Navios Maritime Partners (NYSE: NMM) reported Q4 EPS of $0.09, $0.06 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $53.3 million versus the consensus estimate of $59.63 million.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “For 2015, we reported $153.3 million of EBITDA and earned $41.8 million of net income. Our net income per unit for the year was a strong $0.48. While Navios Partners is healthy, we announced the necessary, but painful decision to eliminate distributions given our untenable cost of capital, the inability to know when markets will restore and the opportunities to acquire assets at attractive prices.”

Angeliki Frangou continued, “We did not take this decision lightly. However, we believe that reallocating cash flow to growth opportunities is in the best long-term interests of unitholders when Navios Partners does not have access to equity capital. Moreover, given current distressed market conditions, we believe that Navios Partners can be a unique platform for growth. While unitholders will forego near-term cash flows, Navios Partners should be able to create meaningful future distributable cash flow, whether through capital gains or a healthy charter market, assuming the market improves over time.”

Distributions

The Board of Directors of the Company has decided to suspend the quarterly cash distributions to its unitholders including the distribution for the quarter ended December 31, 2015. The Board believes such a decision is in the best long-term interests of the Company and its stakeholders. The Board of Directors will reassess the Company's distribution policy as the environment changes.

For earnings history and earnings-related data on Navios Maritime Partners (NMM) click here.