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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 ☐
--12-31
NAVIOS MARITIME PARTNERS L.P.
FORM 6-K
TABLE OF CONTENTS
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 |
|
|