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, 2022.
Angeliki Frangou, Chairwoman and Chief Executive
Officer of Navios Partners stated, “I am pleased with the results
for the first quarter of 2022. During the first quarter of 2022,
Navios Partners recorded revenue of $236.6 million, EBITDA of
$126.1 million and net income of $85.7 million, or $2.78 earnings
per common unit.”
Angeliki Frangou continued, “We stand at the
crossroads of a war in Ukraine, rising interest rates and a
zero-Covid policy in China. There is no crystal ball to understand
how this will evolve. In the meantime, governments and companies
are quick to act to satisfy their short term needs as they consider
long-term policies in light of these uncertainties.”
Angeliki Frangou also stated, “We believe our
diversified structure offers the opportunity for continuous
accretive growth. As previously announced, this quarter we agreed
to acquire four Aframax / LR2 tankers on the back of charter
commitments from an investment grade counterparty. These vessels
are designed with the latest technology and can carry either crude
or products. Through this transaction, we entered a new sub-segment
with reduced risk and excellent long-term prospects.”
Fleet Update
- Acquisition of four 115,000 dwt Aframax/LR2 Newbuilding
vessels in April 2022
In April 2022, Navios Partners agreed to
purchase four 115,000 dwt Aframax/LR2 newbuilding vessels for a
purchase price of $58.5 million each (plus $4.2 million in
additional features). The vessels have been designed with the
latest technology to optimize efficiency. They are expected to be
delivered into Navios Partners’ fleet during 2024 and the first
quarter of 2025. The closing of the transaction is subject to
completion of customary documentation.
$185 million Secured Long-term Time
Charters for four vessels
Navios Partners has secured new long-term time
charters for four vessels which are expected to generate
approximately $185 million of contracted revenue.
- Two 115,000 dwt Aframax/LR2
newbuilding vessels, expected to be delivered in 2024, have been
chartered-out for an average period of 60 months, at a net rate of
$25,576 per day. The charterer has an option to extend the charter
for a further five one-year options at rates increasing by $1,234
per day each year. In addition, the charterer has the option to
charter one or both of the two additional tanker vessels on
identical terms. The option can be exercised by mid October
2022.
- One 310,000 dwt newbuilding VLCC
expected to be delivered in second half 2022, has been bareboat
chartered-out for an average period of 22 months, at a floating
rate on adjusted TD3C-WS with a floor of $22,572 net per day and
ceiling of $29,700 net per day.
- One 4,250 TEU containership has
been chartered-out for an average period of 62 months, at an
average net rate of $40,743 per day (2.0x the current average
contracted net rate of $20,845).
Following the above charters, Navios Partners
has $2.8 billion in contracted revenue through 2031.
Financing Update
On May 9, 2022, Navios Partners entered into a
new credit facility with a commercial bank for a total amount of up
to $25.2 million in order to refinance existing indebtedness and
for working capital purposes. The credit facility: (i) has an
amortization profile of approximately six years; (ii) matures in
the second quarter of 2027; and (iii) bears interest at Term
Secured Overnight Financing Rate (SOFR) plus credit adjustment
spread plus 250 bps per annum.
On March 28, 2022, Navios Partners entered into
a new credit facility with a commercial bank for a total amount of
up to $55.0 million in order to refinance the existing indebtedness
of three of its vessels and for general corporate purposes. The
credit facility matures in March 2027 and bears interest at daily
cumulative or non-cumulative compounded RFR rate (as defined in the
loan agreement) plus 2.25% per annum. On March 31, 2022, the entire
amount was drawn under this loan.
Cash Distribution
The Board of Directors of Navios Partners
declared a cash distribution for the first quarter of 2022 of $0.05
per unit. The cash distribution will be payable on May 12, 2022 to
all unitholders of record as of May 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.
Operating Highlights
Navios Partners owns and operates a fleet
comprised of 54 dry bulk vessels, 47 containerships and 49 tanker
vessels, including three newbuilding Capesize bareboat charter-in
vessels expected to be delivered by the second half of 2022, two
newbuilding Capesize bareboat charter-in vessels expected to be
delivered by the first half of 2023, two newbuilding Panamax
vessels expected to be delivered by the second half of 2022 and
first half of 2023, one newbuilding VLCC bareboat charter-in vessel
expected to be delivered by the second half of 2022, four
newbuilding Aframax/LR2 vessels expected to be delivered in 2024
and first half of 2025, ten newbuilding Containerships expected to
be delivered by the second half of 2023 and in 2024 and two
Containerships agreed to be sold and expected to be delivered in
the second half of 2022.
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 55.4% of its available days for the remaining
nine months of 2022 and 29.0% for 2023. Navios Partners expects to
generate contracted revenues of approximately $563.3 million and
$542.7 million for the remaining nine months of 2022 and for 2023,
respectively. The average expected daily charter-out rate for the
fleet is $28,697 and $38,253 for the remaining nine months of 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 ended March 31, 2022 and 2021. 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 EndedMarch 31,
2022 |
|
Three Month Period EndedMarch 31,
2021(unaudited) |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
|
|
Revenue |
$ |
236,617 |
|
$ |
65,063 |
|
| Net Income |
$ |
85,665 |
|
$ |
136,679 |
|
| Adjusted Net Income |
$ |
85,665 |
|
$ |
11,787 |
(1) |
| Net cash provided by operating
activities |
$ |
5,153 |
|
$ |
16,177 |
|
| EBITDA |
$ |
126,118 |
|
$ |
158,551 |
|
| Adjusted EBITDA |
$ |
126,118 |
|
$ |
33,659 |
(1) |
| Earnings per Common Unit
basic |
$ |
2.78 |
|
$ |
11.78 |
|
| Earnings per Common Unit
diluted |
$ |
2.78 |
|
$ |
11.69 |
|
| Adjusted Earnings per Common
Unit basic |
$ |
2.78 |
|
$ |
1.02 |
(1) |
| Adjusted Earnings per Common
Unit diluted |
$ |
2.78 |
|
$ |
1.01 |
(1) |
(1) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings per Common Unit basic and diluted for the three
month period ended March 31, 2021 have been adjusted to exclude:
(i) an $80.8 million gain from equity in net earnings of affiliated
companies; and (ii) a $44.1 million bargain purchase gain upon
obtaining control over Navios Containers.
Three month periods ended March 31, 2022
and 2021
Time charter and voyage revenues for the three
month period ended March 31, 2022 increased by approximately $171.5
million, or 263.4%, to $236.6 million, as compared to $65.1 million
for the same period in 2021. 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 March 31, 2022, TCE rate increased by 37.4% to
$20,386 per day, as compared to $14,836 per day for the same period
in 2021. The available days of the fleet increased by 164.1% to
11,228 days for the three month period ended March 31, 2022, as
compared to 4,252 for the same period in 2021 mainly due to the
NMCI Merger and the NNA Merger.
EBITDA of Navios Partners for the three month
periods ended March 31, 2022 and 2021 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by approximately $92.4 million to $126.1 million
for the three month period ended March 31, 2022, as compared to
$33.7 million for the same period in 2021. The increase in Adjusted
EBITDA was primarily due to a: (i) $171.5 million increase in time
charter and voyage revenues; and (ii) $0.5 million decrease in loss
on sale of vessels. The above increase was partially mitigated by:
(i) a $50.2 million increase in vessel operating expenses, mainly
due to the increased fleet; (ii) a $14.6 million increase in time
charter and voyage expenses; (iii) an $9.0 million increase in
general and administrative expenses, mainly due to the increased
fleet; (iv) a $4.9 million increase in direct vessel expenses
(excluding the amortization of deferred drydock, special survey
costs and other capitalized items); and (v) a $0.9 million increase
in other expense, net.
Net income for the three month periods ended
March 31, 2022 and 2021 was affected by the items described in the
table above. Excluding these items, Adjusted Net Income for the
three month period ended March 31, 2022 amounted to $85.7 million
as compared to $11.8 million for the three month period ended March
31, 2021. The increase in Adjusted Net Income was primarily due to
a: (i) $92.4 million increase in Adjusted EBITDA; and (ii) $21.8
million increase in amortization of the unfavorable lease terms.
The above increase was partially mitigated by a: (i) $29.8 million
increase in depreciation and amortization expense; (ii) $7.4
million increase in interest expense and finance cost, net; (iii)
$3.0 million increase in amortization of deferred drydock, special
survey costs and other capitalized items; and (iv) $0.1 million
decrease 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, 2022 and 2021 (including the Navios
Containers’ fleet and Navios Acquisition’s fleet beginning from
April 1, 2021 and August 26, 2021, respectively).
|
|
Three Month Period Ended March 31, 2022 |
|
Three Month Period Ended March 31, 2021 |
| |
(unaudited) |
|
(unaudited) |
|
Available Days (1) |
|
11,228 |
|
|
|
4,252 |
|
| Operating Days (2) |
|
11,072 |
|
|
|
4,201 |
|
| Fleet Utilization (3) |
|
98.6 |
% |
|
|
98.8 |
% |
| TCE Combined (per day)
(4) |
$ |
20,386 |
|
|
$ |
14,836 |
|
| TCE Drybulk (per day) (4) |
$ |
19,848 |
|
|
$ |
13,050 |
|
| TCE Containers (per day)
(4) |
$ |
27,214 |
|
|
$ |
23,794 |
|
| TCE Tankers (per day) (4) |
$ |
15,345 |
|
|
|
— |
|
| Vessels operating at period
end |
|
128 |
|
|
|
79 |
|
|
(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 Tuesday, May 10, 2022 to discuss the results for
the first quarter ended March 31, 2022.
Call Date/Time: Tuesday, May 10, 2022 at 8:30 am ETCall Title:
Navios Partners Q1 2022 Financial Results Conference Call US
Dial In: +1.800.909.5202International Dial In:
+1.203.518.9544Conference ID: NMMQ122
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: +1.800.839.5635International Replay Dial In:
+1.402.220.2561
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, 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 dry bulk,
containerships and tanker vessels in particular, fluctuations in
charter rates for dry bulk, 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
8645Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc.+1 (212) 661
7566naviospartners@capitallink.comEXHIBIT 1
NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA(Expressed in thousands
of U.S. Dollars except unit data)
| |
|
March
31,2022(unaudited) |
|
December 31,2021(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents, including restricted cash |
|
$ |
108,196 |
|
$ |
169,446 |
|
Other current assets |
|
|
100,354 |
|
|
56,894 |
|
Vessels, net |
|
|
2,819,311 |
|
|
2,852,570 |
|
Other non-current assets |
|
|
556,541 |
|
|
544,389 |
|
Total assets |
|
$ |
3,584,402 |
|
$ |
3,623,299 |
| |
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
Other current liabilities |
|
$ |
80,573 |
|
$ |
140,368 |
|
Total borrowings, net (including current and non-current) |
|
|
1,319,840 |
|
|
1,361,709 |
|
Other non-current liabilities |
|
|
330,098 |
|
|
351,497 |
|
Total partners’ capital |
|
|
1,853,891 |
|
|
1,769,725 |
|
Total liabilities and partners’ capital |
|
$ |
3,584,402 |
|
$ |
3,623,299 |
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 EndedMarch 31,
2022(unaudited) |
|
Three Month Period EndedMarch 31,
2021(unaudited) |
|
Time charter and voyage revenues |
|
$ |
236,617 |
|
|
$ |
65,063 |
|
| Time charter and voyage
expenses |
|
|
(17,143 |
) |
|
|
(2,495 |
) |
| Direct vessel expenses |
|
|
(11,193 |
) |
|
|
(3,154 |
) |
| Vessel operating expenses
(entirely through related parties transactions) |
|
|
(73,172 |
) |
|
|
(22,962 |
) |
| General and administrative
expenses |
|
|
(13,916 |
) |
|
|
(4,907 |
) |
| Depreciation and amortization
of intangible assets |
|
|
(42,866 |
) |
|
|
(13,087 |
) |
| Amortization of unfavorable
lease terms |
|
|
21,839 |
|
|
|
— |
|
| Loss on sale of vessels |
|
|
— |
|
|
|
(511 |
) |
| Interest expense and finance
cost, net |
|
|
(13,227 |
) |
|
|
(5,844 |
) |
| Interest income |
|
|
2 |
|
|
|
115 |
|
| Other expense, net |
|
|
(1,276 |
) |
|
|
(431 |
) |
| Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
80,839 |
|
| Bargain gain |
|
|
— |
|
|
|
44,053 |
|
| Net
income |
|
$ |
85,665 |
|
|
$ |
136,679 |
|
Earnings per unit:
| |
|
Three MonthPeriod
EndedMarch 31, 2022 |
|
|
Three MonthPeriod
EndedMarch 31, 2021 |
|
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
Earnings per unit: |
|
|
|
|
|
|
|
|
| Earnings per common unit,
basic |
|
$ |
2.78 |
|
|
$ |
11.78 |
|
| Earnings per common unit,
diluted |
|
$ |
2.78 |
|
|
$ |
11.69 |
|
NAVIOS MARITIME PARTNERS
L.P.Other Financial Information(Expressed
in thousands of U.S. Dollars except unit data)
| |
Three MonthPeriod
EndedMarch 31, 2022 |
|
Three MonthPeriod
EndedMarch 31, 2021 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
5,153 |
|
|
$ |
16,177 |
|
| Net cash (used in)/ provided
by investing activities |
$ |
(21,669 |
) |
|
$ |
5,638 |
|
| Net cash used in financing
activities |
$ |
(44,734 |
) |
|
$ |
(1,163 |
) |
| (Decrease)/ increase
in cash, cash equivalents and restricted cash |
$ |
(61,250 |
) |
|
$ |
20,652 |
|
EXHIBIT 2
|
Owned Drybulk Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
| Navios Amaryllis |
|
Ultra-Handymax |
|
2008 |
|
58,735 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Serenitas N |
|
Ultra-Handymax |
|
2011 |
|
56,644 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
| Navios Anthos |
|
Panamax |
|
2004 |
|
75,798 |
| Navios Alegria |
|
Panamax |
|
2004 |
|
76,466 |
| Navios Orbiter |
|
Panamax |
|
2004 |
|
76,602 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Apollon I |
|
Panamax |
|
2005 |
|
87,052 |
| Navios Symmetry |
|
Panamax |
|
2006 |
|
74,381 |
| Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
| Navios Harmony |
|
Panamax |
|
2006 |
|
82,790 |
| Navios Libertas |
|
Panamax |
|
2007 |
|
75,511 |
| Navios Prosperity I |
|
Panamax |
|
2007 |
|
75,527 |
| Navios Camelia |
|
Panamax |
|
2009 |
|
75,162 |
| Copernicus N |
|
Panamax |
|
2010 |
|
93,062 |
| 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 Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Navios Sphera |
|
Panamax |
|
2016 |
|
84,872 |
| Navios Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
| Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
| Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
| Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
| Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
| Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
| 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 Mars |
|
Capesize |
|
2016 |
|
181,259 |
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Matson Oahu |
|
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 |
| Navios Utmost(1) |
|
Containership |
|
2006 |
|
8,204 |
| Navios
Unite(1) |
|
Containership |
|
2006 |
|
8,204 |
| 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 |
| Navios Felicitas |
|
Containership |
|
2010 |
|
4,360 |
| Bahamas |
|
Containership |
|
2010 |
|
4,360 |
| Zim Carmel (ex. Bermuda) |
|
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 |
(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 |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| Perseus N |
|
MR1 Product Tanker |
|
2009 |
|
36,264 |
| Star N |
|
MR1 Product Tanker |
|
2009 |
|
37,836 |
| Nave Dorado |
|
MR2 Product Tanker |
|
2005 |
|
47,999 |
| 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 |
| Aurora N |
|
LR1 Product Tanker |
|
2008 |
|
63,495 |
| Lumen N |
|
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 Photon |
|
VLCC |
|
2008 |
|
297,395 |
| 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 |
|
Bareboat Chartered-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
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 |
|
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 |
|
CapacityDWT / (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 |
| TBN XIX |
|
Aframax/LR2 |
|
H1 2024 |
|
115,000 |
| TBN XX |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XXI |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XXII |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
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 (increase)/
decrease in operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred financing cost;
(v) equity in net earnings of affiliated companies;
(vi) non-cash accrued interest income and amortization of
deferred revenue; (vii) stock-based compensation expense;
(viii) amortization of operating lease right-of-use asset; (ix)
loss on sale of assets and (x) bargain purchase gain. 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 EndedMarch 31,
2022 |
|
Three Month Period EndedMarch 31,
2021 |
| |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
Net cash provided by operating activities |
|
$ |
5,153 |
|
|
$ |
16,177 |
|
| Net increase in operating
assets |
|
|
53,956 |
|
|
|
16,975 |
|
| Net decrease/ (increase) in
operating liabilities |
|
|
60,013 |
|
|
|
(3,441 |
) |
| Net interest cost |
|
|
13,225 |
|
|
|
5,729 |
|
| Amortization and write-off of
deferred financing cost |
|
|
(1,324 |
) |
|
|
(1,290 |
) |
| Amortization of operating
lease right-of-use asset |
|
|
211 |
|
|
|
(255 |
) |
| Non-cash accrued interest
income and amortization of deferred revenue |
|
|
(5,074 |
) |
|
|
393 |
|
| Stock-based compensation |
|
|
(42 |
) |
|
|
(118 |
) |
| Loss on sale of vessels |
|
|
— |
|
|
|
(511 |
) |
| Bargain gain |
|
|
— |
|
|
|
44,053 |
|
| Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
80,839 |
|
| EBITDA |
|
$ |
126,118 |
|
|
$ |
158,551 |
|
| Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
(80,839 |
) |
| Bargain gain |
|
|
— |
|
|
|
(44,053 |
) |
| Adjusted
EBITDA |
|
$ |
126,118 |
|
|
$ |
33,659 |
|
| |
|
Three Month Period EndedMarch 31,
2022 |
|
Three Month Period EndedMarch 31,
2021 |
| |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
Net cash provided by operating activities |
|
$ |
5,153 |
|
|
$ |
16,177 |
|
| Net cash (used in)/ provided
by investing activities |
|
$ |
(21,669 |
) |
|
$ |
5,638 |
|
| Net cash used in financing
activities |
|
$ |
(44,734 |
) |
|
$ |
(1,163 |
) |
Navios Maritime Partners (NYSE:NMM)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Navios Maritime Partners (NYSE:NMM)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
