Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2022
Navios Maritime Partners reported strong financial results for Q1 2022, with revenue of $236.6 million and net income of $85.7 million, reflecting significant growth compared to Q1 2021. The company achieved EBITDA of $126.1 million, bolstered by a 263.4% increase in time charter and voyage revenues. Navios Partners secured $185 million in long-term charters and plans a $1.3 billion investment in new vessels. The declared cash distribution is $0.05 per unit. However, rising expenses and uncertainty from global events pose risks going forward.
- Revenue increased by 263.4% to $236.6 million compared to Q1 2021.
- Net income improved to $85.7 million from $136.7 million in Q1 2021.
- EBITDA for Q1 2022 reached $126.1 million, up from $158.5 million in Q1 2021.
- Secured $185 million in revenue through long-term charters.
- Investments of ~$1.3 billion planned for 22 new vessels.
- Net income decreased from $136.7 million in Q1 2021.
- Increased operational expenses totaling $50.2 million.
- Revenue:
$236.6 million for Q1 2022
- Net Income:
$85.7 million for Q1 2022
- Net cash from operating activities:
$5.2 million for Q1 2022
- EBITDA:
$126.1 million for Q1 2022
- Fleet Update
- ~
$1.3 billion investment in 22 newbuilding vessels through Q1 2025
- ~
- ~
$2.8 billion in contracted revenue through 2031
MONACO, May 10, 2022 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2022.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the first quarter of 2022. During the first quarter of 2022, Navios Partners recorded revenue of
Angeliki Frangou continued, “We stand at the crossroads of a war in Ukraine, rising interest rates and a zero-Covid policy in China. There is no crystal ball to understand how this will evolve. In the meantime, governments and companies are quick to act to satisfy their short term needs as they consider long-term policies in light of these uncertainties.”
Angeliki Frangou also stated, “We believe our diversified structure offers the opportunity for continuous accretive growth. As previously announced, this quarter we agreed to acquire four Aframax / LR2 tankers on the back of charter commitments from an investment grade counterparty. These vessels are designed with the latest technology and can carry either crude or products. Through this transaction, we entered a new sub-segment with reduced risk and excellent long-term prospects.”
Fleet Update
- Acquisition of four 115,000 dwt Aframax/LR2 Newbuilding vessels in April 2022
In April 2022, Navios Partners agreed to purchase four 115,000 dwt Aframax/LR2 newbuilding vessels for a purchase price of
Navios Partners has secured new long-term time charters for four vessels which are expected to generate approximately
- Two 115,000 dwt Aframax/LR2 newbuilding vessels, expected to be delivered in 2024, have been chartered-out for an average period of 60 months, at a net rate of
$25,576 per day. The charterer has an option to extend the charter for a further five one-year options at rates increasing by$1,234 per day each year. In addition, the charterer has the option to charter one or both of the two additional tanker vessels on identical terms. The option can be exercised by mid October 2022. - One 310,000 dwt newbuilding VLCC expected to be delivered in second half 2022, has been bareboat chartered-out for an average period of 22 months, at a floating rate on adjusted TD3C-WS with a floor of
$22,572 net per day and ceiling of$29,700 net per day. - One 4,250 TEU containership has been chartered-out for an average period of 62 months, at an average net rate of
$40,743 per day (2.0x the current average contracted net rate of$20,845) .
Following the above charters, Navios Partners has
Financing Update
On May 9, 2022, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to
On March 28, 2022, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to
Cash Distribution
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2022 of
Operating Highlights
Navios Partners owns and operates a fleet comprised of 54 dry bulk vessels, 47 containerships and 49 tanker vessels, including three newbuilding Capesize bareboat charter-in vessels expected to be delivered by the second half of 2022, two newbuilding Capesize bareboat charter-in vessels expected to be delivered by the first half of 2023, two newbuilding Panamax vessels expected to be delivered by the second half of 2022 and first half of 2023, one newbuilding VLCC bareboat charter-in vessel expected to be delivered by the second half of 2022, four newbuilding Aframax/LR2 vessels expected to be delivered in 2024 and first half of 2025, ten newbuilding Containerships expected to be delivered by the second half of 2023 and in 2024 and two Containerships agreed to be sold and expected to be delivered in the second half of 2022.
Navios Partners has entered into short, medium and long-term time charter-out agreements for its vessels with a remaining average term of approximately 1.8 years. Navios Partners has currently fixed
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 ended March 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.
| Three Month Period Ended March 31, 2022 | Three Month Period Ended March 31, 2021 (unaudited) | ||||||
| (in $‘000 except per unit data) | (unaudited) | ||||||
| Revenue | $ | 236,617 | $ | 65,063 | |||
| Net Income | $ | 85,665 | $ | 136,679 | |||
| Adjusted Net Income | $ | 85,665 | $ | 11,787 | (1) | ||
| Net cash provided by operating activities | $ | 5,153 | $ | 16,177 | |||
| EBITDA | $ | 126,118 | $ | 158,551 | |||
| Adjusted EBITDA | $ | 126,118 | $ | 33,659 | (1) | ||
| Earnings per Common Unit basic | $ | 2.78 | $ | 11.78 | |||
| Earnings per Common Unit diluted | $ | 2.78 | $ | 11.69 | |||
| Adjusted Earnings per Common Unit basic | $ | 2.78 | $ | 1.02 | (1) | ||
| Adjusted Earnings per Common Unit diluted | $ | 2.78 | $ | 1.01 | (1) | ||
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2021 have been adjusted to exclude: (i) an
Three month periods ended March 31, 2022 and 2021
Time charter and voyage revenues for the three month period ended March 31, 2022 increased by approximately
EBITDA of Navios Partners for the three month periods ended March 31, 2022 and 2021 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by approximately
Net income for the three month periods ended March 31, 2022 and 2021 was affected by the items described in the table above. Excluding these items, Adjusted Net Income for the three month period ended March 31, 2022 amounted to
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods ended March 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 Month Period Ended March 31, 2022 | Three Month Period Ended March 31, 2021 | ||||||
| (unaudited) | (unaudited) | ||||||
| Available Days (1) | 11,228 | 4,252 | |||||
| Operating Days (2) | 11,072 | 4,201 | |||||
| Fleet Utilization (3) | 98.6 | % | 98.8 | % | |||
| TCE Combined (per day) (4) | $ | 20,386 | $ | 14,836 | |||
| TCE Drybulk (per day) (4) | $ | 19,848 | $ | 13,050 | |||
| TCE Containers (per day) (4) | $ | 27,214 | $ | 23,794 | |||
| TCE Tankers (per day) (4) | $ | 15,345 | — | ||||
| Vessels operating at period end | 128 | 79 | |||||
| (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: Time Charter Equivalent rate per day is defined as voyage, time charter revenues and bareboat charter-out revenues (grossed up by currently applicable fixed vessel operating expenses) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet. |
Conference Call Details:
Navios Partners' management will host a conference call on Tuesday, May 10, 2022 to discuss the results for the first quarter ended March 31, 2022.
Call Date/Time: Tuesday, May 10, 2022 at 8:30 am ET
Call Title: Navios Partners Q1 2022 Financial Results Conference Call
US Dial In: +1.800.909.5202
International Dial In: +1.203.518.9544
Conference ID: NMMQ122
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: +1.800.839.5635
International Replay Dial In: +1.402.220.2561
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, including TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, Navios Partners’ ability to realize the projected advantages of the NNA Merger, 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 the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on 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 dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, 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, 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 8645
Investors@navios-mlp.com
Nicolas Bornozis
Capital Link, Inc.
+1 (212) 661 7566
naviospartners@capitallink.com
EXHIBIT 1
NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars except unit data)
| March 31, 2022 (unaudited) | December 31, 2021 (unaudited) | |||||
| ASSETS | ||||||
| Cash and cash equivalents, including restricted cash | $ | 108,196 | $ | 169,446 | ||
| Other current assets | 100,354 | 56,894 | ||||
| Vessels, net | 2,819,311 | 2,852,570 | ||||
| Other non-current assets | 556,541 | 544,389 | ||||
| Total assets | $ | 3,584,402 | $ | 3,623,299 | ||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||
| Other current liabilities | $ | 80,573 | $ | 140,368 | ||
| Total borrowings, net (including current and non-current) | 1,319,840 | 1,361,709 | ||||
| Other non-current liabilities | 330,098 | 351,497 | ||||
| Total partners’ capital | 1,853,891 | 1,769,725 | ||||
| Total liabilities and partners’ capital | $ | 3,584,402 | $ | 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 Month Period Ended March 31, 2022 (unaudited) | Three Month Period Ended March 31, 2021 (unaudited) | |||||||
| Time charter and voyage revenues | $ | 236,617 | $ | 65,063 | ||||
| Time charter and voyage expenses | (17,143 | ) | (2,495 | ) | ||||
| Direct vessel expenses | (11,193 | ) | (3,154 | ) | ||||
| Vessel operating expenses (entirely through related parties transactions) | (73,172 | ) | (22,962 | ) | ||||
| General and administrative expenses | (13,916 | ) | (4,907 | ) | ||||
| Depreciation and amortization of intangible assets | (42,866 | ) | (13,087 | ) | ||||
| Amortization of unfavorable lease terms | 21,839 | — | ||||||
| Loss on sale of vessels | — | (511 | ) | |||||
| Interest expense and finance cost, net | (13,227 | ) | (5,844 | ) | ||||
| Interest income | 2 | 115 | ||||||
| Other expense, net | (1,276 | ) | (431 | ) | ||||
| Equity in net earnings of affiliated companies | — | 80,839 | ||||||
| Bargain gain | — | 44,053 | ||||||
| Net income | $ | 85,665 | $ | 136,679 | ||||
Earnings per unit:
| Three Month Period Ended March 31, 2022 | Three Month Period Ended March 31, 2021 | |||||||
| (unaudited) | (unaudited) | |||||||
| Earnings per unit: | ||||||||
| Earnings per common unit, basic | $ | 2.78 | $ | 11.78 | ||||
| Earnings per common unit, diluted | $ | 2.78 | $ | 11.69 | ||||
NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars except unit data)
| Three Month Period Ended March 31, 2022 | Three Month Period Ended March 31, 2021 | ||||||
| (in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
| Net cash provided by operating activities | $ | 5,153 | $ | 16,177 | |||
| Net cash (used in)/ provided by investing activities | $ | (21,669 | ) | $ | 5,638 | ||
| Net cash used in financing activities | $ | (44,734 | ) | $ | (1,163 | ) | |
| (Decrease)/ increase in cash, cash equivalents and restricted cash | $ | (61,250 | ) | $ | 20,652 | ||
EXHIBIT 2
| Owned Drybulk Vessels | Type | Built | Capacity (DWT) | |||
| Navios Amaryllis | Ultra-Handymax | 2008 | 58,735 | |||
| Navios Christine B | Ultra-Handymax | 2009 | 58,058 | |||
| Serenitas N | 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 Alegria | Panamax | 2004 | 76,466 | |||
| Navios Orbiter | Panamax | 2004 | 76,602 | |||
| Navios Hope | Panamax | 2005 | 75,397 | |||
| Navios Sun | Panamax | 2005 | 76,619 | |||
| Navios Helios | Panamax | 2005 | 77,075 | |||
| Navios Apollon I | Panamax | 2005 | 87,052 | |||
| Navios Symmetry | Panamax | 2006 | 74,381 | |||
| Navios Sagittarius | Panamax | 2006 | 75,756 | |||
| Navios Harmony | Panamax | 2006 | 82,790 | |||
| Navios Libertas | Panamax | 2007 | 75,511 | |||
| Navios Prosperity I | Panamax | 2007 | 75,527 | |||
| Navios Camelia | Panamax | 2009 | 75,162 | |||
| Copernicus N | Panamax | 2010 | 93,062 | |||
| Unity N | Panamax | 2011 | 79,642 | |||
| Odysseus 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 Beaufiks | Capesize | 2004 | 180,310 | |||
| Navios Fantastiks | Capesize | 2005 | 180,265 | |||
| Navios Aurora II | Capesize | 2009 | 169,031 | |||
| Navios Bonavis | Capesize | 2009 | 180,022 | |||
| Navios Sol | Capesize | 2009 | 180,274 | |||
| Navios Pollux | Capesize | 2009 | 180,727 | |||
| Navios Symphony | Capesize | 2010 | 178,132 | |||
| Navios Melodia | Capesize | 2010 | 179,132 | |||
| Navios Luz | Capesize | 2010 | 179,144 | |||
| Navios Buena Ventura | Capesize | 2010 | 179,259 | |||
| Navios Fulvia | Capesize | 2010 | 179,263 | |||
| Navios Aster | Capesize | 2010 | 179,314 | |||
| Navios Ace | Capesize | 2011 | 179,016 | |||
| 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 Mars | Capesize | 2016 | 181,259 |
| Owned Containerships | Type | Built | Capacity (TEU) | |||
| Navios Summer | Containership | 2006 | 3,450 | |||
| Matson Oahu | 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 | |||
| Navios Utmost(1) | Containership | 2006 | 8,204 | |||
| Navios Unite(1) | Containership | 2006 | 8,204 | |||
| 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 | |||
| Navios Felicitas | Containership | 2010 | 4,360 | |||
| Bahamas | Containership | 2010 | 4,360 | |||
| Zim Carmel (ex. Bermuda) | 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 |
(1) Vessel agreed to be sold.
| Owned Tanker Vessels | Type | Built | Capacity (DWT) | |||
| Nave Cosmos | Chemical Tanker | 2010 | 25,130 | |||
| Nave Polaris | Chemical Tanker | 2011 | 25,145 | |||
| Hector N | MR1 Product Tanker | 2008 | 38,402 | |||
| Perseus N | MR1 Product Tanker | 2009 | 36,264 | |||
| Star N | MR1 Product Tanker | 2009 | 37,836 | |||
| Nave Dorado | MR2 Product Tanker | 2005 | 47,999 | |||
| 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 | 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 | 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 |
| Bareboat Chartered-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 |
| Bareboat Chartered-in vessels to be delivered | Type | Delivery date | Capacity (DWT) | Purchase Option | ||||
| TBN I | Capesize | H2 2022 | 180,000 | Yes | ||||
| TBN II | Capesize | H2 2022 | 180,000 | Yes | ||||
| TBN III | Capesize | H2 2022 | 180,000 | Yes | ||||
| TBN VII | Capesize | H1 2023 | 180,000 | Yes | ||||
| TBN V | Capesize | H1 2023 | 180,000 | Yes | ||||
| TBN XIV | VLCC | H2 2022 | 310,000 | Yes |
| Owned to be delivered | Type | Delivery Date | Capacity DWT / (TEU) | |||
| TBN IV | Panamax | H2 2022 | 81,000 | |||
| TBN VI | Panamax | H1 2023 | 81,000 | |||
| TBN VIII | Containership | H2 2023 | 5,300 | |||
| TBN IX | Containership | H2 2023 | 5,300 | |||
| TBN X | Containership | H1 2024 | 5,300 | |||
| TBN XI | Containership | H1 2024 | 5,300 | |||
| TBN XV | Containership | H1 2024 | 5,300 | |||
| TBN XVI | Containership | H1 2024 | 5,300 | |||
| TBN XII | Containership | H2 2024 | 5,300 | |||
| TBN XIII | Containership | H2 2024 | 5,300 | |||
| TBN XVII | Containership | H2 2024 | 5,300 | |||
| TBN XVIII | Containership | H2 2024 | 5,300 | |||
| TBN XIX | Aframax/LR2 | H1 2024 | 115,000 | |||
| TBN XX | Aframax/LR2 | H2 2024 | 115,000 | |||
| TBN XXI | Aframax/LR2 | H2 2024 | 115,000 | |||
| TBN XXII | Aframax/LR2 | H1 2025 | 115,000 |
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/(decrease) in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred financing cost; (v) equity in net earnings of affiliated companies; (vi) non-cash accrued interest income and amortization of deferred revenue; (vii) stock-based compensation expense; (viii) amortization of operating lease right-of-use asset; (ix) loss on sale of assets and (x) bargain purchase gain. 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 March 31, 2022 | Three Month Period Ended March 31, 2021 | |||||||||
| ($ ‘000) (unaudited) | ($ ‘000) (unaudited) | |||||||||
| Net cash provided by operating activities | $ | 5,153 | $ | 16,177 | ||||||
| Net increase in operating assets | 53,956 | 16,975 | ||||||||
| Net decrease/ (increase) in operating liabilities | 60,013 | (3,441 | ) | |||||||
| Net interest cost | 13,225 | 5,729 | ||||||||
| Amortization and write-off of deferred financing cost | (1,324 | ) | (1,290 | ) | ||||||
| Amortization of operating lease right-of-use asset | 211 | (255 | ) | |||||||
| Non-cash accrued interest income and amortization of deferred revenue | (5,074 | ) | 393 | |||||||
| Stock-based compensation | (42 | ) | (118 | ) | ||||||
| Loss on sale of vessels | — | (511 | ) | |||||||
| Bargain gain | — | 44,053 | ||||||||
| Equity in net earnings of affiliated companies | — | 80,839 | ||||||||
| EBITDA | $ | 126,118 | $ | 158,551 | ||||||
| Equity in net earnings of affiliated companies | — | (80,839 | ) | |||||||
| Bargain gain | — | (44,053 | ) | |||||||
| Adjusted EBITDA | $ | 126,118 | $ | 33,659 | ||||||
| Three Month Period Ended March 31, 2022 | Three Month Period Ended March 31, 2021 | |||||||
| ($ ‘000) (unaudited) | ($ ‘000) (unaudited) | |||||||
| Net cash provided by operating activities | $ | 5,153 | $ | 16,177 | ||||
| Net cash (used in)/ provided by investing activities | $ | (21,669 | ) | $ | 5,638 | |||
| Net cash used in financing activities | $ | (44,734 | ) | $ | (1,163 | ) | ||
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