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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

DATED: September 13, 2022

Commission File No. 001-33811

 

NAVIOS MARITIME PARTNERS L.P.

  

 

 

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                 Form 40-F  ☐

 

 

 

 

 

 

 

NAVIOS MARITIME PARTNERS L.P.

 

FORM 6-K

 

TABLE OF CONTENTS

 

  Page
Operating and Financial Review and Prospects 2
Exhibit List 28
Financial Statements Index F-1

 

 

 

This Report on Form 6-K is hereby incorporated by reference into the Navios Maritime Partners L.P. Registration Statement on Form F-3, File No. 333-237934.

Operating and Financial Review and Prospects

 

The following is a discussion of the financial condition and results of operations for the three and six month periods ended June 30, 2022 and 2021 of Navios Maritime Partners L.P. (referred to herein as “we”, “us”, “Company” or “Navios Partners”). All of the financial statements have been stated in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Partners’ 2021 Annual Report filed on Form 20-F with the U.S. Securities and Exchange Commission (the “SEC”) on April 12, 2022.

 

This Report 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 completion of the acquisition of the 36-drybulk fleet from Navios Maritime Holdings Inc. (“Navios Holdings”) and the ability to realize the projected advantages of this acquisition, Navios Partners’ 2022 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. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios 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, sanctions, diseases, pandemics, political events, piracy or acts by terrorists, uncertainty relating to global trade, including the impact of inflation, prices of seaborne commodities and continuing issues related to seaborne volume, foreign currency fluctuations, the impact of the COVID-19 pandemic and the ongoing efforts throughout the world to contain it, the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us, 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, dry cargo and tanker industry trends, fluctuations in charter rates for drybulk, containerships and tanker vessels, vessel values and factors affecting vessel supply and demand, the aging of our vessels and resultant increases in operation and dry docking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, potential liability from litigation and our vessel operations, including discharge of pollutants, 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 U.S. Securities and Exchange Commission, including its reports on Form 20-F and reports on Form 6-K. 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.

 

 

 

Recent Developments

 

Fleet Developments

 

Acquisition of a 36-Vessel Drybulk Fleet for $835.0 million

 

On July 26, 2022, Navios Partners agreed to acquire a 36-vessel drybulk fleet for a gross purchase price of $835.0 million, including the assumption of $441.6 million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments(the “Transaction”), from Navios Holdings. The fleet consists of 26 owned vessels and 10 chartered-in vessels (all with purchase options). On July 29, 2022, 15 of the 36 vessels were delivered to Navios Partners. On September 8, 2022, the remaining 21 vessels were delivered to Navios Partners.

 

Sale of One Vessel

 

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.

 

$100.0 million unit repurchase program

 

In July 2022, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $100.0 million of the Company’s common units. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in the Company’s discretion and without notice. The Board of Directors will review the program periodically.

 

Credit Facilities

 

In September 2022, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $210.0 million in order to refinance indebtness secured on 15 drybulk vessels and five containerships. The credit facility matures in the second quarter of 2025 and bears interest at Secured Overnight Financing Rate (“SOFR”) plus 250 bps per annum.

In July 2022, Navios Partners agreed to enter into a new credit facility with a commercial bank for a total amount of up to $86.2 million in order to finance the acquisition of two newbuilding 5,300 TEU containerships. The credit facility will mature seven years after the drawdown and will bear interest at SOFR plus 200 bps per annum. The facility remains subject to completion of definitive documentation and is expected to close in the third quarter of 2022.

 

Overview

 

We are an international owner and operator of dry cargo and tanker vessels, formed on August 7, 2007 under the laws of the Republic of the Marshall Islands. Olympos Maritime Ltd. is our general partner (the “General Partner”).

 

As of August 31, 2022, there were 30,197,087 outstanding common units and 622,555 general partnership units. Navios Holdings currently owns an approximately 10.3% ownership interest in Navios Partners and the General Partner currently owns an approximately 2.0% ownership interest in Navios Partners based on all outstanding common units and general partner units.

 

Fleet

 

Following the completion of the Transaction, Navios Partners’ fleet consists of 90 Drybulk vessels, 48 Containerships and 49 Tanker vessels, including three newbuilding Capesize bareboat charter-in vessels expected to be delivered by the second half of 2022, two newbuilding Capesize bareboat charter-in vessels expected to be delivered by the first half of 2023, one newbuilding Panamax vessel expected to be delivered by the first half of 2023, four newbuilding Aframax/LR2 vessels expected to be delivered in 2024 and the first half of 2025, 12 newbuilding Containerships expected to be delivered by the second half of 2023 and in 2024, one Containership agreed to be sold and expected to be delivered in September 2022 and one Panamax vessel agreed to be sold and expected to be delivered in the fourth quarter of 2022.

 

We generate revenues by charging our customers for the use of our vessels to transport their dry cargo commodities, containers, crude oil, refined petroleum products and/or bulk liquid chemicals. From time to time, we operate vessels in the spot market until the vessels have been chartered out under short-term, medium and long-term charters.

 

The following table provides summary information about our fleet as of August 31, 2022:

 

Owned Drybulk Vessels   Type   Built   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
 
Navios La Paix   Ultra-Handymax   2014   61,485   —   111% averageBSI 58 10TC   Apr-23  
Navios Christine B   Ultra-Handymax   2009   58,058   $16,150   No   Oct-22  
Navios Amaryllis   Ultra-Handymax   2008   58,735   $28,575   No   Sep-22  
Serenitas N   Ultra-Handymax   2011   56,644   —   99.0% average BSI 58 10TC   Jul-23  
Navios Ulysses   Ultra-Handymax   2007   55,728   $28,500   No   Sep-22  
Navios Celestial   Ultra-Handymax   2009   58,063   $35,150   —   Sep-22  
Navios Vega   Ultra-Handymax   2009   58,792   —   100.0% average BSI 58 10TC   Feb-23  
Navios Hyperion   Panamax   2004   75,707   $19,000   No   Nov-23  
Navios Alegria   Panamax   2004   76,466   $16,625   No   Oct-22  
Navios Orbiter   Panamax   2004   76,602   —   —   Spot  
Navios Helios   Panamax   2005   77,075   —   100.0% average BPI 4TC   Nov-22  
Navios Sun   Panamax   2005   76,619   —   100.0% average BPI 4TC   Jan-23  
Navios Hope   Panamax   2005   75,397   —   100.0% average BPI 4TC   Mar-23  
Navios Sagittarius   Panamax   2006   75,756   $12,350   No   Sep-22  
Navios Harmony   Panamax   2006   82,790   $11,638   No   Sep-22  
Navios Prosperity I   Panamax   2007   75,527   —   —   Spot  
Navios Libertas   Panamax   2007   75,511   —   —   Spot  

 

 

 

Owned Drybulk Vessels   Type   Built   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
 
Navios Symmetry   Panamax   2006   74,381   $9,500   No   Sep-22  
Navios Apollon I   Panamax   2005   87,052   —   105.0% average BPI 4TC   Nov-22  
Navios Sphera   Panamax   2016   84,872   —   108.0% average BPI 82   Feb-23  
Navios Camelia(30)   Panamax   2009   75,162   $11,875   No   Sep-22  
Navios Anthos   Panamax   2004   75,798   $26,410   No   Nov-22  
Copernicus N   Panamax   2010   93,062  

$9,500

—

  

No

107.0% average BPI 4TC

  

Oct-22

Sep-23

  
Unity N   Panamax   2011   79,642   —   100.0% average BPI 4TC   Feb-23  
Odysseus N   Panamax   2011   79,642   —   100.50% average BPI 4TC   Feb-23  
Navios Victory   Panamax   2014   77,095   —   106.75% average BPI 4TC   Oct-23  
Navios Avior   Panamax   2012   81,335   —   100.0% average BPI 82   Feb-23  
Navios Centaurus   Panamax   2012   81,472   $17,575   No   Sep-22  
Navios Primavera(7)   Panamax   2022   82,003   —   112.0% average BPI 82   Jul-23  
Navios Taurus   Panamax   2005   76,596   $12,350   No   Sep-22  
Navios Asteriks(5)   Panamax   2005   76,801   $10,925   No   Oct-22  
N Amalthia   Panamax   2006   75,318   —   92.0% average BPI 82   Dec-22  
Navios Galileo   Panamax   2006   76,596   —   101.0% average BPI 4TC   Nov-22  
N Bonanza   Panamax   2006   76,596   —   100.0% average BPI 4TC   Jan-23  
Rainbow N   Panamax   2011   79,642   —   101.0% average BPI 4TC   Oct-22  
Jupiter N   Post-Panamax   2011   93,062   —   108.0% average BPI 4TC   Sep-22  
Navios Sky   Kamsarmax   2015   82,056   $18,763   No   Jan-23  
Navios Herakles I   Kamsarmax   2019   82,036   $30,638   No   Sep-22  
Navios Uranus   Kamsarmax   2019   81,516   $20,900   No   Jan-23  
Navios Felicity I   Kamsarmax   2020   81,946   $31,825   No   Nov-22  
Navios Galaxy II   Kamsarmax   2020   81,789  

$33,547

$13,419

—

  

No

No

125.0% average BPI 4TC

  

Sep-22

Dec-22

Jan-23

  
Navios Magellan II   Kamsarmax   2020   82,037  

$33,938

—

  

No

124.375% average BPI 4TC

  

Sep-22

Jan-23

  
Navios Beaufiks(5)   Capesize   2004   180,310   $22,563   No   Sep-23  
Navios Symphony   Capesize   2010   178,132   —   97.0% average BCI 5TC   Dec-22  
Navios Fantastiks(6)   Capesize   2005   180,265   $21,650   No   Mar-23  
Navios Aurora II   Capesize   2009   169,031   —   99.0% average BCI 5TC   Apr-23  
Navios Pollux(6)   Capesize   2009   180,727   —   100.0% of pool earnings   Nov-22  
Navios Sol(7)   Capesize   2009   180,274  

$33,440

—

  

No

110.0% average BCI 5TC

  

Sep-22

Mar-23

  
Navios Fulvia   Capesize   2010   179,263   —   100.0% average BCI 5TC   Jan-23  
Navios Buena Ventura   Capesize   2010   179,259   —   100.5% average BCI 5TC   Mar-23  
Navios Melodia   Capesize   2010   179,132   —   105.0% average BCI 5TC   Feb-23  
Navios Luz   Capesize   2010   179,144   —   102.0% average BCI 5TC   May-23  
Navios Ace(8)   Capesize   2011   179,016   —   107.25% average BCI 5TC   Feb-23  
Navios Aster   Capesize   2010   179,314   $27,731   No   Feb-23  
Navios Joy   Capesize   2013   181,389   Freight Voyage   No   Nov-23  
Navios Gem   Capesize   2014   181,336   $28,500   No   Jan-23  
Navios Mars   Capesize   2016   181,259   —   126.0% average BCI 5TC   Oct-23  
Navios Koyo   Capesize   2011   181,415   —   111.0% average BCI 5TC   Mar-23  
Navios Ray(9)   Capesize   2012   179,515   —   102.0% average BCI 5TC   Jan-23  
Navios Bonavis(6)   Capesize   2009   180,022   —   101.5% average BCI 5TC   Mar-23  
Navios Azimuth   Capesize   2011   179,169   —   100.0% average BCI 5TC   Jan-23  
Navios Stellar(10)   Capesize   2009   169,001   —   95.75% average BCI 5TC   Feb-23  
Navios Happiness   Capesize   2009   180,022  

$36,281

—

  

No

100.5% average BCI 5TC

  

Sep-22

Oct-22

  
Navios Phoenix(6)   Capesize   2009   180,242  

$37,862

$14,669

—

  

No

No

100.0% average BCI 5TC + $2,000 per day

  

Sep-22

Dec-22

Jan-23

  
Navios Lumen(10)   Capesize   2009   180,661  

$31,920

—

  

No

105.0% average BCI 5TC

  

Sep-22

Dec-22

  
Navios Antares(12)   Capesize   2010   169,059   —   95.75% average BCI 5TC   Feb-23  
Navios Etoile   Capesize   2010   179,234  

$35,150

—

  

No

100.0% average BCI 5TC

  

Sep-22

Mar-23

  
Navios Bonheur   Capesize   2010   179,259   —   100.5% average BCI 5TC   Nov-22  
Navios Altamira   Capesize   2011   179,165  

$36,524

—

  

No

100.25% average BCI 5TC

  

Sep-22

Feb-23

  
Navios Canary(33)   Capesize  

2015

 

   180,528  

$37,872

—

  

No

119.0% average BCI 5TC

  

Sep-22

Dec-22

  
Navios Corali(33)   Capesize  

2015

 

   181,249  

$34,438

—

  

No

100.0% average BCI 5TC + $4,370 per day

  

Sep-22

Nov-22

  
 

 

Owned Containerships   Type   Built   Capacity
(TEU)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
 
Spectrum N   Containership   2009   2,546   $36,538   No   Mar-25  
Protostar N   Containership   2007   2,741   $46,556   No   Nov-25  
 
Fleur N   Containership   2012   2,782   $19,750   No   Mar-24  
Ete N   Containership   2012   2,782   $19,750   No   Feb-24  
Navios Summer(5)   Containership   2006   3,450   $45,480
$39,795
$30,320
$20,845
$34,110		   No
No
No
No
No		   May-23
May-24
May-25
May-26
Jul-26		  
 
 
 
 
 
Matson Oahu(5)   Containership   2006   3,450   $22,713   No   May-23  
Navios Spring(5)   Containership   2007   3,450   $58,500   No   May-25  
Navios Vermilion(5)   Containership   2007   4,250   $54,313
$45,425
$23,972
$41,722		   No
No
No
No		   Dec-22
Dec-23
Nov-24
Dec-24		  
 
 
 
Navios Indigo(5)   Containership   2007   4,250   $63,375
$43,875
$34,125
$24,375
$41,438		   No
No
No
No
No		   Apr-23
Apr-24
Apr-25
Apr-26
Aug-26		  
 
 
 
 
Matson Lanai(5)   Containership   2007   4,250   $55,794   No   Jul-25  
Navios Amarillo(5)   Containership   2007   4,250   $20,845
$92,381
$63,956
$28,425
$  9,475		   No
No
No
No
No		   Jan-23
Jan-24
Jan-25
Jan-26
Jan-28		  
 
 
 
 
Navios Verde(5)   Containership   2007   4,250   $20,845   No   Jun-23  
Navios Azure(5)   Containership   2007   4,250   $22,678   No   Oct-22  
Navios Domino(5)   Containership   2008   4,250   $24,934   No   Jun-23  
Navios Delight(5)   Containership   2008   4,250   $45,425   No   Jan-24  
Navios Destiny(5)   Containership   2009   4,250   $54,313
$45,425
$23,972
$41,722		   No
No
No
No		   Nov-22
Nov-23
Oct-24
Nov-24		  
 
 
 
Navios Devotion(5)   Containership   2009   4,250   $63,375
$43,875
$34,125
$24,375
$41,438		   No
No
No
No
No		   Mar-23
Mar-24
Mar-25
Mar-26
Jul-26		  
 
 
 
 
Navios Lapis   Containership   2009   4,250   $31,353   No   May-23  
Navios Tempo   Containership   2009   4,250   $44,438   No   Sep-25  
Navios Dorado   Containership   2010   4,250   $21,676   No   Jun-23  
Zim Baltimore (ex Navios Felicitas)   Containership   2010   4,360   $63,375
$43,875
$34,125
$24,375
$41,438		   No
No
No
No
No		   Jan-23
Jan-24
Jan-25
Jan-26
May-26		  
 
 
 
 
Bahamas   Containership   2010   4,360   $22,219
$60,000		   No
No		   Dec-22
May-25		  
 
Zim Carmel   Containership   2010   4,360   $61,114
$42,164
$32,689
$23,214
$39,795		   No
No
No
No
No		   Apr-23
Apr-24
Apr-25
Apr-26
Jun-26		  
 
 
 
 

 

 

 

Owned Containerships   Type   Built   Capacity
(TEU)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
 
Navios Miami   Containership   2009   4,563   $54,313
$45,425
$23,972
$41,722		   No
No
No
No		   Nov-22
Nov-23
Oct-24
Nov-24		  
 
 
 
Navios Magnolia   Containership   2008   4,730   $54,313
$45,425
$23,972
$41,722		   No
No
No
No		   Nov-22
Nov-23
Oct-24
Nov-24		  
 
 
 
Navios Jasmine   Containership   2008   4,730   $21,825
$60,000		   No
No		   Dec-22
Apr-25		  
 
Navios Chrysalis   Containership   2008   4,730   $30,083   No   Jul-23  
Navios Nerine   Containership   2008   4,730   $54,313
$45,425
$23,972
$41,722		   No
No
No
No		   Oct-22
Oct-23
Sep-24
Oct-24		  
 
 
 
Hyundai Hongkong(4)   Containership   2006   6,800   $30,119
$21,083		   No
No		   Dec-23
Dec-28		  
 
Hyundai Singapore(4)   Containership   2006   6,800   $30,119
$21,083		   No
No		   Dec-23
Dec-28		  
 
Hyundai Tokyo(4)   Containership   2006   6,800   $30,119
$21,083		   No
No		   Dec-23
Dec-28		  
 
Hyundai Shanghai(4)   Containership   2006   6,800   $30,119
$21,083		   No
No		   Aug-24
Aug-29		  
 
Hyundai Busan(4)   Containership   2006   6,800   $30,119
$21,083		   No
No		   Aug-24
Aug-29		  
 
Navios Unite(5)(30)   Containership   2006   8,204   $27,840   No   Sep-22  
Navios Unison(12)   Containership   2010   10,000   $26,276   No   Jun-26  
Navios Constellation(12)   Containership   2011   10,000   $26,276   No   Jun-26  

 

 

Owned Tanker Vessels   Type   Built   Capacity
(DWT)		   Charter-Out
Rate(1)		   Profit Sharing Arrangements   Expiration Date(3)  
Nave Cosmos(13)   Chemical Tanker   2010   25,130   Floating Rate   No   Nov-22  
Nave Polaris(13)   Chemical Tanker   2011   25,145   Floating Rate   No   Nov-22  
Perseus N(11)   MR1 Product Tanker   2009   36,264   $12,591   No   Dec-22  
 
Star N(32)   MR1 Product Tanker   2009   37,836   Floating Rate   No   Jan-23  
Hector N   MR1 Product Tanker   2008   38,402   $14,319
$15,306		   No
No		   Jun-23
Oct-23		  
 
 
Nave Dorado(15)   MR2 Product Tanker   2005   47,999   $12,838   Yes   Dec-22  
Nave Aquila(6)   MR2 Product Tanker   2012   49,991  

$15,208

$27,181

  

No

No

  

Sep-22

Mar-23

  
Nave Atria(6)(16)   MR2 Product Tanker   2012   49,992   $13,948   No   May-23  
Nave Capella(12)   MR2 Product Tanker   2013   49,995   $13,956   No   Feb-23  
Nave Alderamin(12)   MR2 Product Tanker   2013   49,998   $13,956   No   Dec-22  
 
Nave Pyxis(10)   MR2 Product Tanker   2014   49,998   $15,881   No   Feb-23  
Nave Bellatrix(6)   MR2 Product Tanker   2013   49,999   $23,083   No   Jun-23  
Nave Orion(6)   MR2 Product Tanker   2013   49,999   $13,956   No   Dec-22  
 
Nave Titan(12)   MR2 Product Tanker   2013   49,999   $13,716   No   Mar-23  
Nave Luminosity   MR2 Product Tanker   2014   49,999   $14,813   No   Dec-22  
Nave Jupiter   MR2 Product Tanker   2014   49,999   $16,491   No   Aug-23  
Nave Velocity(18)(12)   MR2 Product Tanker   2015   49,999   $15,553   No   Oct-24  

 

 

 

 

Owned Tanker Vessels   Type   Built   Capacity
(DWT)		   Charter-Out
Rate(1)		   Profit Sharing Arrangements   Expiration Date(3)  
Nave Sextans(12)   MR2 Product Tanker   2015   49,999   $16,844   No   May-23  
 
Nave Orbit(19)(11)   MR2 Product Tanker   2009   50,470   $14,418   No   Mar-23  
Nave Equator(5)   MR2 Product Tanker   2009   50,542  

$13,500

$23,651

  

No

No

  

Oct-22

Jun-23

  
Bougainville(10)   MR2 Product Tanker   2013   50,626   $13,578   No   Oct-22  
Nave Equinox(20)(11)   MR2 Product Tanker   2007   50,922  

$12,591

$20,392

  

No

No

  

Sep-22

Sep-24

  
Nave Pulsar(5)(34)   MR2 Product Tanker   2007   50,922   $22,713   No   Jan-23  
Aurora N(22)   LR1 Product Tanker   2008   63,495   Floating Rate   No   Nov-22  
Lumen N(22)   LR1 Product Tanker   2008   63,599   Floating Rate   No   Nov-22  
Nave Cetus(12)(23)   LR1 Product Tanker   2012   74,581   $14,138   No   Dec-22  
Nave Ariadne(22)   LR1 Product Tanker   2007   74,671   Floating Rate   No   Nov-22  
Nave Cielo   LR1 Product Tanker   2007   74,671   $26,564   No   Sep-23  
Nave Rigel(23)   LR1 Product Tanker   2013   74,673   $14,138   No   Dec-22  
Nave Atropos(10)   LR1 Product Tanker   2013   74,695   $14,813   No   Oct-22  
Nave Cassiopeia(12)(24)   LR1 Product Tanker   2012   74,711   Floating Rate   No   Oct-22  
Nave Andromeda(12)(24)   LR1 Product Tanker   2011   75,000   Floating Rate   No   Oct-22  
Nave Estella(12)   LR1 Product Tanker   2012   75,000   $15,400   No   Jan-23  
Nave Constellation(29)   VLCC   2010   296,988   Floating Rate   Yes   Dec-22  
Nave Universe   VLCC   2011   297,066   Freight Voyage   —   Sep-22  
Nave Galactic(26)   VLCC   2009   297,168   $17,775   Yes   Sep-22  
Nave Spherical(27)   VLCC   2009   297,188   Floating Rate   No   Jan-24  
Nave Quasar(28)   VLCC   2010   297,376   $16,788   Yes   Feb-23  
Nave Photon(29)   VLCC   2008   297,395   Floating Rate   Yes   Dec-22  
Nave Buena Suerte(17)   VLCC   2011   297,491   $47,906   Yes   Jun-25  
Nave Synergy   VLCC   2010   299,973   Freight Voyage   —   Sep-22  

 

  

Bareboat Charter-in vessels   Type   Built   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
Navios Libra   Panamax   2019   82,011   —   109.75% average BPI 82   Jun-24  
Navios Amitie   Panamax   2021   82,002   —   110.0% average BPI 82   Jan-24  
 
Navios Star   Panamax   2021   81,994   —   110.0% average BPI 82   Feb-24  
Nave Electron(17)   VLCC   2021   313,239   $47,906   Yes   Jan-26  
Baghdad(21)   VLCC   2020   313,433   $27,816   No   Sep-30  
Erbil(21)   VLCC   2021   313,486   $27,816   No   Feb-31  
Nave Celeste(25)   VLCC   2022   313,418   Floating rate   No   Jul-24  

 

Charter-in vessels   Type   Built   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
Navios Lyra   Ultra-Handymax   2012   34,718   $23,275   No   Oct-22  
 
Navios Venus   Ultra-Handymax   2015   61,339   $30,400   No   Sep-22  
Navios Amber   Kamsarmax   2015   80,994   —   115.0% average BPI 4TC   Jan-23  
Navios Coral   Kamsarmax   2016   84,904   —   108.0% average BPI 82   Nov-22  
Navios Citrine   Kamsarmax   2017   81,626  

$34,538

—

  

No

122.0% average 4TC

  

Sep-22

Feb-23

  
Navios Dolphin   Kamsarmax   2017   81,630   —   122.0% average BPI 4TC   Dec-22  
Navios Gemini   Kamsarmax   2018   81,704   $29,838   No   Dec-22  
Navios Horizon I   Kamsarmax   2019   81,692   —   108.5% average BPI 82   Oct-23  
Navios Felix   Capesize   2016   181,221  

$34,485

—

  

No

100.0% average BCI 5TC + $4,085 per day

  

Sep-22

Jan-24

  
Navios Obeliks   Capesize   2012   181,415   Freight Voyage   No   Oct-22  

 

 

 

Bareboat Charter-in vessels to be delivered   Type   Delivery Date   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)   Expiration Date(3)  
Navios Armonia   Capesize   H2 2022   180,000   $20,750   No   May-27  
TBN II   Capesize   H2 2022   180,000   —   —   —  
Navios Astra   Capesize   H2 2022   180,000   $21,000   No   Feb-27  
TBN VI   Capesize   H1 2023   180,000   —   —   —  
TBN IV   Capesize   H1 2023   180,000   —   —   —  

  

 

Owned Drybulk Vessels - to be Delivered

   Type   Delivery Date   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)  

Expiration

Date(3)

  
TBN V   Panamax   H1 2023   81,000   —   —   —  

 

 

Owned Containerships to be Delivered   Type   Delivery Date   Capacity
(TEU)		   Charter-Out
Rate(1)		   Index(2)  

Expiration

Date(3)

  
TBN VII   Containership   H2 2023   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Sep-24
Sep-25
Sep-26
Sep-27
Sep-28
Nov-28		  
 
 
 
 
 
TBN VIII   Containership   H2 2023   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Feb-29		  
 
 
 
 
 
TBN IX   Containership   H1 2024   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Jun-25
Jun-26
Jun-27
Jun-28
Jun-29
Aug-29		  
 
 
 
 
 
TBN X   Containership   H1 2024   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Jun-25
Jun-26
Jun-27
Jun-28
Jun-29
Aug-29		  
 
 
 
 
 
TBN XI   Containership   H2 2024   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Sep-25
Sep-26
Sep-27
Sep-28
Sep-29
Nov-29		  
TBN XII   Containership   H2 2024   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Nov-25
Nov-26
Nov-27
Nov-28
Nov-29
Jan-30		  
TBN XIII   Containership   H2 2023   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Jan-29		  
TBN XIV   Containership   H1 2024   5,300   $42,900
$39,000
$37,050
$35,100
$31,200
$37,050		   No
No
No
No
No
No		   May-25
May-26
May-27
May-28
May-29
Jul-29		  
TBN XV   Containership   H2 2024   5,300   $37,500   No   Apr-30  
TBN XVI   Containership   H2 2024   5,300   $37,500   No   Apr-30  
TBN XXI   Containership   H2 2024   7,700  

$57,213

$52,238

$37,313

$27,363

$24,875

   No
No
No
No
No		  

Nov-27

Nov-30

Nov-32

Nov-34

Nov-36

  
TBN XXII   Containership   H2 2024   7,700  

$57,213

$52,238

$37,313

$27,363

$24,875

   No
No
No
No
No		  

Dec-27

Dec -30

Dec -32

Dec -34

Dec -36

  

  

 

Owned Tanker Vessels
to be delivered		   Type   Delivery Date   Capacity
(DWT)		   Charter-Out
Rate(1)		   Index(2)  

Expiration

Date(3)

  
TBN XVII   Aframax / LR2   H1 2024   115,000   $25,576(31)   —   Apr-29  
TBN XVIII   Aframax / LR2   H2 2024   115,000   $25,576(31)   —   Jul-29  
TBN XIX   Aframax / LR2   H2 2024   115,000   —(14)   —   —  
TBN XX   Aframax / LR2   H1 2025   115,000   —(14)   —   —  

 

(1) Daily charter-out rate per day, net of commissions.
(2)   Index rates exclude commissions.
(3)    Estimated dates assuming the midpoint or company’s best estimate of the redelivery period by charterers.
(4)     Includes optional years (NMM’s option) after 2023.
(5)     The vessel is subject to a sale and leaseback transaction for a period of up to five years, at which time we have an obligation to purchase the vessel.
(6) The vessel is subject to a sale and leaseback transaction for a period of up to six years, at which time we have an obligation to purchase the vessel.
(7)    The vessel is subject to a sale and leaseback transaction for a period of up to ten years, at which time we have an obligation to purchase the vessel.
(8)     The vessel is subject to a sale and leaseback transaction for a period of up to 11 years, at which time we have an obligation to purchase the vessel.
(9)   The vessel is subject to a sale and leaseback transaction for a period of up to nine years, at which time we have an obligation to purchase the vessel.
(10) The vessel is subject to a sale and leaseback transaction for a period of up to eight years, at which time we have an obligation to purchase the vessel.
(11)  The vessel is subject to a sale and leaseback transaction for a period of up to four years, at which time we have an obligation to purchase the vessel.
(12)  The vessel is subject to a sale and leaseback transaction for a period of up to seven years, at which time we have an obligation to purchase the vessel.
(13)  Rate based on Delta-8 pool earnings.
(14)  Charterer has the option to charter the vessels on identical terms to the two first vessels.
(15)  Profit sharing arrangement of 100% between $12,838 and $15,800 and 50% above $15,800.
(16)  Charterer’s option to extend the charter for up to 18 months at $14,887 net per day.
(17)  Profit sharing arrangement of 35% above $54,388, 40% above $59,388 and 50% above $69,388.
(18)  Charterer’s option to extend the charter for one year at $16,540 net per day plus one year at $17,528 net per day.
(19)  Charterer’s option to extend the charter for up to 18 months at $15,306 net per day.
(20)  The premium for when the vessel is trading on ice or follow ice breaker is $1,481 per day.
(21) Charterer’s option to extend the bareboat charter for five years at $29,751 net per day.
(22) Rate based on Penfield pool earnings.
(23) Charterer’s option to extend the charter for three months at $16,088 net per day.
(24) Rate based on LR8 pool earnings.
(25)  Bareboat charter based on adjusted TD3C-WS with a floor of $22,572 and collar of $29,700.
(26)  Contract provides adjusted BITR TD3C-TCE index with a floor of $17,775, 100% to Navios up to collar $38,759 and 50% thereafter.
(27)  Contract provides 100% of BITR TD3C-TCE index plus $4,875 premium until January 2023, then TD3C-TCE index plus $1,463 premium.
(28)  Contract provides 100% of BITR TD3C-TCE index up to $37,031 and 50% thereafter with $16,788 floor.
(29)  Contract provides 100% of BITR TD3C-TCE index up to $17,775 and 50% thereafter with a floor at $2,963 and collar at $29,625.
(30) Vessel agreed to be sold.
(31) Charterer has the option to extend for a further five one year options at rates increasing by $1,234 per day each year.
(32)  Rate based on Scorpio Handymax Tanker pool earnings.
(33) The vessel is subject to a sale and leaseback transaction for a period of up to 12 years, at which time we have an obligation to purchase the vessel.
(34) Charterer’s option to extend the charter for six months at $27,650 net per day.

  

Our Charters

 

We provide seaborne shipping services under short, medium, and long-term time charters with customers that we believe are creditworthy. For the six month period ended June 30, 2022, Singapore Marine Pte Ltd. (“Singapore Marine”) represented approximately 10.8% of total revenues. For the six month period ended June 30, 2021, Singapore Marine and Hyundai Merchant Marine Co., Ltd. (“HMM”) represented approximately 13.8% and 12.8%, respectively, of total revenues. No other customers accounted for 10% or more of total revenues for any of the periods presented.

 

 

 

Our revenues are driven by the number of vessels in the fleet, the number of days during which vessels operate and our charter hire rates, which, in turn, are affected by a number of factors, including:

 

• the duration of the charters;

 

• the level of spot and long-term market rates at the time of charters;

 

• decisions relating to vessel acquisitions and disposals;

 

• the amount of time spent positioning vessels;

 

• the amount of time that vessels spend in dry dock undergoing repairs and upgrades;

 

• the age, condition and specifications of the vessels;

 

• the aggregate level of supply and demand in the shipping industry;

 

•

economic conditions, such as the impact of inflationary cost pressures, decreased consumer discretionary spending, fluctuations in foreign currency exchange rates, increasing interest rates, and the possibility of recession or financial market instability;

•

armed conflicts, such as the Russian/Ukrainian conflicts; and

 

•

the ongoing global outbreak of COVID-19 or other epidemics or pandemics. 

  

Time charters are available for varying periods, ranging from a single trip (spot charter) to long-term which may be many years. In general, a long-term time charter assures the vessel owner of a consistent stream of revenue. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. We intend to operate our vessels in the long-term charter market. Vessel charter rates are affected by world economics, international events, weather conditions, strikes, governmental policies, supply and demand and many other factors that might be beyond our control. Please read “Risk Factors” in our 2021 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

 

We could lose a customer or the benefits of a charter if:

 

• the customer fails to make charter payments because of its financial inability, disagreements with us or otherwise;

 

• the customer exercises certain rights to terminate the charter of the vessel;

 

• the customer terminates the charter because we fail to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, there are serious deficiencies in the vessel or prolonged periods of off-hire, or we default under the charter; or

 

• a prolonged force majeure event affecting the customer, including damage to or destruction of relevant production facilities, war or political unrest prevents us from performing services for that customer.

 

Under some of our time charters, either party may terminate the charter contract in the event of war in specified countries or in locations that would significantly disrupt the free trade of the vessel. Some of the time charters covering our vessels require us to return to the charterer, upon the loss of the vessel, all advances paid by the charterer but not earned by us.

 

Trends and Factors Affecting Our Future Results of Operations

 

We believe the principal factors that will affect our future results of operations are the economic, regulatory, political and governmental conditions that affect the shipping industry generally and that affect conditions in countries and markets in which our vessels engage in business. Please read “Risk Factors” in our 2021 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

 

 

  

Results of Operations

 

Overview

 

The financial condition and the results of operations presented for the three and six month periods ended June 30, 2022 and 2021 of Navios Partners presented and discussed below include the following entities:

 

Company name   Vessel name   Country of incorporation   2022   2021
Libra Shipping Enterprises Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Alegria Shipping Corporation   Navios Alegria   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Felicity Shipping Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Gemini Shipping Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Galaxy Shipping Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Aurora Shipping Enterprises Ltd.   Navios Hope   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Palermo Shipping S.A   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Fantastiks Shipping Corporation(12)   Navios Fantastiks   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Sagittarius Shipping Corporation(12)   Navios Sagittarius   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Hyperion Enterprises Inc.   Navios Hyperion   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Chilali Corp.   Navios Aurora II   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Surf Maritime Co.   Navios Pollux   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Pandora Marine Inc.   Navios Melodia   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Customized Development S.A.   Navios Fulvia   Liberia   1/01 – 6/30   1/01 – 6/30
Kohylia Shipmanagement S.A.   Navios Luz   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Orbiter Shipping Corp.   Navios Orbiter   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Floral Marine Ltd.   Navios Buena Ventura   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Golem Navigation Limited(13)   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Kymata Shipping Co.   Navios Helios   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Joy Shipping Corporation   Navios Joy   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Micaela Shipping Corporation   Navios Harmony   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Pearl Shipping Corporation   Navios Sun   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Velvet Shipping Corporation   Navios La Paix   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Perigiali Navigation Limited(12)   Navios Beaufiks   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Finian Navigation Co.(12)   Navios Ace   Marshall Is.   1/01 – 6/30   1/01 – 6/30

 

Ammos Shipping Corp.   Navios Prosperity I   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Wave Shipping Corp.   Navios Libertas   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Casual Shipholding Co.(12)   Navios Sol   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Avery Shipping Company   Navios Symphony   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Coasters Ventures Ltd.   Navios Christine B   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Ianthe Maritime S.A.   Navios Aster   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Rubina Shipping Corporation   Hyundai Hongkong   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Topaz Shipping Corporation   Hyundai Singapore   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Beryl Shipping Corporation   Hyundai Tokyo   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Cheryl Shipping Corporation   Hyundai Shanghai   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Christal Shipping Corporation   Hyundai Busan   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Fairy Shipping Corporation (5)   Navios Utmost   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Limestone Shipping Corporation (28)   Navios Unite   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Dune Shipping Corp.   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Citrine Shipping Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Cavalli Navigation Inc.   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Seymour Trading Limited(2)   Navios Altair I   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Goldie Services Company   Navios Symmetry   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Andromeda Shiptrade Limited   Navios Apollon I   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Esmeralda Shipping Corporation   Navios Sphera   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Triangle Shipping Corporation   Navios Mars   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Oceanus Shipping Corporation(19)   Castor N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Cronus Shipping Corporation   Protostar N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Leto Shipping Corporation(17)   Esperanza N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Dionysus Shipping Corporation(4)   Harmony N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Prometheus Shipping Corporation(18)   Solar N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Camelia Shipping Inc.(31)   Navios Camelia   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Anthos Shipping Inc.   Navios Anthos   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Azalea Shipping Inc.(1)   Navios Azalea   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Amaryllis Shipping Inc.   Navios Amaryllis   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Zaffre Shipping Corporation(14)   Serenitas N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Wenge Shipping Corporation(14),(20)   Joie N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Sunstone Shipping Corporation(14)   Copernicus N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Fandango Shipping Corporation(14)   Unity N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Flavescent Shipping Corporation(14)   Odysseus N   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Emery Shipping Corporation(15)   Navios Gem   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Rondine Management Corp.(15)   Navios Victory   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Prosperity Shipping Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Aldebaran Shipping Corporation   —   Marshall Is.   1/01 – 6/30   1/01 – 6/30
JTC Shipping and Trading Ltd.(11)   Holding Company   Malta   1/01 – 6/30   1/01 – 6/30
Navios Maritime Partners L.P.   N/A   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Navios Maritime Operating LLC.   N/A   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Navios Partners Finance (US) Inc.   Co-Borrower   Delaware   1/01 – 6/30   1/01 – 6/30
Navios Partners Europe Finance Inc.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Solange Shipping Ltd.(16)   Navios Avior   Marshall Is.   1/01 – 6/30   3/30 – 6/30
Mandora Shipping Ltd.(16)   Navios Centaurus   Marshall Is.   1/01 – 6/30   3/30 – 6/30
Olympia II Navigation Limited   Navios Domino   Marshall Is.   1/01 – 6/30   3/31 – 6/30

 
Pingel Navigation Limited   Navios Delight   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Ebba Navigation Limited   Navios Destiny   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Clan Navigation Limited   Navios Devotion   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Sui An Navigation Limited(23)   Navios Dedication   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Bertyl Ventures Co.   Navios Azure   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Silvanus Marine Company   Navios Summer   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Anthimar Marine Inc.   Navios Amarillo   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Enplo Shipping Limited   Navios Verde   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Morven Chartering Inc.   Matson Oahu   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Rodman Maritime Corp.   Navios Spring   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Isolde Shipping Inc.   Navios Indigo   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Velour Management Corp.   Navios Vermilion   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Evian Shiptrade Ltd.   Matson Lanai   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Theros Ventures Limited   Navios Lapis   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Legato Shipholding Inc.   Navios Tempo   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Inastros Maritime Corp.   Navios Chrysalis   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Zoner Shiptrade S.A.   Navios Dorado   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Jasmer Shipholding Ltd.   Navios Nerine   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Thetida Marine Co.   Navios Magnolia   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Jaspero Shiptrade S.A.   Navios Jasmine   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Peran Maritime Inc.   Zim Baltimore   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Nefeli Navigation S.A.   Navios Unison   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Crayon Shipping Ltd   Navios Miami   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Chernava Marine Corp.   Bahamas   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Proteus Shiptrade S.A   Zim Carmel   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Vythos Marine Corp.   Navios Constellation   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Navios Maritime Containers Sub L.P.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Navios Partners Containers Finance Inc.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Boheme Navigation Company   Sub-Holding Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Navios Partners Containers Inc.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Iliada Shipping S.A.   Operating Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Vinetree Marine Company   Operating Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Afros Maritime Inc.   Operating Company   Marshall Is.   1/01 – 6/30   3/31 – 6/30
Cavos Navigation Co.(9)   Navios Libra   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Perivoia Shipmanagement Co.(10)   Navios Amitie   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Pleione Management Limited(10)   Navios Star   Marshall Is.   1/01 – 6/30   1/01 – 6/30
Bato Marine Corp.(21)   Navios Armonia   Marshall Is.   1/01 – 6/30   3/05 – 6/30
Agron Navigation Company(21)   TBN II   Marshall Is.   1/01 – 6/30   3/05 – 6/30
Teuta Maritime S.A.(22)   TBN VI   Marshall Is.   1/01 – 6/30   3/05 – 6/30
Ambracia Navigation Company(29)   Navios Primavera   Marshall Is.   1/01 – 6/30   3/05 – 6/30
Artala Shipping Co.(22)   TBN IV   Marshall Is.   1/01 – 6/30   3/05 – 6/30
Migen Shipmanagement Ltd.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   3/05 – 6/30
Bole Shipping Corporation(24)   Spectrum N   Marshall Is.   1/01 – 6/30   4/28 – 6/30
Brandeis Shipping Corporation(24)   Ete N   Marshall Is.   1/01 – 6/30   5/10 – 6/30
Buff Shipping Corporation(24)   Fleur N   Marshall Is.   1/01 – 6/30   5/10 – 6/30
Morganite Shipping Corporation(22)   TBN V   Marshall Is.   1/01 – 6/30   6/01 – 6/30
Balder Martitime Ltd.(26)   Navios Koyo   Marshall Is.   1/01 – 6/30   6/04 – 6/30

 

Melpomene Shipping Corporation(25)   TBN VII   Marshall Is.   1/01 – 6/30   6/23 – 6/30
Urania Shipping Corporation(25)   TBN VIII   Marshall Is.   1/01 – 6/30   6/23 – 6/30
Terpsichore Shipping Corporation(8)   TBN IX   Marshall Is.   1/01 – 6/30   6/23 – 6/30
Erato Shipping Corporation(8)   TBN X   Marshall Is.   1/01 – 6/30   6/23 – 6/30
Lavender Shipping Corporation(12)(7)   Navios Ray   Marshall Is.   1/01 – 6/30   6/30 – 6/30
Nostos Shipmanagement Corp.(12) (7)   Navios Bonavis   Marshall Is.   1/01 – 6/30   6/30 – 6/30
Navios Maritime Acquisition Corporation   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Navios Acquisition Europe Finance Inc.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Navios Acquisition Finance (US) Inc.   Co-Issuer of Ship Mortgage Notes   Delaware   1/01 – 6/30   —
Navios Maritime Midstream Partners GP LLC   Holding Company   Marshall Is.   1/01 – 6/30   —
Letil Navigation Ltd.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Navios Maritime Midstream Partners Finance (US) Inc.   Sub-Holding Company   Delaware   1/01 – 6/30   —
Aegean Sea Maritime Holdings Inc.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Amorgos Shipping Corporation   Nave Cosmos   Marshall Is.   1/01 – 6/30   —
Andros Shipping Corporation   Nave Polaris   Marshall Is.   1/01 – 6/30   —
Antikithira Shipping Corporation   Nave Equator   Marshall Is.   1/01 – 6/30   —
Antiparos Shipping Corporation   Nave Atria   Marshall Is.   1/01 – 6/30   —
Antipaxos Shipping Corporation   Nave Dorado   Marshall Is.   1/01 – 6/30   —
Antipsara Shipping Corporation   Nave Velocity   Marshall Is.   1/01 – 6/30   —
Crete Shipping Corporation   Nave Cetus   Marshall Is.   1/01 – 6/30   —
Delos Shipping Corporation   Nave Photon   Marshall Is.   1/01 – 6/30   —
Folegandros Shipping Corporation   Nave Andromeda   Marshall Is.   1/01 – 6/30   —
Ikaria Shipping Corporation   Nave Aquila   Marshall Is.   1/01 – 6/30   —
Ios Shipping Corporation   Nave Cielo   Cayman Islands   1/01 – 6/30   —
Iraklia Shipping Corporation   Bougainville   Marshall Is.   1/01 – 6/30   —
Kimolos Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Kithira Shipping Corporation   Nave Orbit   Marshall Is.   1/01 – 6/30   —
Kos Shipping Corporation   Nave Bellatrix   Marshall Is.   1/01 – 6/30   —
Lefkada Shipping Corporation   Nave Buena Suerte   Marshall Is.   1/01 – 6/30   —
Leros Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Mytilene Shipping Corporation   Nave Orion   Marshall Is.   1/01 – 6/30   —
Oinousses Shipping Corporation   Nave Jupiter   Marshall Is.   1/01 – 6/30   —
Psara Shipping Corporation   Nave Luminosity   Marshall Is.   1/01 – 6/30   —
Rhodes Shipping Corporation   Nave Cassiopeia   Marshall Is.   1/01 – 6/30   —
Samos Shipping Corporation   Nave Synergy   Marshall Is.   1/01 – 6/30   —
Samothrace Shipping Corporation   Nave Pulsar   Marshall Is.   1/01 – 6/30   —
Serifos Shipping Corporation   Nave Estella   Marshall Is.   1/01 – 6/30   —
Sifnos Shipping Corporation   Nave Titan   Marshall Is.   1/01 – 6/30   —
Skiathos Shipping Corporation   Nave Capella   Marshall Is.   1/01 – 6/30   —
Skopelos Shipping Corporation   Nave Ariadne   Cayman Islands   1/01 – 6/30   —
Skyros Shipping Corporation   Nave Sextans   Marshall Is.   1/01 – 6/30   —
Syros Shipping Corporation   Nave Alderamin   Marshall Is.   1/01 – 6/30   —
Thera Shipping Corporation   Nave Atropos   Marshall Is.   1/01 – 6/30   —
Tilos Shipping Corporation   Nave Spherical   Marshall Is.   1/01 – 6/30   —
Tinos Shipping Corporation   Nave Rigel   Marshall Is.   1/01 – 6/30   —
Zakynthos Shipping Corporation   Nave Quasar   Marshall Is.   1/01 – 6/30   —
Cyrus Investments Corp.   Baghdad   Marshall Is.   1/01 – 6/30   —

 

Olivia Enterprises Corp.   Erbil   Marshall Is.   1/01 – 6/30   —
Limnos Shipping Corporation   Nave Pyxis   Marshall Is.   1/01 – 6/30   —
Thasos Shipping Corporation   Nave Equinox   Marshall Is.   1/01 – 6/30   —
Agistri Shipping Limited   Operating Subsidiary   Malta   1/01 – 6/30   —
Paxos Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Donoussa Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Schinousa Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Alonnisos Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Makronisos Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Shinyo Loyalty Limited   Former Vessel-Owning Company   Hong Kong   1/01 – 6/30   —
Shinyo Navigator Limited   Former Vessel-Owning Company   Hong Kong   1/01 – 6/30   —
Amindra Navigation Co.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Navios Maritime Midstream Partners L.P.   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Navios Maritime Midstream Operating LLC   Sub-Holding Company   Marshall Is.   1/01 – 6/30   —
Shinyo Dream Limited   Former Vessel-Owning Company   Hong Kong   1/01 – 6/30   —
Shinyo Kannika Limited   Former Vessel-Owning Company   Hong Kong   1/01 – 6/30   —
Shinyo Kieran Limited   Nave Universe   British Virgin Islands   1/01 – 6/30   —
Shinyo Ocean Limited   Former Vessel-Owning Company   Hong Kong   1/01 – 6/30   —
Shinyo Saowalak Limited   Nave Constellation   British Virgin Islands   1/01 – 6/30   —
Sikinos Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Kerkyra Shipping Corporation   Nave Galactic   Marshall Is.   1/01 – 6/30   —
Doxa International Corp.   Nave Electron   Marshall Is.   1/01 – 6/30   —
Alkmene Shipping Corporation   Star N   Marshall Is.   1/01 – 6/30   —
Aphrodite Shipping Corporation   Aurora N   Marshall Is.   1/01 – 6/30   —
Dione Shipping Corporation   Lumen N   Marshall Is.   1/01 – 6/30   —
Persephone Shipping Corporation   Hector N   Marshall Is.   1/01 – 6/30   —
Rhea Shipping Corporation   Perseus N   Marshall Is.   1/01 – 6/30   —
Tzia Shipping Corporation (30)   Nave Celeste   Marshall Is.   1/01 – 6/30   —
Boysenberry Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Cadmium Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Celadon Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Cerulean Shipping Corporation   Former Vessel-Owning Company   Marshall Is.   1/01 – 6/30   —
Kleio Shipping Corporation (6)   TBN XI   Marshall Is.   1/01 – 6/30   —
Polymnia Shipping Corporation (6)   TBN XII   Marshall Is.   1/01 – 6/30   —
Goddess Shiptrade Inc. (21)   Navios Astra   Marshall Is.   1/01 – 6/30   —
Navios Acquisition Merger Sub.Inc.   Merger SPV   Marshall Is.   1/01 – 6/30   —
Aramis Navigation Inc.(3)   Navios Azimuth   Marshall Is.   1/01 – 6/30   —
Thalia Shipping Corporation (6)   TBN XV   Marshall Is.   1/01 – 6/30   —
Muses Shipping Corporation (6)   TBN XVI   Marshall Is.   1/01 – 6/30   —
Euterpe Shipping Corporation (8)   TBN XIV   Marshall Is.   1/01 – 6/30   —
Calliope Shipping Corporation (6)   TBN XIII   Marshall Is.   1/01 – 6/30   —
Karpathos Shipping Corporation (6)   TBN XXI   Marshall Is.   6/22 – 6/30   —
Patmos Shipping Corporation (6)   TBN XXII   Marshall Is.   6/22 – 6/30   —
Tarak Shipping Corporation (6)       TBN XVIII   Marshall Is.   4/26 – 6/30   —
Astrovalos Shipping Corporation (8) TBN XVII   Marshall Is.   4/26 – 6/30   —
Ithaki Shipping Corporation (27)   TBN XX   Marshall Is.   4/26 – 6/30   —
Gavdos Shipping Corporation (6)   TBN XIX   Marshall Is.   4/26 – 6/30   —

 

(1) The vessel was sold on August 13, 2021.
(2) The vessel was sold on October 29, 2021.
(3) The vessel was acquired on July 9, 2021.
(4) The vessel was sold on August 16, 2021.
(5) The vessel was sold in September 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(6) Expected to be delivered by the second half of 2024.
(7) The vessel was acquired on June 30, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(8) Expected to be delivered by the first half of 2024.
(9) The vessel was delivered on July 24, 2019 (see Note 15 – Leases to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(10) The vessels were delivered on May 28, 2021 and June 10, 2021 (see Note 15 - Leases to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(11) Not a vessel-owning subsidiary and only holds right to charter-in contracts.
(12) Vessels under the sale and leaseback transaction.
(13) The vessel was sold on December 10, 2020.
(14) The vessels were acquired on June 29, 2020, following the liquidation of Navios Europe II.
(15) The vessels were acquired on September 30, 2020.
(16) The vessels were acquired on March 30, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(17) The vessel was sold on January 13, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(18) The vessel was sold on January 28, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(19) The vessel was sold on February 10, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(20) The vessel was sold on March 25, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(21) Expected to be delivered by the second half of 2022.
(22) Expected to be delivered in the first half of 2023.
(23) The vessel was sold on July 31, 2021.
(24) The vessels were acquired on May 10, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(25) Expected to be delivered by the second half of 2023.
(26) The vessel was acquired on June 4, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(27) Expected to be delivered by the first half of 2025.
(28) The vessel agreed to be sold in February 2022. The sale is expected to be completed in September 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(29) The vessel was delivered on July 27, 2022 (see Note 12 – Commitments and Contingencies to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(30) The vessel was delivered on July 5, 2022 (see Note 12 – Commitments and Contingencies to the unaudited condensed consolidated financial statements included elsewhere in this Report).
(31) The vessel agreed to be sold in September 2022. The sale is expected to be completed in the fourth quarter of 2022 (see Note 17 – Subsequent Events to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

The following table reflects certain key indicators of Navios Partners’ fleet performance for the three and six month periods ended June 30, 2022 and 2021 (including, for 2021, the Navios Containers’ fleet and Navios Acquisition’s fleet from April 1, 2021 and from August 26, 2021, respectively).

 

 

 

  Three Month
Period Ended
June 30, 2022
(unaudited)		   Three Month
Period Ended
June 30, 2021
(unaudited)		   Six Month
Period Ended
June 30, 2022
(unaudited)		   Six Month
Period Ended
June 30, 2021
(unaudited)
Available Days(1) 11,269   7,242   22,497   11,494
Operating Days(2) 11,151   7,190   22,223   11,391
Fleet Utilization(3) 99.0%   99.3%   98.8%   99.1%
Time Charter Equivalent rate (per day)(4) $ 23,823   $ 20,296   $ 22,107   $ 18,276
Vessels operating at end of periods 128   87   128   87

(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) Time Charter Equivalent rate per day (“TCE”) 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.

 

FINANCIAL HIGHLIGHTS

 

Upon completion of the merger (the “NMCI Merger”) with Navios Maritime Containers L.P. (“Navios Containers”) and the merger with Navios Maritime Acquisition Corporation (“Navios Acquisition”) (the “NNA Merger”), the results of operations of Navios Containers and Navios Acquisition are included in Navios Partners’ condensed Consolidated Statements of Operations.

 

The following table presents consolidated revenue and expense information for the three and six month periods ended June 30, 2022 and 2021.

 

 

 

Three Month Period Ended June 30, 2022

($ ’000)

(unaudited)

  

Three Month Period Ended June 30, 2021

($ ’000)

(unaudited)

  

Six Month Period Ended June 30, 2022

($ ’000)

(unaudited)

  

Six Month Period Ended June 30, 2021

($ ’000)

(unaudited)
Time charter and voyage revenues $ 280,661   $ 152,009   $ 517,278   $ 217,072
Time charter and voyage expenses   (21,718)     (5,869)     (38,861)     (8,364)
Direct vessel expenses   (12,920)     (3,989)     (24,113)     (7,143)
Vessel operating expenses (entirely through related parties transactions)   (73,989)     (41,771)     (147,161)     (64,733)
General and administrative expenses   (14,170)     (10,319)     (28,086)     (15,226)
Depreciation and amortization of intangible assets   (41,684)     (22,120)     (84,550)     (35,207)
Amortization of unfavorable lease terms   17,587     42,026     39,426     42,026
Loss on sale of vessels   —     —     —     (511)
Interest expense and finance cost, net   (14,522)     (7,334)     (27,749)     (13,178)
Interest income   22     744     24     859
Other expense, net   (1,107)     (3,464)     (2,383)     (3,895)
Equity in net earnings of affiliated companies   —     —     —     80,839
Bargain gain   —     —     —     44,053
Net income $ 118,160   $ 99,913   $ 203,825   $ 236,592
EBITDA(1) $ 163,478   $ 90,424   $ 289,596   $ 248,975
Adjusted EBITDA(1) $ 163,478   $ 90,424   $ 289,596   $ 124,083
Operating Surplus (1) $ 90,245   $ 65,857   $ 146,070   $ 77,855

 

(1) EBITDA, Adjusted EBITDA and Operating Surplus are non-GAAP financial measures. See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” for a description of EBITDA, Adjusted EBITDA and Operating Surplus and a reconciliation of EBITDA, Adjusted EBITDA and Operating Surplus to the most comparable measure under U.S. GAAP.

 

 

 

Period over Period Comparisons

 

For the Three Month Period ended June 30, 2022 compared to the Three Month Period ended June 30, 2021

 

Time charter and voyage revenues: Time charter and voyage revenues of Navios Partners for the three month period ended June 30, 2022 increased by approximately $128.7 million, or 84.7%, to $280.7 million, as compared to $152.0 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 TCE rate. For the three month period ended June 30, 2022, the time charter and voyage revenues were affected by $11.8 million relating to the straight line effect of the containerships charters with de-escalating rates. The TCE rate increased by 17.4% to $23,823 per day, as compared to $20,296 per day for the same period in 2021. The available days of the fleet increased by 55.6% to 11,269 days for the three month period ended June 30, 2022, as compared to 7,242 days for the same period in 2021 mainly due to the NNA Merger.

 

Time charter and voyage expenses: Time charter and voyage expenses for the three month period ended June 30, 2022 increased by approximately $15.8 million to $21.7 million, as compared to $5.9 million for the three month period ended June 30, 2021 mainly due to the increase in the size of our fleet. The increase was mainly attributable to a: (i) $6.9 million increase in bareboat charter-in hire expense due to the delivery of two bareboat-in vessels during the second quarter of 2021, one bareboat-in vessel during the third quarter of 2021 and the NNA Merger; (ii) $5.0 million increase in bunkers expenses; (iii) $2.2 million increase in brokers’ commissions; (iv) $1.2 million net increase in other voyage expenses; and (v) $0.5 million increase in port expenses related to the freight voyages.

 

Direct vessel expenses: Direct vessel expenses, for the three month period ended June 30, 2022 increased by $8.9 million, to $12.9 million, as compared to $4.0 million for the three month period ended June 30, 2021. The increase of $8.9 million was mainly attributable to the amortization of deferred drydock and special survey costs due to the increase in the size of our fleet, and crew related expenses as a result of COVID-19 measures pursuant to the terms of the Management Agreements (defined herein).

 

Vessel operating expenses: Vessel operating expenses for the three month period ended June 30, 2022, increased by approximately $32.2 million, or 77.0%, to $74.0 million, as compared to $41.8 million for the same period in 2021. The increase was mainly due to the increase in the size of our fleet.

 

General and administrative expenses: General and administrative expenses increased by $3.9 million to $14.2 million for the three month period ended June 30, 2022, as compared to $10.3 million for the three month period ended June 30, 2021. The increase was mainly due to a $4.2 million increase in administrative fees paid to Navios Shipmanagement Inc., (the “Manager”) and Navios Tankers Management Inc. (“Tankers Manager” and together with the Manager, the “Managers”) due to the increased number of vessels in Navios Partners’ fleet. The above increase was partially mitigated by a: (i) $0.2 million decrease in in legal and professional fees, as well as audit fees and other administrative expenses; and (ii) $0.1 million decrease in stock-based compensation.

 

Depreciation and amortization of intangible assets: Depreciation and amortization of intangible assets amounted to $41.7 million for the three month period ended June 30, 2022, as compared to $22.1 million for the three month period ended June 30, 2021. The increase of approximately $19.6 million was mainly attributable to: (i) an $18.3 million increase due to the delivery of the fleet of Navios Acquisition in Navios Partners’ owned fleet; (ii) a $1.5 million increase in depreciation expense due to the delivery of seven vessels in 2021; and (iii) a $0.2 million increase in depreciation expense due to vessel additions. The above increase was partially mitigated by a $0.4 million decrease due to the sale of four vessels in 2021.

 

Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $17.6 million for the three month period ended June 30, 2022, that related to the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers and at the date of obtaining control of Navios Acquisition. Amortization of unfavorable lease terms amounted to $42.0 million for the three month period ended June 30, 2021, related to the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers.

 

Interest expense and finance cost, net: Interest expense and finance cost, net, for the three month period ended June 30, 2022 increased by approximately $7.2 million or 98.6% to $14.5 million, as compared to $7.3 million for the three month period ended June 30, 2021. The increase was mainly due to the interest and finance costs of Navios Acquisition’s credit facilities and financial liabilities recognized following the NNA Merger.

 

Interest income: Interest income decreased by approximately $0.7 million to $0 for the three month period ended June 30, 2022, as compared to $0.7 million for the three month period ended June 30, 2021.

 

Other expense, net: Other expense, net for the three month period ended June 30, 2022 amounted to $1.1 million, as compared to $3.5 million for the three month period ended June 30, 2021, mainly due to the decrease in other miscellaneous expenses.

 

Net income: Net income for the three month period ended June 30, 2022 amounted to $118.2 million as compared to $99.9 million net income for the three month period ended June 30, 2021. The increase of $18.3 million was due to the factors discussed above.

  

Operating surplus: Navios Partners generated Operating Surplus for the three month period ended June 30, 2022 of $90.2 million, as compared to $65.9 million for the three month period ended June 30, 2021. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” contained herein).

 

For the Six Month Period ended June 30, 2022 compared to the Six Month Period ended June 30, 2021

 

Time charter and voyage revenues: Time charter and voyage revenues of Navios Partners for the six month period ended June 30, 2022 increased by $300.2 million, or 138.3%, to $517.3 million, as compared to $217.1 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 TCE rate. For the six month period ended June 30, 2022, the time charter and voyage revenues were affected by $16.5 million relating to the straight line effect of the containerships charters with de-escalating rates. The TCE rate increased by 21.0% to $22,107 per day, as compared to $18,276 per day in the same period in 2021. The available days of the fleet increased by 95.7% to 22,497 days for the six month period ended June 30, 2022, as compared to 11,494 days in the same period in 2021.

 

Time charter and voyage expenses: Time charter and voyage expenses for the six month period ended June 30, 2022 amounted to $38.9 million, as compared to $8.4 million for the six month period ended June 30, 2021 mainly due to the increase in the size of our fleet. The increase was mainly attributable to a: (i) $13.9 million increase in bareboat charter-in hire expense due to the delivery of two bareboat-in vessels during the second quarter of 2021, one bareboat-in vessel during the third quarter of 2021 and the NNA Merger; (ii) $7.6 million increase in bunkers expenses; (iii) $4.4 million increase in brokers’ commissions; (iv) $3.3 million net increase in other voyage expenses; and (v) $1.3 million increase in port expenses related to the freight voyages.

 

 

Direct vessel expenses: Direct vessel expenses for the six month period ended June 30, 2022 increased by $17.0 million, to $24.1 million, as compared to $7.1 million for the six month period ended June 30, 2021. The increase of $17.0 million was mainly attributable to the amortization of deferred drydock and special survey costs due to the increase in the size of our fleet, and crew related expenses as a result of COVID-19 measures pursuant to the terms of the Management Agreements (defined herein).

 

Vessel operating expenses: Vessel operating expenses for the six month period ended June 30, 2022, increased by $82.5 million, or 127.5%, to $147.2 million, as compared to $64.7 million for the same period in 2021. The increase was due to the increase in the size of our fleet.

 

General and administrative expenses: General and administrative expenses increased by $12.9 million to $28.1 million for the six month period ended June 30, 2022, as compared to $15.2 million for the six month period ended June 30, 2021. The increase was mainly due to a: (i) $10.7 million increase in administrative fees paid to the Managers due to the increased number of vessels in Navios Partners’ fleet; and (ii) $2.3 million increase in legal and professional fees, as well as audit fees and other administrative expenses. The above increase was partially mitigated by an approximately $0.1 million decrease in stock based compensation.

 

Depreciation and amortization of intangible assets: Depreciation and amortization of intangible assets amounted to $84.6 million for the six month period ended June 30, 2022, as compared to $35.2 million for the six month period ended June 30, 2021. The increase of $49.4 million was mainly attributable to a: (i) $37.9 million increase due to the delivery of the fleet of Navios Acquisition in Navios Partners’ owned fleet; (ii) $7.8 million increase in depreciation expense due to the delivery of the fleet of Navios Containers in Navios Partners’ owned fleet; (iii) $4.1 million increase in depreciation expense due to the delivery of nine vessels in 2021; and (iv) $0.5 million increase in depreciation expense due to vessel additions. The above increase was partially mitigated by a $0.9 million decrease due to the sale of eight vessels in 2021.

 

Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $39.4 million for the six month period ended June 30, 2022, that related to the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers and at the date of obtaining control of Navios Acquisition. Amortization of unfavorable lease terms amounted to $42.0 million for the six month period ended June 30, 2021, related to the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers.

 

Loss on sale of vessels: There was no loss on sale of vessels for the six month period ended June 30, 2022. Loss on sale of vessels amounted to $0.5 million for the six month period ended June 30, 2021, relating to a loss on sale of the Joie N that amounted to $1.4 million, which was partially mitigated by a gain on sale of the Esperanza N and the Solar N that amounted to $0.9 million.

 

Interest expense and finance cost, net: Interest expense and finance cost, net, for the six month period ended June 30, 2022 increased by approximately $14.5 million or 109.8% to $27.7 million, as compared to $13.2 million for the six month period ended June 30, 2021. The increase was mainly due to the interest and finance costs of Navios Containers’ credit facilities and financial liabilities recognized following the completion of the NMCI Merger on March 31, 2021, and the interest and finance costs of Navios Acquisition’s credit facilities and financial liabilities recognized following the NNA Merger.

 

Interest income: Interest income decreased by $0.9 million to $0 for the six month period ended June 30, 2022, as compared to $0.9 million for the six month period ended June 30, 2021.

 

Other expense, net: Other expense, net for the six month period ended June 30, 2022 amounted to $2.3 million, as compared to $3.9 million for the six month period ended June 30, 2021 mainly due to the decrease in claims related expenses.

 

Equity in net earnings of affiliated companies: There was no equity in net earnings of affiliated companies for the six month period ended June 30, 2022. Equity in net earnings of affiliated companies for the six month period ended June 30, 2021 amounted to $80.8 million. The amount of $80.8 million is the gain from equity in net earnings resulting from remeasurement of existing interest held in Navios Containers upon the NMCI Merger. As of March 31, 2021, Navios Partners’ previously held interest of 35.7% in Navios Containers was remeasured to a fair value of $107.0 million, resulting in revaluation gain of $75.4 million which along with the equity gain of approximately $5.4 million from the operations of Navios Containers, up to the closing date, aggregate to a gain on acquisition of control in the amount of $80.8 million.

 

Bargain gain: There was no bargain gain for the six month period ended June 30, 2022. Bargain gain amounted to $44.1 million for the six month period ended June 30, 2021, resulting from the excess Navios Containers’ fair value of the identifiable assets acquired of $342.7 million over the total purchase price consideration of $298.6 million.

 

Net income: Net income for the six month period ended June 30, 2022 amounted to $203.8 million as compared to $236.6 million net income for the six month period ended June 30, 2021. The decrease in net income of $32.8 million was due to the factors discussed above.

  

Operating surplus: Navios Partners generated Operating Surplus for the six month period ended June 30, 2022 of $146.1 million, as compared to $77.9 million for the six month period ended June 30, 2021. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” contained herein).

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Liquidity and Capital Resources

 

In addition to distributions on our units, our primary short-term liquidity needs are to fund general working capital requirements, cash reserve requirements including those under our credit facilities and debt service, while our long-term liquidity needs primarily relate to expansion and investment capital expenditures and other maintenance capital expenditures and debt repayment. We anticipate that our primary sources of funds for our short-term liquidity needs will be cash flows from our equity offerings, operations, proceeds from asset sales, long-term bank borrowings and other debt raisings. As of June 30, 2022, Navios Partners’ current assets totaled $292.7 million, while current liabilities totaled $310.1 million, resulting in a negative working capital position of $17.4 million. Navios Partners’ cash forecast indicates that it will generate sufficient cash through its contracted revenue of $3.2 billion as of August 31, 2022 and cash proceeds from the sale of vessels (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report) to make the required principal and interest payments on its indebtedness, provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of our condensed consolidated financial statements.

 

 

Generally, our long-term sources of funds derive from cash from operations, long-term bank borrowings and other debt or equity financings to fund acquisitions and expansion and investment capital expenditures. We cannot assure you that we will be able to secure adequate financing or to obtain additional funds on favorable terms, or at all, to meet our liquidity needs.

 

Cash deposits and cash equivalents in excess of amounts covered by government provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Partners does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Partners also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions.

 

Navios Partners may use funds to repurchase its outstanding common units and/or indebtedness from time to time. Repurchases may be made in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Partners deems appropriate and subject to its cash requirements for other purposes, compliance with the covenants under Navios Partners’ credit facilities, and other factors management deems relevant.

 

In July 2022, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $100.0 million of the Company’s common units. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in the Company’s discretion and without notice. The Board of Directors will review the program periodically.

 

On May 21, 2021, Navios Partners entered into a new Continuous Offering Program Sales Agreement (“$110.0m Sales Agreement”) for the issuance and sale from time to time through its agent of common units having an aggregate offering price of up to $110.0 million. As of June 30, 2021 and December 31, 2021, since the commencement of the $110.0m Sales Agreement, Navios Partners had issued 2,914,022 units and 3,963,249 units, respectively, and received net proceeds of $78.1 million and $103.7 million, respectively. Pursuant to the issuance of the common units, as of June 30, 2021 and December 31, 2021, Navios Partners issued 59,470 and 80,883 general partnership units, respectively, to its General Partner in order to maintain its 2.0% ownership interest. As of June 30, 2021 and December 31, 2021, the net proceeds from the issuance of the general partnership units were approximately $1.6 million and $2.2 million, respectively. No additional sales were made subsequent to December 31, 2021 or will be made under this program.

 

On April 9, 2021, Navios Partners entered into a Continuous Offering Program Sales Agreement (“$75.0m Sales Agreement”) for the issuance and sale from time to time through its agent of common units having an aggregate offering price of up to $75.0 million. As of each of June 30, 2021 and December 31, 2021, since the commencement of the $75.0m Sales Agreement, Navios Partners had issued 2,437,624 units and received net proceeds of $73.1 million. Pursuant to the issuance of the common units, as of each of June 30, 2021 and December 31, 2021, Navios Partners issued 49,747 general partnership units to its General Partner in order to maintain its 2.0% ownership interest. As of each of June 30, 2021 and December 31, 2021, the net proceeds from the issuance of the general partnership units were approximately $1.5 million. No additional sales were made subsequent to December 31, 2021 or will be made under this program.

 

On November 18, 2016, Navios Partners entered into a Continuous Offering Program Sales Agreement for the issuance and sale from time to time through its agent of common units having an aggregate offering price of up to $25.0 million. An amended Sales Agreement was entered into on August 3, 2020. As of each of June 30, 2021 and December 31, 2021, since the date of the amended Sales Agreement, Navios Partners had issued 1,286,857 units and received net proceeds of $23.9 million. Pursuant to the issuance of the common units, as of each of June 30, 2021 and December 31, 2021, Navios Partners issued 26,265 general partnership units to its general partner in order to maintain its 2.0% ownership interest. As of each of June 30, 2021 and December 31, 2021, the net proceeds from the issuance of the general partnership units were $0.5 million. No additional sales were made subsequent to December 31, 2021 or will be made under this program.

 

Long-Term Debt Obligations

 

Navios Partners’ long-term borrowings are presented under the captions “Long-term financial liabilities, net”, “Long-term debt, net”, “Current portion of financial liabilities, net” and “Current portion of long-term debt, net”. As of June 30, 2022 and December 31, 2021, total borrowings, net of deferred finance costs amounted to $1,287.3 million and $1,361.7 million, respectively. The current portion of long-term borrowings, net amounted to $221.3 million at June 30, 2022 and $255.1 million at December 31, 2021.

 

Credit Facilities

 

As of June 30, 2022, the Company had secured credit facilities with various banks with a total outstanding balance of $799.8 million. The purpose of the facilities was to finance the acquisition of vessels or refinance existing indebtedness. All of the facilities are denominated in U.S. dollars and bear interest rate (as defined in the loan agreement) plus spread ranging from 225 bps to 310 bps, per annum. The facilities are repayable in either semi-annual or quarterly installments, followed by balloon payments with maturities, ranging from the second quarter of 2023 to the second quarter of 2027.

  

Hellenic Bank Public Company Limited: On May 9, 2022, Navios Partners entered into a new credit facility with Hellenic Bank Public Company Limited of up to $25.2 million in order to refinance the existing indebtedness of five of its vessels and for working capital purposes. On May 11, 2022, the full amount was drawn. As of June 30, 2022, the total outstanding balance was $25.2 million and is repayable in one installment of $1.5 million, 13 quarterly installments of $1.0 million each, five quarterly installments of $0.9 million each and one installment of $0.9 million together with a final balloon payment of $5.0 million to be paid on the last repayment date. The facility matures in the second quarter of 2027 and bears interest at SOFR plus credit adjustment spread plus 250 bps per annum.

 

Skandinaviska Enskilda Banken AB: On June 29, 2022, Navios Partners entered into a new credit facility with Skandinaviska Enskilda Banken AB of up to $55.0 million in order to refinance the existing indebtedness of four of its vessels and for general corporate purposes. On June 30, 2022, the full amount was drawn. As of June 30, 2022, the total outstanding balance was $55.0 million and is repayable in 19 consecutive quarterly installments of $2.0 million each and a final balloon payment of $17.8 million to be paid on the last repayment date. The facility matures in the second quarter of 2027 and bears interest at SOFR plus 225 bps per annum.

 

ABN Amro Bank N.V.: On March 28, 2022, Navios Partners entered into a new credit facility with ABN Amro Bank N.V. of up to $55.0 million in order to refinance the existing indebtedness of three of its vessels and for general corporate purposes. On March 31, 2022, the full amount was drawn. As of June 30, 2022, the total outstanding balance was $53.3 million and is repayable in 19 consecutive quarterly installments of $1.7 million each together with a final balloon payment of $21.0 million to be paid on the last repayment date. The facility matures in the first quarter of 2027 and bears interest at daily cumulative or non-cumulative compounded RFR rate (as defined in the loan agreement) plus 225 bps per annum.

 

Amounts drawn under the credit facilities are secured by first preferred mortgages on certain Navios Partners’ vessels and other collateral and are guaranteed by the respective vessel-owning subsidiaries.

 

 

Financial Liabilities

 

In October 2019, Navios Acquisition entered into sale and leaseback agreements with unrelated third parties for $90.8 million in order to refinance six product tankers. Navios Acquisition has a purchase obligation to acquire the vessels at the end of the lease term and under ASC 842-40, the transaction was determined to be a failed sale. In May 2022, the Company exercised its purchase option for two out of six vessels before the end of the lease term, by prepaying a predetermined amount and an amount of $11.3 million was prepaid. As of June 30, 2022, the outstanding balance under these agreements was $51.3 million and is repayable through periods ranging from three to six years in consecutive quarterly installments of up to $1.8 million each, with a repurchase obligation of up to $16.5 million in total. The sale and leaseback arrangements bear interest at LIBOR plus a margin ranging from 335 bps to 355 bps per annum, depending on the vessel financed.

 

Credit Facilities and Financial Liabilities

 

The credit facilities and certain financial liabilities contain a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners’ vessels; changing the commercial and technical management of Navios Partners’ vessels; selling or changing the beneficial ownership or control of Navios Partners’ vessels; not maintaining Navios Holdings’, Angeliki Frangou’s or their affiliates’ ownership in Navios Partners of at least 5.0%; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the Management Agreements (defined herein).

 

As of each of June 30, 2022 and December 31, 2021, the security deposits under certain sale and leaseback agreements were $10.1 million and are presented under “Other long-term assets” in the condensed Consolidated Balance Sheets.

 

The Company’s credit facilities and certain financial liabilities also require compliance with a number of financial covenants, including: (i) maintain a required security ranging over 105% to 140%; (ii) minimum free consolidated liquidity in an amount equal to $0.5 million per owned vessel and a number of vessels as defined in the Company’s credit facilities and financial liabilities; (iii) maintain a ratio of EBITDA to interest expense of at least 2.00:1.00; (iv) maintain a ratio of total liabilities or total debt to total assets (as defined in the Company’s credit facilities and financial liabilities) ranging from less than 0.75 to 0.80; and (v) maintain a minimum net worth ranging from $30.0 million to $135.0 million.

 

It is an event of default under the credit facilities and certain financial liabilities if such covenants are not complied with in accordance with the terms and subject to the prepayments or cure provisions of the facilities.

 

As of June 30, 2022, Navios Partners was in compliance with the financial covenants and/or the prepayments and/or the cure provisions, as applicable, in each of its credit facilities and certain financial liabilities.

 

The following table presents cash flow information derived from the unaudited condensed Consolidated Statements of Cash Flows of Navios Partners for the six month periods ended June 30, 2022 and 2021.

 

 

Six Month
Period Ended

June 30, 2022

($ ‘000)
(unaudited)

  

Six Month

Period Ended

June 30, 2021

($‘000)
(unaudited)
Net cash provided by operating activities $ 147,163   $ 77,249
Net cash used in investing activities   (61,860)     (133,538)
Net cash (used in)/ provided by financing activities   (80,125)     258,414
Increase in cash, cash equivalents and restricted cash $ 5,178   $ 202,125

 

 

Cash provided by operating activities for the six month period ended June 30, 2022 as compared to the cash provided by operating activities for the six month period ended June 30, 2021

 

Net cash provided by operating activities increased by $70.0 million to $147.2 million of cash provided by operating activities for the six month period ended June 30, 2022, as compared to $77.2 million of cash provided by operating activities for the same period in 2021. In determining net cash provided by operating activities, net income is adjusted for the effects of certain non-cash items as discussed below.

 

The aggregate adjustments to reconcile net income to net cash provided by operating activities was an $83.9 million non-cash positive net adjustments for the six month period ended June 30, 2022, which consisted mainly of the following adjustments: (i) $84.6 million depreciation and amortization of intangible assets; (ii) $23.4 million non-cash amortization of deferred revenue and straight line effect of the containerships charters with de-escalating rates; (iii) $12.9 million amortization of deferred dry dock and special survey costs; (iv) $2.7 million amortization and write-off of deferred finance costs and discount; and (v) $0.1 million stock based compensation. These adjustments were partially mitigated by: (i) $39.4 million amortization of unfavorable lease terms; and (ii) $0.4 million amortization of operating lease assets/ liabilities.

 

The net cash outflow resulting from the change in operating assets and liabilities of $140.5 million for the six month period ended June 30, 2022 resulted from: (i) a $64.2 million decrease in amounts due to related parties; (ii) a $28.5 million increase in prepaid expenses and other current assets; (iii) $26.2 million in payments for dry dock and special survey costs; (iv) an $18.0 million increase in accounts receivable; and (v) a $15.8 million increase in amounts due from related parties. This was partially mitigated by: (i) an $8.4 million increase in accounts payable; (ii) a $3.6 million increase in accrued expenses; and (iii) a $0.2 million increase in deferred revenue.

 

The aggregate adjustments to reconcile net income to net cash provided by operating activities was a $124.0 million loss for the six month period ended June 30, 2021, which consisted mainly of the following adjustments: (i) $42.0 million amortization of unfavorable lease terms; (ii) $1.4 million non-cash accrued interest income and amortization of deferred revenue; (iii) $0.1 million amortization of operating lease right-of-use asset; (iv) $44.1 million bargain purchase gain from merger with Navios Containers; and (v) $80.8 million equity in net earnings of affiliated companies. These adjustments were partially mitigated by: (i) $35.2 million depreciation and amortization of intangible assets; (ii) $1.6 million amortization and write-off of deferred finance costs and discount; (iii) $6.9 million amortization of deferred dry dock and special survey costs; (iv) $0.5 million loss on sale of vessels; and (v) $0.2 million stock based compensation.

 

 

The net cash outflow resulting from the change in operating assets and liabilities of $35.3 million for the six month period ended June 30, 2021 resulted from a: (i) $1.4 million increase in accounts receivable; (ii) $12.5 million increase in prepaid expenses and other current assets; (iii) $17.3 million decrease in amounts due to related parties; and (iv) $21.1 million in payments for dry dock and special survey costs. This was partially mitigated by a: (i) $0.7 million increase in accounts payable; (ii) $5.5 million increase in accrued expenses; (iii) $5.9 million increase in deferred revenue; and (iv) $5.0 million decrease in amounts due from related parties.

 

Cash used in investing activities for the six month period ended June 30, 2022 as compared to the cash used in investing activities for the six month period ended June 30, 2021

 

Net cash used in investing activities for the six month period ended June 30, 2022 amounted to $61.9 million as compared to $133.5 million cash used in investing activities for the six month period ended June 30, 2021.

 

Cash used in investing activities of approximately $61.9 million for the six month period ended June 30, 2022 was mainly due to: (i) $55.6 million relating to deposits for the acquisition/ option to acquire vessels and capitalized expenses; and (ii) $6.3 million related to vessels’ additions.

 

Cash used in investing activities of approximately $133.5 million for the six month period ended June 30, 2021 was mainly due to a: (i) $180.4 million relating to vessels acquisitions and additions; and (ii) $5.0 million relating to deposits for the option to acquire two bareboat charter-in vessels, one newbuilding Panamax vessel and capitalized expenses. This was partially mitigated by: (i) a $32.7 million of proceeds related to the sale of four vessels; (ii) a $10.3 million cash acquired from Navios Containers following the merger; and (iii) an $8.9 million of proceeds from the senior unsecured notes of HMM.

 

Cash used in financing activities for the six month period ended June 30, 2022 as compared to cash provided by financing activities for the six month period ended June 30, 2021

 

Net cash used in financing activities decreased by $338.5 million to $80.1 million outflow for the six month period ended June 30, 2022, as compared to $258.4 million inflow for the same period in 2021.

 

Cash used in financing activities of $80.1 million for the six month period ended June 30, 2022 was mainly due to: (i) loans and financial liabilities repayments of $210.3 million; (ii) payment of total cash distributions of $3.1 million; and (iii) payment of $1.9 million of deferred finance costs relating to the new credit facilities. This was partially mitigated by $135.2 million of proceeds from new credit facilities.

 

Cash provided by financing activities of $258.4 million for the six month period ended June 30, 2021 was mainly due to a: (i) $180.5 million of proceeds from the issuance of 6,280,995 common units and 294,173 additional general partner units related to the Continuous Offering Program Sales Agreements and the acquisition of Navios Containers; and (ii) $343.4 million of proceeds from the new credit facilities and sale and leaseback agreements. This was partially mitigated by: (i) a payment of a total cash distribution of $1.7 million; (ii) loans and financial liabilities repayments of $260.4 million; and (iii) a payment of $3.3 million of deferred finance fees relating to the new credit facilities and sale and leaseback agreements.

 

Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and, Operating Surplus

 

 

Three Month

Period Ended

June 30, 2022

($ ‘000)

(unaudited)

  

Three Month

Period Ended

June 30, 2021

($ ‘000)

(unaudited)

  

Six Month

Period Ended

June 30, 2022

($ ‘000)

(unaudited)

  

Six Month

Period Ended

June 30, 2021

($ ‘000)

(unaudited)
Net cash provided by operating activities $ 142,010   $ 61,072   $ 147,163   $ 77,249
Net increase in operating assets   34,561     13,125     88,517     30,100
Net (increase)/ decrease in operating liabilities   (8,033)     8,967     51,980     5,249
Net interest cost   14,500     6,590     27,725     12,319
Amortization and write-off of deferred finance costs and discount   (1,353)     (278)     (2,677)     (1,568)
Amortization of operating lease assets/ liabilities   211     39     422     61
Non-cash amortization of deferred revenue and straight line   (18,378)     1,025     (23,452)     1,418
Stock-based compensation   (40)     (116)     (82)     (234)
Loss on sale of vessels   —     —     —     (511)
Bargain gain   —     —     —     44,053
Equity in net earnings of affiliated companies   —     —     —     80,839
EBITDA(1) $ 163,478   $ 90,424   $ 289,596   $ 248,975
Equity in net earnings of affiliated companies   —     —     —     (80,839)
Bargain gain   —     —     —     (44,053)
Adjusted EBITDA(1) $ 163,478   $ 90,424   $ 289,596   $ 124,083
Cash interest income   22     744     24     745
Cash interest paid   (14,212)     (7,600)     (25,464)