Container and dry bulk vessel operator Navios Maritime Partners has reported increased revenues and net income for the first six months of 2017. Net loss only amounted to -1.563 mill. $ compared to -16.598 mill. $ in H1 2016.
Time charter and voyage revenues from Navios Partners [ds_preview]for the three month period ended June 30, 2017 increased by 2.0 mill. $ or 4.5 % to 46.9 mill. $ (44.9 mill. $). Time charter and voyage revenues from Navios Containers amounted to 3.1 mill.$. EBITDA of Navios Partners increased to 31.7 mill. $ from 11.8 mill. $ in Q2 2016. EBITDA of Navios Containers was 2.3 mill. $ for the period. Net income for the period amounted to 4.1 mill. $ (-16.8 mill. $).
For the first half year, time charter and voyage revenues from Navios Partners decreased by 1.2 mill. $ or 1.3 % to 89.3 mill. $ (90.5 mill. $). EBITDA increased to 54.4 mill. $ (39.9 mill. $). Net Income for the six months ended June 30, 2017 was negative 1.563 mill. $, up from negative 16.598 mill. $ in H1 2016.
Navios Containers acquired all the rights under the acquisition agreements entered into between Navios Partners and Rickmers Trust to purchase the remaining nine vessels in the original 14 vessel container fleet for a purchase price of 54.0 mill. $ plus certain delivery and other operating costs. As of July 25, 2017, five of these vessels had been delivered to Navios Containers and the remaining four are expected to be delivered during August 2017.
Angeliki Frangou, Chairman and CEO, commented: »Navios Partners is a unique platform in the dry industry, with about 700 mill. $ in contracted revenue, 84% of which is through charters longer than three years, and no significant near term debt maturities. As a result, Navios Partners is renewing and expanding its drybulk fleet with younger and larger vessels. To date, seven vessels were agreed to be acquired with an average age of 7.4 years and one 17-year old vessel was sold. Thus, the average age of Navios Partners’ drybulk fleet improved by 9% from 10.4 years to 9.5 years, and the overall size increased by 33% (almost 1 mill. dwt).«
Frangou added: »In addition, we participated in the launch of Navios Maritime Containers, a new vehicle dedicated to capitalizing on the opportunity within the distressed container sector by investing 30 mill. $ for about a 60% ownership interest plus warrants for an additional 6.8%.«
