Navios Maritime Partners L.P. Reports Financial Results For The Third Quarter And Nine Months Ended September 30, 2016

  • Revenue: $50.3 million in Q3; $140.9 million for the nine months
  • Adjusted EBITDA: $32.8 million in Q3; $89.9 million for the nine months
  • $30.2 million reduction of commercial bank loans in November
  • Strengthening the Term Loan B collateral package
    • $50.5 million additional collateral in November
    • $99.0 million additional collateral YTD 2016

MONACO, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners" or the "Company") (NYSE:NMM), an international owner and operator of container and dry bulk vessels, today reported its financial results for the third quarter and nine months ended September 30, 2016.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, "For the third quarter of 2016, we recorded $50.3 million of revenue and $13.4 million of EBITDA. Our results were affected by one-time impairment charges on the sale of shares received in connection with HMM's out-of-court restructuring. Yet, in a difficult dry bulk and container market, the Company has materially improved the Term Loan B collateral package, solidified its balance sheet and added liquidity."

Angeliki Frangou continued, "Navios Partners is a unique platform in the dry sector. Since the beginning of 2016, we have repaid almost $107 million of debt and have net debt to book capitalization of 42.9%. In addition, we have no significant debt maturities until 2018.  Under our current cost structure and with current spot market rates, we expect to generate about $21 million in free cash flow for the remainder of 2016 and about $84 million in free cash flow for 2017."

Debt Developments

a. $30.2 million reduction of commercial bank loans

In November 2016, the Company reduced one of its commercial bank facilities by $30.2 million through prepayment of $28.0 million in cash and achieving a $2.2 million benefit to nominal value. Following the prepayment, six vessels were removed from the collateral package. The outstanding balance of the facility is currently $41.8 million and is repayable in the fourth of quarter of 2017 with a final balloon payment of $31.9 million.

b. $50.5 million additional collateral to the Term Loan B

In November 2016, Navios Partners provided $50.5 million additional collateral to the Term B Loan consisting of:

a. $37.0 million value of six drybulk vessels transferred from commercial bank facilities; andb. $13.5 million cash collateral. The cash collateral will be replaced with a Capesize vessel that is expected to be delivered within December 2016.

Following the above additions, within 2016, Navios Partners has increased the collateral package of the Term Loan B by $99.0 million and $152.5 million from Q1 2015. In addition, Navios Partners has prepaid $25.0 million during the first half of 2016.

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