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 second quarter and six
month period ended June 30, 2023.
Angeliki Frangou, Chairwoman and Chief Executive
Officer of Navios Partners stated, “I am pleased with the results
for the second quarter of 2023, in which we reported revenue of
$346.9 million and net income of $112.3 million. We are also
pleased to report net earnings per common unit of $3.65 for the
quarter.”
Angeliki Frangou continued, “The macro environment is
challenging. Trade patterns continue to be impacted by the war in
Ukraine, China’s anemic economic growth and Western countries
pre-occupation with inflation and recessionary
risks. Regardless of the shipping sector, there is a great
deal of uncertainty about future prospects. We continue to
focus on things that we can control, such as reducing our leverage
rate and replacing older vessels with younger, more technologically
advanced vessels in sectors that provide adequate returns. ”
Fleet update
• Sales YTD
- $242.2 million gross sale proceeds from sale of 13
vessels YTD
- Completed the sale of eight vessels for $160.3 million
in Q1 2023
During the first quarter of 2023, Navios Partners sold the Nave
Cosmos, the Nave Dorado, the Nave Polaris, the Star N, the Navios
Amaryllis, the Jupiter N, the Navios Prosperity I and the Nave
Photon, to various unrelated third parties, for an aggregate sales
price of $160.3 million.
-
- Completed the sale of four vessels for $59.6 million in
Q2 2023
During the second quarter of 2023, Navios Partners sold the
Aurora N, the Navios Anthos, the Navios Libertas and the Serenitas
N, to various unrelated third parties, for an aggregate sales price
of $59.6 million.
-
- Completed the sale of one vessel for $22.3 million in
Q3 2023
On July 7, 2023, Navios Partners sold the Lumen N, a 2008-built
LR1 Product Tanker vessel of 63,599 dwt, to an unrelated third
party, for a sales price of $22.3 million.
• Acquisitions YTD
- Acquisition of two newbuilding MR2 product tanker
vessels
During the second quarter of 2023, Navios
Partners agreed to acquire two newbuilding Japanese MR2 Product
Tanker vessels from an unrelated third party, under bareboat
contracts. Each vessel is being bareboat-in for ten years. Navios
Partners has the option to acquire the vessels starting at the end
of year four until the end of the charter period. Assuming the
exercise of the option at the end of the 10-year period, the
bareboat agreements reflect an implied price of approximately $40.2
million per vessel and an implied effective interest of
approximately 7.0%. The vessels are expected to be delivered into
Navios Partners’ fleet during the second half of 2026 and the first
half of 2027. The closing of the transaction is subject to
completion of customary documentation.
- Acquisition of one Kamsarmax vessel
In August 2023, Navios Partners agreed to
acquire from an unrelated third party, the Navios Horizon I, a
2019-built Kamsarmax vessel of 81,692 dwt (previously chartered-in)
for an acquisition price of $28.0 million. The delivery of the
vessel is expected within the third quarter of 2023.
- Delivery of three newbuilding Capesize
vessels
In March 2023, April 2023 and June 2023, Navios
Partners took delivery of three 2023-built Capesize vessels, the
Navios Altair of 182,115 dwt, the Navios Sakura of 182,169 dwt and
the Navios Amethyst of 182,212 dwt, respectively.
• Contracted revenue
- $131.3 million contracted revenue agreed in Q2 2023 |
$3.3 billion total contracted revenue
Navios Partners entered into new long-term
charters which are expected to generate revenue of $131.3
million.
-
- Two MR2 newbuilding product tanker vessels, agreed to be
acquired in Q4 2022, have been chartered-out for a period of five
years, at a rate of $22,959 net per day.
- Three MR2 product tanker vessels have been chartered-out for an
average period of two years, at an average rate of $21,831 net per
day.
Including the above long-term charters, Navios Partners
currently has $3.3 billion contracted revenue through 2037.
Financing update
In June 2023, Navios Partners entered into a new
credit facility with a commercial bank for up to $107.6 million in
order to refinance existing indebtedness of ten vessels. The credit
facility: (i) matures three years after the drawdown date; and (ii)
bears interest at Secured Overnight Financing Rate (“SOFR”) plus
250 bps per annum.
In June 2023, Navios Partners entered into a new
credit facility with a commercial bank for up to $77.8 million in
order to refinance existing indebtedness of ten vessels. The credit
facility: (i) matures five years after the drawdown date; and (ii)
bears interest at Term Secured Overnight Financing Rate (“Term
SOFR”) plus 215 bps per annum.
In June 2023, Navios Partners entered into a new
credit facility with a commercial bank for up to $62.4 million in
order to refinance existing indebtedness of seven vessels. The
credit facility: (i) matures three years after the drawdown date;
and (ii) bears interest at Term SOFR plus 250 bps per annum.
In June 2023, Navios Partners entered into a new
credit facility with a commercial bank for up to $40.0 million in
order to refinance existing indebtedness of nine vessels. The
credit facility: (i) matures three years after the drawdown date;
and (ii) bears interest at SOFR plus 250 bps per annum.
As discussed above, during the second quarter of
2023, Navios Partners agreed to enter into a bareboat-in agreement
for two Japanese newbuilding tanker vessels. The total implied
amount financed for the two vessels is approximately $62.4 million
and the implied effective interest rate is 7.0%. The closing of the
transaction is subject to completion of customary
documentation.
Cash distribution
The Board of Directors of Navios Partners
declared a cash distribution for the second quarter of 2023 of
$0.05 per unit. The cash distribution was paid on August 11, 2023
to unitholders of record as of August 8, 2023. The declaration and
payment of any further dividends remain subject to the discretion
of the Board of Directors and will depend on, among other things,
Navios Partners’ cash requirements as measured by market
opportunities and restrictions under its credit agreements and
other debt obligations and such other factors as the Board of
Directors may deem advisable.
Operating Highlights
Navios Partners owns and operates a fleet
comprised of 81 dry bulk vessels, 47 containerships and 47 tanker
vessels, including ten newbuilding tanker vessels (six Aframax/LR2
and four MR2 Product Tanker chartered-in vessels under bareboat
contracts), that are expected to be delivered through 2027 and 12
newbuilding containerships (ten 5,300 TEU and two 7,700 TEU), that
are expected to be delivered through 2025.
Navios Partners has entered into short, medium
and long-term time charter-out, bareboat-out and freight agreements
for its vessels with a remaining average term of 1.8 years. Navios
Partners has currently fixed 70.9% and 43.7% of its available days
for the remaining six months of 2023 and for 2024, respectively.
Navios Partners expects to generate contracted revenue of $505.9
million and $747.9 million for the remaining six months of 2023 and
for 2024, respectively. The average expected daily charter-out rate
for the fleet is $25,459 and $29,701 for the remaining six months
of 2023 and for 2024, respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Partners has compiled
condensed consolidated statements of operations for the three and
six month periods ended June 30, 2023 and 2022. The quarterly
information was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA, Adjusted
EBITDA, Adjusted Earnings per Common Unit basic and diluted and
Adjusted Net Income are non-GAAP financial measures and should not
be used in isolation or substitution for Navios Partners’ results
calculated in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”).
| |
Three MonthPeriod Ended |
|
Three MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
|
Six MonthPeriod Ended |
|
June 30, 2023 |
June 30, 2022 |
|
June 30, 2023 |
|
|
June 30, 2022 |
| (in $‘000 except per
unit data) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
346,938 |
|
$ |
280,661 |
|
$ |
656,460 |
|
$ |
517,278 |
| Net Income |
$ |
112,308 |
|
$ |
118,160 |
|
$ |
211,473 |
|
$ |
203,825 |
| Adjusted Net Income |
$ |
102,157 |
(1) |
$ |
118,160 |
|
$ |
167,872 |
(2) |
$ |
203,825 |
| Net cash provided by operating
activities |
$ |
133,827 |
|
$ |
142,010 |
|
$ |
228,343 |
|
$ |
147,163 |
| EBITDA |
$ |
201,601 |
|
$ |
163,478 |
|
$ |
390,437 |
|
$ |
289,596 |
| Adjusted EBITDA |
$ |
191,450 |
(1) |
$ |
163,478 |
|
$ |
346,836 |
(2) |
$ |
289,596 |
| Earnings per Common Unit
basic |
$ |
3.65 |
|
$ |
3.84 |
|
$ |
6.87 |
|
$ |
6.62 |
| Earnings per Common Unit
diluted |
$ |
3.65 |
|
$ |
3.83 |
|
$ |
6.87 |
|
$ |
6.61 |
| Adjusted Earnings per Common
Unit basic |
$ |
3.32 |
(1) |
$ |
3.84 |
|
$ |
5.45 |
(2) |
$ |
6.62 |
| Adjusted Earnings per Common
Unit diluted |
$ |
3.32 |
(1) |
$ |
3.83 |
|
$ |
5.45 |
(2) |
$ |
6.61 |
|
(1) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the three month period ended June
30, 2023 have been adjusted to exclude a $10.2 million gain related
to the sale of four of our vessels. |
| (2) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the six month period ended June
30, 2023 have been adjusted to exclude a $43.6 million gain related
to the sale of 12 of our vessels. |
Three month periods ended June 30, 2023
and 2022
Time charter and voyage revenues for the three
month period ended June 30, 2023 increased by $66.2 million, or
23.6%, to $346.9 million, as compared to $280.7 million for the
same period in 2022. The increase in revenue was mainly
attributable to the increase in the size of our fleet and to the
slight increase in Time Charter Equivalent (“TCE”) rate. For the
three month periods ended June 30, 2023 and June 30, 2022, the time
charter and voyage revenues were affected by $7.5 million and $11.8
million, respectively, relating to the straight line effect of the
containerships and tankers charters with de-escalating rates. The
TCE rate increased by 0.3% to $23,900 per day, as compared to
$23,823 per day for the same period in 2022. The available days of
the fleet increased by 20.4% to 13,572 days for the three month
period ended June 30, 2023, as compared to 11,269 days for the same
period in 2022 mainly due to the acquisition of the 36-vessel dry
bulk fleet from Navios Maritime Holdings Inc. (“Navios Holdings”)
and the deliveries of newbuilding and secondhand vessels, partially
mitigated by the sale of vessels.
EBITDA of Navios Partners for the three month
periods ended June 30, 2023 and 2022 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by $28.0 million to $191.5 million for the three
month period ended June 30, 2023, as compared to $163.5 million for
the same period in 2022. The increase in Adjusted EBITDA was
primarily due to a $66.2 million increase in time charter and
voyage revenues, partially mitigated by: (i) a $20.3 million
increase in time charter and voyage expenses, mainly due to the
increase in (a) bunker expenses arising from the increased number
of freight voyages in the second quarter of 2023 and (b) bareboat
and charter-in hire expense of the tanker and dry bulk fleet; (ii)
an $8.6 million increase in vessel operating expenses in accordance
with our management agreements, mainly due to the expansion of our
fleet; (iii) a $6.3 million increase in general and administrative
expenses in accordance with our administrative services agreement,
mainly due to the expansion of our fleet; (iv) a $1.7 million
increase in direct vessel expenses (excluding the amortization of
deferred drydock, special survey costs and other capitalized
items); and (v) a $1.3 million increase in other expenses, net.
Net Income for the three month periods ended
June 30, 2023 and 2022 was affected by the items described in the
table above. Excluding these items, Adjusted Net Income decreased
by $16.0 million to $102.2 million for the three month period ended
June 30, 2023, as compared to $118.2 million for the same period in
2022. The decrease in Adjusted Net Income was primarily due to: (i)
an $18.8 million increase in interest expense and finance cost,
net; and (ii) a $27.7 million negative impact from the depreciation
and amortization, mainly due to a: (a) $12.3 million decrease in
the amortization of the unfavorable lease terms, (b) $12.3 million
increase in depreciation and amortization expense and (c) $3.1
million increase in amortization of deferred drydock, special
survey costs and other capitalized items, partially mitigated by a:
(i) $28.0 million increase in Adjusted EBITDA; and (ii) $2.5
million increase in interest income.
Six month periods ended June 30, 2023 and
2022
Time charter and voyage revenues for the six
month period ended June 30, 2023 increased by $139.2 million, or
26.9%, to $656.5 million, as compared to $517.3 million for the
same period in 2022. The increase in revenue was mainly
attributable to the increase in the size of our fleet and to the
slight increase in TCE rate. For the six month periods ended June
30, 2023 and June 30, 2022, the time charter and voyage revenues
were affected by $20.5 million and $16.5 million, respectively,
relating to the straight line effect of the containerships and
tankers charters with de-escalating rates. The TCE rate increased
by 1.0% to $22,337 per day, as compared to $22,107 per day for the
same period in 2022. The available days of the fleet increased by
22.1% to 27,480 days for the six month period ended June 30, 2023,
as compared to 22,497 days for the same period in 2022, mainly due
to the acquisition of the 36-vessel dry bulk fleet from Navios
Holdings and the deliveries of newbuilding and secondhand vessels,
partially mitigated by the sale of vessels.
EBITDA of Navios Partners for the six month
periods ended June 30, 2023 and 2022 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by $57.2 million to $346.8 million for the six
month period ended June 30, 2023, as compared to $289.6 million for
the same period in 2022. The increase in Adjusted EBITDA was
primarily due to a $139.2 million increase in time charter and
voyage revenues, partially mitigated by: (i) a $42.8 million
increase in time charter and voyage expenses, mainly due to the
increase in (a) bunker expenses arising from the increased number
of freight voyages in the first half of 2023 and (b) bareboat and
charter-in hire expense of the tanker and dry bulk fleet; (ii) an
$18.6 million increase in vessel operating expenses in accordance
with our management agreements, mainly due to the expansion of our
fleet; (iii) an $11.9 million increase in general and
administrative expenses in accordance with our administrative
services agreement, mainly due to the expansion of our fleet; (iv)
a $6.4 million increase in other expenses, net; and (v) a $2.3
million increase in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items).
Net Income for the six month periods ended June
30, 2023 and 2022 was affected by the items described in the table
above. Excluding these items, Adjusted Net Income decreased by
$35.9 million to $167.9 million for the six month period ended June
30, 2023, as compared to $203.8 million for the same period in
2022. The decrease in Adjusted Net Income was primarily due to a:
(i) $41.2 million increase in interest expense and finance cost,
net; and (ii) $56.0 million negative impact from the depreciation
and amortization, mainly due to a: (a) $26.5 million decrease in
the amortization of the unfavorable lease terms, (b) $23.7 million
increase in depreciation and amortization expense and (c) $5.8
million increase in amortization of deferred drydock, special
survey costs and other capitalized items, partially mitigated by a:
(i) $57.2 million increase in Adjusted EBITDA; and (ii) $4.1
million increase in interest income.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
and six month periods ended June 30, 2023 and 2022.
| |
Three MonthPeriod EndedJune 30, 2023 |
|
Three MonthPeriod EndedJune 30, 2022 |
|
Six MonthPeriod EndedJune 30, 2023 |
|
Six MonthPeriod EndedJune 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Available Days (1) |
|
13,572 |
|
|
|
11,269 |
|
|
|
27,480 |
|
|
|
22,497 |
|
| Operating Days (2) |
|
13,474 |
|
|
|
11,151 |
|
|
|
27,223 |
|
|
|
22,223 |
|
| Fleet Utilization (3) |
|
99.3 |
% |
|
|
99.0 |
% |
|
|
99.1 |
% |
|
|
98.8 |
% |
| TCE rate Combined (per day)
(4) |
$ |
23,900 |
|
|
$ |
23,823 |
|
|
$ |
22,337 |
|
|
$ |
22,107 |
|
| TCE rate Drybulk (per day)
(4) |
$ |
15,715 |
|
|
$ |
24,721 |
|
|
$ |
13,346 |
|
|
$ |
22,311 |
|
| TCE rate Containers (per day)
(4) |
$ |
35,466 |
|
|
$ |
31,613 |
|
|
$ |
35,226 |
|
|
$ |
29,417 |
|
| TCE rate Tankers (per day)
(4) |
$ |
30,947 |
|
|
$ |
16,391 |
|
|
$ |
29,664 |
|
|
$ |
15,864 |
|
| Vessels operating at period
end |
|
154 |
|
|
|
128 |
|
|
|
154 |
|
|
|
128 |
|
|
(1) |
Available days for the fleet represent total calendar days the
vessels were in Navios Partners’ possession for the relevant period
after subtracting off-hire days associated with scheduled repairs,
dry dockings or special surveys and ballast days relating to
voyages. The shipping industry uses available days to measure the
number of days in a relevant period during which a vessel is
capable of generating revenues. |
|
(2) |
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate
number of days in a relevant period during which vessels actually
generate revenues. |
|
(3) |
Fleet utilization is the percentage of time that Navios Partners’
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. The shipping
industry uses fleet utilization to measure efficiency in finding
employment for vessels and minimizing the amount of days that its
vessels are off-hire for reasons other than scheduled repairs, dry
dockings or special surveys. |
|
(4) |
TCE rate: TCE rate per day is defined as voyage, time charter
revenues and charter-out revenues under bareboat contract (grossed
up by currently applicable fixed vessel operating expenses) less
voyage expenses during a period divided by the number of available
days during the period. The TCE rate per day is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels on various types of charter
contracts for the number of available days of the fleet. |
Conference Call Details:
Navios Partners' management will host a
conference call on Wednesday, August 23, 2023 to discuss the
results for the second quarter and six month ended June 30,
2023.
Call Date/Time: Wednesday, August 23, 2023 at 8:30 am ETCall
Title: Navios Partners Q2 2023 Financial Results Conference
Call US Dial In: +1.800.579.2543International Dial In:
+1.785.424.1789Conference ID: NMMQ223
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: +1.888.562.3382International Replay Dial In:
+1.402.220.1192
Slides and audio webcast:
There will also be a live webcast of the
conference call, through the Navios Partners website
(www.navios-mlp.com) under “Investors”. Participants to the live
webcast should register on the website approximately 10 minutes
prior to the start of the webcast.
A supplemental slide presentation will be
available on the Navios Partners website at
www.navios-mlp.com under the "Investors" section at 8:00 am ET
on the day of the call.
About Navios Maritime Partners
L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an
international owner and operator of dry cargo and tanker vessels.
For more information, please visit our website at
www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain
forward-looking statements (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events, TCE rates and Navios Partners’ expected cash flow
generation, future contracted revenues, future distributions and
its ability to make distributions going forward, opportunities to
reinvest cash accretively in a fleet renewal program or otherwise,
potential capital gains, its ability to take advantage of
dislocation in the market and Navios Partners’ growth strategy and
measures to implement such strategy, including expected vessel
acquisitions and entering into further time charters and Navios
Partners’ ability to refinance its debt on attractive terms, or at
all. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements.
These forward-looking statements are based on
the information available to, and the expectations and assumptions
deemed reasonable by Navios Partners at the time these statements
were made. Although Navios Partners believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Partners. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Factors that could cause actual results to
differ materially include, but are not limited to, risks relating
to: global and regional economic and political conditions including
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates, the
economic condition of the markets in which we operate, shipyards
performing scrubber installations, construction of newbuilding
vessels, drydocking and repairs, changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, wars, diseases, pandemics, political events,
piracy or acts by terrorists; uncertainty relating to global trade,
including prices of seaborne commodities and continuing issues
related to seaborne volume and ton miles, our continued ability to
enter into long-term time charters, our ability to maximize the use
of our vessels, expected demand in the dry and liquid cargo
shipping sectors in general and the demand for our drybulk,
containerships and tanker vessels in particular, fluctuations in
charter rates for drybulk, containerships and tanker vessels, the
aging of our fleet and resultant increases in operations costs, the
loss of any customer or charter or vessel, the financial condition
of our customers, changes in the availability and costs of funding
due to conditions in the bank market, capital markets and other
factors, fluctuation in interest rates and foreign exchange rates,
and the impact of the discontinuance of the London Interbank
Offered Rate for US Dollars, or LIBOR, after June 30, 2023,
increases in costs and expenses, including but not limited to:
crew, insurance, provisions, port expenses, lube oil, bunkers,
repairs, maintenance and general and administrative expenses, the
expected cost of, and our ability to comply with, governmental
regulations and maritime self-regulatory organization standards, as
well as standard regulations imposed by our charterers applicable
to our business, general domestic and international political
conditions, competitive factors in the market in which Navios
Partners operates; risks associated with operations outside the
United States; and other factors listed from time to time in Navios
Partners’ filings with the Securities and Exchange Commission,
including its Form 20-Fs and Form 6-Ks. Navios Partners expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Partners’ expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based. Navios Partners
makes no prediction or statement about the performance of its
common units.
Contacts
Navios Maritime Partners L.P.+1 (212) 906
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)
| |
June 30,2023(unaudited) |
|
December 31,2022(unaudited) |
|
ASSETS |
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash |
$ |
270,052 |
|
$ |
175,098 |
| Other current assets |
|
93,809 |
|
|
135,326 |
| Vessels, net |
|
3,734,043 |
|
|
3,777,329 |
| Other non-current assets |
|
867,661 |
|
|
807,951 |
| Total
assets |
$ |
4,965,565 |
|
$ |
4,895,704 |
| |
|
|
|
|
|
| LIABILITIES AND PARTNERS’
CAPITAL |
|
|
|
|
|
| Other current liabilities |
$ |
137,520 |
|
$ |
226,645 |
| Total borrowings, net (including
current and non-current) |
|
1,924,703 |
|
|
1,945,447 |
| Other non-current
liabilities |
|
351,984 |
|
|
380,649 |
| Total partners’ capital |
|
2,551,358 |
|
|
2,342,963 |
| Total liabilities and
partners’ capital |
$ |
4,965,565 |
|
$ |
4,895,704 |
NAVIOS MARITIME PARTNERS
L.P.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Expressed in thousands of U.S. Dollars except
unit and per unit data)
| |
Three MonthPeriod Ended |
|
Three MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
June 30, 2023 |
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Time charter and voyage revenues |
$ |
346,938 |
|
|
$ |
280,661 |
|
|
$ |
656,460 |
|
|
$ |
517,278 |
|
| Time charter and voyage
expenses |
|
(41,956 |
) |
|
|
(21,718 |
) |
|
|
(81,719 |
) |
|
|
(38,861 |
) |
| Direct vessel expenses |
|
(17,764 |
) |
|
|
(12,920 |
) |
|
|
(32,204 |
) |
|
|
(24,113 |
) |
| Vessel operating expenses |
|
(82,550 |
) |
|
|
(73,989 |
) |
|
|
(165,766 |
) |
|
|
(147,161 |
) |
| General and administrative
expenses |
|
(20,536 |
) |
|
|
(14,170 |
) |
|
|
(40,035 |
) |
|
|
(28,086 |
) |
| Depreciation and amortization
of intangible assets |
|
(54,037 |
) |
|
|
(41,684 |
) |
|
|
(108,255 |
) |
|
|
(84,550 |
) |
| Amortization of unfavorable
lease terms |
|
5,322 |
|
|
|
17,587 |
|
|
|
12,910 |
|
|
|
39,426 |
|
| Gain on sale of vessels,
net |
|
10,151 |
|
|
|
— |
|
|
|
43,601 |
|
|
|
— |
|
| Interest expense and finance
cost, net |
|
(33,330 |
) |
|
|
(14,522 |
) |
|
|
(68,854 |
) |
|
|
(27,749 |
) |
| Interest income |
|
2,483 |
|
|
|
22 |
|
|
|
4,100 |
|
|
|
24 |
|
| Other expense, net |
|
(2,413 |
) |
|
|
(1,107 |
) |
|
|
(8,765 |
) |
|
|
(2,383 |
) |
| Net
income |
$ |
112,308 |
|
|
$ |
118,160 |
|
|
$ |
211,473 |
|
|
$ |
203,825 |
|
Earnings per unit:
| |
Three MonthPeriod Ended |
|
Three MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
June 30, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common unit,
basic |
$ |
3.65 |
|
$ |
3.84 |
|
$ |
6.87 |
|
$ |
6.62 |
| Earnings per common unit,
diluted |
$ |
3.65 |
|
$ |
3.83 |
|
$ |
6.87 |
|
$ |
6.61 |
NAVIOS MARITIME PARTNERS
L.P.Other Financial Information(Expressed
in thousands of U.S. Dollars except unit data)
| |
Six MonthPeriod EndedJune 30,
2023 |
|
Six MonthPeriod EndedJune 30,
2022 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
228,343 |
|
|
$ |
147,163 |
|
| Net cash provided by/ (used
in) investing activities |
$ |
31,665 |
|
|
$ |
(61,860 |
) |
| Net cash used in financing
activities |
$ |
(165,054 |
) |
|
$ |
(80,125 |
) |
| Increase in cash, cash
equivalents and restricted cash |
$ |
94,954 |
|
|
$ |
5,178 |
|
EXHIBIT 2
|
Owned Drybulk Vessels |
|
Type |
|
Built |
|
Capacity (DWT) |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Navios Celestial |
|
Ultra-Handymax |
|
2009 |
|
58,063 |
| Navios Vega |
|
Ultra-Handymax |
|
2009 |
|
58,792 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
| Navios Orbiter |
|
Panamax |
|
2004 |
|
76,602 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Apollon I |
|
Panamax |
|
2005 |
|
87,052 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
| Navios Harmony |
|
Panamax |
|
2006 |
|
82,790 |
| Copernicus N |
|
Panamax |
|
2010 |
|
93,062 |
| Unity N |
|
Panamax |
|
2011 |
|
79,642 |
| Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Navios Sphera |
|
Panamax |
|
2016 |
|
84,872 |
| Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
| Navios Uranus |
|
Panamax |
|
2019 |
|
81,821 |
| Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
| Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
| Navios Felicity I |
|
Panamax |
|
2020 |
|
81,962 |
| Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
| Navios Alegria |
|
Panamax |
|
2016 |
|
84,852 |
| Navios Meridian |
|
Panamax |
|
2023 |
|
82,010 |
| Navios Primavera |
|
Panamax |
|
2022 |
|
82,003 |
| Navios Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
| Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
| Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
| Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
| Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
| Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
| Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
| Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
| Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
| Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
| Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
| Navios Armonia |
|
Capesize |
|
2022 |
|
182,079 |
| Navios Azalea |
|
Capesize |
|
2022 |
|
182,064 |
| Navios Astra |
|
Capesize |
|
2022 |
|
182,393 |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
| Navios Altair |
|
Capesize |
|
2023 |
|
182,115 |
| Navios Sakura |
|
Capesize |
|
2023 |
|
182,169 |
| Navios Amethyst |
|
Capesize |
|
2023 |
|
182,212 |
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Navios Verano |
|
Containership |
|
2006 |
|
3,450 |
| Hyundai Hongkong |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Singapore |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Busan |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Shanghai |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Tokyo |
|
Containership |
|
2006 |
|
6,800 |
| Protostar N |
|
Containership |
|
2007 |
|
2,741 |
| Navios Spring |
|
Containership |
|
2007 |
|
3,450 |
| Matson Lanai |
|
Containership |
|
2007 |
|
4,250 |
| Navios Indigo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Vermilion |
|
Containership |
|
2007 |
|
4,250 |
| Navios Verde |
|
Containership |
|
2007 |
|
4,250 |
| Navios Amarillo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Azure |
|
Containership |
|
2007 |
|
4,250 |
| Navios Domino |
|
Containership |
|
2008 |
|
4,250 |
| Navios Delight |
|
Containership |
|
2008 |
|
4,250 |
| Navios Magnolia |
|
Containership |
|
2008 |
|
4,730 |
| Navios Jasmine |
|
Containership |
|
2008 |
|
4,730 |
| Navios Chrysalis |
|
Containership |
|
2008 |
|
4,730 |
| Navios Nerine |
|
Containership |
|
2008 |
|
4,730 |
| Spectrum N |
|
Containership |
|
2009 |
|
2,546 |
| Navios Devotion |
|
Containership |
|
2009 |
|
4,250 |
| Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
| Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
| Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
| Navios Miami |
|
Containership |
|
2009 |
|
4,563 |
| Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
| Zim Baltimore |
|
Containership |
|
2010 |
|
4,360 |
| Navios Bahamas |
|
Containership |
|
2010 |
|
4,360 |
| Zim Carmel |
|
Containership |
|
2010 |
|
4,360 |
| Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
| Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
| Fleur N |
|
Containership |
|
2012 |
|
2,782 |
| Ete N |
|
Containership |
|
2012 |
|
2,782 |
|
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity (DWT) |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Orbit |
|
MR2 Product Tanker |
|
2009 |
|
50,470 |
| Nave Equator |
|
MR2 Product Tanker |
|
2009 |
|
50,542 |
| Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
| Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
| Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
| Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
| Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
| Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
| Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
| Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
| Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
| Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
| Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
| Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| Nave Spherical |
|
VLCC |
|
2009 |
|
297,188 |
| Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
| Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
| Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
| Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
|
Bareboat-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
PurchaseOption |
| Navios Libra |
|
Panamax |
|
2019 |
|
82,011 |
|
Yes |
| Navios Star |
|
Panamax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Panamax |
|
2021 |
|
82,002 |
|
Yes |
| Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
| Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
| Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
| Nave Celeste |
|
VLCC |
|
2022 |
|
313,418 |
|
Yes |
|
Newbuildings to be delivered |
|
Type |
|
ExpectedDelivery Date |
|
CapacityDWT / (TEU) |
| TBN I |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN II |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN VII |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN III |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN IV |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN VIII |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN V |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN VI |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN IX |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN X |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XVII |
|
Containership |
|
H2 2024 |
|
7,700 |
| TBN XVIII |
|
Containership |
|
H1 2025 |
|
7,700 |
| TBN XI |
|
Aframax/LR2 |
|
H1 2024 |
|
115,000 |
| TBN XII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XIII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XIV |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XV |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XVI |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XIX |
|
MR2 Product Tanker |
|
H2 2025 |
|
52,000 |
| TBN XX |
|
MR2 Product Tanker |
|
H1 2026 |
|
52,000 |
| TBN XXI |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN XXII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| |
|
|
|
|
|
|
|
Chartered-in vessels (with purchase options) |
|
Type |
|
Year Built |
|
Capacity(DWT) |
|
PurchaseOption |
|
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
|
Yes |
| Navios Venus |
|
Ultra-Handymax |
|
2015 |
|
61,339 |
|
|
Yes |
| Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
|
Yes |
| Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
|
Yes |
| Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
|
Yes |
| Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
|
Yes |
| Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
|
No (1) |
| Navios Horizon I (2) |
|
Panamax |
|
2019 |
|
81,692 |
|
|
– |
(1) Purchase option in the form of the right of
first refusal and profit share on sale of
vessel.(2) Vessel agreed to be acquired.
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/
(increase) in operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred finance costs and
discount; (v) gain on sale of assets; (vi) non-cash
amortization of deferred revenue and straight line effect of the
containerships and tankers charters with de-escalating rates;
(vii) stock-based compensation; and (viii) amortization of
operating lease assets/ liabilities. Navios Partners believes that
EBITDA and Adjusted EBITDA are each the basis upon which liquidity
can be assessed and presents useful information to investors
regarding Navios Partners’ ability to service and/or incur
indebtedness, pay capital expenditures, meet working capital
requirements and make cash distributions. Navios Partners also
believes that EBITDA and Adjusted EBITDA are used: (i) by
potential lenders to evaluate potential transactions; (ii) to
evaluate and price potential acquisition candidates; and
(iii) by securities analysts, investors and other interested
parties in the evaluation of companies in our industry.
Each of EBITDA and Adjusted EBITDA have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for the analysis of Navios Partners’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Partners’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
We present Adjusted Net Income by excluding
items that we do not believe are indicative of our core operating
performance. Our presentation of Adjusted Net Income adjusts net
income for the items described above under “Earnings Highlights”.
The definition of Adjusted Net Income used here may not be
comparable to that used by other companies due to differences in
methods of calculation. Adjusted Basic Earnings per Common Unit is
defined as Adjusted Net Income divided by the weighted average
number of common units outstanding for each of the periods
presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P.
Reconciliation of EBITDA and Adjusted EBITDA to Cash from
Operations
| |
Three MonthPeriod Ended |
|
Three MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
Six MonthPeriod Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
133,827 |
|
|
$ |
142,010 |
|
|
$ |
228,343 |
|
|
$ |
147,163 |
|
| Net (decrease)/ increase in
operating assets |
|
11,166 |
|
|
|
34,561 |
|
|
|
(10,193 |
) |
|
|
88,517 |
|
| Net decrease/ (increase) in
operating liabilities |
|
39,923 |
|
|
|
(8,033 |
) |
|
|
101,946 |
|
|
|
51,980 |
|
| Net interest cost |
|
30,847 |
|
|
|
14,500 |
|
|
|
64,754 |
|
|
|
27,725 |
|
| Amortization and write-off of
deferred finance costs and discount |
|
(1,587 |
) |
|
|
(1,353 |
) |
|
|
(3,618 |
) |
|
|
(2,677 |
) |
| Amortization of operating
lease assets/ liabilities |
|
(2,588 |
) |
|
|
211 |
|
|
|
(5,146 |
) |
|
|
422 |
|
| Non-cash amortization of
deferred revenue and straight line |
|
(20,137 |
) |
|
|
(18,378 |
) |
|
|
(29,248 |
) |
|
|
(23,452 |
) |
| Stock-based compensation |
|
(1 |
) |
|
|
(40 |
) |
|
|
(2 |
) |
|
|
(82 |
) |
| Gain on sale of vessels |
|
10,151 |
|
|
|
— |
|
|
|
43,601 |
|
|
|
— |
|
| EBITDA |
$ |
201,601 |
|
|
$ |
163,478 |
|
|
$ |
390,437 |
|
|
$ |
289,596 |
|
| Gain on sale of vessels |
|
(10,151 |
) |
|
|
— |
|
|
|
(43,601 |
) |
|
|
— |
|
| Adjusted
EBITDA |
$ |
191,450 |
|
|
$ |
163,478 |
|
|
$ |
346,836 |
|
|
$ |
289,596 |
|
| |
Three MonthPeriod Ended |
|
Three MonthPeriod Ended |
|
Six Month Period Ended |
|
Six MonthPeriod Ended |
|
June 30, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
133,827 |
|
|
$ |
142,010 |
|
|
$ |
228,343 |
|
|
$ |
147,163 |
|
| Net cash (used in)/ provided
by investing activities |
$ |
(12,567 |
) |
|
$ |
(40,191 |
) |
|
$ |
31,665 |
|
|
$ |
(61,860 |
) |
| Net cash used in financing
activities |
$ |
(64,419 |
) |
|
$ |
(35,391 |
) |
|
$ |
(165,054 |
) |
|
$ |
(80,125 |
) |
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