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Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2021

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Navios Maritime Partners L.P.
Navios Maritime Partners L.P.
  • Revenue:

    • $268.1 million for Q4 2021

    • $713.2 million for the year ended 2021

  • Net cash from operating activities:

    • $129.0 million for Q4 2021

    • $277.2 million for the year ended 2021

  • Net Income:

    • $117.5 million for Q4 2021

    • $516.2 million for the year ended 2021

  • Adjusted EBITDA:

    • $156.6 million for Q4 2021

    • $426.5 million for the year ended 2021

  • Fleet Update

    • ~$1.0 billion investment in 18 newbuilding vessels delivering through 2024

      • Acquisition of four 5,300 TEU newbuilding containerships in Q4 2021

    • Sale of two 16-year old containerships for $220.0 million

  • ~$670 million contracted revenue from long-term time charters for 11 containerships concluded since Q4 2021

MONACO, Feb. 17, 2022 (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 fourth quarter and year ended December 31, 2021.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the outstanding results for the fourth quarter and full year of 2021. During the fourth quarter of 2021, Navios Partners recorded revenue of $268.1 million, Adjusted EBITDA of $156.6 million and Adjusted Net Income of $121.8 million. For the full year of 2021, Navios Partners recorded revenue of $713.2 million, Adjusted EBITDA of $426.5 million, and Adjusted Net Income of $364.1 million.”

Angeliki Frangou continued, “In 2021, we reimagined the public shipping company. Today, Navios Partners is one of the leading U.S. publicly-listed shipping companies diversified across 15 vessel types in three segments, servicing more than 10 end markets. Each segment works independently to mitigate volatility from the other. While we do not expect this to work perfectly, we believe the diversity will sufficiently reduce volatility and create flexibility in our operational and financial decision-making process as we charter, purchase and sell vessels and finance our activities.”

Fleet Update

  • Acquisition of four 5,300 TEU Newbuilding Containerships in Q4 2021

In November 2021, Navios Partners agreed to purchase four 5,300 TEU newbuilding containerships (two plus two optional) for a purchase price of $62.8 million each. The vessels are expected to be delivered into Navios Partners’ fleet during 2024. The closing of the transaction of the two optional containerships is subject to completion of customary documentation.

Following the acquisition of the four vessels, Navios Partners has an approximately $1.0 billion investment in 18 newbuilding vessels delivering through 2024.

  • Sale of two 16-year old Containerships

In February 2022, Navios Partners agreed to sell the Navios Utmost and the Navios Unite, two 2006-built Containerships of 8,204 TEU each, to an unrelated third party for an aggregate sales price of $220.0 million. The sale is expected to be completed during the second half of 2022.

Following the above transactions, Navios Partners will own and operate a fleet comprised of 54 dry bulk vessels, 47 containerships and 45 tanker vessels.

Secured Long-term Time Charters for 11 Containerships

Navios Partners has secured new long-term time charters for 11 containerships which are expected to generate approximately $670 million contracted revenue.

  • Four 5,300 TEU newbuilding containerships, expected to be delivered in 2024, have been chartered-out for an average period of 64 months, at an average net rate of $37,282 per day.

  • Three 4,250 TEU containerships have been chartered-out for an average period of approximately 36 months, at an average net rate of $50,181 per day (2.7x the current average contracted net rate of $18,541).

  • Two 3,450 TEU containerships have been chartered-out for an average period of approximately 45 months, at an average net rate of $44,250 per day (3.2x the current average contracted net rate of $13,643).

  • Two 2,750 TEU containership have been chartered-out for an average period of approximately 37 months, at an average net rate of $41,805 per day (2.5x the current average contracted net rate of $16,788).

Financing Update

In December 2021, Navios Partners entered into a new sustainability linked credit facility with a commercial bank for a total amount of up to $72.7 million for the refinancing of the existing credit facilities of three tanker and two dry bulk vessels. On December 15, 2021, the full amount was drawn. The new credit facility is repayable in 19 consecutive quarterly installments of $2.2 million each together with a final balloon payment of $30.3 million to be paid on the last repayment date. The facility matures in the fourth quarter of 2026 and bears interest at LIBOR plus a margin (ranging from 270 bps to 280 bps per annum depending on the emission efficiency ratio of the vessels as defined in the loan agreement).

Cash Distribution

The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2021 of $0.05 per unit. The cash distribution was paid on February 11, 2022 to all unitholders of record as of February 9, 2022. 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.

Long-Term Cash Flow

Navios Partners has entered into short, medium and long-term time charter-out agreements for its vessels with a remaining average term of approximately 1.8 years. Navios Partners has currently fixed 53.2% of its available days for 2022 and 27.2% for 2023. Navios Partners expects to generate contracted revenues of approximately $697.2 million and $499.2 million for 2022 and for 2023, respectively. The average expected daily charter-out rate for the fleet is $27,957 and $37,530 for 2022 and for 2023, 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 and years ended December 31, 2021 and 2020. 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”).

Upon completion of the merger (“NMCI Merger”) with Navios Maritime Containers L.P. (“Navios Containers”) on March 31, 2021, beginning from April 1, 2021, and obtaining control over Navios Maritime Acquisition Corporation (“Navios Acquisition”) on August 25, 2021, beginning from August 26, 2021, the results of operations of Navios Containers and Navios Acquisition are included in Navios Partners’ Consolidated Statements of Operations. On October 15, 2021, Navios Partners completed its merger (“NNA Merger”) with Navios Acquisition.

Three Month Period Ended
December 31, 2021

Three Month Period Ended
December 31, 2020

Year Ended
December 31, 2021

Year Ended
December 31, 2020

(in $‘000 except per unit data)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue

$

268,146

$

69,233

$

713,175

$

226,771

Net Income/ (Loss) attributable to Navios Partners’ unitholders

$

117,540

$

(50,167

)

$

516,186

$

(68,541

)

Adjusted Net Income attributable to Navios Partners’ unitholders

$

121,832

(1)

$

12,830

(2)

$

364,146

(3)

$

9,936

(4)

Net cash provided by operating activities

$

129,020

$

25,386

$

277,173

$

94,086

EBITDA

$

152,351

$

(27,448

)

$

578,511

$

21,366

Adjusted EBITDA

$

156,643

(1)

$

35,549

(2)

$

426,471

(3)

$

99,843

(4)

Earnings/ (Loss) attributable to Navios Partners’ unitholders per Common Unit basic

$

3.89

$

(4.39

)

$

22.36

$

(6.13

)

Earnings/ (Loss) attributable to Navios Partners’ Unitholders per Common Unit diluted

$

3.89

$

(4.39

)

$

22.32

$

(6.13

)

Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic

$

4.03

(1)

$

1.12

(2)

$

15.78

(3)

$

0.89

(4)

Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit diluted

$

4.03

(1)

$

1.12

(2)

$

15.75

(3)

$

0.89

(4)

(1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the three month period ended December 31, 2021 have been adjusted to exclude a: (i) $3.3 million gain related to the sale of one of our vessels; and (ii) $7.6 million of transaction costs in relation to the NNA Merger.

(2) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the three month period ended December 31, 2020 have been adjusted to exclude a: (i) $51.0 million impairment loss related to four of our vessels; and (ii) $12.0 million impairment loss related to the sale of two of our vessels.

(3) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the year ended December 31, 2021 have been adjusted to exclude: (i) an $80.8 million gain from equity in net earnings of affiliated companies; (ii) a $48.0 million bargain gain upon obtaining control over Navios Acquisition and upon completion of NMCI Merger; (iii) a $33.6 million gain related to the sale of eight of our vessels; and (iv) $10.4 million of transaction costs in relation to the NNA Merger and NMCI Merger.

(4) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the year ended December 31, 2020 have been adjusted to exclude a: (i) $6.9 million loss related to the other-than-temporary impairment recognized in the Navios Partners’ receivable from Navios Europe II; (ii) $57.8 million impairment loss related to seven of our vessels; and (iii) $13.8 million impairment loss relating to the sale of three of our vessels.

Three month periods ended December 31, 2021 and 2020

Time charter and voyage revenues for the three month period ended December 31, 2021 increased by approximately $198.9 million, or 287.4%, to $268.1 million, as compared to $69.2 million for the same period in 2020. 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 period ended December 31, 2021, TCE rate increased by 64.1% to $23,005 per day, as compared to $14,021 per day for the same period in 2020. The available days of the fleet increased by 136.5% to 11,363 days for the three month period ended December 31, 2021, as compared to 4,805 for the same period in 2020 mainly due to the mergers with Navios Containers and Navios Acquisition.

EBITDA of Navios Partners for the three month periods ended December 31, 2021 and 2020 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by approximately $121.1 million to $156.6 million for the three month period ended December 31, 2021, as compared to $35.5 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to a: (i) $198.9 million increase in time charter and voyage revenues; and (ii) $1.1 million increase in net loss attributable to noncontrolling interest. The above increase was partially mitigated by: (i) a $47.5 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) a $13.9 million increase in time charter and voyage expenses; (iii) an $8.5 million increase in general and administrative expenses, mainly due to the increased fleet; (iv) a $6.3 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); (v) a $2.2 million decrease in other income, net and (vi) a $0.5 million decrease in equity net earnings of affiliated companies.

Net income/(loss) attributable to Navios Partners’ unitholders for the three month periods ended December 31, 2021 and 2020 was affected by the items described in the table above. Excluding these items, Adjusted Net Income for the three month period ended December 31, 2021 amounted to $121.8 million as compared to $12.8 million for the three month period ended December 31, 2020. The increase in Adjusted Net Income was primarily due to a: (i) $121.1 million increase in Adjusted EBITDA; and (ii) $30.9 million increase in amortization of the unfavorable lease terms. The above increase was partially mitigated by a: (i) $30.9 million increase in depreciation and amortization expense; (ii) $9.6 million increase in interest expense and finance cost, net; (iii) $2.4 million increase in amortization for deferred drydock, special survey costs and other capitalized items; and (iv) $0.1 million decrease in interest income.

Years ended December 31, 2021 and 2020

Time charter and voyage revenues for the year ended December 31, 2021 increased by approximately $486.4 million, or 214.5%, to $713.2 million, as compared to $226.8 million for the same period in 2020. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in TCE rate. For the year ended December 31, 2021, TCE rate increased by 73.7% to $21,709 per day, as compared to $12,497 per day for the same period in 2020. The available days of the fleet increased by 82.9% to 31,884 days for the year ended December 31, 2021, as compared to 17,430 for the same period in 2020 mainly due to the NNA Merger and NMCI Merger.

EBITDA of Navios Partners for the years ended December 31, 2021 and 2020 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $326.7 million to $426.5 million for the year ended December 31, 2021, as compared to $99.8 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to a: (i) $486.4 million increase in time charter and voyage revenues; and (ii) $4.9 million increase in net loss attributable to noncontrolling interest. The above increase was partially mitigated by a: (i) $97.7 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) $25.1 million increase in time charter and voyage expenses; (iii) $17.5 million increase in general and administrative expenses, mainly due to the increased fleet; (iv) $13.0 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); (v) $10.2 million increase in other expense, net; and (vi) $1.1 million decrease in equity in net earnings of affiliated companies.

Net income attributable to Navios Partners’ unitholders for the year ended December 31, 2021 was approximately $516.2 million as compared to a $68.5 million net loss for the same period in 2020. Net income/ (loss) was affected by the items described in the table above. Excluding these items, Adjusted Net Income for the year ended December 31, 2021 amounted to $364.1 million compared to $9.9 million for the year ended December 31, 2020. The increase in Adjusted Net Income was primarily due to a: (i) $326.7 million increase in Adjusted EBITDA; (ii) $108.5 million increase in the amortization of the unfavorable lease terms recorded in the year ended December 31, 2021; and (iii) $0.3 million increase in interest income. The above increase was partially mitigated by: (i) a $56.7 million increase in depreciation and amortization expense; (ii) an $18.6 million increase in interest expense and finance cost, net; and (iii) a $6.0 million increase in amortization for deferred drydock, special survey costs and other capitalized items.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods and years ended December 31, 2021 and 2020 (including the Navios Containers’ fleet and Navios Acquisition’s tanker fleet for the periods from April 1, 2021 to December 31, 2021 and from August 26, 2021 to December 31, 2021, respectively).

Three Month Period Ended
December 31, 2021

Three Month Period Ended
December 31, 2020

Year Ended
December 31, 2021

Year Ended
December 31, 2020

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Available Days (1)

11,363

4,805

31,884

17,430

Operating Days (2)

11,289

4,780

31,631

17,245

Fleet Utilization (3)

99.3

%

99.5

%

99.2

%

98.9

%

Time Charter Equivalent Combined (per day) (4)

$

23,005

$

14,021

$

21,709

$

12,497

Time Charter Equivalent Drybulk (per day) (4)

$

29,548

$

12,722

$

23,331

$

10,989

Time Charter Equivalent Containers (per day) (4)

$

23,765

$

19,507

$

22,435

$

18,385

Time Charter Equivalent Tankers (per day) (4)

$

15,426

$

15,336

Vessels operating at period end

128

52

128

52


(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: Time Charter Equivalent rate per day is defined as voyage, time charter revenues and bareboat charter-out revenues (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 Thursday, February 17, 2022 to discuss the results for the fourth quarter and year ended December 31, 2021.

Call Date/Time: Thursday, February 17, 2022 at 8:30 am ET
Call Title: Navios Partners Q4 2021 Financial Results Conference Call
US Dial In: +1.866.518.6930
International Dial In: +1.203.518.9797
Conference ID: NMMQ421

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: +1.800.839.5128
International Replay Dial In: +1.402.220.1504

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, including TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, Navios Partners’ ability to realize the projected advantages of the NNA Merger, 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 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, 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, 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 Panamax, Capesize, Ultra-Handymax, Containerships and Tanker vessels in particular, fluctuations in charter rates for dry bulk vessels, 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, 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.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars except unit data)

December 31,
2021
(unaudited)

December 31,
2020
(unaudited)

ASSETS

Cash and cash equivalents, including restricted cash

$

169,446

$

30,728

Other current assets

56,894

30,052

Vessels, net

2,852,570

1,041,138

Other non-current assets

544,389

105,351

Total assets

$

3,623,299

$

1,207,269

LIABILITIES AND PARTNERS’ CAPITAL

Other current liabilities

$

140,368

$

51,417

Total borrowings, net (including current and non-current)

1,361,709

486,857

Other non-current liabilities

351,497

14,165

Total partners’ capital

1,769,725

654,830

Total liabilities and partners’ capital

$

3,623,299

$

1,207,269


NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except unit and per unit data)

Three Month Period Ended
December 31, 2021
(unaudited)

Three Month Period Ended
December 31, 2020
(unaudited)

Year Ended
December 31, 2021
(unaudited)

Year Ended
December 31, 2020
(unaudited)

Time charter and voyage revenues

$

268,146

$

69,233

$

713,175

$

226,771

Time charter and voyage expenses

(16,313

)

(2,381

)

(36,142

)

(11,028

)

Direct vessel expenses

(11,252

)

(2,667

)

(29,259

)

(10,337

)

Vessel operating expenses (entirely through related parties transactions)

(72,764

)

(25,308

)

(191,449

)

(93,732

)

General and administrative expenses

(16,744

)

(8,168

)

(41,461

)

(24,012

)

Depreciation and amortization of intangible assets

(45,508

)

(14,597

)

(112,817

)

(56,050

)

Amortization of unfavorable lease terms

30,936

108,538

Gain on sale of vessels

3,277

33,625

Vessels impairment loss

(62,997

)

(71,577

)

Interest expense and finance cost, net

(15,138

)

(5,523

)

(42,762

)

(24,159

)

Interest income

125

859

639

Impairment of receivable in affiliated company

(6,900

)

Other (expense)/ income, net

(585

)

1,569

(9,449

)

711

Equity in net earnings of affiliated companies

547

80,839

1,133

Transaction costs

(7,569

)

(10,439

)

Bargain gain

48,015

Net income/ (loss)

$

116,486

$

(50,167

)

$

511,273

$

(68,541

)

Net loss attributable to the noncontrolling interest

1,054

4,913

Net income/ (loss) attributable to Navios Partners’ unitholders

$

117,540

$

(50,167

)

$

516,186

$

(68,541

)


Earnings/ (loss) per unit:

Three Month
Period Ended
December 31, 2021

Three Month
Period Ended
December 31, 2020

Year Ended
December 31, 2021

Year Ended
December 31, 2020

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Earnings/ (loss) attributable to Navios Partners’ unitholders per unit:

Earnings/ (loss) attributable to Navios Partners’ unitholders per common unit, basic

$

3.89

$

(4.39

)

$

22.36

$

(6.13

)

Earnings/ (loss) attributable to Navios Partners’ unitholders per common unit, diluted

$

3.89

$

(4.39

)

$

22.32

$

(6.13

)


NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars except unit data)

Year Ended
December 31, 2021

Year Ended
December 31, 2020

(in thousands of U.S. dollars)

(unaudited)

(unaudited)

Net cash provided by operating activities

$

277,173

$

94,086

Net cash used in investing activities

$

(106,252

)

$

(83,854

)

Net cash used in financing activities

$

(32,203

)

$

(9,906

)

Increase in cash, cash equivalents and restricted cash

$

138,718

$

326

EXHIBIT 2

Owned Drybulk Vessels

Type

Built

Capacity
(DWT)

Serenitas N

Ultra-Handymax

2011

56,644

Navios Christine B

Ultra-Handymax

2009

58,058

Navios Amaryllis

Ultra-Handymax

2008

58,735

Navios La Paix

Ultra-Handymax

2014

61,485

Navios Symmetry

Panamax

2006

74,381

Navios Camelia

Panamax

2009

75,162

Navios Hope

Panamax

2005

75,397

Navios Libertas

Panamax

2007

75,511

Navios Prosperity I

Panamax

2007

75,527

Navios Hyperion

Panamax

2004

75,707

Navios Sagittarius

Panamax

2006

75,756

Navios Anthos

Panamax

2004

75,798

Navios Alegria

Panamax

2004

76,466

Navios Orbiter

Panamax

2004

76,602

Navios Sun

Panamax

2005

76,619

Navios Helios

Panamax

2005

77,075

Navios Victory

Panamax

2014

77,095

Unity N

Panamax

2011

79,642

Odysseus N

Panamax

2011

79,642

Navios Avior

Panamax

2012

81,355

Navios Centaurus

Panamax

2012

81,472

Navios Harmony

Panamax

2006

82,790

Navios Sphera

Panamax

2016

84,872

Navios Apollon I

Panamax

2005

87,052

Copernicus N

Panamax

2010

93,062

Navios Aurora II

Capesize

2009

169,031

Navios Symphony

Capesize

2010

178,132

Navios Ace

Capesize

2011

179,016

Navios Melodia

Capesize

2010

179,132

Navios Luz

Capesize

2010

179,144

Navios Azimuth

Capesize

2011

179,169

Navios Buena Ventura

Capesize

2010

179,259

Navios Fulvia

Capesize

2010

179,263

Navios Aster

Capesize

2010

179,314

Navios Ray

Capesize

2012

179,515

Navios Bonavis

Capesize

2009

180,022

Navios Fantastiks

Capesize

2005

180,265

Navios Sol

Capesize

2009

180,274

Navios Beaufiks

Capesize

2004

180,310

Navios Pollux

Capesize

2009

180,727

Navios Mars

Capesize

2016

181,259

Navios Gem

Capesize

2014

181,336

Navios Joy

Capesize

2013

181,389

Navios Koyo

Capesize

2011

181,415


Owned Containerships

Type

Built

Capacity
(TEU)

Spectrum N

Containership

2009

2,546

Protostar N

Containership

2007

2,741

Fleur N

Containership

2012

2,782

Ete N

Containership

2012

2,782

Navios Summer

Containership

2006

3,450

Matson Oahu

Containership

2006

3,450

Navios Spring

Containership

2007

3,450

Matson Lanai (ex. Navios Amaranth)

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 Devotion

Containership

2009

4,250

Navios Destiny

Containership

2009

4,250

Navios Lapis

Containership

2009

4,250

Navios Tempo

Containership

2009

4,250

Navios Dorado

Containership

2010

4,250

Navios Felicitas

Containership

2010

4,360

Bahamas

Containership

2010

4,360

Bermuda

Containership

2010

4,360

Navios Miami

Containership

2009

4,563

Navios Magnolia

Containership

2008

4,730

Navios Jasmine

Containership

2008

4,730

Navios Chrysalis

Containership

2008

4,730

Navios Nerine

Containership

2008

4,730

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

Navios Utmost(1)

Containership

2006

8,204

Navios Unite(1)

Containership

2006

8,204

Navios Unison

Containership

2010

10,000

Navios Constellation

Containership

2011

10,000

(1) Vessel agreed to be sold.

Owned Tanker Vessels

Type

Built

Capacity
(DWT)

Nave Cosmos

Chemical Tanker

2010

25,130

Nave Polaris

Chemical Tanker

2011

25,145

Perseus N

MR1 Product Tanker

2009

36,264

Star N

MR1 Product Tanker

2009

37,836

Hector N

MR1 Product Tanker

2008

38,402

Nave Dorado

MR2 Product Tanker

2005

47,999

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 Pyxis

MR2 Product Tanker

2014

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

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 Orbit

MR2 Product Tanker

2009

50,470

Nave Equator

MR2 Product Tanker

2009

50,542

Bougainville

MR2 Product Tanker

2013

50,626

Nave Equinox

MR2 Product Tanker

2007

50,922

Nave Pulsar

MR2 Product Tanker

2007

50,922

Aurora N

LR1 Product Tanker

2008

63,495

Lumen N

LR1 Product Tanker

2008

63,599

Nave Cetus

LR1 Product Tanker

2012

74,581

Nave Ariadne

LR1 Product Tanker

2007

74,671

Nave Cielo

LR1 Product Tanker

2007

74,671

Nave Rigel

LR1 Product Tanker

2013

74,673

Nave Atropos

LR1 Product Tanker

2013

74,695

Nave Cassiopeia

LR1 Product Tanker

2012

74,711

Nave Andromeda

LR1 Product Tanker

2011

75,000

Nave Estella

LR1 Product Tanker

2012

75,000

Nave Constellation

VLCC

2010

296,988

Nave Universe

VLCC

2011

297,066

Nave Galactic

VLCC

2009

297,168

Nave Spherical

VLCC

2009

297,188

Nave Quasar

VLCC

2010

297,376

Nave Photon

VLCC

2008

297,395

Nave Buena Suerte

VLCC

2011

297,491

Nave Synergy

VLCC

2010

299,973


Bareboat Chartered-in vessels

Type

Built

Capacity
(DWT)

Purchase Option

Navios Star

Panamax

2021

81,994

Yes

Navios Amitie

Panamax

2021

82,002

Yes

Navios Libra

Panamax

2019

82,011

Yes

Nave Electron

VLCC

2021

313,239

Yes

Baghdad

VLCC

2020

313,433

Yes

Erbil

VLCC

2021

313,486

Yes


Bareboat Chartered-in vessels to be delivered

Type

Delivery date

Capacity
(DWT)

Purchase Option

TBN I

Capesize

H2 2022

180,000

Yes

TBN II

Capesize

H2 2022

180,000

Yes

TBN III

Capesize

H2 2022

180,000

Yes

TBN VII

Capesize

H1 2023

180,000

Yes

TBN V

Capesize

H1 2023

180,000

Yes

TBN XIV

VLCC

H2 2022

310,000

Yes


Owned to be delivered

Type

Delivery Date

Capacity
DWT / (TEU)

TBN IV

Panamax

H2 2022

81,000

TBN VI

Panamax

H1 2023

81,000

TBN VIII

Containership

H2 2023

5,300

TBN IX

Containership

H2 2023

5,300

TBN X

Containership

H1 2024

5,300

TBN XI

Containership

H1 2024

5,300

TBN XV

Containership

H1 2024

5,300

TBN XVI

Containership

H1 2024

5,300

TBN XII

Containership

H2 2024

5,300

TBN XIII

Containership

H2 2024

5,300

TBN XVII

Containership

H2 2024

5,300

TBN XVIII

Containership

H2 2024

5,300

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders and Adjusted Earnings/ (Loss) attributable to Navios Partners’ unitholders 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/ (loss) attributable to Navios Partners’ unitholders 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 (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred financing cost; (v) equity in net earnings/ (loss) of affiliated companies; (vi) impairment charges; (vii) non-cash accrued interest income and amortization of deferred revenue; (viii) stock-based compensation expense; (ix) non-cash accrued interest income from receivable from affiliated companies; (x) amortization of operating lease right-of-use asset; (xi) gain/(loss) on sale of assets and bargain purchase gain; and (xii) net loss attributable to noncontrolling interest. 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 / (Loss) attributable to Navios Partners’ unitholders by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Basic Earnings / (Loss) attributable to Navios Partners’ unitholders per Common Unit is defined as Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders 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
December 31, 2021

Three Month Period Ended
December 31, 2020

Year Ended
December 31, 2021

Year Ended
December 31, 2020

($ ‘000)
(unaudited)

($ ‘000)
(unaudited)

($ ‘000)
(unaudited)

($ ‘000)
(unaudited)

Net cash provided by operating activities

$

129,020

$

25,386

$

277,173

$

94,086

Net increase/ (decrease) in operating assets

30,751

(766

)

93,092

7,261

Net (increase)/ decrease in operating liabilities

(23,515

)

7,126

3,274

(22,207

)

Net interest cost

15,138

5,398

41,903

23,520

Amortization and write-off of deferred financing cost

(1,273

)

(571

)

(3,741

)

(2,141

)

Amortization of operating lease right-of-use asset

214

(253

)

401

(956

)

Non cash accrued interest income and amortization of deferred revenue

(2,162

)

400

(460

)

1,588

Stock-based compensation

(153

)

(223

)

(523

)

(946

)

Gain on sale of vessels

3,277

33,625

Vessels impairment loss

(62,997

)

(71,577

)

Bargain gain

48,015

Impairment of receivable in affiliated company

(6,900

)

Allowance for credit losses

(1,495

)

(1,495

)

Equity in net earnings of affiliated companies

547

80,839

1,133

Net loss attributable to noncontrolling interest

1,054

4,913

EBITDA

$

152,351

$

(27,448

)

$

578,511

$

21,366

Equity in net earnings of affiliated companies

(80,839

)

Bargain gain

(48,015

)

Transaction costs

7,569

10,439

Gain on sale of vessels

(3,277

)

(33,625

)

Impairment of receivable in affiliated company

6,900

Vessels impairment loss

62,997

71,577

Adjusted EBITDA

$

156,643

$

35,549

$

426,471

$

99,843


Three Month Period Ended
December 31, 2021

Three Month Period Ended
December 31, 2020

Year Ended
December 31, 2021

Year Ended
December 31, 2020

($ ‘000)
(unaudited)

($ ‘000)
(unaudited)

($ ‘000)
(unaudited)

($ ‘000)
(unaudited)

Net cash provided by operating activities

$

129,020

$

25,386

$

277,173

$

94,086

Net cash used in investing activities

$

(3,200

)

$

(5,508

)

$

(106,252

)

$

(83,854

)

Net cash used in financing activities

$

(97,554

)

$

(19,765

)

$

(32,203

)

$

(9,906

)