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Navios Maritime Containers L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2019

Revenue

  • $141.5 million for FY 2019

  • $39.0 million for Q4 2019

Cash from operating activities

  • $37.0 million for FY 2019

  • $12.7 million for Q4 2019

Adjusted EBITDA

  • $59.6 million for FY 2019

  • $18.2 million for Q4 2019

Adjusted Net income

  • $10.5 million for FY 2019

  • $5.9 million for Q4 2019

MONACO, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Navios Maritime Containers L.P. (“Navios Containers” or the “Company”) (NMCI), a growth vehicle dedicated to the container sector of the maritime industry, today reported its financial results for the fourth quarter and year ended December 31, 2019.

Angeliki Frangou, Chairman and Chief Executive Officer, stated, "I am pleased with the results for the fourth quarter and full year of 2019. For the fourth quarter of 2019, Navios Containers reported $18.2 million of Adjusted EBITDA, $5.9 million of Adjusted Net Income and $0.17 of Adjusted Net Earnings per common unit. For the full year of 2019, Navios Containers reported $59.6 million of Adjusted EBITDA, $10.5 million of Adjusted Net Income and $0.30 of Adjusted Net Earnings per common unit. "

Angeliki Frangou continued, "We believe that Navios Containers is well positioned for 2020. We have visibility on revenue through our chartering activities and on cost through the renewed management agreement. However, we cannot determine the impact of the coronavirus in China, as developing facts make it impossible to assess the potential ramifications."

HIGHLIGHTS -- RECENT DEVELOPMENTS

Fleet Employment
Navios Containers owns a fleet of 29 vessels, totaling 142,821 TEU. The current average age of the fleet is 11.6 years (See Exhibit II). As of January 31, 2020, Navios Containers has chartered-out 45.8% and 10.1% of its available days for 2020 and 2021, respectively (including index-linked charters). Excluding index-linked charters, Navios Containers has chartered-out 40.5% and 8.2% of its available days for 2020 and 2021, respectively, which are expected to generate $73.3 million and $22.7 million in revenue, respectively. The average expected daily contracted charter-out rate for the fleet is $17,066, net and $26,189, net for 2020 and 2021, respectively (excluding index-linked charters), and the total expected available days for 2020 and 2021, are 10,614 days and 10,585 days, respectively.

Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per common unit (basic and diluted) are non-U.S. GAAP financial measures and should not be used in isolation or as a substitute for Navios Containers’ results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per Common Unit (basic and diluted) of Navios Containers and a reconciliation of such measure to the most comparable measures calculated under U.S. GAAP.

Fourth Quarter 2019 and 2018 Results
The fourth quarter 2019 and 2018 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.

Three Month Period
Ended

December 31, 2019

Three Month Period
Ended

December 31, 2018

(in thousands of U.S. dollars, except per unit data)

(unaudited)

(unaudited)

Revenue

$

38,991

$

34,416

Net Income/(Loss)

$

2,935

$

(242

)

Adjusted Net Income

$

5,935

(1)

$

2,352

(2)

Net cash provided by operating activities

$

12,667

$

9,635

EBITDA

$

15,220

$

12,663

Adjusted EBITDA

$

18,220

(1)

$

15,257

(2)

Net Earnings/(Loss) per common unit (basic and diluted)

$

0.08

$

(0.01

)

Adjusted Net Earnings per common unit (basic and diluted)

$

0.17

(1)

$

0.07

(2)

(1) Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per common unit (basic and diluted) for the three month period ended December 31, 2019 exclude $3.0 million of expense related to a vessel purchase option not exercised.
(2) Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per common unit (basic and diluted) for the three month period ended December 31, 2018 exclude $2.6 million of expenses relating to the Company’s listing on a U.S. exchange.

Revenue for the three months ended December 31, 2019 was $39.0 million, as compared to $34.4 million for the same period during 2018. The increase of $4.6 million was mainly due to the increase in the number of vessels operating during the three months ended December 31, 2019 and the resulting increase in the number of available days from 2,281 for the three months ended December 31, 2018, to 2,576 for the three months ended December 31, 2019. TCE per day increased from $14,387 for the three months ended December 31, 2018 to $14,615 for the same period during 2019.

Net Income for the three months ended December 31, 2019 was $2.9 million compared to a $0.2 million net loss for the same period in 2018. Net Income/(loss) was impacted by items described in the table above. Excluding these expenses, Adjusted Net Income of Navios Containers for the three months ended December 31, 2019 was $5.9 million as compared to $2.4 million for the same period in 2018. The $3.5 million increase in Adjusted Net Income was mainly due to a: (i) $2.9 million increase in Adjusted EBITDA; (ii) $1.1 million decrease in depreciation and amortization expenses, relating mainly to the lower amortization of intangible assets; and (iii) $0.1 million decrease in interest expense and finance cost, net. This overall increase of $4.1 million was partially offset by a $0.6 million increase in amortization of deferred drydock and special survey costs relating to the increase in the size of the fleet.

Adjusted EBITDA for the three months ended December 31, 2019 increased by $2.9 million to $18.2 million as compared to $15.3 million for the same period in 2018. The increase in Adjusted EBITDA was primarily due to a: (i) $4.6 million increase in revenue; (ii) $0.3 million decrease in time charter and voyage expenses; and (iii) $0.2 million decrease in other expenses, net. This overall increase of $5.1 million was partially offset by a: (i) $1.6 million increase in management fees mainly due to the increase of the available days from 2,281 days for the three months ended December 31, 2018, to 2,576 days for the three months ended December 31, 2019; (ii) $0.3 million increase in general and administrative expenses mainly related to the growth in our fleet; and (iii) $0.3 million increase in other direct vessel expenses.

Year Ended December 31, 2019 and 2018 Results

The information for the year ended December 31, 2019 and 2018 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.

Year Ended
December 31, 2019

Year Ended
December 31, 2018

(in thousands of U.S. dollars, except per unit data)

(unaudited)

(unaudited)

Revenue

$

141,532

$

133,921

Net Income

$

7,507

$

12,700

Adjusted Net Income

$

10,507

(1)

$

17,690

(2)

Net cash provided by operating activities

$

36,976

$

47,509

EBITDA

$

56,639

$

64,262

Adjusted EBITDA

$

59,639

(1)

$

69,252

(2)

Net Earnings per common unit (basic and diluted)

$

0.22

$

0.38

Adjusted Net Earnings per common unit (basic and diluted)

$

0.30

(1)

$

0.53

(2)

(1) Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per common unit (basic and diluted) for the year ended December 31, 2019 exclude $3.0 million of expense related to a vessel purchase option not exercised.
(2) Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per common unit (basic and diluted) for the year ended December 31, 2018 exclude $5.0 million of expenses relating to the Company’s listing on a U.S. exchange.

Revenue for the year ended December 31, 2019 was $141.5 million, as compared to $133.9 million for the same period during 2018. The increase of $7.6 million was mainly due to the increase in the number of vessels operating during the year ended December 31, 2019 and the resulting increase in the number of available days from 8,442 for year ended December 31, 2018, to 10,261 for the year ended December 31, 2019, partially offset by the decrease in time charter rates reflecting primarily the expiration of certain legacy time charter contracts. TCE per day declined from $15,369 for the year ended December 31, 2018 to $13,232 for the same period during 2019, primarily as a result of the expiration of these contracts between the two periods.

Net Income for the year ended December 31, 2019 was $7.5 million compared to $12.7 million for the same period in 2018. Net Income was impacted by items described in the table above. Excluding these expenses, Adjusted Net Income for the year ended December 31, 2019 was $10.5 million as compared to $17.7 million for the same period in 2018. The $7.2 million decrease in Adjusted Net Income was mainly due to a: (i) $9.7 million decrease in Adjusted EBITDA; (ii) $5.1 increase in interest expense and finance cost, net; and (iii) $2.4 million increase in amortization of deferred drydock and special survey costs, relating to the increase in the size of the fleet. This overall resulting decrease of $17.2 million was partially offset by $10.0 million decrease in depreciation and amortization expenses, relating mainly to the lower amortization of intangible assets.

Adjusted EBITDA for the year ended December 31, 2019 decreased by $9.7 million to $59.6 million as compared to $69.3 million for the same period in 2018. The decrease in Adjusted EBITDA was primarily due to: (i) an $11.8 million increase in management fees mainly due to the increase of the available days from 8,442 days for the year ended December 31, 2018, to 10,261 days for the year ended December 31, 2019; (ii) a $2.8 million increase in general and administrative expenses mainly related to the growth in our fleet; (iii) a $1.6 million increase in time charter and voyage expenses; (iv) a $0.6 million decrease in other income, net; and (v) a $0.5 million increase in other direct vessel expenses. This overall resulting decrease of $17.3 million was partially offset by a $7.6 million increase in revenue described above reflecting the growth in the number of vessels operating in the fleet during the period.

Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Containers' operations and its fleet performance for the three months ended December 31, 2019 and 2018 and for the year ended December 31, 2019 and 2018.

Three Month

Three Month

Period Ended

Period Ended

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2019

2018

2019

2018

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Available Days (1)

2,576

2,281

10,261

8,442

Operating Days (2)

2,561

2,267

10,219

8,342

Fleet Utilization (3)

99.4

%

99.4

%

99.6

%

98.8

%

Vessels operating at period end

29

28

29

28

TCE (4)

$

14,615

$

14,387

$

13,232

$

15,369


(1)

Available days for the fleet are total calendar days the vessels were in Navios Containers' possession for the relevant period after subtracting off-hire days associated with scheduled repairs or repairs under guarantee, vessel upgrades, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.

(2)

Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.

(3)

Fleet utilization is the percentage of time that Navios Containers' vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels.

(4)

TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period.

Conference Call:
As previously announced, Navios Containers will host a conference call on Wednesday, February 5, 2020, at 8:30 am ET, during which time Navios Containers’ senior management will provide highlights and commentary on earnings results for the fourth quarter and year ended December 31, 2019.

A supplemental slide presentation will be available on the Navios Containers website at www.navios-containers.com under the "Investors" section by 8:00 am ET on the day of the call.

Conference Call details:
Call Date/Time: Wednesday, February 5, 2020 at 8:30 am ET
Call Title: Navios Containers Q4 2019 Financial Results Conference Call
US Dial In: +1.866.703.4207
International Dial In: +1.636.692.6440
Conference ID: 648 9499

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 648 9499

This call will be simultaneously Webcast. The Webcast will be available on the Navios Containers’ website, www.navios-containers.com under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.

About Navios Maritime Containers L.P.
Navios Maritime Containers L.P. is a growth-oriented international owner and operator of containerships. For more information, please visit our website at www.navios-containers.com.

Forward Looking Statements - Safe Harbor
This press release 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, including future contracted revenues and rates, EBITDA, future available days, future financial performance of the fleet, timing of vessel deliveries, vessel acquisitions, financing activities, and Navios Containers' growth strategy and measures to implement such strategy, including future vessel acquisitions and the ability to secure or refinance related financing, the further growth of our containership fleet, and entering into further time charters. 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. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were made. Although Navios Containers 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 Containers. 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: the favorable timing for acquisitions and chartering opportunities in the container shipping sector and Navios Containers’ ability to take advantage of such opportunities; the value of container shipping vessels; Navios Containers’ ability to identify container shipping vessels for acquisition at attractive prices, if at all, including the availability of distressed acquisition opportunities in the container shipping industry; Navios Containers’ ability to execute on a low-cost operating structure; Navios Containers’ ability to achieve a return on investment for and to pay cash distributions to our unitholders or make common unit repurchases from our unitholders; any advantages resulting from Navios Containers’ strategic focus on intermediate-size containerships; Navios Containers’ ability to leverage the scale, experience, reputation and relationships of the Navios Group, consisting of Navios Maritime Holdings Inc., Navios Maritime Acquisition Corporation, Navios Maritime Partners L.P., and any one or more of their subsidiaries and affiliates. Navios Containers’ future financial condition or results of operations and its future revenues and expenses, including its estimated adjusted cash flow; the loss of any customer or charter or vessel; the aging of Navios Containers’ vessels and resultant increases in operation and drydocking costs; Navios Containers’ ability to maintain long-term relationships with major liner companies; Navios Containers’ ability to access debt, credit and equity markets; potential liability from litigation and our vessel operations, including discharge of pollutants; Navios Containers’ and the Navios Group’s performance in safety, environmental and regulatory matters; increases in costs and expenses, including but not limited to, crew wages, insurance, technical maintenance costs, spares, stores and supplies, charter brokerage commissions on gross voyage revenues and general and administrative expenses; the changes to the regulatory requirements applicable to the shipping and container transportation industry, including, without limitation, stricter requirements adopted by international organizations, such as the International Maritime Organization and the European Union, or by individual countries or charterers and actions taken by regulatory authorities and governing such areas as safety and environmental compliance; the anticipated taxation of Navios Containers and its unitholders; and the effects of increasing emphasis on environmental and safety concerns by customers, governments and others, as well as changes in maritime regulations and standards. Navios Containers 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 Containers' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common units.

Contact:

Navios Maritime Containers L.P.
+1.212.906.8648
investors@navios-containers.com

EXHIBIT I

NAVIOS MARITIME CONTAINERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Expressed in thousands of U.S. dollars - except for unit and per unit data)

Three Month
Period Ended
December 31,
2019

Three Month
Period Ended
December 31,
2018

Year Ended
December 31,
2019

Year Ended December 31,
2018

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue

$

38,991

$

34,416

$

141,532

$

133,921

Time charter and voyage expenses

(1,341

)

(1,605

)

(5,754

)

(4,178

)

Direct vessel expenses

(1,281

)

(499

)

(4,077

)

(1,314

)

Management fees

(16,753

)

(15,194

)

(65,638

)

(53,772

)

General and administrative expenses

(2,536

)

(2,206

)

(10,223

)

(7,413

)

Listing transaction–related expenses

-

(2,594

)

-

(4,990

)

Depreciation and amortization

(7,245

)

(8,265

)

(28,647

)

(38,552

)

Interest expense and finance cost, net

(3,995

)

(4,140

)

(16,846

)

(11,695

)

Other (expense)/ income, net

(2,905

)

(155

)

(2,840

)

693

Net income/(loss)

$

2,935

$

(242

)

$

7,507

$

12,700

Net earnings/(loss) per unit, basic and diluted

$

0.08

$

( 0.01

)

$

0.22

$

0.38

Weighted average number of units, basic and diluted

34,603,100

34,603,100

34,603,100

33,527,135


NAVIOS MARITIME CONTAINERS L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of U.S. dollars – except for unit data)

December 31,
2019

December 31,
2018

(unaudited)

(unaudited)

ASSETS

Cash and cash equivalents, including restricted cash

$

18,109

$

18,892

Vessels and deferred dry dock and special survey costs, net

415,143

354,079

Other assets (including current and non-current)

20,762

15,206

Intangible assets

6,288

25,350

Total assets

$

460,302

$

413,527

LIABILITIES AND PARTNERS’ CAPITAL

Other current liabilities

$

24,664

$

12,093

Current portion of long term borrowings, net

46,733

35,291

Long-term borrowings, net of current portion

198,925

183,670

Total Partners’ capital

189,980

182,473

Total liabilities and Partners’ capital

$

460,302

$

413,527

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Basic Earnings per Unit are “non-U.S. GAAP financial measures” and should not be used in isolation or considered a substitute for net income/(loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.

EBITDA represents net income/(loss) attributable to Navios Containers’ common unitholders before interest and finance costs, before depreciation and amortization. Adjusted EBITDA represents EBITDA, excluding certain items as described under “Earnings Highlights”. Adjusted Net Income and Adjusted Basic Earnings per Unit represent Net Income/(loss) and Basic Earnings/(loss) per Unit, excluding certain items as described under “Earnings Highlights”. Navios Containers uses EBITDA and Adjusted EBITDA as liquidity measures 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 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) deferred finance charges; and (v) payments for drydock and special survey costs. Navios Containers believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Containers’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Containers also believes that EBITDA and Adjusted EBITDA are used: (i) by prospective and current lessors as well as 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 are presented to provide additional information with respect to the ability of Navios Containers to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Containers’ 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; (ii) EBITDA and Adjusted EBITDA do not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) 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, among others, EBITDA and Adjusted EBITDA should not be considered as principal indicators of Navios Containers’ 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.

Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

Three Month
Period Ended
December 31,
2019

Three Month
Period Ended
December 31,
2018

Year Ended
December 31,
2019

Year Ended
December 31,
2018

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Expressed in thousands of U.S. dollars

Net cash provided by operating activities

$

12,667

$

9,635

$

36,976

47,509

Net increase/(decrease) in operating assets

587

(1,194

)

5,556

2,572

Net increase in operating liabilities

(7,323

)

(4,521

)

(12,572

)

(5,034

)

Net interest and finance cost

3,995

4,140

16,846

11,695

Amortization and write-off of deferred financing costs charges

(374

)

(454

)

(1,943

)

(1,598

)

Payments for dry dock and special survey costs

5,668

5,057

11,776

9,118

EBITDA

$

15,220

$

12,663

$

56,639

$

64,262

Purchase option expense

3,000

-

3,000

-

Listing transaction-related expenses

-

2,594

-

4,990

Adjusted EBITDA

$

18,220

$

15,257

$

59,639

$

69,252


Three Month
Period Ended
December 31,
2019

Three Month
Period Ended
December 31,
2018

Year Ended
December 31,
2019

Year Ended
December 31,
2018

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Net cash provided by operating activities

$

12,667

$

9,635

$

36,976

$

47,509

Net cash used in investing activities

$

(1,615

)

$

(25,895

)

$

(62,513

)

$

(170,503

)

Net cash (used in)/provided by financing activities

$

(10,092

)

$

21,023

$

24,754

$

127,385


EXHIBIT II

Owned Vessels

Vessel Name

TEU

Year Built

Navios Summer(1)

3,450

2006

Navios Verano(1)

3,450

2006

Navios Spring(1)

3,450

2007

Navios Amaranth(1)

4,250

2007

Navios Indigo(1)

4,250

2007

Navios Vermilion(1)

4,250

2007

Navios Verde(1)

4,250

2007

Navios Amarillo(1)

4,250

2007

Navios Azure(1)

4,250

2007

Navios Domino(1)

4,250

2008

Navios Delight(1)

4,250

2008

Navios Dedication(1)

4,250

2008

Navios Devotion(1)

4,250

2009

Navios Destiny(1)

4,250

2009

Navios Lapis

4,250

2009

Navios Tempo

4,250

2009

Navios Dorado

4,250

2010

Navios Felicitas

4,360

2010

Bahamas

4,360

2010

Bermuda

4,360

2010

Navios Miami

4,563

2009

APL Oakland

4,730

2008

APL Los Angeles

4,730

2008

APL Denver

4,730

2008

APL Atlanta

4,730

2008

YM Utmost

8,204

2006

Navios Unite

8,204

2006

Navios Unison

10,000

2010

Navios Constellation

10,000

2011


(1)

The vessel is subject to a sale and leaseback transaction for a period of up to five years, at which time Navios Containers has an obligation to purchase the vessel.