Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of drybulk and container vessels, today reported its unaudited financial results for the first quarter ended March 31, 2015.
Adjusted net income of NMM (excluding some items) reached $10.9 million as compared to $10,6 in Q1 2014, operating surplus fell to $27.6 million ($56,847,000), adjusted EBITDA decreased by $1.3 million to $38.0 million ($39,2 million) and dividend per common share of $0.4425, the company said in a press release. According to the company statement, revenue for the reporting period declined to $56,786,000 from $57,498,000.
Time charter and voyage revenues for the three month period ended March 31, 2015 decreased by $0.7 million or 1.2% to $56.8 million, as compared to $57.5 million for the same period in 2014. The decrease was mainly attributable to the decrease in TCE to $18,625 per day for the three month period ended March 31, 2015, from $20,785 per day for the three month period ended March 31, 2014. The above decrease in time charter and voyage revenues was partially mitigated by an increase in revenue due to the delivery of the YM Utmost and the YM Unity in the second half of 2014. As a result of the vessel acquisitions, available days of the fleet increased to 2,952 days for the three month period ended March 31, 2015, as compared to 2,668 days for the three month period ended March 31, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated: “The container segment has become the workhorse of our company. In the past 18 months, we acquired eight container vessels that will generate about $1 billion in revenue, representing 66% of our expected contracted revenue. For 2015, these vessels will generate about 43% of expected EBITDA. In addition, we fixed almost 100% of our open days for dry bulk vessels for 2015, thereby eliminating further spot market volatility. However, the dry bulk segment, where our historical roots are, and which we continue to have material exposure in,
offers Navios Partners significant upside when the dry bulk market improves.”
Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels.
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