Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of drybulk and container vessels, reported its financial results for the second quarter ended June 30, 2014.
Revenue of the company in the second quarter 2014 rose to $55,178 from $49,154 in Q1 and for the first half of the year totaled $112,676 ($ 99,435). Net income increased from $19,511 in Q1 to $ 29,985 in the last three month and in H1 totaled $48,346 ($35,757).
EBITDA in Q2 reached $54,188 (Q1 - $45,046) and $123,203 for the first half of 2014 (H12013 - $82,100). Dividend per common unit in Q2 was $0.4425.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: “We are pleased with our strong financial performance for another quarter. We achieved EBITDA of $54.2 million and net income of $30.0 million. We announced a quarterly distribution of $0.4425, representing an annual distribution of $1.77 per unit. Navios Partners is committed to this distribution through 2015. This annual distribution provides a current yield of 9.3%, which exceeds the Alerian MLP index yield by about 60%.
Angeliki Frangou continued, “We continue to grow our fleet and cash flow. We agreed to acquire two 8,200 TEU container vessels, built in 2006, for a total price of $117.7 million. This purchase demonstrates our discipline and ability to transact at favorable pricing. The transaction will increase our distribution capability, while protecting against significant residual value exposure; our initial investment would be almost fully repaid when the charters are completed, and we will have well over 10 years of useful life remaining on the vessels.”
Navios Partners owns and operates dry cargo vessels with primarily long term, staggered expiration charters. Navios Partners vessels have an average remaining charter term of approximately 3.2 years. Counterparties include Bunge, Cosco, Rio Tinto, Cargill, Exelon, and HMM. Navios Partners’ fleet consists of 32 vessels – a mix of Ultra-Handymax, Panamax, Capesize and Container vessels.