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 third quarter and nine
month period ended September 30, 2023.
Angeliki Frangou, Chairwoman and Chief Executive
Officer of Navios Partners stated, “I am pleased with the results
for the third quarter of 2023, in which we reported revenue of
$323.2 million and net income of $89.8 million. We are also pleased
to report earnings per common unit of $2.92 for the quarter.”
Angeliki Frangou continued, “The United States
and Euro zone economies are generally healthy. However, the wars in
Ukraine and Israel coupled with inflation and a transition in the
interest rate environment have contributed to making this one of
the most dangerous times in memory. Despite these factors, the
shipping market is healthy, and Navios has performed well. We
continue to focus on things that we can control, such as reducing
leverage, being eco-friendly through modern, energy efficient
vessels and expanding into areas that will promote our long-term
prospects, such as the recent tanker deals we entered into with
various oil majors.”
| Fleet
update |
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• |
Sales
YTD |
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• |
$255.2
million gross sale proceeds from sale of 14 vessels
YTD |
|
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• |
Completed the sale of 13 vessels for $242.2 million in 9M
2023 |
|
During the nine month period ended September 30, 2023, Navios
Partners sold 13 vessels to various unrelated third parties, for
gross sale proceeds of $242.2 million. |
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|
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• |
Completed the sale of one
vessel for $13.0 million in Q4 2023 |
|
On September 22, 2023, Navios Partners agreed to sell a 2004-built
Capesize vessel of 180,310 dwt, to an unrelated third party,
for gross sale proceeds of $13.0 million. The sale was
completed on October 12, 2023. |
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• |
Acquisitions
YTD |
| |
|
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• |
Acquisition
of four 115,000 dwt newbuilding scrubber-fitted Aframax/LR2
tankers |
|
During the third quarter of 2023, Navios Partners agreed to acquire
four 115,000 dwt newbuilding scrubber-fitted Aframax/LR2 tankers,
from an unrelated third party, for a purchase price of $61.25
million each (plus $3.3 million per vessel in additional features).
The vessels have been designed with the latest technology
optimizing efficiency and will carry both crude and clean products.
The vessels are expected to be delivered into Navios Partners’
fleet during 2026. |
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• |
Acquisition
of four newbuilding MR2 product tankers |
|
During the first nine months of 2023, Navios Partners agreed to
acquire four newbuilding Japanese MR2 product tankers from
unrelated third parties, under bareboat contracts. Each vessel 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
aggregate implied price of approximately $163.4 million 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 2026 and the first half of 2027. |
| |
|
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• |
Acquisition
of one Kamsarmax |
|
In August 2023, Navios Partners agreed to acquire from an unrelated
third party a 2019-built Kamsarmax of 81,692 dwt (previously
chartered-in) for a purchase price of $28.0 million. The
acquisition was completed in October 2023. |
| |
• |
$257.9
million contracted revenue agreed in Q3 2023; $3.3 billion total
contracted revenue |
|
Navios Partners entered into new long-term charters which are
expected to generate revenue of $257.9 million. |
| |
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• |
Two Aframax/LR2 newbuilding tankers, expected to be delivered in
2026, have been chartered-out for a period of five years, at a rate
of $27,788 net per day. |
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|
• |
Three MR product tankers have been chartered-out for an average
period of three years, at an average rate of $21,451 net per
day. |
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• |
One Ultra-Handymax has been chartered-out for a period of five
years, at a rate of $25,800 net per day. |
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• |
Three 4,250 TEU containerships have been chartered-out for an
average period of 1.9 years, at an average rate of $18,299 net per
day. |
|
Including the above long-term charters, Navios Partners currently
has $3.3 billion contracted revenue through 2037. |
| |
• |
Transshipment
business |
|
In October 2023, Navios Partners agreed to charter-out the Navios
Vega, following her modification to ship-to-ship transhipper
vessel, to Navios South American Logistics Inc. for a period of
five years at a rate of $25,800 net per day. This transaction was
negotiated with, and unanimously approved by, the conflicts
committee of Navios Partners. |
| |
• |
Charters
update |
| |
|
|
• |
$52.5 million
prepayment of charter hire for two containerships |
|
In October 2023, Navios Partners agreed to terminate the charter
parties of the Protostar N, a 2007-built 2,741 TEU containership,
and the Navios Spring, a 2007-built 3,450 TEU containership, with a
minimum charter period until October 2025 and April 2025,
respectively, against a prepayment of $52.5 million. Navios
Partners agreed to assume the current sub-charter agreements of the
Protostar N and the Navios Spring at $11,700 net per day for a
minimum charter period until August 2025 and at $19,744 net per day
for a minimum charter period until March 2024, respectively. A
mitigation rate of $4,000 per day was applied for each
containership for the period after the end of the sublease
agreements. |
| |
|
|
• |
Charter
amendment and extension for two containerships |
|
During the third quarter of 2023, Navios Partners agreed to amend
and extend the existing charter parties of: (i) the Navios Jasmine,
a 2008-built 4,730 TEU containership, chartered-out at $60,000 net
per day with a minimum charter period until December 2024; and (ii)
the Navios Bahamas, a 2010-built 4,360 TEU containership,
chartered-out at $60,000 net per day with a minimum charter period
until January 2025. Following this amendment, Navios Partners
agreed to charter-out: |
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|
• |
The Navios Jasmine at $48,000 net per day from August 2023 to March
2025 and at $22,500 net per day from March 2025 to May 2027. |
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|
|
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• |
The Navios Bahamas at $48,000 net per day from August 2023 to April
2025 and at $22,500 net per day from April 2025 to June 2027. |
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Financing update
In September 2023, Navios Partners refinanced
the sale and leaseback agreements of four product tanker vessels in
order to: (i) replace Libor plus 305 bps per annum with Term
Secured Overnight Financing Rate (“Term SOFR”) plus 190 bps per
annum; and (ii) extend the maturity for five years.
In August 2023, Navios Partners refinanced the
sale and leaseback agreements of two 10,000 TEU containerships in
order to replace Libor plus 310 bps per annum with Term SOFR plus
225 bps per annum.
Cash distribution
The Board of Directors of Navios Partners
declared a cash distribution for the third quarter of 2023 of $0.05
per unit. The cash distribution will be paid on November 13, 2023
to unitholders of record as of November 7, 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 80 dry bulk vessels, 47 containerships and 53 tanker
vessels, including 16 newbuilding tanker vessels (ten Aframax/LR2
and six MR2 Product Tanker chartered-in vessels under bareboat
contracts), that are expected to be delivered through 2027 and 12
newbuilding containerships (ten 5,300 TEU containerships and
two 7,700 TEU containerships), that are expected to be delivered
through 2025.
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 1.9 years. Navios
Partners has currently fixed 83.4% and 49.0% of its available days
for the fourth quarter of 2023 and for 2024, respectively. Navios
Partners expects to generate contracted revenue of $272.5 million
and $765.3 million for the fourth quarter of 2023 and for 2024,
respectively. The average expected daily charter-out rate for the
fleet is $23,610 and $27,284 for the fourth quarter of 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 and
nine month periods ended September 30, 2023 and 2022. 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”).
| |
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
$ |
323,176 |
|
$ |
322,387 |
|
$ |
979,636 |
|
$ |
839,665 |
|
| Net Income |
$ |
89,781 |
|
$ |
257,164 |
|
$ |
301,254 |
|
$ |
460,989 |
|
| Adjusted Net Income |
$ |
82,611 |
(1) |
$ |
113,400 |
(2) |
$ |
250,483 |
(3) |
$ |
317,225 |
(2) |
| Net cash provided by operating
activities |
$ |
120,270 |
|
$ |
219,108 |
|
$ |
348,613 |
|
$ |
366,271 |
|
| EBITDA |
$ |
180,838 |
|
$ |
321,433 |
|
$ |
571,275 |
|
$ |
611,028 |
|
| Adjusted EBITDA |
$ |
173,668 |
(1) |
$ |
177,669 |
(2) |
$ |
520,504 |
(3) |
$ |
467,264 |
(2) |
| Earnings per Common Unit
basic |
$ |
2.92 |
|
$ |
8.36 |
|
$ |
9.78 |
|
$ |
14.98 |
|
| Earnings per Common Unit
diluted |
$ |
2.91 |
|
$ |
8.35 |
|
$ |
9.78 |
|
$ |
14.97 |
|
| Adjusted Earnings per Common
Unit basic |
$ |
2.68 |
(1) |
$ |
3.69 |
(2) |
$ |
8.13 |
(3) |
$ |
10.31 |
(2) |
| Adjusted Earnings per Common
Unit diluted |
$ |
2.68 |
(1) |
$ |
3.68 |
(2) |
$ |
8.13 |
(3) |
$ |
10.30 |
(2) |
(1) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings per Common Unit basic and diluted for the three
month period ended September 30, 2023 have been adjusted to exclude
a $7.2 million gain related to the sale of two of our vessels.
(2) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings per Common Unit basic and diluted for the three
and nine month periods ended September 30, 2022 have been adjusted
to exclude a $143.8 million gain related to the sale of two of our
vessels in the third quarter of 2022.
(3) Adjusted Net Income, Adjusted EBITDA and
Adjusted Earnings per Common Unit basic and diluted for the nine
month period ended September 30, 2023 have been adjusted to exclude
a $50.8 million gain related to the sale of 14 of our vessels.
Three month periods ended September 30, 2023 and
2022
Time charter and voyage revenues for the three
month period ended September 30, 2023 slightly increased by $0.8
million, or 0.2%, to $323.2 million, as compared to $322.4 million
for the same period in 2022. The increase in revenue was mainly
attributable to the increase in the available days of our fleet,
partially mitigated by the decrease in Time Charter Equivalent
(“TCE”) rate. For the three month periods ended September 30, 2023
and September 30, 2022, time charter and voyage revenues were
affected by $9.7 million and $13.6 million, respectively, relating
to the straight line effect of the containership and tanker
charters with de-escalating rates. The TCE rate decreased by 7.3%
to $22,052 per day, as compared to $23,781 per day for the same
period in 2022. The available days of the fleet increased by 6.7%
to 13,759 days for the three month period ended September 30, 2023,
as compared to 12,897 days for the same period in 2022 mainly due
to the acquisition of the 36-vessel dry bulk fleet from Navios
Maritime Holdings Inc. (“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 September 30, 2023 and 2022 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA decreased by $4.0 million to $173.7 million for the three
month period ended September 30, 2023, as compared to $177.7
million for the same period in 2022. The decrease in Adjusted
EBITDA was primarily due to a: (i) $4.5 million increase in time
charter and voyage expenses, mainly due to the increase in bunker
expenses arising from the increased days of freight voyages in the
third quarter of 2023; (ii) $4.0 million increase in vessel
operating expenses in accordance with our management agreements,
mainly due to the expansion of our fleet; and (iii) $3.9 million
increase in general and administrative expenses mainly due to the
expansion of our fleet in accordance with our administrative
services agreement, partially mitigated by a: (i) $4.1 million
decrease in other expenses, net; (ii) $3.5 million decrease in
direct vessel expenses (excluding the amortization of deferred
drydock, special survey costs and other capitalized items); and
(iii) $0.8 million increase in time charter and voyage
revenues.
Net Income for the three month periods ended
September 30, 2023 and 2022 was affected by the items described in
the table above. Excluding these items, Adjusted Net Income
decreased by $30.8 million to $82.6 million for the three month
period ended September 30, 2023, as compared to $113.4 million for
the same period in 2022. The decrease in Adjusted Net Income was
primarily due to a: (i) $20.5 million negative impact from the
depreciation and amortization, mainly due to a $21.3 million
decrease in the amortization of the unfavorable lease terms
and a $4.0 million increase in amortization of deferred
drydock, special survey costs and other capitalized items that were
partially mitigated by a $4.8 million decrease in depreciation and
amortization expense; (ii) $9.5 million increase in interest
expense and finance cost, net; and (iii) $4.0 million decrease in
Adjusted EBITDA, partially mitigated by a $3.2 million increase in
interest income.
Nine month periods ended September 30, 2023 and
2022
Time charter and voyage revenues for the nine
month period ended September 30, 2023 increased by $139.9 million,
or 16.7%, to $979.6 million, as compared to $839.7 million for the
same period in 2022. The increase in revenue was mainly
attributable to the increase in the available days of our fleet.
For the nine month periods ended September 30, 2023 and September
30, 2022, time charter and voyage revenues were affected by $30.2
million and $30.1 million, respectively, relating to the straight
line effect of the containership and tanker charters with
de-escalating rates. The TCE rate decreased by 2.1% to $22,242 per
day, as compared to $22,717 per day for the same period in 2022.
The available days of the fleet increased by 16.5% to 41,239 days
for the nine month period ended September 30, 2023, as compared to
35,394 days for the same period in 2022, mainly due to the
acquisition of the 36-vessel dry bulk 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 nine month
periods ended September 30, 2023 and 2022 was affected by the items
described in the table above. Excluding these items, Adjusted
EBITDA increased by $53.2 million to $520.5 million for the nine
month period ended September 30, 2023, as compared to $467.3
million for the same period in 2022. The increase in Adjusted
EBITDA was primarily due to a: (i) $139.9 million increase in time
charter and voyage revenues; and (ii) $1.3 million decrease in
direct vessel expenses (excluding the amortization of deferred
drydock, special survey costs and other capitalized items), that
were partially mitigated by a: (i) $47.3 million increase in time
charter and voyage expenses, mainly due to the increase in bunker
expenses arising from the increased days of freight voyages in the
first nine months of 2023 and bareboat and charter-in hire expense
of the tanker and dry bulk fleet; (ii) $22.5 million increase in
vessel operating expenses in accordance with our management
agreements, mainly due to the expansion of our fleet; (iii) $15.9
million increase in general and administrative expenses mainly due
to the expansion of our fleet in accordance with our administrative
services agreement; and (iv) $2.3 million increase in other
expenses, net.
Net Income for the nine month periods ended
September 30, 2023 and 2022 was affected by the items described in
the table above. Excluding these items, Adjusted Net Income
decreased by $66.7 million to $250.5 million for the nine month
period ended September 30, 2023, as compared to $317.2 million for
the same period in 2022. The decrease in Adjusted Net Income was
primarily due to a: (i) $76.5 million negative impact from the
depreciation and amortization, mainly due to a $47.8 million
decrease in the amortization of the unfavorable lease terms, a
$19.0 million increase in depreciation and amortization expense and
a $9.7 million increase in amortization of deferred drydock,
special survey costs and other capitalized items; and (ii) $50.7
million increase in interest expense and finance cost, net,
partially mitigated by a: (i) $53.2 million increase in Adjusted
EBITDA; and (ii) $7.3 million increase in interest income.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
and nine month periods ended September 30, 2023 and 2022.
| |
Three MonthPeriod EndedSeptember
30,2023 |
|
Three MonthPeriod EndedSeptember 30,2022 |
|
Nine MonthPeriod EndedSeptember 30,2023 |
|
Nine MonthPeriod EndedSeptember 30,2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Available Days(1) |
|
13,759 |
|
|
|
12,897 |
|
|
|
41,239 |
|
|
|
35,394 |
|
| Operating Days(2) |
|
13,646 |
|
|
|
12,785 |
|
|
|
40,869 |
|
|
|
35,008 |
|
| Fleet Utilization(3) |
|
99.2 |
% |
|
|
99.1 |
% |
|
|
99.1 |
% |
|
|
98.9 |
% |
| TCE rate Combined (per
day)(4) |
$ |
22,052 |
|
|
$ |
23,781 |
|
|
$ |
22,242 |
|
|
$ |
22,717 |
|
| TCE rate Drybulk (per
day)(4) |
$ |
14,139 |
|
|
$ |
20,061 |
|
|
$ |
13,613 |
|
|
$ |
21,381 |
|
| TCE rate Containers (per
day)(4) |
$ |
34,350 |
|
|
$ |
32,600 |
|
|
$ |
34,930 |
|
|
$ |
30,486 |
|
| TCE rate Tankers (per
day)(4) |
$ |
27,688 |
|
|
$ |
21,828 |
|
|
$ |
29,014 |
|
|
$ |
17,834 |
|
| Vessels operating at period
end |
|
153 |
|
|
|
166 |
|
|
|
153 |
|
|
|
166 |
|
|
(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 customary
shipping industry performance measure used primarily to present the
actual daily earnings generated by vessels on various types of
charter contracts for the number of available days of the
fleet. |
Conference Call Details:
Navios Partners' management will host a
conference call on Thursday, November 2, 2023 to discuss the
results for the third quarter and nine months ended September 30,
2023.
Call Date/Time: Thursday, November 2, 2023 at 8:30 am ETCall
Title: Navios Partners Q3 2023 Financial Results Conference
Call US Dial In: +1.800.225.9448International Dial In:
+1.203.518.9708Conference ID: NMMQ323
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.800.934.4577International Replay Dial In:
+1.402.220.1177
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,
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.comEXHIBIT 1
|
NAVIOS MARITIME PARTNERS L.P.SELECTED BALANCE
SHEET DATA(Expressed in thousands of U.S. Dollars except unit
data) |
| |
|
September 30,2023(unaudited) |
|
December 31,2022(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents, including restricted cash |
|
$ |
269,173 |
|
$ |
175,098 |
|
Other current assets |
|
|
114,033 |
|
|
135,326 |
|
Vessels, net |
|
|
3,700,455 |
|
|
3,777,329 |
|
Other non-current assets |
|
|
972,207 |
|
|
807,951 |
|
Total assets |
|
$ |
5,055,868 |
|
$ |
4,895,704 |
| |
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
Other current liabilities |
|
$ |
141,300 |
|
$ |
226,645 |
|
Total borrowings, net (including current and non-current) |
|
|
1,931,055 |
|
|
1,945,447 |
|
Other non-current liabilities |
|
|
343,913 |
|
|
380,649 |
|
Total partners’ capital |
|
|
2,639,600 |
|
|
2,342,963 |
|
Total liabilities and partners’ capital |
|
$ |
5,055,868 |
|
$ |
4,895,704 |
|
NAVIOS MARITIME PARTNERS L.P.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in
thousands of U.S. Dollars except unit and per unit data) |
| |
| |
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
|
September 30, 2023 |
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Time charter and voyage revenues |
|
$ |
323,176 |
|
|
$ |
322,387 |
|
|
$ |
979,636 |
|
|
$ |
839,665 |
|
| Time charter and voyage
expenses |
|
|
(39,877 |
) |
|
|
(35,439 |
) |
|
|
(121,596 |
) |
|
|
(74,300 |
) |
| Direct vessel expenses |
|
|
(15,941 |
) |
|
|
(15,398 |
) |
|
|
(48,145 |
) |
|
|
(39,511 |
) |
| Vessel operating expenses |
|
|
(82,856 |
) |
|
|
(78,928 |
) |
|
|
(248,622 |
) |
|
|
(226,089 |
) |
| General and administrative
expenses |
|
|
(19,524 |
) |
|
|
(15,597 |
) |
|
|
(59,559 |
) |
|
|
(43,683 |
) |
| Depreciation and amortization
of intangible assets |
|
|
(54,513 |
) |
|
|
(59,270 |
) |
|
|
(162,768 |
) |
|
|
(143,820 |
) |
| Amortization of unfavorable
lease terms |
|
|
3,521 |
|
|
|
24,779 |
|
|
|
16,431 |
|
|
|
64,205 |
|
| Gain on sale of vessels,
net |
|
|
7,170 |
|
|
|
143,764 |
|
|
|
50,771 |
|
|
|
143,764 |
|
| Interest expense and finance
cost, net |
|
|
(31,849 |
) |
|
|
(22,270 |
) |
|
|
(100,703 |
) |
|
|
(50,019 |
) |
| Interest income |
|
|
3,314 |
|
|
|
74 |
|
|
|
7,414 |
|
|
|
98 |
|
| Other expense, net |
|
|
(2,840 |
) |
|
|
(6,938 |
) |
|
|
(11,605 |
) |
|
|
(9,321 |
) |
| Net
income |
|
$ |
89,781 |
|
|
$ |
257,164 |
|
|
$ |
301,254 |
|
|
$ |
460,989 |
|
|
Earnings per unit: |
| |
| |
|
Three Month Period Ended |
|
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common unit,
basic |
|
$ |
2.92 |
|
|
$ |
8.36 |
|
|
$ |
9.78 |
|
|
$ |
14.98 |
|
| Earnings per common unit,
diluted |
|
$ |
2.91 |
|
|
$ |
8.35 |
|
|
$ |
9.78 |
|
|
$ |
14.97 |
|
|
NAVIOS MARITIME PARTNERS L.P.Other
Financial Information(Expressed in thousands of U.S.
Dollars except unit data) |
| |
|
|
|
|
|
| |
|
Nine Month Period
EndedSeptember 30,2023 |
|
|
Nine Month Period
EndedSeptember 30,2022 |
| (in thousands of U.S.
dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
348,613 |
|
|
|
$ |
366,271 |
|
| Net cash used in investing
activities |
|
$ |
(72,423 |
) |
|
|
$ |
(265,710 |
) |
| Net cash used in financing
activities |
|
$ |
(182,115 |
) |
|
|
$ |
(159,687 |
) |
| Increase/(decrease) in
cash, cash equivalents and restricted cash |
|
$ |
94,075 |
|
|
|
$ |
(59,126 |
) |
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 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| Navios Hyperion |
|
Panamax |
|
2004 |
|
75,707 |
| 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 |
| 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 Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
| 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 |
|
182,392 |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
| Navios Altair |
|
Capesize |
|
2023 |
|
182,115 |
| Navios Sakura |
|
Capesize |
|
2023 |
|
182,169 |
| Navios Amethyst |
|
Capesize |
|
2023 |
|
182,212 |
|
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 |
| 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 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 |
|
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 |
|
Newbuldings to be delivered |
|
Type |
|
ExpectedDelivery Date |
|
CapacityDWT / (TEU) |
| TBN I |
|
Containership |
|
Q4 2023 |
|
5,300 |
| TBN II |
|
Containership |
|
Q4 2023 |
|
5,300 |
| TBN VII |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN VIII |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN III |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN IV |
|
Containership |
|
H1 2024 |
|
5,300 |
| TBN V |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN IX |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN X |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN VI |
|
Containership |
|
H2 2024 |
|
5,300 |
| TBN XVII |
|
Containership |
|
H2 2024 |
|
7,700 |
| TBN XVIII |
|
Containership |
|
H1 2025 |
|
7,700 |
| TBN XI |
|
Aframax/LR2 |
|
H1 2024 |
|
115,000 |
| TBN XII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XIII |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XIV |
|
Aframax/LR2 |
|
H2 2024 |
|
115,000 |
| TBN XV |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XVI |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XXV |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XXVI |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XXVII |
|
Aframax/LR2 |
|
H2 2026 |
|
115,000 |
| TBN XXVIII |
|
Aframax/LR2 |
|
H2 2026 |
|
115,000 |
| TBN XIX |
|
MR2 Product Tanker |
|
H2 2025 |
|
52,000 |
| TBN XX |
|
MR2 Product Tanker |
|
H1 2026 |
|
52,000 |
| TBN XXI |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN XXII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN XXIII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN XXIV |
|
MR2 Product Tanker |
|
H1 2027 |
|
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) |
(1) Purchase option in the form of the right of first refusal
and profit share on sale of vessel.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings 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 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 in operating assets; (ii) net decrease/(increase) in
operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred finance costs and
discount; (v) gain on sale of assets, net; (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 expense; and (viii)
amortization of operating lease assets/ liabilities. 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 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 per Common Unit is
defined as Adjusted Net Income divided by the weighted average
number of common units outstanding for each of the periods
presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P.
Reconciliation of EBITDA and Adjusted EBITDA to Cash from
Operations
| |
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
120,270 |
|
|
$ |
219,108 |
|
|
$ |
348,613 |
|
|
$ |
366,271 |
|
|
Net increase in operating assets |
|
|
32,481 |
|
|
|
14,948 |
|
|
|
22,288 |
|
|
|
103,465 |
|
|
Net decrease/ (increase) in operating liabilities |
|
|
12,605 |
|
|
|
(62,898 |
) |
|
|
114,551 |
|
|
|
(10,918 |
) |
|
Net interest cost |
|
|
28,535 |
|
|
|
22,197 |
|
|
|
93,289 |
|
|
|
49,921 |
|
|
Amortization and write-off of deferred finance costs and
discount |
|
|
(1,625 |
) |
|
|
(1,251 |
) |
|
|
(5,243 |
) |
|
|
(3,928 |
) |
|
Amortization of operating lease assets/ liabilities |
|
|
(2,623 |
) |
|
|
(1,719 |
) |
|
|
(7,769 |
) |
|
|
(1,297 |
) |
|
Non-cash amortization of deferred revenue and straight line |
|
|
(15,974 |
) |
|
|
(12,676 |
) |
|
|
(45,222 |
) |
|
|
(36,128 |
) |
|
Stock-based compensation |
|
|
(1 |
) |
|
|
(40 |
) |
|
|
(3 |
) |
|
|
(122 |
) |
|
Gain on sale of vessels, net |
|
|
7,170 |
|
|
|
143,764 |
|
|
|
50,771 |
|
|
|
143,764 |
|
|
EBITDA |
|
$ |
180,838 |
|
|
$ |
321,433 |
|
|
$ |
571,275 |
|
|
$ |
611,028 |
|
|
Gain on sale of vessels, net |
|
|
(7,170 |
) |
|
|
(143,764 |
) |
|
|
(50,771 |
) |
|
|
(143,764 |
) |
|
Adjusted EBITDA |
|
$ |
173,668 |
|
|
$ |
177,669 |
|
|
$ |
520,504 |
|
|
$ |
467,264 |
|
| |
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine MonthPeriod Ended |
|
Nine Month Period Ended |
|
|
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
120,270 |
|
|
$ |
219,108 |
|
|
$ |
348,613 |
|
|
$ |
366,271 |
|
| Net cash used in investing
activities |
|
$ |
(104,088 |
) |
|
$ |
(203,850 |
) |
|
$ |
(72,423 |
) |
|
$ |
(265,710 |
) |
| Net cash used in financing
activities |
|
$ |
(17,061 |
) |
|
$ |
(79,562 |
) |
|
$ |
(182,115 |
) |
|
$ |
(159,687 |
) |
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