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JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp

Navios Maritime Partners Lp · Jan 27, 2015 · 24 slides

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Slides

  1. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 1
    Navios Maritime Midstream Partners L.P. Navios Midstream Partners Ownership Structure Navios Maritime Acquisition Common Unitholders NYSE: NNA 100% Membership Interest Navios Maritime Midstream Partners GP LLC 55.5% Limited…
  2. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 2
    Navios Maritime Midstream Partners L.P. Company Highlights 500 million in long-term contracted remaining revenue with top-tier companies Operating Visibility Through 7.4 years of average remaining employment term with strong…
  3. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 3
    Navios Maritime Midstream Partners L.P. 121.5 million IPO Company successfully listed on NYSE in November 2014 under ticker NAP Total units, including sponsor units and GP: 19,066,718 Common units offered to the public: 8,100,000…
  4. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 4
    Navios Maritime Midstream Partners L.P. Liquidity December 31, 2014 (US million) Debt Maturity 80 Cash 30.9 70 (US million) 60 Debt 126.0 50 40 73.5 Partners' Capital 253.5 30 20 Book Capitalization 379.5 10 - - - -…
  5. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 5
    Navios Maritime Midstream Partners L.P. Significant Opportunities for Distribution Growth Additional Growth Opportunities (DWT) Purchase Options for seven VLCCs 3,256,423 305,178 Right to acquire any 298,287 crude, product…
  6. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 6
    Navios Maritime Midstream Partners L.P. Q4 and FY 2014 Earnings Highlights Earnings Highlights (in US million) Historical Pro Forma except active vessels and available days Period from Three-Month Three-Month Period November 18,…
  7. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 7
    Navios Maritime Midstream Partners L.P. Balance Sheet Selected Balance Sheet Data (US million) December 31, 2014 Cash & cash equivalents 30.9 Other current assets 0.9 Vessels, net 320.2 Total Assets 387.6 Other current…
  8. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 8
    Navios Maritime Midstream Partners L.P. Q4 2014 Cash Distribution Cash Distribution of 0.1973 per unit for the 44-day period post IPO from November 18 to December 31, 2014 Record Date: February 9, 2015 Payment Date: February 12,…
  9. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 9
    Navios Maritime Midstream Partners L.P. Long-Term Charters Provide Stable and Visible Cash Flows Strong Net Charter Profit Counterparties VLCC Rate Share Remaining Employment Term Shinyo Kannika 38,025 4.1 Years DALIAN…
  10. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 10
    Navios Maritime Midstream Partners L.P. Long-Term Contracted Revenue Efficient, Low Cost Operator Contracted Revenue Average Daily Operating Costs / Vessel (excluding dry-docking) 2015 63.0 million Opex is approximately 7% less than…
  11. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 11
    Navios Maritime Midstream Partners L.P. Global Oil Demand: Growth Continues Global oil demand is driven by GDP growth The IMF projects global GDP growth of 3.3% for 2014 and 3.8% for 2015 Global oil demand rose by 0.6 mb/d to 92.4…
  12. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 12
    Navios Maritime Midstream Partners L.P. Asia is the Dominant User of VLCC Vessels Refinery expansion in Asia and Middle East a key driver Refinery expansion in Asia and Middle East Asia Pacific Middle East 3500 Total 4m bpd 3,014…
  13. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 13
    Navios Maritime Midstream Partners L.P. Chinese Oil Consumption Driving Volumes and Distances Chinese Crude Oil Imports (2009 2014) 8 mbpd 7 16% CAGR Jan 09 to Dec 14 6 5 4 3 2 1 0 Chinese SPR fill is likely to…
  14. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 14
    Navios Maritime Midstream Partners L.P. Growth in Chinese per Capita Consumption will lead to significant increase in VLCC fleet Oil Consumption per Capita by Region 35 US 30 Brazil Barrels per person per year 25 W…
  15. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 15
    Navios Maritime Midstream Partners L.P. Contango leads to Floating Storage Floating storage during contango from 2008 to 1H 2010 peaked at 110m-115m (equivalent to approximately 55-60 VLCCs) At that time 8% of VLCC fleet was in…
  16. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 16
    Navios Maritime Midstream Partners L.P. VLCC Supply Fundamentals Deliveries Non-Deliveries Inflate VLCC Orderbook (1) 2014: 7.6 M dwt delivered, 10.2 M dwt projected (25% provisional non-delivery by dwt) mm DWT Actual Jan 2014…
  17. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 17
    Navios Maritime Midstream Partners L.P. Strong Industry Fundamentals Driving VLCC Rates Higher Structural Changes Contango Capacity out of the market Oil Price Fall Longer period market contract TCE higher as available fuel…
  18. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 18
    Navios Maritime Midstream Partners L.P. Favorable Entry Point: Improving Rates and Low Asset Values Improving VLCC Rate Environment VLCC Asset Values & Illustrative Return 80,000 100 (mm) Spot Rate 10- Yr Avg.: 94 69,810 70,000…
  19. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 19
    Navios Maritime Midstream Partners L.P. Company Highlights 500 million in long-term contracted remaining revenue with top-tier companies Operating Visibility Through 7.4 years of average remaining employment term with strong…
  20. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 20
    Navios Maritime Midstream Partners L.P. www.navios-midstream.com 21
  21. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 21
    Navios Maritime Midstream Partners L.P. Appendix 22
  22. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 22
    Navios Maritime Midstream Partners L.P. Owned Fleet Year Net Charter Rate Vessel Type DWT Expiration Date (1) Profit Share Built (/day) Shinyo Ocean VLCC 281,395 2001 38,400 01/2017 50% above 43,500 Shinyo Kannika VLCC 287,175 2001…
  23. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 23
    Navios Maritime Midstream Partners L.P. Dropdown Options Year Net Charter Rate Vessel Type DWT Expiration Date (1) Profit Share Built (/day) 50% above 30,000 C. Dream VLCC 298,570 2000 29,625 03/2019 40% above 40,000 Nave Celeste…
  24. JANUARY 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 24
    Navios Maritime Midstream Partners L.P. www.navios-midstream.com 25

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