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, 2024.
Angeliki Frangou, Chairwoman and Chief Executive Officer of
Navios Partners stated, “I am pleased with the results for
the first quarter of 2024. We reported
revenue of $318.6 million and net income of
$73.4 million. Earnings per common unit were
$2.38.”
Angeliki Frangou continued, “In the first quarter
of 2024, regional conflict, particularly in
the Middle East, continued to drive transportation.
The US and European economies were
generally healthy. As a result, this was Navios Partners’
strongest first quarter financial performance ever.
We remain cautious
as this robust maritime environment can
change quickly. As usual, we focus on things that
we can control, such as reducing leverage and modernizing
our energy efficient fleet. We are
taking long-term cover where available, as rates
are around or
exceeding long-term averages. For example, we
recently chartered-out a capesize vessel
for 2.9 years at a net daily rate of
$28,500.”Fleet update
|
• Sale of vessels YTD 2024 |
|
° $92.6 million gross sale proceeds from sale of four
vessels |
- Completed the sale of three vessels for $75.6
million
|
| During the first quarter of 2024,
Navios Partners completed the sale of a 2004-built panamax of
76,602 dwt to an unrelated third party, for gross sale proceeds of
$9.8 million. |
| |
| In May 2024, Navios Partners
completed the sale of a 2006-built panamax of 76,596 dwt and a
2009-built VLCC of 297,188 dwt to unrelated third parties, for
aggregate gross sale proceeds of $65.8 million. |
|
|
- Agreed to sell one vessel for $17.0
million
|
| During the first quarter of 2024,
Navios Partners agreed to sell a 2007-built containership of 3,450
TEU to an unrelated third party, for gross sale proceeds of $17.0
million. The sale is expected to be completed during the second
quarter of 2024. |
| |
|
• Acquisition of vessels YTD 2024 |
|
° $245.7 million acquisitions YTD 2024 |
- Acquisition of two newbuilding scrubber-fitted
aframax/LR2 tankers for $129.1 million
|
| During the first quarter of 2024,
Navios Partners agreed to acquire two newbuilding scrubber-fitted
aframax/LR2 tankers of 115,000 dwt, from an unrelated third party,
for a purchase price of $61.25 million each (plus $3.3 million per
vessel in additional features). The vessels are expected to be
delivered into Navios Partners’ fleet during 2027. |
|
|
- Acquisition of four Japanese-built kamsarmaxes
(previously chartered-in) for $116.6 million
|
| In March 2024, Navios Partners
declared its options to purchase a 2015-built scrubber-fitted
kamsarmax of 80,994 dwt, a 2016-built kamsarmax of 84,904 dwt, a
2017-built kamsarmax of 81,626 dwt and a 2017-built kamsarmax of
81,630 dwt, for an aggregate purchase price of approximately $116.6
million based on the expected delivery date. |
| |
|
• Three newbuilding vessels delivered YTD
2024 |
| |
| In January 2024 and April 2024,
Navios Partners took delivery of two 2024-built 5,300 TEU
containerships, which have been chartered-out at an average rate of
$37,050 net per day for a period of 5.2 years, as previously
announced. |
| |
| In May 2024, Navios Partners took
delivery of a 2024-built aframax/LR2 tanker, which has been
chartered-out at $26,366 net per day for a period of five years, as
previously announced. |
| |
|
• $211.2 million contracted revenue agreed YTD 2024; $3.3
billion total contracted revenue |
| |
| Navios Partners has entered into
new long-term charters which are expected to generate revenue of
$211.2 million. |
| |
|
° Two newbuilding aframax/LR2 tankers have been chartered-out for a
period of five years at $27,776 net per day.° One VLCC has been
chartered-out for a period of 1.7 years at $45,672 net per day.°
Two 2,750 TEU containerships have been chartered-out for a period
of 1.9 years at $19,009 net per day.° One 4,250 TEU containership
has been chartered-out for a period of 1.7 years at $24,440 net per
day.° One capesize has been chartered-out for a period of 2.9 years
at $28,500 net per day.° One kamsarmax has been chartered-out for a
period of 1.7 years at $17,290 net per day. |
|
|
| Including the above long-term
charters, Navios Partners has $3.3 billion contracted revenue
through 2037. |
| |
Financing update
In February 2024, Navios Partners entered into a sale and
leaseback agreement of $16.8 million with an unrelated third party
for a 2011-built capesize of 179,169 dwt. The sale and leaseback
agreement matures in the first quarter of 2030 and bears interest
at Term Secured Overnight Financing Rate plus 225 bps per
annum.
Cash distribution
The Board of Directors of Navios Partners declared a cash
distribution for the first quarter of 2024 of $0.05 per unit. The
cash distribution is paid on May 14, 2024 to unitholders of record
as of May 10, 2024. 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 76 dry
bulk vessels, 46 containerships and 54 tankers, including 17
newbuilding tankers (eleven aframax/LR2 and six MR2 product tanker
chartered-in vessels under bareboat contracts), that are expected
to be delivered through 2027 and nine newbuilding containerships
(seven 5,300 TEU containerships and two 7,700 TEU containerships),
that are expected to be delivered through 2025. The fleet excludes
one containership 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
2.0 years. Navios Partners has currently fixed 67.2% and 40.6% of
its available days for the last nine months of 2024 and for 2025,
respectively. Navios Partners expects contracted revenue of $732.0
million and $684.0 million for the last nine months of 2024 and for
2025, respectively. The average expected daily charter-out rate for
the fleet is $25,874 and $28,561 for the last nine months of 2024
and for 2025, 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, 2024 and 2023. 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”).
| |
|
|
|
|
|
| |
Three Month Period Ended |
|
|
Three Month Period Ended |
|
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
|
(unaudited) |
|
|
Revenue |
$ |
318,555 |
|
|
$ |
309,522 |
|
| Net Income |
$ |
73,361 |
|
|
$ |
99,165 |
|
| Adjusted Net Income |
$ |
71,484 |
(1) |
|
$ |
65,715 |
(2) |
| Net cash provided by operating
activities |
$ |
94,436 |
|
|
$ |
94,516 |
|
| EBITDA |
$ |
166,155 |
|
|
$ |
188,836 |
|
| Adjusted EBITDA |
$ |
164,278 |
(1) |
|
$ |
155,386 |
(2) |
| Earnings per Common Unit
basic |
$ |
2.38 |
|
|
$ |
3.22 |
|
| Earnings per Common Unit
diluted |
$ |
2.38 |
|
|
$ |
3.22 |
|
| Adjusted Earnings per Common
Unit basic |
$ |
2.32 |
(1) |
|
$ |
2.13 |
(2) |
| Adjusted Earnings per Common
Unit diluted |
$ |
2.32 |
(1) |
|
$ |
2.13 |
(2) |
| |
|
|
|
|
|
|
|
(1) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings per Common Unit basic and diluted for the three
month period ended March 31, 2024 have been adjusted to exclude
$1.9 million gain related to the sale of one of our vessels.
(2) 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, 2024 and
2023
Time charter and voyage revenues for the three month period
ended March 31, 2024 increased by $9.1 million, or 2.9%, to $318.6
million, as compared to $309.5 million for the same period in 2023.
The increase in revenue was mainly attributable to the increase in
revenue from freight voyages. For the three month periods ended
March 31, 2024 and March 31, 2023, time charter and voyage revenues
were positively affected by $0.1 million and negatively affected by
$13.0 million, respectively, relating to the straight line effect
of the containership and tanker charters with de-escalating rates.
The Time Charter Equivalent (“TCE”) rate increased by 3.4% to
$21,514 per day, as compared to $20,811 per day for the same period
in 2023. The available days of the fleet decreased by 2.6% to
13,540 days for the three month period ended March 31, 2024, as
compared to 13,908 days for the same period in 2023 mainly due to
the sale of vessels, partially mitigated by the deliveries of
newbuilding and secondhand vessels.
EBITDA of Navios Partners for the three month periods ended
March 31, 2024 and 2023 was affected by the items described in the
table above. Excluding these items, Adjusted EBITDA increased by
$8.9 million to $164.3 million for the three month period ended
March 31, 2024, as compared to $155.4 million for the same period
in 2023. The increase in Adjusted EBITDA was primarily due to a:
(i) $9.1 million increase in time charter and voyage revenues; (ii)
$2.9 million decrease in other expense, net; and (iii) $1.9 million
decrease in direct vessel expenses (excluding the amortization of
deferred drydock, special survey costs and other capitalized
items). The above increase was partially mitigated by a: (i) $2.1
million increase in time charter and voyage expenses mainly due to
the increase in bunker expenses arising from the increased days of
freight voyages in the first quarter of 2024; (ii) $1.7 million
increase in vessel operating expenses mainly due to the adjustment
of the fixed daily fee in accordance with our management
agreements, partially mitigated by the sale of vessels; and (iii)
$1.2 million increase in general and administrative expenses in
accordance with our administrative services agreement.
Net Income for the three month periods ended March 31, 2024 and
2023 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income increased by $5.8
million to $71.5 million for the three month period ended March 31,
2024, as compared to $65.7 million for the same period in 2023. The
increase in Adjusted Net Income was primarily due to: (i) an $8.9
million increase in Adjusted EBITDA; (ii) a $6.1 million decrease
in interest expense and finance cost, net; and (iii) a $1.8 million
increase in interest income. The above increase was partially
mitigated by an $11.0 million negative impact from the depreciation
and amortization, mainly due to a $5.1 million increase in the
amortization of deferred drydock, special survey costs and other
capitalized items, a $4.5 million decrease in the amortization of
the unfavorable lease terms and a $1.4 million increase in the
depreciation and amortization expense.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
month periods ended March 31, 2024 and 2023.
| |
|
|
|
| |
Three Month Period EndedMarch 31,
2024 |
|
Three Month Period Ended March 31, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
Available Days(1) |
|
13,540 |
|
|
|
13,908 |
|
| Operating Days(2) |
|
13,445 |
|
|
|
13,749 |
|
| Fleet Utilization(3) |
|
99.3% |
|
|
|
98.9% |
|
| TCE rate Combined (per
day)(4) |
$ |
21,514 |
|
|
$ |
20,811 |
|
| TCE rate Dry Bulk (per
day)(4) |
$ |
14,209 |
|
|
$ |
10,998 |
|
| TCE rate Containerships (per
day)(4) |
$ |
29,838 |
|
|
$ |
34,987 |
|
| TCE rate Tankers (per
day)(4) |
$ |
28,087 |
|
|
$ |
28,477 |
|
| Vessels operating at period
end |
|
151 |
|
|
|
156 |
|
|
(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,
drydockings 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,
drydockings 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 the applicable fixed vessel operating expenses for the
respective periods) less voyage expenses during a period divided by
the number of available days during the period. The TCE rate per
day is a customary 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 14, 2024 to discuss the results for the first quarter
ended March 31, 2024.
Call Date/Time: Tuesday, May 14, 2024 at 8:30 am ETCall Title:
Navios Partners Q1 2024 Financial Results Conference Call US
Dial In: +1.800.579.2543International Dial In:
+1.785.424.1789Conference ID: NMMQ124
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: +1.888.269.5324International Replay Dial In:
+1.402.220.7325
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, sanctions, 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, fluctuation in interest
rates and foreign exchange rates, 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.com
EXHIBIT 1
| |
|
NAVIOS MARITIME PARTNERS L.P.SELECTED
BALANCE SHEET DATA(Expressed in thousands of U.S.
Dollars) |
| |
|
|
|
|
| |
|
March 31,2024(unaudited) |
|
December 31,2023(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash and time deposits over three
months(1) |
|
$ |
318,373 |
|
|
$ |
296,175 |
|
| Other current assets |
|
|
124,959 |
|
|
|
103,573 |
|
| Vessels, net |
|
|
3,746,508 |
|
|
|
3,734,671 |
|
| Other non-current assets |
|
|
1,034,370 |
|
|
|
1,013,147 |
|
| Total
assets |
|
$ |
5,224,210 |
|
|
$ |
5,147,566 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND PARTNERS’
CAPITAL |
|
|
|
|
|
|
|
|
| Other current liabilities |
|
$ |
128,634 |
|
|
$ |
174,564 |
|
| Total borrowings, net (including
current and non-current) |
|
|
1,919,465 |
|
|
|
1,861,463 |
|
| Other non-current
liabilities |
|
|
333,838 |
|
|
|
341,087 |
|
| Total partners’ capital |
|
|
2,842,273 |
|
|
|
2,770,452 |
|
| Total liabilities and
partners’ capital |
|
$ |
5,224,210 |
|
|
$ |
5,147,566 |
|
| |
|
|
|
|
|
|
|
|
| (1) Includes time
deposits with duration over three months of $85.5 million and $47.0
million as of March 31, 2024 and December 31, 2023,
respectively. |
| |
|
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 |
|
Three Month Period Ended |
|
|
March 31, 2024 |
March 31, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
Time charter and voyage revenues |
$ |
318,555 |
|
|
$ |
309,522 |
|
| Time charter and voyage
expenses |
|
(41,911 |
) |
|
|
(39,763 |
) |
| Direct vessel expenses |
|
(17,553 |
) |
|
|
(14,440 |
) |
| Vessel operating expenses |
|
(84,922 |
) |
|
|
(83,216 |
) |
| General and administrative
expenses |
|
(20,744 |
) |
|
|
(19,499 |
) |
| Depreciation and amortization
of intangible assets |
|
(55,570 |
) |
|
|
(54,218 |
) |
| Amortization of unfavorable
lease terms |
|
3,136 |
|
|
|
7,588 |
|
| Gain on sale of vessels,
net |
|
1,877 |
|
|
|
33,450 |
|
| Interest expense and finance
cost, net |
|
(29,409 |
) |
|
|
(35,524 |
) |
| Interest income |
|
3,396 |
|
|
|
1,617 |
|
| Other expense, net |
|
(3,494 |
) |
|
|
(6,352 |
) |
| Net
income |
$ |
73,361 |
|
|
$ |
99,165 |
|
| |
|
|
|
|
|
|
|
Earnings per unit:
| |
Three Month Period Ended |
|
Three Month Period Ended |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
Earnings per unit: |
|
|
|
|
|
|
|
| Earnings per common unit,
basic |
$ |
2.38 |
|
|
$ |
3.22 |
|
| Earnings per common unit,
diluted |
$ |
2.38 |
|
|
$ |
3.22 |
|
| |
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS L.P.Other
Financial Information(Expressed in thousands of U.S.
Dollars) |
|
|
|
|
|
|
|
|
|
Three Month Period EndedMarch 31,
2024 |
|
Three Month Period EndedMarch 31,
2023 |
|
|
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
94,436 |
|
|
$ |
94,516 |
|
| Net cash (used in)/provided by
investing activities |
|
$ |
(168,073 |
) |
|
$ |
44,232 |
|
| Net cash provided by/(used in)
financing activities |
|
$ |
57,292 |
|
|
$ |
(100,635 |
) |
| (Decrease)/Increase in
cash, cash equivalents and restricted cash |
|
$ |
(16,345 |
) |
|
$ |
38,113 |
|
| |
|
|
|
|
|
|
|
|
EXHIBIT 2
|
Owned Dry Bulk Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Navios Vega |
|
Transhipper |
|
2009 |
|
57,573 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Navios Celestial |
|
Ultra-Handymax |
|
2009 |
|
58,063 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
| Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Unity N |
|
Panamax |
|
2011 |
|
79,642 |
| Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Navios Avior |
|
Kamsarmax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Kamsarmax |
|
2012 |
|
81,472 |
| Navios Horizon I |
|
Kamsarmax |
|
2019 |
|
81,692 |
| Navios Galaxy II |
|
Kamsarmax |
|
2020 |
|
81,789 |
| Navios Uranus |
|
Kamsarmax |
|
2019 |
|
81,821 |
| Navios Felicity I |
|
Kamsarmax |
|
2020 |
|
81,962 |
| Navios Primavera |
|
Kamsarmax |
|
2022 |
|
82,003 |
| Navios Meridian |
|
Kamsarmax |
|
2023 |
|
82,010 |
| Navios Herakles I |
|
Kamsarmax |
|
2019 |
|
82,036 |
| Navios Magellan II |
|
Kamsarmax |
|
2020 |
|
82,037 |
| Navios Sky |
|
Kamsarmax |
|
2015 |
|
82,056 |
| Navios Harmony |
|
Kamsarmax |
|
2006 |
|
82,790 |
| Navios Alegria |
|
Kamsarmax |
|
2016 |
|
84,852 |
| Navios Sphera |
|
Kamsarmax |
|
2016 |
|
84,872 |
| Navios Apollon I |
|
Post-Panamax |
|
2005 |
|
87,052 |
| Copernicus N |
|
Post-Panamax |
|
2010 |
|
93,062 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
| 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 Altamira |
|
Capesize |
|
2011 |
|
179,165 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| 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 Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
| Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
| Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
| Navios Azalea |
|
Capesize |
|
2022 |
|
182,064 |
| Navios Armonia |
|
Capesize |
|
2022 |
|
182,079 |
| Navios Altair |
|
Capesize |
|
2023 |
|
182,115 |
| Navios Sakura |
|
Capesize |
|
2023 |
|
182,169 |
| Navios Amethyst |
|
Capesize |
|
2023 |
|
182,212 |
| Navios Astra |
|
Capesize |
|
2022 |
|
182,393 |
| |
|
|
|
|
|
|
|
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 |
| Navios Verano |
|
Containership |
|
2006 |
|
3,450 |
| Navios Spring(1) |
|
Containership |
|
2007 |
|
3,450 |
| Matson Lanai |
|
Containership |
|
2007 |
|
4,250 |
| Navios Verde |
|
Containership |
|
2007 |
|
4,250 |
| Navios Amarillo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Vermilion |
|
Containership |
|
2007 |
|
4,250 |
| Navios Azure |
|
Containership |
|
2007 |
|
4,250 |
| Navios Indigo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Domino |
|
Containership |
|
2008 |
|
4,250 |
| Matson Oahu |
|
Containership |
|
2008 |
|
4,250 |
| Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
| Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
| Navios Devotion |
|
Containership |
|
2009 |
|
4,250 |
| Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
| Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
| Carmel I |
|
Containership |
|
2010 |
|
4,360 |
| Zim Baltimore |
|
Containership |
|
2010 |
|
4,360 |
| Navios Bahamas |
|
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 |
| Sparrow |
|
Containership |
|
2023 |
|
5,300 |
| Zim Eagle |
|
Containership |
|
2024 |
|
5,300 |
| Zim Condor |
|
Containership |
|
2024 |
|
5,300 |
| Hyundai Shanghai |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Tokyo |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Hongkong |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Singapore |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Busan |
|
Containership |
|
2006 |
|
6,800 |
| Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
| Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
| |
|
|
|
|
|
|
|
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| 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 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 |
| Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| 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 Cosmos |
|
Aframax/LR2 |
|
2024 |
|
115,651 |
| Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
| Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
| Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
| Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
| |
|
|
|
|
|
|
|
Bareboat-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Star |
|
Kamsarmax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Kamsarmax |
|
2021 |
|
82,002 |
|
Yes |
| Navios Libra |
|
Kamsarmax |
|
2019 |
|
82,011 |
|
Yes |
| Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
| Nave Celeste |
|
VLCC |
|
2022 |
|
313,418 |
|
Yes |
| Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
| Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
| |
|
|
|
|
|
|
|
|
|
Newbuildings to be delivered |
|
Type |
|
ExpectedDelivery Date |
|
Capacity(TEU / DWT) |
| TBN I |
|
Containership |
|
Q2 2024 |
|
5,300 |
| TBN V |
|
Containership |
|
Q2 2024 |
|
5,300 |
| TBN II |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN III |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN IV |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN VI |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN VII |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XIII |
|
Containership |
|
H2 2024 |
|
7,700 |
| TBN XIV |
|
Containership |
|
H1 2025 |
|
7,700 |
| TBN XV |
|
MR2 Product Tanker |
|
H2 2025 |
|
52,000 |
| TBN XVI |
|
MR2 Product Tanker |
|
H1 2026 |
|
52,000 |
| TBN XVII |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN XVIII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN XIX |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN XX |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN VIII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN IX |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN X |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XI |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XII |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XXI |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XXII |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XXIII |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XXIV |
|
Aframax/LR2 |
|
H2 2026 |
|
115,000 |
| TBN XXV |
|
Aframax/LR2 |
|
H1 2027 |
|
115,000 |
| TBN XXVI |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| |
|
|
|
|
|
|
|
Chartered-in vessels |
|
Type |
|
Year Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Venus |
|
Ultra-Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Navios Amber |
|
Kamsarmax |
|
2015 |
|
80,994 |
|
Yes(2) |
| Navios Citrine |
|
Kamsarmax |
|
2017 |
|
81,626 |
|
Yes(2) |
| Navios Dolphin |
|
Kamsarmax |
|
2017 |
|
81,630 |
|
Yes(2) |
| Navios Gemini |
|
Kamsarmax |
|
2018 |
|
81,704 |
|
No |
| Navios Coral |
|
Kamsarmax |
|
2016 |
|
84,904 |
|
Yes(2) |
| |
|
|
|
|
|
|
|
|
| (1) Vessel agreed
to be sold(2) Option to acquire the vessel has been declared. |
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, net; (vi) non-cash
amortization of deferred revenue and straight line effect of the
containership and tanker charters with de-escalating rates;
(vii) stock-based compensation expense; 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 |
|
|
|
March 31, 2024 |
|
March 31, 2023 |
|
|
|
($ ‘000) |
|
($ ‘000) |
|
|
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
94,436 |
|
|
$ |
94,516 |
|
| Net increase/(decrease) in
operating assets |
|
|
366 |
|
|
|
(21,359 |
) |
| Net decrease in operating
liabilities |
|
|
42,983 |
|
|
|
62,023 |
|
| Net interest cost |
|
|
26,013 |
|
|
|
33,907 |
|
| Amortization and write-off of
deferred finance costs and discount |
|
|
(1,676 |
) |
|
|
(2,031 |
) |
| Amortization of operating
lease assets/ liabilities |
|
|
791 |
|
|
|
(2,558 |
) |
| Non-cash amortization of
deferred revenue and straight line |
|
|
1,365 |
|
|
|
(9,111 |
) |
| Stock-based compensation |
|
|
— |
|
|
|
(1 |
) |
| Gain on sale of vessels,
net |
|
|
1,877 |
|
|
|
33,450 |
|
| EBITDA |
|
$ |
166,155 |
|
|
$ |
188,836 |
|
| Gain on sale of vessels,
net |
|
|
(1,877 |
) |
|
|
(33,450 |
) |
| Adjusted
EBITDA |
|
$ |
164,278 |
|
|
$ |
155,386 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Three Month Period Ended |
|
Three Month Period Ended |
|
|
|
March 31, 2024 |
|
March 31, 2023 |
|
|
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
Net cash provided by operating activities |
|
$ |
94,436 |
|
|
$ |
94,516 |
|
| Net cash (used in)/provided by
investing activities |
|
$ |
(168,073 |
) |
|
$ |
44,232 |
|
| Net cash provided by/(used in)
financing activities |
|
$ |
57,292 |
|
|
$ |
(100,635 |
) |
| |
|
|
|
|
|
|
|
|
Navios Maritime Partners (NYSE:NMM)
過去 株価チャート
から 4 2024 まで 5 2024
Navios Maritime Partners (NYSE:NMM)
過去 株価チャート
から 5 2023 まで 5 2024
