Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an
international owner and operator of dry cargo and tanker vessels,
today reported its financial results for the third quarter and nine
month period ended September 30, 2024.
Angeliki Frangou, Chairwoman and Chief Executive Officer of
Navios Partners stated, “I am pleased with the results for the
third quarter of 2024 and the nine month period ended September 30,
2024. For the quarter, we reported revenue and net income of
$340.8 million and $97.8 million, respectively. For the first nine
months, we reported revenue and net income of $1.0 billion and
$272.6 million, respectively. Earnings per common unit were $3.20
for the quarter and $8.87 for the first nine months.”
Angeliki Frangou continued, “This past 18 months has been
surprisingly positive for shipping given sputtering growth
from China, weak European economies and two armed conflicts. The
Ukrainian conflict, now in its third year, is evolving dangerously
while the war in Israel, now in its second year, has expanded to
Lebanon and includes the direct exchange of fire between Iran and
Israel. We are monitoring these intensifying risks and calibrating
our business activity by continuing to maintain a youthful fleet,
increasing contracted revenue, now at $3.9 billion, and targeting
net leverage in the range of 20-25%, while also returning
capital to our unitholders.”
Common unit repurchases
As of October 29, 2024, pursuant to its previously announced
common unit repurchase program, Navios Partners repurchased 351,125
common units for an aggregate cash consideration of $18.3 million.
As of October 29, 2024, there were outstanding 29,833,263 common
units.
Cash distribution
The Board of Directors of Navios Partners declared a cash
distribution for the third quarter of 2024 of $0.05 per unit. The
cash distribution will be paid on November 15, 2024 to unitholders
of record as of November 12, 2024. The declaration and payment of
any further dividends remain subject to the discretion of the Board
of Directors and will depend on, among other things, Navios
Partners’ cash requirements as measured by market opportunities and
restrictions under its credit agreements and other debt obligations
and such other factors as the Board of Directors may deem
advisable.
Fleet update
- Acquisition of vessels Q3 – Q4 2024 QTD
- Acquisition of two methanol-ready and
scrubber-fitted 7,900 TEU newbuilding containerships for
$212.0 million
During the third quarter of 2024, Navios Partners agreed to
acquire two methanol-ready and scrubber-fitted 7,900 TEU
newbuilding containerships, from an unrelated third party, for an
aggregate purchase price of $212.0 million. The vessels are
expected to be delivered into Navios Partners’ fleet during the
first half of 2027.
- Sale of vessels Q3 – Q4 2024 QTD
- $25.9 million gross sale proceeds from sale of two dry
bulk vessels with average age of 19.0 years
In August 2024 and September 2024, Navios Partners agreed to
sell one 2006-built kamsarmax and one 2005-built panamax to
unrelated third parties, respectively, for aggregate gross sale
proceeds of $25.9 million. The sales were completed in October
2024.
- Three newbuilding vessels delivered Q3 – Q4 2024
QTD
In August 2024 and October 2024, Navios Partners took delivery
of two 2024-built 5,300 TEU containerships, which have been
chartered-out at an average rate of $37,282 net per day for an
average period of 5.3 years.
In October 2024, Navios Partners took delivery of a 2024-built
aframax/LR2 tanker, which has been chartered-out at $25,576 net per
day for a period of five years.
- $421.7 million contracted revenue agreed Q3 – Q4 2024
QTD; $3.9 billion total
contracted revenue
Navios Partners has entered into new long-term charters which
are expected to generate revenue of $421.7 million.
| |
- Two 7,900 TEU newbuilding
containerships have been chartered-out for a period of five years
at $43,247 net per day and are expected to be delivered into Navios
Partners’ fleet during the first half of 2027.
- Five 4,250 TEU containerships have
been chartered-out for an average period of 2.3 years at an average
rate of $34,915 net per day.
- Three MR2 product tankers have been
chartered-out for a period of three years at $24,544 net per
day.
- One VLCC tanker has been
chartered-out for a period of 2.1 years at $44,438 net per
day.
|
Including the above long-term charters, Navios Partners has $3.9
billion contracted revenue through 2037.
Financing update
In September 2024, Navios Partners entered into
a new credit facility with a commercial bank for a total amount up
to $130.0 million (divided into two tranches) in order to refinance
the existing indebtedness of six of its vessels (tranche A) and to
finance part of the acquisition cost of one newbuilding aframax/LR2
tanker (tranche B). The credit facility: (i) matures five years
after each drawdown date; and (ii) bears interest at Term Secured
Overnight Financing Rate (“Term SOFR”), plus 175 bps per annum and
150 bps per annum for drawn amounts of tranche A and tranche B,
respectively. During the third quarter of 2024, the amount of $81.2
million in relation to tranche A was drawn.
In September 2024, Navios Partners entered into
a new credit facility with a commercial bank for a total amount up
to $48.0 million (divided into two advances) in order to refinance
the existing indebtedness of three of its vessels (advance A) and
to finance part of the acquisition cost of one ultra-handymax
(advance B). The credit facility: (i) matures four years and six
years after each drawdown date of advance A and advance B,
respectively; and (ii) bears interest at Term SOFR plus 70 bps per
annum for any part of the loan secured by cash collateral and 175
bps per annum for the remaining drawn amount. During the third
quarter of 2024, the amount of $30.0 million in relation to advance
A was drawn.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 73 dry
bulk vessels, 50 containerships and 56 tankers, including 19
newbuilding tankers (13 aframax/LR2 and six MR2 product tanker
chartered-in vessels under bareboat contracts), that are expected
to be delivered through the first half of 2028, and eight
newbuilding containerships (two 5,300 TEU containerships, two 7,700
TEU containerships and four 7,900 TEU containerships), that are
expected to be delivered through the first half of 2027.
As of October 29, 2024, Navios Partners had entered into short,
medium and long-term time charter-out, bareboat-out and freight
agreements for its vessels with a remaining average term of 2.2
years. Navios Partners has currently fixed 80.7% and 54.3% of its
available days for the fourth quarter of 2024 and for all of 2025,
respectively. Navios Partners expects contracted revenue of $288.9
million and $870.8 million for the fourth quarter of 2024 and for
all of 2025, respectively. The average expected daily charter-out
rate for the fleet is $26,052 and $27,921 for the fourth quarter of
2024 and for all of 2025, respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Partners has compiled
condensed consolidated statements of operations for the three and
nine month periods ended September 30, 2024 and 2023. The quarterly
information was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA, Adjusted
EBITDA, Adjusted Earnings per Common Unit basic and diluted and
Adjusted Net Income are non-GAAP financial measures and should not
be used in isolation or substitution for Navios Partners’ results
calculated in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”).
| (in $‘000
except per unit data) |
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
$ |
340,835 |
|
$ |
323,176 |
|
$ |
1,001,545 |
|
$ |
979,636 |
|
| Net Income |
$ |
97,755 |
|
$ |
89,781 |
|
$ |
272,585 |
|
$ |
301,254 |
|
| Adjusted Net Income |
$ |
96,514 |
(1) |
$ |
82,611 |
(2) |
$ |
262,211 |
(3) |
$ |
250,483 |
(4) |
| Net cash provided by operating
activities |
$ |
142,639 |
|
$ |
120,270 |
|
$ |
368,554 |
|
$ |
348,613 |
|
| EBITDA |
$ |
196,621 |
|
$ |
180,838 |
|
$ |
559,784 |
|
$ |
571,275 |
|
| Adjusted EBITDA |
$ |
195,380 |
(1) |
$ |
173,668 |
(2) |
$ |
549,410 |
(3) |
$ |
520,504 |
(4) |
| Earnings per Common Unit
basic |
$ |
3.20 |
|
$ |
2.92 |
|
$ |
8.87 |
|
$ |
9.78 |
|
| Earnings per Common Unit
diluted |
$ |
3.20 |
|
$ |
2.91 |
|
$ |
8.87 |
|
$ |
9.78 |
|
| Adjusted Earnings per Common
Unit basic |
$ |
3.15 |
(1) |
$ |
2.68 |
(2) |
$ |
8.53 |
(3) |
$ |
8.13 |
(4) |
| Adjusted Earnings per Common
Unit diluted |
$ |
3.15 |
(1) |
$ |
2.68 |
(2) |
$ |
8.53 |
(3) |
$ |
8.13 |
(4) |
|
(1) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the three month period ended
September 30, 2024 have been adjusted to exclude a $1.2 million
gain related to the sale of one of our vessels. |
|
(2) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the three month period ended
September 30, 2023 have been adjusted to exclude a $7.2 million net
gain related to the sale of two of our vessels. |
|
(3) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the nine month period ended
September 30, 2024 have been adjusted to exclude a $10.4 million
net gain related to: (a) the gain on the sale of five of our
vessels; and (b) the impairment loss on two of our vessels. |
|
(4) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the nine month period ended
September 30, 2023 have been adjusted to exclude a $50.8 million
net gain related to the sale of 14 of our vessels. |
Three month periods ended September 30,
2024 and 2023
Time charter and voyage revenues for the three month period
ended September 30, 2024 increased by $17.6 million, or 5.4%, to
$340.8 million, as compared to $323.2 million for the same period
in 2023. The increase in revenue was mainly attributable to the
increase in Time Charter Equivalent (“TCE”) rate. For the three
month periods ended September 30, 2024 and 2023, time charter and
voyage revenues were positively affected by $2.4 million and
negatively affected by $9.7 million, respectively, relating to the
straight line effect of the containership and tanker charters with
de-escalating rates. The TCE rate increased by 7.0% to $23,591 per
day, as compared to $22,052 per day for the same period in 2023.
The available days of the fleet slightly decreased by 1.5% to
13,552 days for the three month period ended September 30, 2024, as
compared to 13,759 days for the same period in 2023 mainly due to
the sale of vessels, partially mitigated by the deliveries of
newbuilding vessels.
EBITDA of Navios Partners for the three month periods ended
September 30, 2024 and 2023 was affected by the items described in
the table above. Excluding these items, Adjusted EBITDA increased
by $21.7 million to $195.4 million for the three month period ended
September 30, 2024, as compared to $173.7 million for the same
period in 2023. The increase in Adjusted EBITDA was primarily due
to a: (i) $17.6 million increase in time charter and voyage
revenues; (ii) $5.3 million increase in other income, net; (iii)
$5.0 million decrease in time charter and voyage expenses, mainly
due to the decrease in bunker expenses arising from the decreased
days of freight voyages in the third quarter of 2024 and bareboat
and charter-in hire expenses of the dry bulk fleet; and (iv) $1.5
million decrease in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items). The above increase was partially mitigated by
a: (i) $6.1 million increase in vessel operating expenses mainly
due to the change in the composition of our fleet with deliveries
and sale of vessels and the adjustment of the fixed daily fee in
accordance with our management agreements; and (ii) $1.6 million
increase in general and administrative expenses in accordance with
our administrative services agreement.
Net Income for the three month periods ended September 30, 2024
and 2023 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income increased by $13.9
million to $96.5 million for the three month period ended September
30, 2024, as compared to $82.6 million for the same period in 2023.
The increase in Adjusted Net Income was primarily due to a: (i)
$21.7 million increase in Adjusted EBITDA; and (ii) $0.1 million
increase in interest income. The above increase was partially
mitigated by a: (i) $7.1 million negative impact from the
depreciation and amortization, that primarily resulted from a $3.6
million increase in the amortization of deferred drydock, special
survey costs and other capitalized items, a $3.2 million increase
in the depreciation and amortization of intangible assets and a
$0.3 million decrease in the amortization of unfavorable lease
terms; and (ii) $0.8 million increase in interest expense and
finance cost, net.
Nine month periods ended September 30, 2024 and
2023
Time charter and voyage revenues for the nine month period ended
September 30, 2024 increased by $21.9 million, or 2.2%, to $1,001.5
million, as compared to $979.6 million for the same period in 2023.
The increase in revenue was mainly attributable to the increase in
TCE rate. For the nine month periods ended September 30, 2024 and
2023, time charter and voyage revenues were positively affected by
$4.9 million and negatively affected by $30.2 million,
respectively, relating to the straight line effect of the
containership and tanker charters with de-escalating rates. The TCE
rate increased by 2.6% to $22,830 per day, as compared to $22,242
per day for the same period in 2023. The available days of the
fleet slightly decreased by 1.6% to 40,590 days for the nine month
period ended September 30, 2024, as compared to 41,239 days for the
same period in 2023 mainly due to the sale of vessels, partially
mitigated by the deliveries of newbuilding vessels.
EBITDA of Navios Partners for the nine month periods ended
September 30, 2024 and 2023 was affected by the items described in
the table above. Excluding these items, Adjusted EBITDA increased
by $28.9 million to $549.4 million for the nine month period ended
September 30, 2024, as compared to $520.5 million for the same
period in 2023. The increase in Adjusted EBITDA was primarily due
to: (i) a $21.9 million increase in time charter and voyage
revenues; (ii) an $8.6 million decrease in direct vessel expenses
(excluding the amortization of deferred drydock, special survey
costs and other capitalized items); (iii) a $7.1 million decrease
in other expense, net; and (iv) a $4.7 million decrease in time
charter and voyage expenses, mainly due to the decrease in bareboat
and charter-in hire expenses of the dry bulk fleet. The above
increase was partially mitigated by a: (i) $10.6 million increase
in vessel operating expenses mainly due the change in the
composition of our fleet with deliveries and sale of vessels and
the adjustment of the fixed daily fee in accordance with our
management agreements, partially mitigated by the sale of vessels;
and (ii) $2.8 million increase in general and administrative
expenses in accordance with our administrative services
agreement.
Net Income for the nine month periods ended September 30, 2024
and 2023 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income increased by $11.7
million to $262.2 million for the nine month period ended September
30, 2024, as compared to $250.5 million for the same period in
2023. The increase in Adjusted Net Income was primarily due to: (i)
a $28.9 million increase in Adjusted EBITDA; (ii) an $8.6 million
decrease in interest expense and finance cost, net; and (iii) a
$3.0 million increase in interest income. The above increase was
partially mitigated by a $28.8 million negative impact from the
depreciation and amortization, that primarily resulted from a $15.1
million increase in the amortization of deferred drydock, special
survey costs and other capitalized items, a $6.9 million decrease
in the amortization of unfavorable lease terms and a $6.8 million
increase in the depreciation and amortization of intangible
assets.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
and nine month periods ended September 30, 2024 and 2023.
|
|
Three Month Period EndedSeptember 30,
2024 |
|
Three Month Period EndedSeptember 30,
2023 |
|
Nine Month Period EndedSeptember 30,
2024 |
|
Nine Month Period Ended September 30, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Available Days (1) |
|
13,552 |
|
|
|
13,759 |
|
|
|
40,590 |
|
|
|
41,239 |
|
|
Operating Days (2) |
|
13,371 |
|
|
|
13,646 |
|
|
|
40,122 |
|
|
|
40,869 |
|
| Fleet
Utilization (3) |
|
98.7% |
|
|
|
99.2% |
|
|
|
98.8% |
|
|
|
99.1% |
|
| TCE
rate Combined (per day) (4) |
$ |
23,591 |
|
|
$ |
22,052 |
|
|
$ |
22,830 |
|
|
$ |
22,242 |
|
| TCE
rate Dry Bulk (per day) (4) |
$ |
18,632 |
|
|
$ |
14,139 |
|
|
$ |
16,920 |
|
|
$ |
13,613 |
|
| TCE
rate Containerships (per day) (4) |
$ |
30,710 |
|
|
$ |
34,350 |
|
|
$ |
30,275 |
|
|
$ |
34,930 |
|
| TCE
rate Tankers (per day) (4) |
$ |
25,788 |
|
|
$ |
27,688 |
|
|
$ |
27,241 |
|
|
$ |
29,014 |
|
|
Vessels operating at period end |
|
154 |
|
|
|
153 |
|
|
|
154 |
|
|
|
153 |
|
|
(1 |
) |
Available days for the fleet represent total calendar days the
vessels were in Navios Partners’ possession for the relevant period
after subtracting off-hire days associated with scheduled repairs,
drydockings or special surveys and ballast days relating to
voyages. The shipping industry uses available days to measure the
number of days in a relevant period during which a vessel is
capable of generating revenues. |
|
(2 |
) |
Operating days are the number of
available days in the relevant period less the aggregate number of
days that the vessels are off-hire due to any reason, including
unforeseen circumstances. The shipping industry uses operating days
to measure the aggregate number of days in a relevant period during
which vessels actually generate revenues. |
|
(3 |
) |
Fleet utilization is the
percentage of time that Navios Partners’ vessels were available for
generating revenue, and is determined by dividing the number of
operating days during a relevant period by the number of available
days during that period. The shipping industry uses fleet
utilization to measure efficiency in finding employment for vessels
and minimizing the amount of days that its vessels are off-hire for
reasons other than scheduled repairs, drydockings or special
surveys. |
|
(4 |
) |
TCE rate: TCE rate per day is
defined as voyage, time charter revenues and charter-out revenues
under bareboat contracts (grossed up by the applicable fixed vessel
operating expenses for the respective periods) less voyage expenses
during a period divided by the number of available days during the
period. The TCE rate per day is a customary shipping industry
performance measure used primarily to present the actual daily
earnings generated by vessels on various types of charter contracts
for the number of available days of the fleet. |
Conference Call Details:
Navios Partners' management will host a conference call on
Tuesday, November 5, 2024 to discuss the results for the third
quarter and nine months ended September 30, 2024.
Call Date/Time: Tuesday, November 5, 2024 at 8:30 am ETCall
Title: Navios Partners Q3 2024 Financial Results Conference
Call US Dial In: +1.800.267.6316International Dial In:
+1.203.518.9783 Conference ID: NMMQ324
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.800.839.5637International Replay Dial In:
+1.402.220.2562
Slides and audio webcast:
There will also be a live webcast of the conference call,
through the Navios Partners website (www.navios-mlp.com) under
“Investors”. Participants to the live webcast should register on
the website approximately 10 minutes prior to the start of the
webcast.
A supplemental slide presentation will be available on the
Navios Partners website at www.navios-mlp.com under the
“Investors” section at 8:00 am ET on the day of the
call.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an international
owner and operator of dry cargo and tanker vessels. For more
information, please visit our website at www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events, TCE rates and Navios
Partners’ expected cash flow generation, future contracted
revenues, future distributions and its ability to make
distributions going forward, opportunities to reinvest cash
accretively in a fleet renewal program or otherwise, potential
capital gains, its ability to take advantage of dislocation in the
market and Navios Partners’ growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters and Navios Partners’ ability to
refinance its debt on attractive terms, or at all. Words such as
“may,” “expects,” “intends,” “plans,” “believes,” “anticipates,”
“hopes,” “estimates,” and variations of such words and similar
expressions are intended to identify forward-looking
statements.
These forward-looking statements are based on the information
available to, and the expectations and assumptions deemed
reasonable by Navios Partners at the time these statements were
made. Although Navios Partners believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Partners. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Factors that could cause actual results to differ materially
include, but are not limited to, risks relating to: global and
regional economic and political conditions including global
economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates, the
economic condition of the markets in which we operate, shipyards
performing scrubber installations, construction of newbuilding
vessels, drydocking and repairs, changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, wars, sanctions, diseases, pandemics, political
events, piracy or acts by terrorists; uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term time charters, our
ability to maximize the use of our vessels, expected demand in the
dry and liquid cargo shipping sectors in general and the demand for
our dry bulk, containerships and tanker vessels in particular,
fluctuations in charter rates for dry bulk, containerships and
tanker vessels, the aging of our fleet and resultant increases in
operations costs, the loss of any customer or charter or vessel,
the financial condition of our customers, changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors, fluctuation in interest
rates and foreign exchange rates, increases in costs and expenses,
including but not limited to: crew, insurance, provisions, port
expenses, lube oil, bunkers, repairs, maintenance and general and
administrative expenses, the expected cost of, and our ability to
comply with, governmental regulations and maritime self-regulatory
organization standards, as well as standard regulations imposed by
our charterers applicable to our business, general domestic and
international political conditions, competitive factors in the
market in which Navios Partners operates; risks associated with
operations outside the United States; and other factors listed from
time to time in Navios Partners’ filings with the Securities and
Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios
Partners expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Navios
Partners’ expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based. Navios Partners makes no prediction or statement about the
performance of its common units.
Contacts
Navios Maritime Partners L.P.+1 (212) 906
8645Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc.+1 (212) 661
7566naviospartners@capitallink.com
EXHIBIT 1
|
|
|
NAVIOS MARITIME PARTNERS L.P. SELECTED
BALANCE SHEET DATA(Expressed in thousands of U.S.
Dollars) |
|
|
| |
|
September 30,2024(unaudited) |
|
December 31,2023(unaudited) |
|
ASSETS |
|
|
|
|
|
|
| Cash
and cash equivalents, including restricted cash and time deposits
over three months (1) |
|
$ |
331,934 |
|
$ |
296,175 |
| Other
current assets |
|
|
140,926 |
|
|
103,573 |
|
Total current assets |
|
|
472,860 |
|
|
399,748 |
|
Vessels, net |
|
|
4,064,606 |
|
|
3,734,671 |
| Other
non-current assets |
|
|
1,011,067 |
|
|
1,013,147 |
|
Total non-current assets |
|
|
5,075,673 |
|
|
4,747,818 |
|
Total assets |
|
$ |
5,548,533 |
|
$ |
5,147,566 |
| |
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
| Other
current liabilities |
|
$ |
128,987 |
|
$ |
174,564 |
|
Current portion of borrowings, net |
|
|
289,874 |
|
|
285,036 |
|
Total current liabilities |
|
|
418,861 |
|
|
459,600 |
|
Non-current portion of borrowings, net |
|
|
1,792,411 |
|
|
1,576,427 |
| Other
non-current liabilities |
|
|
313,835 |
|
|
341,087 |
|
Total non-current liabilities |
|
|
2,106,246 |
|
|
1,917,514 |
|
Total liabilities |
|
$ |
2,525,107 |
|
$ |
2,377,114 |
| Total
partners’ capital |
|
|
3,023,426 |
|
|
2,770,452 |
|
Total liabilities and partners’ capital |
|
$ |
5,548,533 |
|
$ |
5,147,566 |
|
(1) |
Includes time deposits with duration over three months of $38.0
million and $47.0 million as of September 30, 2024 and December 31,
2023, respectively. |
|
|
|
NAVIOS MARITIME PARTNERS L.P.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in
thousands of U.S. Dollars except unit and per unit data) |
|
|
| |
|
Three Month Period EndedSeptember 30,
2024 |
|
Three Month Period EndedSeptember 30,
2023 |
|
Nine Month Period EndedSeptember 30,
2024 |
|
Nine Month Period EndedSeptember 30,
2023 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Time charter and voyage revenues |
|
$ |
340,835 |
|
|
$ |
323,176 |
|
|
$ |
1,001,545 |
|
|
$ |
979,636 |
|
| Time
charter and voyage expenses |
|
|
(34,941 |
) |
|
|
(39,877 |
) |
|
|
(116,896 |
) |
|
|
(121,596 |
) |
|
Direct vessel expenses |
|
|
(18,115 |
) |
|
|
(15,941 |
) |
|
|
(54,584 |
) |
|
|
(48,145 |
) |
|
Vessel operating expenses |
|
|
(88,963 |
) |
|
|
(82,856 |
) |
|
|
(259,156 |
) |
|
|
(248,622 |
) |
|
General and administrative expenses |
|
|
(21,102 |
) |
|
|
(19,524 |
) |
|
|
(62,430 |
) |
|
|
(59,559 |
) |
|
Depreciation and amortization of intangible assets |
|
|
(57,674 |
) |
|
|
(54,513 |
) |
|
|
(169,558 |
) |
|
|
(162,768 |
) |
|
Amortization of unfavorable lease terms |
|
|
3,206 |
|
|
|
3,521 |
|
|
|
9,513 |
|
|
|
16,431 |
|
| Gain
on sale of vessels, net |
|
|
1,241 |
|
|
|
7,170 |
|
|
|
10,374 |
|
|
|
50,771 |
|
|
Interest expense and finance cost, net |
|
|
(32,608 |
) |
|
|
(31,849 |
) |
|
|
(92,104 |
) |
|
|
(100,703 |
) |
|
Interest income |
|
|
3,394 |
|
|
|
3,314 |
|
|
|
10,386 |
|
|
|
7,414 |
|
| Other
income/ (expense), net |
|
|
2,482 |
|
|
|
(2,840 |
) |
|
|
(4,505 |
) |
|
|
(11,605 |
) |
|
Net income |
|
$ |
97,755 |
|
|
$ |
89,781 |
|
|
$ |
272,585 |
|
|
$ |
301,254 |
|
Earnings per unit:
| |
|
Three Month Period Ended |
|
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
September 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common unit, basic |
|
$ |
3.20 |
|
|
$ |
2.92 |
|
$ |
8.87 |
|
$ |
9.78 |
|
Earnings per common unit, diluted |
|
$ |
3.20 |
|
|
$ |
2.91 |
|
$ |
8.87 |
|
$ |
9.78 |
|
|
|
NAVIOS MARITIME PARTNERS L.P.Other
Financial Information(Expressed in thousands of U.S.
Dollars) |
|
|
|
|
|
Nine Month Period EndedSeptember 30,
2024 |
|
|
Nine Month Period EndedSeptember 30,
2023 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
368,554 |
|
|
|
$ |
348,613 |
|
| Net
cash used in investing activities |
|
$ |
(613,964 |
) |
|
|
$ |
(72,423 |
) |
| Net
cash provided by/ (used in) financing activities |
|
$ |
290,193 |
|
|
|
$ |
(182,115 |
) |
|
Increase in cash, cash equivalents and restricted
cash |
|
$ |
44,783 |
|
|
|
$ |
94,075 |
|
EXHIBIT 2
|
|
|
|
|
|
|
|
|
Owned Dry Bulk Vessels |
|
Type |
|
Built |
|
Capacity (DWT) |
|
Navios Vega |
|
Transhipper |
|
2009 |
|
57,573 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Navios Celestial |
|
Ultra-Handymax |
|
2009 |
|
58,063 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Sagittarius |
|
Panamax |
|
2006 |
|
75,756 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Unity N |
|
Panamax |
|
2011 |
|
79,642 |
| Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Navios Amber |
|
Kamsarmax |
|
2015 |
|
80,994 |
| Navios Avior |
|
Kamsarmax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Kamsarmax |
|
2012 |
|
81,472 |
| Navios Citrine |
|
Kamsarmax |
|
2017 |
|
81,626 |
| Navios Dolphin |
|
Kamsarmax |
|
2017 |
|
81,630 |
| Navios Horizon I |
|
Kamsarmax |
|
2019 |
|
81,692 |
| Navios Galaxy II |
|
Kamsarmax |
|
2020 |
|
81,789 |
| Navios Uranus |
|
Kamsarmax |
|
2019 |
|
81,821 |
| Navios Felicity I |
|
Kamsarmax |
|
2020 |
|
81,962 |
| Navios Primavera |
|
Kamsarmax |
|
2022 |
|
82,003 |
| Navios Meridian |
|
Kamsarmax |
|
2023 |
|
82,010 |
| Navios Herakles I |
|
Kamsarmax |
|
2019 |
|
82,036 |
| Navios Magellan II |
|
Kamsarmax |
|
2020 |
|
82,037 |
| Navios Sky |
|
Kamsarmax |
|
2015 |
|
82,056 |
| Navios Alegria |
|
Kamsarmax |
|
2016 |
|
84,852 |
| Navios Sphera |
|
Kamsarmax |
|
2016 |
|
84,872 |
| Navios Coral |
|
Kamsarmax |
|
2016 |
|
84,904 |
| Copernicus N |
|
Post-Panamax |
|
2010 |
|
93,062 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
| Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
| Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
| Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
| Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
| Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
| Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
| Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
| Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
| Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
| Navios Azalea |
|
Capesize |
|
2022 |
|
182,064 |
| Navios Armonia |
|
Capesize |
|
2022 |
|
182,079 |
| Navios Altair |
|
Capesize |
|
2023 |
|
182,115 |
| Navios Sakura |
|
Capesize |
|
2023 |
|
182,169 |
| Navios Amethyst |
|
Capesize |
|
2023 |
|
182,212 |
| Navios Astra |
|
Capesize |
|
2022 |
|
182,393 |
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Spectrum N |
|
Containership |
|
2009 |
|
2,546 |
| Protostar N |
|
Containership |
|
2007 |
|
2,741 |
| Fleur N |
|
Containership |
|
2012 |
|
2,782 |
| Ete N |
|
Containership |
|
2012 |
|
2,782 |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Navios Verano |
|
Containership |
|
2006 |
|
3,450 |
| Matson Lanai |
|
Containership |
|
2007 |
|
4,250 |
| Navios Verde |
|
Containership |
|
2007 |
|
4,250 |
| Navios Amarillo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Vermilion |
|
Containership |
|
2007 |
|
4,250 |
| Navios Azure |
|
Containership |
|
2007 |
|
4,250 |
| Navios Indigo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Domino |
|
Containership |
|
2008 |
|
4,250 |
| Matson Oahu |
|
Containership |
|
2008 |
|
4,250 |
| Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
| Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
| Navios Devotion |
|
Containership |
|
2009 |
|
4,250 |
| Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
| Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
| Carmel I |
|
Containership |
|
2010 |
|
4,360 |
| Zim Baltimore |
|
Containership |
|
2010 |
|
4,360 |
| Navios Bahamas |
|
Containership |
|
2010 |
|
4,360 |
| Navios Miami |
|
Containership |
|
2009 |
|
4,563 |
| Navios Magnolia |
|
Containership |
|
2008 |
|
4,730 |
| Navios Jasmine |
|
Containership |
|
2008 |
|
4,730 |
| Navios Chrysalis |
|
Containership |
|
2008 |
|
4,730 |
| Navios Nerine |
|
Containership |
|
2008 |
|
4,730 |
| Sparrow |
|
Containership |
|
2023 |
|
5,300 |
| Zim Eagle |
|
Containership |
|
2024 |
|
5,300 |
| Zim Condor |
|
Containership |
|
2024 |
|
5,300 |
| Zim Hawk |
|
Containership |
|
2024 |
|
5,300 |
| Zim Falcon |
|
Containership |
|
2024 |
|
5,300 |
| Zim Pelican |
|
Containership |
|
2024 |
|
5,300 |
| Zim Seagull |
|
Containership |
|
2024 |
|
5,300 |
| Navios Utmost |
|
Containership |
|
2024 |
|
5,300 |
| Hyundai Shanghai |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Tokyo |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Hongkong |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Singapore |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Busan |
|
Containership |
|
2006 |
|
6,800 |
| Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
| Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
|
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
| Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
| Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
| Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
| Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
| Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
| Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
| Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
| Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
| Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
| Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
| Nave Cosmos |
|
Aframax/LR2 |
|
2024 |
|
115,651 |
| Nave Polaris |
|
Aframax/LR2 |
|
2024 |
|
115,699 |
| Nave Photon |
|
Aframax/LR2 |
|
2024 |
|
115,752 |
| Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
| Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
| Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
| Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
|
Bareboat-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Star |
|
Kamsarmax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Kamsarmax |
|
2021 |
|
82,002 |
|
Yes |
| Navios Libra |
|
Kamsarmax |
|
2019 |
|
82,011 |
|
Yes |
| Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
| Nave Celeste |
|
VLCC |
|
2022 |
|
313,418 |
|
Yes |
| Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
| Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
|
Newbuildings to be delivered |
|
Type |
|
ExpectedDelivery Date |
|
Capacity(TEU / DWT) |
| TBN I |
|
Containership |
|
Q4 2024 |
|
5,300 |
| TBN II |
|
Containership |
|
Q4 2024 |
|
5,300 |
| TBN VI |
|
Containership |
|
H1 2025 |
|
7,700 |
| TBN VII |
|
Containership |
|
H1 2025 |
|
7,700 |
| TBN XX |
|
Containership |
|
H2 2026 |
|
7,900 |
| TBN XXI |
|
Containership |
|
H2 2026 |
|
7,900 |
| TBN XXVI |
|
Containership |
|
H1 2027 |
|
7,900 |
| TBN XXVII |
|
Containership |
|
H1 2027 |
|
7,900 |
| TBN VIII |
|
MR2 Product Tanker |
|
H2 2025 |
|
52,000 |
| TBN IX |
|
MR2 Product Tanker |
|
H1 2026 |
|
52,000 |
| TBN X |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN XI |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN XII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN XIII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN III |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN IV |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN V |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN XIV |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XV |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XVI |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XVII |
|
Aframax/LR2 |
|
H2 2026 |
|
115,000 |
| TBN XVIII |
|
Aframax/LR2 |
|
H1 2027 |
|
115,000 |
| TBN XIX |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XXII |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XXIII |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XXIV |
|
Aframax/LR2 |
|
H1 2028 |
|
115,000 |
| TBN XXV |
|
Aframax/LR2 |
|
H1 2028 |
|
115,000 |
|
Chartered-in vessels |
|
Type |
|
Year Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Venus |
|
Ultra-Handymax |
|
2015 |
|
61,339 |
|
Yes(1) |
| Navios Gemini |
|
Kamsarmax |
|
2018 |
|
81,704 |
|
No |
|
(1) |
Option to acquire the vessel has been declared. |
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings per Common Unit, basic and diluted are “non-U.S.
GAAP financial measures” and should not be used in isolation or
considered substitutes for net income/ (loss), cash flow from
operating activities and other operations or cash flow statement
data prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income before interest and
finance costs, depreciation and amortization (including intangible
accelerated amortization) and income taxes. Adjusted EBITDA
represents EBITDA excluding certain items, as described under
“Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a
liquidity measure and reconciles EBITDA and Adjusted EBITDA to net
cash provided by operating activities, the most comparable U.S.
GAAP liquidity measure. EBITDA in this document is calculated as
follows: net cash provided by operating activities adding back,
when applicable and as the case may be, the effect of: (i) net
increase in operating assets; (ii) net (increase)/ decrease in
operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred finance costs and
discount; (v) amortization of operating lease assets/ liabilities;
(vi) non-cash amortization of deferred revenue and straight
line effect of the containership and tanker charters with
de-escalating rates; (vii) stock-based compensation expense;
and (viii) gain on sale of vessels, net. Navios Partners
believes that EBITDA and Adjusted EBITDA are each the basis upon
which liquidity can be assessed and presents useful information to
investors regarding Navios Partners’ ability to service and/or
incur indebtedness, pay capital expenditures, meet working capital
requirements and make cash distributions. Navios Partners also
believes that EBITDA and Adjusted EBITDA are used: (i) by
potential lenders to evaluate potential transactions; (ii) to
evaluate and price potential acquisition candidates; and
(iii) by securities analysts, investors and other interested
parties in the evaluation of companies in our industry.
Each of EBITDA and Adjusted EBITDA have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for the analysis of Navios Partners’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Partners’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
We present Adjusted Net Income by excluding
items that we do not believe are indicative of our core operating
performance. Our presentation of Adjusted Net Income adjusts net
income for the items described above under “Earnings Highlights”.
The definition of Adjusted Net Income used here may not be
comparable to that used by other companies due to differences in
methods of calculation. Adjusted Earnings per Common Unit is
defined as Adjusted Net Income divided by the weighted average
number of common units outstanding for each of the periods
presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P.
Reconciliation of EBITDA and Adjusted EBITDA to Cash from
Operations
| |
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
|
|
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
142,639 |
|
|
$ |
120,270 |
|
|
$ |
368,554 |
|
|
$ |
348,613 |
|
| Net
increase in operating assets |
|
|
30,449 |
|
|
|
32,481 |
|
|
|
56,013 |
|
|
|
22,288 |
|
| Net
(increase)/ decrease in operating liabilities |
|
|
(8,581 |
) |
|
|
12,605 |
|
|
|
37,524 |
|
|
|
114,551 |
|
| Net
interest cost |
|
|
29,214 |
|
|
|
28,535 |
|
|
|
81,718 |
|
|
|
93,289 |
|
|
Amortization and write-off of deferred finance costs and
discount |
|
|
(2,191 |
) |
|
|
(1,625 |
) |
|
|
(5,900 |
) |
|
|
(5,243 |
) |
|
Amortization of operating lease assets/ liabilities |
|
|
190 |
|
|
|
(2,623 |
) |
|
|
2,784 |
|
|
|
(7,769 |
) |
|
Non-cash amortization of deferred revenue and straight line |
|
|
3,660 |
|
|
|
(15,974 |
) |
|
|
8,717 |
|
|
|
(45,222 |
) |
|
Stock-based compensation |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(3 |
) |
| Gain
on sale of vessels, net |
|
|
1,241 |
|
|
|
7,170 |
|
|
|
10,374 |
|
|
|
50,771 |
|
|
EBITDA |
|
$ |
196,621 |
|
|
$ |
180,838 |
|
|
$ |
559,784 |
|
|
$ |
571,275 |
|
| Gain
on sale of vessels, net |
|
|
(1,241 |
) |
|
|
(7,170 |
) |
|
|
(10,374 |
) |
|
|
(50,771 |
) |
|
Adjusted EBITDA |
|
$ |
195,380 |
|
|
$ |
173,668 |
|
|
$ |
549,410 |
|
|
$ |
520,504 |
|
| |
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine MonthPeriod Ended |
|
Nine Month Period Ended |
|
September 30, 2024($
‘000) |
September 30, 2023($
‘000) |
September 30, 2024($
‘000) |
September 30, 2023($
‘000) |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
|
$ |
142,639 |
|
|
$ |
120,270 |
|
|
$ |
368,554 |
|
|
$ |
348,613 |
|
| Net
cash used in investing activities |
|
$ |
(320,007 |
) |
|
$ |
(104,088 |
) |
|
$ |
(613,964 |
) |
|
$ |
(72,423 |
) |
| Net
cash provided by/ (used in) financing activities |
|
$ |
191,482 |
|
|
$ |
(17,061 |
) |
|
$ |
290,193 |
|
|
$ |
(182,115 |
) |
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