Navios Maritime Partners L.P., an international owner and operator of drybulk and container vessels, has had a strong financial performance according to its financial results for the second quarter ended June 30, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “We achieved EBITDA of USD 54.2 million and net income of USD 30.0 million.
We announced a quarterly distribution of USD0.4425, representing an annual distribution of USD 1.77 per unit. This annual distribution provides a current yield of 9.3%, which exceeds the Alerian MLP index yield by about 60%.”
EBITDA increased by $41.1 million to $123.2 million for the six month period ended June 30, 2014, as compared to $82.1 million for the same period in 2013. Navios explained that the increase in EBITDA was due to a $13.2 million increase in revenue and a $37.8 million increase in other income following the termination of the credit default insurance and related sales of claims period ended June 30, 2013.
Navios Partners has agreed to acquire two South Korean-built container vessels for a total cash consideration of USD 117.7 million.
The vessels are expected to be delivered in the fourth quarter of 2014.
The vessels are chartered out for minimum four years, at USD 34,266 net per day per vessel.
” We agreed to acquire two 8,200 TEU container vessels, built in 2006, for a total price of USD 117.7 million.
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,” said Frangou.
Time charter and voyage revenues for the six month period ended June 30, 2014 increased by $13.2 million or 13.3% to $112.7 million, as compared to $99.4 million for the same period in 2013. The increase was mainly attributable to the acquisition of vessels in 2013 and those in January 2014. The expanded fleet paved way for increase of available days of the fleet to 5,393 days for the six month period ended June 30, 2014, as compared to 3,784 days for the six month, the company said.
Press Release; July 30, 2014