Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of drybulk and container vessels, reported net income of $11.4 million in the second quarter of 2015 and $22.2 million in the first six month of the year, the Company said in a press release.
In the first three months of the year EBITDA of the Company reached $38.7 million and $76.7 million for the first half of the year.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased to announce our results for the quarter. We recorded revenue of $56.5 million, reported $38.7 million of EBITDA and earned $11.4 million of net income. We also announced a quarterly distribution of $0.4425, representing an annual distribution of $1.77 per unit. This annual distribution provides a current yield of about 16.6% about 2.5 times the yield on the Alerian MLP Index.”
Angeliki Frangou continued, “In 2013, Navios Partners diversified into the container segment, which today represents about 45% of 2015 EBITDA. However, Navios Partners continues to have material exposure to dry bulk through its 23 dry bulk vessels. We do not believe that the historically low rate environment of the first quarter of 2015 likely will be repeated soon. Indeed, since the first quarter, the BDI has improved by more than 100%, with Capesize spot rates significantly higher. Thus, we expect our dry bulk investments to provide material upside in an
improving market.”
All news