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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

DATED: August 31, 2023

Commission File No. 001-33811

 

NAVIOS MARITIME PARTNERS L.P.

  

 

 

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F                   Form 40-F  

 

 

  

 

NAVIOS MARITIME PARTNERS L.P.

FORM 6-K

TABLE OF CONTENTS

 

  Page
Operating and Financial Review and Prospects 2
Exhibit List 22
INDEX F-1

 

This Report on Form 6-K is hereby incorporated by reference into the Navios Maritime Partners L.P. Registration Statement on Form F-3, File No. 333-271842.

Operating and Financial Review and Prospects

The following is a discussion of the financial condition and results of operations for the three and six month periods ended June 30, 2023 and 2022 of Navios Maritime Partners L.P. (referred to herein as “we”, “us”, “Company” or “Navios Partners”). All of the financial statements have been stated in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Partners’ 2022 Annual Report filed on Form 20-F with the U.S. Securities and Exchange Commission (the “SEC”) on March 24, 2023.

This Report 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, TCE rates (as defined herein), and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, 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 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, wars, sanctions, 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 drybulk, containerships and tanker vessels in particular, fluctuations in charter rates for drybulk, 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, fluctuation in interest rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023, 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 SEC, including its Form 20-F and Form 6-K. 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.

Table of Contents 2  
 

Recent Developments

In August 2023, Navios Partners agreed to acquire two newbuilding Japanese MR2 Product Tanker vessels from an unrelated third party, under bareboat contracts. Each vessel is being bareboat-in for ten years. Navios Partners has the option to acquire the vessels starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the 10-year period, the bareboat agreements reflect an implied price of approximately $41.5 million per vessel and an implied effective interest rate of approximately 7.0%. The vessels are expected to be delivered into Navios Partners’ fleet during the first half of 2027. The closing of the transaction is subject to completion of customary documentation. 

In August 2023, Navios Partners agreed to acquire from an unrelated third party, the Navios Horizon I, a 2019-built Kamsarmax vessel of 81,692 dwt (previously chartered-in) for an acquisition price of $28.0 million. The delivery of the vessel is expected within the third quarter of 2023.

During the second quarter of 2023, Navios Partners agreed to acquire two newbuilding Japanese MR2 Product Tanker vessels from an unrelated third party, under bareboat contracts. Each vessel is being bareboat-in for ten years. Navios Partners has the option to acquire the vessels starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the 10-year period, the bareboat agreements reflect an implied price of approximately $40.2 million per vessel and an implied effective interest rate of approximately 7.0%. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2026 and the first half of 2027. The closing of the transaction is subject to completion of customary documentation.

On May 10, 2023, Navios Partners agreed to sell the Lumen N, a 2008-built LR1 vessel of 63,599 dwt, to an unrelated third party, for a net sales price of $21.6 million. The sale was completed on July 7, 2023. 

Overview

We are an international owner and operator of dry cargo and tanker vessels, formed on August 7, 2007 under the laws of the Republic of the Marshall Islands. Olympos Maritime Ltd. is our general partner (the “General Partner”).

As of August 25, 2023, there were 30,184,388 outstanding common units and 622,296 general partnership units. Navios Maritime Holdings Inc. (“Navios Holdings”) currently owns an approximately 10.3% ownership interest in Navios Partners and the General Partner currently owns an approximately 2.0% ownership interest in Navios Partners based on all outstanding common units and general partnership units.

 

Table of Contents 3  
 

 Fleet

Navios Partners’ fleet consists of 81 drybulk vessels, 47 containerships and 49 tanker vessels, including 12 newbuilding tanker vessels (six Aframax/LR2 and six MR2 Product Tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through 2027 and 12 newbuilding containerships (ten 5,300 TEU and two 7,700 TEU), that are expected to be delivered through 2025.

We generate revenues by charging our customers for the use of our vessels to transport their dry cargo commodities, containers, crude oil and/or refined petroleum products. In general, the vessels in our fleet are chartered-out under time charters, which range in length from one to twelve years at inception. From time to time, we operate vessels in the spot market until the vessels have been chartered out under short-term, medium and long-term charters.

The following table provides summary information about our fleet as of August 25, 2023:

Owned Drybulk Vessels   Type   Built   Capacity   Charter-Out   Index(2)   Expiration
(DWT)   Rate(1) Date(3)
Navios Christine B   Ultra-Handymax   2009   58,058     100.0% average BSI 58 10TC   Oct-23
Navios Celestial   Ultra-Handymax   2009   58,063 $ 11,400   No   Sep-23
  100% average BSI 58 10TC  May-25
Navios Vega   Ultra-Handymax   2009   58,792     Scheduled repairs  
Navios La Paix   Ultra-Handymax   2014   61,485     111.0% average BSI 58 10TC   Jul-24
Navios Hyperion   Panamax   2004   75,707 $ 19,000   No   Nov-23
Navios Orbiter   Panamax   2004   76,602     100.0% average BPI 4TC    Dec-23
Navios Hope   Panamax   2005   75,397     100.0% average BPI 4TC   Sep-23
$ 11,550 No Dec-23
  100.0% average BPI 4TC  Jun-24
Navios Taurus   Panamax   2005   76,596     100.0% average BPI 4TC   Sep-23
$ 11,887 No Dec-23
  100.0% average BPI 4TC Mar-24
Navios Sun   Panamax   2005   76,619 $ 16,844   No   Sep-23
 
    100.0% average BPI 4TC   Dec-23
Navios Asteriks(24)   Panamax   2005   76,801     100.0% average BPI 4TC   Sep-23
Navios Helios   Panamax   2005   77,075     100.0% average BPI 4TC   Sep-23
$ 11,694 No Dec-23
  100.0% average BPI 4TC Jan-24
Navios Apollon I   Panamax   2005   87,052     105.0% average BPI 4TC   Sep-23
N Amalthia   Panamax   2006   75,318     90.0% average BPI 82   Sep-23
$ 12,332 No Dec-23
  90.0% average BPI 82 Apr-24
Navios Sagittarius(5)   Panamax   2006   75,756     100.0% average BPI 4TC   Nov-23
Navios Galileo   Panamax   2006   76,596     89.0% average BPI 82   Jan-24
N Bonanza   Panamax   2006   76,596 $ 16,363   No   Sep-23
$ 11,935 No Dec-23
  100.0% average BPI 4TC Apr-24
Navios Harmony   Panamax   2006   82,790 $ 9,025   No   Nov-23
Copernicus N   Panamax   2010   93,062     107.0% average BPI 4TC   Sep-23
 
Unity N   Panamax   2011   79,642     100.0% average BPI 4TC   Dec-23
Odysseus N   Panamax   2011   79,642     100.0% average BPI 4TC   Nov-23
Rainbow N   Panamax   2011   79,642     100.0% average BPI 4TC   Nov-23
Navios Avior   Panamax   2012   81,355     100.0% average BPI 82   Sep-23
$ 12,954   No     Dec-23
    100.0% average BPI 82   Feb-24

Table of Contents 4  
 

Navios Centaurus   Panamax   2012   81,472     101.0% average BPI 82   Sep-23
$ 13,084 No Dec-23
  101.0% average BPI 82 Jul-24
Navios Victory   Panamax   2014   77,095     106.75% average BPI 4TC   Oct-23
Navios Alegria(24)   Panamax   2016   84,852 $ 14,197   No   Jul-24
Navios Sphera   Panamax   2016   84,872   108% of average BPI 82   Sep-23
$ 13,343 No Dec-23
$ 11,628 No Mar-24
  108% of average BPI 82 Apr-24
Navios Sky(5)   Panamax   2015   82,056     105.0 % average BPI 82   Sep-23
$ 13,073 No Dec-23
  105.0 % average BPI 82 Sep-24
Navios Uranus(6)   Panamax   2019   81,821 $ 15,593   No   Dec-23
Navios Herakles I(6)   Panamax   2019   82,036     115.0% average BPI 82   Sep-23
$ 13,696 No Oct-23
$ 13,517 No Dec-23
$ 11,684 No Mar-24
$ 13,733 No Jun-24
  113.5% average BPI 82 Jul-24
Navios Galaxy II(6)   Panamax   2020   81,789 $ 14,520   No   Sep-23
$ 13,184 No Dec-23
  112.5% average BPI 82 Mar-24
$ 13,612 No Jun-24
  112.5% average BPI 82 Dec-24
Navios Felicity I(6)   Panamax   2020   81,962 $ 14,919   No   Dec-23
Navios Magellan II(6)   Panamax   2020   82,037 $ 13,837   No    Sep-23
$ 13,298 No  Dec-23
  112.0% average BPI 82 Feb-24
Navios Primavera(5)   Panamax   2022   82,003     112.0% average BPI 82   Sep-23
  115.0% average BPI 82 Sep-24
Navios Meridian(5)   Panamax   2023   82,010 $ 13,975   No    Sep-23
$ 13,426 No  Dec-23
  115.5% average BPI 82 Jan-24
Navios Beaufiks(5)   Capesize   2004   180,310 $ 22,563   No   Sep-23
Navios Fantastiks(5)   Capesize   2005   180,265 $ 18,911   No   Dec-23
Navios Stellar(5)   Capesize   2009   169,001     99.0% average BCI 5TC   Apr-24
Navios Aurora II   Capesize   2009   169,031     99.0% average BCI 5TC   May-24
Navios Happiness   Capesize   2009   180,022 $ 20,710   No   Dec-23
Navios Bonavis(5)   Capesize   2009   180,022     107.0% average BCI 5TC   Apr-24
Navios Phoenix(5)   Capesize   2009   180,242     100.0% average BCI 5TC + $1,905 per day   Jan-24
Navios Sol(5)   Capesize   2009   180,274 $ 20,378   No   Dec-23
  110.0% average BCI 5TC Apr-24
Navios Lumen(5)   Capesize   2009   180,661     107.0% average BCI 5TC   Apr-24
Navios Pollux(5)   Capesize   2009   180,727     100.0% of pool earnings   Oct-23
Navios Antares(5)   Capesize   2010   169,059     100.0% average BCI 5TC   Jan-24
Navios Symphony   Capesize   2010   178,132     104.5% average BCI 5TC   Jan-24
Navios Melodia   Capesize   2010   179,132     105.0% average BCI 5TC   Apr-24
Navios Luz   Capesize   2010   179,144     106.0% average BCI 5TC   May-24
Navios Etoile   Capesize   2010   179,234     105.0% average BCI 5TC   Feb-24
Navios Buena Ventura   Capesize   2010   179,259     105.0% average BCI 5TC   Feb-24
Navios Bonheur   Capesize   2010   179,259     103.0% average BCI 5TC   Dec-23
Navios Fulvia   Capesize   2010   179,263     105.0% average BCI 5TC   Feb-24
Navios Aster   Capesize   2010   179,314 $ 22,721   No   Sep-23
  108.0% average BCI 5TC Dec-23
Navios Ace(5)   Capesize   2011   179,016     107.25% average BCI 5TC   Mar-24
Navios Altamira   Capesize   2011   179,165     107.0% average BCI 5TC   Mar-24
Navios Azimuth   Capesize   2011   179,169     105.0% average BCI 5TC   Feb-24
Navios Koyo   Capesize   2011   181,415     118.0% average BCI 5TC   Sep-23
$ 19,057 No Dec-23
  118.0% average BCI 5TC Apr-24

Table of Contents 5  
 

 

Navios Ray(5)   Capesize   2012   179,515 $ 19,950   No  

Dec-23 

  105.0% average BCI 5TC Feb-24
Navios Joy   Capesize   2013   181,389     Freight Voyages    Aug-25
Navios Gem   Capesize   2014   181,336     128.0% average BCI 5TC   Jan-24
Navios Canary(24)   Capesize   2015   180,528 $ 24,819   No   Dec-23
Navios Corali(24)   Capesize   2015   181,249 $ 25,201   No   Oct-23
  132.0% average BCI 5TC Nov-23
                  100.0% average BCI 5TC + $4,085 per day   Sep-23
Navios Felix(24)   Capesize   2016   181,221 $ 18,905   No   Dec-23
                  100.0% average BCI 5TC + $4,085 per day   Jan-24
Navios Mars   Capesize   2016   181,259     126.0% average BCI 5TC   Dec-23
Navios Armonia(6)   Capesize   2022   182,079 $ 20,750   No   Sep-27
Navios Azalea(6)   Capesize   2022   182,064 $ 19,950   No   Nov-27
Navios Astra(25)   Capesize   2022   182,392 $ 21,000   No   Aug-27
Navios Altair(6)   Capesize   2023   182,115 $ 19,600   No   Nov-27
Navios Sakura(6)   Capesize   2023   182,169 $ 19,550   No   Mar-28
Navios Amethyst(6)   Capesize   2023   182,212 $ 19,550   No   Feb-28

 

Owned Containerships   Type   Built   Capacity   Charter-Out   Index(2)   Expiration
      (TEU)   Rate(1) Date(3)
Navios Summer(5)   Containership   2006   $ 39,795   No   May-24
 3,450 $ 30,320 No May-25
  $ 20,845 No May-26
  $ 34,110 No Jul-26
Navios Verano (5)   Containership   2006   3,450 $ 18,818   No   Apr-26
Hyundai Hongkong(7)   Containership   2006   6,800 $ 30,119   No   Dec-23
  $ 21,083 No Dec-28
Hyundai Singapore(7)   Containership   2006   6,800 $ 30,119   No   Dec-23
  $ 21,083 No Dec-28
Hyundai Busan(7)   Containership   2006   6,800 $ 30,119   No   Aug-24
  $ 21,083 No Aug-29
Hyundai Shanghai(7)   Containership   2006   6,800 $ 30,119   No   Aug-24
  $ 21,083 No Aug-29
Hyundai Tokyo(7)   Containership   2006   6,800 $ 30,119   No   Dec-23
  $ 21,083 No Dec-28
Protostar N   Containership   2007   2,741 $ 46,556   No   Nov-25
Navios Spring(5)   Containership   2007   3,450 $ 58,500   No   May-25
Matson Lanai(5)   Containership   2007   4,250 $ 55,794   No   Jul-25
Navios Indigo(5)   Containership   2007   $ 43,875   No   Apr-24
 4,250 $ 34,125 No Apr-25
  $ 24,375 No Apr-26
  $ 41,438 No Aug-26
Navios Vermilion(5)   Containership   2007   $ 45,425   No   Dec-23
 4,250 $ 23,972 No Nov-24
  $ 41,722 No Dec-24
Navios Verde(5)   Containership   2007   4,250 $ 21,725   No   Apr-25
Navios Amarillo(5)   Containership   2007   $ 92,381   No   Jan-24
 4,250 $ 63,956 No Jan-25
  $ 28,425 No Jan-26
  $ 9,475 No Jan-28
Navios Azure   Containership   2007   4,250 $ 20,748   No   Apr-26
Navios Domino(5)   Containership   2008   4,250 $ 23,453   No   Sep-25
Navios Delight(5)   Containership   2008   4,250 $ 45,425   No   Jan-24
Navios Magnolia   Containership   2008   $ 45,425   No   Nov-23
 4,730 $ 23,972 No Oct-24
  $ 41,722 No Nov-24

Table of Contents 6  
 

Navios Jasmine   Containership   2008   4,730 $ 60,000   No   Apr-25
Navios Chrysalis   Containership   2008   4,730 $ 23,453   No   Jun-25
Navios Nerine   Containership   2008   $ 45,425   No   Oct-23
 4,730 $ 23,972 No Sep-24
  $ 41,722 No Oct-24
Spectrum N   Containership   2009   2,546 $ 36,538   No   Mar-25
Navios Devotion(5)   Containership   2009   $ 43,875   No   Mar-24
 4,250 $ 34,125 No  Mar-25
  $ 24,375 No Mar-26
  $ 41,438 No Jul-26
Navios Destiny(5)   Containership   2009   $ 45,425   No   Nov-23
4,250 $ 23,972 No Oct-24
  $ 41,722 No Nov-24
Navios Lapis   Containership   2009   4,250 $ 20,244   No   Apr-24
Navios Tempo   Containership   2009   4,250 $ 44,438   No   Sep-25
Navios Miami   Containership   2009   $ 45,425   No   Nov-23
4,563 $ 23,972 No Oct-24
  $ 41,722 No Nov-24
Navios Dorado   Containership   2010   4,250 $ 21,676   No   Jun-24
Zim Baltimore   Containership   2010   $ 43,875   No   Jan-24
 4,360 $ 34,125 No Jan-25
  $ 24,375 No Jan-26
  $ 41,438 No May-26
Navios Bahamas   Containership   2010   4,360 $ 60,000   No   May-25
Zim Carmel   Containership   2010   $ 42,164   No   Apr-24
 4,360 $ 32,689 No Apr-25
  $ 23,214 No Apr-26
  $ 39,795 No Jun-26
Navios Unison(5)   Containership   2010   10,000 $ 26,276   No   Jun-26
Navios Constellation(5)   Containership   2011   10,000 $ 26,276   No   Jun-26
Fleur N   Containership   2012   2,782 $ 19,750   No   Mar-24
Ete N   Containership   2012   2,782 $ 19,750   No   Feb-24

 

Owned Tanker Vessels   Type   Built   Capacity   Charter-Out   Profit Sharing   Expiration
(DWT)   Rate(1) Arrangements Date(3)
Hector N   MR1 Product Tanker   2008   38,402 $ 15,306   No   Oct-23
Nave Equinox   MR2 Product Tanker   2007   50,922 $     20,392(8)   No   Nov-24
Nave Pulsar (24)   MR2 Product Tanker   2007   50,922 $ 27,650   No   Sep-23
$     21,231(8) No Sep-25
Nave Orbit   MR2 Product Tanker   2009   50,470 $ 15,306   No   Oct-24
Nave Equator    MR2 Product Tanker   2009   50,542 $ 23,651   No   Oct-23
$ 23,305 No Sep-24
Nave Aquila (5)    MR2 Product Tanker   2012   49,991 $ 27,181   No   Sep-23
$ 27,156 No Jun-24
Nave Atria (5)   MR2 Product Tanker   2012   49,992 $ 14,887   No   Nov-24
Nave Capella   MR2 Product Tanker   2013   49,995 $ 22,138   No   Jan-25
Nave Alderamin   MR2 Product Tanker   2013   49,998 $ 22,138   No   Nov-24
Nave Bellatrix (5)   MR2 Product Tanker   2013   49,999 $ 25,675   No   Aug-24
$ 19,750 No Aug-25
Nave Orion (5)   MR2 Product Tanker   2013   49,999 $ 22,138   No   Dec-24
Nave Titan   MR2 Product Tanker   2013   49,999 $ 25,891   No   Feb-25
Bougainville   MR2 Product Tanker   2013   50,626

 

$

                Floating Rate(9)   No   Sep-23
      21,800(26) No Oct-26
Nave Pyxis   MR2 Product Tanker   2014   49,998 $ 25,891   No   Jan-25
Nave Luminosity   MR2 Product Tanker   2014   49,999 $       23,004(10)   No   Dec-25
Nave Jupiter   MR2 Product Tanker   2014   49,999 $ 16,491   No   Sep-23
Nave Velocity   MR2 Product Tanker   2015   49,999 $       15,553(11)   No   Oct-24

 

Table of Contents 7  
 

 

Nave Sextans   MR2 Product Tanker   2015   49,999 $      23,196(10)   No   May-26
Nave Ariadne   LR1 Product Tanker   2007   74,671                     Floating Rate(12)   No   Dec-23
Nave Cielo   LR1 Product Tanker   2007   74,671 $ 16,335   No   Sep-23
$ 26,564 No Jan-24
Nave Andromeda   LR1 Product Tanker   2011   75,000 $ 28,394   No   Mar-25
Nave Cetus   LR1 Product Tanker   2012   74,581 $ 32,094   No   Jul-25
Nave Cassiopeia   LR1 Product Tanker   2012   74,711 $       33,150(13)   No   Jan-25
Nave Estella   LR1 Product Tanker   2012   75,000 $ 28,394   No   Dec-24
Nave Rigel   LR1 Product Tanker   2013   74,673                     Floating Rate(14)   No   Dec-23
Nave Atropos   LR1 Product Tanker   2013   74,695 $ 21,971   No   Oct-24
Nave Galactic   VLCC   2009   297,168 $ 45,425   No   Dec-23
Nave Spherical   VLCC   2009   297,188               Floating Rate           Yes(15)   Jan-24
Nave Constellation   VLCC   2010   296,988          Scheduled   No  
 repairs
Nave Quasar   VLCC   2010   297,376     Freight   No   Sep-23
  voyage
Nave Synergy   VLCC   2010   299,973    Freight   No   Sep-23
 voyage
Nave Universe   VLCC   2011   297,066    Freight   No   Oct-23
 voyage
Nave Buena Suerte   VLCC   2011   297,491 $ 47,906          Yes(16)   Jun-25

  

Bareboat-in Vessels   Type   Built   Capacity   Charter-Out   Index(2)   Expiration
(DWT) Rate(1) Date(3)
Navios Libra   Panamax   2019   82,011     109.75% average BPI 82   Sep-23
$ 13,418 No Dec-23
$ 11,955 No Mar-24
  —   109.75% average BPI 82 Jun-24
Navios Star   Panamax   2021   81,994 $ 14,808   No    Sep-23
$ 12,637 No  Dec-23
$ 11,526 No  Mar-24
  —   110.0% average BPI 82 Apr-24
Navios Amitie   Panamax   2021   82,002

$

 $

  110.0% average BPI 82   Sep-23
12,531 No  Dec-23
11,896 No  Mar-24
110.0% average BPI 82 Apr-24
Baghdad   VLCC   2020   313,433 $        27,816(17)   No   Sep-30
Nave Electron   VLCC   2021   313,239 $ 47,906           Yes(16)   Jan-26
Erbil   VLCC   2021   313,486 $       27,816(17)   No   Feb-31
Nave Celeste   VLCC   2022   313,418             Floating rate          Yes(18)   Jul-24

  

Chartered-in Vessels   Type   Built   Capacity   Charter-Out   Index(2)   Expiration
(DWT)   Rate(1) Date(3)
Navios Lyra   Handysize   2012   34,718 $ 9,975   No   Oct-23
Navios Venus   Ultra-   2015   61,339   —     111.0% average BSI 58   Feb-24
Handymax 10TC
Navios Amber(19)   Panamax   2015   80,994 $ 19,000   No   Apr-24
Navios Coral(19)   Panamax   2016   84,904 $   108.0% average BPI 82   Sep-23
14,486 No Dec-23
108.0% average BPI 82 Feb-24
Navios Citrine(19)   Panamax   2017   81,626 $   110.0% average BPI 4TC   Sep-23
13,570 No  Dec-23
110.0% average BPI 4TC Oct-24
Navios Dolphin(19)   Panamax   2017   81,630 $       14,013(20)   No   Dec-24
Navios Gemini(21)   Panamax   2018   81,704 $ 14,919   No   Oct-23
Navios Horizon I(4)   Panamax   2019   81,692     108.5% average BPI 82   Oct-23

 

Table of Contents 8  
 

                       
    Expected Capacity   Charter-Out   Expiration
Owned Containerships to be Delivered Type Delivery (TEU)   Rate(1) Index(2) Date(3)
TBN I   Containership   H2 2023   5,300 $ 42,900   No   Sep-24
$ 39,000 No Sep-25
$ 37,050 No Sep-26
$ 35,100 No Sep-27
$ 31,200 No Sep-28
$ 37,050 No Nov-28
TBN II   Containership   H2 2023   5,300 $ 42,900   No   Oct-24
$ 39,000 No Oct-25
$ 37,050 No Oct-26
$ 35,100 No Oct-27
$ 31,200 No Oct-28
$ 37,050 No Dec-28
TBN VII   Containership   H2 2023   5,300 $ 42,900   No   Nov-24
$ 39,000 No Nov-25
$ 37,050 No Nov-26
$ 35,100 No Nov-27
$ 31,200 No Nov-28
$ 37,050 No Jan-29
TBN III   Containership   H1 2024   5,300 $ 42,900   No   May-25
$ 39,000 No May-26
$ 37,050 No May-27
$ 35,100 No May-28
$ 31,200 No May-29
$ 37,050 No Jul-29
TBN IV   Containership   H1 2024   5,300 $ 42,900   No   Jun-25
$ 39,000 No Jun-26
$ 37,050 No Jun-27
$ 35,100 No Jun-28
$ 31,200 No Jun-29
$ 37,050 No Aug-29
TBN VIII   Containership   H1 2024   5,300 $ 42,900   No   Mar-25
$ 39,000 No Mar-26
$ 37,050 No Mar-27
$ 35,100 No Mar-28
$ 31,200 No Mar-29
$ 37,050 No May-29
TBN V   Containership   H2 2024   5,300 $ 42,900   No   Aug-25
$ 39,000 No Aug-26
$ 37,050 No Aug-27
$ 35,100 No Aug-28
$ 31,200 No Aug-29
$ 37,050 No Oct-29
TBN VI   Containership   H2 2024   5,300 $ 42,900   No   Nov-25
$ 39,000 No Nov-26
$ 37,050 No Nov-27
$ 35,100 No Nov-28
$ 31,200 No Nov-29
$ 37,050 No Jan-30

Table of Contents 9  
 

 

TBN IX   Containership   H2 2024   5,300 $ 37,500   No   Feb-30
TBN X   Containership   H2 2024   5,300 $ 37,500   No   Apr-30
TBN XVIII   Containership   H1 2025   7,700 $ 57,213   No   Jan-28
$ 52,238 No Jan-31
$ 37,313 No Jan-33
$ 27,363 No Jan-35
$        24,875(23) No Jan-37
TBN XVII   Containership   H2 2024   7,700 $ 57,213   No   Dec-27
$ 52,238 No Dec-30
$ 37,313 No Dec-32
$ 27,363 No Dec-34
$       24,875(23) No Dec-36

 

  Type   Expected   Capacity   Charter-Out   Profit Sharing   Expiration
Tanker Vessels to be Delivered     Delivery   (DWT)   Rate(1)   Arrangements   Date(3)
TBN XI   Aframax / LR2   H1 2024   115,000 $        26,366(22)   No   Apr-29
TBN XII   Aframax / LR2   H2 2024   115,000 $        26,366(22)   No   Jul-29
TBN XIII   Aframax / LR2   H2 2024   115,000 $        25,576(22)   No   Oct-29
TBN XIV   Aframax / LR2   H2 2024   115,000 $        25,576(22)   No   Dec-29
TBN XV   Aframax / LR2   H1 2025   115,000 $        27,798(22)   No   Mar-30
TBN XVI   Aframax / LR2   H1 2025   115,000 $        27,798(22)   No   May-30
TBN XIX(6)   MR2 Product   H2 2025   52,000 $ 22,959   No   Nov-30
Tanker
TBN XX(6)   MR2 Product   H1 2026   52,000 $ 22,959   No   May-31
Tanker
TBN XXI(6)   MR2 Product   H2 2026   52,000      
Tanker
TBN XXII(6)   MR2 Product   H1 2027   52,000      
Tanker
TBN XXIII(6)   MR2 Product   H1 2027   52,000      
Tanker
TBN XXIV(6)   MR2 Product   H1 2027   52,000      
Tanker

 

(1) Daily charter-out rate per day, net of commissions.
(2) Index rates exclude commissions.
(3) Estimated dates assuming the midpoint or Company’s estimate of the redelivery period by charterers.
(4) Vessel agreed to be acquired.
(5) The vessel is subject to a sale and leaseback transaction with a purchase obligation at the end of the lease term.
(6) The vessel is subject to a bareboat contract with a purchase option at the end of the contract.
(7) Includes optional years (Navios Partners’ option) after 2023.
(8) The premium for when the vessel is trading on ice or follow ice breaker is $1,481 per day.
(9) Rate based on Scorpio MR pool earnings.
(10) Charterer’s option to extend the charter for one year at $27,913 net per day.
(11) Charterer’s option to extend the charter for one year at $16,540 net per day plus one year at $17,528 net per day.
(12) Rate based on Penfield pool earnings.
(13) Charterer’s option to extend the charter for one year at $40,950 net per day.
(14) Rate based on LR8 pool earnings.
(15) Contract provides for TD3C-TCE index plus $1,463 premium.
(16) Profit sharing arrangement of 35% above $54,388, 40% above $59,388 and 50% above $69,388.
(17) Charterer’s option to extend the bareboat charter for five years at $29,751 net per day.
(18) Bareboat charter based on adjusted TD3C-WS with floor $22,572 and collar at $29,700.
(19) The vessel is subject to a charter-in agreement with a purchase option at the end of the agreement, classified as a finance lease.
(20) Charterer’s option to extend charter for one year at $15,200 net per day.
(21) Purchase option in the form of the right of first refusal and profit share on sale of vessel.
(22) Charterer has the option to extend for five further one-year options at rates increasing by $1,234 net per day each year.
(23) Charterer’s option to extend charter for two years at $24,875 net per day.
(24) The vessel is subject to a sale and leaseback transaction with a purchase option at the end of the lease term.
(25) The vessel is subject to a bareboat contract with a purchase obligation at the end of the contract.
(26) Charterer’s option to extend charter for one year at $24,900 net per day.

Table of Contents 10  
 

 

Our Charters

We provide seaborne shipping services under short, medium, and long-term time charters, bareboat charters and voyage charters with customers that we believe are creditworthy. For the six month period ended June 30, 2023, no customer accounted for 10% or more of our total revenues. For the six month period ended June 30, 2022, Singapore Marine Pte Ltd. (“Singapore Marine”) represented approximately 10.8% of total revenues. No other customers accounted for 10% or more of total revenues for any of the periods presented.

 

Our revenues are driven by the number of vessels in the fleet, the number of days during which the vessels operate and our charter hire rates, which, in turn, are affected by a number of factors, including:

 

the duration of the charters;

 

the level of spot and long-term market rates at the time of charters;

 

decisions relating to vessel acquisitions and disposals;

 

the amount of time spent positioning vessels;

 

the amount of time that vessels spend in dry dock undergoing repairs and upgrades;

 

the age, condition and specifications of the vessels;

 

the aggregate level of supply and demand in the liquid, dry and containerized cargo shipping industry;

 

economic conditions, such as the impact of inflationary cost pressures, decreased consumer discretionary spending, fluctuations in foreign currency exchange rates, increasing interest rates, and the possibility of recession or financial market instability;

 

armed conflicts, such as the Russian/Ukrainian conflicts; and

 

the outbreak of global epidemics or pandemics such as coronavirus (COVID-19).

Time charters are available for varying periods, ranging from a single trip (spot charter) to long-term which may be many years. In general, a long-term time charter assures the vessel owner of a consistent stream of global revenue. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. We intend to operate our vessels in the medium to long-term charter market. Vessel charter rates are affected by world economics, international events, weather conditions, strikes, governmental policies, supply and demand and many other factors that might be beyond our control. Please read “Risk Factors” in our 2022 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

We could lose a customer or the benefits of a charter if:

 

the customer fails to make charter payments because of its financial inability, disagreements with us or otherwise;

 

the customer exercises certain rights to terminate the charter of the vessel;

 

the customer terminates the charter because we fail to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, there are serious deficiencies in the vessel or prolonged periods of off-hire, or we default under the charter; or

 

a prolonged force majeure event affecting the customer, including damage to or destruction of relevant production facilities, war or political unrest prevents us from performing services for that customer.

Table of Contents 11  
 

Under some of our time charters, either party may terminate the charter contract in the event of war in specified countries or in locations that would significantly disrupt the free trade of the vessel. Some of the time charters covering our vessels require us to return to the charterer, upon the loss of the vessel, all advances paid by the charterer but not earned by us.

 

Trends and Factors Affecting Our Future Results of Operations

We believe the principal factors that will affect our future results of operations are the economic, regulatory, political and governmental conditions that affect the shipping industry generally and that affect conditions in countries and markets in which our vessels engage in business. Please read “Risk Factors” in our 2022 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

Results of Operations

Overview

The following table reflects certain key indicators of Navios Partners’ fleet performance for the three and six month periods ended June 30, 2023 and 2022.

 

   

Three Month Period Ended

June 30, 2023

 

Three Month Period Ended

June 30, 2022

 

Six Month Period Ended

June 30, 2023

 

Six Month Period Ended

June 30, 2022

    (unaudited)   (unaudited)   (unaudited)   (unaudited)
Available Days(1)     13,572     11,269     27,480     22,497
Operating Days(2)     13,474     11,151     27,223     22,223
Fleet Utilization(3)     99.3%     99.0%     99.1%     98.8%
Time Charter Equivalent rate (per day)(4)   $ 23,900   $ 23,823   $ 22,337   $ 22,107
Vessels operating at end of periods     154     128     154     128

 

 

(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) Time Charter Equivalent rate (“TCE rate”) is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (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.

 

Table of Contents 12  
 

 

FINANCIAL HIGHLIGHTS

The following table presents consolidated revenue and expense information for the three and six month periods ended June 30, 2023 and 2022.

 

   

Three Month Period Ended

June 30, 2023

 

Three Month Period Ended

June 30, 2022

 

Six Month Period Ended

June 30, 2023

 

Six Month Period Ended

June 30, 2022

    (unaudited)   (unaudited)   (unaudited)   (unaudited)
Time charter and voyage revenues   $ 346,938   $ 280,661   $ 656,460   $ 517,278
Time charter and voyage expenses     (41,956)     (21,718)     (81,719)     (38,861)
Direct vessel expenses     (17,764)     (12,920)     (32,204)     (24,113)
Vessel operating expenses (entirely through related parties transactions)     (82,550)     (73,989)     (165,766)     (147,161)
General and administrative expenses     (20,536)     (14,170)     (40,035)     (28,086)
Depreciation and amortization of intangible assets     (54,037)     (41,684)     (108,255)     (84,550)
Amortization of unfavorable lease terms     5,322     17,587     12,910     39,426
Gain on sale of vessels, net     10,151         43,601    
Interest expense and finance cost, net     (33,330)     (14,522)     (68,854)     (27,749)
Interest income     2,483     22     4,100     24
Other expense, net     (2,413)     (1,107)     (8,765)     (2,383)
Net income   $ 112,308   $ 118,160   $ 211,473   $ 203,825
EBITDA(1)   $ 201,601   $ 163,478   $ 390,437   $ 289,596
Adjusted EBITDA(1)   $ 191,450   $ 163,478   $ 346,836   $ 289,596
Operating Surplus (1)   $ 98,620   $ 90,245   $ 164,368   $ 146,070

 

(1) EBITDA, Adjusted EBITDA and Operating Surplus are non-GAAP financial measures. See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” for a description of EBITDA, Adjusted EBITDA and Operating Surplus and a reconciliation of EBITDA, Adjusted EBITDA and Operating Surplus to the most comparable measure under U.S. GAAP.

Period over Period Comparisons

For the Three Month Period ended June 30, 2023 compared to the Three Month Period ended June 30, 2022

Time charter and voyage revenues: Time charter and voyage revenues of Navios Partners for the three month period ended June 30, 2023 increased by $66.2 million, or 23.6%, to $346.9 million, as compared to $280.7 million for the same period in 2022. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the slight increase in the TCE rate. For the three month periods ended June 30, 2023 and 2022, the time charter and voyage revenues were negatively affected by $7.5 million and $11.8 million, respectively, relating to the straight-line effect of the containerships and tankers charters with de-escalating rates. For the three month period ended June 30, 2023, the TCE rate increased by 0.3% to $23,900 per day, as compared to $23,823 per day for the same period in 2022. The available days of the fleet increased by 20.4% to 13,572 days for the three month period ended June 30, 2023, as compared to 11,269 days for the same period in 2022 mainly due to the acquisition of the 36-vessel drybulk fleet from Navios Holdings and the deliveries of newbuilding and secondhand vessels, partially mitigated by the sale of vessels.

 

Time charter and voyage expenses: Time charter and voyage expenses for the three month period ended June 30, 2023 increased by $20.3 million to $42.0 million, as compared to $21.7 million for the three month period ended June 30, 2022. The increase was mainly attributable to a: (i) $9.7 million increase in bareboat and charter-in hire expense of the tanker and drybulk fleet primarily due to the expansion of our fleet, (ii) $7.1 million increase in bunkers expenses arising from the increased number of freight voyages in the second quarter of 2023; (iii) $1.7 million increase in port expenses; (iv) $1.4 million increase in other voyage expenses; and v) $0.4 million increase in brokers’ commissions. 

Direct vessel expenses: Direct vessel expenses for the three month period ended June 30, 2023, increased by $4.9 million to $17.8 million, as compared to $12.9 million for the three month period ended June 30, 2022. The increase of $4.9 million was mainly attributable to the amortization of the deferred drydock and special survey costs due to the increase in the size of our fleet.

Vessel operating expenses: Vessel operating expenses for the three month period ended June 30, 2023, increased by approximately $8.6 million to $82.6 million, as compared to $74.0 million for the same period in 2022. The increase was mainly due to the expansion of our fleet and the adjustment of the fixed daily fee in accordance with the management agreements (the “Management Agreements”), partially mitigated by the sale of vessels.

General and administrative expenses: General and administrative expenses increased by $6.3 million to $20.5 million for the three month period ended June 30, 2023, as compared to $14.2 million for the three month period ended June 30, 2022. The increase was mainly due to a: (i) $5.5 million increase in administrative expenses paid to the Manager (as defined herein) as per the administrative services agreement (the “Administrative Services Agreement”), mainly due to the expansion of our fleet, partially mitigated by the sale of vessels; and (ii) $0.8 million increase in professional and legal fees, as well as audit fees and other administrative expenses. 

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Depreciation and amortization of intangible assets: Depreciation and amortization of intangible assets amounted to $54.0 million for the three month period ended June 30, 2023, as compared to $41.7 million for the three month period ended June 30, 2022. The increase of $12.3 million was mainly attributable to a: (i) $13.1 million increase due to the delivery of the 36-vessel drybulk fleet in Navios Partners’ owned fleet; (ii) $3.4 million increase in depreciation expense due to the delivery of ten vessels during the second half of 2022 and the first half of 2023; and (iii) $0.3 million increase in depreciation expense due to vessel improvements. The above increase was partially mitigated by a: (i) $3.5 million decrease due to the sale of 19 vessels during the second half of 2022 and the first half of 2023; and (ii) $1.0 million decrease in amortization of favorable lease terms. Depreciation of vessels is calculated using an estimated useful life of 25 years for drybulk and tanker vessels and 30 years for containerships, respectively, from the date the vessel was originally delivered from the shipyard.

Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $5.3 million and $17.6 million for the three month periods ended June 30, 2023 and June 30, 2022, respectively, related to the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Maritime Containers L.P. (“Navios Containers”) and at the date of obtaining control of Navios Maritime Acquisition Corporation (“Navios Acquisition”).

Gain on sale of vessels, net: Gain on sale of vessels amounted to $10.2 million for the three month period ended June 30, 2023, relating to the sale of four of our vessels. There was no gain on sale of vessels for the three month period ended June 30, 2022.

 

Interest expense and finance cost, net: Interest expense and finance cost, net for the three month period ended June 30, 2023 increased by $18.8 million to $33.3 million, as compared to $14.5 million for the three month period ended June 30, 2022. The increase was mainly due to: (i) the increase in Navios Partner’s weighted average loan balance to $1,899.3 million for the three month period ended June 30, 2023, as compared to $1,312.0 million for the three month period ended June 30, 2022; and (ii) the increase of the weighted average interest rate for the three month period ended June 30, 2023 to 7.44% from 4.27% for the three month period ended June 30, 2022.

 

Interest income: Interest income amounted to $2.5 million for the three month period ended June 30, 2023. There was less than $0.1 million interest income for the three month period ended June 30, 2022.

Other expense, net: Other expense, net for the three month period ended June 30, 2023 increased by $1.3 million to $2.4 million, as compared to $1.1 million for the three month period ended June 30, 2022, mainly due to the increase in expenses related to claims reserve and other miscellaneous expenses.

Net income: Net income for the three month period ended June 30, 2023 amounted to $112.3 million as compared to $118.2 million net income for the three month period ended June 30, 2022. The decrease of $5.9 million was due to the factors discussed above.

Operating surplus: Navios Partners generated Operating Surplus for the three month period ended June 30, 2023 of $98.6 million, as compared to $90.2 million for the three month period ended June 30, 2022. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” contained herein).

For the Six Month Period ended June 30, 2023 compared to the Six Month Period ended June 30, 2022

Time charter and voyage revenues: Time charter and voyage revenues of Navios Partners for the six month period ended June 30, 2023 increased by $139.2 million, or 26.9%, to $656.5 million, as compared to $517.3 million for the same period in 2022. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the slight increase in the TCE rate. For the six month periods ended June 30, 2023 and 2022, the time charter and voyage revenues were negatively affected by $20.5 million and $16.5 million, respectively, relating to the straight-line effect of the containerships and tankers charters with de-escalating rates. For the six month period ended June 30, 2023, the TCE rate increased by 1.0% to $22,337 per day, as compared to $22,107 per day for the same period in 2022. The available days of the fleet increased by 22.1% to 27,480 days for the six month period ended June 30, 2023, as compared to 22,497 days for the same period in 2022 mainly due to the acquisition of the 36-vessel drybulk fleet from Navios Holdings and the deliveries of newbuilding and secondhand vessels, partially mitigated by the sale of vessels.

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Time charter and voyage expenses: Time charter and voyage expenses for the six month period ended June 30, 2023 increased by $42.8 million to $81.7 million, as compared to $38.9 million for the six month period ended June 30, 2022. The increase was mainly attributable to a: (i) $19.5 million increase in bareboat and charter-in hire expense of the tanker and drybulk fleet primarily due to the expansion of our fleet; (ii) $17.0 million increase in bunkers expenses arising from the increased number of freight voyages during first half of 2023; (iii) $2.6 million increase in port expenses; and (iv) $2.2 million increase in other voyage expenses; and v) $1.5 million increase in brokers’ commissions.

Direct vessel expenses: Direct vessel expenses for the six month period ended June 30, 2023, increased by $8.1 million to $32.2 million, as compared to $24.1 million for the six month period ended June 30, 2022. The increase of $8.1 million was mainly attributable to the amortization of the deferred drydock and special survey costs due to the increase in the size of our fleet.

Vessel operating expenses: Vessel operating expenses for the six month period ended June 30, 2023, increased by approximately $18.6 million to $165.8 million, as compared to $147.2 million for the same period in 2022. The increase was mainly due to the expansion of our fleet and the adjustment of the fixed daily fee in accordance with the Management Agreements, partially mitigated by the sale of vessels.

General and administrative expenses: General and administrative expenses increased by $11.9 million to $40.0 million for the six month period ended June 30, 2023, as compared to $28.1 million for the six month period ended June 30, 2022. The increase was mainly due to a: (i) $9.4 million increase in administrative expenses paid to the Manager (as defined herein) as per the Administrative Services Agreement, mainly due to the expansion of our fleet, partially mitigated by the sale of vessels; and (ii) $2.6 million increase in professional and legal fees, as well as audit fees and other administrative expenses; partially mitigated by a $0.1 million decrease in stock plan expenses.

Depreciation and amortization of intangible assets: Depreciation and amortization of intangible assets amounted to $108.3 million for the six month period ended June 30, 2023, as compared to $84.6 million for the six month period ended June 30, 2022. The increase of $23.7 million was mainly attributable to a: (i) $26.7 million increase due to the delivery of the 36-vessel drybulk fleet in Navios Partners’ owned fleet; (ii) $5.5 million increase in depreciation expense due to the delivery of ten vessels during second half of 2022 and first half of 2023; and (iii) $0.7 million increase in depreciation expense due to vessel improvements. The above increase was partially mitigated by a: (i) $5.9 million decrease due to the sale of 19 vessels during the second half of 2022 and first half of 2023; and (ii) $3.3 million decrease in amortization of favorable lease terms. Depreciation of vessels is calculated using an estimated useful life of 25 years for drybulk and tanker vessels and 30 years for containerships, respectively, from the date the vessel was originally delivered from the shipyard.

Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $12.9 million and $39.4 million for the six month periods ended June 30, 2023 and June 30, 2022, respectively, related to the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers and at the date of obtaining control of Navios Acquisition. 

Gain on sale of vessels, net: Gain on sale of vessels amounted to $43.6 million for the six month period ended June 30, 2023, relating to the sale of 12 of our vessels. There was no gain on sale of vessels for the six month period ended June 30, 2022.

 

Interest expense and finance cost, net: Interest expense and finance cost, net for the six month period ended June 30, 2023 increased by $41.2 million to $68.9 million, as compared to $27.7 million for the six month period ended June 30, 2022. The increase was mainly due to: (i) the increase in Navios Partner’s weighted average loan balance to $1,901.9 million for the six month period ended June 30, 2023, as compared to $1,332.0 million for the six month period ended June 30, 2022; and (ii) the increase of the weighted average interest rate for the six month period ended June 30, 2023 to 7.20% from 3.98% for the six month period ended June 30, 2022.

Interest income: Interest income amounted to $4.1 million for the six month period ended June 30, 2023. There was less than $0.1 million interest income for the six month period ended June 30, 2022.

Other expense, net: Other expense, net for the six month period ended June 30, 2023 increased by $6.4 million to $8.7 million, as compared to $2.3 million for the six month period ended June 30, 2022, mainly due to the increase in expenses related to claims reserve and foreign exchange differences.

Net income: Net income for the six month period ended June 30, 2023 amounted to $211.5 million as compared to $203.8 million net income for the six month period ended June 30, 2022. The increase of $7.7 million was due to the factors discussed above.

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Operating surplus: Navios Partners generated Operating Surplus for the six month period ended June 30, 2023 of $164.4 million, as compared to $146.1 million for the six month period ended June 30, 2022. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” contained herein).

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Liquidity and Capital Resources

We anticipate that our primary sources of funds for our short-term liquidity needs will be cash flows from our equity offerings, operations, proceeds from assets’ sales, long-term bank borrowings and other debt raisings. In addition to distributions on our units, our primary short-term liquidity needs are to fund general working capital requirements, cash reserve requirements including those under our credit facilities and debt service, while our long-term liquidity needs primarily relate to expansion and investment capital expenditures and other maintenance capital expenditures and debt repayment. As of June 30, 2023, Navios Partners’ current assets totaled $363.9 million, while current liabilities totaled $440.8 million, resulting in a negative working capital position of $76.9 million. Navios Partners’ cash forecast indicates that it will generate sufficient cash through its contracted revenue of $3.3 billion as of August 25, 2023 and cash proceeds from the sale of vessels (see Note 4 - Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report) to make the required principal and interest payments on its indebtedness, provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of our unaudited condensed consolidated financial statements.

Generally, our long-term sources of funds derive from cash from operations, long-term bank borrowings and other debt or equity financings to fund acquisitions and expansion and investment capital expenditures. We cannot assure you that we will be able to secure adequate financing or to obtain additional funds on favorable terms to meet our liquidity needs.

Cash deposits and cash equivalents in excess of amounts covered by government provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Partners does maintain cash deposits and cash equivalents in excess of government provided insurance limits. Navios Partners also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions.

 

The following table presents cash flow information derived from the unaudited condensed Consolidated Statements of Cash Flows of Navios Partners for the six month periods ended June 30, 2023 and 2022.

 

   

Six Month Period Ended

June 30, 2023

 

Six Month Period Ended

June 30, 2022

    (unaudited)   (unaudited)
Net cash provided by operating activities   $ 228,343   $ 147,163
Net cash provided by/ (used in) investing activities     31,665     (61,860)
Net cash used in financing activities     (165,054)     (80,125)
Increase in cash, cash equivalents and restricted cash   $ 94,954   $ 5,178

Cash provided by operating activities for the six month period ended June 30, 2023 as compared to the cash provided by operating activities for the six month period ended June 30, 2022

Net cash provided by operating activities increased by $81.1 million to $228.3 million of cash provided by operating activities for the six month period ended June 30, 2023, as compared to $147.2 million of cash provided by operating activities for the same period in 2022. In determining net cash provided by operating activities, net income is adjusted for the effects of certain non-cash items as discussed below.

The aggregate adjustments to reconcile net income to net cash provided by operating activities was $108.6 million of non-cash positive net adjustments for the six month period ended June 30, 2023, which consisted mainly of the following adjustments: (i) $108.3 million depreciation and amortization of intangible assets; (ii) $29.2 million non-cash amortization of deferred revenue and straight-line effect of the containerships and tankers charters with de-escalating rates; (iii) $18.9 million amortization of deferred dry dock and special survey costs; (iv) $5.1 million amortization of operating lease assets/ liabilities; and (v) $3.6 million amortization and write-off of deferred finance costs and discount. These adjustments were partially mitigated by: (i) $43.6 million gain from sale of vessels, net; and (ii) $12.9 million amortization of unfavorable lease terms.

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The net cash outflow resulting from the change in operating assets and liabilities of $91.8 million for the six month period ended June 30, 2023 resulted from: (i) a $104.7 million decrease in amounts due to related parties; (ii) a $40.8 million in payments for dry dock and special survey costs; (iii) an $8.0 million decrease in accounts payable; and (iv) a $1.8 million increase in amounts due from related parties. This was partially mitigated by a: (i) $43.6 million decrease in accounts receivable; (ii) $9.2 million decrease in prepaid expenses and other current assets; (iii) $7.8 million increase in accrued expenses; and (iv) $2.9 million increase in deferred revenue.

The aggregate adjustments to reconcile net income to net cash provided by operating activities was an $83.9 million non-cash positive net adjustments for the six month period ended June 30, 2022, which consisted mainly of the following adjustments: (i) $84.6 million depreciation and amortization of intangible assets; (ii) $23.4 million non-cash amortization of deferred revenue and straight line effect of the containerships charters with de-escalating rates; (iii) $12.9 million amortization of deferred dry dock and special survey costs; (iv) $2.7 million amortization and write-off of deferred finance costs and discount; and (v) $0.1 million stock based compensation. These adjustments were partially mitigated by: (i) $39.4 million amortization of unfavorable lease terms; and (ii) $0.4 million amortization of operating lease assets/ liabilities.

 

The net cash outflow resulting from the change in operating assets and liabilities of $140.5 million for the six month period ended June 30, 2022 resulted from: (i) a $64.2 million decrease in amounts due to related parties; (ii) a $28.5 million increase in prepaid expenses and other current assets; (iii) a $26.2 million in payments for dry dock and special survey costs; (iv) an $18.0 million increase in accounts receivable; and (v) a $15.8 million increase in amounts due from related parties. This was partially mitigated by: (i) an $8.4 million increase in accounts payable; (ii) a $3.6 million increase in accrued expenses; and (iii) a $0.2 million increase in deferred revenue.

Cash provided by investing activities for the six month period ended June 30, 2023 as compared to the cash used in investing activities for the six month period ended June 30, 2022

Net cash provided by investing activities for the six month period ended June 30, 2023 amounted to $31.7 million as compared to $61.9 million cash used in investing activities for the six month period ended June 30, 2022.

Cash provided by investing activities of $31.7 million for the six month period ended June 30, 2023 was mainly due to $215.8 million proceeds related to the sale of 12 vessels. This was partially mitigated by: (i) $113.6 million related to deposits for the acquisition/ option to acquire vessels and capitalized expenses; and (ii) $70.5 million related to vessels’ acquisitions and additions.

Cash used in investing activities of approximately $61.9 million for the six month period ended June 30, 2022 was mainly due to: (i) $55.6 million relating to deposits for the acquisition/ option to acquire vessels and capitalized expenses; and (ii) $6.3 million related to vessels’ additions.

Cash used in financing activities for the six month period ended June 30, 2023 as compared to cash used in financing activities for the six month period ended June 30, 2022

Net cash used in financing activities increased by approximately $85.0 million to $165.1 million outflow for the six month period ended June 30, 2023, as compared to $80.1 million outflow for the same period in 2022.

Cash used in financing activities of $165.1 million for the six month period ended June 30, 2023 was mainly due to: (i) $635.8 million repayments of loans and financial liabilities; (ii) $12.2 million payments of deferred finance costs related to the new credit facilities and financial liability; and (iii) $3.1 million payment in total for cash distributions. This was partially mitigated by $486.0 million of proceeds from the new credit facilities and sale and leaseback agreement.

Cash used in financing activities of $80.1 million for the six month period ended June 30, 2022 was mainly due to: (i) loans and financial liabilities repayments of $210.3 million; (ii) payment of total cash distributions of $3.1 million; and (iii) payment of $1.9 million of deferred finance costs relating to the new credit facilities. This was partially mitigated by $135.2 million of proceeds from new credit facilities.

 

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Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and, Operating Surplus

 

   

Three Month Period Ended

June 30, 2023

 

Three Month Period Ended

June 30, 2022

 

Six Month Period Ended

June 30, 2023

 

Six Month Period Ended

June 30, 2022

    (unaudited)   (unaudited)   (unaudited)   (unaudited)
Net cash provided by operating activities   $ 133,827   $ 142,010   $ 228,343   $ 147,163
Net increase/ (decrease) in operating assets     11,166     34,561     (10,193)     88,517
Net decrease/ (increase) in operating liabilities     39,923     (8,033)     101,946     51,980
Net interest cost     30,847     14,500     64,754     27,725
Amortization and write-off of deferred finance cost     (1,587)     (1,353)     (3,618)     (2,677)
Amortization of operating lease assets/liabilities     (2,588)     211     (5,146)     422
Non-cash amortization of deferred revenue and straight-line     (20,137)     (18,378)     (29,248)     (23,452)
Stock-based compensation     (1)     (40)     (2)     (82)
Gain on sale of vessels, net     10,151     —       43,601     —  
EBITDA(1)   $ 201,601   $ 163,478   $ 390,437   $ 289,596
Gain on sale of vessels, net     (10,151)     —       (43,601)     —  
Adjusted EBITDA(1)   $ 191,450   $ 163,478   $ 346,836   $ 289,596
Cash interest income     2,222     22     3,477     24
Cash interest paid     (38,350)     (14,212)     (72,992)     (25,464)
Maintenance and replacement capital expenditures     (56,702)     (59,043)     (112,953)     (118,086)
Operating Surplus(2)   $ 98,620   $ 90,245   $ 164,368   $ 146,070

 

(1) EBITDA and Adjusted EBITDA

EBITDA represents net income before interest and finance costs, depreciation and amortization (including intangible accelerated amortization) and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described in the table above. 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 decrease/ (increase) in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) gain on sale of assets, net; (vi) non-cash amortization of deferred revenue and straight-line effect of the containerships and tankers charters with de-escalating rates; (vii) stock-based compensation expense; and (viii) amortization of operating lease assets/ liabilities. 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.

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EBITDA for the three month period ended June 30, 2023 and 2022 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by approximately $28.0 million to $191.5 million for the three month period ended June 30, 2023, as compared to $163.5 million for the same period in 2022. The increase in Adjusted EBITDA was primarily due to a $66.2 million increase in time charter and voyage revenues. The above increase was partially mitigated by : (i) a $20.3 million increase in time charter and voyage expenses, mainly due to the increase in (a) bunker expenses arising from the increased number of freight voyages in the second quarter of 2023 and (b) bareboat and charter-in hire expense of the tanker and drybulk fleet primarily due to the expansion of our fleet; (ii) an $8.6 million increase in vessel operating expenses in accordance with our Management Agreements, mainly due to the expansion of our fleet; (iii) a $6.3 million increase in general and administrative expenses in accordance with our Administrative Services Agreement, mainly due to the expansion of our fleet; (iv) a $1.7 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items; and (v) a $1.3 million increase in other expenses, net.

EBITDA for the six month period ended June 30, 2023 and 2022 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by approximately $57.2 million to $346.8 million for the six month period ended June 30, 2023, as compared to $289.6 million for the same period in 2022. The increase in Adjusted EBITDA was primarily due to a $139.2 million increase in time charter and voyage revenues. The above increase was partially mitigated by : (i) a $42.8 million increase in time charter and voyage expenses, mainly due to the increase in (a) bunker expenses arising from the increased number of freight voyages in the second quarter of 2023 and (b) bareboat and charter-in hire expense of the tanker and drybulk fleet primarily due to the expansion of our fleet; (ii) an $18.6 million increase in vessel operating expenses in accordance with our Management Agreements, mainly due to the expansion of our fleet; (iii) an $11.9 million increase in general and administrative expenses in accordance with our Administrative Services Agreement, mainly due to the expansion of our fleet; (iv) a $6.4 million increase in other expenses, net; and (v) a $2.3 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).

 

(2) Operating Surplus

Navios Partners generated Operating Surplus for the six month period ended June 30, 2023 of $164.4 million, as compared to $146.1 million for the six month period ended June 30, 2022. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” contained herein).

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense, non-cash interest income, estimated maintenance and replacement capital expenditures and one-off items. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners’ capital assets.

Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

Capital Expenditures

Navios Partners finances its capital expenditures with cash flow from operations, equity raisings, long-term bank borrowings and other debt raisings. Capital expenditures for each of the six month periods ended June 30, 2023 and 2022 amounted to $184.1 million and $61.9 million, respectively.

Maintenance for our vessels and expenses related to drydocking expenses are reimbursed at cost by Navios Partners to Navios Shipmanagement Inc., (the “Manager”) and Navios Tankers Management Inc. (“Tankers Manager” and together with the Manager, the “Managers”) under the Management Agreements.

 

Table of Contents 19  
 

 

Maintenance and Replacement Capital Expenditures Reserve

The reserves for estimated maintenance and replacement capital expenditures for the three and six month periods ended June 30, 2023 were $56.7 million and $113.0 million, respectively. The reserves for estimated maintenance and replacement capital expenditures for the three and six month periods ended June 30, 2022 were $59.0 million and $118.1 million, respectively. We estimate that our annual replacement reserve for the year ending December 31, 2023 will be approximately $225.2 million, for replacing our vessels at the end of their useful lives.

The amount for estimated replacement capital expenditures attributable to future vessel replacement was based on the following assumptions: (i) current market price to purchase a five year old vessel of similar size and specifications; (ii) a 25-year useful life for drybulk and tanker vessels and a 30-year useful life for containerships; and (iii) a relative net investment rate.

The amount for estimated maintenance capital expenditures attributable to future vessel drydocking and special survey was based on certain assumptions including the remaining useful life of the owned vessels of our fleet, market costs of drydocking and special survey and a relative net investment rate.

Our Board of Directors, with the approval of the Conflicts Committee, may determine that one or more of our assumptions should be revised, which could cause our Board of Directors to increase or decrease the amount of estimated maintenance and replacement capital expenditures. The actual cost of replacing the vessels in our fleet will depend on a number of factors, including prevailing market conditions, charter hire rates and the availability and cost of financing at the time of replacement. We may elect to finance some or all of our maintenance and replacement capital expenditures through the issuance of additional common units, which could be dilutive to existing unitholders.

Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy

There is no guarantee that unitholders will receive quarterly distributions from us on the common units on any quarter.

Our ability to make distributions to our unitholders depends on the performance of our subsidiaries and their ability to distribute funds to us. The ability of our subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing and future indebtedness, applicable partnership and limited liability company laws and other laws and regulations.

See Note 13 – Cash distributions and earnings per unit to the unaudited condensed consolidated financial statements included elsewhere in this Report.

Quantitative and Qualitative Disclosures about Market Risks

Foreign Exchange Risk

Our functional and reporting currency is the U.S. dollar. We engage in worldwide commerce with a variety of entities. Although our operations may expose us to certain levels of foreign currency risk, our transactions are predominantly U.S. dollar denominated. Transactions in currencies other than U.S. dollars are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized.

Interest Rate Risk

Interest rates have increased significantly as central banks in Europe, United States and other developed countries raise interest rates in an effort to reduce the inflation effect. The eventual implications of tighter monetary policy, and potentially higher long-term interest rates may drive a higher cost of capital for our Company.

 

Borrowings under our credit facilities and financial liabilities bear interest at a rate based on a premium over U.S. LIBOR or Secured Overnight Financing Rate (“SOFR”). Therefore, we are exposed to the risk that our interest expense may increase if interest rates rise. For the six month periods ended June 30, 2023 and 2022, we paid interest on our outstanding debt at a weighted average interest rate of 7.20% and 3.98%, respectively. A 1% increase in LIBOR or SOFR would have increased our interest expense for the six month periods ended June 30, 2023 and 2022 by $7.3 million and $5.9 million, respectively.

Concentration of Credit Risk

Financial instruments, which potentially subject us to significant concentrations of credit risk, consist principally of trade accounts receivable. We closely monitor our exposure to customers for credit risk. We have policies in place to ensure that we trade with customers with an appropriate credit history.

Table of Contents 20  
 

For the six month period ended June 30, 2023, no customer accounted for 10% or more of our total revenues. For the six month period ended June 30, 2022, Singapore Marine represented approximately 10.8% of total revenues. No other customers accounted for 10% or more of total revenues for any of the periods presented.

If we lose a charter, we may be unable to re-deploy the related vessel on terms as favorable to us due to the long-term nature of most charters and the cyclical nature of the industry or we may be forced to charter the vessel on the spot market at then market rates which may be less favorable than the charter that has been terminated. If we are unable to re-deploy a vessel for which the charter has been terminated, we will not receive any revenues from that vessel, but we may be required to pay expenses necessary to maintain the vessel in proper operating condition. If we lose a vessel, any replacement or newbuilding would not generate revenues during its construction acquisition period, and we may be unable to charter any replacement vessel on terms as favorable to us as those of the terminated charter.

Even if we successfully charter our vessels in the future, our charterers may go bankrupt or fail to perform their obligations under the charter agreements, they may delay payments or suspend payments altogether, they may terminate the charter agreements prior to the agreed-upon expiration date or they may attempt to renegotiate the terms of the charters. The permanent loss of a customer, time charter or vessel, or a decline in payments under our charters, could have a material adverse effect on our business, results of operations and financial condition and our ability to make cash distributions in the event we are unable to replace such customer, time charter or vessel. For further details, please read “Risk Factors” in our 2022 Annual Report filed on Form 20-F with the SEC on March 24, 2023.

Recent Accounting Pronouncements

The Company’s recent accounting pronouncements are included in the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this Report.

Critical Accounting Policies

Our financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates in the application of our accounting policies based on the best assumptions, judgments and opinions of management. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. All significant accounting policies are as described in Note 2-Summary of Significant Accounting Policies to the notes to the consolidated financial statements included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 filed with the SEC on March 24, 2023 and in Note 2-Summary of Significant Accounting Policies included in the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this Report.

 

Table of Contents 21  
 

 Exhibit List

  

Exhibit No.
   
99.1 Addendum No.1 to Navios Galaxy II Bareboat Charter, dated June 15, 2023 by and between Thalassa Marine S.A. as the charterer, and Abo Shoten, Ltd. and ASL Ocean Inc. as the owners.*
   
99.2 Addendum No.1 to MV Navios Uranus Bareboat Charter, dated June 15, 2023 by and between Atlas Marine S.A., as the charterer, and Abo Shoten, Ltd. and ASL Ocean Inc. as the owners.*
   
99.3 Addendum No.1 to MV Navios Phoenix Bareboat Charter, dated June 19, 2023 by and between Pharos Navigation S.A., as the charterer and ASL Navigation S.A. as the owner.*
     
99.4   Addendum No.1 to MV Navios Felicity I Bareboat Charter, dated June 19, 2023 by and between Rider Shipmanagement Inc. as the charterer and Forever Shipping S.A. as the owner.*
     
99.5   Facility Agreement dated June 20, 2023, among Iraklia Shipping Corporation, Antikithira Shipping Corporation, Limnos Shipping Corporation, Thera Shipping Corporation, Fandango Shipping Corporation, Flavescent Shipping Corporation, Sunstone Shipping Corporation, Coasters Venture Corporation, Velvet Shipping Corporation, and Bertyl Ventures Co. as borrowers and National Bank of Greence S.A.*
     
99.6   Loan Agreement dated June 21, 2023 among Zakynthos Shipping Corporation, Persephone Shipping Corporation, Kerkyra Shipping Corporation, Chernava Marine Corp., Ducale Marine Inc., Kleimar NV, Oral Shipping Corporation, Iris Shipping Corporation, Highbird Management Inc., as borrowers, BNP Paribas as Mandated Lead Arranger, Agent, and Security Trustee, and the banks and financial institutions listed therein.*
     
99.7   Addendum No.2 to Nave Pulsar Bareboat Charter, dated June 27, 2023 by and between Samothrace Shipping Corporation as the charterer and World Star Shipping, S.A.. as the owner.*
     
99.8   Addendum No.1 to Navios Sky Bareboat Charter, dated June 27, 2023 by and between Anafi Shipping Corporation as the charterers and Bright Carrier S.A. as the owner.*
     
99.9   Addendum No.1 to Navios Antares Bareboat Charter, dated June 27, 2023 by and between Rumer Holding Corp. as the charterer and Juno Marine Corp as the owner.*
     
99.10   Addendum No.1 to MV Navios Alegria Bareboat Charter, dated June 28, 2023 by and between Vatselo Enterprises Corp. as the charterer and Sealift Maritime S.A. as the owner.*
     
99.11   Addendum No.2 to MV Navios Astra Bareboat Charter, dated June 28, 2023 by and between Goddess Shiptrade Inc. as the charterer and Bright Carrier S.A. as the owner.*
     
99.12   Addendum No.1 to MV Navios Canary Bareboat Charter, dated June 28, 2023 by and between Vernazza Shiptrade Inc. as the charterer and Anchor Trans Inc. as the owner.*
     
99.13   Addendum No.1 to MV Navios Corali Bareboat Charter, dated June 28, 2023 by and between Roselite Shipping Corporation as the charterer, and Lua Line S.A. and Okino Kaiun Co., Ltd. as the owners.*
     
99.14   Loan Agreement dated June 28, 2023, among Emery Shipping Corporation, Rondine Management Corp., Mandora Shipping Ltd., Solange Shipping Ltd., Chilali Corp., Pandora Marine Inc., Micaela Shipping Corporation as borrowers, Credit Agricole Corporate and Investment Bank as Mandated Lead Arranger, Agent, and Security Trustee, and the banks and financial institutions listed therein.* 
     
99.15   Addendum No.2 to MV Navios Felix Bareboat Charter, dated June 29, 2023 by and between Koufonisi Shipping Corporation as the charterer, and Glory Ocean Shipping S.A. and TEMM Maritime Co., Ltd. as the owners.*
     
99.16   Addendum No.1 to MV Navios Sagittarius Bareboat Charter, dated July 3, 2023 by and between Sagittarius Shipping Corporation as the charterer and Wealth Line Inc. as the owner.*
     
99.17   Addendum No.1 to MV Navios Magellan Bareboat Charter, dated July 14, 2023 by and between Talia Shiptrade S.A. as the charterer and Seven Shipping S.A. as the owner.*
     
99.18   Addendum No.1 to MV Navios Meridian Bareboat Charter, dated August 4, 2023 by and between Morganite Shipping Corporation as the charterer and Million Comets S.A. as the owner.*

 

* Filed herewith

 

 

 

Table of Contents 22  
 

 

 

 

 

INDEX

 

NAVIOS MARITIME PARTNERS L.P.

  Page
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT JUNE 30, 2023 AND DECEMBER 31, 2022   F-2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022   F-3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022   F-4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022   F-6
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)   F-7

 

 

 

 

 

Table of Contents F- 1  

 

NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS BALANCE SHEETS

(Expressed in thousands of U.S. Dollars except unit data)

 

 

  Notes     June 30, 2023
(unaudited)
    December 31, 2022
ASSETS              
Current assets              
Cash and cash equivalents 3   $ 261,416   $ 157,814
Restricted cash 3     8,636     17,284
Accounts receivable, net     31,464     75,030
Amounts due from related parties 12     2,647       
Prepaid expenses and other current assets       59,698     60,296
Total current assets       363,861     310,424
Vessels, net 4     3,734,043     3,777,329
Deposits for vessels acquisitions 11     317,197     218,663
Other long-term assets 11     32,880     46,122
Deferred dry dock and special survey costs, net       110,912     99,999
Amounts due from related parties 12     39,519     41,403
Intangible assets 5     69,509     78,716
Operating lease assets 14     297,644     323,048
Total non-current assets       4,601,704     4,585,280
Total assets     $ 4,965,565   $ 4,895,704
LIABILITIES AND PARTNERS’ CAPITAL              
Current liabilities              
Accounts payable     $ 19,145   $ 27,117
Accrued expenses       23,895     16,049
Deferred revenue       59,290     38,875
Operating lease liabilities, current portion 14     35,190     39,853
Amounts due to related parties 12         104,751
Current portion of financial liabilities, net 6     143,025     216,955
Current portion of long-term debt, net 6     160,224     174,140
Total current liabilities       440,769     617,740
Operating lease liabilities, net 14     255,667     271,262
Unfavorable lease terms 5     34,996     47,906
Long-term financial liabilities, net 6     858,044     864,661
Long-term debt, net 6     763,410     689,691
Deferred revenue       53,585     50,138
Other long-term liabilities       7,736     11,343
Total non-current liabilities       1,973,438     1,935,001
Total liabilities     $ 2,414,207   $ 2,552,741
Commitments and contingencies 11              
Partners’ capital:              
Common Unitholders (30,184,388 units issued and outstanding at each of June 30, 2023 and December 31, 2022) 1, 8     2,509,723     2,305,494
General Partner (622,296 units issued and outstanding at each of June 30, 2023 and December 31, 2022) 1, 8     41,635     37,469
Total partners’ capital       2,551,358     2,342,963
Total liabilities and partners’ capital     $ 4,965,565   $ 4,895,704

See unaudited notes to the condensed consolidated financial statements

 

Table of Contents F- 2  

 

NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in thousands of U.S. Dollars except unit data)

 

 

     

Three Month Period Ended

June 30, 2023

   

Three Month Period Ended

June 30, 2022

   

Six Month Period Ended

June 30, 2023

   

Six Month Period Ended

June 30, 2022

   Notes     (unaudited)     (unaudited)     (unaudited)     (unaudited)
Time charter and voyage revenues 2, 9, 14   $ 346,938   $ 280,661   $ 656,460   $ 517,278
Time charter and voyage expenses 14     (41,956)     (21,718)     (81,719)     (38,861)
Direct vessel expenses 12     (17,764)     (12,920)     (32,204)     (24,113)
Vessel operating expenses (entirely through related parties transactions) 12     (82,550)     (73,989)     (165,766)     (147,161)
General and administrative expenses 12     (20,536)     (14,170)     (40,035)     (28,086)
Depreciation and amortization of intangible assets 4, 5     (54,037)     (41,684)     (108,255)     (84,550)
Amortization of unfavorable lease terms 5     5,322     17,587     12,910     39,426
Gain on sale of vessels, net 4     10,151         43,601    
Interest expense and finance cost, net 6     (33,330)     (14,522)     (68,854)     (27,749)
Interest income       2,483     22     4,100     24
Other expense, net       (2,413)     (1,107)     (8,765)     (2,383)
Net income     $ 112,308   $ 118,160   $ 211,473   $ 203,825

 

       

Three Month Period Ended

June 30, 2023

   

Three Month Period Ended

June 30, 2022

   

Six Month Period Ended

June 30, 2023

   

Six Month Period Ended

June 30, 2022

        (unaudited)     (unaudited)     (unaudited)     (unaudited)
Common Unitholders     $ 110,062   $ 115,797   $ 207,245   $ 199,749
General Partner       2,246     2,363     4,228     4,076
Net income     $ 112,308   $ 118,160   $ 211,473   $ 203,825

 

 

       

Three Month Period Ended

June 30, 2023

   

Three Month Period Ended

June 30, 2022

   

Six Month Period Ended

June 30, 2023

   

Six Month Period Ended

June 30, 2022

Earnings per unit (see Note 13):       (unaudited)     (unaudited)     (unaudited)     (unaudited)
Earnings per common unit, basic     $ 3.65 $ 3.84   $ 6.87   $ 6.62
Earnings per common unit, diluted     $ 3.65 $ 3.83 $ 6.87 $ 6.61

 

See unaudited notes to the condensed consolidated financial statements

 

Table of Contents F- 3  

 

NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. Dollars except unit data)

  

   

 

        Six Month Period Ended June 30, 2023     Six Month Period Ended June 30, 2022
  Notes     (unaudited)     (unaudited)
OPERATING ACTIVITIES:              
Net income     $ 211,473   $ 203,825
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization of intangible assets 4, 5     108,255     84,550
Amortization of unfavorable lease terms 5     (12,910)     (39,426)
Non-cash amortization of deferred revenue and straight line       29,248     23,452
Amortization of operating lease assets/ liabilities 14     5,146     (422)
Amortization and write-off of deferred finance costs and  discount       3,618     2,677
Amortization of deferred dry dock and special survey costs       18,865     12,922
Gain on sale of vessel, net 4     (43,601)    
Stock-based compensation 8     2     82
Changes in operating assets and liabilities:              
Decrease/ (increase) in accounts receivable       43,566     (18,022)
Decrease/ (increase) in prepaid expenses and other current assets 15     9,248     (28,470)
Increase in amounts due from related parties 12     (1,765)     (15,779)
Payments for dry dock and special survey costs       (40,856)     (26,246)
(Decrease)/ increase in accounts payable       (7,971)     8,429
Increase in accrued expenses       7,846     3,556
Increase in deferred revenue       2,930     239
Decrease in amounts due to related parties 12     (104,751)     (64,204)
Net cash provided by operating activities       228,343     147,163
INVESTING ACTIVITIES:              
Net cash proceeds from sale of vessels 4     215,839    
Deposits for acquisition/ option to acquire vessel 11     (113,600)     (55,586)
Acquisition of/ additions to vessels 4,12     (70,574)     (6,274)
Net cash provided by/ (used in) investing activities       31,665     (61,860)
FINANCING ACTIVITIES:              
Cash distributions paid 13     (3,080)     (3,082)
Repayment of long-term debt and financial liabilities 6     (635,795)     (210,314)
Payments of deferred finance costs 6     (12,227)     (1,964)
Proceeds from long-term debt and financial liabilities 6     486,048     135,235
Net cash used in financing activities       (165,054)     (80,125)
Increase in cash, cash equivalents and restricted cash       94,954     5,178
Cash, cash equivalents and restricted cash, beginning of   period       175,098     169,446
Cash, cash equivalents and restricted cash, end of period     $ 270,052   $ 174,624

 

See unaudited notes to the condensed consolidated financial statements

 

Table of Contents F- 4  

 

NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. Dollars except unit data)

 

           
     

Six Month Period Ended 

June 30, 2023

 

Six Month Period Ended 

June 30, 2022

      (unaudited)   (unaudited)
Supplemental disclosures of cash flow information              
Cash interest paid     $ 72,992   $ 25,464
Non cash financing activities              
Stock-based compensation     $ 2   $ 82
Financial and finance lease liabilities     $ 173,010   $   
Non cash investing activities              
Acquisition of vessels     $ (201,129)   $   
Deposits for acquisition/ option to acquire vessel (see Note 11)     $      $ 6,316

See unaudited notes to the condensed consolidated financial statements

 

Table of Contents F- 5  

 

NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER’S CAPITAL

(Expressed in thousands of U.S. Dollars except unit data)

 

                         
  Limited Partners    
  General Partner   Common Unitholders    
  Units   Amount   Units   Amount   Total Partners’ Capital
Balance, December 31, 2022 622,296   $ 37,469   30,184,388   $ 2,305,494   $ 2,342,963
Cash distribution paid ($0.05 per unit—see Note 13) —       (31)   —       (1,509)   (1,540)
Stock based compensation (see Note 8) —            —       1     1
Net income —       1,982   —       97,183     99,165
Balance, March 31, 2023 622,296   $ 39,420   30,184,388   $ 2,401,169   $ 2,440,589
Cash distribution paid ($0.05 per unit—see Note 13) —       (31) —       (1,509)   (1,540)
Stock based compensation (see Note 8) —            —       1     1
Net income —       2,246   —       110,062     112,308
Balance, June 30, 2023 622,296   $ 41,635   30,184,388   $ 2,509,723   $ 2,551,358

 

 

                         
  Limited Partners    
  General Partner   Common Unitholders    
  Units   Amount   Units   Amount   Total Partners’ Capital
Balance, December 31, 2021 622,555   $ 26,008   30,197,087   $ 1,743,717   $ 1,769,725
Cash distribution paid ($0.05 per unit—see Note 13) —       (31) —       (1,510)   (1,541)
Stock based compensation (see Note 8) —            —       42     42
Net income —       1,713   —       83,952     85,665
Balance, March 31, 2022 622,555   $ 27,690   30,197,087   $