Revenue was up 14.7% in 2014 rising to $227.3m from $198.1m in 2013, as the company's fleet grew. Available ship days in 2014 were 10,927, up from 7,952 in 2013, offsetting a drop in time charter equivalent earnings from $24,284 in 2013 to $20,306.
Fleet utilisation for Navios' 32 vessels edged up 0.2% to 99.8%, with contract coverage for 80.1% of days in 2015, 47.7% in 2016 and 45.2% in 2017 with expected revenues of $220.2, $171.5m and $166.8m. The average remaining term on its contracts is 3.4 years, with expected daily charter-out rates of $23,858, $31,702 and $32,633 for 2015, 2016 and 2017, respectively.
Angeliki Frangou, chairman and ceo of Navios Partners stated, “I am pleased with our results for the quarter, as we recorded EBITDA of $39.3m and net income of $13.5m.
“We have repositioned Navios Partners as a container focused MLP since entering the container market in December 2013. Since then, we have acquired eight container vessels generating about $1bn in revenue, representing 68% of our expected contracted revenue and 44% of our expected 2015 EBITDA. Today, our container fleet represents about 41% of Navios Partners’ total tangible assets. The average charter length of our containers is about 8 years while the average charter duration of our entire fleet is about 3.4 years.”
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