Navios Maritime Partners Q1 revenue rises 14.4%
Revenue of Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of drybulk and container vessels in the first quarter ended March 31, 2014 rose 14.4% to $57.5 million, the Company said in its financial Q1 2014 report.
EBITDA increased by $31.9 million to $69.0 million for the three month period ended March 31, 2014, as compared to $37.1 million for the same period in 2013. The increase in EBITDA was due to a $7.2 million increase in revenue and a $30.0 million increase in other income. The above increase was partially mitigated by a $3.5 million increase in management fees due to the increased number of vessels, a $1.3 million increase in time charter and voyage expenses, a $0.3 million increase in general and administrative expenses and a $0.1 million increase in other expense.
Net income for the three months ended March 31, 2014 amounted to $18.4 million compared to $16.2 million for the three months ended March 31, 2013. The increase in net income by $2.1 million was due to a $31.9 million increase in EBITDA partially mitigated by a $25.3 million increase in depreciation and amortization expense mainly due to the increased fleet size and the accelerated amortization of the Navios Pollux favorable lease intangible and a $4.6 million increase in interest expense and finance cost, net.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: “I am pleased with our results for this quarter, in which we achieved EBITDA of $69.0 million and net income of $18.4 million. Our quarterly distribution of $0.4425, represents an annual distribution of $1.77 per unit and a current yield of 9.4%. Navios Partners is committed to this distribution through 2015.”
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2014 of $0.4425 per unit. The cash distribution is payable on May 13, 2014 to unitholders of record on May 9, 2014.
About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels.