Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an
international owner and operator of dry cargo vessels, today
reported its financial results for the second quarter and six month
period ended June 30, 2021.
Angeliki Frangou, Chairman and Chief Executive
Officer of Navios Partners stated, “I am pleased with the results
for the second quarter of 2021. During the second quarter, Navios
Partners recorded revenue of $152.0 million and net income of $99.9
million.”
Angeliki Frangou continued, “Navios Partners is
a top-10 US publicly listed shipping company with a dry cargo fleet
of 98 vessels. Of our fleet, 56% are dry bulk vessels and 44%
are containerships. This diversified fleet should not only insulate
us from normal industry cyclicality, but create optionality as we
leverage fundamentals across sectors and reduce cost of capital.
Our balance sheet is also strong, with 27.3% net debt to book
capitalization and no near term debt maturities.”
Fleet Update
- Acquisition of six 5,300 TEU Newbuilding Containerships
(four plus two on Navios Partners’ option)
In July 2021, Navios Partners agreed to purchase
six 5,300 TEU newbuilding containerships (four plus two optional)
for a purchase price of $61.6 million each. The vessels are
expected to be delivered into Navios Partners’ fleet during the
second half of 2023 and 2024.The closing of the transaction is
subject to completion of customary documentation.
- Acquisition of one Newbuilding Capesize
Vessel
In June 2021, Navios Partners agreed to bareboat
charter-in one Japanese newbuilding Capesize vessel from an
unrelated third party. The vessel has approximately 180,000 dwt and
is being bareboat chartered-in for 10 years. Navios Partners has
the option to acquire the vessel starting at the end of year four
until the end of the tenth year. The implied acquisition price is
approximately $60.0 million and the annual effective interest rate
is approximately 4.3%. The vessel is expected to be delivered into
Navios Partners’ fleet during the second half of 2022.
- Acquisition of one Newbuilding Kamsarmax
Vessel
In June 2021, Navios Partners agreed to acquire
from an unrelated third party a newbuilding Kamsarmax vessel for a
purchase price of $34.3 million. The vessel has approximately
81,000 dwt and is expected to be delivered into Navios Partners’
fleet during the first half of 2023.
- Acquisition of three Capesize Vessels
In June 2021, Navios Partners agreed to acquire
from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM)
the Navios Azimuth, a 2011-built Capesize vessel of 179,169 dwt,
the Navios Ray, a 2012-built Capesize vessel of 179,515 dwt, and
the Navios Bonavis, a 2009-built Capesize vessel of 180,022 dwt for
an aggregate purchase price of $88.0 million. The Navios Bonavis
and the Navios Ray were delivered into Navios Partners’ fleet in
June 2021 and the Navios Azimuth was delivered in July 2021. The
acquisition of these vessels was approved by the Conflicts
Committee of the Board of Directors of Navios Partners.
In July 2021, Navios Partners agreed to sell the
Harmony N, a 2006-built Containership of 2,824 TEU, to an unrelated
third party for a net sale price of $28.7 million. The sale is
expected to be completed during the third quarter of 2021.
In July 2021, Navios Partners agreed to sell the
Navios Azalea, a 2005-built Panamax vessel of 74,759 dwt, to an
unrelated third party for a net sale price of $12.7 million. The
sale is expected to be completed during the third quarter of
2021.
Following the above transactions, on a fully
delivered basis, our fleet would consist of 98 vessels, 55 dry bulk
vessels and 43 containerships with a total capacity of 9.3 million
dwt.
Financing Update
In March 2021, Navios Partners entered into a
new credit facility with a commercial bank for a total amount of
$58.0 million in order to refinance two dry bulk vessels and to
finance the acquisition of the Navios Avior and the Navios
Centaurus. The credit facility has an amortization profile of 8.8
years, matures in March 2026 and bears interest at LIBOR plus 3.0%
per annum.
In January and March 2021, Navios Partners
entered into bareboat charter-in agreements for four Japanese
newbuilding Capesize vessels. The total implied amount financed for
the three vessels is approximately $144.0 million and for the
fourth is approximately $48.0 million and the implied effective
interest rate is 4.4% and 5.0%, respectively.
In April 2021, Navios Partners entered into a
new credit facility with a commercial bank for a total amount of
$40.0 million in order to refinance the existing facility of two
dry bulk vessels and to finance the acquisition of two
containerships. The facility has an amortization profile of seven
years, matures in the second quarter of 2025 and bears interest at
LIBOR plus 2.85% per annum.
In April 2021, Navios Partners entered into a
new credit facility with a commercial bank for a total amount of
$8.9 million in order to finance the acquisition of one
containership. The facility has an amortization profile of
approximately seven years, matures in the fourth quarter of 2024
and bears interest at LIBOR plus 3.0% per annum.
In May 2021, Navios Partners entered into a new
credit facility with a commercial bank for a total amount of up to
$160.0 million in order to: (i) refinance its existing facility
maturing in August 2021; (ii) refinance one dry bulk vessel; and
(iii) finance the acquisition of one dry bulk vessel. The new
facility has an amortization profile of approximately eight years,
matures in the second quarter of 2025 and bears interest at LIBOR
plus 3.10% per annum.
In June 2021, Navios Partners entered into a new
credit facility with a commercial bank for a total amount of up to
$43.0 million, in order to refinance the existing credit facilities
of six dry bulk vessels. The facility has an amortization profile
of approximately eight years, matures in the second quarter of 2026
and bears interest at LIBOR plus 300 bps per annum.
As discussed above, in June 2021, Navios
Partners entered into a bareboat charter-in agreement for one
Japanese newbuilding Capesize vessel. The implied amount financed
for the vessel is approximately $48.0 million and the implied
effective interest rate is 4.3%.
In June 2021, Navios Partners completed an $18.5
million sale and leaseback transaction with an unrelated third
party, for a 2012-built Capesize vessel. The sale and leaseback
transaction has a duration of nine years and an implied fixed
interest rate of approximately 5.8%. Navios Partners has the option
to buy the vessel at maturity.
In June 2021, Navios Partners completed a $15.0
million sale and leaseback transaction with an unrelated third
party, for a 2009-built Capesize vessel. The sale and leaseback
transaction has a duration of six years and an implied fixed
interest rate of approximately 6.1%. Navios Partners has the option
to buy the vessel at maturity.
In July 2021, Navios Partners agreed to enter
into a $15.0 million sale and leaseback transaction with an
unrelated third party, for a 2009-built Capesize vessel. The sale
and leaseback transaction has a duration of six years and an
implied fixed interest rate of approximately 6.1%. Navios Partners
has the option to buy the vessel at maturity. The transaction
remains subject to completion of definitive documentation and is
expected to close in the third quarter of 2021. No assurance can be
provided that the transaction will be completed in full or in
part.
In July 2021, Navios Partners agreed to enter
into a new credit facility with a commercial bank for a total
amount of up to $18.0 million in order to finance the acquisition
of one dry bulk vessel. The new facility will have an amortization
profile of seven years and will mature in the third quarter of 2026
and will bear interest at LIBOR plus 2.85% per annum. The facility
remains subject to completion of definitive documentation and is
expected to close in the third quarter of 2021. No assurance can be
provided that the transaction will be completed in full or in
part.
Cash Distribution
The Board of Directors of Navios Partners
declared a cash distribution for the second quarter of 2021 of
$0.05 per unit. The cash distribution is payable on August 12, 2021
to all unitholders of record as of August 9, 2021. 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.
Long-Term Cash Flow
Navios Partners has entered into medium to
long-term time charter-out agreements for its vessels with a
remaining average term of approximately 1.5 years. Navios Partners
has currently contracted out 85.8% of its available days for the
second half of 2021, 44.0% for 2022 and 25.6% for 2023, including
index-linked charters. Excluding index-linked charters, Navios
Partners expects to generate revenues of approximately $230.5
million, $349.0 million and $230.7 million, respectively. The
average contracted daily charter-out rate for the fleet is $22,919
for the second half of 2021, $30,091 for 2022 and $32,420 for
2023.
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, 2021 and 2020. The quarterly
information was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA, Adjusted
EBITDA, Adjusted Earnings / (Loss) per Common Unit basic and
diluted and Adjusted Net Income / (Loss) 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 EndedJune 30,
2021 |
|
Three MonthPeriod EndedJune 30, 2020 |
|
Six MonthPeriod EndedJune 30, 2021 |
|
Six MonthPeriod EndedJune 30, 2020 |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
$ |
152,009 |
|
$ |
46,549 |
|
$ |
217,072 |
|
$ |
93,039 |
|
| Net Income / (Loss) |
$ |
99,913 |
|
$ |
(14,641) |
|
$ |
236,592 |
|
$ |
(25,365) |
|
| Adjusted Net Income/
(loss) |
$ |
99,913 |
|
$ |
(7,841) |
(1) |
$ |
111,700 |
(2) |
$ |
(11,665) |
(3) |
| Net cash provided by operating
activities |
$ |
61,072 |
|
$ |
26,738 |
|
$ |
77,249 |
|
$ |
47,675 |
|
| EBITDA |
$ |
90,424 |
|
$ |
7,490 |
|
$ |
248,975 |
|
$ |
19,671 |
|
| Adjusted EBITDA |
$ |
90,424 |
|
$ |
14,290 |
(1) |
$ |
124,083 |
(2) |
$ |
33,371 |
(3) |
| Earnings / (loss) per Common
Unit basic |
$ |
4.32 |
|
$ |
(1.32) |
|
$ |
13.61 |
|
$ |
(2.29) |
|
| Earnings / (loss) per Common
Unit Diluted |
$ |
4.31 |
|
$ |
(1.32) |
|
$ |
13.54 |
|
$ |
(2.29) |
|
| Adjusted Earnings/ (loss) per
Common Unit basic |
$ |
4.32 |
|
$ |
(0.71) |
(1) |
$ |
6.42 |
(2) |
$ |
(1.05) |
(3) |
| Adjusted Earnings/ (loss) per
Common Unit diluted |
$ |
4.31 |
|
$ |
(0.71) |
(1) |
$ |
6.39 |
(2) |
$ |
(1.05) |
(3) |
|
(1) |
Adjusted EBITDA, Adjusted Net Loss and Adjusted Loss per Common
Unit basic and diluted for the three month period ended June 30,
2020 have been adjusted to exclude a $6.8 million impairment loss
related to three containerships. |
|
|
|
|
(2) |
Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per
Common Unit basic and diluted for the six month period ended June
30, 2021 have been adjusted to exclude (i) an $80.8 million gain
from equity in net earnings of affiliate companies; and (ii) a
$44.1 million bargain purchase gain upon obtaining control over
Navios Maritime Containers L.P. |
|
|
|
|
(3) |
Adjusted EBITDA, Adjusted Net Loss and Adjusted Loss per Common
Unit basic and diluted for the six month period ended June 30, 2020
have been adjusted to exclude a (i) $6.9 million loss related to
the other-than-temporary impairment recognized in the Navios
Partners’ receivable from Navios Europe II; and (ii) $6.8 million
impairment loss related to three containerships. |
Three month periods ended June 30, 2021
and 2020
Time charter and voyage revenues of Navios
Partners for the three month period ended June 30, 2021 increased
by approximately $105.5 million, or 226.6%, to $152.0 million, as
compared to $46.5 million for the same period in 2020. The increase
in revenue was mainly attributable to the increase in the size of
our fleet and to the increase in Time Charter Equivalent (“TCE”)
rate. For the three month period ended June 30, 2021, TCE rate
increased by 81.2% to $20,296 per day, as compared to $11,202 per
day in the same period in 2020. The available days of the fleet
increased by 79.7% to 7,242 days for the three month period ended
June 30, 2021, as compared to 4,029 in the same period in 2020.
EBITDA of Navios Partners for the three month
period ended June 30, 2020 was affected by items described in the
table above. Excluding these items, Adjusted EBITDA increased by
approximately $76.1 million to $90.4 million for the three month
period ended June 30, 2021, as compared to $14.3 million for the
same period in 2020. The increase in Adjusted EBITDA was primarily
due to a: (i) $105.5 million increase in time charter and voyage
revenues; and (ii) $0.7 million decrease in equity in net loss of
affiliate companies recorded in the second quarter of 2020. The
above increase was partially mitigated by: (i) a $19.8 million
increase in vessel operating expenses, mainly due to the increased
fleet; (ii) a $3.9 million increase in time charter voyage
expenses; (iii) a $3.3 million increase in general and
administrative expenses, mainly due to the increased fleet; (iv) a
$2.8 million increase in other expense, net; and (v) an
approximately $0.3 million increase in direct vessel expenses
(excluding the amortization of deferred drydock, special survey
costs and other capitalized items).
Net income of Navios Partners for the three
month period ended June 30, 2021 was approximately $99.9 million as
compared to $14.6 million net loss for the same period in 2020. Net
income for the three month period ended June 30, 2020, was affected
by items described in the table above. Excluding these items,
adjusted net income for the three month period ended June 30, 2021
amounted to $99.9 million as compared to $7.8 million loss for the
three month period ended June 30, 2020. The increase in adjusted
net income of approximately $107.8 million was due to: (i) an
approximately $76.1 million increase in Adjusted EBITDA; (ii) a
$42.0 million income from the amortization of the unfavorable lease
terms recorded in the three month period ended June 30, 2021; and
(iii) a $0.6 million increase in interest income. The above
increase was partially mitigated by: (i) an $8.5 million increase
in depreciation and amortization expense; (ii) a $1.4 million
increase in amortization for deferred drydock, special survey costs
and other capitalized items; and (iii) an approximately $1.0
million increase in interest expense and finance cost.
Six month periods ended June 30, 2021
and 2020
Time charter and voyage revenues of Navios
Partners for the six month period ended June 30, 2021 increased by
approximately $124.0 million, or 133.3%, to $217.1 million, as
compared to $93.0 million for the same period in 2020. The increase
in revenue was mainly attributable to the increase in the size of
our fleet and to the increase in TCE rate. For the six month period
ended June 30, 2021, TCE rate increased by 66.8% to $18,276 per
day, as compared to $10,957 per day in the same period in 2020. The
available days of the fleet increased by 41.4% to 11,494 days for
the six month period ended June 30, 2021, as compared to 8,126 in
the same period in 2020.
EBITDA of Navios Partners for the six month
period ended June 30, 2021 and 2020 was affected by items described
in the table above. Excluding these items, Adjusted EBITDA
increased by $90.7 million to $124.1 million for the six month
period ended June 30, 2021, as compared to $33.4 million for the
same period in 2020. The increase in Adjusted EBITDA was primarily
due to an approximate $124.0 million increase in time charter and
voyage revenues. The above increase was partially mitigated by a:
(i) $20.6 million increase in vessel operating expenses, mainly due
to the increased fleet; (ii) $4.1 million increase in general and
administrative expenses, mainly due to the increased fleet; (iii)
$3.6 million increase in other expense, net; (iv) $3.3 million
increase in time charter voyage expenses; (v) $1.0 million equity
in net earnings of affiliate companies, recorded in the first half
of 2020; (vi) $0.5 million net loss on sale of vessels; and (vii)
$0.2 million increase in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items).
Net income of Navios Partners for the six month
period ended June 30, 2021 was approximately $236.6 million as
compared to $25.4 million net loss for the same period in 2020. Net
income was affected by items described in the table above.
Excluding these items, adjusted net income for the six month period
ended June 30, 2021 amounted to $111.7 million compared to $11.7
million loss for the six month period ended June 30, 2020. The
increase in adjusted net income of approximately $123.4 million was
due to a: (i) $90.7 million increase in Adjusted EBITDA; (ii) $42.0
million income from the amortization of the unfavorable lease terms
recorded in the six month period ended June 30, 2021; and (iii)
$0.5 million increase in interest income. The above increase was
partially mitigated by: (i) a $7.9 million increase in depreciation
and amortization expense; and (ii) an approximately $1.9 million
increase in amortization for deferred drydock, special survey costs
and other capitalized items.
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, 2021 and 2020.
|
|
Three MonthPeriod EndedJune 30, 2021 |
|
Three MonthPeriod Ended June30, 2020 |
|
Six Month Period Ended June 30,2021 |
|
Six MonthPeriod EndedJune 30, 2020 |
|
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Available Days (1) |
|
7,242 |
|
|
4,029 |
|
|
11,494 |
|
|
8,126 |
|
| Operating Days (2) |
|
7,190 |
|
|
3,998 |
|
|
11,391 |
|
|
7,993 |
|
| Fleet Utilization (3) |
|
99.3% |
|
|
99.3% |
|
|
99.1% |
|
|
98.4% |
|
| Time Charter Equivalent
Combined (per day) (4) |
$ |
20,296 |
|
$ |
11,202 |
|
$ |
18,276 |
|
$ |
10,957 |
|
| Time Charter Equivalent
Drybulk (per day) (4) |
$ |
19,736 |
|
$ |
9,421 |
|
$ |
16,516 |
|
$ |
8,826 |
|
| Time Charter Equivalent
Containers (per day) (4) |
$ |
20,921 |
|
$ |
17,306 |
|
$ |
21,412 |
|
$ |
18,342 |
|
| Vessels operating at period
end |
|
87 |
|
|
51 |
|
|
87 |
|
|
51 |
|
|
(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
and time charter revenues less voyage expenses during a period
divided by the number of available days during the period. The TCE
rate per day is a standard shipping industry performance measure
used primarily to present the actual daily earnings generated by
vessels on various types of charter contracts for the number of
available days of the fleet. |
Conference Call Details:
Navios Partners' management will host a
conference call on Tuesday, July 27, 2021 to discuss the results
for the second quarter and six month period ended June 30,
2021.
Call Date/Time: Tuesday, July 27, 2021 at 8:30 am ETCall Title:
Navios Partners Q2 2021 Financial Results Conference Call US
Dial In: +1.877.876.9174International Dial In:
+1.785.424.1669Conference ID: NMMQ221
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. 888-566-0154International Replay Dial In:
+1. 402-220-9182
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 a
publicly traded master limited partnership which owns and operates
dry cargo vessels. For more information, please visit our website
at www.navios-mlp.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events including Navios
Partners’ expected cash flow generation, future contracted
revenues, future distributions and its ability to have a dividend
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. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements.
These forward-looking statements are based on
the information available to, and the expectations and assumptions
deemed reasonable by Navios Partners at the time these statements
were made. Although Navios Partners believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Partners. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Factors that could cause actual results to
differ materially include, but are not limited to, risks relating
to: global and regional economic and political conditions including
the impact of the COVID-19 pandemic and efforts
throughout the world to contain its spread, including effects on
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates,
shipyards performing scrubber installations, drydocking and
repairs, changing vessel crews and availability of financing;
potential disruption of shipping routes due to accidents, diseases,
pandemics, political events, piracy or acts by terrorists,
including the impact of the COVID-19 pandemic and the
ongoing efforts throughout the world to contain it; 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 cargo shipping sector in general and the demand for our
Panamax, Capesize, Ultra-Handymax and Containerships in particular,
fluctuations in charter rates for dry cargo carriers and container
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.com
EXHIBIT 1
NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA(Expressed in thousands
of U.S. Dollars except unit data)
|
|
June 30,2021 |
|
December 31,2020 |
|
| ASSETS |
(unaudited) |
|
(unaudited) |
|
|
Cash and cash equivalents, including restricted cash |
$ |
232,853 |
|
$ |
30,728 |
|
| Other current assets |
|
49,110 |
|
|
30,052 |
|
| Vessels, net |
|
1,930,477 |
|
|
1,041,138 |
|
| Other non-current assets |
|
123,503 |
|
|
105,351 |
|
| Total
assets |
$ |
2,335,943 |
|
$ |
1,207,269 |
|
| |
|
|
|
|
|
|
| LIABILITIES AND PARTNERS’
CAPITAL |
|
|
|
|
|
|
| Other current liabilities |
$ |
52,696 |
|
$ |
51,417 |
|
| Total borrowings, net (including
current and non-current) |
|
795,510 |
|
|
486,857 |
|
| Other non-current
liabilities |
|
225,694 |
|
|
14,165 |
|
| Total partners’ capital |
|
1,262,043 |
|
|
654,830 |
|
| Total liabilities and
partners’ capital |
$ |
2,335,943 |
|
$ |
1,207,269 |
|
| |
|
|
|
|
|
|
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 EndedJune 30,
2021 |
|
Three MonthPeriod EndedJune 30,
2020 |
|
Six Month PeriodEndedJune 30,
2021 |
|
Six Month PeriodEndedJune 30,
2020 |
|
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Time charter and voyage revenues |
$ |
152,009 |
|
$ |
46,549 |
|
$ |
217,072 |
|
$ |
93,039 |
|
| Time charter and voyage
expenses |
|
(5,869) |
|
|
(1,940) |
|
(8,364) |
|
(5,038) |
|
| Direct vessel expenses |
|
(3,989) |
|
|
(2,385) |
|
(7,143) |
|
(4,934) |
|
| Vessel operating expenses
(management fees entirely through related parties
transactions) |
|
(41,771) |
|
|
(21,930) |
|
(64,733) |
|
(44,135) |
|
| General and administrative
expenses |
|
(10,319) |
|
|
(6,983) |
|
(15,226) |
|
(11,128) |
|
| Depreciation and amortization
of intangible assets |
|
(22,120) |
|
|
(13,663) |
|
(35,207) |
|
(27,300) |
|
| Amortization of unfavorable
lease terms |
|
42,026 |
|
|
— |
|
42,026 |
|
— |
|
| Loss on sale of vessels |
|
— |
|
|
— |
|
(511) |
|
— |
|
| Vessels impairment loss |
|
— |
|
|
(6,800) |
|
— |
|
(6,800) |
|
| Interest expense and finance
cost |
|
(7,334) |
|
|
(6,275) |
|
(13,178) |
|
(13,219) |
|
| Interest income |
|
744 |
|
|
176 |
|
859 |
|
371 |
|
| Impairment of receivable in
affiliated company |
|
— |
|
|
— |
|
— |
|
(6,900) |
|
| Other expense, net |
|
(3,464) |
|
|
(680) |
|
(3,895) |
|
(289) |
|
| Equity in net
earnings/(losses) of affiliate companies |
|
— |
|
|
(710) |
|
80,839 |
|
968 |
|
| Bargain purchase gain |
|
— |
|
|
— |
|
44,053 |
|
— |
|
| Net income /
(loss) |
$ |
99,913 |
|
$ |
(14,641) |
|
$ |
236,592 |
|
$ |
(25,365) |
|
Earnings/ (loss) per unit:
|
|
Three MonthPeriod EndedJune 30,
2021 |
|
Three MonthPeriod EndedJune 30,
2020 |
|
Six Month PeriodEndedJune 30,
2021 |
|
Six Month PeriodEndedJune 30,
2020 |
|
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
| Earnings / (loss) per
unit: |
|
|
|
|
|
|
|
|
|
Earnings / (loss) per common unit, basic |
$ |
4.32 |
|
$ |
(1.32) |
|
$ |
13.61 |
|
$ |
(2.29) |
|
| Earnings / (loss) per common
unit, diluted |
$ |
4.31 |
|
$ |
(1.32) |
|
$ |
13.54 |
|
$ |
(2.29) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS
L.P.Other Financial Information(Expressed
in thousands of U.S. Dollars except unit data)
|
|
Six MonthPeriod Ended June 30,
2021 |
|
Six MonthPeriod Ended June
30,2020 |
|
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
Net cash provided by operating activities |
$ |
77,249 |
|
$ |
47,675 |
|
| Net cash used in investing
activities |
$ |
(133,538) |
|
$ |
(39,664) |
|
| Net cash provided by/ (used
in) financing activities |
$ |
258,414 |
|
$ |
(8,598) |
|
| Increase/ (decrease)
in cash, cash equivalents and restricted cash |
$ |
202,125 |
|
$ |
(587) |
|
| |
|
|
|
|
|
|
EXHIBIT 2
|
Owned Drybulk Vessels |
|
Type |
|
Built |
|
Capacity (DWT) |
| Navios Amaryllis |
|
Ultra-Handymax |
|
2008 |
|
58,735 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Serenitas N |
|
Ultra-Handymax |
|
2011 |
|
56,644 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
| Navios Anthos |
|
Panamax |
|
2004 |
|
75,798 |
| Navios Alegria |
|
Panamax |
|
2004 |
|
76,466 |
| Navios Orbiter |
|
Panamax |
|
2004 |
|
76,602 |
| Navios Azalea (1) |
|
Panamax |
|
2005 |
|
74,759 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Apollon I |
|
Panamax |
|
2005 |
|
87,052 |
| Navios Symmetry |
|
Panamax |
|
2006 |
|
74,381 |
| Navios Altair I |
|
Panamax |
|
2006 |
|
74,475 |
| Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
| Navios Harmony |
|
Panamax |
|
2006 |
|
82,790 |
| Navios Libertas |
|
Panamax |
|
2007 |
|
75,511 |
| Navios Prosperity I |
|
Panamax |
|
2007 |
|
75,527 |
| Navios Camelia |
|
Panamax |
|
2009 |
|
75,162 |
| Copernicus N |
|
Panamax |
|
2010 |
|
93,062 |
| Unity N |
|
Panamax |
|
2011 |
|
79,642 |
| Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
| Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Navios Sphera |
|
Panamax |
|
2016 |
|
84,872 |
| Navios Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
| Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
| Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
| Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
| Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
| Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
| Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
|
Owned Vessels to be Delivered |
|
Type |
|
Delivery date |
|
Capacity(DWT) /TEU |
| TBN IV |
|
Panamax |
|
H2 2022 |
|
81,000 |
| TBN VI |
|
Panamax |
|
H1 2023 |
|
81,000 |
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Harmony N (1) |
|
Containership |
|
2006 |
|
2,824 |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Matson Oahu (ex. 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 |
| Navios Utmost |
|
Containership |
|
2006 |
|
8,204 |
| Navios Unite |
|
Containership |
|
2006 |
|
8,204 |
| Protostar N |
|
Containership |
|
2007 |
|
2,741 |
| Navios Spring |
|
Containership |
|
2007 |
|
3,450 |
| Navios Amaranth |
|
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 Dedication (1) |
|
Containership |
|
2008 |
|
4,250 |
| Navios Magnolia |
|
Containership |
|
2008 |
|
4,730 |
| Navios Jasmine |
|
Containership |
|
2008 |
|
4,730 |
| Navios Chrysalis |
|
Containership |
|
2008 |
|
4,730 |
| Navios Nerine |
|
Containership |
|
2008 |
|
4,730 |
| Spectrum N |
|
Containership |
|
2009 |
|
2,546 |
| Navios Devotion |
|
Containership |
|
2009 |
|
4,250 |
| Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
| Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
| Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
| Navios Miami |
|
Containership |
|
2009 |
|
4,563 |
| Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
| Navios Felicitas |
|
Containership |
|
2010 |
|
4,360 |
| Bahamas |
|
Containership |
|
2010 |
|
4,360 |
| Bermuda |
|
Containership |
|
2010 |
|
4,360 |
| Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
| Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
| Fleur N |
|
Containership |
|
2012 |
|
2,782 |
| Ete N |
|
Containership |
|
2012 |
|
2,782 |
|
(1) |
Vessel agreed to be sold. |
|
Owned Containerships to be delivered |
|
Type |
|
Delivery Date |
|
Capacity(TEU) |
| TBN VIII |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN IX |
|
Containership |
|
H2 2023 |
|
5,300 |
| TBN X |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN XI |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN XII (optional vessel) |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XIII (optional vessel) |
|
Containership |
|
H2 2024 |
|
5,300 |
|
Bareboat Chartered-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Libra |
|
Panamax |
|
2019 |
|
82,011 |
|
Yes |
| Navios Star |
|
Panamax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Panamax |
|
2021 |
|
82,002 |
|
Yes |
|
Bareboat Chartered-invessels to be delivered |
|
Type |
|
Delivery date |
|
Capacity(DWT) |
|
Purchase Option |
| TBN I |
|
Capesize |
|
H2 2022 |
|
180,000 |
|
Yes |
| TBN II |
|
Capesize |
|
H2 2022 |
|
180,000 |
|
Yes |
| TBN III |
|
Capesize |
|
H2 2022 |
|
180,000 |
|
Yes |
| TBN VII |
|
Capesize |
|
H2 2022 |
|
180,000 |
|
Yes |
| TBN V |
|
Capesize |
|
H1 2023 |
|
180,000 |
|
Yes |
| |
|
|
|
|
|
|
|
|
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings/ (Loss) 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 (loss)/ income
attributable to Navios Partners’ unitholders before interest and
finance costs, before 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 reconcile EBITDA and Adjusted EBITDA to
net cash provided by operating activities, the most comparable U.S.
GAAP liquidity measure. EBITDA in this document is calculated as
follows: net cash provided by operating activities adding back,
when applicable and as the case may be, the effect of: (i) net
increase/ (decrease) in operating assets; (ii) net (increase)/
decrease in operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred financing cost;
(v) equity in net earnings of affiliate companies;
(vi) impairment charges; (vii) non-cash accrued interest
income and amortization of deferred revenue;
(viii) stock-based compensation expense; (ix) non-cash accrued
interest income from receivable from affiliate companies; (x)
amortization of operating lease right-of-use asset; and (xi)
gain/(loss) on sale of assets and bargain purchase gain. Navios
Partners believes that EBITDA and Adjusted EBITDA are each the
basis upon which liquidity can be assessed and presents useful
information to investors regarding Navios Partners’ ability to
service and/or incur indebtedness, pay capital expenditures, meet
working capital requirements and make cash distributions. Navios
Partners also believes that EBITDA and Adjusted EBITDA are used:
(i) by potential lenders to evaluate potential transactions;
(ii) to evaluate and price potential acquisition candidates;
and (iii) by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
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.
EXHIBIT 4
Navios Maritime Partners L.P.
Reconciliation of EBITDA and Adjusted EBITDA to Cash from
Operations
| |
Three MonthPeriod EndedJune 30,
2021 |
|
Three MonthPeriod EndedJune 30,
2020 |
|
Six Month PeriodEndedJune 30,
2021 |
|
Six Month PeriodEndedJune 30,
2020 |
|
| |
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($
‘000)(unaudited) |
|
|
Net cash provided by operating activities |
$ |
61,072 |
|
$ |
26,738 |
|
$ |
77,249 |
|
$ |
47,675 |
|
| Net increase / (decrease) in
operating assets |
|
13,125 |
|
|
4,479 |
|
|
30,100 |
|
|
(3,767) |
|
| Net decrease / (increase) in
operating liabilities |
|
8,967 |
|
|
(21,739) |
|
|
5,249 |
|
|
(23,181) |
|
| Net interest cost |
|
6,590 |
|
|
6,099 |
|
|
12,319 |
|
|
12,848 |
|
| Amortization and write-off of
deferred financing cost |
|
(278) |
|
|
(499) |
|
|
(1,568) |
|
|
(1,018) |
|
| Amortization of operating
lease right-of-use asset |
|
39 |
|
|
(234) |
|
|
61 |
|
|
(459) |
|
| Non cash accrued interest
income and amortization of deferred revenue |
|
1,025 |
|
|
394 |
|
|
1,418 |
|
|
788 |
|
| Stock-based compensation
expense |
|
(116) |
|
|
(238) |
|
|
(234) |
|
|
(483) |
|
| Loss on sale of vessels |
|
— |
|
|
— |
|
|
(511) |
|
|
— |
|
| Vessels impairment loss |
|
— |
|
|
(6,800) |
|
|
— |
|
|
(6,800) |
|
| Bargain purchase gain |
|
— |
|
|
— |
|
|
44,053 |
|
|
— |
|
| Impairment of receivable in
affiliate company |
|
— |
|
|
— |
|
|
— |
|
|
(6,900) |
|
| Equity in net earnings of
affiliate companies |
|
— |
|
|
(710) |
|
|
80,839 |
|
|
968 |
|
| EBITDA |
$ |
90,424 |
|
$ |
7,490 |
|
$ |
248,975 |
|
$ |
19,671 |
|
| Equity in net earnings of
affiliate companies |
|
— |
|
|
— |
|
|
(80,839) |
|
|
— |
|
| Bargain purchase gain |
|
— |
|
|
— |
|
|
(44,053) |
|
|
— |
|
| Impairment of receivable in
affiliate company |
|
— |
|
|
— |
|
|
— |
|
|
6,900 |
|
| Vessels impairment loss |
|
— |
|
|
6,800 |
|
|
— |
|
|
6,800 |
|
| Adjusted
EBITDA |
$ |
90,424 |
|
$ |
14,290 |
|
$ |
124,083 |
|
$ |
33,371 |
|
| |
Three MonthPeriod EndedJune 30,
2021 |
|
Three MonthPeriod EndedJune 30,
2020 |
|
Six Month PeriodEndedJune 30,
2021 |
|
Six Month PeriodEndedJune 30,
2020 |
|
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Net cash provided by operating activities |
$ |
61,072 |
|
|
$ |
26,738 |
|
|
$ |
77,249 |
|
|
$ |
47,675 |
|
|
| Net cash used in investing
activities |
$ |
(139,176 |
) |
|
$ |
(36,327 |
) |
|
$ |
(133,538 |
) |
|
$ |
(39,664 |
) |
|
| Net cash provided by / (used
in) financing activities |
$ |
259,577 |
|
|
$ |
8,257 |
|
|
$ |
258,414 |
|
|
$ |
(8,598 |
) |
|
Navios Maritime Partners (NYSE:NMM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Navios Maritime Partners (NYSE:NMM)
Historical Stock Chart
From Apr 2023 to Apr 2024
