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 fourth quarter and
year ended December 31, 2021.
Angeliki Frangou, Chairman and Chief Executive
Officer of Navios Partners stated, “I am pleased with the
outstanding results for the fourth quarter and full year of 2021.
During the fourth quarter of 2021, Navios Partners recorded revenue
of $268.1 million, Adjusted EBITDA of $156.6 million and Adjusted
Net Income of $121.8 million. For the full year of 2021, Navios
Partners recorded revenue of $713.2 million, Adjusted EBITDA of
$426.5 million, and Adjusted Net Income of $364.1 million.”
Angeliki Frangou continued, “In 2021, we
reimagined the public shipping company. Today, Navios Partners is
one of the leading U.S. publicly-listed shipping companies
diversified across 15 vessel types in three segments, servicing
more than 10 end markets. Each segment works independently to
mitigate volatility from the other. While we do not expect this to
work perfectly, we believe the diversity will sufficiently reduce
volatility and create flexibility in our operational and financial
decision-making process as we charter, purchase and sell vessels
and finance our activities.”
Fleet Update
- Acquisition of four 5,300 TEU Newbuilding
Containerships in Q4 2021
In November 2021, Navios Partners agreed to
purchase four 5,300 TEU newbuilding containerships (two plus two
optional) for a purchase price of $62.8 million each. The vessels
are expected to be delivered into Navios Partners’ fleet during
2024. The closing of the transaction of the two optional
containerships is subject to completion of customary
documentation.
Following the acquisition of the four vessels,
Navios Partners has an approximately $1.0 billion investment in 18
newbuilding vessels delivering through 2024.
- Sale of two 16-year old Containerships
In February 2022, Navios Partners agreed to sell
the Navios Utmost and the Navios Unite, two 2006-built
Containerships of 8,204 TEU each, to an unrelated third party for
an aggregate sales price of $220.0 million. The sale is expected to
be completed during the second half of 2022.
Following the above transactions, Navios
Partners will own and operate a fleet comprised of 54 dry bulk
vessels, 47 containerships and 45 tanker vessels.
Secured Long-term Time Charters for 11
Containerships
Navios Partners has secured new long-term time charters for 11
containerships which are expected to generate approximately $670
million contracted revenue.
- Four 5,300 TEU newbuilding containerships, expected to be
delivered in 2024, have been chartered-out for an average period of
64 months, at an average net rate of $37,282 per day.
- Three 4,250 TEU containerships have been chartered-out for an
average period of approximately 36 months, at an average net rate
of $50,181 per day (2.7x the current average contracted net rate of
$18,541).
- Two 3,450 TEU containerships have been chartered-out for an
average period of approximately 45 months, at an average net rate
of $44,250 per day (3.2x the current average contracted net rate of
$13,643).
- Two 2,750 TEU containership have been chartered-out for an
average period of approximately 37 months, at an average net rate
of $41,805 per day (2.5x the current average contracted net rate of
$16,788).
Financing Update
In December 2021, Navios Partners entered into a new
sustainability linked credit facility with a commercial bank for a
total amount of up to $72.7 million for the refinancing of the
existing credit facilities of three tanker and two dry bulk
vessels. On December 15, 2021, the full amount was drawn. The new
credit facility is repayable in 19 consecutive quarterly
installments of $2.2 million each together with a final balloon
payment of $30.3 million to be paid on the last repayment date. The
facility matures in the fourth quarter of 2026 and bears interest
at LIBOR plus a margin (ranging from 270 bps to 280 bps per annum
depending on the emission efficiency ratio of the vessels as
defined in the loan agreement).
Cash Distribution
The Board of Directors of Navios Partners
declared a cash distribution for the fourth quarter of 2021 of
$0.05 per unit. The cash distribution was paid on February 11, 2022
to all unitholders of record as of February 9, 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.
Long-Term Cash Flow
Navios Partners has entered into short, medium
and long-term time charter-out agreements for its vessels with a
remaining average term of approximately 1.8 years. Navios Partners
has currently fixed 53.2% of its available days for 2022 and 27.2%
for 2023. Navios Partners expects to generate contracted revenues
of approximately $697.2 million and $499.2 million for 2022 and for
2023, respectively. The average expected daily charter-out rate for
the fleet is $27,957 and $37,530 for 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 month
periods and years ended December 31, 2021 and 2020. 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 Month Period EndedDecember 31,
2021 |
|
|
Three Month Period Ended December 31,
2020 |
|
|
Year Ended December 31, 2021 |
|
|
Year Ended December 31, 2020 |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
Revenue |
$ |
268,146 |
|
|
$ |
69,233 |
|
|
|
$ |
713,175 |
|
|
$ |
226,771 |
|
|
| Net Income/ (Loss)
attributable to Navios Partners’ unitholders |
$ |
117,540 |
|
|
$ |
(50,167 |
) |
|
|
$ |
516,186 |
|
|
$ |
(68,541 |
) |
|
| Adjusted Net Income
attributable to Navios Partners’ unitholders |
$ |
121,832 |
(1) |
|
$ |
12,830 |
|
(2) |
|
$ |
364,146 |
(3) |
|
$ |
9,936 |
|
(4) |
| Net cash provided by operating
activities |
$ |
129,020 |
|
|
$ |
25,386 |
|
|
|
$ |
277,173 |
|
|
$ |
94,086 |
|
|
| EBITDA |
$ |
152,351 |
|
|
$ |
(27,448 |
) |
|
|
$ |
578,511 |
|
|
$ |
21,366 |
|
|
| Adjusted EBITDA |
$ |
156,643 |
(1) |
|
$ |
35,549 |
|
(2) |
|
$ |
426,471 |
(3) |
|
$ |
99,843 |
|
(4) |
| Earnings/ (Loss) attributable
to Navios Partners’ unitholders per Common Unit basic |
$ |
3.89 |
|
|
$ |
(4.39 |
) |
|
|
$ |
22.36 |
|
|
$ |
(6.13 |
) |
|
| Earnings/ (Loss) attributable
to Navios Partners’ Unitholders per Common Unit diluted |
$ |
3.89 |
|
|
$ |
(4.39 |
) |
|
|
$ |
22.32 |
|
|
$ |
(6.13 |
) |
|
| Adjusted Earnings attributable
to Navios Partners’ unitholders per Common Unit basic |
$ |
4.03 |
(1) |
|
$ |
1.12 |
|
(2) |
|
$ |
15.78 |
(3) |
|
$ |
0.89 |
|
(4) |
| Adjusted Earnings attributable
to Navios Partners’ unitholders per Common Unit diluted |
$ |
4.03 |
(1) |
|
$ |
1.12 |
|
(2) |
|
$ |
15.75 |
(3) |
|
$ |
0.89 |
|
(4) |
(1) 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
December 31, 2021 have been adjusted to exclude a: (i) $3.3 million
gain related to the sale of one of our vessels; and (ii) $7.6
million of transaction costs in relation to the NNA Merger.
(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
December 31, 2020 have been adjusted to exclude a: (i) $51.0
million impairment loss related to four of our vessels; and (ii)
$12.0 million impairment loss related to the sale of two of our
vessels.
(3) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings attributable to Navios Partners’ unitholders per
Common Unit basic and diluted for the year ended December 31, 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 Acquisition
and upon completion of NMCI Merger; (iii) a $33.6 million gain
related to the sale of eight of our vessels; and (iv) $10.4 million
of transaction costs in relation to the NNA Merger and NMCI
Merger.
(4) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings attributable to Navios Partners’ unitholders per
Common Unit basic and diluted for the year ended December 31, 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; (ii) $57.8 million
impairment loss related to seven of our vessels; and (iii) $13.8
million impairment loss relating to the sale of three of our
vessels.
Three month periods ended December 31,
2021 and 2020
Time charter and voyage revenues for the three
month period ended December 31, 2021 increased by approximately
$198.9 million, or 287.4%, to $268.1 million, as compared to $69.2
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 December 31, 2021, TCE rate increased by 64.1%
to $23,005 per day, as compared to $14,021 per day for the same
period in 2020. The available days of the fleet increased by 136.5%
to 11,363 days for the three month period ended December 31, 2021,
as compared to 4,805 for the same period in 2020 mainly due to the
mergers with Navios Containers and Navios Acquisition.
EBITDA of Navios Partners for the three month
periods ended December 31, 2021 and 2020 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by approximately $121.1 million to $156.6 million
for the three month period ended December 31, 2021, as compared to
$35.5 million for the same period in 2020. The increase in Adjusted
EBITDA was primarily due to a: (i) $198.9 million increase in time
charter and voyage revenues; and (ii) $1.1 million increase in net
loss attributable to noncontrolling interest. The above increase
was partially mitigated by: (i) a $47.5 million increase in vessel
operating expenses, mainly due to the increased fleet; (ii) a $13.9
million increase in time charter and voyage expenses; (iii) an $8.5
million increase in general and administrative expenses, mainly due
to the increased fleet; (iv) a $6.3 million increase in direct
vessel expenses (excluding the amortization of deferred drydock,
special survey costs and other capitalized items); (v) a $2.2
million decrease in other income, net and (vi) a $0.5 million
decrease in equity net earnings of affiliated companies.
Net income/(loss) attributable to Navios
Partners’ unitholders for the three month periods ended December
31, 2021 and 2020 was affected by the items described in the table
above. Excluding these items, Adjusted Net Income for the three
month period ended December 31, 2021 amounted to $121.8 million as
compared to $12.8 million for the three month period ended December
31, 2020. The increase in Adjusted Net Income was primarily due to
a: (i) $121.1 million increase in Adjusted EBITDA; and (ii) $30.9
million increase in amortization of the unfavorable lease terms.
The above increase was partially mitigated by a: (i) $30.9 million
increase in depreciation and amortization expense; (ii) $9.6
million increase in interest expense and finance cost, net; (iii)
$2.4 million increase in amortization for deferred drydock, special
survey costs and other capitalized items; and (iv) $0.1 million
decrease in interest income.
Years ended December 31, 2021 and
2020
Time charter and voyage revenues for the year
ended December 31, 2021 increased by approximately $486.4 million,
or 214.5%, to $713.2 million, as compared to $226.8 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 year ended December 31, 2021, TCE
rate increased by 73.7% to $21,709 per day, as compared to $12,497
per day for the same period in 2020. The available days of the
fleet increased by 82.9% to 31,884 days for the year ended December
31, 2021, as compared to 17,430 for the same period in 2020 mainly
due to the NNA Merger and NMCI Merger.
EBITDA of Navios Partners for the years ended
December 31, 2021 and 2020 was affected by the items described in
the table above. Excluding these items, Adjusted EBITDA increased
by $326.7 million to $426.5 million for the year ended December 31,
2021, as compared to $99.8 million for the same period in 2020. The
increase in Adjusted EBITDA was primarily due to a: (i) $486.4
million increase in time charter and voyage revenues; and (ii) $4.9
million increase in net loss attributable to noncontrolling
interest. The above increase was partially mitigated by a: (i)
$97.7 million increase in vessel operating expenses, mainly due to
the increased fleet; (ii) $25.1 million increase in time charter
and voyage expenses; (iii) $17.5 million increase in general and
administrative expenses, mainly due to the increased fleet; (iv)
$13.0 million increase in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items); (v) $10.2 million increase in other expense,
net; and (vi) $1.1 million decrease in equity in net earnings of
affiliated companies.
Net income attributable to Navios Partners’
unitholders for the year ended December 31, 2021 was approximately
$516.2 million as compared to a $68.5 million net loss for the same
period in 2020. Net income/ (loss) was affected by the items
described in the table above. Excluding these items, Adjusted Net
Income for the year ended December 31, 2021 amounted to $364.1
million compared to $9.9 million for the year ended December 31,
2020. The increase in Adjusted Net Income was primarily due to a:
(i) $326.7 million increase in Adjusted EBITDA; (ii) $108.5 million
increase in the amortization of the unfavorable lease terms
recorded in the year ended December 31, 2021; and (iii) $0.3
million increase in interest income. The above increase was
partially mitigated by: (i) a $56.7 million increase in
depreciation and amortization expense; (ii) an $18.6 million
increase in interest expense and finance cost, net; and (iii) a
$6.0 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
month periods and years ended December 31, 2021 and 2020 (including
the Navios Containers’ fleet and Navios Acquisition’s tanker fleet
for the periods from April 1, 2021 to December 31, 2021 and from
August 26, 2021 to December 31, 2021, respectively).
|
|
Three Month Period Ended December 31, 2021 |
|
Three Month Period Ended December 31, 2020 |
|
Year Ended December 31, 2021 |
|
Year Ended December 31, 2020 |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Available Days (1) |
|
11,363 |
|
|
|
4,805 |
|
|
|
31,884 |
|
|
|
17,430 |
|
| Operating Days (2) |
|
11,289 |
|
|
|
4,780 |
|
|
|
31,631 |
|
|
|
17,245 |
|
| Fleet Utilization (3) |
|
99.3 |
% |
|
|
99.5 |
% |
|
|
99.2 |
% |
|
|
98.9 |
% |
| Time Charter Equivalent
Combined (per day) (4) |
$ |
23,005 |
|
|
$ |
14,021 |
|
|
$ |
21,709 |
|
|
$ |
12,497 |
|
| Time Charter Equivalent
Drybulk (per day) (4) |
$ |
29,548 |
|
|
$ |
12,722 |
|
|
$ |
23,331 |
|
|
$ |
10,989 |
|
| Time Charter Equivalent
Containers (per day) (4) |
$ |
23,765 |
|
|
$ |
19,507 |
|
|
$ |
22,435 |
|
|
$ |
18,385 |
|
| Time Charter Equivalent
Tankers (per day) (4) |
$ |
15,426 |
|
|
|
— |
|
|
$ |
15,336 |
|
|
|
— |
|
| Vessels operating at period
end |
|
128 |
|
|
|
52 |
|
|
|
128 |
|
|
|
52 |
|
|
(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 bareboat charter-out revenues
(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, February 17, 2022 to discuss the
results for the fourth quarter and year ended December 31,
2021.
Call Date/Time: Thursday, February 17, 2022 at 8:30 am ETCall
Title: Navios Partners Q4 2021 Financial Results Conference
Call US Dial In: +1.866.518.6930International Dial In:
+1.203.518.9797Conference ID: NMMQ421
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: +1.800.839.5128International Replay Dial In:
+1.402.220.1504
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, including TCE rates and Navios Partners’ expected cash flow
generation, future contracted revenues, future distributions and
its ability to make distributions going forward, Navios Partners’
ability to realize the projected advantages of the NNA Merger,
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
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, 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, 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 Panamax, Capesize,
Ultra-Handymax, Containerships and Tanker vessels in particular,
fluctuations in charter rates for dry bulk vessels, 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.com
EXHIBIT 1
NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA(Expressed in thousands
of U.S. Dollars except unit data)
| |
|
December
31,2021(unaudited) |
|
December 31,2020(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents, including restricted cash |
|
$ |
169,446 |
|
$ |
30,728 |
|
Other current assets |
|
|
56,894 |
|
|
30,052 |
|
Vessels, net |
|
|
2,852,570 |
|
|
1,041,138 |
|
Other non-current assets |
|
|
544,389 |
|
|
105,351 |
|
Total assets |
|
$ |
3,623,299 |
|
$ |
1,207,269 |
| |
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
Other current liabilities |
|
$ |
140,368 |
|
$ |
51,417 |
|
Total borrowings, net (including current and non-current) |
|
|
1,361,709 |
|
|
486,857 |
|
Other non-current liabilities |
|
|
351,497 |
|
|
14,165 |
|
Total partners’ capital |
|
|
1,769,725 |
|
|
654,830 |
|
Total liabilities and partners’ capital |
|
$ |
3,623,299 |
|
$ |
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 Month Period EndedDecember 31,
2021(unaudited) |
|
Three Month Period EndedDecember 31,
2020(unaudited) |
|
Year EndedDecember 31,
2021(unaudited) |
|
Year EndedDecember 31,
2020(unaudited) |
|
Time charter and voyage revenues |
|
$ |
268,146 |
|
|
$ |
69,233 |
|
|
$ |
713,175 |
|
|
$ |
226,771 |
|
| Time charter and voyage
expenses |
|
|
(16,313 |
) |
|
|
(2,381 |
) |
|
|
(36,142 |
) |
|
|
(11,028 |
) |
| Direct vessel expenses |
|
|
(11,252 |
) |
|
|
(2,667 |
) |
|
|
(29,259 |
) |
|
|
(10,337 |
) |
| Vessel operating expenses
(entirely through related parties transactions) |
|
|
(72,764 |
) |
|
|
(25,308 |
) |
|
|
(191,449 |
) |
|
|
(93,732 |
) |
| General and administrative
expenses |
|
|
(16,744 |
) |
|
|
(8,168 |
) |
|
|
(41,461 |
) |
|
|
(24,012 |
) |
| Depreciation and amortization
of intangible assets |
|
|
(45,508 |
) |
|
|
(14,597 |
) |
|
|
(112,817 |
) |
|
|
(56,050 |
) |
| Amortization of unfavorable
lease terms |
|
|
30,936 |
|
|
|
— |
|
|
|
108,538 |
|
|
|
— |
|
| Gain on sale of vessels |
|
|
3,277 |
|
|
|
— |
|
|
|
33,625 |
|
|
|
— |
|
| Vessels impairment loss |
|
|
— |
|
|
|
(62,997 |
) |
|
|
— |
|
|
|
(71,577 |
) |
| Interest expense and finance
cost, net |
|
|
(15,138 |
) |
|
|
(5,523 |
) |
|
|
(42,762 |
) |
|
|
(24,159 |
) |
| Interest income |
|
|
— |
|
|
|
125 |
|
|
|
859 |
|
|
|
639 |
|
| Impairment of receivable in
affiliated company |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,900 |
) |
| Other (expense)/ income,
net |
|
|
(585 |
) |
|
|
1,569 |
|
|
|
(9,449 |
) |
|
|
711 |
|
| Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
547 |
|
|
|
80,839 |
|
|
|
1,133 |
|
| Transaction costs |
|
|
(7,569 |
) |
|
|
— |
|
|
|
(10,439 |
) |
|
|
— |
|
| Bargain gain |
|
|
— |
|
|
|
— |
|
|
|
48,015 |
|
|
|
— |
|
| Net income/
(loss) |
|
$ |
116,486 |
|
|
$ |
(50,167 |
) |
|
$ |
511,273 |
|
|
$ |
(68,541 |
) |
| Net loss attributable to the
noncontrolling interest |
|
|
1,054 |
|
|
|
— |
|
|
|
4,913 |
|
|
|
— |
|
| Net income/
(loss) attributable to Navios Partners’
unitholders |
|
$ |
117,540 |
|
|
$ |
(50,167 |
) |
|
$ |
516,186 |
|
|
$ |
(68,541 |
) |
Earnings/ (loss) per unit:
| |
|
Three MonthPeriod
EndedDecember 31, 2021 |
|
|
Three MonthPeriod
EndedDecember 31, 2020 |
|
Year EndedDecember 31,
2021 |
|
Year EndedDecember 31,
2020 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
| Earnings/ (loss) attributable
to Navios Partners’ unitholders per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/ (loss) attributable to Navios Partners’ unitholders per
common unit, basic |
|
$ |
3.89 |
|
|
$ |
(4.39 |
) |
|
$ |
22.36 |
|
$ |
(6.13 |
) |
| Earnings/ (loss) attributable
to Navios Partners’ unitholders per common unit, diluted |
|
$ |
3.89 |
|
|
$ |
(4.39 |
) |
|
$ |
22.32 |
|
$ |
(6.13 |
) |
NAVIOS MARITIME PARTNERS
L.P.Other Financial Information(Expressed
in thousands of U.S. Dollars except unit data)
| |
Year EndedDecember 31,
2021 |
|
Year EndedDecember 31,
2020 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
277,173 |
|
|
$ |
94,086 |
|
| Net cash used in investing
activities |
$ |
(106,252 |
) |
|
$ |
(83,854 |
) |
| Net cash used in financing
activities |
$ |
(32,203 |
) |
|
$ |
(9,906 |
) |
| Increase in cash, cash
equivalents and restricted cash |
$ |
138,718 |
|
|
$ |
326 |
|
EXHIBIT 2
|
Owned Drybulk Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
| Serenitas N |
|
Ultra-Handymax |
|
2011 |
|
56,644 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Navios Amaryllis |
|
Ultra-Handymax |
|
2008 |
|
58,735 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| Navios Symmetry |
|
Panamax |
|
2006 |
|
74,381 |
| Navios Camelia |
|
Panamax |
|
2009 |
|
75,162 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Libertas |
|
Panamax |
|
2007 |
|
75,511 |
| Navios Prosperity I |
|
Panamax |
|
2007 |
|
75,527 |
| Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
| Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
| Navios Anthos |
|
Panamax |
|
2004 |
|
75,798 |
| Navios Alegria |
|
Panamax |
|
2004 |
|
76,466 |
| Navios Orbiter |
|
Panamax |
|
2004 |
|
76,602 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| 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 Harmony |
|
Panamax |
|
2006 |
|
82,790 |
| Navios Sphera |
|
Panamax |
|
2016 |
|
84,872 |
| Navios Apollon I |
|
Panamax |
|
2005 |
|
87,052 |
| Copernicus N |
|
Panamax |
|
2010 |
|
93,062 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
| Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
| Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
| Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
| Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
| Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Spectrum N |
|
Containership |
|
2009 |
|
2,546 |
| Protostar N |
|
Containership |
|
2007 |
|
2,741 |
| Fleur N |
|
Containership |
|
2012 |
|
2,782 |
| Ete N |
|
Containership |
|
2012 |
|
2,782 |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Matson Oahu |
|
Containership |
|
2006 |
|
3,450 |
| Navios Spring |
|
Containership |
|
2007 |
|
3,450 |
| Matson Lanai (ex. 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 Devotion |
|
Containership |
|
2009 |
|
4,250 |
| Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
| Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
| Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
| Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
| Navios Felicitas |
|
Containership |
|
2010 |
|
4,360 |
| Bahamas |
|
Containership |
|
2010 |
|
4,360 |
| Bermuda |
|
Containership |
|
2010 |
|
4,360 |
| Navios Miami |
|
Containership |
|
2009 |
|
4,563 |
| Navios Magnolia |
|
Containership |
|
2008 |
|
4,730 |
| Navios Jasmine |
|
Containership |
|
2008 |
|
4,730 |
| Navios Chrysalis |
|
Containership |
|
2008 |
|
4,730 |
| Navios Nerine |
|
Containership |
|
2008 |
|
4,730 |
| 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(1) |
|
Containership |
|
2006 |
|
8,204 |
| Navios Unite(1) |
|
Containership |
|
2006 |
|
8,204 |
| Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
| Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
(1) Vessel agreed to be sold.
|
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
| Nave Cosmos |
|
Chemical Tanker |
|
2010 |
|
25,130 |
| Nave Polaris |
|
Chemical Tanker |
|
2011 |
|
25,145 |
| Perseus N |
|
MR1 Product Tanker |
|
2009 |
|
36,264 |
| Star N |
|
MR1 Product Tanker |
|
2009 |
|
37,836 |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| Nave Dorado |
|
MR2 Product Tanker |
|
2005 |
|
47,999 |
| Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
| Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
| Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
| Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
| Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
| Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Orbit |
|
MR2 Product Tanker |
|
2009 |
|
50,470 |
| Nave Equator |
|
MR2 Product Tanker |
|
2009 |
|
50,542 |
| Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Aurora N |
|
LR1 Product Tanker |
|
2008 |
|
63,495 |
| Lumen N |
|
LR1 Product Tanker |
|
2008 |
|
63,599 |
| Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
| Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
| Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
| Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
| Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
| Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
| Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
| Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
| Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| Nave Spherical |
|
VLCC |
|
2009 |
|
297,188 |
| Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| Nave Photon |
|
VLCC |
|
2008 |
|
297,395 |
| Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
| Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
|
Bareboat Chartered-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Star |
|
Panamax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Panamax |
|
2021 |
|
82,002 |
|
Yes |
| Navios Libra |
|
Panamax |
|
2019 |
|
82,011 |
|
Yes |
| Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
| Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
| Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
|
Bareboat Chartered-in vessels 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 |
|
H1 2023 |
|
180,000 |
|
Yes |
| TBN V |
|
Capesize |
|
H1 2023 |
|
180,000 |
|
Yes |
| TBN XIV |
|
VLCC |
|
H2 2022 |
|
310,000 |
|
Yes |
|
Owned to be delivered |
|
Type |
|
Delivery Date |
|
CapacityDWT / (TEU) |
| TBN IV |
|
Panamax |
|
H2 2022 |
|
81,000 |
| TBN VI |
|
Panamax |
|
H1 2023 |
|
81,000 |
| 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 XV |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN XVI |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN XII |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XIII |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XVII |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XVIII |
|
Containership |
|
H2 2024 |
|
5,300 |
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income /
(Loss) attributable to Navios Partners’ unitholders and Adjusted
Earnings/ (Loss) 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/ (loss)
attributable to Navios Partners’ unitholders 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 financing cost;
(v) equity in net earnings/ (loss) of affiliated 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 affiliated companies; (x)
amortization of operating lease right-of-use asset; (xi)
gain/(loss) on sale of assets and bargain purchase gain; and (xii)
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 / (Loss)
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 / (Loss)
attributable to Navios Partners’ unitholders adjusts net income for
the items described above under “Earnings Highlights”. The
definition of Adjusted Net Income / (Loss) attributable to Navios
Partners’ unitholders used here may not be comparable to that used
by other companies due to differences in methods of calculation.
Adjusted Basic Earnings / (Loss) attributable to Navios Partners’
unitholders per Common Unit is defined as Adjusted Net Income /
(Loss) 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 EndedDecember 31,
2021 |
|
Three Month Period EndedDecember 31,
2020 |
|
|
Year EndedDecember 31,
2021 |
|
Year EndedDecember 31,
2020 |
| |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
Net cash provided by operating activities |
|
$ |
129,020 |
|
|
$ |
25,386 |
|
|
$ |
277,173 |
|
|
$ |
94,086 |
|
|
Net increase/ (decrease) in operating assets |
|
|
30,751 |
|
|
|
(766 |
) |
|
|
93,092 |
|
|
|
7,261 |
|
|
Net (increase)/ decrease in operating liabilities |
|
|
(23,515 |
) |
|
|
7,126 |
|
|
|
3,274 |
|
|
|
(22,207 |
) |
|
Net interest cost |
|
|
15,138 |
|
|
|
5,398 |
|
|
|
41,903 |
|
|
|
23,520 |
|
|
Amortization and write-off of deferred financing cost |
|
|
(1,273 |
) |
|
|
(571 |
) |
|
|
(3,741 |
) |
|
|
(2,141 |
) |
|
Amortization of operating lease right-of-use asset |
|
|
214 |
|
|
|
(253 |
) |
|
|
401 |
|
|
|
(956 |
) |
|
Non cash accrued interest income and amortization of deferred
revenue |
|
|
(2,162 |
) |
|
|
400 |
|
|
|
(460 |
) |
|
|
1,588 |
|
|
Stock-based compensation |
|
|
(153 |
) |
|
|
(223 |
) |
|
|
(523 |
) |
|
|
(946 |
) |
|
Gain on sale of vessels |
|
|
3,277 |
|
|
|
— |
|
|
|
33,625 |
|
|
|
— |
|
|
Vessels impairment loss |
|
|
— |
|
|
|
(62,997 |
) |
|
|
— |
|
|
|
(71,577 |
) |
|
Bargain gain |
|
|
— |
|
|
|
— |
|
|
|
48,015 |
|
|
|
— |
|
|
Impairment of receivable in affiliated company |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,900 |
) |
|
Allowance for credit losses |
|
|
— |
|
|
|
(1,495 |
) |
|
|
— |
|
|
|
(1,495 |
) |
|
Equity in net earnings of affiliated companies |
|
|
— |
|
|
|
547 |
|
|
|
80,839 |
|
|
|
1,133 |
|
|
Net loss attributable to noncontrolling interest |
|
|
1,054 |
|
|
|
— |
|
|
|
4,913 |
|
|
|
— |
|
|
EBITDA |
|
$ |
152,351 |
|
|
$ |
(27,448 |
) |
|
$ |
578,511 |
|
|
$ |
21,366 |
|
|
Equity in net earnings of affiliated companies |
|
|
— |
|
|
|
— |
|
|
|
(80,839 |
) |
|
|
— |
|
|
Bargain gain |
|
|
— |
|
|
|
— |
|
|
|
(48,015 |
) |
|
|
— |
|
|
Transaction costs |
|
|
7,569 |
|
|
|
— |
|
|
|
10,439 |
|
|
|
— |
|
|
Gain on sale of vessels |
|
|
(3,277 |
) |
|
|
— |
|
|
|
(33,625 |
) |
|
|
— |
|
|
Impairment of receivable in affiliated company |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,900 |
|
|
Vessels impairment loss |
|
|
— |
|
|
|
62,997 |
|
|
|
— |
|
|
|
71,577 |
|
|
Adjusted EBITDA |
|
$ |
156,643 |
|
|
$ |
35,549 |
|
|
$ |
426,471 |
|
|
$ |
99,843 |
|
| |
|
Three Month Period EndedDecember 31,
2021 |
|
Three Month Period EndedDecember 31,
2020 |
|
Year EndedDecember 31,
2021 |
|
Year EndedDecember 31,
2020 |
| |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
Net cash provided by operating activities |
|
$ |
129,020 |
|
|
$ |
25,386 |
|
|
$ |
277,173 |
|
|
$ |
94,086 |
|
| Net cash used in investing
activities |
|
$ |
(3,200 |
) |
|
$ |
(5,508 |
) |
|
$ |
(106,252 |
) |
|
$ |
(83,854 |
) |
| Net cash used in financing
activities |
|
$ |
(97,554 |
) |
|
$ |
(19,765 |
) |
|
$ |
(32,203 |
) |
|
$ |
(9,906 |
) |
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