Navios Maritime Partners L.P. Reports Financial Results for the First Quarter of 2021

• Merger with Navios Maritime Containers L.P. completed on March 31, 2021
• Revenue:
  • $108.8 million total revenue for Q1 2021
    • $65.1 million from Navios Partners
    • $43.7 million from Navios Containers
• Net cash from operating activities:
  • $27.4 million total net cash from operating activities for Q1 2021
    • $16.2 million from Navios Partners
    • $11.2 million from Navios Containers
• Adjusted EBITDA:
  • $56.4 million total Adjusted EBITDA for Q1 2021
    • $33.7 million from Navios Partners
    • $22.7 million from Navios Containers
• $500.0 million financing
  • Refinancing 2021 maturities
  • No significant maturities until 2023
• Significant fleet expansion
  • 65% increase in number of vessels year-to-date
• $0.05 per unit cash distribution for Q1 2021

MONACO, April 29, 2021 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended 2021.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated, “I am pleased with the results for the first quarter of 2021. During the first quarter, total revenue of Navios Partners and Navios Containers, was $108.8 million and total adjusted EBITDA was $56.4 million.”

Angeliki Frangou continued, “Navios Partners today is a top-ten publicly listed dry cargo fleet company with 89 vessels comprised of 51 dry bulk vessels and 38 containerships. We expect that our diversified fleet will benefit from the distinct industry drivers while also offering some insulation against cyclicality.  For example, given the ongoing strength in the container industry, we fixed about 89% of available days.  In contrast, in the dry bulk segment, we have over 62% of available days open or on index linked charters so that we can capture further market firming.  We believe these two segments housed in a single company strengthen our business.”

Merger with Navios Maritime Containers L.P.

On March 31, 2021, Navios Partners completed the merger contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 31, 2020, by and among Navios Partners, its direct wholly-owned subsidiary NMM Merger Sub LLC (“Merger Sub”), Navios Maritime Containers L.P. (“Navios Containers”) and Navios Maritime Containers GP LLC, Navios Containers’ general partner. Pursuant to the Merger Agreement, Merger Sub merged with and into Navios Containers, with Navios Containers continuing as the surviving partnership. As a result of the Merger, Navios Containers became a wholly-owned subsidiary of Navios Partners. Pursuant to the terms of the Merger Agreement, each outstanding common unit of Navios Containers that was held by a unitholder other than Navios Partners, Navios Containers and their respective subsidiaries was converted into the right to receive 0.39 of a common unit of Navios Partners. As a result of the Merger, 8,133,452 common units of Navios Partners were issued to former public unitholders of Navios Containers. The results of operations of Navios Containers will be included in Navios Partner’s consolidated statements of operations commencing on April 1, 2021.

Fleet Update Year-To-Date

• Acquisition of 29 Containerships

Following the completion of the merger with Navios Containers on March 31, 2021, the 29-vessel fleet of Navios Containers is included in Navios Partners owned fleet.

• Acquisition of three Containerships

In April 2021, Navios Partners agreed to acquire from Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA) the Ete N, a 2012 built Containership of 2,782 TEU, the Fleur N, a 2012 built Containership of 2,782 TEU, and the Spectrum N, a 2009 built Containership of 2,546 TEU for a purchase price of $55.5 million. The vessels are expected to be delivered into Navios Partners’ fleet during the second quarter of 2021.

• Acquisition of one Capesize Vessel

In April 2021, Navios Partners agreed to acquire from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE: NM) a 2011 built Capesize vessel for a purchase price of $28.5 million. The vessel is expected to be delivered into Navios Partners’ fleet during the second quarter of 2021.

• Acquisition of two Kamsarmax Vessels

In March, 2021, Navios Partners agreed to acquire from Navios Holdings the Navios Avior, a 2012 built Kamsarmax vessel of 81,355 dwt, and the Navios Centaurus, a 2012 built Kamsarmax vessel of 81,472 dwt. On March 30, 2021, Navios Partners completed the acquisition of the two vessels from Navios Holdings for a purchase price of $39.3 million, including working capital adjustments.

• Acquisition of one Newbuilding Kamsarmax Vessel

In March, 2021, Navios Partners agreed to acquire from an unrelated third party a newbuilding Kamsarmax vessel for a purchase price of $31.6 million. The vessel has approximately 81,000 dwt and is expected to be delivered into Navios Partners’ fleet during the second half of 2022.

• Four Bareboat Charter-in Newbuilding Capesize Vessels

In January, 2021, Navios Partners agreed to bareboat charter-in three Japanese newbuilding Capesize vessels from an unrelated third party. Each vessel has approximately 180,000 dwt and is being bareboat chartered-in for 15 years. Navios Partners has the option to acquire the vessels starting at the end of year four until the end of the charter period. Assuming exercise of the option at the end of the 15-year period, the bareboat agreements reflect an implied price of approximately $51.5 million per vessel and an annual effective interest of approximately 4.4%. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2022.

In March, 2021, Navios Partners agreed to bareboat charter-in one Japanese newbuilding Capesize vessel from an unrelated third party. The vessel has approximately 180,000 dwt and is being bareboat chartered-in for 15 years. Navios Partners has the option to acquire the vessel starting at the end of year four until the end of the charter period. Assuming exercise of the option at the end of the 15-year period, the bareboat agreement reflects an implied price of approximately $51.5 million and an annual effective interest of approximately 5.0%. The vessel is expected to be delivered into Navios Partners’ fleet during the first half of 2023.

• $ 66.7 million Sale of Five Vessels

In April 2021, Navios Partners, agreed to sell the Navios Dedication, a 2008-built Containership of 4,250 TEU to an unrelated third party for a net sale price of $33.9 million. The sale is expected to be completed during the second quarter of 2021.

On March 25, 2021, Navios Partners completed the sale of the Joie N, a 2011-built Ultra-Handymax vessel of 56,557 dwt, to an unrelated third party, for a net sale price of $8.2 million.

On February 10, 2021, Navios Partners completed the sale of the Castor N, a 2007-built Containership of 3,091 TEU to an unrelated third party for a net sale price of $8.9 million.

On January 28, 2021, Navios Partners completed the sale of the Solar N, a 2006-built Containership of 3,398 TEU to an unrelated third party for a net sale price of $11.1 million.

On January 13, 2021, Navios Partners completed the sale of the Esperanza N, a 2008-built Containership of 2,007 TEU to an unrelated third party for a net sale price of $4.6 million.

• Current Fleet

Following the above transactions, on a fully delivered basis, our fleet consists of 89 vessels, 51 dry bulk vessels and 38 containerships with a total capacity of 8.2 million dwt.

Financing Arrangements

In April 2021, Navios Partners received credit approval for a new credit facility with a commercial bank for a total amount of up to $160.0 million in order to: (i) refinance its existing facility maturing in August 2021; (ii) refinance one dry bulk vessel; and (iii) finance the acquisition of one dry bulk vessel. The new facility is expected to have an amortization profile of approximately 8 years, will mature in the second quarter of 2025 and will bear interest at LIBOR plus 3.0% per annum.

In April 2021, Navios Partners received credit approval for a new credit facility with a commercial bank for a total amount of up to $43.0 million in order to refinance six dry bulk vessels. The new facility will have an amortization profile of 8 years and will mature in the second quarter of 2026 and will bear interest at LIBOR plus 3.0% per annum.

The above facilities remain subject to completion of definitive documentation and are expected to close in the second quarter of 2021. No assurance can be provided that the transactions will be completed in full or in part.

In April 2021, Navios Partners entered into a new credit facility with a commercial bank for a total amount of $40.0 million in order to refinance two dry bulk vessels and to finance the acquisition of two containerships. The new facility will have an amortization profile of 7 years and will mature in the second quarter of 2025 and bear interest at LIBOR plus 2.85% per annum.

In April 2021, Navios Partners entered into a new credit facility with a commercial bank for a total amount of $8.9 million in order to finance the acquisition of one containership. The new facility will have an amortization profile of 7 years and will mature in the fourth quarter of 2024 and bear interest at LIBOR plus 3.0% per annum. On April 28, 2021, the entire amount was drawn under this loan.

On March 23, 2021, Navios Partners entered into a new credit facility with a commercial bank for a total amount of $58.0 million in order to refinance two dry bulk vessels and to finance the acquisition of the Navios Avior and the Navios Centaurus. The credit facility matures in March 2026 and bears interest at LIBOR plus 3% per annum. On March 30, 2021, the entire amount was drawn under this loan.

In January and March 2021, Navios Partners entered into four bareboat charter-in agreements for four Japanese newbuilding Capesize vessels. The total implied amount financed for the three vessels is approximately $144.0 million and for the fourth is approximately $48.0 million and the implied effective interest rate is 4.4% and 5.0%, respectively.

Cash Distribution

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2021 of $0.05 per unit. The cash distribution is payable on May 14, 2021 to all unitholders of record as of May 11, 2021. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

Long-Term Cash Flow

Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of approximately 1.4 years. Navios Partners has currently contracted out 77.0% of its available days for the remaining nine months of 2021, 33.2% for 2022 and 17.3% for 2023, including index-linked charters. Excluding index-linked charters, Navios Partners Group expects to generate revenues of approximately $278.9 million, $218.6 million and $120.0 million, respectively. The Average Expected daily charter-out rate for the fleet is $20,000 for the remaining nine months 2021, $24,343 for 2022 and $26,588 for 2023.

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, 2021 and 2020. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit 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”). Navios Partners results of operations for the three month period ended March 31, 2021 do not include Navios Containers results. The results of operations of Navios Containers will be included in Navios Partner’s consolidated statements of operations commencing on April 1, 2021. The column “Total” below presents the aggregate results of operations for Navios Partners and Navios Containers for the three month period ended March 31, 2021, and doesn’t include all adjustments that would have been accounted for, had the transaction been completed on January 1, 2021.

	Three Month			Three Month			Three Month				Three Month
	Period Ended			Period Ended			Period Ended				Period Ended
	March 31, 2021			March 31, 2021			March 31, 2021				March 31, 2020
	(unaudited)			(unaudited)			(unaudited)				(unaudited)
(in $‘000 except per unit data)	Navios Partners			Navios Containers			Total				Navios Partners
Revenue	$	65,063		$	43,763		$	108,826			$	46,490
Net Income / (Loss)	$	136,679		$	15,270		$	151,949			$	(10,724	)
Adjusted Net Income/ (loss)	$	11,787	(1)	$	15,270		$	27,057			$	(3,824	)	(2)
Net cash provided by operating activities	$	16,177		$	11,258		$	27,435			$	20,937
EBITDA	$	158,551		$	22,759		$	181,310			$	12,181
Adjusted EBITDA	$	33,659	(1)	$	22,759		$	56,418			$	19,081		(2)
Earnings / (loss) per Common Unit basic	$	11.78		$	-		$	-			$	(0.97	)
Earnings / (loss) per Common Unit Diluted	$	11.69		$	-		$	-			$	(0.97	)
Adjusted Earnings/ (loss) per Common Unit basic	$	1.02	(1)	$	-		$	-			$	(0.35	)	(2)
Adjusted Earnings/ (loss) per Common Unit diluted	$	1.01	(1)	$	-		$	-			$	(0.35	)	(2)

(1)	Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2021 have been adjusted to exclude an $80.8 million gain from equity in net earnings of affiliated companies and a $44.1 million bargain purchase gain upon obtaining control over Navios Containers.
(2)	Adjusted EBITDA, Adjusted Net Loss and Adjusted Loss per Common Unit for the three month period ended March 31, 2020 have been adjusted to exclude a $6.9 million loss related to the other than- temporary impairment recognized in the Navios Partners’ receivable from Navios Europe II.

Three month periods ended March 31, 2021 and 2020

Time charter and voyage revenues of Navios Partners for the three month period ended March 31, 2021 increased by approximately $18.6 million, or 40.0%, to $65.1 million, as compared to $46.5 million for the same period in 2020. The increase in revenue was mainly attributable to the increase in Time Charter Equivalent (“TCE”) rate per day by 38.4% to $14,836 per day for the three month period ended March 31, 2021, as compared to $10,717 per day in the same period in 2020.

EBITDA of Navios Partners for the three month period ended March 31, 2021 and 2020 was affected by items described in the table above. Excluding these items, Adjusted EBITDA increased by $14.6 million to $33.7 million for the three month period ended March 31, 2021, as compared to $19.1 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to: (i) an approximate $18.6 million increase in time charter and voyage revenues; and (ii) a $0.6 million decrease in time charter voyage expenses mainly due to the increased bunker expenses arising from the increased number of freight voyages in the first quarter of 2020. The above increase was partially mitigated by a: (i) $0.8 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) $0.8 million increase in general and administrative expenses, mainly due to the increased fleet and an increase in other professional fees; (iii) $0.5 million loss on sale of vessels mainly relating to the sale of the Joie N; (iv) $0.8 million decrease in other income; and (v) $1.7 million decrease in equity in net earnings of affiliated companies.

Net income of Navios Partners for the three month period ended March 31, 2021 was approximately $136.6 million as compared to $10.7 million net loss for the same period in 2020. Net income was affected by items described in the table above. Excluding these items, adjusted net income for the three month period ended March 31, 2021 amounted to $11.8 million compared to $3.8 million loss for the three month period ended March 31, 2020. The increase in adjusted net income of $15.6 million was due to a: (i) $14.6 million increase in Adjusted EBITDA; (ii) $1.1 million decrease in interest expense and finance cost, net; and (iii) $0.6 million decrease in depreciation and amortization expense. The above increase was partially mitigated by a: (i) $0.6 million increase in direct vessel expenses; and (ii) $0.1 million decrease in interest income.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ and Navios Containers’ core fleet performance for the three month periods ended March 31, 2021 and 2020.

	Three Month				Three Month				Three Month					Three Month
	Period Ended				Period Ended				Period Ended					Period Ended
	March 31, 2021				March 31, 2021				March 31, 2021					March 31, 2020
	(unaudited)				(unaudited)				(unaudited)					(unaudited)
(in $‘000 except per unit data)	Navios Partners				Navios Containers				Total					Navios Partners
Available Days(1)		4,252				2,559				6,811					4,097
Operating Days(2)		4,201				2,535				6,736					3,995
Fleet Utilization(3)		98.8	%			99.1	%			98.9	%				97.5	%
Time Charter Equivalent Combined (per day) (4)	$	14,836			$	16,761			$	15,559				$	10,717
Time Charter Equivalent Drybulk (per day) (4)	$	13,050			$	-			$	13,050				$	8,244
Time Charter Equivalent Containers (per day) (4)	$	23,794			$	16,761			$	18,283				$	19,377
Vessels operating at period end		79				-				-					46

(1	)	Available days for the fleet represent total calendar days the vessels were in Navios Partners’ and Navios Containers’ 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’ and Navios Containers’ 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 and time charter revenues 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 Thursday, April 29, 2021 to discuss the results for the first quarter March 31, 2021.

Call Date/Time: Thursday, April 29, 2021 at 8:30 am ETCall Title: Navios Partners Q1 2021 Financial Results Conference Call US Dial In: +1.866.394.0817 International Dial In: +1.706.679.9759 Conference ID: 149 7706

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: +1.800.585.8367 International Replay Dial In: +1.404.537.3406 Conference ID: 149 7706

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 a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release contains 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 Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to have a dividend 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. 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, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the COVID-19 pandemic and the ongoing efforts throughout the world to contain it; 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 cargo shipping sector in general and the demand for our Panamax, Capesize, Ultra-Handymax and Containerships in particular, fluctuations in charter rates for dry cargo carriers and container 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[email protected] 

Nicolas BornozisCapital Link, Inc.+1 (212) 661 7566[email protected]

EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P. SELECTED BALANCE SHEET DATA(Expressed in thousands of U.S. Dollars except unit data)

	March 31,2021(unaudited)			December 31,2020(unaudited)
ASSETS
Cash and cash equivalents, including restricted cash	$	51,380		$	30,728
Other current assets		44,999			30,052
Vessels, net		1,808,908			1,041,138
Other non-current assets		88,924			105,351
Total assets	$	1,994,211		$	1,207,269
LIABILITIES AND PARTNERS’ CAPITAL
Other current liabilities	$	58,475		$	51,417
Total borrowings, net (including current and non-current)		701,177			486,857
Other non-current liabilities		238,068			14,165
Total partners’ capital		996,491			654,830
Total liabilities and partners’ capital	$	1,994,211		$	1,207,269

NAVIOS MARITIME PARTNERS L.P.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Expressed in thousands of U.S. Dollars except unit and per unit data)

	Three MonthPeriod EndedMarch 31, 2021(unaudited)				Three Month Period EndedMarch 31, 2020(unaudited)
Revenue	$	65,063			$	46,490
Time charter and voyage expenses		(2,495	)			(3,098	)
Direct vessel expenses		(3,154	)			(2,549	)
Vessel operating expenses (management fees entirely through related parties transactions)		(22,962	)			(22,205	)
General and administrative expenses		(4,907	)			(4,145	)
Depreciation and amortization		(13,087	)			(13,637	)
Loss on sale of vessels		(511	)			-
Interest expense and finance cost, net		(5,844	)			(6,944	)
Interest income		115				195
Impairment of receivable in affiliated company		-				(6,900	)
Other income		105				904
Other expense		(536	)			(513	)
Equity in net earnings of affiliated companies		80,839				1,678
Bargain purchase gain		44,053				-
Net income / (loss)	$	136,679			$	(10,724	)

      Earnings/ (loss) per unit:

	Three MonthPeriod EndedMarch 31, 2021(unaudited)			Three MonthPeriod EndedMarch 31, 2020(unaudited)
Earnings / (loss) per unit:
Earnings / (loss) per unit, basic	$	11.78		$	(0.97	)
Earnings / (loss) per unit, diluted	$	11.69		$	(0.97	)

  

NAVIOS MARITIME PARTNERS L.P.Other Financial Information(Expressed in thousands of U.S. Dollars except unit data)

	Three MonthPeriod EndedMarch 31, 2021(unaudited)				Three MonthPeriod EndedMarch 31, 2020(unaudited)
Net cash provided by operating activities	$	16,177			$	20,937
Net cash provided by / (used in) investing activities		5,638				(3,337	)
Net cash used in financing activities		(1,163	)			(16,855	)
Increase in cash, cash equivalents and restricted cash	$	20,652			$	745

EXHIBIT 2

Owned Drybulk Vessels		Type		Built		Capacity (DWT)
Navios Christine B		Ultra-Handymax		2009		58,058
Navios Amaryllis		Ultra-Handymax		2008		58,735
Serenitas N		Ultra-Handymax		2011		56,644
Navios La Paix		Ultra-Handymax		2014		61,485
Navios Hyperion		Panamax		2004		75,707
Navios Alegria		Panamax		2004		76,466
Navios Orbiter		Panamax		2004		76,602
Navios Anthos		Panamax		2004		75,798
Navios Azalea		Panamax		2005		74,759
Navios Camelia		Panamax		2009		75,162
Navios Helios		Panamax		2005		77,075
Navios Hope		Panamax		2005		75,397
Navios Sun		Panamax		2005		76,619
Navios Sagittarius		Panamax		2006		75,756
Navios Harmony		Panamax		2006		82,790
Navios Prosperity I		Panamax		2007		75,527
Navios Libertas		Panamax		2007		75,511
Navios Symmetry		Panamax		2006		74,381
Navios Apollon I		Panamax		2005		87,052
Navios Altair I		Panamax		2006		74,475
Navios Sphera		Panamax		2016		84,872
Copernicus N		Panamax		2010		93,062
Unity N		Panamax		2011		79,642
Odysseus N		Panamax		2011		79,642
Navios Victory		Panamax		2014		77,095
Navios Avior		Panamax		2012		81,355
Navios Centaurus		Panamax		2012		81,472
Navios Gem		Capesize		2014		181,336
Navios Fantastiks		Capesize		2005		180,265
Navios Aurora II		Capesize		2009		169,031
Navios Pollux		Capesize		2009		180,727
Navios Fulvia		Capesize		2010		179,263
Navios Melodia		Capesize		2010		179,132
Navios Luz		Capesize		2010		179,144
Navios Buena Ventura		Capesize		2010		179,259
Navios Joy		Capesize		2013		181,389
Navios Beaufiks		Capesize		2004		180,310
Navios Ace		Capesize		2011		179,016
Navios Sol		Capesize		2009		180,274
Navios Symphony		Capesize		2010		178,132
Navios Aster		Capesize		2010		179,314
Navios Mars		Capesize		2016		181,259

 

Owned Containerships		Type		Built		Capacity(TEU)
Spectrum N		Containership		2009		2,546
Harmony N		Containership		2006		2,824
Protostar N		Containership		2007		2,741
Navios Summer		Containership		2006		3,450
Navios Verano		Containership		2006		3,450
Navios Spring		Containership		2007		3,450
Navios Amaranth		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 Dedication (1)		Containership		2008		4,250
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 Dorado		Containership		2010		4,250
Navios Felicitas		Containership		2010		4,360
Bahamas		Containership		2010		4,360
Bermuda		Containership		2010		4,360
Navios Miami		Containership		2009		4,563
Navios Magnolia		Containership		2008		4,730
Navios Jasmine		Containership		2008		4,730
Navios Chrysalis (ex APL Denver)		Containership		2008		4,730
Navios Nerine		Containership		2008		4,730
Hyundai Hongkong		Containership		2006		6,800
Hyundai Singapore		Containership		2006		6,800
Hyundai Tokyo		Containership		2006		6,800
Hyundai Shanghai		Containership		2006		6,800
Hyundai Busan		Containership		2006		6,800
Navios Utmost		Containership		2006		8,204
Navios Unite		Containership		2006		8,204
Navios Unison		Containership		2010		10,000
Navios Constellation		Containership		2011		10,000

Bareboat Chartered-in vessel		Type		Built		Capacity(DWT)			Purchase Option
Navios Libra		Panamax		2019		82,011			Yes

Owned Vessels to be Delivered	Type			Delivery date		Capacity(DWT) /TEU
Fleur N	Containership			Q2 2021		2,782
Ete N	Containership			Q2 2021		2,782
Navios TBN VI	Capesize			Q2 2021		181,415
Navios TBN IV	Panamax			2022		81,000

Bareboat Chartered-in vessels to be delivered		Type		Delivery date		Capacity(DWT)		Purchase Option
Navios Amitie		Panamax		2021		81,000		Yes
Navios Star		Panamax		2021		81,000		Yes
Navios TBN I		Capesize		2022		180,000		Yes
Navios TBN II		Capesize		2022		180,000		Yes
Navios TBN III		Capesize		2022		180,000		Yes
Navios TBN V		Capesize		2023		180,000		Yes

(1)   Agreed to be sold

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings/ (Loss) 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 (loss)/ income attributable to Navios Partners’ unitholders before interest and finance costs, before 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 reconcile 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 affiliate companies; (vi) impairment charges; (vii) non-cash accrued interest income and amortization of deferred revenue; (viii) equity compensation expense; (ix) non-cash accrued interest income from receivable from affiliates; and (x) amortization of operating lease right-of-use asset. 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.

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.

EXHIBIT 4

Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

	Three MonthPeriod EndedMarch 31, 2021($ ‘000)(unaudited)				Three MonthPeriod EndedMarch 31, 2020($ ‘000)(unaudited)
Net cash provided by operating activities	$	16,177			$	20,937
Net increase/ (decrease) in operating assets		16,975				(8,246	)
Net increase in operating liabilities		(3,441	)			(1,442	)
Net interest cost		5,729				6,749
Amortization and write-off of deferred financing cost		(1,290	)			(519	)
Amortization of operating lease right-of-use asset		(255	)			(225	)
Non cash accrued interest income and amortization of deferred revenue		393				394
Stock-based compensation expense		(118	)			(245	)
Loss on sale of vessel		(511	)			-
Bargain purchase gain		44,053				-
Impairment of receivable in affiliated company		-				(6,900	)
Equity in net earnings of affiliated companies		80,839				1,678
EBITDA(1)	$	158,551			$	12,181
Equity in net earnings of affiliated companies		(80,839	)			-
Bargain purchase gain		(44,053	)			-
Impairment of receivable in affiliated company		-				6,900
Adjusted EBITDA	$	33,659			$	19,081
(1)
	Three MonthPeriod EndedMarch 31, 2021($ ‘000)(unaudited)				Three MonthPeriod EndedMarch 31, 2020($ ‘000)(unaudited)
Net cash provided by operating activities	$	16,177			$	20,937
Net cash provided by / (used in) investing activities	$	5,638			$	(3,337	)
Net cash used in financing activities	$	(1,163	)		$	(16,855	)

EXHIBIT 5

NAVIOS MARITIME CONTAINERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars except unit and per unit data)

		Three Month Period Ended March 31,2021				Three Month Period EndedMarch  31,2020
		(unaudited)				(unaudited)
Revenue	$	43,763			$	40,261
Time charter and voyage expenses		(873	)			(2,601	)
Direct vessel expenses		(2,242	)			(1,199	)
Management fees		(17,003	)			(17,192	)
General and administrative expenses		(2,714	)			(2,543	)
Depreciation and amortization		(2,586	)			(7,058	)
Interest expense and finance cost, net		(2,753	)			(4,564	)
Other (expense)/ income, net		(322	)			(95	)
Net income	$	15,270			$	5,009

Navios Maritime Containers L.P. Reconciliation of EBITDA to Cash from Operations

		Three MonthPeriod EndedMarch 31,2021					Three MonthPeriod EndedMarch 31,2020
		(unaudited)					(unaudited)
Expressed in thousands of U.S. dollars
Net cash provided by/(used in) operating activities	$	11,258				$	(6,995	)
Net increase in operating assets		7,440					7,436
Net decrease in operating liabilities		1,666					14,140
Net interest and finance cost		2,753					4,564
Amortization and write-off of deferred financing costs charges		(358	)				(1,314	)
EBITDA	$	22,759				$	17,831

		Three MonthPeriod EndedMarch 31,2021					Three MonthPeriod EndedMarch 31,2020
			(unaudited)				(unaudited)
Net cash provided by/(used in) operating activities		$	11,258			$	(6,995	)
Net cash used in investing activities		$	(114	)		$	(191	)
Net cash (used in)/provided by financing activities		$	(8,435	)		$	9,700

 

Source: Navios Maritime Partners L.P.

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