Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2021

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  • Revenue:
    • $268.1 million for Q4 2021
    • $713.2 million for the year ended 2021
  • Net cash from operating activities:
    • $129.0 million for Q4 2021
    • $277.2 million for the year ended 2021
  • Net Income:
    • $117.5 million for Q4 2021
    • $516.2 million for the year ended 2021         
  • Adjusted EBITDA:
    • $156.6 million for Q4 2021
    • $426.5 million for the year ended 2021
  • Fleet Update
    • ~$1.0 billion investment in 18 newbuilding vessels delivering through 2024
      • Acquisition of four 5,300 TEU newbuilding containerships in Q4 2021
    • Sale of two 16-year old containerships for $220.0 million

  • ~$670 million contracted revenue from long-term time charters for 11 containerships concluded since Q4 2021

MONACO, Feb. 17, 2022 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended December 31, 2021.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the outstanding results for the fourth quarter and full year of 2021. During the fourth quarter of 2021, Navios Partners recorded revenue of $268.1 million, Adjusted EBITDA of $156.6 million and Adjusted Net Income of $121.8 million. For the full year of 2021, Navios Partners recorded revenue of $713.2 million, Adjusted EBITDA of $426.5 million, and Adjusted Net Income of $364.1 million.”

Angeliki Frangou continued, “In 2021, we reimagined the public shipping company. Today, Navios Partners is one of the leading U.S. publicly-listed shipping companies diversified across 15 vessel types in three segments, servicing more than 10 end markets. Each segment works independently to mitigate volatility from the other. While we do not expect this to work perfectly, we believe the diversity will sufficiently reduce volatility and create flexibility in our operational and financial decision-making process as we charter, purchase and sell vessels and finance our activities.”

Fleet Update

  • Acquisition of four 5,300 TEU Newbuilding Containerships in Q4 2021

In November 2021, Navios Partners agreed to purchase four 5,300 TEU newbuilding containerships (two plus two optional) for a purchase price of $62.8 million each. The vessels are expected to be delivered into Navios Partners’ fleet during 2024. The closing of the transaction of the two optional containerships is subject to completion of customary documentation.

Following the acquisition of the four vessels, Navios Partners has an approximately $1.0 billion investment in 18 newbuilding vessels delivering through 2024.

  • Sale of two 16-year old Containerships

In February 2022, Navios Partners agreed to sell the Navios Utmost and the Navios Unite, two 2006-built Containerships of 8,204 TEU each, to an unrelated third party for an aggregate sales price of $220.0 million. The sale is expected to be completed during the second half of 2022.

Following the above transactions, Navios Partners will own and operate a fleet comprised of 54 dry bulk vessels, 47 containerships and 45 tanker vessels.

Secured Long-term Time Charters for 11 Containerships

Navios Partners has secured new long-term time charters for 11 containerships which are expected to generate approximately $670 million contracted revenue.

  • Four 5,300 TEU newbuilding containerships, expected to be delivered in 2024, have been chartered-out for an average period of 64 months, at an average net rate of $37,282 per day.
  • Three 4,250 TEU containerships have been chartered-out for an average period of approximately 36 months, at an average net rate of $50,181 per day (2.7x the current average contracted net rate of $18,541).
  • Two 3,450 TEU containerships have been chartered-out for an average period of approximately 45 months, at an average net rate of $44,250 per day (3.2x the current average contracted net rate of $13,643).
  • Two 2,750 TEU containership have been chartered-out for an average period of approximately 37 months, at an average net rate of $41,805 per day (2.5x the current average contracted net rate of $16,788).

Financing Update

In December 2021, Navios Partners entered into a new sustainability linked credit facility with a commercial bank for a total amount of up to $72.7 million for the refinancing of the existing credit facilities of three tanker and two dry bulk vessels. On December 15, 2021, the full amount was drawn. The new credit facility is repayable in 19 consecutive quarterly installments of $2.2 million each together with a final balloon payment of $30.3 million to be paid on the last repayment date. The facility matures in the fourth quarter of 2026 and bears interest at LIBOR plus a margin (ranging from 270 bps to 280 bps per annum depending on the emission efficiency ratio of the vessels as defined in the loan agreement).

Cash Distribution

The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2021 of $0.05 per unit. The cash distribution was paid on February 11, 2022 to all unitholders of record as of February 9, 2022. 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.

Long-Term Cash Flow

Navios Partners has entered into short, medium and long-term time charter-out agreements for its vessels with a remaining average term of approximately 1.8 years. Navios Partners has currently fixed 53.2% of its available days for 2022 and 27.2% for 2023. Navios Partners expects to generate contracted revenues of approximately $697.2 million and $499.2 million for 2022 and for 2023, respectively. The average expected daily charter-out rate for the fleet is $27,957 and $37,530 for 2022 and for 2023, 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 month periods and years ended December 31, 2021 and 2020. 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”).

Upon completion of the merger (“NMCI Merger”) with Navios Maritime Containers L.P. (“Navios Containers”) on March 31, 2021, beginning from April 1, 2021, and obtaining control over Navios Maritime Acquisition Corporation (“Navios Acquisition”) on August 25, 2021, beginning from August 26, 2021, the results of operations of Navios Containers and Navios Acquisition are included in Navios Partners’ Consolidated Statements of Operations. On October 15, 2021, Navios Partners completed its merger (“NNA Merger”) with Navios Acquisition.

 Three Month Period Ended
December 31, 2021
  Three Month Period Ended
December 31, 2020
 
  Year Ended
December 31, 2021

  Year Ended
December 31, 2020

 
(in $‘000 except per unit data)(unaudited)  (unaudited)
  (unaudited)
  (unaudited)
 
Revenue$268,146  $69,233   $713,175  $226,771  
Net Income/ (Loss) attributable to Navios Partners’ unitholders$117,540  $(50,167)  $516,186  $(68,541) 
Adjusted Net Income attributable to Navios Partners’ unitholders$121,832(1) $12,830 (2)  $364,146(3) $9,936 (4)
Net cash provided by operating activities$129,020  $25,386   $277,173  $94,086  
EBITDA$152,351  $(27,448)  $578,511  $21,366  
Adjusted EBITDA$156,643(1) $35,549 (2) $426,471(3) $99,843 (4)
Earnings/ (Loss) attributable to Navios Partners’ unitholders per Common Unit basic$3.89  $(4.39)  $22.36  $(6.13) 
Earnings/ (Loss) attributable to Navios Partners’ Unitholders per Common Unit diluted$3.89  $(4.39)  $22.32  $(6.13) 
Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic$4.03(1) $1.12 (2) $15.78(3) $0.89 (4)
Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit diluted$4.03(1) $1.12 (2) $15.75(3) $0.89 (4)

(1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the three month period ended December 31, 2021 have been adjusted to exclude a: (i) $3.3 million gain related to the sale of one of our vessels; and (ii) $7.6 million of transaction costs in relation to the NNA Merger.

(2) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the three month period ended December 31, 2020 have been adjusted to exclude a: (i) $51.0 million impairment loss related to four of our vessels; and (ii) $12.0 million impairment loss related to the sale of two of our vessels.

(3) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the year ended December 31, 2021 have been adjusted to exclude: (i) an $80.8 million gain from equity in net earnings of affiliated companies; (ii) a $48.0 million bargain gain upon obtaining control over Navios Acquisition and upon completion of NMCI Merger; (iii) a $33.6 million gain related to the sale of eight of our vessels; and (iv) $10.4 million of transaction costs in relation to the NNA Merger and NMCI Merger.

(4) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the year ended December 31, 2020 have been adjusted to exclude a: (i) $6.9 million loss related to the other-than-temporary impairment recognized in the Navios Partners’ receivable from Navios Europe II; (ii) $57.8 million impairment loss related to seven of our vessels; and (iii) $13.8 million impairment loss relating to the sale of three of our vessels.

Three month periods ended December 31, 2021 and 2020

Time charter and voyage revenues for the three month period ended December 31, 2021 increased by approximately $198.9 million, or 287.4%, to $268.1 million, as compared to $69.2 million for the same period in 2020. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in Time Charter Equivalent (“TCE”) rate. For the three month period ended December 31, 2021, TCE rate increased by 64.1% to $23,005 per day, as compared to $14,021 per day for the same period in 2020. The available days of the fleet increased by 136.5% to 11,363 days for the three month period ended December 31, 2021, as compared to 4,805 for the same period in 2020 mainly due to the mergers with Navios Containers and Navios Acquisition.

EBITDA of Navios Partners for the three month periods ended December 31, 2021 and 2020 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by approximately $121.1 million to $156.6 million for the three month period ended December 31, 2021, as compared to $35.5 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to a: (i) $198.9 million increase in time charter and voyage revenues; and (ii) $1.1 million increase in net loss attributable to noncontrolling interest. The above increase was partially mitigated by: (i) a $47.5 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) a $13.9 million increase in time charter and voyage expenses; (iii) an $8.5 million increase in general and administrative expenses, mainly due to the increased fleet; (iv) a $6.3 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); (v) a $2.2 million decrease in other income, net and (vi) a $0.5 million decrease in equity net earnings of affiliated companies.

Net income/(loss) attributable to Navios Partners’ unitholders for the three month periods ended December 31, 2021 and 2020 was affected by the items described in the table above. Excluding these items, Adjusted Net Income for the three month period ended December 31, 2021 amounted to $121.8 million as compared to $12.8 million for the three month period ended December 31, 2020. The increase in Adjusted Net Income was primarily due to a: (i) $121.1 million increase in Adjusted EBITDA; and (ii) $30.9 million increase in amortization of the unfavorable lease terms. The above increase was partially mitigated by a: (i) $30.9 million increase in depreciation and amortization expense; (ii) $9.6 million increase in interest expense and finance cost, net; (iii) $2.4 million increase in amortization for deferred drydock, special survey costs and other capitalized items; and (iv) $0.1 million decrease in interest income.

Years ended December 31, 2021 and 2020

Time charter and voyage revenues for the year ended December 31, 2021 increased by approximately $486.4 million, or 214.5%, to $713.2 million, as compared to $226.8 million for the same period in 2020. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in TCE rate. For the year ended December 31, 2021, TCE rate increased by 73.7% to $21,709 per day, as compared to $12,497 per day for the same period in 2020. The available days of the fleet increased by 82.9% to 31,884 days for the year ended December 31, 2021, as compared to 17,430 for the same period in 2020 mainly due to the NNA Merger and NMCI Merger.

EBITDA of Navios Partners for the years ended December 31, 2021 and 2020 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $326.7 million to $426.5 million for the year ended December 31, 2021, as compared to $99.8 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to a: (i) $486.4 million increase in time charter and voyage revenues; and (ii) $4.9 million increase in net loss attributable to noncontrolling interest. The above increase was partially mitigated by a: (i) $97.7 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) $25.1 million increase in time charter and voyage expenses; (iii) $17.5 million increase in general and administrative expenses, mainly due to the increased fleet; (iv) $13.0 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); (v) $10.2 million increase in other expense, net; and (vi) $1.1 million decrease in equity in net earnings of affiliated companies.

Net income attributable to Navios Partners’ unitholders for the year ended December 31, 2021 was approximately $516.2 million as compared to a $68.5 million net loss for the same period in 2020. Net income/ (loss) was affected by the items described in the table above. Excluding these items, Adjusted Net Income for the year ended December 31, 2021 amounted to $364.1 million compared to $9.9 million for the year ended December 31, 2020. The increase in Adjusted Net Income was primarily due to a: (i) $326.7 million increase in Adjusted EBITDA; (ii) $108.5 million increase in the amortization of the unfavorable lease terms recorded in the year ended December 31, 2021; and (iii) $0.3 million increase in interest income. The above increase was partially mitigated by: (i) a $56.7 million increase in depreciation and amortization expense; (ii) an $18.6 million increase in interest expense and finance cost, net; and (iii) a $6.0 million increase in amortization for deferred drydock, special survey costs and other capitalized items.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods and years ended December 31, 2021 and 2020 (including the Navios Containers’ fleet and Navios Acquisition’s tanker fleet for the periods from April 1, 2021 to December 31, 2021 and from August 26, 2021 to December 31, 2021, respectively).         

 Three Month Period Ended
December 31, 2021
 Three Month Period Ended
December 31, 2020
 Year Ended
December 31, 2021
 Year Ended
December 31, 2020
 (unaudited) (unaudited) (unaudited) (unaudited)
Available Days (1) 11,363   4,805   31,884   17,430 
Operating Days (2) 11,289   4,780   31,631   17,245 
Fleet Utilization (3) 99.3%  99.5%  99.2%  98.9%
Time Charter Equivalent Combined (per day) (4)$23,005  $14,021  $21,709  $12,497 
Time Charter Equivalent Drybulk (per day) (4)$29,548  $12,722  $23,331  $10,989 
Time Charter Equivalent Containers (per day) (4)$23,765  $19,507  $22,435  $18,385 
Time Charter Equivalent Tankers (per day) (4)$15,426     $15,336    
Vessels operating at period end 128   52   128   52 


(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, dry dockings 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, dry dockings or special surveys.
(4)TCE rate: Time Charter Equivalent rate per day is defined as voyage, time charter revenues and bareboat charter-out revenues (grossed up by currently applicable fixed vessel operating expenses) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a standard 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 Thursday, February 17, 2022 to discuss the results for the fourth quarter and year ended December 31, 2021.

Call Date/Time: Thursday, February 17, 2022 at 8:30 am ET
Call Title: Navios Partners Q4 2021 Financial Results Conference Call 
US Dial In: +1.866.518.6930
International Dial In: +1.203.518.9797
Conference ID: NMMQ421

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: +1.800.839.5128
International Replay Dial In: +1.402.220.1504

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, including TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, Navios Partners’ ability to realize the projected advantages of the NNA Merger, 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 the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on 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, 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 Panamax, Capesize, Ultra-Handymax, Containerships and Tanker vessels in particular, fluctuations in charter rates for dry bulk vessels, 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, 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 8645
[email protected] 

Nicolas Bornozis
Capital Link, Inc.
+1 (212) 661 7566
[email protected]


EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars except unit data)

   December 31,
2021
(unaudited)
 December 31,
2020
(unaudited)
ASSETS       
Cash and cash equivalents, including restricted cash  $169,446  $30,728
Other current assets  56,894  30,052
Vessels, net   2,852,570   1,041,138
Other non-current assets   544,389   105,351
Total assets $3,623,299  $1,207,269
        
LIABILITIES AND PARTNERS’ CAPITAL       
Other current liabilities $140,368 $51,417
Total borrowings, net (including current and non-current)   1,361,709  486,857
Other non-current liabilities   351,497  14,165
Total partners’ capital   1,769,725   654,830
Total liabilities and partners’ capital  $3,623,299   $1,207,269


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 Ended
December 31, 2021
(unaudited)
 Three Month Period Ended
December 31, 2020
(unaudited)
 Year Ended
December 31, 2021
(unaudited)
 Year Ended
December 31, 2020
(unaudited)
Time charter and voyage revenues $268,146  $69,233  $713,175  $226,771 
Time charter and voyage expenses  (16,313)  (2,381)  (36,142)  (11,028)
Direct vessel expenses  (11,252)  (2,667)  (29,259)  (10,337)
Vessel operating expenses (entirely through related parties transactions)  (72,764)  (25,308)  (191,449)  (93,732)
General and administrative expenses  (16,744)  (8,168)  (41,461)  (24,012)
Depreciation and amortization of intangible assets  (45,508)  (14,597)  (112,817)  (56,050)
Amortization of unfavorable lease terms  30,936      108,538    
Gain on sale of vessels  3,277      33,625    
Vessels impairment loss     (62,997)     (71,577)
Interest expense and finance cost, net  (15,138)  (5,523)  (42,762)  (24,159)
Interest income     125   859   639 
Impairment of receivable in affiliated company     —       (6,900)
Other (expense)/ income, net  (585)  1,569   (9,449)  711 
Equity in net earnings of affiliated companies     547   80,839   1,133 
Transaction costs  (7,569)     (10,439)   
Bargain gain        48,015    
Net income/ (loss) $116,486   $(50,167) $511,273   $(68,541)
Net loss attributable to the noncontrolling interest  1,054      4,913    
Net income/ (loss) attributable to Navios Partners’ unitholders $117,540   $(50,167) $516,186   $(68,541)


Earnings/ (loss) per unit:

  Three Month
Period Ended
December 31, 2021
  Three Month
Period Ended
December 31, 2020
 Year Ended
December 31, 2021
 Year Ended
December 31, 2020
  (unaudited)  (unaudited) (unaudited) (unaudited)
Earnings/ (loss) attributable to Navios Partners’ unitholders per unit:             
Earnings/ (loss) attributable to Navios Partners’ unitholders per common unit, basic $3.89  $(4.39) $22.36 $(6.13)
Earnings/ (loss) attributable to Navios Partners’ unitholders per common unit, diluted $3.89  $(4.39) $22.32 $(6.13)


NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars except unit data)

 Year Ended
December 31, 2021
 Year Ended
December 31, 2020
(in thousands of U.S. dollars)(unaudited) (unaudited)
Net cash provided by operating activities$277,173  $94,086 
Net cash used in investing activities$(106,252) $(83,854)
Net cash used in financing activities$(32,203) $(9,906)
Increase in cash, cash equivalents and restricted cash$138,718   $326  

EXHIBIT 2      

Owned Drybulk Vessels Type Built Capacity
(DWT)
Serenitas N Ultra-Handymax 2011 56,644
Navios Christine B Ultra-Handymax 2009 58,058
Navios Amaryllis Ultra-Handymax 2008 58,735
Navios La Paix Ultra-Handymax 2014 61,485
Navios Symmetry Panamax 2006 74,381
Navios Camelia Panamax 2009 75,162
Navios Hope Panamax 2005 75,397
Navios Libertas Panamax 2007 75,511
Navios Prosperity I Panamax 2007 75,527
Navios Hyperion Panamax 2004 75,707
Navios Sagittarius Panamax 2006 75,756
Navios Anthos Panamax 2004 75,798
Navios Alegria Panamax 2004 76,466
Navios Orbiter Panamax 2004 76,602
Navios Sun Panamax 2005 76,619
Navios Helios Panamax 2005 77,075
Navios Victory Panamax 2014 77,095
Unity N Panamax 2011 79,642
Odysseus N Panamax 2011 79,642
Navios Avior Panamax 2012 81,355
Navios Centaurus Panamax 2012 81,472
Navios Harmony Panamax 2006 82,790
Navios Sphera Panamax 2016 84,872
Navios Apollon I Panamax 2005 87,052
Copernicus N Panamax 2010 93,062
Navios Aurora II Capesize 2009 169,031
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 Azimuth Capesize 2011 179,169
Navios Buena Ventura Capesize 2010 179,259
Navios Fulvia Capesize 2010 179,263
Navios Aster Capesize 2010 179,314
Navios Ray Capesize 2012 179,515
Navios Bonavis Capesize 2009 180,022
Navios Fantastiks Capesize 2005 180,265
Navios Sol Capesize 2009 180,274
Navios Beaufiks Capesize 2004 180,310
Navios Pollux Capesize 2009 180,727
Navios Mars Capesize 2016 181,259
Navios Gem Capesize 2014 181,336
Navios Joy Capesize 2013 181,389
Navios Koyo Capesize 2011 181,415


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
Matson Oahu Containership 2006 3,450
Navios Spring Containership 2007 3,450
Matson Lanai (ex. Navios Amaranth) Containership 2007 4,250
Navios Indigo Containership 2007 4,250
Navios Vermilion Containership 2007 4,250
Navios Verde Containership 2007 4,250
Navios Amarillo Containership 2007 4,250
Navios Azure Containership 2007 4,250
Navios Domino Containership 2008 4,250
Navios Delight Containership 2008 4,250
Navios Devotion Containership 2009 4,250
Navios Destiny Containership 2009 4,250
Navios Lapis Containership 2009 4,250
Navios Tempo Containership 2009 4,250
Navios Dorado Containership 2010 4,250
Navios Felicitas Containership 2010 4,360
Bahamas Containership 2010 4,360
Bermuda 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
Hyundai Hongkong Containership 2006 6,800
Hyundai Singapore Containership 2006 6,800
Hyundai Busan Containership 2006 6,800
Hyundai Shanghai Containership 2006 6,800
Hyundai Tokyo Containership 2006 6,800
Navios Utmost(1) Containership 2006 8,204
Navios Unite(1) Containership 2006 8,204
Navios Unison Containership 2010 10,000
Navios Constellation Containership 2011 10,000

(1) Vessel agreed to be sold.

Owned Tanker Vessels Type Built Capacity
(DWT)
Nave Cosmos Chemical Tanker 2010 25,130
Nave Polaris Chemical Tanker 2011 25,145
Perseus N MR1 Product Tanker 2009 36,264
Star N MR1 Product Tanker 2009 37,836
Hector N MR1 Product Tanker 2008 38,402
Nave Dorado MR2 Product Tanker 2005 47,999
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 Orbit MR2 Product Tanker 2009 50,470
Nave Equator MR2 Product Tanker 2009 50,542
Bougainville MR2 Product Tanker 2013 50,626
Nave Equinox MR2 Product Tanker 2007 50,922
Nave Pulsar MR2 Product Tanker 2007 50,922
Aurora N LR1 Product Tanker 2008 63,495
Lumen N LR1 Product Tanker 2008 63,599
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 Constellation VLCC 2010 296,988
Nave Universe VLCC 2011 297,066
Nave Galactic VLCC 2009 297,168
Nave Spherical VLCC 2009 297,188
Nave Quasar VLCC 2010 297,376
Nave Photon VLCC 2008 297,395
Nave Buena Suerte VLCC 2011 297,491
Nave Synergy VLCC 2010 299,973


Bareboat Chartered-in vessels Type Built Capacity
(DWT)
 Purchase Option
Navios Star Panamax 2021 81,994 Yes
Navios Amitie Panamax 2021 82,002 Yes
Navios Libra Panamax 2019 82,011 Yes
Nave Electron VLCC 2021 313,239 Yes
Baghdad VLCC 2020 313,433 Yes
Erbil VLCC 2021 313,486 Yes


Bareboat Chartered-in vessels to be delivered Type Delivery date Capacity
(DWT)
 Purchase Option
TBN I Capesize H2 2022 180,000 Yes
TBN II Capesize H2 2022 180,000 Yes
TBN III Capesize H2 2022 180,000 Yes
TBN VII Capesize H1 2023 180,000 Yes
TBN V Capesize H1 2023 180,000 Yes
TBN XIV VLCC H2 2022 310,000 Yes


Owned to be delivered Type Delivery Date Capacity
DWT / (TEU)
TBN IV Panamax H2 2022 81,000
TBN VI Panamax H1 2023 81,000
TBN VIII Containership H2 2023 5,300
TBN IX Containership H2 2023 5,300
TBN X Containership H1 2024 5,300
TBN XI Containership H1 2024 5,300
TBN XV Containership H1 2024 5,300
TBN XVI Containership H1 2024 5,300
TBN XII Containership H2 2024 5,300
TBN XIII Containership H2 2024 5,300
TBN XVII Containership H2 2024 5,300
TBN XVIII Containership H2 2024 5,300

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders and Adjusted Earnings/ (Loss) attributable to Navios Partners’ unitholders 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/ (loss) attributable to Navios Partners’ unitholders 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/(decrease) in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred financing cost; (v) equity in net earnings/ (loss) of affiliated companies; (vi) impairment charges; (vii) non-cash accrued interest income and amortization of deferred revenue; (viii) stock-based compensation expense; (ix) non-cash accrued interest income from receivable from affiliated companies; (x) amortization of operating lease right-of-use asset; (xi) gain/(loss) on sale of assets and bargain purchase gain; and (xii) net loss attributable to noncontrolling interest. 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 / (Loss) attributable to Navios Partners’ unitholders by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Basic Earnings / (Loss) attributable to Navios Partners’ unitholders per Common Unit is defined as Adjusted Net Income / (Loss) attributable to Navios Partners’ unitholders 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
December 31, 2021
 Three Month Period Ended
December 31, 2020
  Year Ended
December 31, 2021
 Year Ended
December 31, 2020
  ($ ‘000)
(unaudited)
 ($ ‘000)
(unaudited)
  ($ ‘000)
(unaudited)
 ($ ‘000)
(unaudited)
Net cash provided by operating activities $129,020  $25,386  $277,173  $94,086 
Net increase/ (decrease) in operating assets  30,751   (766)  93,092   7,261 
Net (increase)/ decrease in operating liabilities  (23,515)  7,126   3,274   (22,207)
Net interest cost  15,138   5,398   41,903   23,520 
Amortization and write-off of deferred financing cost  (1,273)  (571)  (3,741)  (2,141)
Amortization of operating lease right-of-use asset  214   (253)  401   (956)
Non cash accrued interest income and amortization of deferred revenue  (2,162)  400   (460)  1,588 
Stock-based compensation  (153)  (223)  (523)  (946)
Gain on sale of vessels  3,277      33,625    
Vessels impairment loss     (62,997)     (71,577)
Bargain gain        48,015    
Impairment of receivable in affiliated company           (6,900)
Allowance for credit losses     (1,495)     (1,495)
Equity in net earnings of affiliated companies     547   80,839   1,133 
Net loss attributable to noncontrolling interest  1,054      4,913    
EBITDA $152,351   $(27,448) $578,511   $21,366 
Equity in net earnings of affiliated companies        (80,839)   
Bargain gain        (48,015)   
Transaction costs  7,569      10,439    
Gain on sale of vessels  (3,277)     (33,625)   
Impairment of receivable in affiliated company           6,900 
Vessels impairment loss     62,997      71,577 
Adjusted EBITDA $156,643   $35,549  $426,471   $99,843 


  Three Month Period Ended
December 31, 2021
 Three Month Period Ended
December 31, 2020
 Year Ended
December 31, 2021
 Year Ended
December 31, 2020
  ($ ‘000)
(unaudited)
 ($ ‘000)
(unaudited)
 ($ ‘000)
(unaudited)
 ($ ‘000)
(unaudited)
Net cash provided by operating activities $129,020  $25,386  $277,173  $94,086 
Net cash used in investing activities $(3,200) $(5,508) $(106,252) $(83,854)
Net cash used in financing activities $(97,554) $(19,765) $(32,203) $(9,906)

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