archonmaritime2 arcadia gac17
globalseaways17 

ΝΑΥΤΙΛΙΑ

Εκτύπωση

Navios Maritime reports financial results for the first quarter 2016

16 Μαΐου 2016.

NaviosNavios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, reported its financial results for the first quarter ended March 31, 2016.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “For the first quarter of 2016, we earned $28.1 million of EBITDA and positive net income.”

Angeliki Frangou continued, “Navios Partners is able to manage through difficult markets, in part, because of significant annual savings it enjoys through the intercompany arrangement with Navios Maritime Holdings Inc. (“Navios Holdings”). Under this arrangement, Navios Holdings shares the operating efficiencies it generates from the accumulated economies of scale and provides Navios Partners with technical and commercial management services for a fixed fee and administrative services at allocable costs. Navios Holdings does not charge any transaction fee, loan origination fee or sales and purchase fee or any other fee for creating value. The arrangement, providing for a fair allocation of cost savings on terms and conditions no less favorable than market, provides a significant competitive advantage to Navios Partners.”

 

Strengthening of Term Loan B

 

Since the beginning of 2016, Navios Partners has deleveraged its balance sheet and strengthened the Term Loan B by approximately $73.5 million of which $25.0 million represents cash payments of outstanding principal and the balance of approximately $48.5 million represents the market value of additional collateral, the YM Unity, a 2006 built 8,204 TEU container vessel. In this respect, Navios Partners prepaid in full $28.4 million of commercial bank debt.

 

Long-Term and Insured Cash Flow

 

Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of 2.9 years. Navios Partners has currently contracted out 87.6% of its available days for 2016, 56.0% for 2017 and 46.7% for 2018, including index-linked charters respectively, expecting to generate revenues of approximately $190.4 million, $152.7 million and $136.9 million, respectively. The average expected daily charter-out rate for the fleet is $20,993, $31,604 and $32,712 for 2016, 2017 and 2018, respectively.

Navios Partners has insurance on certain long-term charter-out contracts of drybulk vessels for credit default occurring until the end of 2016, through an agreement with Navios Holdings, up to a maximum cash payment of $20.0 million.

 

Three month periods ended March 31, 2016 and 2015

 

Time charter and voyage revenues for the three month period ended March 31, 2016 decreased by $11.1 million or 19.6% to $45.6 million, as compared to $56.8 million for the same period in 2015. The decrease was mainly attributable to the decrease in TCE to $15,524 per day for the three month period ended March 31, 2016, from $19,834 per day for the three month period ended March 31, 2015. The above decrease in time charter and voyage revenues was primarily due to the decline in the freight market during 2016, as compared to the same period in 2015, and was partially mitigated by an increase in revenue due to the delivery of the MSC Cristina in the second quarter of 2015. As a result of the vessel acquisition, available days of the fleet increased to 2,821 days for the three month period ended March 31, 2016, as compared to 2,772 days for the three month period ended March 31, 2015.

EBITDA decreased by $9.9 million to $28.1 million for the three month period ended March 31, 2016, as compared to $38.0 million for the same period in 2015. The decrease in EBITDA was primarily due to: (i) a $11.1 million decrease in revenue; (ii) a $1.3 million increase in management fees mainly due to the increased number of vessels; (iii) a $0.6 million increase in general and administrative expenses; and (iv) a $1.0 million increase in other expenses. The above decrease was partially mitigated by: (a) a $1.6 million decrease in time charter and voyage expenses; and (b) a $2.6 million increase in other income.

The reserve for estimated maintenance and replacement capital expenditures for the three month periods ended March 31, 2016 and 2015 was $3.0 million and $3.2 million, respectively (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Partners generated an Operating Surplus for the three month period ended March 31, 2016 of $18.3 million, as compared to $27.6 million for the three month period ended March 31, 2015. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the three month period ended March 31, 2016 amounted to $0.2 million compared to $10.9 million for the three month period ended March 31, 2015. The decrease in net income of $10.7 million was due to: (i) a $9.9 million decrease in EBITDA; (ii) a $0.9 million increase in direct vessel expenses, comprising of the amortization of dry dock and special survey costs; and (iii) a $0.7 million increase in depreciation and amortization expense mainly due to the increased fleet size. The above decrease was partially mitigated by a $0.8 million decrease in interest expense and finance cost, net.

Source: Navios Maritime Partners L.P.

crossworldbanner

seanergybanerblue

antipollution2020

bv18

Ημερολόγιο

«  Οκτώβριος 2020  »
ΔΤΤΠΠΣΚ
1234
567891011
12131415161718
19202122232425
262728293031
 

hellenicseaways20

bannerorion19

dnvglfoto1

 

Αναζήτηση