- 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
Fleet Update
- Acquisition of four 115,000 dwt Aframax/LR2 Newbuilding vessels in
April 2022
In
- 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 midOctober 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,
Financing Update
On
On
Cash Distribution
The Board of Directors of
Operating Highlights
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein,
Upon completion of the merger (“NMCI Merger”) with
Three Month Period Ended | Three Month Period Ended (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
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
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods ended
Three Month Period Ended | Three Month Period Ended | ||||||
(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:
Call Date/Time:
Call Title:
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
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, 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
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
Contacts
+1 (212) 906 8645
Investors@navios-mlp.com
Capital
+1 (212) 661 7566
naviospartners@capitallink.com
EXHIBIT 1
SELECTED BALANCE SHEET DATA
(Expressed in thousands of
2022 (unaudited) | 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 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of
Three Month Period Ended (unaudited) | Three Month Period Ended (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 | Three Month Period Ended | |||||||
(unaudited) | (unaudited) | |||||||
Earnings per unit: | ||||||||
Earnings per common unit, basic | $ | 2.78 | $ | 11.78 | ||||
Earnings per common unit, diluted | $ | 2.78 | $ | 11.69 |
Other Financial Information
(Expressed in thousands of
Three Month Period Ended | Three Month Period Ended | ||||||
(in thousands of | (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 | |||
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 | |||
Containership | 2010 | 4,360 | ||||
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 | 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 | |||
VLCC | 2010 | 299,973 | ||||
Nave Universe | VLCC | 2011 | 297,066 | |||
Nave | VLCC | 2011 | 297,491 |
Bareboat Chartered-in vessels | Type | Built | Capacity (DWT) | Purchase Option | ||||
Navios Libra | Panamax | 2019 | 82,011 | Yes | ||||
Panamax | 2021 | 81,994 | Yes | |||||
Navios Amitie | Panamax | 2021 | 82,002 | Yes | ||||
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-
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 | |||||||||
($ ‘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 | Three Month Period Ended | |||||||
($ ‘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 | ) |
Source:
2022 GlobeNewswire, Inc., source