January 27, 2016 - 7:14 AM EST
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Navios Maritime Midstream Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2015

  • Net Income: $9.1 million in Q4; $27.1 million for FY
  • Earnings per Common Unit: $0.44 in Q4; $1.33 for FY
  • EBITDA: $19.4 million in Q4; $62.2 million for FY
  • Operating Surplus: $12.9 million in Q4; $42.4 million for FY
  • Profit sharing: $3.5 million in Q4; $8.0 million for FY
  • Quarterly Cash Distribution of $0.4225 per unit; $1.69 per unit annualized
  • 1.48x Total Unit Distribution Coverage for the quarter

MONACO, Jan. 27, 2016 (GLOBE NEWSWIRE) -- Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NYSE:NAP), an owner and operator of tanker vessels, reported its financial results today for the fourth quarter and year ended December 31, 2015. 

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015. Consequently, we announced a quarterly distribution of $0.4225 per unit, to shareholders of record on February 9, 2016. Our distribution coverage ratio is a healthy 1.48x for the quarter.”

Angeliki Frangou continued, “The collapse of oil prices has introduced significant volatility into the general climate. This price decline, generally good for transportation, has far reaching implications that has adversely affected the investment climate. Yet, Navios Midstream is a solid company and has neither any forward growth capex required nor any debt maturity until 2020. Navios Midstream has 100% of its fleet fixed for 2016 and 2017, with upside through profit sharing, which generated $0.39 net income per unit.”

RECENT DEVELOPMENTS

Quarterly Cash Distribution

The Board of Directors of Navios Midstream declared a cash distribution for the fourth quarter of 2015 of $0.4225 per unit. The cash distribution is payable on February 12, 2016 to unitholders of record as of February 9, 2016.

Profit Share

During the fourth quarter of 2015, Navios Midstream benefited from the VLCC spot market and recognized $3.5 million from its profit sharing arrangements. Profit share recognized for the year ended December 31, 2015, was $8.0 million.

Long – Term Cash Flow

Navios Midstream has entered into long-term charter-out agreements for its vessels, with a remaining average term of 5.3 years, which are expected to provide a stable base of revenue and distributable cash flow. Navios Midstream has currently contracted out 100% of its available days for 2016 and 2017, expecting to generate revenues of approximately $89.6 million and $86.6 million, respectively. The average expected daily charter-out rate for the fleet is $40,798 and $39,559 for 2016 and 2017, respectively. 

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Midstream has compiled consolidated statement of operations for the three months and years ended December 31, 2015 and 2014.  The quarterly information for 2015 and 2014 was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Midstream’s results.

               
(in $‘000 except per unit data)Three Month
Period ended
December 31, 2015
(unaudited)
  Three Month
Period ended
December 31, 2014
(unaudited) (1)
  Year ended
December 31, 2015
(unaudited)
  Year ended
December 31, 2014
(unaudited) (1)
Revenue$25,836  $16,008  $83,362  $63,534
Net income 9,134   2,607   27,072   1,164
Adjusted net income(2) 9,134   2,607   28,757   1,164
EBITDA 19,381   11,903   62,190   47,429
Earnings per common unit (basic and diluted) 0.44   0.13   1.33   0.13
Adjusted earnings per common unit (basic and diluted)(2) 0.44   0.13   1.42   0.13
Operating Surplus 12,946   N/A(1)   42,406   N/A(1)
Maintenance and replacement capital expenditure reserve 3,591   N/A(1)   11,684   N/A(1)
               
(1) Prior to the Navios Midstream’s IPO in November 2014, Navios Midstream’s four VLCC fleet was part of Navios Maritime Acquisition Corporation’s fleet. All figures prior to the IPO are not directly comparable to periods after the IPO.
(2) Net income and Earnings per common unit (basic and diluted) for the year ended December 31, 2015 have been adjusted to exclude the amount of $1,685 representing a write-off of deferred finance cost associated with debt prepayment.
 

Three month periods ended December 31, 2015 and 2014

Revenue for the three month period ended December 31, 2015 increased by $9.8 million to $25.8 million, as compared to $16.0 million for the same period in 2014. Time Charter Equivalent (“TCE”) was $45,940 for the three month period ended December 31, 2015 and $43,005 for the three month period ended December 31, 2014. The increase was due to the acquisition of the Nave Celeste and the C. Dream in June 2015 and due to profit sharing of $3.5 million recognized in the three month period ended December 31, 2015 in relation to certain charters. 

EBITDA increased by $7.5 million to $19.4 million for the three month period ended December 31, 2015, as compared to $11.9 million for the same period in 2014. The increase in EBITDA was due to a $9.8 million increase in revenue. The above increase was partially mitigated by a: (a) $1.7 million increase in management fees; (b) $0.3 million increase in time charter expenses; (c) $0.2 million increase in general and administrative expenses; and (d) $0.1 million decrease in other income.

The reserve for estimated maintenance and replacement capital expenditures for the three month period ended December 31, 2015 was $3.6 million (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the three month period ended December 31, 2015 of $12.9 million. 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 (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the three month period ended December 31, 2015 was $9.1 million compared to $2.6 million for the three month period ended December 31, 2014. The increase in net income was due to a: (i) $7.5 million increase in EBITDA; and (ii) $0.9 million decrease in interest expense and finance cost; partially mitigated by a: (a) $1.5 million increase in depreciation and amortization; and (b) $0.4 million increase in direct vessel expenses.

Earnings per common unit for the three month period ended December 31, 2015 was $0.44.

Year ended December 31, 2015 and 2014
Revenue for the year ended December 31, 2015 increased by $19.8 million to $83.4 million, as compared to $63.5 million for the same period in 2014. Time Charter Equivalent (“TCE”) was $45,924 for year ended December 31, 2015 and $42,995 for year ended December 31, 2014. The increase was due to the acquisition of the Nave Celeste and the C. Dream in June 2015 and due to profit sharing of $8.0 million recognized in the year ended December 31, 2015 in relation to certain charters. 

EBITDA increased by $14.8 million to $62.2 million for the year ended December 31, 2015, as compared to $47.4 million for the same period in 2014. The increase in EBITDA was due to a $19.8 million increase in revenue. The above increase was partially mitigated by a: (a) $3.4 million increase in management fees; (b) $1.2 million increase in general and administrative expenses; (c) $0.3 million increase in time charter expenses; and (d) $0.1 million decrease in other income.

The reserve for estimated maintenance and replacement capital expenditures for the year ended December 31, 2015 was $11.7 million (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the year ended December 31, 2015 of $42.4 million. 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 (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the year ended December 31, 2015 was negatively affected by a $1.7 million write-off of deferred finance cost in association with debt prepayment. Excluding that write-off, Adjusted net income for the year ended December 31, 2015 was $28.8 million compared to $1.2 million for the year ended December 31, 2014. The increase in net income was due to a: (i) $14.8 million increase in EBITDA; and (ii) $16.3 million decrease in interest expense and finance cost; partially mitigated by a: (a) $3.2 million increase in depreciation and amortization; and (b) $0.3 million increase in direct vessel expenses.

Earnings per common unit for the year ended December 31, 2015 was $1.33.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Midstream’s core fleet performance for the three months and years ended December 31, 2015 and 2014

  Three Month
Period ended
December 31, 2015
(unaudited)
  Three Month
Period ended
December 31, 2014
(unaudited)
   

Year ended
December 31, 2015
(unaudited)
  Year ended
December 31, 2014
(unaudited)
 
FLEET DATA                
Available days(1)  552   368   1,791   1,460 
Operating days(2)  547   367   1,785   1,457 
Fleet utilization(3)  99.1%  99.8%  99.7%  99.8%
Vessels operating at period end  6   4   6   4 
AVERAGE DAILY RESULTS                
Time Charter Equivalent per day(4) $45,940  $43,005  $45,924  $42,995 
 
(1) Available days for the fleet represent total calendar days the vessels were in Navios Midstream’s possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys. 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 is 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 Midstream’s vessels were available for revenue generating available days, 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, drydockings or special surveys.
 
(4) Time Charter Equivalent (“TCE”) rates: TCE rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate 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.
 

Conference Call details:

Navios Midstream's management will host a conference call today, Wednesday, January 27, 2016 to discuss the results for the fourth quarter and year ended December 31, 2015.

Conference Call details:

Call Date/Time: Wednesday, January 27, 2016 at 08:30 am ET
Call Title: Navios Midstream Q4 2015 Financial Results Conference Call
US Dial In: +1.866.703.4207
International Dial In: +1.636.692.6440
Conference ID: 2743 6001

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 2743 6001

Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Midstream’s website (www.navios-midstream.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Midstream’s website under the "Investors" section by 8:00 am ET on the day of the call.

About Navios Maritime Midstream Partners L.P.

Navios Maritime Midstream Partners L.P. is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit our website at www.navios-midstream.com.

Forward-Looking Statements

This press release contains 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 and expectations, including with respect to Navios Midstream’s future dividends and Navios Midstream's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. 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. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Midstream at the time this report was made. Although Navios Midstream 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 known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Midstream. 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, the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us, tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, the aging of our vessels and resultant increases in operation and drydocking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all, increases in costs and expenses, including but not limited to: crew wages, 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, potential liability from litigation and our vessel operations, including discharge of pollutants, general domestic and international political conditions, competitive factors in the market in which Navios Midstream operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Midstream's filings with the Securities and Exchange Commission. Navios Midstream 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 Midstream's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Midstream makes no prediction or statement about the performance of its common units.

EXHIBIT 1
   

 
NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND COMBINED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars)
         
 December 31,
2015
  December 31,
2014
 
ASSETS        
Current assets        
Cash and cash equivalents $37,834  $30,877 
Accounts receivable, net  5,110   653 
Prepaid expenses and other current assets  112   212 
Due from related parties  2,804    
         
Total current assets  45,860   31,742 
         
Vessels, net  400,192   320,229 
Intangible assets  28,450   31,736 
Deferred dry dock and special survey costs, net  6,066   1,955 
         
Total non-current assets  434,708   353,920 
         
Total assets $480,568  $385,662 
         
LIABILITIES AND PARTNERS’ CAPITAL        
Current liabilities        
Accounts payable $412  $1,243 
Accrued expenses  654   4,174 
Due to related parties  438   736 
Deferred revenue  1,931   1,938 
Current portion of long-term debt, net of deferred finance costs and discount  643   10,022 
         
Total current liabilities  4,078   18,113 
         
Long-term debt  197,176   114,065 
         
Total non-current liabilities  197,176   114,065 
         
Total liabilities $201,254  $132,178 
         
Commitments and contingencies  —    —  
Owner’s net investment  —    —  
Total Partners’ capital        
Common Unitholders (9,342,692 units issued and outstanding at December 31, 2015 and December 31, 2014)  126,317   127,350 
Subordinated Series A Unitholders (1,592,920 units issued and outstanding at December 31, 2015 and none at December 31, 2014)  27,379   —  
Subordinated Unitholders (9,342,692 units issued and outstanding at December 31, 2015 and December 31, 2014)  120,154   121,187 
General Partner (413,843 units issued and outstanding at December 31, 2015 and 381,334 issued and outstanding at December 31, 2014)  5,464   4,947 
         
Partners’ capital  279,314   253,484 
         
Total liabilities, Partners’ capital and owner’s net investment $480,568  $385,662 

 

NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars, except per unit amounts)
                 
  Three Month
Period ended
December 31, 2015
($ ‘000)
(unaudited)
  Three Month
Period ended
December 31, 2014
($ ‘000)
(unaudited)
  Year ended
December 31, 2015
($ ‘000)
(unaudited)
  Year ended
December 31, 2014
($ ‘000)
(unaudited)
 
Revenue $25,836  $16,008  $83,362  $63,534 
Time charter expenses  (476)  (183)  (1,100)  (762)
Direct vessel expenses  (651)  (289)  (1,602)  (1,283)
Management fees (entirely through related party transactions)  (5,244)  (3,496)  (17,613)  (14,166)
General and administrative expenses  (707)  (540)  (2,497)  (1,296)
Depreciation and amortization  (6,367)  (4,877)  (22,686)  (19,509)
Interest expenses and finance cost  (3,229)  (4,130)  (10,830)  (25,473)
Other income, net  12   119   88   119 
Other expense  (40)  (5)  (50)   
                 
Net income $9,134  $2,607  $27,072  $1,164 
Net income $9,134   2,607  $27,072   1,164 
Earnings per unit (basic and diluted)                
Common unitholders: $0.44   0.13  $1.33   0.13 
Subordinated Series A unitholders: $0.44     $1.86    
Subordinated unitholders: $0.44   0.13  $1.33   0.13 

 


NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
 
  Year ended
December 31,
2015
  Year ended
December 31,
2014
 
Operating Activities        
Net income $27,072  $1,164 
Adjustments to reconcile net income/ (loss) to net cash provided by/ (used in) operating activities:        
Depreciation and amortization  22,686   19,509 
Amortization of deferred finance fees and bond premium  2,676   712 
Non-cash loss on extinguishment of 2017 Notes      
Amortization of dry dock and special survey costs  1,602   1,283 
Changes in operating assets and liabilities:        
Decrease/ (increase) in prepaid expenses and other current assets  100   7 
Payment for Drydocking  (5,713)   
(Increase)/ Decrease in accounts receivable  (4,457)  164 
(Decrease)/ Increase in accounts payable  (310)  351 
(Decrease)/ Increase in accrued expenses  (1,040)  1,479 
(Decrease)/ increase in due to/ from related parties  (2,756)  2,592 
Decrease in deferred revenue  (7)   
         
Net cash provided by/ (used in) operating activities $39,853  $27,261 
         
Investing Activities        
Acquisition of vessels  (72,252)   
Increase in due from related parties     (52,314)
         
Net cash used in investing activities $(72,252) $(52,314
         
Financing Activities        
Proceeds from Long term debt, net of deferred finance costs and discount  198,081   124,027 
Loan repayment  (127,025)   
Cash remittance to Navios Acquisition     (214,854)
IPO proceeds, net of underwriting discount     113,906 
IPO expenses  (3,347)  (469)
Dividend paid  (28,904)   
Proceeds from issuance of general partner units  551    
Owner’s net investment     24,168 
         
Net cash provided by financing activities $39,356  $46,778 
         
Net increase in cash and cash equivalents  6,957   21,725 
Cash and cash equivalents, beginning of year  30,877   9,152 
         
Cash and cash equivalents, end of year $37,834  $30,877 
         
Supplemental disclosures of cash flow information        
Cash interest paid $8,100  $27,786 
Non-cash financing activities        
Non-cash contributions by owners $  $ 
Accrued IPO expenses $  $3,290 
Assets and liabilities retained by Navios Acquisition:        
Long-term debt $   341,034 
Due from related parties $   (88,070)
Due to related parties $   2,588 
Deferred financing costs $   (7,405)

EXHIBIT 2

Owned Vessels Type Built Capacity
(DWT)
 
Shinyo Kieran VLCC 2011  297,066 
Shinyo Saowalak VLCC 2010  298,000 
Nave Celeste VLCC 2003  298,717 
Shinyo Kannika VLCC 2001  287,175 
Shinyo Ocean VLCC 2001  281,395 
C. Dream VLCC 2000  298,570 


Option Vessels(1) Type Built Capacity
(DWT)
 
Nave Buena Suerte VLCC 2011    297,491 
Nave Quasar VLCC 2010  297,376 
Nave Galactic VLCC 2009  297,168 
Nave Neutrino VLCC 2003  298,287 
Nave Electron VLCC 2002  305,178 

(1)     Navios Midstream has options, exercisable through November 18, 2016, to acquire up to five VLCCs at fair market value from Navios Maritime Acquisition Corporation.

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes.

EBITDA is presented because Navios Midstream believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Midstream’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a “non-GAAP financial measure” 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.

While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

2. Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. 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 Midstream’s 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.

3. Available Cash   

Available Cash generally means for each fiscal quarter, all cash on hand at the end of the quarter:

  • less the amount of cash reserves established by the Board of Directors to:

  • provide for the proper conduct of Navios Midstream’s business (including reserve for maintenance and replacement capital expenditures);

  • comply with applicable law, any of Navios Midstream’s debt instruments, or other agreements; or

  • provide funds for distributions to the unitholders and to the general partner for any one or more of the next four quarters;

  • plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under any revolving credit or similar agreement used solely for working capital purposes or to pay distributions to partners.

Available Cash 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. Available cash 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.

4. Reconciliation of Non-GAAP Financial Measures

                 
  Three Month
Period ended
December 31, 2015
($ ‘000)
(unaudited)
  Three Month
Period ended
December 31, 2014
($ ‘000)
(unaudited)
  Year ended
December 31, 2015
($ ‘000)
(unaudited)
  Year ended
December 31, 2014
($ ‘000)
(unaudited)
 
Net cash provided by operating activities $15,743  $12,232  $39,853  $27,261 
Net increase/(decrease) in operating assets  (117)  (109)  10,070   (171)
Net (increase)/ decrease in operating liabilities  881   (4,192)  4,113   (4,422)
Net interest cost  3,229   4,130   10,830   25,473 
Amortization of deferred finance cost and bond premium  (355)  (158)  (2,676)  (712)
     
EBITDA $19,381  $11,903  $62,190  $47,429 
     
Net cash provided by operating activities $15,743  $12,232  $39,853  $27,261 
Net cash used in investing activities $  $(13,408) $(72,252) $(52,314)
Net cash (used in) / provided by financing activities $(9,254) $25,996  $39,356  $46,778 


  Three Month
Period ended
December 31, 2015
($ ‘000)
(unaudited)
 Year ended
December 31, 2015
($ ‘000)
(unaudited)
EBITDA $19,381  $62,190 
Cash interest paid  (2,844)  (8,100)
Maintenance and replacement capital expenditures  (3,591)  (11,684)
Operating Surplus $12,946  $42,406 
Cash distribution paid relating to the first nine months     (25,143)
Cash reserves  (4,204)  (8,521)
Available cash for distribution $8,742  $8,742 


Investor Relations Contacts
Navios Maritime Midstream Partners L.P.
+1 (212) 906 8647
[email protected]

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Source: GlobeNewswire (January 27, 2016 - 7:14 AM EST)

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