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Navios Maritime Partners profit down, buying five boxshipsNavios Maritime Partners profit down, buying five boxships

Profit at Navios Maritime Partners slipped to $13.1m for the third quarter, down from $22.1m in the same period last year.

Seatrade Maritime

October 31, 2013

1 Min Read
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Third quarter time charter and voyage revenues fell $9m to $46.5m in 2013 compared to 2012, a 16.1%. Navios attributed the revenue fall to a drop in the average time charter equivalent rate for the quarter to $23,202 per day from $29,341 in the same period last year.

The revenue drop, paired with a $1m increase in voyage expenses, saw EBITDA fall $7.4m to $35.6m.

The companies fleet expanded by one vessel for the quarter to 22, operating days increased to 1,952 and utilisation rose to 99.9% from 99.4% in same three months of 2012.

The company also announced the acquisition of five 6,800 teu vessels, which have been chartered out for a decade at $30,150 net per vessel per day. The acquisition of the vessels increases the company's average charter duration by 3.8 years and will introduce $39.5m annual EBITDA to their sheets, including $27.5m in free cash flow.

"I am pleased with the results of this quarter. In addition to strengthening our balance sheet through equity and debt capital market activities, we achieved $35.6m of EBITDA and $13.1m of net income," commented Angeliki Frangou, chairman and ceo of Navios Partners.

"With the transformative acquisition of the five container vessels... we believe that we are positioned to increase distributions in the medium term as the dry bulk market improves."

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