Q1 2021 Earnings Presentation

May 19, 2021

2

This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,

as amended) concerning future events and expectations, including Navios Acquisition's future dividends, ability to refinance its Ship Mortgage Notes, expected cash flow generation

and Navios Acquisition's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further employment contracts. Words such

as "may," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking

statements. Such statements include comments regarding expected revenue and employment contracts. These forward-looking statements are based on the information available to,

and the expectations and assumptions deemed reasonable by, Navios Acquisition at the time these statements were made. Although Navios Acquisition believes that the expectations

reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are

based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios

Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include,

but are not limited to risks relating to: global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain

its spread, including effects on global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to

us and prevailing charter rates, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing, potential disruption of shipping

routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the COVID-19 pandemic and the ongoing efforts throughout the world

to contain it, uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter

into long-term employment contracts, our ability to maximize the use of our vessels, expected demand in the tanker sector, the ability of our contract counterparties to fulfill their

obligations to us, tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting vessel supply and demand, the aging of our fleet and resultant

increases in operation and dry docking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain

replacement charters for our vessels, in each case, at commercially acceptable rates or at all, the financial condition of our customers, changes in the availability and costs of funding

due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube

oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory

organization standards, as well as standard regulations imposed by our charterers applicable to our business, potential liability from litigation and our vessel operations, including

discharge of pollutants, general domestic and international political conditions, competitive factors in the market in which Navios Acquisition operates, risks associated with operations

outside the United States and other factors listed from time to time in Navios Acquisition's filings with the Securities and Exchange Commission, including its annual and interim reports

filed on Form 20-F and Form 6-K. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements

contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Navios Acquisition makes no prediction or statement about the performance of its common stock.

EBITDA represents net income/ (loss) before interest and finance costs, before depreciation and amortization and before income taxes. Adjusted EBITDA in this document represents

EBITDA excluding certain items as described under "Financial Highlights". Adjusted net income/ (loss) and Adjusted income/ (loss) per share (basic and diluted) represent net income/

(loss) and income/ (loss) per share (basic and diluted), excluding certain items as described under "Financial Highlights". We use Adjusted EBITDA as liquidity measure and reconcile

EBITDA and Adjusted EBITDA to net cash provided by/ (used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash

provided by/(used in) operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase/(decrease) in operating assets; (ii) net (increase)/decrease

in operating liabilities; (iii) net interest cost; (iv) amortization of deferred finance costs and other related expenses; (v) equity/ (loss) in net earnings of affiliates, net of dividends received;

(vi) payments for dry dock and special survey costs; (vii) impairment charges; (viii) gain / (loss) on sale of assets; (ix) gain/ (loss) on debt repayment; (x) stock- based compensation and

(xi) transaction costs. Navios Acquisition believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to

investors regarding Navios Acquisition's ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Acquisition

also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii)

by securities analysts, investors and other interested parties in the evaluation of companies in our industry. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and

should not be considered in isolation or as a substitute for the analysis of Navios Acquisition's results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and

Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being

depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these

limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Acquisition's performance. Furthermore, our calculation of EBITDA and Adjusted

EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

Forward-Looking Statements and Definitions

3

Ownership Structure

Navios Maritime Acquisition Corp. NYSE: NNA

45 Vessels (consolidated)(1)

20 Vessels 12 VLCCs, 4 MR2 Product Tankers, 2 MR1 Product Tankers, 2 Chemical Tankers

29.1% Interest

Navios Maritime Midstream Partners LP

25 Tankers

10 LR1, 14 MR2 Product Tankers, 1 MR1 Product Tanker

100% ownership

Public ShareholdersNavios Maritime Holdings Inc.

NYSE: NM

unrestricted subsidiary

70.9% Interest

(1) Excluding Nave Neutrino, VLCC (agreement for sale in Q2 2021)

Company Highlights

Modern &

Diverse Tanker Fleet

◼ 45 vessel fleet (consolidated)(1)

◼ 12 VLCC, 10 LR1, 18 MR2, 3 MR1, 2 Chemical Tankers

◼ Average age = nine years

Improved Credit Metrics

◼ FY 2020

• Revenue = $361.4 million

• EBITDA = $190.0 million

◼ Improved credit metrics

• 2020 Net debt/EBITDA = 5.4x

• 2019 Net debt/EBITDA = 8.8x

Fleet Renewal

◼ Four VLCC newbuilds under bareboat lease delivering through 2022

• Two delivered in October 2020 and in February 2021

◼ Financially attractive bareboat in/out structure

Chartering Strategy:

Downside Protection with

Upside Participation

◼ ~ $500 million in contracted revenue

◼ Remaining 9M 2021 available days

• 53.4% fixed on base rate

• 13.7% fixed with profit sharing arrangements

• 23.2% open

Risk Management◼ Chartering strategy balances risk and opportunity

◼ Diverse group of first-class charterers (Shell, Koch, Chevron, CSET etc)

Seasoned Management Team

Strong Track Record

◼ Strategic relationships with banks, shipyards and other industry players

◼ Average industry experience of 20+ years per person

4(1) Excluding Nave Neutrino VLCC (agreement for sale in Q2 2021)

Source: International Energy Agency May 2021, IMF Apr 2021, World Bank

World GDP Growth: Highest in 50 years

1970: $3.0 trillion

2019:

$87.7 trillion

World GDP of 1970 ~ 30x smaller than World GDP of 2019

5

-10-9-8-7-6-5-4-3-2-10123456

% c

han

ge (

Yo

Y)

World GDP (IMF) Oil Demand (IEA)

◼ IMF projects world GDP to grow by 6.0% in 2021

◼ ~90% correlation of world oil demand to global GDP growth

◼ World oil demand is expected to grow by 6.0% this year

World GDP Growth and Oil Demand

6

◼ Economic recovery expected in business and leisure travel – segments with high oil demand

• Oil demand is expected to grow 6.0% (5.4 mb/d) in 2021 over 2020

• Q4 2021 oil demand expected to return to 2019 demand

• Q2 2021 product tanker rates improved compared with Q1

◼ Historically low VLCC orderbook + aging fleet

• Few new orders given uncertainty over environmental regulations related to propulsion systems

• 8.8% of VLCCs 20+ years of age(1) - equal to ~ 3.7 X 2021 VLCC orderbook

• 11.6% of VLCC fleet will be 20+ years of age(1) in the next three years

◼ Atlantic exports needed for new refinery capacity in China (increasing VLCC ton miles)

Source: Clarksons, IEA May 2021

(1) Average VLCC scrapping age since 2008 = 20.7 years

VLCC Orderbook vs Age

Profile

20

74

2021 Orderbook Fleet

(# of vessels)

20+ years

VLCCs

China Refinery Expansion

(mb/d)

18.4

19.7

2021 2022

+ ~ 275 mb

or

34 VLCCs

+ ~ 347mb

or

43 VLCCs

Improving Tanker Market

93.1

95.396.3

98.2

99.399.7

91.0

93.1

94.6

98.399.6

Global Oil Demand (2014-2021)

(mb/d)

EBITDA

◼ 48% decrease in Q1 2021 Adjusted EBITDA to $29.1 million vs. $56.2 million in Q1 2020

Sale of containerships

◼ All containerships sold for $98.1 million

◼ $31.7 million container facility fully repaid in Q1 2021

Fleet renewal

◼ Two newbuild bareboat-in VLCCs delivered

– Baghdad in October 2020; Erbil in February 2021

◼ Two newbuild bareboat-in VLCCs to be delivered (Q3 2021 / Q3 2022)

◼ Agreements for the sale of two 2003-built VLCCs for $48.0 million

– Nave Celeste, sold in Q1 2021

– Nave Neutrino, expected sale in June 2021

Balance Sheet developments

◼ $56.6 million repayment of credit facilities relating to tankers YTD

◼ $31.7 million repayment of credit facility relating to containerships (Q1)

◼ $18.0 million drawn under $100 million NSM facility (Q1)

Chartering strategy: participating in upside while protecting downside

◼ Remaining 9M 2021: 12,027 available days

– 53.4% fixed rate

– 13.7% fixed + profit sharing arrangements

• 46.5% of total available VLCC days fixed with profit sharing– 9.7% fixed on floating rates

– 23.2% open

7

Key Developments

$9,560

$915

$18,017

$3,806

$4,346

$18,627

Costs Contracted Revenue (1)

(Average Daily Rate)

Opex General & Administrative Expenses

Interest Expense (2) Capital Repayments (2)

$19,875

(1) Contracted revenue excludes potential profit sharing(2) Assumes refinancing of all facilities at same terms and LIBOR of 0.2%

Breakeven

(Open / Floating Rate Days)

Breakeven Analysis - Remaining 9M 2021

Contracted Revenue (excluding profit sharing) $145,468,510

Cost ($224,034,478)

Excess Cost Over Revenue ($78,565,968)

Open + Days Contracted on Floating Rate 3,953

Breakeven per open day $19,875

Fleet Available Days - Remaining 9M 2021

Available days 12,027

Open + Days Contracted on Floating Rate 3,953

Product and Chemical Tankers 3,332

VLCCs 621

Additional Profit Sharing Days 1,649

Product and Chemical Tankers 275

VLCCs 1,374

8

67.1%

8,074 days

− Breakeven includes operating expenses as per Management Agreement inclusive of dry docking amortization and bareboat-in cost, general and

administrative expenses, interest expense and capital repayments

Cost Structure - Remaining 9M 2021

3,953 days

9

Fleet Update

12 Crude Tankers 31 Product Tankers 2 Chemical Tankers

Vessel Sizes in

NNA Fleet

▪ VLCC tankers

(280,000 – 320,000 dwt)

▪ 10 LR1

(60,000 –

85,000 dwt)

▪ 18 MR2

(47,000 –

52,000 dwt)

▪ 3 MR1

(35,000 –

45,000 dwt)

▪ Chemical tankers

(25,000 dwt)

Commodities

Transported

▪ Crude Oil, no heat fuel

oils

▪ Refined petroleum products and blending

stocks

(diesel, naphtha, gasoline, gasoil, jet fuel,

fuel oils)

▪ Liquid bulk chemicals

(Organic/inorganic

chemicals, vegetable

oils and animal fats)

Key Trades

▪ Primarily long-haul routes

▪ AG to Japan / China

▪ AG to US Gulf

▪ West Africa to South East

Asia and China

▪ Atlantic basin; Europe to/from US

▪ US Gulf to Central and South Americas

▪ Europe to West Africa

▪ Middle East and India to Atlantic basin and

Far East

▪ Intra Far East and South East Asia including

Australasia

▪ Middle East major

export zone

▪ Far East and S. East

Asia major import zone

▪ US/Europe and Far East

Core Fleet: 45 Vessels (5.4 million dwt)(1)

10

NNA Fleet

10(1) Excluding Nave Neutrino, VLCC (agreement for sale in Q2 2021)

11

Chartering Strategy – Remaining 9M 20219M 2021 available days 12,027

– 53.4% on fixed rate

– 13.7% fixed with profit sharing arrangements; 46.5% of VLCC days

– 9.7% fixed on floating rates

– 23.2% open

53.4%

13.7% 9.7%23.2%

Fixed ratedays

Fixed rate with

profit sharing

days

Fixed on floating

rate daysOpen days Total days

VLCC 957 32.4% 1,374 46.5% 275 9.4% 346 11.7% 2,952

Product and chemical

tankers5,468 60.3% 275 3.0% 883 9.7% 2,449 27.0% 9,075

Total days 6,425 53.4% 1,649 13.7% 1,158 9.7% 2,795 23.2% 12,027

9M 2021

12,027

Available Days

Protect the downside

67.1% of days on fixed rate

Participate in the upside

46.6% of days with market exposure

12

Recent Fleet Developments

Note: Please refer to appendix for employment details

(1) Assuming operating costs as per management agreement and 360 revenue days per year.

Nave Velocity MR2 product tanker chartered out for three plus two years– Charter rate = $15,553 net per day

– Optional first year period = $16,541 net per day

– Optional second year period = $17,528 net per day

– Expected base EBITDA = $8.4 million(1)

Nave Sextans MR2 product tanker chartered out for one year plus six months– Charter rate = $13,764 net per day; Optional period = $15,689 net per day

– Expected base EBITDA = $2.1 million(1)

Nave Jupiter MR2 product tanker chartered out for six months– Charter rate = $14,040 net per day

– Expected EBITDA = $1.1 million(1)

Crude Market Overview

13

Strong Projected GDP Growth and Global Oil Demand

Source: International Energy Agency OMR May 2021, IMF Apr 2021

40-Year Global oil demand and GDP growth

◼ Stronger GDP growth in 50 years projected for 2021

• World GDP to grow by 6.0%

◼ Economic recovery (propelled by vaccines) support a rebound in oil demand

• World oil demand is expected to rebound by 5.4 mb/d (6.0%) in 2021

◼ OECD oil inventories decreased steadily since August and stood below the 5-year average as of Apr 2021

Global oil demand (2014-2021) (mb/d)

-10

-9

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

% c

han

ge (

Yo

Y)

World GDP (IMF) Oil Demand (IEA)

14

-59

29

174

258 253254 247 202

150 129

52 48

-21 -50 -74

Fe

b-2

0

Ma

r-2

0

Ap

r-20

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-21

OECD commercial inventories (difference to 5-year average)

(million barrels)

93.1 95.3

96.398.2 99.3

99.7

91.093.1 94.6

98.399.6

2014 2015 2016 2017 2018 2019 2020P 1Q21 2Q21 3Q21 4Q21

Source: EIA, JODI, TDM, BP Statistical Review 2020, US Census, BP Energy Outlook

(1) Assuming 90 days VLCC roundtrip and all additional crude is imported by sea

Chinese Per Capita Oil Consumption = 3.7 barrels per year

If China consumption grows to:mbpd

consumption

VLCCs to serve

demand (1)

US per capita +67.6 +3,041

Europe per capita +23.3 +1,050

World per capita +3.6 +164

Per Capita Ratios

(Others vs China):

US/China 5.8x

Europe/China 2.7x

World/China 1.3x

Chinese Crude Oil Imports (2009 – 2021)

China: Growing Crude Consumption

China: World’s Largest Crude Importer

15

0

2

4

6

8

10

12

14

mbpd

12% CAGR Jan ‘09 to Mar ‘21

0

2

4

6

8

10

12

14

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

MBPD

US gross crude oil imports (mbpd)

China gross crude oil imports (mbpd)

Atlantic Production to Serve Refinery Additions in the East

US + Brazil Crude Exports to World / East of Suez (mbpd)

16

0

2

4

6

8

10

12

14

16

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

MB

PD Production Supply Gap

China Production vs Total Refinery Intake (mbpd)

Refinery capacity increase in China requires significant increase in VLCC fleet(3)

20.2

19.7

18.4

13 14 15 16 17 18 19 20 21

2023

2022

2021

Mbpd

~275 Mb 34 VLCCs

~347 Mb 43 VLCCs

◼ Since 2013 total US and Brazilian crude oil exports have increased by 4.0 mb/d. In spite of the pandemic, total crude exports from these

two countries averaged 4.5 mb/d for 2020 and are averaging 4.0 mb/d through March 2021

◼ About 55% of US and Brazilian crude exports have gone to refineries of East of Suez, particularly China and India in 2020

◼ By 2026, over 30% of Asian crude oil imports will be sourced from the Atlantic Basin, increasing voyage length as Asian countries depend

on imports for 82% of the crude consumed (an increase from importing 77% of needs in 2019)

◼ Refinery capacity expansions will require significant increase in the VLCC fleet. Current additions will raise China’s capacity to 18.4 mbpd

in 2021 which translates to an additional 275(1) million barrels of crude oil which would require 34 VLCCs(2)

Source: Clarksons, BP, IEA (incl MTOMR Mar 2020), TDM, JODI, EIA

(1) Additional crude needed based on 2016 utilization rate of 78% and 350 operating days

(2) Assuming 90 day VLCC round trip

(3) Based on 2019 capacity; 34 VLCCs needed for 2021 refinery expansions; 43 VLCCs for 2022 expansions

0

1

2

3

4

5

2013 2014 2015 2016 2017 2018 2019 2020 2021 Mar

MB

PD US+Brazil to East of Suez US+Brazil to ROW

~131 Mb 16 VLCCs

VLCC Net Fleet, Age Profile + Historical Scrapping

VLCC Orderbook(million dwt – as of January 2021)

17

Deliveries Removals Net Fleet Growth

Year Actual Projected% Non-

DeliveryYear DWT % of Fleet Year DWT % of Fleet

Fleet Period

End

2021 Apr 4.3 M 5.5 M 23% 2021 1.5 M 0.6% 2021* 3.1 M 1.2% 259.6 M

2020 11.3 M 13.2 M 14% 2020 2.4 M 1.0% 2020 8.8 M 3.6% 256.5 M

2019 21.1 M 22.9 M 8% 2019 1.8 M 0.8% 2019 19.6 M 8.6% 247.7 M

2018 12.1 M 15.9 M 24% 2018 9.8 M 4.3% 2018 2.3 M 1.0% 228.0 M

2017 15.2 M 17.1 M 11% 2017 4.5 M 2.1% 2017 11.1 M 5.2% 225.7 M

2016 14.3 M 22.3 M 36% 2016 0.9 M 0.4% 2016 14.4 M 7.2% 214.7 M

2015 6.2 M 9.1 M 32% 2015 1.7 M 0.9% 2015 5.4 M 2.8% 200.2 M

2014 7.6 M 10.2 M 25% 2014 3.5 M 1.9% 2014 4.1 M 2.1% 194.8 M

RemovalsYear Total % of Fleet

2007 3.5 M 2.46%

2008 9.5 M 6.47%

2009 6.8 M 4.53%

2010 12.4 M 7.74%

2011 6.6 M 4.05%

2012 4.8 M 2.70%

2013 5.9 M 3.16%

2014 3.5 M 1.86%

2015 1.7 M 0.90%

2016 0.9 M 0.44%

2017 4.5 M 2.10%

2018 9.8 M 4.34%

2019 1.8 M 0.77%

2020 2.4 M 0.99%

2021 YTD 1.5 M 0.59%

7.66.2

14.3 15.2

12.1

21.1

11.3

2.62.9

8.0

1.9

3.7

1.8

1.9

10.8 10.9

2.40

5

10

15

20

25

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Deliveries Non-Del Orderbook

9.1

25%

32%

36%

15.9

8%

24%

10.2

22.3

17.1

22.9

11%

13.2

14%

Source: Clarksons *Deliveries through 5/10/21: 4.6 M DWT less 1.5 M DWT Removed

2017 fleet includes one VLCC added after conversion, 2019 fleet includes one VLCC added;

2021 removal incl one FPSO conversion

18

20

40

22

74

98

0

20

40

60

80

100

120

140

160

180

200

Orderbook Fleet

Nu

mb

er

of

VL

CC

s

OB 2023

OB 2022

OB 2021

17-19 years

20+ years

172

82

Source: Clarksons

◼ Confirmed VLCCs on order are less than the number of ships needed to replace existing

VLCCs of 20 years of age or older

◼ Current orderbook of 9.7% is considerably lower than the long run average of 20.4%

VLCC Orderbook vs Age Profile

Product Market Overview

19

0

1

2

3

4

5

6

May 04 Jun 01 Jun 29

Global International Flights

Global Domestic Flights

20

2019 week day average Apr 26 – Apr 30 May 3 – May 5

Source: IEA Apr 2021 OMR, BloombergNEF, TomTom Traffic Index

Note: ‘Congestion level’ is an estimate of the increase in time that a journey within a city will take compared to uncongested conditions –so 40% congestion implies that a journey will take

40% longer than on empty roads. Charts show Mon-Fri average hourly congestion levels, excluding official public holidays.

Oil consumption is based on the aircraft model, distance between origin and destination airport and the fuel efficiency of each aircraft type.

Congestion Increased Worldwide

◼ Gasoline demand has increased as Covid-19 lockdowns eased

◼ Traffic congestion levels worldwide remain volatile and close to

100% of normal levels

◼ Chinese gasoline demand has risen above 2019 averages as

economy expands rapidly

◼ Recovery in US gasoline demand from 2Q21, due to stronger

driving activity, will push demand close to 2019 consumption

levels by end 2021

◼ Global international flights for the next weeks signal an upward

trend in jet fuel consumption

Gasoline Demand Increasing; Jet Fuel to Follow

China Gasoline Demand mbpd

Congestion Increased Worldwide – Scheduled flights indicate higher Jet Fuel Consumption

0%

10%

20%

30%

40%

50%

60%

70%

80%

12:00AM

12:00PM

Zurich

0%

10%

20%

30%

40%

50%

60%

70%

80%

12:00AM

12:00PM

Marseille

0%

10%

20%

30%

40%

50%

60%

70%

80%

12:00 AM12:00 PM

Beijing

Jet Fuel Demand by scheduled flights

Mill

ion b

arr

els

per

day

4-May 11-May 18-May 25-May 1-Jun 8-Jun 15-Jun 22-Jun 29-Jun 6-Jul 13-Jul 20-Jul

0%

10%

20%

30%

40%

50%

60%

70%

12 AM 12 PM

Houston

Refinery Capacity Shifting to Asia and Middle East

Source: Clarksons, IEA Oil 2021 Mar 2021

◼ According to the IEA, refinery capacity is expected to increase by 8.5 million barrels per day (MBPD) for the

period 2020-2026

◼ About 90% of net capacity will be added in the broader Asia and Middle East regions

◼ Africa accounts for all of the net growth in the Atlantic basin

◼ For the same period the IEA expects to see refinery closures amounting to 3.6 MBPD. Europe and North

America, Asia and the Middle East each contribute about a quarter of those shutdowns

◼ New low-cost Asian and Middle-Eastern refineries are producing for export, structurally favoring more long-haul

products trade.

Refining Capacity Additions

(2012-2023)

Source: IEA OMR Mar 2021

2020 Global Oil Consumption

US20%

Europe14%

China15%

Japan4%

India5%

Other Asia13%

FSU5%

Brazil3%

LatAm3%

Other OECD

3% Other Non-

OECD13%

Canada2%

21

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

MB

PD

China India Other Asia

Middle East Africa FSU

Europe L. America / Caribs North America

3

4

5

6

7

8

9

10

11

12

13

MB

PD

US Production

US Role in the Energy Marketplace

Source: EIA

◼ US crude production increases along with refinery expansions in US Gulf have lead to product exports from the

US rising by 478% since beginning 2004. US has become a net exporter of Petroleum Products and continues to

export significant quantities of products to Latin America and the Far East

◼ IEA forecasts that the US will remain a net oil exporter through 2026 with net product exports expanding

significantly from exports during the pandemic affected 2020

◼ EIA similarly forecasts US net petroleum and other liquids exports will remain relatively high through 2050

US Crude Production increased

by 4.7 MBPD ’09 – Feb‘21

US Exports by

Region ’04 to Feb‘21

US Imports / Exports of

Petroleum Products ’00 – Feb’21

All-time record:

Nov ‘19

22

0

1

2

3

4

5

6

7M

PB

DUS Imports US Exports

May‘20

0

1

2

3

4

5

6

7

MB

PD

Latam Caribs

Europe

Other

Pacific/Indian Ocean

RemovalsYear Total As % of Fleet

2007 2.8 M 3.30%

2008 2.5 M 2.63%

2009 4.5 M 4.24%

2010 5.2 M 4.46%

2011 2.7 M 2.25%

2012 3.5 M 2.76%

2013 2.6 M 2.03%

2014 1.8 M 1.34%

2015 1.4 M 1.03%

2016 0.8 M 0.53%

2017 2.2 M 1.42%

2018 3.2 M 2.01%

2019 1.0 M 0.61%

2020 1.0 M 0.59%

2021 YTD 0.9 M 0.53%

Deliveries Removals Net Fleet Growth

Year Actual Projected% non-

deliveryYear DWT % of fleet Year DWT % of Fleet

Fleet period

end

2021 Apr 2.8 M 3.3 M 15% 2021* 0.9 M 0.5% 2021* 1.9 M 1.1% 173.3 M

2020 5.3 M 7.7 M 30% 2020 1.0 M 0.6% 2020 4.1 M 2.4% 171.4 M

2019 8.4 M 10.5 M 21% 2019 1.0 M 0.6% 2019 7.3 M 4.6% 167.3 M

2018 5.2 M 7.5 M 31% 2018 3.2 M 2.0% 2018 2.0 M 1.2% 160.0 M

2017 8.2 M 11.4 M 28% 2017 2.2 M 1.4% 2017 6.0 M 3.9% 158.0 M

2016 9.6 M 12.9 M 25% 2016 0.8 M 0.5% 2016 8.9 M 6.2% 152.0 M

2015 8.8 M 13.9 M 37% 2015 1.4 M 1.0% 2015 7.4 M 5.4% 143.1 M

2014 6.4 M 9.8 M 35% 2014 1.8 M 1.3% 2014 4.8 M 3.6% 135.8 M

World product tanker orderbook schedule (million dwt – Jan 2021)

*Source: Clarksons – YTD through Apr 2021

Product tankers defined as all coated tankers above 25k dwt plus uncoated 25-85k dwt tankers

including IMO 2/3 with avg tank size > 3k cbm, excluding stainless steel and specialized tankers

Product Tanker Net Fleet and Removals

6.4 8.8 9.6

8.2

5.2

8.4

5.3 3.1

1.4 1.2

3.4

5.1 3.33.2

2.3

2.2

2.3

0.2

0.1

3.9

1.1

0.5

0

5

10

15

20

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+

7.7

9.8

12.911.4

21%

37%

25%

28%

7.5

10.5

31%

2.51.2

7.7

30%3

5%

13.9

Actual

Non-deliveries LR2 Orderbook MR2 Orderbook

LR1 Orderbook MR1 Orderbook

23

Q1 2021

Financial Results

24

25

NNA Q1 2021 Earnings Highlights

EBITDA represents net income/ (loss) before interest and finance costs, before depreciation and amortization and before income taxes. Adjusted EBITDA in this document represents EBITDA excluding certain items

as described under “Financial Highlights”. Adjusted net income/ (loss) and Adjusted income/ (loss) per share (basic and diluted) represent net income/ (loss) and income/ (loss) per share (basic and diluted),

excluding certain items as described under “Financial Highlights”. We use Adjusted EBITDA as liquidity measure and reconcile EBITDA and Adjusted EBITDA to net cash provided by/ (used in) operating activities,

the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by/(used in) operating activities adding back, when applicable and as the case may be, the effect of: (i) net

increase/(decrease) in operating assets; (ii) net (increase)/decrease in operating liabilities; (iii) net interest cost; (iv) amortization of deferred finance costs and other related expenses; (v) equity/ (loss) in net earnings

of affiliates, net of dividends received; (vi) payments for dry dock and special survey costs; (vii) impairment charges; (viii) gain/ (loss) on sale of assets; (ix) gain/ (loss) on debt repayment; (x) stock- based

compensation and (xi) transaction costs. Navios Acquisition believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to investors regarding

Navios Acquisition’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Acquisition also believes that EBITDA and Adjusted EBITDA

are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of

companies in our industry. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Acquisition’s results as reported

under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-

cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these

limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Acquisition’s performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be

comparable to that reported by other companies due to differences in methods of calculation.

($ million except per share data)Three month period

ended March 31, 2021

Three month period

ended March 31, 2020

YoY

(%)

Revenue 72.5 97.9 (26%)

EBITDA 29.1 42.2 (31%)

Adjusted EBITDA 29.1 (1) 56.2 (2) (48%)

Net (Loss) / Earnings (9.7) 0.9 N/A

Adjusted Net (Loss) / Earnings (9.7) (1) 14.9 (2) N/A

(Loss) / Earnings per share (0.59) 0.05 N/A

Adjusted (Loss) / Earnings per Share (0.59) (1) 0.95 (2) N/A

(1) Adjusted EBITDA, Adjusted net loss and Adjusted loss per share for the three month period ended March 31, 2021 have been adjusted to exclude $0.1 million of non-cash stock based

compensation and less than $0.1 million of gain due to sale of three vessels.

(2) Adjusted EBITDA, Adjusted net earnings and Adjusted earnings per share for the three month period ended March 31, 2020 has been adjusted to exclude $13.9 million impairment

loss relating to the other-than-temporary impairment recognized in the Navios Acquisition’s receivable from Navios Europe II and $0.1 million of non-cash stock based compensation.

Balance Sheet Highlights

(1) Including restricted cash

(2) Net of deferred finance costs and bond premium, excluding debt due to NSM

(3) Net of deferred finance costs

(4) Net Debt represents Total debt(2) plus Debt due to NSM minus Cash & cash equivalents(1)

(5) Although the company is currently attempting to refinance the outstanding amount of its Ship Mortgage Notes and has also engaged in discussions with the holders of its Ship Mortgage Notes, there can be no assurance that will be successful in such attempts or that any such potential refinancing, sales or other action, will be consummated on terms satisfactory for the company or at all 26

Selected Balance Sheet Data

(in million USD) March 31, 2021 December 31, 2020

Cash & cash equivalents (1) 46.6 41.4

Vessels, net 1,247.2 1,286.4

Assets held for sale 59.6 77.8

Total Assets 1,579.3 1,569.0

Total debt (2) 1,048.5 1,076.6

Debt due to NSM(3) 16.9 -

Stockholders Equity 320.2 329.9

Total Liabilities and Shareholders Equity 1,579.3 1,569.0

Book Capitalization 1,385.6 1,406.4

Net Debt(4)/ Book Capitalization 73.5% 73.6%

26

Debt Maturities as of March 31, 2021

602.6

40.6 10.1 70.6-

48.8 37.1

$34.3

2021 2022 2023 2024 2025 2026 2027

Senior Mortgage Notes

due November 2021

Q4 2021

(5)

27

Appendix

28

Vessel Type DWTYear

BuiltNet Charter Rate ($/day)

Expiration

Date

Profit Share

Arrangements

Nave Photon VLCC 297,395 2008 47,906 + PS(1) Aug-21 As per footnote

Nave Spherical VLCC 297,188 2009 Floating(2) Dec-22

Nave Synergy VLCC 299,973 2010 32,588 May-22

Nave Quasar VLCC 297,376 2010 16,788 (5) Jan-23 As per footnote

Nave Buena Suerte VLCC 297,491 2011 47,906 + PS(1) Jun-25 As per footnote

Nave Neutrino* VLCC 298,287 2003 24,688 May-21 None

Nave Galactic VLCC 297,168 2009 17,775 (6) June-22 As per footnote

Nave Constellation VLCC 298,000 2010 7,900 (3) June-21 As per footnote

Nave Universe VLCC 297,066 2011 17,775 (6) Apr-22 As per footnote

Baghdad VLCC 313,433 2020 27,816(4) Oct-30

Erbil VLCC 313,486 2021 27,816(4) Feb-31

Nave Electron VLCC 310,000 2021 47,906 + PS(7) Aug-26 As per footnote

TBN IV VLCC 310,000 2022

TOTAL 3,926,863

* Agreed to be sold

(1) Profit sharing arrangement of 35% above $54,388, 40% above $59,388 and 50% above 69,388. Annual settlement

(2) Contract provides 100% of BITR TD3C-TCE index plus $5,000 premium. Premium of $2,500 if vessel not fitted with scrubber. Monthly settlement

(3) Charterer’s option to extend for further two months at $8,888.

(4) Charterer's option to extend the bareboat charter for five years at $29,751 net per day

(5) Contract provides 100% of BITR TD3C-TCE index up to $37,031 and 50% thereafter with $16,788 floor.

(6) Contract provides adjusted BITR TD3C-TCE index up to $38,759 and 50% thereafter with $17,775 floor.

(7) To take over Nave Photon’s charter of $47,906 net per day from August 2021 plus profit sharing arrangement of 35% above $54,388, 40% above $59,388 and 50% above $69,388.

28

NNA Fleet – VLCCs

29

Vessel Type DWTYear

Built

Net Charter

Rate ($/day)

Expiration

Date

Profit Sharing

Arrangement /

Premium

Nave Orion MR2 Product Tanker 49,999 2013 12,898(2) Dec-21

Nave Bellatrix MR2 Product Tanker 49,999 2013 11,603(5) Nov-21

Nave Aquila MR2 Product Tanker 49,991 2012 12,838(4) Nov-21

Nave Atria MR2 Product Tanker 49,992 2012 14,072(3) Oct-21

Star N MR1 Product Tanker 37,836 2009 11,603(6) Feb-22

Hector N MR1 Product Tanker 38,402 2008 10,369(1) July-21

Nave Cosmos Chemical Tanker 25,130 2010 Floating rate Aug-21

Nave Polaris Chemical Tanker 25,145 2011 Floating rate Aug-21

TOTAL 326,494

(1) Charterer's option to extend the charter for up to twelve months: a) up to six months at $11,356 net per day; and b) up to six months at $12,591 net per day.

(2) Charterer's option to extend the charter for one year at $14,438 net per day.

(3) Charterer's option to extend the charter for up to 6 months at $14,072 net per day.

(4) Charterer's option to extend the charter for up to 4 months at $12,838 net per day.

(5) Charterer's option to extend the charter for up to six months: a) up to three months at $12,838 net per day; and b) up to three months at $13,578 net per day.

(6) (a) first four months at $6,913 net per day; (b) second four months at $9,628 net per day; and (c) balance period at $11,603 net per day. Charterer's option to extend the charter

for up to four months at $11,603 net per day.

29

NNA Fleet – Chemical, MR1, and MR2 Product Tankers

30

NAP Fleet – 10 LR1 Product Tankers

Vessel Type DWTYear

Built

Net Charter

Rate ($/day)

Expiration

Date

Profit Sharing

Arrangement /

Premium

Nave Estella LR1 Product Tanker 75,000 2012 13,234(1) Dec-21

Nave Andromeda LR1 Product Tanker 75,000 2011 Floating rate June-21

Nave Atropos LR1 Product Tanker 74,695 2013 29,625/ 14,813 April-22

Nave Rigel LR1 Product Tanker 74,673 2013 16,088(2) Jan-22

Nave Cetus LR1 Product Tanker 74,581 2012 16,088(2) Jan-22

Nave Cassiopeia LR1 Product Tanker 74,711 2012 Floating rate June-21

Nave Cielo LR1 Product Tanker 74,671 2007 28,875/ 12,994 April-22

Nave Ariadne LR1 Product Tanker 74,671 2007 Floating rate Aug-21

Aurora N LR1 Product Tanker 63,495 2008 Floating rate Aug-21

Lumen N LR1 Product Tanker 63,599 2008 Floating rate Aug-21

TOTAL 725,096

(1) Charterer's option to extend the charter for one year at $14,630 net per day.

(2) Charterer has the option to charter the vessel for an optional year at a rate of $17,063 net per day.

31

Vessel Type DWTYear

Built

Net Charter Rate

($/day)

Expiration

Date

Profit Sharing

Arrangement /

Premium

Nave Alderamin MR2 Product Tanker 49,998 2013 12,898(1) Nov-21

Nave Capella MR2 Product Tanker 49,995 2013 12,898(1) Jan-22

Nave Titan MR2 Product Tanker 49,999 2013 14,072(10) July-21

Nave Velocity MR2 Product Tanker 49,999 2015 12,344(7) / 15,553(12) June-21 / Nov-24

Nave Sextans MR2 Product Tanker 49,999 2015 12,764(11) April-22

Nave Pyxis MR2 Product Tanker 49,998 2014 13,035(3) July-21

Nave Luminosity MR2 Product Tanker 49,999 2014 17,034(5) Dec-21

Nave Jupiter MR2 Product Tanker 49,999 2014 14,040(8) Sep-21

Bougainville MR2 Product Tanker 50,626 2013 15,600(6) Sep-23 100%

Nave Equator MR2 Product Tanker 50,542 2009 16,250 Jan-22

Nave Orbit MR2 Product Tanker 50,470 2009 14,000 Sep-21

Nave Equinox MR2 Product Tanker 50,922 2007 14,813(4) Oct-21 Ice-transit premium

Nave Pulsar MR2 Product Tanker 50,922 2007 14,072(2) Oct-21 Ice-transit premium

Nave Dorado MR2 Product Tanker 47,999 2005 7,653(8) Jun-21

Perseus N MR1 Product Tanker 36,264 2009 12,146(9) Dec-21

TOTAL 737,731

(1) Charterer's option to extend the charter for one year at $14,438 net per day.

(2) Charterer’s option to extend the charter for six months at $15,553 net per day plus ice-transit premium.

(3) Charterer’s option to extend the charter for six months at $14,023 net per day.

(4) Charterer's option to extend the charter for one year at $16,294 net per day

(5) Charterer's option to extend the charter for one year at $18,022 net per day

(6) (a) first seven months at $13,163 net per day plus 100% profit with $20,963 ceiling; (b) next one year at $16,829 net per day plus 100% profit with $20,963 ceiling and (c) second

one year at $15,600 net per day plus 100% profit with $18,525 ceiling. Charterer's option to extend the charter for up to 6 months at $13,331 net per day

(7) Charterer’s option to extend the charter for six months at $13,331 net per day.

(8) Charterer's option to extend the charter for up to ten months: a) up to three months at $7,653 net per day; b) up to four months at $9,875 net per day; and c) up to three months at

$11,850 net per day.

(9) Charterer’s option to extend the charter for six months at $13,825 net per day.

(10) Charterer's option to extend the charter for up to 4 months at $14,072 net per day.

(11) Charterer’s option to extend the charter for six months at $15,689 net per day.

(12) Charterer’s option to extend the charter for one year at $16,541 net per day plus one year at $17,528

31

NAP Fleet –14 MR2 and 1 MR1 Product Tankers

32

www.navios-acquisition.com