Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an
international owner and operator of dry cargo and tanker vessels,
today reported its financial results for the fourth quarter and
year ended December 31, 2022.
Angeliki Frangou, Chairwoman and Chief Executive
Officer of Navios Partners stated, “I am pleased with the results
for the full year and the fourth quarter of 2022. For the full year
of 2022, we reported revenue and net income of $1.2 billion and
$579.2 million, respectively. For the fourth quarter of 2022, we
reported revenue of $370.9 million and net income of $118.3
million. We are also pleased to report earnings per common unit of
$18.82 for the full year of 2022.”
Angeliki Frangou continued, “Navios Partners is
a leading publicly listed shipping company diversified in 15 asset
classes in three sectors, with 176 vessels with an average vessel
age of about 9.5 years. We have been rationalizing our portfolio to
maintain a younger, technologically advanced fleet and remain
focused on reducing leverage rates in medium term, which we believe
we can do naturally in the current charter rate market.”
Fleet update
- Acquisition of two Newbuilding MR2 Product Tanker
vessels and one Capesize vessel
In December 2022, Navios Partners agreed to
acquire two newbuilding Japanese MR2 Product Tanker vessels from an
unrelated third party, under bareboat contracts. Each vessel has
approximately 52,000 dwt and is being bareboat-in for ten years.
Navios Partners has the option to acquire the vessels starting at
the end of year four until the end of the charter period. Assuming
the exercise of the option at the end of the 10-year period, the
bareboat agreements reflect an implied price of approximately $40.0
million per vessel and an implied effective interest of
approximately 7.0%. The vessels are expected to be delivered into
Navios Partners’ fleet during the second half of 2025 and the first
half of 2026. The closing of the transaction is subject to
completion of customary documentation.
In February 2023, Navios Partners agreed to
acquire from an unrelated third party, the Navios Felix, a
previously chartered-in 2016-built scrubber-fitted Capesize vessel
of 181,221 dwt for a contract price of approximately $40.7 million
with final payment to be determined on the actual delivery
date of the vessel. The delivery of the vessel is expected within
the first quarter of 2023.
- Agreed to sell 11 vessels for approximately $214
million
On February 6, 2023, Navios Partners agreed to
sell the Serenitas N, a 2011-built Ultra-Handymax vessel of 56,644
dwt, to an unrelated third party, for a sales price of $12.3
million. The sale is expected to be completed during the second
quarter of 2023.
On February 6, 2023, Navios Partners agreed to
sell the Nave Photon, a 2008-built VLCC vessel of 297,395 dwt, to
an unrelated third party, for a sales price of $53.0 million. The
sale is expected to be completed during the first quarter of
2023.
On January 5, 2023, Navios Partners agreed to
sell the Navios Prosperity I, a 2007-built Panamax vessel of 75,527
dwt, to an unrelated third party, for a sales price of $13.8
million. The sale was completed on February 7, 2023.
On January 3, 2023, Navios Partners agreed to
sell the Aurora N, a 2008-built LR1 Product Tanker vessel of 63,495
dwt, to an unrelated third party, for a sales price of $22.5
million. The sale is expected to be completed during the second
quarter of 2023.
On December 30, 2022, Navios Partners agreed to
sell the Navios Amaryllis, a 2008-built Ultra-Handymax vessel of
58,735 dwt, to an unrelated third party, for a sales price of $15.1
million. The sale was completed on January 26, 2023.
On December 19, 2022, Navios Partners agreed to
sell the Jupiter N, a 2011-built Post-Panamax vessel of 93,062 dwt,
to an unrelated third party, for a sales price of $16.4 million.
The sale was completed on February 3, 2023.
On December 5, 2022, Navios Partners agreed
to sell the Nave Polaris, a 2011-built Chemical Tanker vessel of
25,145 dwt, to an unrelated third party, for a sales price of $14.7
million. The sale was completed on January 24, 2023.
On December 5, 2022, Navios Partners agreed
to sell the Nave Cosmos, a 2010-built Chemical Tanker vessel of
25,130 dwt, to an unrelated third party, for a sales price of $13.6
million. The sale was completed on January 9, 2023.
On December 1, 2022, Navios Partners agreed
to sell the Star N, a 2009-built MR1 Product Tanker vessel of
37,836 dwt, to an unrelated third party, for a sales price of
$18.1 million. The sale was completed on January 26 2023.
On November 30, 2022, Navios Partners
agreed to sell the Nave Dorado, a 2005-built MR2 Product Tanker
vessel of 47,999 dwt, to an unrelated third party, for a sales
price of $15.6 million. The sale was completed on January 17,
2023.
On November 24, 2022, Navios Partners agreed to
sell the Perseus N, a 2009-built MR1 Product Tanker vessel of
36,264 dwt, to an unrelated third party, for a sales price of $18.5
million. The sale was completed on December 23, 2022.
- Approximately $328 million revenue contracted in the
fourth quarter of 2022 - $3.4 billion total contracted
revenue
During the fourth quarter of 2022, Navios
Partners entered into long-term charters which are expected to
generate revenue of approximately $328 million.
- Three newbuilding Capesize vessels, expected to be delivered in
the first half of 2023, have been chartered-out for an average
period of 4.8 years, at an average rate of $19,566 net per
day.
- Two 115,000 dwt Aframax/LR2 newbuilding vessels, expected to be
delivered in the first half of 2025, have been chartered-out for an
average period of five years, at a rate of $27,798 net per day. The
charterer has an option to extend each of the charters for further
five one-year options at rates increasing by $1,234 per day each
year.
- Three MR2 Product Tanker vessels have been chartered-out for an
average period of 2.3 years, at an average rate of $24,654 net per
day.
- Two LR1 Product Tanker vessels have been chartered-out for an
average period of 2.1 years, at an average rate of $30,632 net per
day.
- One VLCC vessel has been chartered-out for an average period of
0.9 years, at an average rate of $45,425 net per day.
Following the above long-term charters, Navios Partners has $3.4
billion contracted revenue through 2036.
Financing update
In February 2023, Navios Partners completed a
$32.0 million sale and leaseback transaction with an unrelated
third party, in order to finance one drybulk vessel. The sale and
leaseback transaction: (i) matures ten years from the date of the
delivery of the vessel by the owners to the charterer; and (ii)
bears interest at Libor plus 200 bps per annum.
In December 2022, Navios Partners completed a
$10.5 million sale and leaseback transaction with an unrelated
third party, in order to finance one drybulk vessel. The sale and
leaseback transaction: (i) matures four years from the date of the
delivery of the vessel by the owners to the charterer; and (ii)
bears interest at Libor plus 230 bps per annum.
On December 21, 2022, Navios Partners entered
into a new credit facility with a commercial bank for up to $44.2
million in order to refinance existing indebtedness of three
product tanker vessels. The credit facility: (i) matures five years
after the drawdown date; and (ii) bears interest at Term Secured
Overnight Financing Rate (“SOFR”) plus 195 bps per annum.
As discussed above, in December 2022, Navios
Partners agreed to enter into a bareboat-in agreement for two
Japanese newbuilding tanker vessels. The total implied amount
financed for the two vessels is approximately $62.0 million and the
implied effective interest rate is 7.0%. The closing of the
transaction is subject to completion of customary
documentation.
Cash distribution
The Board of Directors of Navios Partners
declared a cash distribution for the fourth quarter of 2022 of
$0.05 per unit. The cash distribution was paid on February 14, 2023
to unitholders of record as of February 10, 2023. The declaration
and payment of any further dividends remain subject to the
discretion of the Board of Directors and will depend on, among
other things, Navios Partners’ cash requirements as measured by
market opportunities and restrictions under its credit agreements
and other debt obligations and such other factors as the Board of
Directors may deem advisable.
Operating Highlights
Navios Partners owns and operates a fleet
comprised of 83 drybulk vessels, 47 containerships and 46 tanker
vessels, including three newbuilding Capesize chartered-in vessels
under bareboat contracts expected to be delivered in the first half
of 2023, six newbuilding Aframax/LR2 vessels expected to be
delivered in 2024 and the first half of 2025, two newbuilding MR2
Product Tanker chartered-in vessels under bareboat contracts
expected to be delivered in the second half of 2025 and the first
half of 2026 and 12 newbuilding Containerships expected to be
delivered by the second half of 2023 and in 2024. The fleet
excludes one VLCC, one Ultra-Handymax and one LR1 Product Tanker
vessels agreed to be sold.
Navios Partners has entered into short, medium
and long-term time charter-out, bareboat-out and freight agreements
for its vessels with a remaining average term of approximately 1.9
years. Navios Partners has currently fixed 52.2% and 35.0% of its
available days for 2023 and for 2024, respectively. Navios Partners
expects to generate contracted revenue of approximately $831.9
million and $644.5 million for 2023 and for 2024, respectively. The
average expected daily charter-out rate for the fleet is $28,017
and $31,598 for 2023 and for 2024, respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Partners has compiled
condensed consolidated statements of operations for the three month
periods and years ended December 31, 2022 and 2021. The quarterly
information was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA, Adjusted
EBITDA, Adjusted Earnings per Common Unit basic and diluted and
Adjusted Net Income are non-GAAP financial measures and should not
be used in isolation or substitution for Navios Partners’ results
calculated in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”).
Upon completion of the merger (“NMCI Merger”)
with Navios Maritime Containers L.P. (“Navios Containers”) on March
31, 2021, beginning from April 1, 2021, and obtaining control over
Navios Maritime Acquisition Corporation (“Navios Acquisition”) on
August 25, 2021, beginning from August 26, 2021, the results of
operations of Navios Containers and Navios Acquisition are included
in Navios Partners’ Consolidated Statements of Operations. On
October 15, 2021, Navios Partners completed its merger (“NNA
Merger”) with Navios Acquisition. In September 2022, Navios
Partners completed the acquisition of a 36-vessel drybulk fleet
from Navios Maritime Holdings Inc. (“Navios Holdings”).
|
Three MonthPeriod EndedDecember
31,2022 |
|
Three MonthPeriod EndedDecember 31,2021 |
|
Year EndedDecember 31,2022 |
|
Year EndedDecember 31,2021 |
|
(in $‘000 except per
unit data) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Revenue |
$ |
370,863 |
|
$ |
268,146 |
|
$ |
1,210,528 |
|
$ |
713,175 |
|
Net Income attributable to
Navios Partners’ unitholders |
$ |
118,258 |
|
$ |
117,540 |
|
$ |
579,247 |
|
$ |
516,186 |
|
Adjusted Net Income
attributable to Navios Partners’ unitholders |
$ |
112,670 |
(1) |
$ |
121,832 |
(2) |
$ |
429,895 |
(3) |
$ |
364,146 |
(4) |
Net cash provided by operating
activities |
$ |
140,069 |
|
$ |
129,020 |
|
$ |
506,340 |
|
$ |
277,173 |
|
EBITDA |
$ |
206,228 |
|
$ |
152,351 |
|
$ |
817,256 |
|
$ |
578,511 |
|
Adjusted EBITDA |
$ |
200,640 |
(1) |
$ |
156,643 |
(2) |
$ |
667,904 |
(3) |
$ |
426,471 |
(4) |
Earnings attributable to
Navios Partners’ unitholders per Common Unit basic |
$ |
3.84 |
|
$ |
3.89 |
|
$ |
18.82 |
|
$ |
22.36 |
|
Earnings attributable to
Navios Partners’ unitholders per Common Unit diluted |
$ |
3.84 |
|
$ |
3.89 |
|
$ |
18.82 |
|
$ |
22.32 |
|
Adjusted Earnings attributable
to Navios Partners’ unitholders per Common Unit basic |
$ |
3.66 |
(1) |
$ |
4.03 |
(2) |
$ |
13.97 |
(3) |
$ |
15.78 |
(4) |
Adjusted Earnings attributable
to Navios Partners’ unitholders per Common Unit diluted |
$ |
3.66 |
(1) |
$ |
4.03 |
(2) |
$ |
13.97 |
(3) |
$ |
15.75 |
(4) |
(1) |
|
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the three month period ended December 31, 2022 have
been adjusted to exclude a $5.6 million gain related to the sale of
eight of our vessels. |
(2) |
|
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the three month period ended December 31, 2021 have
been adjusted to exclude a: (i) $3.3 million gain related to the
sale of one of our vessels; and (ii) $7.6 million of transaction
costs in relation to the NNA Merger. |
(3) |
|
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the year ended December 31, 2022 have been adjusted
to exclude a $149.4 million gain related to the sale of ten of our
vessels. |
(4) |
|
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings
attributable to Navios Partners’ unitholders per Common Unit basic
and diluted for the year ended December 31, 2021 have been adjusted
to exclude: (i) an $80.8 million gain from equity in net earnings
of affiliated companies; (ii) a $48.0 million bargain gain upon
obtaining control over Navios Acquisition and upon completion of
the NMCI Merger; (iii) a $33.6 million gain related to the sale of
eight of our vessels; and (iv) $10.4 million of transaction costs
in relation to the NNA Merger and the NMCI Merger. |
|
|
|
Three month periods ended December 31, 2022 and
2021
Time charter and voyage revenues for the three
month period ended December 31, 2022 increased by $102.8 million,
or 38.3%, to $370.9 million, as compared to $268.1 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 Time Charter Equivalent (“TCE”) rate. For the three
month period ended December 31, 2022, the time charter and voyage
revenues were affected by $18.1 million relating to the straight
line effect of the containerships and tankers charters with
de-escalating rates. The TCE rate increased by 3.6% to $23,840 per
day, as compared to $23,005 per day for the same period in 2021.
The available days of the fleet increased by 26.8% to 14,409 days
for the three month period ended December 31, 2022, as compared to
11,363 days for the same period in 2021 mainly due to the
acquisition of the 36-vessel drybulk fleet from Navios Holdings and
the deliveries of newbuilding and secondhand vessels, partially
mitigated by the sale of vessels.
EBITDA of Navios Partners for the three month
periods ended December 31, 2022 and 2021 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by $44.0 million to $200.6 million for the three
month period ended December 31, 2022, as compared to $156.6 million
for the same period in 2021. The increase in Adjusted EBITDA was
primarily due to a $102.8 million increase in time charter and
voyage revenues, partially mitigated by a: (i) $32.0 million
increase in time charter and voyage expenses, mainly due to the
increase in a) bunker expenses arising from the increased number of
freight voyages in the fourth quarter of 2022 and b) bareboat and
charter-in hire expense of the tanker and drybulk fleet; (ii) $13.1
million increase in vessel operating expenses, mainly due to the
expansion of our fleet; (iii) $6.8 million increase in general and
administrative expenses, mainly due to the expansion of our fleet;
(iv) $3.0 million increase in other expenses, net; (v) $2.8 million
increase in direct vessel expenses (excluding the amortization of
deferred drydock, special survey costs and other capitalized
items); and (vi) $1.1 million decrease in net loss attributable to
noncontrolling interest.
Net Income attributable to Navios Partners’
unitholders for the three month periods ended December 31, 2022 and
2021 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income attributable to Navios
Partners' unitholders decreased by $9.1 million to $112.7 million
for the three month period ended December 31, 2022, as compared to
$121.8 million for the same period in 2021. The decrease in
Adjusted Net Income attributable to Navios Partners’ unitholders
was primarily due to: (i) a $20.1 million decrease in the
amortization of the unfavorable lease terms; (ii) an $18.0 million
increase in interest expense and finance cost, net; (iii) a $12.5
million increase in depreciation and amortization expense; and (iv)
a $3.3 million increase in amortization of deferred drydock,
special survey costs and other capitalized items, partially
mitigated by a: (i) $44.0 million increase in Adjusted EBITDA; and
(ii) $0.8 million increase in interest income.
Years ended December 31, 2022 and
2021
Time charter and voyage revenues of Navios
Partners for the year ended December 31, 2022 increased by $497.3
million, or 69.7%, to $1,210.5 million, as compared to $713.2
million for the same period in 2021. The increase in revenue was
mainly attributable to the increase in the size of our fleet and to
the increase in the TCE rate. For the year ended December 31, 2022,
the time charter and voyage revenues were affected by $48.2 million
relating to the straight line effect of the containerships and
tankers charters with de-escalating rates. The TCE rate increased
by 6.1% to $23,042 per day, as compared to $21,709 per day in the
same period in 2021. The available days of the fleet increased by
56.2% to 49,804 days for the year ended December 31, 2022, as
compared to 31,884 days in the same period in 2021 mainly due to
the acquisition of the 36-vessel drybulk fleet from Navios
Holdings, the NMCI Merger, the NNA Merger and the deliveries of
newbuilding and secondhand vessels, partially mitigated by the sale
of vessels.
EBITDA of Navios Partners for the years ended
December 31, 2022 and 2021 was affected by the items described in
the table above. Excluding these items, Adjusted EBITDA increased
by $241.4 million to $667.9 million for the year ended December 31,
2022, as compared to $426.5 million for the same period in 2021.
The increase in Adjusted EBITDA was primarily due to a $497.3
million increase in time charter and voyage revenues, partially
mitigated by: (i) a $120.6 million increase in vessel operating
expenses, mainly due to the expansion of our fleet; (ii) an $86.5
million increase in time charter and voyage expenses, mainly due to
the increase in a) bareboat and charter-in hire expense of the
tanker and drybulk fleet and b) bunker expenses arising from the
increased number of freight voyages in 2022; (iii) a $25.7 million
increase in general and administrative expenses, mainly due to the
expansion of our fleet; (iv) a $14.7 million increase in direct
vessel expenses (excluding the amortization of deferred drydock,
special survey costs and other capitalized items); (v) a $4.9
million decrease in net loss attributable to noncontrolling
interest; and (vi) a $3.5 million increase in other expenses,
net.
Net Income attributable to Navios Partners'
unitholders for the years ended December 31, 2022 and 2021 was
affected by items described in the table above. Excluding these
items, Adjusted Net Income attributable to Navios Partners’
unitholders increased by $65.8 million to $429.9 million for the
year ended December 31, 2022, as compared to $364.1 million for the
same period in 2021. The increase in Adjusted Net Income
attributable to Navios Partners’ unitholders was primarily due to a
$241.4 million increase in Adjusted EBITDA, partially mitigated by:
(i) an $89.0 million increase in depreciation and amortization
expense; (ii) a $40.3 million increase in interest expense and
finance cost, net; (iii) a $33.5 million decrease in the
amortization of the unfavorable lease terms; and (iv) a $12.8
million increase in amortization for deferred drydock, special
survey costs and other capitalized items.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
month periods and years ended December 31, 2022 and 2021 (including
the Navios Containers’ fleet and Navios Acquisition’s fleet
beginning from April 1, 2021 and August 26, 2021, respectively).
|
Three MonthPeriod EndedDecember 31,2022 |
|
Three MonthPeriod EndedDecember 31,2021 |
|
Year EndedDecember 31,2022 |
|
Year EndedDecember 31,2021 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Available Days(1) |
|
14,409 |
|
|
|
11,363 |
|
|
|
49,804 |
|
|
|
31,884 |
|
Operating Days(2) |
|
14,264 |
|
|
|
11,289 |
|
|
|
49,271 |
|
|
|
31,631 |
|
Fleet Utilization(3) |
|
99.0 |
% |
|
|
99.3 |
% |
|
|
98.9 |
% |
|
|
99.2 |
% |
TCE rate Combined (per
day)(4) |
$ |
23,840 |
|
|
$ |
23,005 |
|
|
$ |
23,042 |
|
|
$ |
21,709 |
|
TCE rate Drybulk (per
day)(4) |
$ |
15,876 |
|
|
$ |
29,548 |
|
|
$ |
19,464 |
|
|
$ |
23,331 |
|
TCE rate Containers (per
day)(4) |
$ |
34,037 |
|
|
$ |
23,765 |
|
|
$ |
31,358 |
|
|
$ |
22,435 |
|
TCE rate Tankers (per
day)(4) |
$ |
30,834 |
|
|
$ |
15,426 |
|
|
$ |
21,020 |
|
|
$ |
15,336 |
|
Vessels operating at period
end |
|
162 |
|
|
|
128 |
|
|
|
162 |
|
|
|
128 |
|
(1) |
|
Available days for the fleet represent total calendar days the
vessels were in Navios Partners’ possession for the relevant period
after subtracting off-hire days associated with scheduled repairs,
dry dockings or special surveys and ballast days relating to
voyages. The shipping industry uses available days to measure the
number of days in a relevant period during which a vessel is
capable of generating revenues. |
(2) |
|
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate
number of days in a relevant period during which vessels actually
generate revenues. |
(3) |
|
Fleet utilization is the percentage of time that Navios Partners’
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. The shipping
industry uses fleet utilization to measure efficiency in finding
employment for vessels and minimizing the amount of days that its
vessels are off-hire for reasons other than scheduled repairs, dry
dockings or special surveys. |
(4) |
|
TCE rate: TCE rate per day is defined as voyage, time charter
revenues and charter-out revenues under bareboat contract (grossed
up by currently applicable fixed vessel operating expenses) less
voyage expenses during a period divided by the number of available
days during the period. The TCE rate per day is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels on various types of charter
contracts for the number of available days of the fleet. |
|
|
|
Conference Call Details:
Navios Partners' management will host a
conference call on Tuesday, February 21, 2023 to discuss the
results for the fourth quarter and year ended December 31,
2022.
Call Date/Time: Tuesday, February 21, 2023 at 8:30 am ETCall
Title: Navios Partners Q4 2022 Financial Results Conference
Call US Dial In: +1.800.245.3047International Dial In:
+1.203.518.9765Conference ID: NMMQ422
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.888.215.1535International Replay Dial In:
+1.402.220.4940
Slides and audio webcast:
There will also be a live webcast of the
conference call, through the Navios Partners website
(www.navios-mlp.com) under “Investors”. Participants to the live
webcast should register on the website approximately 10 minutes
prior to the start of the webcast.
A supplemental slide presentation will be
available on the Navios Partners website at
www.navios-mlp.com under the "Investors" section at 8:00 am ET
on the day of the call.
About Navios Maritime Partners
L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an
international owner and operator of dry cargo and tanker vessels.
For more information, please visit our website at
www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain
forward-looking statements (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events, TCE rates and Navios Partners’ expected cash flow
generation, future contracted revenues, future distributions and
its ability to make distributions going forward, opportunities to
reinvest cash accretively in a fleet renewal program or otherwise,
potential capital gains, its ability to take advantage of
dislocation in the market and Navios Partners’ growth strategy and
measures to implement such strategy, including expected vessel
acquisitions and entering into further time charters and Navios
Partners’ ability to refinance its debt on attractive terms, or at
all. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements.
These forward-looking statements are based on
the information available to, and the expectations and assumptions
deemed reasonable by Navios Partners at the time these statements
were made. Although Navios Partners believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Partners. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Factors that could cause actual results to
differ materially include, but are not limited to, risks relating
to: global and regional economic and political conditions including
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates, the
economic condition of the markets in which we operate, shipyards
performing scrubber installations, construction of newbuilding
vessels, drydocking and repairs, changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, wars, diseases, pandemics, political events,
piracy or acts by terrorists; uncertainty relating to global trade,
including prices of seaborne commodities and continuing issues
related to seaborne volume and ton miles, our continued ability to
enter into long-term time charters, our ability to maximize the use
of our vessels, expected demand in the dry and liquid cargo
shipping sectors in general and the demand for our drybulk,
containerships and tanker vessels in particular, fluctuations in
charter rates for drybulk, containerships and tanker vessels, the
aging of our fleet and resultant increases in operations costs, the
loss of any customer or charter or vessel, the financial condition
of our customers, changes in the availability and costs of funding
due to conditions in the bank market, capital markets and other
factors, fluctuation in interest rates and foreign exchange rates,
and the impact of the discontinuance of the London Interbank
Offered Rate for US Dollars, or LIBOR, after June 30, 2023,
increases in costs and expenses, including but not limited to:
crew, insurance, provisions, port expenses, lube oil, bunkers,
repairs, maintenance and general and administrative expenses, the
expected cost of, and our ability to comply with, governmental
regulations and maritime self-regulatory organization standards, as
well as standard regulations imposed by our charterers applicable
to our business, general domestic and international political
conditions, competitive factors in the market in which Navios
Partners operates; risks associated with operations outside the
United States; and other factors listed from time to time in Navios
Partners’ filings with the Securities and Exchange Commission,
including its Form 20-Fs and Form 6-Ks. Navios Partners expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Partners’ expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based. Navios Partners
makes no prediction or statement about the performance of its
common units.
Contacts
Navios Maritime Partners L.P.+1 (212) 906
8645Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc.+1 (212) 661
7566naviospartners@capitallink.com
EXHIBIT 1
NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA(Expressed in thousands
of U.S. Dollars except unit data)
|
|
December 31,2022(unaudited) |
|
December 31,2021(unaudited) |
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
|
$ |
175,098 |
|
|
$ |
169,446 |
|
Other current assets |
|
|
135,326 |
|
|
|
56,894 |
|
Vessels, net |
|
|
3,777,329 |
|
|
|
2,852,570 |
|
Other non-current assets |
|
|
807,951 |
|
|
|
544,389 |
|
Total
assets |
|
$ |
4,895,704 |
|
|
$ |
3,623,299 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’
CAPITAL |
|
|
|
|
|
|
|
|
Other current liabilities |
|
$ |
226,645 |
|
|
$ |
140,368 |
|
Total borrowings, net (including
current and non-current) |
|
|
1,945,447 |
|
|
|
1,361,709 |
|
Other non-current
liabilities |
|
|
380,649 |
|
|
|
351,497 |
|
Total partners’ capital |
|
|
2,342,963 |
|
|
|
1,769,725 |
|
Total liabilities and
partners’ capital |
|
$ |
4,895,704 |
|
|
$ |
3,623,299 |
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS
L.P.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Expressed in thousands of U.S. Dollars except
unit and per unit data)
|
|
Three MonthPeriod
EndedDecember 31,2022 |
|
Three MonthPeriod
EndedDecember 31,2021 |
|
Year
EndedDecember 31,2022 |
|
Year
EndedDecember 31,2021 |
|
|
(unaudited) |
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
Time charter and voyage revenues |
|
$ |
370,863 |
|
|
$ |
268,146 |
|
|
$ |
1,210,528 |
|
|
$ |
713,175 |
|
Time charter and voyage
expenses |
|
|
(48,330 |
) |
|
|
(16,313 |
) |
|
|
(122,630 |
) |
|
|
(36,142 |
) |
Direct vessel expenses |
|
|
(17,243 |
) |
|
|
(11,252 |
) |
|
|
(56,754 |
) |
|
|
(29,259 |
) |
Vessel operating expenses |
|
|
(85,933 |
) |
|
|
(72,764 |
) |
|
|
(312,022 |
) |
|
|
(191,449 |
) |
General and administrative
expenses |
|
|
(23,497 |
) |
|
|
(16,744 |
) |
|
|
(67,180 |
) |
|
|
(41,461 |
) |
Depreciation and amortization
of intangible assets |
|
|
(58,000 |
) |
|
|
(45,508 |
) |
|
|
(201,820 |
) |
|
|
(112,817 |
) |
Amortization of unfavorable
lease terms |
|
|
10,758 |
|
|
|
30,936 |
|
|
|
74,963 |
|
|
|
108,538 |
|
Gain on sale of vessels,
net |
|
|
5,588 |
|
|
|
3,277 |
|
|
|
149,352 |
|
|
|
33,625 |
|
Interest expense and finance
cost, net |
|
|
(33,072 |
) |
|
|
(15,138 |
) |
|
|
(83,091 |
) |
|
|
(42,762 |
) |
Interest income |
|
|
758 |
|
|
|
— |
|
|
|
856 |
|
|
|
859 |
|
Other expense, net |
|
|
(3,634 |
) |
|
|
(585 |
) |
|
|
(12,955 |
) |
|
|
(9,449 |
) |
Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,839 |
|
Transaction costs |
|
|
— |
|
|
|
(7,569 |
) |
|
|
— |
|
|
|
(10,439 |
) |
Bargain gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,015 |
|
Net
income |
|
$ |
118,258 |
|
|
$ |
116,486 |
|
|
$ |
579,247 |
|
|
$ |
511,273 |
|
Net loss attributable to the
noncontrolling interest |
|
|
— |
|
|
|
1,054 |
|
|
|
— |
|
|
|
4,913 |
|
Net income
attributable to Navios Partners’ unitholders |
|
$ |
118,258 |
|
|
$ |
117,540 |
|
|
$ |
579,247 |
|
|
$ |
516,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings attributable to Navios
Partners' unitholders per unit:
|
|
Three MonthPeriod
EndedDecember 31,2022 |
|
Three MonthPeriod
EndedDecember 31,2021 |
|
Year
EndedDecember 31,2022 |
|
Year
EndedDecember 31,2021 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Earnings attributable to Navios Partners' unitholders per common
unit, basic |
|
$ |
3.84 |
|
|
$ |
3.89 |
|
|
$ |
18.82 |
|
|
$ |
22.36 |
|
Earnings attributable to
Navios Partners' unitholders per common unit, diluted |
|
$ |
3.84 |
|
|
$ |
3.89 |
|
|
$ |
18.82 |
|
|
$ |
22.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS
L.P.Other Financial Information(Expressed
in thousands of U.S. Dollars except unit data)
|
|
Three MonthPeriod EndedDecember
31,2022 |
|
Three MonthPeriod EndedDecember
31,2021 |
|
Year EndedDecember
31,2022 |
|
Year EndedDecember
31,2021 |
(in thousands of U.S.
dollars) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
|
$ |
140,069 |
|
|
$ |
129,020 |
|
|
$ |
506,340 |
|
|
$ |
277,173 |
|
Net cash used in investing
activities |
|
$ |
(50,531 |
) |
|
$ |
(3,200 |
) |
|
$ |
(316,241 |
) |
|
$ |
(106,252 |
) |
Net cash used in financing
activities |
|
$ |
(24,760 |
) |
|
$ |
(97,554 |
) |
|
$ |
(184,447 |
) |
|
$ |
(32,203 |
) |
Increase in cash, cash
equivalents and restricted cash |
|
$ |
64,778 |
|
|
$ |
28,266 |
|
|
$ |
5,652 |
|
|
$ |
138,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT 2
Owned Drybulk Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
Navios Celestial |
|
Ultra-Handymax |
|
2009 |
|
58,063 |
Navios Vega |
|
Ultra-Handymax |
|
2009 |
|
58,792 |
Serenitas N(1) |
|
Ultra-Handymax |
|
2011 |
|
56,644 |
Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
Navios Anthos |
|
Panamax |
|
2004 |
|
75,798 |
Navios Orbiter |
|
Panamax |
|
2004 |
|
76,602 |
Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
Navios Apollon I |
|
Panamax |
|
2005 |
|
87,052 |
N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
Navios Harmony |
|
Panamax |
|
2006 |
|
82,790 |
Navios Libertas |
|
Panamax |
|
2007 |
|
75,511 |
Copernicus N |
|
Panamax |
|
2010 |
|
93,062 |
Unity N |
|
Panamax |
|
2011 |
|
79,642 |
Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
Navios Sphera |
|
Panamax |
|
2016 |
|
84,872 |
Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
Navios Uranus |
|
Panamax |
|
2019 |
|
81,821 |
Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
Navios Felicity I |
|
Panamax |
|
2020 |
|
81,962 |
Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
Navios Alegria |
|
Panamax |
|
2016 |
|
84,852 |
Navios Meridian |
|
Panamax |
|
2023 |
|
82,010 |
Navios Primavera |
|
Panamax |
|
2022 |
|
82,003 |
Navios Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
Navios Armonia |
|
Capesize |
|
2022 |
|
182,079 |
Navios Azalea |
|
Capesize |
|
2022 |
|
182,064 |
Navios Astra |
|
Capesize |
|
2022 |
|
182,393 |
(1) Vessel agreed to be sold.
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
Navios Verano |
|
Containership |
|
2006 |
|
3,450 |
Hyundai Hongkong |
|
Containership |
|
2006 |
|
6,800 |
Hyundai Singapore |
|
Containership |
|
2006 |
|
6,800 |
Hyundai Busan |
|
Containership |
|
2006 |
|
6,800 |
Hyundai Shanghai |
|
Containership |
|
2006 |
|
6,800 |
Hyundai Tokyo |
|
Containership |
|
2006 |
|
6,800 |
Protostar N |
|
Containership |
|
2007 |
|
2,741 |
Navios Spring |
|
Containership |
|
2007 |
|
3,450 |
Matson Lanai |
|
Containership |
|
2007 |
|
4,250 |
Navios Indigo |
|
Containership |
|
2007 |
|
4,250 |
Navios Vermilion |
|
Containership |
|
2007 |
|
4,250 |
Navios Verde |
|
Containership |
|
2007 |
|
4,250 |
Navios Amarillo |
|
Containership |
|
2007 |
|
4,250 |
Navios Azure |
|
Containership |
|
2007 |
|
4,250 |
Navios Domino |
|
Containership |
|
2008 |
|
4,250 |
Navios Delight |
|
Containership |
|
2008 |
|
4,250 |
Navios Magnolia |
|
Containership |
|
2008 |
|
4,730 |
Navios Jasmine |
|
Containership |
|
2008 |
|
4,730 |
Navios Chrysalis |
|
Containership |
|
2008 |
|
4,730 |
Navios Nerine |
|
Containership |
|
2008 |
|
4,730 |
Spectrum N |
|
Containership |
|
2009 |
|
2,546 |
Navios Devotion |
|
Containership |
|
2009 |
|
4,250 |
Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
Navios Miami |
|
Containership |
|
2009 |
|
4,563 |
Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
Zim Baltimore |
|
Containership |
|
2010 |
|
4,360 |
Navios Bahamas |
|
Containership |
|
2010 |
|
4,360 |
Zim Carmel |
|
Containership |
|
2010 |
|
4,360 |
Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
Fleur N |
|
Containership |
|
2012 |
|
2,782 |
Ete N |
|
Containership |
|
2012 |
|
2,782 |
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
Nave Orbit |
|
MR2 Product Tanker |
|
2009 |
|
50,470 |
Nave Equator |
|
MR2 Product Tanker |
|
2009 |
|
50,542 |
Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
Aurora N(1) |
|
LR1 Product Tanker |
|
2008 |
|
63,495 |
Lumen N |
|
LR1 Product Tanker |
|
2008 |
|
63,599 |
Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
Nave Photon(1) |
|
VLCC |
|
2008 |
|
297,395 |
Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
Nave Spherical |
|
VLCC |
|
2009 |
|
297,188 |
Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
(1) Vessel agreed to be sold.
Bareboat-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
Navios Libra |
|
Panamax |
|
2019 |
|
82,011 |
|
Yes |
Navios Star |
|
Panamax |
|
2021 |
|
81,994 |
|
Yes |
Navios Amitie |
|
Panamax |
|
2021 |
|
82,002 |
|
Yes |
Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
Nave Celeste |
|
VLCC |
|
2022 |
|
313,418 |
|
Yes |
Owned to be delivered |
|
Type |
|
Delivery Date |
|
CapacityDWT / (TEU) |
TBN I |
|
Capesize |
|
H1 2023 |
|
180,000 |
TBN III |
|
Capesize |
|
H1 2023 |
|
180,000 |
TBN II |
|
Capesize |
|
H1 2023 |
|
180,000 |
TBN IV |
|
Containership |
|
H2 2023 |
|
5,300 |
TBN V |
|
Containership |
|
H2 2023 |
|
5,300 |
TBN X |
|
Containership |
|
H2 2023 |
|
5,300 |
TBN VI |
|
Containership |
|
H1 2024 |
|
5,300 |
TBN VII |
|
Containership |
|
H1 2024 |
|
5,300 |
TBN XI |
|
Containership |
|
H1 2024 |
|
5,300 |
TBN VIII |
|
Containership |
|
H2 2024 |
|
5,300 |
TBN IX |
|
Containership |
|
H2 2024 |
|
5,300 |
TBN XII |
|
Containership |
|
H2 2024 |
|
5,300 |
TBN XIII |
|
Containership |
|
H2 2024 |
|
5,300 |
TBN XX |
|
Containership |
|
H2 2024 |
|
7,700 |
TBN XXI |
|
Containership |
|
H2 2024 |
|
7,700 |
TBN XIV |
|
Aframax/LR2 |
|
H1 2024 |
|
115,000 |
TBN XV |
|
Aframax/LR2 |
|
H1 2024 |
|
115,000 |
TBN XVI |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
TBN XVII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
TBN XVIII |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
TBN XIX |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
TBN XXII |
|
MR2 Product Tanker |
|
H2 2025 |
|
52,000 |
TBN XXIII |
|
MR2 Product Tanker |
|
H1 2026 |
|
52,000 |
Chartered-in vessels (with purchase options) |
|
Type |
|
Year Built |
|
Capacity(DWT) |
|
Purchase Option |
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes |
Navios Venus |
|
Ultra-Handymax |
|
2015 |
|
61,339 |
|
Yes |
Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No(1) |
Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No(1) |
Navios Felix(2) |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
(1) Purchase option in the form of the right of
first refusal and profit share on sale of
vessel.(2) Vessel agreed to be acquired.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings attributable to Navios Partners' unitholders per
Common Unit, basic and diluted are “non-U.S. GAAP financial
measures” and should not be used in isolation or considered
substitutes for net income/ (loss), cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income attributable to
Navios Partners’ unitholders before interest and finance costs,
depreciation and amortization (including intangible accelerated
amortization) and income taxes. Adjusted EBITDA represents EBITDA
excluding certain items, as described under “Earnings Highlights”.
Navios Partners uses Adjusted EBITDA as a liquidity measure and
reconciles EBITDA and Adjusted EBITDA to net cash provided by
operating activities, the most comparable U.S. GAAP liquidity
measure. EBITDA in this document is calculated as follows: net cash
provided by operating activities adding back, when applicable and
as the case may be, the effect of: (i) net increase/
(decrease) in operating assets; (ii) net (increase)/ decrease
in operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred finance costs and
discount; (v) equity in net earnings of affiliated companies;
(vi) non-cash amortization of deferred revenue and straight
line effect of the containerships and tankers charters with
de-escalating rates; (vii) stock-based compensation; (viii)
amortization of operating lease assets/ liabilities; (ix) gain/
(loss) on sale of assets; (x) bargain gain; and (xi) net loss
attributable to noncontrolling interest. Navios Partners believes
that EBITDA and Adjusted EBITDA are each the basis upon which
liquidity can be assessed and presents useful information to
investors regarding Navios Partners’ ability to service and/or
incur indebtedness, pay capital expenditures, meet working capital
requirements and make cash distributions. Navios Partners also
believes that EBITDA and Adjusted EBITDA are used: (i) by
potential lenders to evaluate potential transactions; (ii) to
evaluate and price potential acquisition candidates; and
(iii) by securities analysts, investors and other interested
parties in the evaluation of companies in our industry.
Each of EBITDA and Adjusted EBITDA have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for the analysis of Navios Partners’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Partners’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
We present Adjusted Net Income attributable to
Navios Partners’ unitholders by excluding items that we do not
believe are indicative of our core operating performance. Our
presentation of Adjusted Net Income adjusts net income for the
items described above under “Earnings Highlights”. The definition
of Adjusted Net Income used here may not be comparable to that used
by other companies due to differences in methods of calculation.
Adjusted Basic Earnings attributable to Navios Partners’
unitholders per Common Unit is defined as Adjusted Net Income
attributable to Navios Partners’ unitholders divided by the
weighted average number of common units outstanding for each of the
periods presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P.
Reconciliation of EBITDA and Adjusted EBITDA to Cash from
Operations
|
|
Three MonthPeriod
EndedDecember 31,2022 |
|
Three MonthPeriod
EndedDecember 31,2021 |
|
Year
EndedDecember 31,2022 |
|
Year
EndedDecember 31,2021 |
|
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
|
($ ‘000)(unaudited) |
Net cash provided by operating activities |
|
$ |
140,069 |
|
|
$ |
129,020 |
|
|
$ |
506,340 |
|
|
$ |
277,173 |
|
Net increase in operating
assets |
|
|
36,072 |
|
|
|
30,751 |
|
|
|
139,537 |
|
|
|
93,092 |
|
Net decrease/ (increase) in
operating liabilities |
|
|
11,173 |
|
|
|
(23,515 |
) |
|
|
255 |
|
|
|
3,274 |
|
Net interest cost |
|
|
32,314 |
|
|
|
15,138 |
|
|
|
82,235 |
|
|
|
41,903 |
|
Amortization and write-off of
deferred finance costs and discount |
|
|
(1,421 |
) |
|
|
(1,273 |
) |
|
|
(5,349 |
) |
|
|
(3,741 |
) |
Amortization of operating
lease assets/ liabilities |
|
|
(2,615 |
) |
|
|
214 |
|
|
|
(3,912 |
) |
|
|
401 |
|
Non-cash amortization of
deferred revenue and straight line |
|
|
(14,920 |
) |
|
|
(2,162 |
) |
|
|
(51,048 |
) |
|
|
(460 |
) |
Stock-based compensation |
|
|
(32 |
) |
|
|
(153 |
) |
|
|
(154 |
) |
|
|
(523 |
) |
Gain on sale of vessels,
net |
|
|
5,588 |
|
|
|
3,277 |
|
|
|
149,352 |
|
|
|
33,625 |
|
Bargain gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,015 |
|
Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80,839 |
|
Net loss attributable to
noncontrolling interest |
|
|
— |
|
|
|
1,054 |
|
|
|
— |
|
|
|
4,913 |
|
EBITDA |
|
$ |
206,228 |
|
|
$ |
152,351 |
|
|
$ |
817,256 |
|
|
$ |
578,511 |
|
Equity in net earnings of
affiliated companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(80,839 |
) |
Bargain gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48,015 |
) |
Transaction costs |
|
|
— |
|
|
|
7,569 |
|
|
|
— |
|
|
|
10,439 |
|
Gain on sale of vessels,
net |
|
|
(5,588 |
) |
|
|
(3,277 |
) |
|
|
(149,352 |
) |
|
|
(33,625 |
) |
Adjusted
EBITDA |
|
$ |
200,640 |
|
|
$ |
156,643 |
|
|
$ |
667,904 |
|
|
$ |
426,471 |
|
|
|
Three MonthPeriod
EndedDecember 31,2022 |
|
Three MonthPeriod
EndedDecember 31,2021 |
|
Year
EndedDecember 31,2022 |
|
Year
EndedDecember 31,2021 |
(in thousands of U.S.
dollars) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
|
$ |
140,069 |
|
|
$ |
129,020 |
|
|
$ |
506,340 |
|
|
$ |
277,173 |
|
Net cash used in investing
activities |
|
$ |
(50,531 |
) |
|
$ |
(3,200 |
) |
|
$ |
(316,241 |
) |
|
$ |
(106,252 |
) |
Net cash used in financing
activities |
|
$ |
(24,760 |
) |
|
$ |
(97,554 |
) |
|
$ |
(184,447 |
) |
|
$ |
(32,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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