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• Revenue: $44.9 million in Q2; $90.5 million for the six months • Adjusted EBITDA: $28.9 million in Q2; $57.1 million for the six months • Completion of charter restructuring with HMM Monaco - August 11, 2016 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 second quarter and six months ended June 30, 2016. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “For the second quarter of 2016, we recorded $44.9 million of revenue and earned $11.8 million of EBITDA. Angeliki Frangou continued, “Navios Partners is a unique platform in the dry sector. Since the beginning of 2016, we have fortified our balance sheet, having reduced our debt by $44.6 million. As a result, our net debt to book capitalization is 42.5% and interest coverage is 4.3x. In addition, we have no significant debt maturities until 2018 and expect to generate $45.0 million in free cash flow for the remainder of 2016. We also benefit from annual operating savings that we enjoy through the economies of scale achieved by our sponsor, Navios Maritime Holdings Inc.” Charter Restructuring with HMM Pursuant to the charter restructuring documentation executed on July 15, 2016, it has been agreed that the hire rate of five Container vessels chartered out to Hyundai Merchant Marine Co., Ltd. (“HMM”) will be reduced by 20%, as follows: • With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata. • With effect from (and including) January 1, 2020, hire rate shall be restored to the rate of $30,500 per day pro rata until redelivery. In exchange under the charter restructuring agreement, the Company received: • $7.7 million principal amount of senior, unsecured notes, amortizing subject to available cash flows, accruing interest at 3% per annum payable on maturity in July 2024; and • 3.7 million freely tradable shares of HMM. In August 2016, Navios Partners sold the 3.7 million shares of HMM generating net cash proceeds of approximately $21.3 million. Sale of MSC Cristina In June 2016, Navios Partners agreed to sell to an unrelated third party the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU, for a total net sale price of $125.0 million, with delivery expected by the first quarter of 2017, subject to signing of definitive documentation. Full report 
Navios Maritime Partners L.P. press release |
