes. You have 1,100 days from this record [ph]. So at $20,000 you are obviously – I mean, you automatically know you have covered your downside, but as we will keep one spot, one would probably say that – I mean if you do like a $10,000 differential, you are talking about $11 million to your bottom line. So it’s a very – it can be quite attractive with the recovery of the rates. We are not going to look in on – let’s say time charter, one time charter with profit sharing and the other most probably spot. Justin Yagerman – Deutsche Bank: All right. That’s helpful. And then just a bigger picture question on the company as a whole. When you think Angeliki about Navios Acquisition, I mean obviously you guys have got done a significant amount of vessel expansion, but you’re in crude, you’re in product, you’re in tankers. We recently saw at the MLP for Navios, you guys are entering into the container market. I mean, are you limited to these three sectors in crude, product and chemical, or how are you thinking about the company’s growth as we go forward? You obviously – the VL exposure that you had was much more charter and now it looks like you’re going into some shorter term VL exposure. I’m just trying to get an idea.

I mean we have – the Navios Acquisition is in the tanker segment and it’s clearly in every segment opportunistically. We created a fleet of product tankers that is all echo designed, top quality that provided a good stable cash flow with the upside of that market. And on the VL, we did a counter position, a head position with nice cash flows when we expect that the market goes low. As the market we believe, the net growth and the demand potential is recovering, we are able to capture this upside. If you see on the 14,000 days that we have, one-third is VL, and on that the majority 60,000 days are chartered [ph] and 10,000 – two-thirds we have spot. We have a portfolio of product. And so you one-third VL, have two-third product targets. And I mentioned you are able to capture the upside. We are – Navios Acquisition being a tanker company and always expand in other areas, that is oil-related but of course that has to do with an opportunistic timing on entry points. Justin Yagerman – Deutsche Bank: Got it. Okay. One last question and then I’ll turn it over to somebody else. With rates where they are right now, it looks like some of your VLs may be enjoying profit sharing. It might be a good time to review just how that works and how that gets recognized here in the fourth quarter?

There is a combination of open books as [indiscernible] and some of them are done in as well as quarterly and some are in the six months payment. So you will have a combination. You have seen that in other parts of VL, we were able to capture a profit sale. So for sure if this comes, we will get a profit. I want to remind you that our base rate is around $42,000 for all our VL. So we have a high base rate when profit sharing is calculated and we have a five out of the seven. So despite beyond $40,000 is where you will see the profit sharing. Justin Yagerman – Deutsche Bank: Okay, great. Thanks so much for the time. I appreciate it.

Your next question comes from the line of Michael Webber of Wells Fargo. Michael Webber – Wells Fargo: Hi, good morning guys. How are you?

Good morning. Michael Webber – Wells Fargo: Angeliki, I just wanted to piggyback on a couple of those questions. First around the employment for the Vs. You kind of laid out what you’re going to do for the new builds – I’m sorry for the secondhand acquisitions and you’ve got a couple of your existing VLs rolling off, I think one that’s the 96-built is already off and you’ve got rolling off in 2014. If you do keep those in the spot market, are you going to do that in-house or would you put them in a pool now that we’re?

We have a [indiscernible] office will do. We are considering different options and we’ll make that determination in the appropriate time. But we see that the VL has a good potential for recovery. We also see the asset value is being attractive. Michael Webber – Wells Fargo: Yes.

You may do replacement that makes sense, meaning VL [indiscernible] vessels acquisition price is today, they do make sense and we will do that in an opportunistic way. Michael Webber – Wells Fargo: Got you. At the risk of getting too specific here, it looks like TBN III at five year seems like it’s right on top of the printed number, but TBN I and II – again specifically TBN I, the 2011-built, is that closer to two or to three years old because it’s at $57 million, the prices look pretty low. Certainly kind of splitting the difference between prompts which is going to be significantly higher in five year. Exactly how older are those?

The one is two years old. The other is three year old. Michael Webber – Wells Fargo: Okay.

And the third one is four year old. Michael Webber – Wells Fargo: That’s fine.

I mean you can say that – you can never call the bottom, but what we believe is that buying at a very attractive point, I don’t know, I mean if you see in Page 28, you’re really buying at an attractive point of the cycle. Michael Webber – Wells Fargo: No, it’s interesting that the two and three year old asset values are closer, so closer to the five year and not spread out. So that is just – it’s curious. Just to piggyback on Justin’s last question also and maybe a bit more specifically. If the right deal came along in the LNG or the LPG space, would you guys look at it?

We are articulating that this is a company that will be doing all transactions that has to do with energy, so that is a 100% correct that anything we find, but we are very disciplined buyers. And you can see that we will – we like to pick a segment and then asset class where we believe there is a lot of upside potential. Michael Webber – Wells Fargo: Okay. No, that’s helpful. One more for me and I’ll turn it over. And forgive me if you already mentioned this, but you guys are engaged in a tender offer right now for you 8.625%. How far along in that tender are you?

We closed. Michael Webber – Wells Fargo: You closed it. Okay, great. All right. That’s all I’ve got. I appreciate the time. Thank you guys.

Your next question comes from the line of Jon Chappell of Evercore. Jon Chappell – Evercore: Thanks. Good morning guys. Hate to belabor the VLCC question, but just a few more on those. Can you talk about the circumstances as to how you were able to acquire those? You talked about the attractive price, but pretty significantly below what I think would be broker market values, which I think have been criticized recently as being a little bit conservative as well. So maybe even better deals than we think. And then the fact that they are built in Chinese yards. Is the yard that you’ve done business with before, and is it one that you could consider a top quality yard similar to that of Japanese or South Korean built?

Yes, Dalian shipyard is one of the top shipyards in China. It is where also they have the military fleet of China is done. It is a high qualification. And we have seen the quality. We already know very, very well the designs. And it is where a lot of Japanese are also in the national owners’ contract. So it’s one of the top yards. Yes, it is – we maybe in the capital markets, but we are interested to say that we really work very hard with the network of relationships we have in the Far East and watching strong insight with owner. We need to say – I mean you need to really be very much on top of that market and be willing to be a disciplined buyer on how you apply it. I mean we… Jon Chappell – Evercore: So this directly – this is directly with the prior owner who resulted in arrangement with the bank as you’ve done in previous deals?

Yes. But you may have knowledge about financial conditions which is one of the things. Knowledge is an important thing. So if you know exactly who needs to sell is an important way of the way you will structure a deal. Jon Chappell – Evercore: Okay. And then on the financing front. I just saw a footnote in one of the slides that you are working to get the bank financing for this. What’s the ideal kind of spread of debt and equity, and do you have enough cash on hand or equity through you prior raises this year to meet the conditions of this VLCCs?

I mean we have sufficient that’s why we let it out and as you remember some of our refinance of our existing financing was the bonds. I mean the bonds was larger than our previously so we have that raised and put up on the same bank. Jon Chappell – Evercore: Okay. And I’m just wondering what the aim [ph] is. I mean it seems like a pretty well timed asset plans you’ve laid out. Do you ultimately want to be a VLCC operator or do you envision monetizing these assets once the market recovers and going back to more of a pure play in the product and chemical space?

We let portfolio approach. We believe that – and we’ll have to give to our shareholders a much more return. We will have to keep it for the company, so our investors would be able to capture the upside of this market. So our idea is to have the product tankers in large amount and more stable in nature. You will go to the high 20s that’s where you’re going to be your margin will return having the VL provides a better upside potential for your investors combined with a nice entry point that will provide you the additional cash flow. And of course we know that we are in a cyclical business, so monitoring that cyclicality in how you will meet cycle – be able to capture the better shareholders is a different matter. You can do a long-term charters at that point, you can do whatever, it’s a combination that you will secure the value. Jon Chappell – Evercore: Okay, understood. And then finally, is there any update on what you’re going to do with the Navigator, in sounds in the presentation it’s not a repositioning voyage right now. I know the market is tight seasonally, but if this is still almost an 18 year old asset. Do you plan on following the lead of some of the industry leaders and sending it to the scrap yards?

Opportunistically, as I had previously – we look always at substitution and this is something that if you find something more attractive you can always do a substitution of assets if you find it great. Jon Chappell – Evercore: Okay. Thank you, Angeliki.

Thank you.

Your final question comes from the line of Chris Snyder of Sidoti & Company. Chris Snyder – Sidoti & Company: Hi, good morning guys.

Good morning. Chris Snyder – Sidoti & Company: My first question is, I mean obviously these VLCCs you guys got it very discounted from the highs of 2008, but can you kind of tell me where this purchase prices at relative to the current scrap value on these kind of ships?

The scrap price is about $20 million. So you are buying for about $35 million, you are buying a vessel that is average age is three years old, so you have to 22 years of life. Chris Snyder – Sidoti & Company: It sounds attractive. And then the second question is are you guys – I know win from the recent offering, is there any dry powder left over after this acquisition, or are you going to use whatever money leftover just for general corporate purposes?

The company is generating cash as you know, and if there is something opportunistic that we’d like to enter, we’ll always have that ability. Chris Snyder – Sidoti & Company: Okay. Thank you for the time guys.

Thank you.

That does concludes the Q&A portion of today’s call. I would now return the call to Angeliki Frangou for any closing remarks.

Thank you. This concludes our Q3 results. Thank you very much.