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BULK - Navios Maritime Partners (NMM) Q1/09 rapport

9505 fcras 30/4 2009 10:34

News Releases

Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2009

- 47.2% increase in quarterly Operating Surplus to $10.6 million

- 59.8% increase in quarterly EBITDA to $14.7 million

- 48.3% increase in quarterly revenues to $21.2 million

- Distribution of $0.40 per unit for the three month period ended March 31, 2009

PIRAEUS, GREECE, April 29, 2009 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: "NMM"), an owner and operator of Capesize and Panamax vessels, reported its financial results for the three month period March 31, 2009.

Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We believe that Navios Partners is well positioned given the long-term employment of its fleet, averaging 4.1 years, the quality of its charter parties and the AA+ EU governmental agency insurance on all its charter-out contracts. The results of the first quarter of 2009 were in line with our expectations, and we have declared a $0.40 per unit cash distribution for the first quarter of 2009."

Ms. Frangou continued "The globally coordinated fiscal stimulus programs are beginning to affect positively the dry bulk market; the BDI recovered from its low in December 2008 to a healthier steady state in the first quarter of 2009. We continue to have measured optimism as the concerted policy responses to the world-wide recession are gradually facilitating access to credit and easing constriction within markets."

Recent Developments

Navios Hope Employment Terms:

Navios Partners received a lump sum charter payment of approximately $29.6 million for Navios Hope in the first quarter of 2009. This charter payment was net of expenses and represents an acceleration of a significant portion of the $56.2 million nominal charter amount. Navios Partners will receive the entire amount of the original charter through the lump sum payment and the new charter payments for the remainder of the term of the original charter (ending in 2013). The acceleration of the charter payment provides Navios Partners with a present value benefit of approximately $3.7 million.

Navios TBN II option not exercised:

On April 2, 2009, Navios Partners announced that it would not exercise the option to acquire TBN II, a new building capesize vessel, from Navios Holdings for $135.0 million. This decision was reached in light of the unfavorable conditions in the capital markets. There are no fees or costs payable in connection with the option expiration on April 1, 2009.

Credit Facility Amendment:

In January 2009, Navios Partners amended the terms of its existing credit facility. The company prepaid $40.0 million of its credit revolving facility in the first quarter of 2009. This would result in interest expense savings for 2009 of approximately $1.5 million (based on current interest rates) and a reduction in the Company's leverage. The interest rate on the remaining facility of $195.0 million has a spread of 225 bps following the amendment. The amendment will be effective until January 15, 2010. No further principal payments would be required to be made until the first quarter of 2012.

Cash Distributions

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2009 of $0.40 per unit. This distribution is payable on May 6, 2009 to all holders of record as of May 1, 2009. Long Term and Insured Cash Flow

Navios Partners has entered into long-term time charters-out for its nine active vessels with a remaining average term of 4.1 years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 100% of available days for 2009, 100% for 2010 and 80% for 2011 generating revenues of $118.2 million, $97.1 million and $82.0 million, respectively. The average contractual daily charter-out rate for the fleet is $34,081, $26,616 and $28,074 for 2009, 2010 and 2011, respectively. The average daily charter-in rate for the active long term charter-in vessels for 2009 and 2010 is $13,513.

Navios Partners' charter-out contracts have been fully insured by an AA+ rated European Union governmental agency.

Operating Expense Visibility

Navios Partners has entered into a five-year management agreement expiring in November 2012, with a subsidiary of Navios Holdings. Rates for the first two years (ending November 16, 2009) are fixed at (i) $4,000 per day for each owned Panamax vessel and (ii) $5,000 for each owned Capesize vessel.


For the following results and the selected financial data presented herein, Navios Partners has compiled consolidated statements of operations for the three-month periods ended March 31, 2009 and March 31, 2008. The quarterly 2009 and 2008 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-GAAP financial measure and should not be used in isolation or substitution for Navios Partners' results.

Hele rapporten:

30/4 2009 11:43 collersteen 09518

Ja, det er en fabelagtigt sikring af de fremtidige pengestrømme de der har fået stablet på benene. Der kan end ikke Norden være med, når det kommer til en "sikker" bulk-aktie.