Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2023
Revenue:
$309.5 million for Q1 2023
30.8% increase compared to Q1 2022
Net Income:
$99.2 million for Q1 2023
15.8% increase compared to Q1 2022
Earnings per common unit:
$3.22 for Q1 2023
15.8% increase compared to Q1 2022
Net cash from operating activities:
$94.5 million for Q1 2023
EBITDA:
$188.8 million for Q1 2023
49.7% increase compared to Q1 2022
$3.4 billion in contracted revenue through 2036
$161 million from long-term charters contracted YTD
$242.2 million gross sale proceeds from sale of 13 vessels
$160.3 million completed in Q1 2023
$ 81.9 million expected to close in Q2 2023
$0.05 per unit cash distribution for Q1 2023
MONACO, May 23, 2023 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the first quarter ended March 31, 2023.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the first quarter of 2023, in which we reported revenue and net income of $309.5 million and $99.2 million, respectively. We are also pleased to report net earnings per common unit of $3.22 for the first quarter of 2023.”
Angeliki Frangou continued, “We are focused on reducing our leverage rate. We are modernizing our fleet by selling old vessels and acquiring new vessels and managed our net LTV down to about 42% in the first quarter of 2023 from about 45% in the fourth quarter of 2022, measured for vessels in the water. Our stated goal is to continue to reduce leverage so that our net LTV falls within the range of 20% to 25%.”
Fleet update
$242.2 million gross sale proceeds from sale of 13 vessels
Completed the sale of eight vessels for $160.3 million in Q1 2023
During the first quarter of 2023, Navios Partners sold the Nave Cosmos, the Nave Dorado, the Nave Polaris, the Star N, the Navios Amaryllis, the Jupiter N, the Navios Prosperity I and the Nave Photon, to various unrelated third parties, for an aggregate sale price of $160.3 million.
Sale of five vessels for $81.9 million expected to close in Q2 2023
On May 10, 2023, Navios Partners agreed to sell the Lumen N, a 2008-built LR1 Product Tanker vessel of 63,599 dwt, to an unrelated third party, for a sales price of $22.3 million. The sale is expected to be completed during the second quarter of 2023.
On April 12, 2023, Navios Partners agreed to sell the Navios Anthos, a 2004-built Panamax vessel of 75,798 dwt, to an unrelated third party, for a sales price of $11.0 million. The sale was completed on May 3, 2023.
On March 17, 2023, Navios Partners agreed to sell the Navios Libertas, a 2007-built Panamax vessel of 75,511 dwt, to an unrelated third party, for a sales price of $13.8 million. The sale was completed on May 4, 2023.
On February 6, 2023, Navios Partners agreed to sell the Serenitas N, a 2011-built Ultra-Handymax vessel of 56,644 dwt, to an unrelated third party, for a sales price of $12.3 million. The sale was completed on May 16, 2023.
On January 3, 2023, Navios Partners agreed to sell the Aurora N, a 2008-built LR1 Product Tanker vessel of 63,495 dwt, to an unrelated third party, for a sales price of $22.5 million. The sale was completed on April 5, 2023.
Delivery of two Newbuilding Capesize vessels
On April 27, 2023 and on March 29, 2023, Navios Partners took delivery of two 2023-built Capesize vessels, the Navios Sakura of 182,169 dwt and the Navios Altair of 182,115 dwt, respectively.
$161 million revenue contracted YTD - $3.4 billion total contracted revenue
Navios Partners entered into long-term charters which are expected to generate revenue of $161 million.
One LR1 Product Tanker vessel has been chartered-out for an average period of 2.3 years, at an average rate of $32,094 net per day.
One MR2 Product Tanker vessel has been chartered-out for an average period of 3.0 years, at an average rate of $23,196 net per day.
Six 4,250 TEU vessels have been chartered-out for an average period of 1.8 years, at an average rate of $21,955 net per day.
One 3,450 TEU vessel has been chartered-out for an average period of 2.9 years, at an average rate of $18,818 net per day.
Including the above long-term charters, Navios Partners currently has $3.4 billion contracted revenue through 2036.
Financing update
In May 2023, Navios Partners completed a $178.0 million sale and leaseback transaction with an unrelated third party, in order to finance the acquisition of two newbuilding 5,300 TEU containerships and two newbuilding Aframax/LR2 tanker vessels. The sale and leaseback transaction: (i) matures ten years after the drawdown date; and (ii) bears interest at Term Secured Overnight Financing Rate (“SOFR”) plus 210 bps per annum.
In May 2023, Navios Partners entered into a new credit facility with a commercial bank for up to $30.0 million in order to refinance existing indebtedness of three product tanker vessels. The credit facility: (i) matures five years after the drawdown date; and (ii) bears interest at Term SOFR plus 100 bps per annum for any part of the loan (up to 70%) secured by cash collateral and 225 bps per annum for the remaining loan amount.
In April 2023, Navios Partners entered into an export credit agency-backed facility for a total amount of up to $165.6 million in order to finance the acquisition of two newbuilding 7,700 TEU containerships. The facility: (i) matures 12 years after the drawdown date; and (ii) bears interest at SOFR plus 150 bps per annum.
In April 2023, Navios Partners entered into a new credit facility with a commercial bank for up to $65.0 million in order to refinance existing indebtedness of five product tanker vessels. The credit facility: (i) matures five years after the drawdown date; and (ii) bears interest at SOFR plus 200 bps per annum.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2023 of $0.05 per unit. The cash distribution was paid on May 12, 2023 to unitholders of record as of May 9, 2023. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 81 drybulk vessels, 47 containerships and 45 tanker vessels, including one newbuilding Capesize chartered-in vessel under bareboat contract expected to be delivered in the second quarter of 2023, six newbuilding Aframax/LR2 vessels expected to be delivered in 2024 and the first half of 2025, two newbuilding MR2 Product Tanker chartered-in vessels under bareboat contracts expected to be delivered in the second half of 2025 and the first half of 2026 and 12 newbuilding Containerships expected to be delivered by the second half of 2023, in 2024 and by the first half of 2025. The fleet excludes one LR1 Product Tanker vessel agreed to be sold.
Navios Partners has entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 1.9 years. Navios Partners has currently fixed 63.1% and 41.4% of its available days for the remaining nine months of 2023 and for 2024, respectively. Navios Partners expects to generate contracted revenue of $732.4 million and $720.3 million for the remaining nine months of 2023 and for 2024, respectively. The average expected daily charter-out rate for the fleet is $27,688 and $30,335 for the remaining nine months of 2023 and for 2024, respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods ended March 31, 2023 and 2022. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners’ results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
(in $‘000 except per unit data) | Three Month Period Ended |
| Three Month Period Ended |
| ||
Revenue | $ | 309,522 |
| $ | 236,617 |
|
Net Income | $ | 99,165 |
| $ | 85,665 |
|
Adjusted Net Income | $ | 65,715 | (1) | $ | 85,665 |
|
Net cash provided by operating activities | $ | 94,516 |
| $ | 5,153 |
|
EBITDA | $ | 188,836 |
| $ | 126,118 |
|
Adjusted EBITDA | $ | 155,386 | (1) | $ | 126,118 |
|
Earnings per Common Unit basic | $ | 3.22 |
| $ | 2.78 |
|
Earnings per Common Unit diluted | $ | 3.22 |
| $ | 2.78 |
|
Adjusted Earnings per Common Unit basic | $ | 2.13 | (1) | $ | 2.78 |
|
Adjusted Earnings per Common Unit diluted | $ | 2.13 | (1) | $ | 2.78 |
|
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2023 have been adjusted to exclude a $33.5 million net gain related to the sale of nine of our vessels.
Three month periods ended March 31, 2023 and 2022
Time charter and voyage revenues for the three month period ended March 31, 2023 increased by $72.9 million, or 30.8%, to $309.5 million, as compared to $236.6 million for the same period in 2022. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in Time Charter Equivalent (“TCE”) rate. For the three month periods ended March 31, 2023 and March 31, 2022, the time charter and voyage revenues were affected by $13.0 million and $4.8 million, respectively, relating to the straight line effect of the containerships and tankers charters with de-escalating rates. The TCE rate increased by 2.1% to $20,811 per day, as compared to $20,386 per day for the same period in 2022. The available days of the fleet increased by 23.9% to 13,908 days for the three month period ended March 31, 2023, as compared to 11,228 days for the same period in 2022 mainly due to the acquisition of the 36-vessel drybulk fleet from Navios Maritime Holdings Inc. and the deliveries of newbuilding and secondhand vessels, partially mitigated by the sale of vessels.
EBITDA of Navios Partners for the three month periods ended March 31, 2023 and 2022 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $29.3 million to $155.4 million for the three month period ended March 31, 2023, as compared to $126.1 million for the same period in 2022. The increase in Adjusted EBITDA was primarily due to a $72.9 million increase in time charter and voyage revenues, partially mitigated by a: (i) $22.7 million increase in time charter and voyage expenses, mainly due to the increase in (a) bunker expenses arising from the increased number of freight voyages in the first quarter of 2023 and (b) bareboat and charter-in hire expense of the tanker and drybulk fleet; (ii) $10.0 million increase in vessel operating expenses in accordance with our management agreements, mainly due to the expansion of our fleet; (iii) $5.6 million increase in general and administrative expenses in accordance with our administrative services agreement, mainly due to the expansion of our fleet; (iv) $5.1 million increase in other expenses, net; and (v) $0.2 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).
Net Income for the three month periods ended March 31, 2023 and 2022 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $20.0 million to $65.7 million for the three month period ended March 31, 2023, as compared to $85.7 million for the same period in 2022. The decrease in Adjusted Net Income was primarily due to: (i) a $22.3 million increase in interest expense and finance cost, net; (ii) a $14.2 million decrease in the amortization of the unfavorable lease terms; (iii) an $11.3 million increase in depreciation and amortization expense; and (iv) a $3.1 million increase in amortization of deferred drydock, special survey costs and other capitalized items, partially mitigated by a: (i) $29.3 million increase in Adjusted EBITDA; and (ii) $1.6 million increase in interest income.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods ended March 31, 2023 and 2022.
| Three Month Period Ended March 31, 2023 |
| Three Month Period Ended March 31, 2022 | ||||
| (unaudited) |
| (unaudited) | ||||
Available Days(1) |
| 13,908 |
|
|
| 11,228 |
|
Operating Days(2) |
| 13,749 |
|
|
| 11,072 |
|
Fleet Utilization(3) |
| 98.9 | % |
|
| 98.6 | % |
TCE rate Combined (per day)(4) | $ | 20,811 |
|
| $ | 20,386 |
|
TCE rate Drybulk (per day)(4) | $ | 10,998 |
|
| $ | 19,848 |
|
TCE rate Containers (per day)(4) | $ | 34,987 |
|
| $ | 27,214 |
|
TCE rate Tankers (per day)(4) | $ | 28,477 |
|
| $ | 15,345 |
|
Vessels operating at period end |
| 156 |
|
|
| 128 |
|
(1) |
| Available days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys and ballast days relating to voyages. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is 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 Partners’ 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 efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, dry dockings or special surveys. |
(4) |
| TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contract (grossed up by currently applicable fixed vessel operating expenses) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet. |
|
|
|
Conference Call Details:
Navios Partners' management will host a conference call on Tuesday, May 23, 2023 to discuss the results for the first quarter ended March 31, 2023.
Call Date/Time: Tuesday, May 23, 2023 at 8:30 am ET
Call Title: Navios Partners Q1 2023 Financial Results Conference Call
US Dial In: +1.800.579.2543
International Dial In: +1.785.424.1789
Conference ID: NMMQ123
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: +1.800.934.7615
International Replay Dial In: +1.402.220.6981
Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the "Investors" section at 8:00 am ET on the day of the call.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain 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, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. 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 Partners at the time these statements were made. Although Navios Partners 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 Partners. 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 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, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, diseases, pandemics, political events, piracy or acts by terrorists; 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 time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our drybulk, containerships and tanker vessels in particular, fluctuations in charter rates for drybulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, 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, fluctuation in interest rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023, 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, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners 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 Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.
Contacts
Navios Maritime Partners L.P.
+1 (212) 906 8645
Investors@navios-mlp.com
Nicolas Bornozis
Capital Link, Inc.
+1 (212) 661 7566
naviospartners@capitallink.com
EXHIBIT 1
| ||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||
|
|
|
|
| ||||
|
| March 31, |
| December 31, | ||||
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents, including restricted cash |
| $ | 213,211 |
|
| $ | 175,098 |
|
Other current assets |
|
| 105,010 |
|
|
| 135,326 |
|
Vessels, net |
|
| 3,695,272 |
|
|
| 3,777,329 |
|
Other non-current assets |
|
| 822,300 |
|
|
| 807,951 |
|
Total assets |
| $ | 4,835,793 |
|
| $ | 4,895,704 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
Other current liabilities |
| $ | 162,375 |
|
| $ | 226,645 |
|
Total borrowings, net (including current and non-current) |
|
| 1,870,510 |
|
|
| 1,945,447 |
|
Other non-current liabilities |
|
| 362,319 |
|
|
| 380,649 |
|
Total partners’ capital |
|
| 2,440,589 |
|
|
| 2,342,963 |
|
Total liabilities and partners’ capital |
| $ | 4,835,793 |
|
| $ | 4,895,704 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||
|
|
|
|
| ||||
|
| Three Month Period Ended |
| Three Month Period Ended | ||||
|
| (unaudited) |
| (unaudited) | ||||
Time charter and voyage revenues |
| $ | 309,522 |
|
| $ | 236,617 |
|
Time charter and voyage expenses |
|
| (39,763 | ) |
|
| (17,143 | ) |
Direct vessel expenses |
|
| (14,440 | ) |
|
| (11,193 | ) |
Vessel operating expenses |
|
| (83,216 | ) |
|
| (73,172 | ) |
General and administrative expenses |
|
| (19,499 | ) |
|
| (13,916 | ) |
Depreciation and amortization of intangible assets |
|
| (54,218 | ) |
|
| (42,866 | ) |
Amortization of unfavorable lease terms |
|
| 7,588 |
|
|
| 21,839 |
|
Gain on sale of vessels, net |
|
| 33,450 |
|
|
| — |
|
Interest expense and finance cost, net |
|
| (35,524 | ) |
|
| (13,227 | ) |
Interest income |
|
| 1,617 |
|
|
| 2 |
|
Other expense, net |
|
| (6,352 | ) |
|
| (1,276 | ) |
Net income |
| $ | 99,165 |
|
| $ | 85,665 |
|
|
|
|
|
|
|
|
|
|
Earnings per unit:
|
| Three Month Period Ended |
| Three Month Period Ended | ||||
|
| (unaudited) |
| (unaudited) | ||||
Earnings per common unit, basic |
| $ | 3.22 |
|
| $ | 2.78 |
|
Earnings per common unit, diluted |
| $ | 3.22 |
|
| $ | 2.78 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||
|
|
|
|
| ||||
|
| Three Month Period Ended |
| Three Month Period Ended | ||||
(in thousands of U.S. dollars) |
| (unaudited) |
| (unaudited) | ||||
Net cash provided by operating activities |
| $ | 94,516 |
|
| $ | 5,153 |
|
Net cash provided by/ (used in) investing activities |
| $ | 44,232 |
|
| $ | (21,669 | ) |
Net cash used in financing activities |
| $ | (100,635 | ) |
| $ | (44,734 | ) |
Increase/ (Decrease) in cash, cash equivalents and restricted cash |
| $ | 38,113 |
|
| $ | (61,250 | ) |
|
|
|
|
|
|
|
|
|
EXHIBIT 2
Owned Drybulk Vessels |
| Type |
| Built |
| Capacity |
Navios Christine B |
| Ultra-Handymax |
| 2009 |
| 58,058 |
Navios Celestial |
| Ultra-Handymax |
| 2009 |
| 58,063 |
Navios Vega |
| Ultra-Handymax |
| 2009 |
| 58,792 |
Navios La Paix |
| Ultra-Handymax |
| 2014 |
| 61,485 |
Navios Hyperion |
| Panamax |
| 2004 |
| 75,707 |
Navios Orbiter |
| Panamax |
| 2004 |
| 76,602 |
Navios Hope |
| Panamax |
| 2005 |
| 75,397 |
Navios Taurus |
| Panamax |
| 2005 |
| 76,596 |
Navios Sun |
| Panamax |
| 2005 |
| 76,619 |
Navios Asteriks |
| Panamax |
| 2005 |
| 76,801 |
Navios Helios |
| Panamax |
| 2005 |
| 77,075 |
Navios Apollon I |
| Panamax |
| 2005 |
| 87,052 |
N Amalthia |
| Panamax |
| 2006 |
| 75,318 |
Navios Sagittarius |
| Panamax |
| 2006 |
| 75,756 |
Navios Galileo |
| Panamax |
| 2006 |
| 76,596 |
N Bonanza |
| Panamax |
| 2006 |
| 76,596 |
Navios Harmony |
| Panamax |
| 2006 |
| 82,790 |
Copernicus N |
| Panamax |
| 2010 |
| 93,062 |
Unity N |
| Panamax |
| 2011 |
| 79,642 |
Odysseus N |
| Panamax |
| 2011 |
| 79,642 |
Rainbow N |
| Panamax |
| 2011 |
| 79,642 |
Navios Avior |
| Panamax |
| 2012 |
| 81,355 |
Navios Centaurus |
| Panamax |
| 2012 |
| 81,472 |
Navios Victory |
| Panamax |
| 2014 |
| 77,095 |
Navios Sphera |
| Panamax |
| 2016 |
| 84,872 |
Navios Sky |
| Panamax |
| 2015 |
| 82,056 |
Navios Uranus |
| Panamax |
| 2019 |
| 81,821 |
Navios Herakles I |
| Panamax |
| 2019 |
| 82,036 |
Navios Galaxy II |
| Panamax |
| 2020 |
| 81,789 |
Navios Felicity I |
| Panamax |
| 2020 |
| 81,962 |
Navios Magellan II |
| Panamax |
| 2020 |
| 82,037 |
Navios Alegria |
| Panamax |
| 2016 |
| 84,852 |
Navios Meridian |
| Panamax |
| 2023 |
| 82,010 |
Navios Primavera |
| Panamax |
| 2022 |
| 82,003 |
Navios Beaufiks |
| Capesize |
| 2004 |
| 180,310 |
Navios Fantastiks |
| Capesize |
| 2005 |
| 180,265 |
Navios Stellar |
| Capesize |
| 2009 |
| 169,001 |
Navios Aurora II |
| Capesize |
| 2009 |
| 169,031 |
Navios Happiness |
| Capesize |
| 2009 |
| 180,022 |
Navios Bonavis |
| Capesize |
| 2009 |
| 180,022 |
Navios Phoenix |
| Capesize |
| 2009 |
| 180,242 |
Navios Sol |
| Capesize |
| 2009 |
| 180,274 |
Navios Lumen |
| Capesize |
| 2009 |
| 180,661 |
Navios Pollux |
| Capesize |
| 2009 |
| 180,727 |
Navios Antares |
| Capesize |
| 2010 |
| 169,059 |
Navios Symphony |
| Capesize |
| 2010 |
| 178,132 |
Navios Melodia |
| Capesize |
| 2010 |
| 179,132 |
Navios Luz |
| Capesize |
| 2010 |
| 179,144 |
Navios Etoile |
| Capesize |
| 2010 |
| 179,234 |
Navios Buena Ventura |
| Capesize |
| 2010 |
| 179,259 |
Navios Bonheur |
| Capesize |
| 2010 |
| 179,259 |
Navios Fulvia |
| Capesize |
| 2010 |
| 179,263 |
Navios Aster |
| Capesize |
| 2010 |
| 179,314 |
Navios Ace |
| Capesize |
| 2011 |
| 179,016 |
Navios Altamira |
| Capesize |
| 2011 |
| 179,165 |
Navios Azimuth |
| Capesize |
| 2011 |
| 179,169 |
Navios Koyo |
| Capesize |
| 2011 |
| 181,415 |
Navios Ray |
| Capesize |
| 2012 |
| 179,515 |
Navios Joy |
| Capesize |
| 2013 |
| 181,389 |
Navios Gem |
| Capesize |
| 2014 |
| 181,336 |
Navios Canary |
| Capesize |
| 2015 |
| 180,528 |
Navios Corali |
| Capesize |
| 2015 |
| 181,249 |
Navios Mars |
| Capesize |
| 2016 |
| 181,259 |
Navios Armonia |
| Capesize |
| 2022 |
| 182,079 |
Navios Azalea |
| Capesize |
| 2022 |
| 182,064 |
Navios Astra |
| Capesize |
| 2022 |
| 182,393 |
Navios Felix |
| Capesize |
| 2016 |
| 181,221 |
Navios Altair |
| Capesize |
| 2023 |
| 182,115 |
Navios Sakura |
| Capesize |
| 2023 |
| 182,169 |
Owned Containerships |
| Type |
| Built |
| Capacity |
Navios Summer |
| Containership |
| 2006 |
| 3,450 |
Navios Verano |
| Containership |
| 2006 |
| 3,450 |
Hyundai Hongkong |
| Containership |
| 2006 |
| 6,800 |
Hyundai Singapore |
| Containership |
| 2006 |
| 6,800 |
Hyundai Busan |
| Containership |
| 2006 |
| 6,800 |
Hyundai Shanghai |
| Containership |
| 2006 |
| 6,800 |
Hyundai Tokyo |
| Containership |
| 2006 |
| 6,800 |
Protostar N |
| Containership |
| 2007 |
| 2,741 |
Navios Spring |
| Containership |
| 2007 |
| 3,450 |
Matson Lanai |
| Containership |
| 2007 |
| 4,250 |
Navios Indigo |
| Containership |
| 2007 |
| 4,250 |
Navios Vermilion |
| Containership |
| 2007 |
| 4,250 |
Navios Verde |
| Containership |
| 2007 |
| 4,250 |
Navios Amarillo |
| Containership |
| 2007 |
| 4,250 |
Navios Azure |
| Containership |
| 2007 |
| 4,250 |
Navios Domino |
| Containership |
| 2008 |
| 4,250 |
Navios Delight |
| Containership |
| 2008 |
| 4,250 |
Navios Magnolia |
| Containership |
| 2008 |
| 4,730 |
Navios Jasmine |
| Containership |
| 2008 |
| 4,730 |
Navios Chrysalis |
| Containership |
| 2008 |
| 4,730 |
Navios Nerine |
| Containership |
| 2008 |
| 4,730 |
Spectrum N |
| Containership |
| 2009 |
| 2,546 |
Navios Devotion |
| Containership |
| 2009 |
| 4,250 |
Navios Destiny |
| Containership |
| 2009 |
| 4,250 |
Navios Lapis |
| Containership |
| 2009 |
| 4,250 |
Navios Tempo |
| Containership |
| 2009 |
| 4,250 |
Navios Miami |
| Containership |
| 2009 |
| 4,563 |
Navios Dorado |
| Containership |
| 2010 |
| 4,250 |
Zim Baltimore |
| Containership |
| 2010 |
| 4,360 |
Navios Bahamas |
| Containership |
| 2010 |
| 4,360 |
Zim Carmel |
| Containership |
| 2010 |
| 4,360 |
Navios Unison |
| Containership |
| 2010 |
| 10,000 |
Navios Constellation |
| Containership |
| 2011 |
| 10,000 |
Fleur N |
| Containership |
| 2012 |
| 2,782 |
Ete N |
| Containership |
| 2012 |
| 2,782 |
Owned Tanker Vessels |
| Type |
| Built |
| Capacity |
Hector N |
| MR1 Product Tanker |
| 2008 |
| 38,402 |
Nave Equinox |
| MR2 Product Tanker |
| 2007 |
| 50,922 |
Nave Pulsar |
| MR2 Product Tanker |
| 2007 |
| 50,922 |
Nave Orbit |
| MR2 Product Tanker |
| 2009 |
| 50,470 |
Nave Equator |
| MR2 Product Tanker |
| 2009 |
| 50,542 |
Nave Aquila |
| MR2 Product Tanker |
| 2012 |
| 49,991 |
Nave Atria |
| MR2 Product Tanker |
| 2012 |
| 49,992 |
Nave Capella |
| MR2 Product Tanker |
| 2013 |
| 49,995 |
Nave Alderamin |
| MR2 Product Tanker |
| 2013 |
| 49,998 |
Nave Bellatrix |
| MR2 Product Tanker |
| 2013 |
| 49,999 |
Nave Orion |
| MR2 Product Tanker |
| 2013 |
| 49,999 |
Nave Titan |
| MR2 Product Tanker |
| 2013 |
| 49,999 |
Bougainville |
| MR2 Product Tanker |
| 2013 |
| 50,626 |
Nave Pyxis |
| MR2 Product Tanker |
| 2014 |
| 49,998 |
Nave Luminosity |
| MR2 Product Tanker |
| 2014 |
| 49,999 |
Nave Jupiter |
| MR2 Product Tanker |
| 2014 |
| 49,999 |
Nave Velocity |
| MR2 Product Tanker |
| 2015 |
| 49,999 |
Nave Sextans |
| MR2 Product Tanker |
| 2015 |
| 49,999 |
Nave Ariadne |
| LR1 Product Tanker |
| 2007 |
| 74,671 |
Nave Cielo |
| LR1 Product Tanker |
| 2007 |
| 74,671 |
Lumen N(1) |
| LR1 Product Tanker |
| 2008 |
| 63,599 |
Nave Andromeda |
| LR1 Product Tanker |
| 2011 |
| 75,000 |
Nave Cetus |
| LR1 Product Tanker |
| 2012 |
| 74,581 |
Nave Cassiopeia |
| LR1 Product Tanker |
| 2012 |
| 74,711 |
Nave Estella |
| LR1 Product Tanker |
| 2012 |
| 75,000 |
Nave Rigel |
| LR1 Product Tanker |
| 2013 |
| 74,673 |
Nave Atropos |
| LR1 Product Tanker |
| 2013 |
| 74,695 |
Nave Galactic |
| VLCC |
| 2009 |
| 297,168 |
Nave Spherical |
| VLCC |
| 2009 |
| 297,188 |
Nave Constellation |
| VLCC |
| 2010 |
| 296,988 |
Nave Quasar |
| VLCC |
| 2010 |
| 297,376 |
Nave Synergy |
| VLCC |
| 2010 |
| 299,973 |
Nave Universe |
| VLCC |
| 2011 |
| 297,066 |
Nave Buena Suerte |
| VLCC |
| 2011 |
| 297,491 |
(1) Vessel agreed to be sold.
Bareboat-in vessels |
| Type |
| Built |
| Capacity |
| Purchase Option |
Navios Libra |
| Panamax |
| 2019 |
| 82,011 |
| Yes |
Navios Star |
| Panamax |
| 2021 |
| 81,994 |
| Yes |
Navios Amitie |
| Panamax |
| 2021 |
| 82,002 |
| Yes |
Baghdad |
| VLCC |
| 2020 |
| 313,433 |
| Yes |
Nave Electron |
| VLCC |
| 2021 |
| 313,239 |
| Yes |
Erbil |
| VLCC |
| 2021 |
| 313,486 |
| Yes |
Nave Celeste |
| VLCC |
| 2022 |
| 313,418 |
| Yes |
Owned to be delivered |
| Type |
| Delivery Date |
| Capacity |
TBN I |
| Capesize |
| Q2 2023 |
| 180,000 |
TBN II |
| Containership |
| H2 2023 |
| 5,300 |
TBN III |
| Containership |
| H2 2023 |
| 5,300 |
TBN VIII |
| Containership |
| H2 2023 |
| 5,300 |
TBN IV |
| Containership |
| H1 2024 |
| 5,300 |
TBN V |
| Containership |
| H1 2024 |
| 5,300 |
TBN IX |
| Containership |
| H1 2024 |
| 5,300 |
TBN VI |
| Containership |
| H2 2024 |
| 5,300 |
TBN VII |
| Containership |
| H2 2024 |
| 5,300 |
TBN X |
| Containership |
| H2 2024 |
| 5,300 |
TBN XI |
| Containership |
| H2 2024 |
| 5,300 |
TBN XVIII |
| Containership |
| H2 2024 |
| 7,700 |
TBN XIX |
| Containership |
| H1 2025 |
| 7,700 |
TBN XII |
| Aframax/LR2 |
| H1 2024 |
| 115,000 |
TBN XIII |
| Aframax/LR2 |
| H2 2024 |
| 115,000 |
TBN XIV |
| Aframax/LR2 |
| H2 2024 |
| 115,000 |
TBN XV |
| Aframax/LR2 |
| H2 2024 |
| 115,000 |
TBN XVI |
| Aframax/LR2 |
| H1 2025 |
| 115,000 |
TBN XVII |
| Aframax/LR2 |
| H1 2025 |
| 115,000 |
TBN XX |
| MR2 Product Tanker |
| H2 2025 |
| 52,000 |
TBN XXI |
| MR2 Product Tanker |
| H1 2026 |
| 52,000 |
Chartered-in vessels (with purchase options) |
| Type |
| Year Built |
| Capacity |
| Purchase Option |
Navios Lyra |
| Handysize |
| 2012 |
| 34,718 |
| Yes |
Navios Venus |
| Ultra-Handymax |
| 2015 |
| 61,339 |
| Yes |
Navios Amber |
| Panamax |
| 2015 |
| 80,994 |
| Yes |
Navios Coral |
| Panamax |
| 2016 |
| 84,904 |
| Yes |
Navios Citrine |
| Panamax |
| 2017 |
| 81,626 |
| Yes |
Navios Dolphin |
| Panamax |
| 2017 |
| 81,630 |
| Yes |
Navios Gemini |
| Panamax |
| 2018 |
| 81,704 |
| No(1) |
Navios Horizon I |
| Panamax |
| 2019 |
| 81,692 |
| No(1) |
(1) Purchase option in the form of the right of first refusal and profit share on sale of vessel.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes 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 before interest and finance costs, depreciation and amortization (including intangible accelerated amortization) and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document 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 decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) gain on sale of assets; (vi) non-cash amortization of deferred revenue and straight line effect of the containerships and tankers charters with de-escalating rates; (vii) stock-based compensation; and (viii) amortization of operating lease assets/ liabilities. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners 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.
Each of 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 Partners’ 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 Partners’ 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.
We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Basic Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
|
| Three Month Period Ended |
| Three Month Period Ended | ||||
(in thousands of U.S. dollars) |
| (unaudited) |
| (unaudited) | ||||
Net cash provided by operating activities |
| $ | 94,516 |
|
| $ | 5,153 |
|
Net (decrease)/ increase in operating assets |
|
| (21,359 | ) |
|
| 53,956 |
|
Net decrease in operating liabilities |
|
| 62,023 |
|
|
| 60,013 |
|
Net interest cost |
|
| 33,907 |
|
|
| 13,225 |
|
Amortization and write-off of deferred finance costs and discount |
|
| (2,031 | ) |
|
| (1,324 | ) |
Amortization of operating lease assets/ liabilities |
|
| (2,558 | ) |
|
| 211 |
|
Non-cash amortization of deferred revenue and straight line |
|
| (9,111 | ) |
|
| (5,074 | ) |
Stock-based compensation |
|
| (1 | ) |
|
| (42 | ) |
Gain on sale of vessels, net |
|
| 33,450 |
|
|
| — |
|
EBITDA |
| $ | 188,836 |
|
| $ | 126,118 |
|
Gain on sale of vessels, net |
|
| (33,450 | ) |
|
| — |
|
Adjusted EBITDA |
| $ | 155,386 |
|
| $ | 126,118 |
|
|
|
|
|
|
|
|
|
|
|
| Three Month Period Ended |
| Three Month Period Ended | ||||
(in thousands of U.S. dollars) |
| (unaudited) |
| (unaudited) | ||||
Net cash provided by operating activities |
| $ | 94,516 |
|
| $ | 5,153 |
|
Net cash provided by/ (used in) investing activities |
| $ | 44,232 |
|
| $ | (21,669 | ) |
Net cash used in financing activities |
| $ | (100,635 | ) |
| $ | (44,734 | ) |
|
|
|
|
|
|
|
|
|
