Navios Maritime Containers Inc. ("Navios Containers") (N-OTC:NMCI),
a growth vehicle dedicated to the container sector of the maritime
industry, today reported financial results for the three month
period ended September 30, 2017 and for the period from April 28,
2017 (date of inception) through September 30, 2017.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
"We are pleased with our financial performance in our first full
quarter of operation for which we reported adjusted EBITDA of $7.0
million and adjusted net income of $531 thousand. "
Angeliki Frangou continued: "We believe the container market
continues to offer attractive acquisition candidates. We are
actively pursuing opportunities while this favorable market
persists."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Fleet Acquisition
Navios Containers continued to pursue fleet size
expansion by executing Memorandums of Agreement (“MoAs”) in
September and October 2017 to acquire two 2009-built 4,250 TEU
containerships for an aggregate purchase price of $19.8 million.
The containerships are expected to be delivered to Navios
Containers' owned fleet in early November 2017.
The acquisition of these two vessels is expected to be financed
initially with cash on hand while Navios Containers explores
potential debt financing on terms consistent with its existing
credit facilities.
Private Placement
On August 29, 2017, Navios Containers closed a
private placement of 10,000,000 shares at a subscription price of
$5.00 per share, resulting in gross proceeds of $50.0 million.
Navios Maritime Partners L.P. (“Navios Partners”) invested $10.0
million and received 2,000,000 shares. Navios Partners and Navios
Maritime Holdings Inc. (“Navios Holdings”) also received warrants,
with a five-year term, for 6.8% and 1.7% of the newly issued
equity, respectively.
As of September 30, 2017, Navios Partners holds
8,000,000 common shares representing 39.9% of the equity, and
Navios Holdings holds 1,000,000 common shares representing 5.0% of
the equity of Navios Containers. Both Navios Partners and Navios
Holdings hold warrants, with a five-year term, for 6.8% and 1.7% of
the total equity of Navios Containers, respectively.
Credit Facility
On July 27, 2017, Navios Containers entered into
a loan facility with a commercial bank for an amount of $21.0
million to partially finance the acquisition of seven
containerships previously acquired. The facility is repayable in
five consecutive quarterly instalments of $0.8 million each, plus a
balloon payment on the last repayment date. The facility matures in
November 2018 and bears interest at LIBOR plus 400 bps per annum.
As of September 30, 2017, the outstanding principal amount under
this facility was $21.0 million.
Fleet Development
Navios Containers controls 16 vessels, totaling
65,600 TEU and with an average age of 9.7 years. Two of these
vessels are expected to be delivered during the fourth quarter of
2017.
As of October 30, 2017, Navios Containers has
chartered-out 89.3% and 25.7% of available days for 2017 and 2018,
respectively, which are expected to generate revenue of $35.3
million and $36.2 million, respectively. The average expected daily
charter-out rate for the fleet is $16,422 and $24,177 for 2017 and
2018, respectively.
Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Basic
Earnings per Share are non-U.S. GAAP financial measures and should
not be used in isolation or as substitutes for Navios Containers’
results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of Non-GAAP
Financial Measures,” for a discussion of EBITDA, Adjusted EBITDA,
Adjusted Net Income and Adjusted Basic Earnings per Share of Navios
Containers and a reconciliation of such measures to the most
comparable measures calculated under U.S. GAAP.
Third Quarter of 2017 and period from April 28, 2017
(date of inception) to September 30, 2017 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The third quarter 2017 and the period from April 28, 2017 (date
of inception) to September 30, 2017 information presented below was
derived from the unaudited condensed consolidated financial
statements for the respective period.
| |
|
Three Month Period Ended September 30,
2017 |
|
Period from April 28, 2017 (date of inception)
to September 30, 2017 |
| |
|
(unaudited) |
|
(unaudited) |
| Revenue |
|
$ |
14,757 |
|
$ |
17,859 |
|
| Net income |
|
$ |
84 |
|
$ |
965 |
|
| Adjusted Net Income
(1) |
|
$ |
531 |
|
$ |
1,412 |
|
| Net cash provided
by/(used in) operating activities |
|
$ |
255 |
|
$ |
(1,236 |
) |
| EBITDA |
|
$ |
6,511 |
|
$ |
8,792 |
|
| Adjusted EBITDA
(1) |
|
$ |
6,958 |
|
$ |
9,239 |
|
| Basic Earnings per
Share |
|
$ |
0.01 |
|
$ |
0.08 |
|
| Adjusted Basic Earnings
per Share (1) |
|
$ |
0.04 |
|
$ |
0.11 |
|
(1) Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings
per Share for the three month period ended September 30, 2017 and
for the period from April 28, 2017 (date of inception) to September
30, 2017 exclude $0.4 million relating to the reactivation costs of
four laid-up vessels.Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of the Navios Containers' operations and its
fleet performance for the three month period ended September 30,
2017 and for the period from which the vessels were delivered, June
8, 2017 through September 30, 2017.
| |
|
Three Month Period Ended September 30,
2017 |
|
Period from June 8, 2017 to September 30,
2017 |
| |
|
|
|
|
| Available Days (1) |
|
862 |
|
|
977 |
|
| Operating Days (2) |
|
801 |
|
|
916 |
|
| Fleet Utilization
(3) |
|
92.9 |
% |
|
93.8 |
% |
| Vessels operating at
period end |
|
14 |
|
|
14 |
|
| TCE (4) |
$ |
16,724 |
|
$ |
17,930 |
|
|
(1 |
) |
Available
days for the fleet are total calendar days the vessels were in
Navios Containers' possession for the relevant period after
subtracting off-hire days associated with major repairs, drydocking
or special surveys. The shipping industry uses available days to
measure the number of days in a relevant period during which
vessels should be 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 Containers'
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 a company's efficiency
in finding suitable employment for its vessels. |
|
|
(4 |
) |
TCE is
defined as voyage and time charter revenues less voyage expenses
during a relevant period divided by the number of available days
during the period. |
|
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. (N-OTC:NMCI) is a growth vehicle
dedicated to the container sector of the maritime industry. For
more information, please visit its website at
www.navios-containers.com.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically
integrated seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com.
About Navios Maritime Partners L.P.
Navios Partners (NYSE:NMM) is a publicly traded master limited
partnership which owns and operates container and dry bulk vessels.
For more information, please visit its website at
www.navios-mlp.com.
Forward Looking Statements - Safe Harbor
This press release contains forward-looking statements
concerning future events, including Navios Containers’ cash flow
generation for the remainder of 2017, future contracted revenues
and rates, future financial performance of the fleet, timing of
vessel deliveries, opportunities to reinvest cash accretively, to
take advantage of the market and Navios Containers' growth strategy
and measures to implement such strategy; including future vessel
acquisitions and the ability to secure related financing, the
further growth of our containership fleet, and entering into
further time charters. 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. Such statements include
comments regarding expected revenue and time charters. These
forward-looking statements are based on the information available
to, and the expectations and assumptions deemed reasonable by
Navios Containers at the time these statements were made. Although
Navios Containers 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 known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Containers. 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 the
future vessel acquisitions and the quality of the fleet, the
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 container shipping sector in general, fluctuations in
charter rates for container carrier 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
wages, 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
Containers operates, and risks associated with global operations;
and other factors listed from time to time in Navios Containers’
public disclosures. Navios Containers 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 Containers' expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. Navios Containers makes no prediction
or statement about the performance of its common stock.
Contact:
Navios Maritime Containers
Inc.+1.212.906.8648investors@navios-containers.com
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. dollars -
except for share and per share data)
| |
|
|
Three Month Period Ended September 30, 2017
(unaudited) |
|
Period from April 28,
2017(date of inception) to September
30, 2017(unaudited) |
|
| Revenue |
|
|
|
14,757 |
|
|
|
17,859 |
|
| Time charter and
voyage expenses |
|
|
|
(343 |
) |
|
|
(343 |
) |
| Direct vessel
expenses |
|
|
|
(515 |
) |
|
|
(515 |
) |
| Management fees
(entirely through related parties transactions) |
|
|
|
(6,576 |
) |
|
|
(7,277 |
) |
| General and
administrative expenses |
|
|
|
(870 |
) |
|
|
(987 |
) |
| Depreciation and
amortization |
|
|
|
(5,351 |
) |
|
|
(6,671 |
) |
| Interest expense
and finance cost, net |
|
|
|
(1,007 |
) |
|
|
(1,088 |
) |
| Other expense,
net |
|
|
|
(11 |
) |
|
|
(13 |
) |
|
Net income |
|
|
$ |
84 |
|
|
$ |
965 |
|
|
|
|
|
|
|
|
|
|
| Net income
attributable to common stockholders |
|
|
$ |
84 |
|
|
$ |
965 |
|
|
|
|
|
|
|
|
|
|
| Net earnings per share,
basic and diluted |
|
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
| Weighted average number
of shares, basic and diluted |
|
|
|
13,535,906 |
|
|
|
12,864,663 |
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED BALANCE
SHEET(Expressed in thousands of U.S. dollars – except for
share data)
| |
|
|
|
|
|
September 30,2017(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
|
|
|
|
$ |
29,932 |
|
|
| Restricted Cash |
|
|
|
|
|
468 |
|
|
| Accounts receivable,
net |
|
|
|
|
|
1,286 |
|
|
| Amounts due from
related companies |
|
|
|
|
|
3,618 |
|
|
| Inventories |
|
|
|
|
|
330 |
|
|
| Prepaid and other
current assets |
|
|
|
|
|
55 |
|
|
| Total current
assets |
|
|
|
|
|
35,689 |
|
|
| |
|
|
|
|
|
|
|
|
| Vessels, net |
|
|
|
|
|
93,681 |
|
|
| Favorable lease
terms |
|
|
|
|
|
20,162 |
|
|
| Deferred dry dock and
special survey costs, net |
|
|
|
|
|
2,267 |
|
|
| Long-term receivable
from related companies |
|
|
|
|
|
6,163 |
|
|
| Total
non-current assets |
|
|
|
|
|
122,273 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
|
|
|
|
$ |
157,962 |
|
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
|
|
$ |
1,868 |
|
|
| Accrued expenses |
|
|
|
|
|
4,789 |
|
|
| Deferred income and
cash received in advance |
|
|
|
|
|
1,792 |
|
|
| Amounts due to related
companies |
|
|
|
|
|
1,254 |
|
|
| Current portion
of long-term debt, net |
|
|
|
|
|
17,651 |
|
|
| Total current
liabilities |
|
|
|
|
|
27,354 |
|
|
| |
|
|
|
|
|
|
|
|
| Long-term debt, net of
current portion |
|
|
|
|
|
38,763 |
|
|
| Total
non-current liabilities |
|
|
|
|
|
38,763 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
liabilities |
|
|
|
|
$ |
66,117 |
|
|
| |
|
|
|
|
|
|
|
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
|
| Stockholders’
equity |
|
|
|
|
|
|
|
|
|
Common stock — $0.0001 par value, 75,000,000 authorized registered
ordinary shares, 20,057,645 issued and outstanding as of September
30, 2017. |
|
|
|
|
|
2 |
|
|
| Additional paid-in
capital |
|
|
|
|
|
90,878 |
|
|
| Retained earnings |
|
|
|
|
|
965 |
|
|
| Total
stockholders’ equity |
|
|
|
|
|
91,845 |
|
|
| Total
liabilities and stockholders’ equity |
|
|
|
|
$ |
157,962 |
|
|
| |
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Expressed in thousands of U.S. dollars – except for
share data)
| |
|
|
Period from April 28,
2017(date of inception) to September
30, 2017
(unaudited) |
|
| OPERATING
ACTIVITIES: |
|
|
|
|
|
|
| Net income |
|
|
$ |
965 |
|
|
| Adjustments to
reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
|
6,671 |
|
|
| Amortization of
deferred financing costs |
|
|
|
199 |
|
|
| Amortization of
deferred drydock and special survey costs |
|
|
|
68 |
|
|
| Changes in
operating assets and liabilities: |
|
|
|
|
|
|
| Increase in restricted
cash |
|
|
|
(188 |
) |
|
| Increase in accounts
receivable |
|
|
|
(1,286 |
) |
|
| Increase in due from
related companies |
|
|
|
(3,169 |
) |
|
| Increase in
inventories |
|
|
|
(330 |
) |
|
| Increase in prepaid and
other current assets |
|
|
|
(9 |
) |
|
| Increase in long-term
receivable from affiliate companies |
|
|
|
(6,163 |
) |
|
| Increase in accounts
payable |
|
|
|
1,822 |
|
|
| Increase in accrued
expenses |
|
|
|
3,398 |
|
|
| Decrease in due to
related companies |
|
|
|
(420 |
) |
|
| Decrease in deferred
income and cash received in advance |
|
|
|
(458 |
) |
|
| Payments for dry dock
and special survey costs |
|
|
|
(2,336 |
) |
|
| Net cash used
in operating activities |
|
|
$ |
(1,236 |
) |
|
|
|
|
|
|
|
|
|
| INVESTING
ACTIVITIES: |
|
|
|
|
|
|
| Cash acquired through
asset acquisition |
|
|
|
5,433 |
|
|
| Acquisition of vessels
and favorable lease terms |
|
|
|
(125,503 |
) |
|
| Net cash used
in investing activities |
|
|
$ |
(120,070 |
) |
|
|
|
|
|
|
|
|
|
| FINANCING
ACTIVITIES: |
|
|
|
|
|
|
| Proceeds from long-term
borrowings, net of loan discount |
|
|
|
60,685 |
|
|
| Repayment of long term
debt |
|
|
|
(3,750 |
) |
|
| Debt issuance
costs |
|
|
|
(720 |
) |
|
| Increase in restricted
cash |
|
|
|
(280 |
) |
|
| Proceeds from issuance
of common shares, net of offering costs |
|
|
|
95,303 |
|
|
| Net cash
provided by financing activities |
|
|
|
151,238 |
|
|
|
|
|
|
|
|
|
|
| Increase in
cash and cash equivalents |
|
|
|
29,932 |
|
|
| Cash and cash
equivalents, beginning of period |
|
|
|
- |
|
|
| Cash and cash
equivalents, end of period |
|
|
$ |
29,932 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
| Non-cash
investing and financing activities |
|
|
|
|
|
|
| Cash paid for interest,
net |
|
|
$ |
502 |
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN EQUITY(Expressed in thousands of U.S. dollars — except
for share data)
For the period from April 28, 2017 (date of inception)
to September 30, 2017
| |
|
|
Number of
Common Shares |
|
|
Common Stock |
|
|
|
|
|
|
Additional
Paid-in Capital |
|
Retained Earnings |
|
Total Stockholders’ Equity |
|
| Balance April
28, 2017 (date of inception) |
|
|
|
- |
|
|
$ |
- |
|
|
|
$ |
|
|
- |
|
|
$ |
- |
|
$ |
- |
|
|
| Issuance of common
stock, net of offering expenses |
|
|
|
20,057,645 |
|
|
|
2 |
|
|
|
|
|
|
95,301 |
|
|
|
- |
|
|
95,303 |
|
|
| Deemed distribution to
controlling stockholders |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
(4,423 |
) |
|
|
- |
|
|
(4,423 |
) |
|
| Net income |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
965 |
|
|
965 |
|
|
|
Balance September 30, 2017 (unaudited) |
|
|
|
20,057,645 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
$ |
965 |
|
$ |
91,845 |
|
|
|
|
|
$ |
90,878 |
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Basic
Earnings per Share are “non-U.S. GAAP financial measure” and should
not be used in isolation or considered a substitute for net income/
(loss), cash flow from operating activities and other operations or
cash flow statement data prepared in accordance with generally
accepted accounting principles in the United States.
EBITDA represents net income/(loss) before interest and finance
costs, before depreciation and amortization. Adjusted EBITDA
represents EBITDA, excluding the item as described under “Earnings
Highlights”. Adjusted Income and Adjusted Basic Earnings per Share
represent Net Income and Basic Earnings per Share, excluding the
item as described under “Earnings Highlights”. We use EBITDA and
Adjusted EBITDA as liquidity measures and reconcile EBITDA and
Adjusted EBITDA to net cash provided by/(used in) operating
activities, the most comparable U.S. GAAP liquidity measure. EBITDA
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) deferred finance charges and (v) payments for drydock
and special survey costs. Navios Containers believes that EBITDA
and Adjusted EBITDA are a basis upon which liquidity can be
assessed and represents useful information to investors regarding
Navios Containers’ ability to service and/or incur indebtedness,
pay capital expenditures, meet working capital requirements and pay
dividends. Navios Containers also believes that EBITDA and Adjusted
EBITDA are used (i) by prospective and current lessors as well as
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.
EBITDA and Adjusted EBITDA are presented to provide additional
information with respect to the ability of Navios Containers to
satisfy its respective obligations, including debt service, capital
expenditures, working capital requirements and pay dividends. While
EBITDA and Adjusted EBITDA are frequently used as a measure of
operating results and the ability to meet debt service
requirements, the definition of EBITDA and Adjusted EBITDA used
here may not be comparable to those used by other companies due to
differences in methods of calculation.
EBITDA and Adjusted EBITDA has limitations as an analytical
tool, and therefore, should not be considered in isolation or as a
substitute for the analysis of Navios Containers’ results as
reported under U.S. GAAP. Some of these limitations are: (i) EBITDA
and Adjusted EBITDA does not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA does not reflect the amounts necessary to service interest
or principal payments on our debt and other financing arrangements;
and (iii) 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, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Containers’
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.
Navios Containers Reconciliation of EBITDA to Cash from
Operations
| |
|
Three Month Period Ended September,
2017 |
|
|
Period from April 28, 2017 (date of
inception) to September, 2017 |
| |
|
|
|
| (in thousands
of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
| |
|
|
|
|
|
|
|
| Net cash provided
by/(used in) operating activities |
|
$ |
255 |
|
|
|
$ |
(1,236 |
) |
| Net increase in
operating assets |
|
|
6,935 |
|
|
|
|
11,145 |
|
| Net increase in
operating liabilities |
|
|
(3,824 |
) |
|
|
|
(4,342 |
) |
| Payments for drydock
and special survey |
|
|
2,336 |
|
|
|
|
2,336 |
|
| Deferred finance
charges |
|
|
(199 |
) |
|
|
|
(199 |
) |
| Net interest cost |
|
|
1,008 |
|
|
|
|
1,088 |
|
|
EBITDA(1) |
|
$ |
6,511 |
|
|
|
$ |
8,792 |
|
| |
|
|
|
|
|
|
|
| Re-activation cost |
|
|
447 |
|
|
|
|
447 |
|
| |
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
$ |
6,958 |
|
|
|
$ |
9,239 |
|
| (1) |
|
Three Month Period Ended September,
2017 |
|
Period from April 28, 2017 (date of
inception) to September 30, 2017 |
| |
|
|
| (in
thousands of U.S. dollars) |
|
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
|
| Net cash
provided by/(used in) operating activities |
|
$ |
255 |
|
|
$ |
(1,236 |
) |
| Net cash
used in investing activities |
|
$ |
(75,503 |
) |
|
$ |
(120,070 |
) |
| Net cash
provided by financing activities |
|
$ |
70,244 |
|
|
$ |
151,238 |
|
|
|
|
|
|
|
|
EXHIBIT
II |
| Owned
Vessels |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Vessel Name |
|
TEU |
|
Year Built |
|
|
| Navios Summer |
|
3,450 |
|
2006 |
|
|
| Navios Verano |
|
3,450 |
|
2006 |
|
|
| Navios Spring |
|
3,450 |
|
2007 |
|
|
| Navios Amaranth |
|
4,250 |
|
2007 |
|
|
| Navios Indigo |
|
4,250 |
|
2007 |
|
|
| Navios Vermilion |
|
4,250 |
|
2007 |
|
|
| Navios Verde |
|
4,250 |
|
2007 |
|
|
| Navios Amarillo |
|
4,250 |
|
2007 |
|
|
| Navios Azure |
|
4,250 |
|
2007 |
|
|
| MOL Dominance |
|
4,250 |
|
2008 |
|
|
| MOL Delight |
|
4,250 |
|
2008 |
|
|
| MOL Dedication |
|
4,250 |
|
2008 |
|
|
| MOL Devotion |
|
4,250 |
|
2009 |
|
|
| MOL Destiny |
|
4,250 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
Vessels to be Delivered
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Vessel Name |
|
TEU |
|
Year Built |
|
Delivery Date |
|
| Navios Lapis |
|
4,250 |
|
2009 |
|
11/2017 |
|
| Navios Tempo |
|
4,250 |
|
2009 |
|
11/2017 |
|
| |
|
|
|
|
|
|
|
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