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Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp

Navios Maritime Partners Lp · Apr 30, 2015 · 23 slides

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Slides

  1. Q1 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. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 2
    Navios Maritime Midstream Partners L.P. Company Highlights 500 million in long-term contracted revenue with top-tier companies Operating Visibility through 7.2 years of average charter period with strong counterparties & sponsor…
  3. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 3
    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…
  4. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 4
    Navios Maritime Midstream Partners L.P. Liquidity March 31, 2015 (US million) Debt Maturity 80 Cash 32.7 70 (US million) 60 Debt (1) 121.6 50 40 73.5 Partners' Capital 256.0 30 20 Capitalization 377.6 10 - - - - - 0 Net…
  5. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 5
    Navios Maritime Midstream Partners L.P. Q1 2015 Earnings Highlights Earnings Highlights (in million) except active vessels and available days Q1 2015 Q1 2014 * Time charter revenue 16.7 15.7 EBITDA 12.6 11.7 Net Income 6.3 (0.7) EPU…
  6. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 6
    Navios Maritime Midstream Partners L.P. Balance Sheet Selected Balance Sheet Data (US million) March 31, 2015 December 31, 2014 Cash & cash equivalents 32.7 30.9 Other current assets 1.9 0.9 Intangible assets 30.9 31.7 Vessels,…
  7. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 7
    Navios Maritime Midstream Partners L.P. Q1 2015 Cash Distribution Cash Distribution of 0.4125 per unit for Q1 2015 (1.65 annualized) Record Date: May 6, 2015 Payment Date: May 12, 2015 Operating Surplus: 9.4 million Total Unit…
  8. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 8
    Navios Maritime Midstream Partners L.P. Long-Term Charters Provide Stable and Visible Cash Flows 7.2 years of average remaining employment term with strong counterparties Net Charter Profit Strong VLCC Rate Share Remaining…
  9. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 9
    Navios Maritime Midstream Partners L.P. Low Breakeven Costs Efficient, Low Cost Operator Revenue Cost Average Daily Operating Costs / Vessel (excluding dry-docking) Opex is approximately 7% less than the industry average Opex…
  10. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 10
    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 3.5% for 2015 and 3.8% for 2016 Global oil demand rose by 0.7 mb/d to 92.5…
  11. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 11
    Navios Maritime Midstream Partners L.P. Oil Price Drop Stimulates GDP and VLCC rates Oil Price Effect on Oil Trade Balance is Positive for World GDP IMF expects a sizable boost to economic activity due to oil price drop, with global…
  12. Q1 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 Total 2.7 m bpd Total 1.7…
  13. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 13
    Navios Maritime Midstream Partners L.P. Growth in Chinese per Capita Consumption Leads to Significant Increase in VLCC Fleet Chinese Crude Oil Imports (2009 2015) Oil Consumption per Capita by Region 8 13% CAGR Jan 09 to Mar 15…
  14. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 14
    Navios Maritime Midstream Partners L.P. Contango and Reserves Filing 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…
  15. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 15
    Navios Maritime Midstream Partners L.P. VLCC Supply Fundamentals Deliveries 2015 Mar YTD: 1.0 M dwt delivered, 1.8M dwt projected Non-Deliveries Inflate VLCC Orderbook (1) (48% non-delivery by dwt) mm DWT 2014: 7.6 M dwt…
  16. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 16
    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 TCE higher as contract fuel is…
  17. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 17
    Navios Maritime Midstream Partners L.P. Healthy Spot Market Leads to Higher Time Charter Rates In 2014 VLCC rates averaged 27,507, 70% higher than 2013; Accordingly 3 year TC rates increased by 29% averaging 30,200 YTD VLCC 3 year…
  18. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 18
    Navios Maritime Midstream Partners L.P. Company Highlights 500 million in long-term contracted revenue with top-tier companies Operating Visibility through 7.2 years of average charter period with strong counterparties & sponsor…
  19. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 19
    Navios Maritime Midstream Partners L.P. www.navios-midstream.com 20
  20. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 20
    Navios Maritime Midstream Partners L.P. Appendix: Navios Midstream Fleet 21
  21. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 21
    Navios Maritime Midstream Partners L.P. Owned Fleet Year Net Charter Rate Vessel Type DWT Expiration Date (1) Profit Share Built (/day) 38,400 01/2017 50% above 43,500 Shinyo Ocean VLCC 281,395 2001 38,400 01/2019 38,025 02/2017…
  22. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 22
    Navios Maritime Midstream Partners L.P. Dropdown Options(1) Year Net Charter Rate Vessel Type DWT Expiration Date Profit Share Built (/day) 50% above 30,000 C. Dream VLCC 298,570 2000 29,625 03/2019 40% above 40,000 Nave Celeste…
  23. Q1 2015 EARNINGS PRESENTATION – Navios Maritime Partners Lp – slide 23
    Navios Maritime Midstream Partners L.P. www.navios-midstream.com 24

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