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VESSELS, NET

6 Months Ended

Jun. 30, 2013

NOTE 4: VESSELS, NET


Vessels	Cost		Accumulated Depreciation			Net Book Value
Balance at December 31, 2011		816,736		(42,112	)		774,624
Additions		207,795		(41,681	)		166,114
Balance at December 31, 2012		1,024,531		(83,793	)		940,738
Additions		232,665		(23,871	)		208,794
Balance at June 30, 2013	$	1,257,196	$	(107,664	)	$	1,149,532

On January 24, 2013, Navios Acquisition took delivery of the Nave Bellatrix, a 49,999 dwt South Korean-built MR2 product tanker, for a total cost of $38,021. Cash paid was $4,563 and $33,458 was transferred from vessel deposits.

On February 13, 2013, Navios Acquisition took delivery of the Nave Rigel, a 74,673 dwt South Korean —built LR1 product tanker, for a total cost of $47,863. The $47,863 consisted of: (i) cash paid of $16,591, (ii) the issuance of $3,000 Series D Preferred; and (iii) $28,272 was transferred from vessel deposits.

On March 22, 2013, Navios Acquisition took delivery of the Nave Orion, a 49,999 dwt South Korean-built MR2 product tanker, for a total cost of $38,054. Cash paid was $8,157 and $29,897 was transferred from vessel deposits.

On April 24, 2013, Navios Acquisition took delivery of the Nave Atropos, a 74,695 dwt South Korean-built LR1 product tanker, for a total cost of $48,197. The $48,197 consisted of: (i) cash paid of $17,089; (ii) the issuance of $3,000 of Series D Preferred Stock; and (iii) $28,108 was transferred from vessel deposits.

On June 10, 2013, Navios Acquisition took delivery of the Nave Titan, a 49,999 dwt South Korean-built MR2 product tanker, for a total cost of $37,123. Cash paid was $9,573 and $27,550 was transferred from vessel deposits.

On June 26, 2013, Navios Acquisition took delivery of the Nave Equinox, a 50,922 dwt South Korean-built MR2 product tanker, for a total cost of $23,407 paid in cash.

Deposits for vessel acquisition represent deposits for vessels to be delivered in the future. As of June 30, 2013, Navios Acquisition vessel deposits amounted to $162,951 of which $116,922 was financed through loans and the balance from existing cash. For the six month period ended June 30 2013, additions to deposits for vessels acquisitions comprising of cash payments and capitalized interest were $33,217, which was offset by $147,285 transferred to vessels, net.

For the six month period ended June 30, 2013 and 2012, capitalized interest amounted to $3,375 and $6,716, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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