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 third quarter and nine
month period ended September 30, 2022.
Angeliki Frangou, Chairwoman and Chief Executive
Officer of Navios Partners, stated, “We are pleased to report our
results for the third quarter of 2022 in which we recorded $322.4
million of revenue, $257.2 million of net income and net income per
unit of $8.36.”
Angeliki Frangou continued, “Our diversified
approach served our stakeholders well, despite unprecedented macro
challenges, including slowing growth in China, the Ukrainian
conflict, and a more restrictive financial environment caused by
central banks because of quantitative tightening and inflation. In
containerships, we leveraged market strength by selling two
16-year-old vessels for $220.0 million while also hedging our
newbuilding risk through long-term charters. We also used our
balance sheet strength to enter the Aframax tanker class, of which
four of the six tankers on order have long-term charters. As a
result of our efforts, our current breakeven per open day for 2023
is slightly less than $6,000.”
Fleet update
- Acquisition of two 115,000 dwt Aframax/LR2 newbuilding
vessels in November 2022
Following the acquisition of four 115,000 dwt
Aframax/LR2 newbuilding vessels in April 2022, Navios Partners
agreed in November 2022 to acquire two additional 115,000 dwt
Aframax/LR2 newbuilding vessels for a purchase price of $60.5
million each (plus $4.2 million in additional features). The
vessels have been designed with the latest technology optimizing
efficiency and will carry both crude and clean products. An
investment grade counterparty has the option to charter both
vessels for a five-year period at a rate of $27,798 net per day.
The option can be exercised in the fourth quarter of 2022. The
charterer has also an option to extend each of the charters for a
further five one-year options at rates increasing by $1,234 per day
each year. The vessels are expected to be delivered into Navios
Partners’ fleet during the first half of 2025. The closing of the
transaction is subject to completion of customary
documentation.
- Acquisition of two Japanese-built drybulk vessels for
$91.3 million
In September 2022, Navios Partners agreed to
acquire one newbuilding Capesize vessel and one 2016-built
Kamsarmax vessel of 84,852 dwt for an aggregate implied purchase
price of $91.3 million from an unrelated third party. The Capesize
vessel is expected to be delivered into Navios Partners’ fleet
during the first half of 2023. The Kamsarmax vessel is expected to
be delivered into Navios Partners’ fleet during the fourth quarter
of 2022.
- Completed the sale of two 16-year old containerships
for $220.0 million
In September 2022, Navios Partners completed the
sale of the Navios Utmost and the Navios Unite, two 2006-built
Containerships of 8,204 TEU each, to an unrelated third party for
an aggregate sale price of $220.0 million.
- Agreed to sell four drydulk vessels for $52.0
million
On October 25, 2022, Navios Partners agreed to
sell the Navios Alegria, a 2004-built Panamax vessel of 76,466 dwt
to an unrelated third party for a sale price of $11.0 million. The
sale is expected to be completed during the fourth quarter of
2022.
On October 11, 2022, Navios Partners agreed to
sell the Navios Symmetry, a 2006-built Panamax vessel of 74,381 dwt
to an unrelated third party for a sale price of $11.7 million. The
sale was completed on October 25, 2022.
On September 20, 2022, Navios Partners agreed to
sell the Navios Ulysses, a 2007-built Ultra-Handymax vessel of
55,728 dwt to an unrelated third party for a sale price of $14.3
million. The sale was completed on October 14, 2022.
On September 6, 2022, Navios Partners agreed to
sell the Navios Camelia, a 2009-built Panamax vessel of 75,162 dwt
to an unrelated third party for a sale price of $15.0 million. The
sale is expected to be completed during the fourth quarter of
2022.
- ~$331.0 million from long-term charters contracted in
the third quarter of 2022
During the third quarter of 2022, Navios
Partners has entered into new long-term charters which are expected
to generate approximately $331.0 million revenue.
- Three newbuilding Capesize vessels,
two of which were delivered in September 2022 and the third is
expected to be delivered in November 2022, have been chartered-out
for an average period of five years, at an average rate of $20,567
net per day.
- Two 115,000 dwt Aframax/LR2
newbuilding vessels acquired in April 2022 and expected to be
delivered in the second half of 2024 and the first quarter of 2025,
have been chartered-out for an average period of five years, at a
rate of $25,576 net per day. The charterer has an option to extend
each of the charters for a further five one-year options at rates
increasing by $1,234 per day each year.
- Five MR2 vessels have been
chartered-out for an average period of 1.8 years, at an average
rate of $21,860 net per day.
- Three LR1 vessels have been chartered-out for an average period
of 1.8 years, at an average rate of $27,691 net per day.
Financing update
In October 2022, Navios Partners completed a
$100.0 million sale and leaseback transaction with an unrelated
third party, in order to refinance the existing indebtedness of 12
Containerships. The sale and leaseback transaction: (i) matures in
the first quarter of 2026; and (ii) bears interest at Secured
Overnight Financing Rate (“SOFR”) plus 210 bps per annum.
On September 30, 2022, Navios Partners entered
into a new credit facility with a leading European commercial bank
for up to $86.2 million in order to finance the acquisition of two
newbuilding 5,300 TEU containerships. The credit facility: (i) has
an amortization profile of approximately 16 years; (ii) matures
seven years after the drawdown date; and (iii) bears interest at
SOFR plus 200 bps per annum.
In September 2022, Navios Partners agreed to
enter into $84.5 million bareboat contracts under which one
newbuilding Capesize vessel and one 2016-built Kamsarmax vessel
will be chartered-in. The bareboat contract for the newbuilding
Capesize vessel has a duration of 15 years and an implied fixed
interest rate of approximately 5.5%. Navios Partners has the option
to acquire the Capesize vessel at maturity. The bareboat contract
for the 2016-built Kamsarmax vessel: (i) has an amortization
profile of approximately 10.2 years; (ii) matures ten years after
the drawdown date; and (iii) bears interest at 1M ICE LIBOR plus
200 bps per annum. The agreement for the 2016-built Kamsarmax
vessel remains subject to completion of definitive documentation
and is expected to close in the fourth quarter of 2022.
In November 2022, Navios Partners agreed to
enter into an export credit agency-backed facility for up to $161.6
million in order to finance the acquisition of four newbuilding
5,300 TEU Containerships. The facility: (i) has an amortization
profile of approximately 14.3 years; (ii) matures ten years after
the drawdown date; and (iii) bears interest at SOFR plus 170 bps
per annum. The facility remains subject to completion of definitive
documentation and is expected to close in the fourth quarter of
2022.
Cash distribution
The Board of Directors of Navios Partners
declared a cash distribution for the third quarter of 2022 of $0.05
per unit. The cash distribution is payable on November 10, 2022 to
unitholders of record as of November 8, 2022. The declaration and
payment of any further dividends remain subject to the discretion
of the Board of Directors and will depend on, among other things,
Navios Partners’ cash requirements as measured by market
opportunities and restrictions under its credit agreements and
other debt obligations and such other factors as the Board of
Directors may deem advisable.
Operating Highlights
Navios Partners owns and operates a fleet
comprised of 87 drybulk vessels, 47 containerships and 51 tanker
vessels, including one newbuilding Capesize chartered-in vessel
under bareboat contract expected to be delivered in the fourth
quarter of 2022, three newbuilding Capesize chartered-in vessels
under bareboat contracts expected to be delivered in 2023, one
newbuilding Panamax vessel expected to be delivered by the first
half of 2023, six newbuilding Aframax/LR2 vessels expected to be
delivered in 2024 and first half of 2025, 12 newbuilding
Containerships expected to be delivered by the second half of 2023
and in 2024, and one secondhand Kamsarmax vessel expected to be
delivered by the fourth quarter of 2022.
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 approximately 1.7
years. Navios Partners has currently fixed 73.3% of its available
days for the remaining three months of 2022 and 33.9% for 2023.
Navios Partners expects to generate contracted revenue of
approximately $279.3 million and $669.0 million for the remaining
three months of 2022 and for 2023, respectively. The average
expected daily charter-out rate for the fleet is $25,331 and
$32,616 for the remaining three months of 2022 and for 2023,
respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Partners has compiled
condensed consolidated statements of operations for the three and
nine month periods ended September 30, 2022 and 2021. The quarterly
information was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA, Adjusted
EBITDA, Adjusted Earnings per Common Unit basic and diluted and
Adjusted Net Income are non-GAAP financial measures and should not
be used in isolation or substitution for Navios Partners’ results
calculated in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”).
Upon completion of the merger (“NMCI Merger”)
with Navios Maritime Containers L.P. (“Navios Containers”) on March
31, 2021, beginning from April 1, 2021, and obtaining control over
Navios Maritime Acquisition Corporation (“Navios Acquisition”) on
August 25, 2021, beginning from August 26, 2021, the results of
operations of Navios Containers and Navios Acquisition are included
in Navios Partners’ Consolidated Statements of Operations. On
October 15, 2021, Navios Partners completed its merger (“NNA
Merger”) with Navios Acquisition.
| |
Three MonthPeriod EndedSeptember 30,
2022 |
|
Three Month Period Ended September 30, 2021 |
|
Nine Month Period Ended September 30, 2022 |
|
Nine Month Period Ended September 30, 2021 |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
$ |
322,387 |
|
$ |
227,957 |
|
$ |
839,665 |
|
$ |
445,029 |
|
| Net Income attributable to
Navios Partners' unitholders |
$ |
257,164 |
|
$ |
162,054 |
|
$ |
460,989 |
|
$ |
398,646 |
|
| Adjusted Net Income
attributable to Navios Partners' unitholders |
$ |
113,400 |
(1) |
$ |
130,103 |
(2) |
$ |
317,225 |
(1) |
$ |
242,314 |
(3) |
| Net cash provided by operating
activities |
$ |
219,108 |
|
$ |
70,904 |
|
$ |
366,271 |
|
$ |
148,153 |
|
| EBITDA |
$ |
321,433 |
|
$ |
177,185 |
|
$ |
611,028 |
|
$ |
426,160 |
|
| Adjusted EBITDA |
$ |
177,669 |
(1) |
$ |
145,234 |
(2) |
$ |
467,264 |
(1) |
$ |
269,828 |
(3) |
| Earnings attributable to
Navios Partners’ unitholders per Common Unit basic |
$ |
8.36 |
|
$ |
5.97 |
|
$ |
14.98 |
|
$ |
19.27 |
|
| Earnings attributable to
Navios Partners’ unitholders per Common Unit diluted |
$ |
8.35 |
|
$ |
5.95 |
|
$ |
14.97 |
|
$ |
19.19 |
|
| Adjusted Earnings attributable
to Navios Partners’ unitholders per Common Unit basic |
$ |
3.69 |
(1) |
$ |
4.79 |
(2) |
$ |
10.31 |
(1) |
$ |
11.72 |
(3) |
| Adjusted Earnings attributable
to Navios Partners’ unitholders per Common Unit diluted |
$ |
3.68 |
(1) |
$ |
4.77 |
(2) |
$ |
10.30 |
(1) |
$ |
11.67 |
(3) |
|
(1) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the three and nine month periods ended September
30, 2022 have been adjusted to exclude a $143.8 million gain
related to the sale of two of our vessels in the third quarter of
2022. |
|
(2) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the three month period ended September 30, 2021
have been adjusted to exclude: (i) a $30.9 million gain related to
the sale of three of our vessels; (ii) a $4.0 million bargain gain
upon obtaining control over Navios Acquisition; and (iii) $2.9
million of transaction costs in relation to the NNA Merger. |
|
(3) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the nine month period ended September 30, 2021 have
been adjusted to exclude: (i) an $80.8 million gain from equity in
net earnings of affiliated companies; (ii) a $48.0 million bargain
gain upon obtaining control over Navios Containers and Navios
Acquisition; (iii) a $30.3 million gain related to the sale of
seven of our vessels; and (iv) $2.9 million of transaction costs in
relation to the NNA Merger. |
|
|
|
Three month periods ended September 30, 2022 and
2021
Time charter and voyage revenues for the three
month period ended September 30, 2022 increased by $94.4 million,
or 41.4%, to $322.4 million, as compared to $228.0 million for the
same period in 2021. The increase in revenue was mainly
attributable to the increase in the size of our fleet. For the
three month period ended September 30, 2022, the time charter and
voyage revenues are affected by $13.6 million relating to the
straight line effect of the containerships charters with
de-escalating rates. The Time Charter Equivalent (“TCE”) rate
decreased by 2.7% to $23,781 per day, as compared to $24,447 per
day for the same period in 2021. The available days of the fleet
increased by 42.9% to 12,897 days for the three month period ended
September 30, 2022, as compared to 9,027 days for the same period
in 2021 mainly due to the acquisition of the 36-vessel drybulk
fleet and the NNA Merger.
EBITDA of Navios Partners for the three month
period ended September 30, 2022 and 2021 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by approximately $32.5 million to $177.7 million
for the three month period ended September 30, 2022, as compared to
$145.2 million for the same period in 2021. The increase in
Adjusted EBITDA was primarily due to a $94.4 million increase in
time charter and voyage revenues. The above increase was partially
mitigated by a: (i) $24.9 million increase in vessel operating
expenses, mainly due to the increased fleet; (ii) $23.9 million
increase in time charter and voyage expenses, mainly due to the
increase in bareboat and charter-in hire expense of the tanker and
drybulk fleet; (iii) $6.1 million increase in general and
administrative expenses, mainly due to the increased fleet; (iv)
$3.9 million decrease in net loss attributable to noncontrolling
interest; (v) $1.9 million increase in other expenses, net; and
(vi) $1.2 million increase in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items).
Net Income attributable to Navios Partners’
unitholders for the three month period ended September 30, 2022 and
2021 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income attributable to Navios
Partners' unitholders for the three month period ended September
30, 2022 amounted to $113.4 million as compared to $130.1 million
for the same period in 2021. The decrease in Adjusted Net Income
attributable to Navios Partners’ unitholders was primarily due to
a: (i) $27.2 million increase in depreciation and amortization
expense; (ii) $10.8 million decrease in the amortization of the
unfavorable lease terms; (iii) $7.9 million increase in interest
expense and finance cost, net; and (iv) $3.4 million increase in
amortization of deferred drydock, special survey costs and other
capitalized items. The above decrease was partially mitigated by a:
(i) $32.5 million increase in Adjusted EBITDA; and (ii) $0.1
million increase in interest income.
Nine month periods ended September 30,
2022 and 2021
Time charter and voyage revenues of Navios Partners for the nine
month period ended September 30, 2022 increased by approximately
$394.7 million, or 88.7%, to $839.7 million, as compared to $445.0
million for the same period in 2021. The increase in revenue was
mainly attributable to the increase in the size of our fleet and to
the increase in the TCE rate. For the nine month period ended
September 30, 2022, the time charter and voyage revenues are
affected by $30.1 million relating to the straight line effect of
the containerships charters with de-escalating rates. The TCE rate
increased by 8.2% to $22,717 per day, as compared to $20,991 per
day in the same period in 2021. The available days of the fleet
increased by 72.5% to 35,394 days for the nine month period ended
September 30, 2022, as compared to 20,521 days in the same period
in 2021 mainly due to the acquisition of the 36-vessel drybulk
fleet, the NMCI Merger and the NNA Merger.
EBITDA of Navios Partners for the nine month
period ended September 30, 2022 and 2021 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by approximately $197.5 million to $467.3 million
for the nine month period ended September 30, 2022, as compared to
$269.8 million for the same period in 2021. The increase in
Adjusted EBITDA was primarily due to a $394.7 million increase in
time charter and voyage revenues. The above increase was partially
mitigated by: (i) an $107.4 million increase in vessel operating
expenses, mainly due to the increased fleet; (ii) a $54.5 million
increase in time charter voyage expenses, mainly due to the
increase in bareboat and charter-in hire expense of the tanker and
drybulk fleet; (iii) a $19.0 million increase in general and
administrative expenses, mainly due to the increased fleet; (iv) an
$11.9 million increase in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items); (v) a $3.9 million decrease in net loss
attributable to noncontrolling interest; and (vi) a $0.5 million
increase in other expenses, net.
Net Income attributable to Navios Partners'
unitholders for the nine month period ended September 30, 2022 and
2021 was affected by items described in the table above. Excluding
these items, Adjusted Net Income attributable to Navios Partners’
unitholders for the nine month period ended September 30, 2022
amounted to $317.2 million compared to $242.3 million for the same
period in 2021. The increase in Adjusted Net Income attributable to
Navios Partners’ unitholders of $74.9 million was primarily due to
a $197.5 million increase in Adjusted EBITDA. The above increase
was partially mitigated by a: (i) $76.5 million increase in
depreciation and amortization expense; (ii) $22.4 million increase
in interest expense and finance cost, net; (iii) $13.4 million
decrease in the amortization of the unfavorable lease terms; (iv)
$9.5 million increase in amortization for deferred drydock, special
survey costs and other capitalized items; and (v) $0.8 million
decrease in interest income.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
and nine month periods ended September 30, 2022 and 2021 (including
the Navios Containers’ fleet and Navios Acquisition’s fleet
beginning from April 1, 2021 and August 26, 2021, respectively).
| |
Three MonthPeriod Ended September 30,2022 |
|
Three MonthPeriod Ended September 30, 2021 |
|
Nine Month Period Ended September 30, 2022 |
|
Nine Month Period Ended September 30, 2021 |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Available Days (1) |
|
12,897 |
|
|
|
9,027 |
|
|
|
35,394 |
|
|
|
20,521 |
|
| Operating Days (2) |
|
12,785 |
|
|
|
8,951 |
|
|
|
35,008 |
|
|
|
20,342 |
|
| Fleet Utilization (3) |
|
99.1 |
% |
|
|
99.2 |
% |
|
|
98.9 |
% |
|
|
99.1 |
% |
| TCE Combined (per day)
(4) |
$ |
23,781 |
|
|
$ |
24,447 |
|
|
$ |
22,717 |
|
|
$ |
20,991 |
|
| TCE Drybulk (per day) (4) |
$ |
20,061 |
|
|
$ |
28,926 |
|
|
$ |
21,381 |
|
|
$ |
21,096 |
|
| TCE Containers (per day)
(4) |
$ |
32,600 |
|
|
$ |
22,418 |
|
|
$ |
30,486 |
|
|
$ |
21,866 |
|
| TCE Tankers (per day) (4) |
$ |
21,828 |
|
|
$ |
15,066 |
|
|
$ |
17,834 |
|
|
$ |
15,066 |
|
| Vessels operating at period
end |
|
166 |
|
|
|
129 |
|
|
|
166 |
|
|
|
129 |
|
|
(1) |
Available days for the fleet represent total calendar days the
vessels were in Navios Partners’ possession for the relevant period
after subtracting off-hire days associated with scheduled repairs,
dry dockings or special surveys and ballast days relating to
voyages. The shipping industry uses available days to measure the
number of days in a relevant period during which a vessel is
capable of generating revenues. |
|
(2) |
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate
number of days in a relevant period during which vessels actually
generate revenues. |
|
(3) |
Fleet utilization is the percentage of time that Navios Partners’
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. The shipping
industry uses fleet utilization to measure efficiency in finding
employment for vessels and minimizing the amount of days that its
vessels are off-hire for reasons other than scheduled repairs, dry
dockings or special surveys. |
|
(4) |
TCE rate: Time Charter Equivalent rate per day is defined as
voyage, time charter revenues and 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 Thursday, November 10, 2022 to discuss the
results for the third quarter and nine month period ended September
30, 2022.
Call Date/Time: Thursday, November 10, 2022 at 8:30 am ETCall
Title: Navios Partners Q3 2022 Financial Results Conference
Call US Dial In: +1.800.343.4849International Dial In:
+1.203.518.9848Conference ID: NMMQ322
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.800.839.5492International Replay Dial In:
+1.402.220.2551
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, 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)
| |
September
30,2022(unaudited) |
|
December 31,2021(unaudited) |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents, including restricted cash |
$ |
110,320 |
|
$ |
169,446 |
|
Other current assets |
|
129,571 |
|
|
56,894 |
|
Vessels, net |
|
3,794,454 |
|
|
2,852,570 |
|
Other non-current assets |
|
740,186 |
|
|
544,389 |
|
Total assets |
$ |
4,774,531 |
|
$ |
3,623,299 |
| |
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
Other current liabilities |
$ |
248,430 |
|
$ |
140,368 |
|
Total borrowings, net (including current and non-current) |
|
1,916,589 |
|
|
1,361,709 |
|
Other non-current liabilities |
|
383,299 |
|
|
351,497 |
|
Total partners’ capital |
|
2,226,213 |
|
|
1,769,725 |
|
Total liabilities and partners’ capital |
$ |
4,774,531 |
|
$ |
3,623,299 |
| |
|
|
|
|
|
NAVIOS MARITIME PARTNERS
L.P.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Expressed in thousands of U.S. Dollars except
unit and per unit data)
| |
Three Month Period EndedSeptember 30,
2022 |
|
Three Month Period EndedSeptember 30,
2021 |
|
Nine Month Period EndedSeptember 30,
2022 |
|
Nine MonthPeriod EndedSeptember 30,
2021 |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Time charter and voyage revenues |
$ |
322,387 |
|
|
$ |
227,957 |
|
|
$ |
839,665 |
|
|
$ |
445,029 |
|
|
Time charter and voyage expenses |
|
(35,439 |
) |
|
|
(11,465 |
) |
|
|
(74,300 |
) |
|
|
(19,829 |
) |
|
Direct vessel expenses |
|
(15,398 |
) |
|
|
(10,864 |
) |
|
|
(39,511 |
) |
|
|
(18,007 |
) |
|
Vessel operating expenses |
|
(78,928 |
) |
|
|
(53,952 |
) |
|
|
(226,089 |
) |
|
|
(118,685 |
) |
|
General and administrative expenses |
|
(15,597 |
) |
|
|
(9,491 |
) |
|
|
(43,683 |
) |
|
|
(24,717 |
) |
|
Depreciation and amortization of intangible assets |
|
(59,270 |
) |
|
|
(32,102 |
) |
|
|
(143,820 |
) |
|
|
(67,309 |
) |
|
Amortization of unfavorable lease terms |
|
24,779 |
|
|
|
35,576 |
|
|
|
64,205 |
|
|
|
77,602 |
|
|
Gain on sale of vessels, net |
|
143,764 |
|
|
|
30,859 |
|
|
|
143,764 |
|
|
|
30,348 |
|
|
Interest expense and finance cost, net |
|
(22,270 |
) |
|
|
(14,446 |
) |
|
|
(50,019 |
) |
|
|
(27,624 |
) |
|
Interest income |
|
74 |
|
|
|
— |
|
|
|
98 |
|
|
|
859 |
|
|
Other expense, net |
|
(6,938 |
) |
|
|
(4,969 |
) |
|
|
(9,321 |
) |
|
|
(8,864 |
) |
|
Equity in net earnings of affiliated companies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,839 |
|
|
Transaction costs |
|
— |
|
|
|
(2,870 |
) |
|
|
— |
|
|
|
(2,870 |
) |
|
Bargain gain |
|
— |
|
|
|
3,962 |
|
|
|
— |
|
|
|
48,015 |
|
|
Net income |
$ |
257,164 |
|
|
$ |
158,195 |
|
|
$ |
460,989 |
|
|
$ |
394,787 |
|
|
Net loss attributable to the noncontrolling interest |
|
— |
|
|
|
3,859 |
|
|
|
— |
|
|
|
3,859 |
|
|
Net income attributable to Navios Partners’
unitholders |
$ |
257,164 |
|
|
$ |
162,054 |
|
|
$ |
460,989 |
|
|
$ |
398,646 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings attributable to Navios
Partners' unitholders per unit:
| |
Three Month Period EndedSeptember 30,
2022 |
|
Three Month Period EndedSeptember 30,
2021 |
|
Nine Month Period EndedSeptember 30,
2022 |
|
Nine Month Period EndedSeptember 30,
2021 |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Earnings attributable to Navios Partners' unitholders per
unit: |
|
|
|
|
|
|
|
|
|
|
|
| Earnings attributable to
Navios Partners' unitholders per common unit, basic |
$ |
8.36 |
|
$ |
5.97 |
|
$ |
14.98 |
|
$ |
19.27 |
| Earnings attributable to
Navios Partners' unitholders per common unit, diluted |
$ |
8.35 |
|
$ |
5.95 |
|
$ |
14.97 |
|
$ |
19.19 |
| |
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS
L.P.Other Financial Information(Expressed
in thousands of U.S. Dollars except unit data)
| |
Three Month Period EndedSeptember 30,
2022 |
|
Three Month Period EndedSeptember 30,
2021 |
|
Nine Month Period EndedSeptember 30,
2022 |
|
Nine Month Period
EndedSeptember 30,2021 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
219,108 |
|
|
$ |
70,904 |
|
|
$ |
366,271 |
|
|
$ |
148,153 |
|
| Net cash (used in)/ provided
by investing activities |
$ |
(203,850 |
) |
|
$ |
30,486 |
|
|
$ |
(265,710 |
) |
|
$ |
(103,052 |
) |
| Net cash (used in)/ provided
by financing activities |
$ |
(79,562 |
) |
|
$ |
(193,063 |
) |
|
$ |
(159,687 |
) |
|
$ |
65,351 |
|
| (Decrease)/ Increase
in cash, cash equivalents and restricted cash |
$ |
(64,304 |
) |
|
$ |
(91,673 |
) |
|
$ |
(59,126 |
) |
|
$ |
110,452 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT 2
|
Owned Drybulk Vessels |
|
Type |
|
Built |
|
Capacity (DWT) |
| Navios Amaryllis |
|
Ultra-Handymax |
|
2008 |
|
58,735 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Navios Celestial |
|
Ultra-Handymax |
|
2009 |
|
58,063 |
| Navios Vega |
|
Ultra-Handymax |
|
2009 |
|
58,792 |
| Serenitas N |
|
Ultra-Handymax |
|
2011 |
|
56,644 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
| Navios Anthos |
|
Panamax |
|
2004 |
|
75,798 |
| Navios 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 |
| Navios Libertas |
|
Panamax |
|
2007 |
|
75,511 |
| Navios Prosperity I |
|
Panamax |
|
2007 |
|
75,527 |
| Copernicus N |
|
Panamax |
|
2010 |
|
93,062 |
| Unity N |
|
Panamax |
|
2011 |
|
79,642 |
| Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Jupiter N |
|
Post-Panamax |
|
2011 |
|
93,062 |
| 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 |
|
Kamsarmax |
|
2015 |
|
82,056 |
| Navios Uranus |
|
Kamsarmax |
|
2019 |
|
81,821 |
| Navios Herakles I |
|
Kamsarmax |
|
2019 |
|
82,036 |
| Navios Galaxy II |
|
Kamsarmax |
|
2020 |
|
81,789 |
| Navios Felicity I |
|
Kamsarmax |
|
2020 |
|
81,962 |
| Navios Magellan II |
|
Kamsarmax |
|
2020 |
|
82,037 |
| 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 Astra |
|
Capesize |
|
2022 |
|
182,392 |
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Matson Oahu |
|
Containership |
|
2006 |
|
3,450 |
| Hyundai Hongkong |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Singapore |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Busan |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Shanghai |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Tokyo |
|
Containership |
|
2006 |
|
6,800 |
| 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 |
| 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) |
| Nave Cosmos |
|
Chemical Tanker |
|
2010 |
|
25,130 |
| Nave Polaris |
|
Chemical Tanker |
|
2011 |
|
25,145 |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| Perseus N |
|
MR1 Product Tanker |
|
2009 |
|
36,264 |
| Star N |
|
MR1 Product Tanker |
|
2009 |
|
37,836 |
| Nave Dorado |
|
MR2 Product Tanker |
|
2005 |
|
47,999 |
| Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Orbit |
|
MR2 Product Tanker |
|
2009 |
|
50,470 |
| Nave Equator |
|
MR2 Product Tanker |
|
2009 |
|
50,542 |
| Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
| Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
| Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
| Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
| Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
| Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Aurora N |
|
LR1 Product Tanker |
|
2008 |
|
63,495 |
| Lumen N |
|
LR1 Product Tanker |
|
2008 |
|
63,599 |
| Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
| Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
| Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
| Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
| Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
| Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
| Nave Photon |
|
VLCC |
|
2008 |
|
297,395 |
| Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| Nave Spherical |
|
VLCC |
|
2009 |
|
297,188 |
| Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
| Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
| Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
| Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
|
Bareboat-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Libra |
|
Panamax |
|
2019 |
|
82,011 |
|
Yes |
| Navios Star |
|
Panamax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Panamax |
|
2021 |
|
82,002 |
|
Yes |
| Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
| Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
| Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
| Nave Celeste |
|
VLCC |
|
2022 |
|
313,418 |
|
Yes |
|
Owned to be delivered |
|
Type |
|
Delivery Date |
|
CapacityDWT / (TEU) |
| TBN IV |
|
Panamax |
|
H1 2023 |
|
81,000 |
| TBN XXIV (1) |
|
Kamsarmax |
|
H2 2022 |
|
84,852 |
| TBN I |
|
Capesize |
|
H2 2022 |
|
180,000 |
| TBN II |
|
Capesize |
|
H1 2023 |
|
180,000 |
| TBN V |
|
Capesize |
|
H1 2023 |
|
180,000 |
| TBN III |
|
Capesize |
|
H1 2023 |
|
180,000 |
| TBN VI |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN VII |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN XII |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN VIII |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN IX |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN XIII |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN X |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XI |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XIV |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XV |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XXI |
|
Containership |
|
H2 2024 |
|
7,700 |
| TBN XX |
|
Containership |
|
H2 2024 |
|
7,700 |
| TBN XVI |
|
Aframax/LR2 |
|
H1 2024 |
|
115,000 |
| TBN XVII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XVIII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XIX |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XXII |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XXIII |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
|
(1) |
Secondhand vessel expected to be delivered in the fourth quarter of
2022. |
|
|
|
|
Chartered-in vessels (with purchase options) |
|
Type |
|
Year Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes |
| Navios Venus |
|
Ultra-Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Navios Amber |
|
Kamsarmax |
|
2015 |
|
80,994 |
|
Yes |
| Navios Coral |
|
Kamsarmax |
|
2016 |
|
84,904 |
|
Yes |
| Navios Citrine |
|
Kamsarmax |
|
2017 |
|
81,626 |
|
Yes |
| Navios Dolphin |
|
Kamsarmax |
|
2017 |
|
81,630 |
|
Yes |
| Navios Gemini |
|
Kamsarmax |
|
2018 |
|
81,704 |
|
No (1) |
| Navios Horizon I |
|
Kamsarmax |
|
2019 |
|
81,692 |
|
No (1) |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
|
(1) |
Purchase option in the form of the right of first refusal and
profit share on sale of vessel. |
|
|
|
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings attributable to Navios Partners' unitholders per
Common Unit, basic and diluted are “non-U.S. GAAP financial
measures” and should not be used in isolation or considered
substitutes for net income/ (loss), cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income before interest and
finance costs, depreciation and amortization (including intangible
accelerated amortization) and income taxes. Adjusted EBITDA
represents EBITDA excluding certain items, as described under
“Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a
liquidity measure and reconciles EBITDA and Adjusted EBITDA to net
cash provided by operating activities, the most comparable U.S.
GAAP liquidity measure. EBITDA in this document is calculated as
follows: net cash provided by operating activities adding back,
when applicable and as the case may be, the effect of: (i) net
increase/ (decrease) in operating assets; (ii) net (increase)/
decrease in operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred finance costs and
discount; (v) equity in net earnings of affiliated companies;
(vi) non-cash amortization of deferred revenue and straight
line effect of the containerships charters with de-escalating
rates; (vii) stock-based compensation; (viii) amortization of
operating lease assets/ liabilities; (ix) gain/ (loss) on sale of
assets; (x) bargain gain; and (xi) net loss attributable to
noncontrolling interest. Navios Partners believes that EBITDA and
Adjusted EBITDA are each the basis upon which liquidity can be
assessed and presents useful information to investors regarding
Navios Partners’ ability to service and/or incur indebtedness, pay
capital expenditures, meet working capital requirements and make
cash distributions. Navios Partners also believes that EBITDA and
Adjusted EBITDA are used: (i) by potential lenders to evaluate
potential transactions; (ii) to evaluate and price potential
acquisition candidates; and (iii) by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry.
Each of EBITDA and Adjusted EBITDA have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for the analysis of Navios Partners’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Partners’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
We present Adjusted Net Income attributable to
Navios Partners’ unitholders by excluding items that we do not
believe are indicative of our core operating performance. Our
presentation of Adjusted Net Income 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 attributable to Navios Partners’
unitholders per Common Unit is defined as Adjusted Net Income
attributable to Navios Partners’ unitholders divided by the
weighted average number of common units outstanding for each of the
periods presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P.
Reconciliation of EBITDA and Adjusted EBITDA to Cash from
Operations
| |
Three Month Period EndedSeptember 30,
2022 |
|
Three Month Period EndedSeptember 30,
2021 |
|
Nine Month Period EndedSeptember 30,
2022 |
|
Nine Month Period EndedSeptember 30,
2021 |
| |
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
Net cash provided by operating activities |
$ |
219,108 |
|
|
$ |
70,904 |
|
|
$ |
366,271 |
|
|
$ |
148,153 |
|
|
Net increase in operating assets |
|
14,948 |
|
|
|
32,241 |
|
|
|
103,465 |
|
|
|
62,341 |
|
|
Net (increase)/ decrease in operating liabilities |
|
(62,898 |
) |
|
|
21,540 |
|
|
|
(10,918 |
) |
|
|
26,789 |
|
|
Net interest cost |
|
22,197 |
|
|
|
14,446 |
|
|
|
49,921 |
|
|
|
26,765 |
|
|
Amortization and write-off of deferred finance costs and
discount |
|
(1,251 |
) |
|
|
(900 |
) |
|
|
(3,928 |
) |
|
|
(2,468 |
) |
|
Amortization of operating lease assets/ liabilities |
|
(1,719 |
) |
|
|
126 |
|
|
|
(1,297 |
) |
|
|
187 |
|
|
Non-cash amortization of deferred revenue and straight line |
|
(12,676 |
) |
|
|
284 |
|
|
|
(36,128 |
) |
|
|
1,702 |
|
|
Stock-based compensation |
|
(40 |
) |
|
|
(136 |
) |
|
|
(122 |
) |
|
|
(370 |
) |
|
Gain on sale of vessels, net |
|
143,764 |
|
|
|
30,859 |
|
|
|
143,764 |
|
|
|
30,348 |
|
|
Bargain gain |
|
— |
|
|
|
3,962 |
|
|
|
— |
|
|
|
48,015 |
|
|
Equity in net earnings of affiliated companies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,839 |
|
|
Net loss attributable to noncontrolling interest |
|
— |
|
|
|
3,859 |
|
|
|
— |
|
|
|
3,859 |
|
|
EBITDA |
$ |
321,433 |
|
|
$ |
177,185 |
|
|
$ |
611,028 |
|
|
$ |
426,160 |
|
|
Equity in net earnings of affiliated companies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(80,839 |
) |
|
Bargain gain |
|
— |
|
|
|
(3,962 |
) |
|
|
— |
|
|
|
(48,015 |
) |
|
Transaction costs |
|
— |
|
|
|
2,870 |
|
|
|
— |
|
|
|
2,870 |
|
|
Gain on sale of vessels, net |
|
(143,764 |
) |
|
|
(30,859 |
) |
|
|
(143,764 |
) |
|
|
(30,348 |
) |
|
Adjusted EBITDA |
$ |
177,669 |
|
|
$ |
145,234 |
|
|
$ |
467,264 |
|
|
$ |
269,828 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Month Period EndedSeptember 30,
2022 |
|
Three Month Period EndedSeptember 30,
2021 |
|
Nine Month Period EndedSeptember 30,
2022 |
|
Nine Month Period EndedSeptember 30,
2021 |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
219,108 |
|
|
$ |
70,904 |
|
|
$ |
366,271 |
|
|
$ |
148,153 |
|
| Net cash (used in)/ provided
by investing activities |
$ |
(203,850 |
) |
|
$ |
30,486 |
|
|
$ |
(265,710 |
) |
|
$ |
(103,052 |
) |
| Net cash (used in)/ provided
by financing activities |
$ |
(79,562 |
) |
|
$ |
(193,063 |
) |
|
$ |
(159,687 |
) |
|
$ |
65,351 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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