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Navios Maritime Partners L.P.reports results for 2Q17

Published by
Global Mining Review,


Navios Maritime Partners L.P. an international owner and operator of container and dry bulk vessels, has reported its financial results for the second quarter and six months ended 30 June, 2017.

Highlights

  • Revenue: US$92.4 million for the six months; US$50.0 million in 2Q17.
  • Adjusted EBITDA: US$58.1 million for the six months; US$32.2 million in 2Q17.
  • Agreement to acquire two drybulk vessels.
  • Drybulk Fleet renewal programme.
  • Seven vessels acquired in 2017.
  • One vessel sold.
  • 9% reduction in drybulk fleet age.
  • 33% increase in drybulk fleet capacity.
  • Navios Maritime Containers Inc. (Navios Containers).
  • Raised US$50.0 million.
  • Acquired the 14-container vessel fleet from RMT and reimbursed NMM all costs + US$5.0 million.
  • NMM invested US$30.0 million for ~ 60% + warrants for 6.8%.

Navios Maritime Partners L.P. an international owner and operator of container and dry bulk vessels, has reported its financial results for the second quarter and six months ended 30 June, 2017.

Angeliki Frangou, Chairman and Chief Executive Officer, stated:

“For the second quarter of 2017, Navios Partners reported Consolidated Revenue of US$50.0 million and Consolidated Net Income of US$4.1 million. In addition, Adjusted EBITDA was US$32.2 million.”

Angeliki Frangou continued, “Navios Partners is a unique platform in the dry industry, with about US$700 million in contracted revenue, 84% of which is through charters longer than three years, and no significant near term debt maturities. As a result, Navios Partners is renewing and expanding its drybulk fleet with younger and larger vessels. To date, seven vessels were agreed to be acquired with an average age of 7.4 years and one 17-year old vessel was sold. Thus, the average age of Navios Partners’ drybulk fleet improved by 9% - from 10.4 years to 9.5 years, and the overall size increased by 33% (almost 1 million DWT). In addition, we participated in the launch of Navios Maritime Containers Inc., a new vehicle dedicated to capitalising on the opportunity within the distressed container sector by investing US$30 million for about a 60% ownership interest plus warrants for an additional 6.8%.”

Navios Partners

Acquisition of vessels

In July 2017, Navios Partners agreed to acquire from an unrelated third party one 2010 Hyundai-built capesize vessel of approximately 179 314 DWT, for a purchase price of US$26.7 million plus the issuance of 1.0 million common units at a price of US$2.1 per unit. The vessel is expected to be delivered to Navios Partners' owned fleet in the third quarter of 2017.

In July 2017, Navios Partners agreed to acquire from a related party one 2009 Tsuneishi Zhoushan-built Handymax vessel of approximately 58 058 DWT, for a total purchase price of US$13.8 million. The vessel is expected to be delivered to Navios Partners' owned fleet in the third quarter of 2017. Both acquisitions are subject to signing of definitive documentation.

Debt developments

In June 2017, Navios Partners agreed to an additional tranche to its existing credit facility for an amount of US$7.0 million with a commercial bank in order to finance the acquisition of the Navios Prosperity I. The facility matures in the second quarter of 2020 and bears interest at LIBOR plus 310 bps per annum.

In June 2017, Navios Partners entered into a new US$32.0 million credit facility with a commercial bank in order to finance the acquisition of two capesize vessels, the Navios Ace and the Navios Sol. The facility matures in the second quarter of 2021 and bears interest at LIBOR plus 300 bps per annum.

Fleet developments

As part of its strategic renewal program of its drybulk fleet, during 2017 Navios Partners has acquired seven, and sold one, drybulk vessels. The average age of the vessels acquired is 7.4 years.

Read the article online at: https://www.globalminingreview.com/handling-processing/31072017/navios-maritime-partners-lpreports-results-for-2q17/


 

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