- Revenue:
- $ 327.3 million for Q4 2023
$1,306.9 million for FY 2023
- Net Income:
- $ 132.4 million for Q4 2023
- $ 433.6 million for FY 2023
- Earnings per common unit:
- $ 4.30 for Q4 2023
- $ 14.08 for FY 2023
- Net cash from operating activities:
- $ 211.7 million for Q4 2023
- $ 560.3 million for FY 2023
- EBITDA:
- $ 226.5 million for Q4 2023
- $ 797.8 million for FY 2023
- Sales and purchases:
- $ 465.0 million payments for newbuildings and new vessels/additions in 2023
$155.2 million for Q4 2023
- $ 327.6 million gross vessels sale proceeds 2023 - YTD 2024
$264.5 million completed in FY 2023
- Two newbuilding containerships delivered Q4 2023 - YTD 2024
- Fixed at an average rate of
$37,050 net per day for 5.2 years
- Fixed at an average rate of
- $ 465.0 million payments for newbuildings and new vessels/additions in 2023
$0.05 per unit cash distribution for Q4 2023
Fleet update | ||||||
• | Sale of vessels in 2023 and YTD 2024 | |||||
• | ||||||
• | Completed the sale of 13 vessels for | |||||
During the nine month period ended | ||||||
• | Completed the sale of two vessels for | |||||
During the fourth quarter of 2023, | ||||||
• | Agreed to sell two vessels for | |||||
In | ||||||
• | Two newbuilding containerships delivered in Q4 2023 and YTD 2024 | |||||
In | ||||||
• |
- One VLCC has been bareboat chartered-out for a period of five years, at a floating bareboat rate based on adjusted TD3C-WS with a floor of
$26,730 net per day and a ceiling of$36,630 net per day (equal to a floor of$37,018 net per day and a ceiling of$46,918 net per day if grossed up by the fixed vessel operating expense for 2023). Contracted revenue has been calculated using the average of the floor and ceiling rates, excluding the adjustment for fixed vessel operating expense, for the five year period. - Two LR1 product tankers have been chartered-out for an average period of 3.3 years, at an average rate of
$27,270 net per day. - One 2005-built capesize has been chartered-out for a period of 2.3 years, at a rate of
$17,575 net per day.
Including the above long-term charters,
Financing update
In
In
Cash distribution
The Board of Directors of
Operating Highlights
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein,
Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
(in $‘000 except per unit data) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
Revenue | $ | 327,253 | $ | 370,863 | $ | 1,306,889 | $ | 1,210,528 | ||||
Net Income | $ | 132,391 | (1) | $ | 118,258 | $ | 433,645 | (1) | $ | 579,247 | ||
Adjusted Net Income | $ | 132,914 | (2) | $ | 112,670 | (3) | $ | 383,397 | (4) | $ | 429,895 | (5) |
Net cash provided by operating activities | $ | 211,704 | $ | 140,069 | $ | 560,317 | $ | 506,340 | ||||
EBITDA | $ | 226,535 | (1) | $ | 206,228 | $ | 797,810 | (1) | $ | 817,256 | ||
Adjusted EBITDA | $ | 227,058 | (2) | $ | 200,640 | (3) | $ | 747,562 | (4) | $ | 667,904 | (5) |
Earnings per Common Unit basic | $ | 4.30 | (1) | $ | 3.84 | $ | 14.08 | (1) | $ | 18.82 | ||
Earnings per Common Unit diluted | $ | 4.30 | (1) | $ | 3.84 | $ | 14.08 | (1) | $ | 18.82 | ||
Adjusted Earnings per Common Unit basic | $ | 4.32 | (2) | $ | 3.66 | (3) | $ | 12.45 | (4) | $ | 13.97 | (5) |
Adjusted Earnings per Common Unit diluted | $ | 4.32 | (2) | $ | 3.66 | (3) | $ | 12.45 | (4) | $ | 13.97 | (5) |
(1) | Net Income, EBITDA and Earnings per Common Unit basic and diluted for the three month period and year ended | |
(2) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended | |
(3) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended | |
(4) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the year ended | |
(5) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the year ended |
Three month periods ended
Time charter and voyage revenues for the three month period ended
EBITDA of
Net Income for the three month periods ended
Years ended
Time charter and voyage revenues for the year ended
EBITDA of
Net Income for the years ended
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods and years ended
Three Month Period Ended 2023 | Three Month Period Ended 2022 | Year Ended 2023 | Year Ended 2022 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
Available Days (1) | 13,527 | 14,409 | 54,766 | 49,804 | |||||||||||
Operating Days (2) | 13,425 | 14,264 | 54,294 | 49,271 | |||||||||||
Fleet Utilization (3) | 99.2 | % | 99.0 | % | 99.1 | % | 98.9 | % | |||||||
TCE rate Combined (per day) (4) | $ | 22,625 | $ | 23,840 | $ | 22,337 | $ | 23,042 | |||||||
TCE rate Dry Bulk (per day) (4) | $ | 16,902 | $ | 15,876 | $ | 14,422 | $ | 19,464 | |||||||
TCE rate Containerships (per day) (4) | $ | 30,356 | $ | 34,037 | $ | 33,770 | $ | 31,358 | |||||||
TCE rate Tankers (per day) (4) | $ | 27,562 | $ | 30,834 | $ | 28,662 | $ | 21,020 | |||||||
Vessels operating at period end | 151 | 162 | 151 | 162 |
(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, drydockings 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, drydockings 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 the applicable fixed vessel operating expenses for the respective periods) 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:
Call Date/Time:
Call Title:
US Dial In: +1.800.579.2543
International Dial In: +1.785.424.1789
Conference ID: NMMQ423
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: +1.800.839.6980
International Replay Dial In: +1.402.220.6062
Slides and audio webcast:
There will also be a live webcast of the conference call, through the
A supplemental slide presentation will be available on the
About
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
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 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, 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
Contacts
+1 (212) 906 8645
Investors@navios-mlp.com
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 | ||||||
2023 (unaudited) | 2022 (unaudited) | |||||
ASSETS | ||||||
Cash and cash equivalents, including restricted cash and time deposits over three months (1) | $ | 296,175 | $ | 175,098 | ||
Other current assets | 103,573 | 135,326 | ||||
Vessels, net | 3,734,671 | 3,777,329 | ||||
Other non-current assets | 1,013,147 | 807,951 | ||||
Total assets | $ | 5,147,566 | $ | 4,895,704 | ||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||
Other current liabilities | $ | 174,564 | $ | 226,645 | ||
Total borrowings, net (including current and non-current) | 1,861,463 | 1,945,447 | ||||
Other non-current liabilities | 341,087 | 380,649 | ||||
Total partners’ capital | 2,770,452 | 2,342,963 | ||||
Total liabilities and partners’ capital | $ | 5,147,566 | $ | 4,895,704 |
(1) Includes time deposits with duration over three months of
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Expressed in thousands of | |||||||||||||||
Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | ||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
Time charter and voyage revenues | $ | 327,253 | $ | 370,863 | $ | 1,306,889 | $ | 1,210,528 | |||||||
Time charter and voyage expenses | (38,635 | ) | (48,330 | ) | (160,231 | ) | (122,630 | ) | |||||||
Direct vessel expenses | (21,304 | ) | (17,243 | ) | (69,449 | ) | (56,754 | ) | |||||||
Vessel operating expenses | (83,031 | ) | (85,933 | ) | (331,653 | ) | (312,022 | ) | |||||||
General and administrative expenses | (21,000 | ) | (23,497 | ) | (80,559 | ) | (67,180 | ) | |||||||
Depreciation and amortization of intangible assets | (55,055 | ) | (58,000 | ) | (217,823 | ) | (201,820 | ) | |||||||
Amortization of unfavorable lease terms | 3,491 | 10,758 | 19,922 | 74,963 | |||||||||||
(Loss)/Gain on sale of vessels, net | (523 | ) | 5,588 | 50,248 | 149,352 | ||||||||||
Interest expense and finance cost, net | (32,939 | ) | (33,072 | ) | (133,642 | ) | (83,091 | ) | |||||||
Interest income | 3,285 | 758 | 10,699 | 856 | |||||||||||
Other income/(expense), net | 50,849 | (3,634 | ) | 39,244 | (12,955 | ) | |||||||||
Net income | $ | 132,391 | $ | 118,258 | $ | 433,645 | $ | 579,247 |
Earnings per unit:
Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | ||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
Earnings per unit: | |||||||||||
Earnings per common unit, basic | $ | 4.30 | $ | 3.84 | $ | 14.08 | $ | 18.82 | |||
Earnings per common unit, diluted | $ | 4.30 | $ | 3.84 | $ | 14.08 | $ | 18.82 |
Other Financial Information | |||||||
(Expressed in thousands of | |||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||
(unaudited) | (unaudited) | ||||||
Net cash provided by operating activities | $ | 560,317 | $ | 506,340 | |||
Net cash used in investing activities | $ | (253,015 | ) | $ | (316,241 | ) | |
Net cash used in financing activities | $ | (233,225 | ) | $ | (184,447 | ) | |
Increase in cash, cash equivalents and restricted cash | $ | 74,077 | $ | 5,652 | |||
EXHIBIT 2
Owned Dry Bulk Vessels | Type | Built | Capacity (DWT) | |||
Navios Vega | Ultra-Handymax | 2009 | 57,573 | |||
Navios Christine B | Ultra-Handymax | 2009 | 58,058 | |||
Navios Celestial | Ultra-Handymax | 2009 | 58,063 | |||
Navios La Paix | Ultra-Handymax | 2014 | 61,485 | |||
N Amalthia | Panamax | 2006 | 75,318 | |||
Navios Hope | Panamax | 2005 | 75,397 | |||
Navios Sagittarius | Panamax | 2006 | 75,756 | |||
Navios Taurus | Panamax | 2005 | 76,596 | |||
Navios Galileo | Panamax | 2006 | 76,596 | |||
N Bonanza | Panamax | 2006 | 76,596 | |||
Navios Orbiter (1) | Panamax | 2004 | 76,602 | |||
Panamax | 2005 | 76,619 | ||||
Navios Asteriks | Panamax | 2005 | 76,801 | |||
Navios Helios | Panamax | 2005 | 77,075 | |||
Navios Victory | Panamax | 2014 | 77,095 | |||
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 Horizon I | Panamax | 2019 | 81,692 | |||
Navios Galaxy II | Panamax | 2020 | 81,789 | |||
Navios Uranus | Panamax | 2019 | 81,821 | |||
Navios Felicity I | Panamax | 2020 | 81,962 | |||
Navios Primavera | Panamax | 2022 | 82,003 | |||
Navios Meridian | Panamax | 2023 | 82,010 | |||
Navios Herakles I | Panamax | 2019 | 82,036 | |||
Navios Magellan II | Panamax | 2020 | 82,037 | |||
Navios Sky | Panamax | 2015 | 82,056 | |||
Navios Harmony | Panamax | 2006 | 82,790 | |||
Navios Alegria | Panamax | 2016 | 84,852 | |||
Navios Sphera | Panamax | 2016 | 84,872 | |||
Navios Apollon I | Panamax | 2005 | 87,052 | |||
Copernicus N | Panamax | 2010 | 93,062 | |||
Navios Stellar | Capesize | 2009 | 169,001 | |||
Navios Aurora II | Capesize | 2009 | 169,031 | |||
Navios Antares | Capesize | 2010 | 169,059 | |||
Navios Symphony | Capesize | 2010 | 178,132 | |||
Navios Ace | Capesize | 2011 | 179,016 | |||
Navios Melodia | Capesize | 2010 | 179,132 | |||
Navios Luz | Capesize | 2010 | 179,144 | |||
Navios Altamira | Capesize | 2011 | 179,165 | |||
Navios Azimuth | Capesize | 2011 | 179,169 | |||
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 Ray | Capesize | 2012 | 179,515 | |||
Navios Happiness | Capesize | 2009 | 180,022 | |||
Navios Bonavis | Capesize | 2009 | 180,022 | |||
Navios Phoenix | Capesize | 2009 | 180,242 | |||
Navios Fantastiks | Capesize | 2005 | 180,265 | |||
Navios Sol | Capesize | 2009 | 180,274 | |||
Navios Canary | Capesize | 2015 | 180,528 | |||
Navios Lumen | Capesize | 2009 | 180,661 | |||
Navios Pollux | Capesize | 2009 | 180,727 | |||
Navios Felix | Capesize | 2016 | 181,221 | |||
Navios Corali | Capesize | 2015 | 181,249 | |||
Navios Mars | Capesize | 2016 | 181,259 | |||
Navios Gem | Capesize | 2014 | 181,336 | |||
Navios Joy | Capesize | 2013 | 181,389 | |||
Navios Koyo | Capesize | 2011 | 181,415 | |||
Navios Azalea | Capesize | 2022 | 182,064 | |||
Navios Armonia | Capesize | 2022 | 182,079 | |||
Navios Altair | Capesize | 2023 | 182,115 | |||
Navios Sakura | Capesize | 2023 | 182,169 | |||
Navios Amethyst | Capesize | 2023 | 182,212 | |||
Navios Astra | Capesize | 2022 | 182,392 |
Owned Containerships | Type | Built | Capacity (TEU) | |||
Spectrum N | Containership | 2009 | 2,546 | |||
Protostar N | Containership | 2007 | 2,741 | |||
Fleur N | Containership | 2012 | 2,782 | |||
Ete N | Containership | 2012 | 2,782 | |||
Navios Summer | Containership | 2006 | 3,450 | |||
Navios Verano | Containership | 2006 | 3,450 | |||
Navios Spring | Containership | 2007 | 3,450 | |||
Matson Lanai | Containership | 2007 | 4,250 | |||
Navios Verde | Containership | 2007 | 4,250 | |||
Navios Amarillo | Containership | 2007 | 4,250 | |||
Navios Vermilion | Containership | 2007 | 4,250 | |||
Navios Azure | Containership | 2007 | 4,250 | |||
Navios Indigo | Containership | 2007 | 4,250 | |||
Navios Domino | Containership | 2008 | 4,250 | |||
Matson Oahu | Containership | 2008 | 4,250 | |||
Navios Tempo | Containership | 2009 | 4,250 | |||
Navios Destiny | Containership | 2009 | 4,250 | |||
Navios Devotion | Containership | 2009 | 4,250 | |||
Navios Lapis | Containership | 2009 | 4,250 | |||
Navios Dorado | Containership | 2010 | 4,250 | |||
Carmel I (ex | Containership | 2010 | 4,360 | |||
Containership | 2010 | 4,360 | ||||
Navios Bahamas | Containership | 2010 | 4,360 | |||
Navios Miami | Containership | 2009 | 4,563 | |||
Navios Magnolia | Containership | 2008 | 4,730 | |||
Navios Jasmine | Containership | 2008 | 4,730 | |||
Navios Chrysalis | Containership | 2008 | 4,730 | |||
Navios Nerine | Containership | 2008 | 4,730 | |||
Containership | 2023 | 5,300 | ||||
Containership | 2024 | 5,300 | ||||
Hyundai Shanghai | Containership | 2006 | 6,800 | |||
Hyundai Tokyo | Containership | 2006 | 6,800 | |||
Hyundai Hongkong | Containership | 2006 | 6,800 | |||
Hyundai Singapore | Containership | 2006 | 6,800 | |||
Hyundai Busan | Containership | 2006 | 6,800 | |||
Navios Unison | Containership | 2010 | 10,000 | |||
Navios Constellation | Containership | 2011 | 10,000 |
Owned Tanker Vessels | Type | Built | Capacity (DWT) | |||
Hector N | MR1 Product Tanker | 2008 | 38,402 | |||
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 Pyxis | MR2 Product Tanker | 2014 | 49,998 | |||
Nave | MR2 Product Tanker | 2013 | 49,999 | |||
Nave Orion | MR2 Product Tanker | 2013 | 49,999 | |||
Nave Titan | MR2 Product Tanker | 2013 | 49,999 | |||
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 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 | |||
Bougainville | MR2 Product Tanker | 2013 | 50,626 | |||
Nave Cetus | LR1 Product Tanker | 2012 | 74,581 | |||
Nave Ariadne | LR1 Product Tanker | 2007 | 74,671 | |||
Nave Cielo | LR1 Product Tanker | 2007 | 74,671 | |||
Nave Rigel | LR1 Product Tanker | 2013 | 74,673 | |||
Nave Atropos | LR1 Product Tanker | 2013 | 74,695 | |||
Nave Cassiopeia | LR1 Product Tanker | 2012 | 74,711 | |||
Nave Andromeda | LR1 Product Tanker | 2011 | 75,000 | |||
Nave Estella | LR1 Product Tanker | 2012 | 75,000 | |||
Nave Constellation | VLCC | 2010 | 296,988 | |||
Nave Universe | VLCC | 2011 | 297,066 | |||
Nave Galactic | VLCC | 2009 | 297,168 | |||
Nave Spherical (1) | VLCC | 2009 | 297,188 | |||
Nave Quasar | VLCC | 2010 | 297,376 | |||
Nave | VLCC | 2011 | 297,491 | |||
VLCC | 2010 | 299,973 |
Bareboat-in vessels | Type | Built | Capacity (DWT) | Purchase Option | ||||
Panamax | 2021 | 81,994 | Yes | |||||
Navios Amitie | Panamax | 2021 | 82,002 | Yes | ||||
Navios Libra | Panamax | 2019 | 82,011 | Yes | ||||
Nave Electron | VLCC | 2021 | 313,239 | Yes | ||||
Nave Celeste | VLCC | 2022 | 313,418 | Yes | ||||
VLCC | 2020 | 313,433 | Yes | |||||
Erbil | VLCC | 2021 | 313,486 | Yes |
Newbuildings to be delivered (2) | Type | Expected Delivery Date | Capacity DWT / (TEU) | |||
TBN I | Containership | H1 2024 | 5,300 | |||
TBN V | Containership | H1 2024 | 5,300 | |||
TBN VI | Containership | H1 2024 | 5,300 | |||
TBN II | Containership | H2 2024 | 5,300 | |||
TBN III | Containership | H2 2024 | 5,300 | |||
TBN IV | Containership | H2 2024 | 5,300 | |||
TBN VII | Containership | H2 2024 | 5,300 | |||
TBN VIII | Containership | H2 2024 | 5,300 | |||
TBN XV | Containership | H2 2024 | 7,700 | |||
TBN XVI | Containership | H1 2025 | 7,700 | |||
TBN XVII | MR2 Product Tanker | H2 2025 | 52,000 | |||
TBN XVIII | MR2 Product Tanker | H1 2026 | 52,000 | |||
TBN XIX | MR2 Product Tanker | H2 2026 | 52,000 | |||
TBN XX | MR2 Product Tanker | H1 2027 | 52,000 | |||
TBN XXI | MR2 Product Tanker | H1 2027 | 52,000 | |||
TBN XXII | MR2 Product Tanker | H1 2027 | 52,000 | |||
TBN IX | Aframax/LR2 | H1 2024 | 115,000 | |||
TBN X | Aframax/LR2 | H2 2024 | 115,000 | |||
TBN XI | Aframax/LR2 | H2 2024 | 115,000 | |||
TBN XII | Aframax/LR2 | H2 2024 | 115,000 | |||
TBN XIII | Aframax/LR2 | H1 2025 | 115,000 | |||
TBN XIV | Aframax/LR2 | H1 2025 | 115,000 | |||
TBN XXIII | Aframax/LR2 | H1 2026 | 115,000 | |||
TBN XXIV | Aframax/LR2 | H1 2026 | 115,000 | |||
TBN XXV | Aframax/LR2 | H2 2026 | 115,000 | |||
TBN XXVI | Aframax/LR2 | H2 2026 | 115,000 |
Chartered-in vessels (with purchase option) | Type | Year Built | Capacity (DWT) | Purchase Option | ||||
Navios Venus | Ultra-Handymax | 2015 | 61,339 | Yes | ||||
Navios Amber | Panamax | 2015 | 80,994 | Yes | ||||
Navios Citrine | Panamax | 2017 | 81,626 | Yes | ||||
Navios Dolphin | Panamax | 2017 | 81,630 | Yes | ||||
Navios Gemini | Panamax | 2018 | 81,704 | No | ||||
Navios Coral | Panamax | 2016 | 84,904 | Yes |
(1) | Vessel agreed to be sold | |
(2) | Excludes two optional newbuilding aframax/LR2 tankers under discussion |
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-
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”.
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
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
Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
($ ‘000) | ($ ‘000) | ($ ‘000) | ($ ‘000) | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
Net cash provided by operating activities | $ | 211,704 | $ | 140,069 | $ | 560,317 | $ | 506,340 | |||||||
Net increase in operating assets | 37,441 | 36,072 | 59,729 | 139,537 | |||||||||||
Net (increase)/decrease in operating liabilities | (39,472 | ) | 11,173 | 75,079 | 255 | ||||||||||
Net interest cost | 29,654 | 32,314 | 122,943 | 82,235 | |||||||||||
Amortization and write-off of deferred finance costs and discount | (1,945 | ) | (1,421 | ) | (7,188 | ) | (5,349 | ) | |||||||
Amortization of operating lease assets/ liabilities | (1,149 | ) | (2,615 | ) | (8,918 | ) | (3,912 | ) | |||||||
Non-cash amortization of deferred revenue and straight line | (9,174 | ) | (14,920 | ) | (54,396 | ) | (51,048 | ) | |||||||
Stock-based compensation | (1 | ) | (32 | ) | (4 | ) | (154 | ) | |||||||
(Loss)/Gain on sale of vessels, net | (523 | ) | 5,588 | 50,248 | 149,352 | ||||||||||
EBITDA | $ | 226,535 | $ | 206,228 | $ | 797,810 | $ | 817,256 | |||||||
Loss/(Gain) on sale of vessels, net | 523 | (5,588 | ) | (50,248 | ) | (149,352 | ) | ||||||||
Adjusted EBITDA | $ | 227,058 | $ | 200,640 | $ | 747,562 | $ | 667,904 |
Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
($ ‘000) (unaudited) | ($ ‘000) (unaudited) | ($ ‘000) (unaudited) | ($ ‘000) (unaudited) | |||||||||||||
Net cash provided by operating activities | $ | 211,704 | $ | 140,069 | $ | 560,317 | $ | 506,340 | ||||||||
Net cash used in investing activities | $ | (180,592 | ) | $ | (50,531 | ) | $ | (253,015 | ) | $ | (316,241 | ) | ||||
Net cash used in financing activities | $ | (51,110 | ) | $ | (24,760 | ) | $ | (233,225 | ) | $ | (184,447 | ) |
Source:
2024 GlobeNewswire, Inc., source