Navios Maritime Partners LP- Partnership Units (NMM)

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Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2016

Revenue: $190.5 million for the year; $49.7 million in Q4

Adjusted EBITDA: $123.5 million for the year; $33.6 million in Q4

$177.8 million net debt reduction in 2016 and 2017 YTD

$100.0 million debt repaid in January 2017

$77.8 million net debt reduction in 2016

$100.0 million increase in collateral value to Term Loan B

$151.1 million of liquidity from asset sales (2016-2017 YTD)

MONACO, Feb. 14, 2017 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (“Navios Partners” or the “Company”) (NYSE: NMM), an international owner and operator of container and dry bulk vessels, today reported its financial results for the fourth quarter and year ended December 31, 2016.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for 2016, a year of many challenges. For the full year, Navios Partners reported revenue of $190.5 million and EBITDA of $76.9 million. For the fourth quarter, Navios Partners reported revenue of $49.7 million and EBITDA of $23.6 million.”

Angeliki Frangou continued, “We actively managed our liquidity in 2016, generating about $151 million from the sale of vessels and securities. We also reduced long-term debt by almost $178 million and increased the collateral value of the Term Loan B by about $100 million. Overall, we are positioned to take advantage of a recovery in the dry sector.”

Debt Repayments - Deleveraging

In January 2017, following the completion of the sale of the MSC Cristina, Navios Partners repaid approximately $100.0 million of bank debt. Proforma for these repayments, net debt/book capitalization for December 31, 2016, has decreased to 36.5%. In addition, during 2016, the Company reduced its net debt by $77.8 million.

Completion of Sale of the MSC Cristina

In January 2017, the Company completed the sale of the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU. The vessel was sold to an unrelated third party for a total net sale price of $125.0 million. Approximately $100.0 million of the sale proceeds were used to repay bank debt.

Sale of the Navios Apollon

In January 2017, Navios Partners agreed to sell the Navios Apollon, a 2000 Ultra-Handymax vessel of 52,073 dwt to an unrelated third party, for a total net sale price of $4.8 million. Delivery is expected by April 2017.

Long-Term Cash Flow

Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of 2.8 years. Navios Partners has currently contracted out 72.6% of its available days for 2017, 38.2% for 2018 and 20.1% for 2019, including index-linked charters, respectively, expecting to generate revenues of approximately $111.9 million, $82.4 million and $54.7 million, respectively. The average expected daily charter-out rate for the fleet is $19,240, $26,690 and $24,972 for 2017, 2018 and 2019, respectively.

EARNINGS HIGHLIGHTS

see:

http://www.streetinsider.com/Press+Releases/Navios+Maritime+Partners+L.P.+Reports%C2%A0Financial+Results+for+the+Fourth+Quarter+and+Year+Ended+December+31%2C+2016/12540963.html