Navios Maritime Partners beats by $0.05, beats on revs; provides outlook on long-term cash flow expectations :
- Navios Maritime Partners reports Q3 adj EPS of $0.07 vs the $0.02 Capital IQ Consensus Estimate; revs were $50.3 mln vs the $47.53 mln Capital IQ Consensus Estimate.
- Time charter and voyage revs for the three month period ended Sept 30, 2016 decreased by $6.8 mln or 11.8% to $50.3 mln, as compared to $57.1 mln for the same period in 2015.
- "Navios Partners is a unique platform in the dry sector. Since the beginning of 2016, we have repaid almost $107 mln 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 mln in free cash flow for the remainder of 2016 and about $84 mln in free cash flow for 2017."
- Long-term cash flow expectations
- The co has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of 2.7 years. Navios Partners has currently contracted out 99.1% of its available days for 2016, 58.8% for 2017 and 36.9% for 2018, including index-linked charters, respectively, expecting to generate revenues of approximately $192.2 mln, $103.0 mln and $82.4 mln, respectively. The avg expected daily charter-out rate for the fleet is $17,614, $23,742 and $26,690 for 2016, 2017 and 2018, respectively.
Description
Navios Maritime Partners L.P. is an international owner and operator of dry cargo and container vessels. The Company is engaged in the seaborne transportation services of a range of dry cargo commodities, including iron ore, coal, grain and fertilizer, and also containers, chartering its vessels under medium to long-term charters. It focuses on providing seaborne shipping services under long-term time charters. As of December 31, 2016, it controlled 12 Panamax vessels, nine Capesize vessels, three Ultra-Handymax vessels and seven container vessels. Panamax vessels are vessels capable of carrying a range of dry cargo commodities, including iron ore, coal, grain and fertilizer and being accommodated in various discharge ports. Capesize vessels are dedicated to the carriage of iron ore and coal. Ultra-Handymax vessels are similar to Panamax vessels although with less carrying capacity, and have self-loading and discharging gear on board to accommodate undeveloped ports.
Key stats and ratios
| Q2 (Jun '17) | 2016 | |
| Net profit margin | 8.89% | -27.58% |
| Operating margin | 23.57% | -1.26% |
| EBITD margin | - | 61.50% |
| Return on average assets | 1.37% | -4.01% |
| Return on average equity | 2.04% | -7.33% |
| Employees | 186 |
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