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Navios Maritime Partners reports strong results for Q1

Logistic News - Published on Mon, 06 May 2019

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Navios Maritime Partners LP has reported its financial results for the first quarter ended March 31, 2019. Mr Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners said “I am pleased with the results for the first quarter of 2019 during which Navios Partners reported USD 46.8 million of Revenue and USD 22.7 million of Adjusted EBITDA. Our results were particularly strong given the weak market backdrop. Charter rates in the drybulk sector were adversely effected by January’s tragic dam collapse in Brazil, which removed a significant amount of iron ore from the longest trading route to China. Despite this challenging environment, NMM earned a TCE rate of USD 13,209 per day for its fleet in the first quarter. Also, we have seen material rate improvement since Q1. The current spot rate for capesize vessels of USD 11,182 has increased about 90% from the average spot rate for the months of February and March.”

On April 5, 2019, Navios Partners completed a USD 20.0 million sale and leaseback transaction with unrelated third parties, for a 2009-built Capesize vessel. The sale and leaseback transaction has a duration of ten years and an implied fixed interest rate of 6.6%. Navios Partners has the option to buy the vessel starting at the end of year four de-escalating to a USD 6.3 million obligation at maturity. There are no financial covenants or no loan-to-value requirements in connection with the sale and leaseback transaction.

On April 15, 2019, Navios Partners drew USD 31.4 million under a new commercial bank facility to refinance two Capesize vessels.

On April 23, 2019, the Navios Galaxy was sold for approximately USD 6.0 million and released from the Term Loan B collateral package. The sale resulted in an impairment loss of USD 7.3 million, which was included in the first quarter of 2019.

On May 3, 2019, Navios Partners released one Ultra-Handymax vessel from the Term Loan B collateral package.

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Posted By : Mohan Sharma on Mon, 06 May 2019
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