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Earnings Presentation – Navios Maritime Partners Lp

Navios Maritime Partners Lp · Aug 21, 2014 · 44 slides

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Slides

  1. Earnings Presentation – Navios Maritime Partners Lp – slide 1
    60 Years of Innovation & Excellence Navios Maritime Holdings Inc. Q2 2014 Earnings Presentation 21 August 2014
  2. Earnings Presentation – Navios Maritime Partners Lp – slide 2
    Creating Shareholder Value Navios Maritime Holdings Inc. (NYSE: NM) Controls 63-vessel drybulk fleet; 39 owned and 24 long term chartered-in vessels Global brand; Flexible business model Stable cash flow from charter-out contracts 12…
  3. Earnings Presentation – Navios Maritime Partners Lp – slide 3
    Positioning to Capture Market Recovery Strong balance sheet 350.9 million of proforma cash as of June 30, 2014 170.0 million Issuance of Redeemable Perpetual Preferred Stock 120.0 million issued in July 2014; Dividend rate: 8.625% per…
  4. Earnings Presentation – Navios Maritime Partners Lp – slide 4
    Strong Liquidity Position ( million) Pro Forma June 30, 2014 (4) Pro Forma Navios Holdings Liquidity Position (4) Cash (1) 350.9 Cash (1) 235.1 Debt (2) 1,624.7 Shareholders' Equity (3) 1,190.1 Issuance of Preferred Stock (net)…
  5. Earnings Presentation – Navios Maritime Partners Lp – slide 5
    Operating Leverage: In-House Technical & Commercial Mgmt. Navios Holdings has developed significant efficiencies from economies of scale Navios Holdings Opex 34% less than industry average; G&A per vessel is below public peers…
  6. Earnings Presentation – Navios Maritime Partners Lp – slide 6
    Chartering Strategy Captures Market Recovery Market exposure through contracts at index linked rate Time charter market improvement creates better re-chartering opportunities Available Days 2014 2015 4% Contracted days on 15%…
  7. Earnings Presentation – Navios Maritime Partners Lp – slide 7
    Low Cost Structure Revenue Cost 15.4% (1) Fixed 20,966 85.5% (1) Fixed 13,159 1,177 Capital Repayments 12,621 4,782 Interest Expense 1,152 General & Administrative 6,048 Expenses Opex (incl. drydocking) + Charter-in…
  8. Earnings Presentation – Navios Maritime Partners Lp – slide 8
    Optimal Chartering Strategy to Capture Market Recovery 30,000 28,216 25,000 20,345 20,000 15,000 13,531 10,000 5,478 5,000 - 2014E Breakeven Current rates (1) 20 Yr. Average rates (1) 10 Yr. Average rates (1) Cash Flow Analysis (2)…
  9. Earnings Presentation – Navios Maritime Partners Lp – slide 9
    One of the Largest US-listed Dry Bulk Fleets Navios Holdings Controls 63(1) Vessels (6.2 million DWT) 54 Vessels Currently Operating (5.3 million DWT) Average Age: 7.3 years 18 Capesize 23 Panamax 20 Ultra- 2 Handysize Handymax 12…
  10. Earnings Presentation – Navios Maritime Partners Lp – slide 10
    Revenue and Cost Management Contracted Revenue Average Daily Charter-out Rate Contracted Days 22,000 80% 85.5%(1) 20,000 70% 60% 18,000 50% 16,000 40% 20,966 30% 14,000 20% 12,000 10% (1) 12,621 15.4% 10,000 0% 2014…
  11. Earnings Presentation – Navios Maritime Partners Lp – slide 11
    Baltic Exchange Dry Index* 2002 2014 BDI 2002 to date BDI 2013-2014 YTD 12 * As of 8/19/2014
  12. Earnings Presentation – Navios Maritime Partners Lp – slide 12
    GDP Growth Driven by Emerging Economies 8.5 6.5 5.2 4.7 4.6 4.5 4.0 % 3.2 3.4 2.5 2.4 0.5 1.3 1.8 -1.5 -3.5 Emerging and developing economies World Advanced economies IMF Latest Revisions of GDP Growth (%) July 2014…
  13. Earnings Presentation – Navios Maritime Partners Lp – slide 13
    World Dry Bulk Trade 1980 - 2014 Upside: India 4,500 China admitted to the WTO 4,000 5.5% 3,500 Berlin wall falls 3,000 Trade (Million Tons) 2,500 2.8% 2,000 Forecast 1.1% Provisional 1,500 1,000…
  14. Earnings Presentation – Navios Maritime Partners Lp – slide 14
    Global Iron Ore Key Developments Low iron ore prices mean Chinese domestic ore will become uncompetitive, resulting in substitution of higher quality imports for low quality domestic ores Increased steel production in China will also…
  15. Earnings Presentation – Navios Maritime Partners Lp – slide 15
    Brazilian iron ore shipments 1H vs 2H 250 Million Tons Per Year 200 22%P Average increase 27% 20% 24% 23% 28% of 24% in H2 192P 183 185 over H1 180 170 150 157 149 148 147 145 1st Half 141 2nd Half 117 %inc 2H/1H…
  16. Earnings Presentation – Navios Maritime Partners Lp – slide 16
    Chinese Urbanization & Steel Production 120 45 China's urbanization will continue to grow Stockpiles Days of Inventory Avg Days of Inventory 40 1.6 Billions 100 35 1.4 80 30 1.2 Million Tons 25 1 Days 60 76% 20…
  17. Earnings Presentation – Navios Maritime Partners Lp – slide 17
    Its Not Just About Iron OreIts Also About Coal Indian Seaborne Coal Imports Chinese Seaborne Coal Imports (million tons) (million tons) 200 350 2006 2013 CAGR = 21% 2009 2013 CAGR = 24% 300 150 250 200 100 150 100…
  18. Earnings Presentation – Navios Maritime Partners Lp – slide 18
    Its About Grain, Too China Grain Imports Meat Consumption Per Capita: 160 China vs OECD Coarse Grain Trade Corn Trade 70 Barley 140 Wheat Trade Rice Trade Soybean Oil Trade 65 120 Soybean Trade Meat Consumption (kg…
  19. Earnings Presentation – Navios Maritime Partners Lp – slide 19
    Dry Bulk Orderbook 7M 2014: 30.6 million actual DWT delivered; 47.6 million DWT projected (36% non-delivery by DWT-preliminary) 2014 383 actual deliveries, 630 newbuilds projected (39% non-delivery by of vessels -preliminary) 62.4…
  20. Earnings Presentation – Navios Maritime Partners Lp – slide 20
    Bulk Carrier Demolition(1) Scrapping Dynamics Aging Fleet + Restricted Credit + High Scrap Price = Year Total Demolition Demolition as % Accelerated Scrapping(1) (m dwt) of Fleet 2014 YTD scrapping 9.2 million DWT 1.3% of fleet DWT…
  21. Earnings Presentation – Navios Maritime Partners Lp – slide 21
    NM Q2 & H1 2014 Earnings Highlights Earnings Highlights Three months Three months Six months Six months ( 000 except per share Y-O-Y Y-O-Y ended June 30, ended June 30, ended June 30, ended June 30, data) Variance Variance 2014 2013…
  22. Earnings Presentation – Navios Maritime Partners Lp – slide 22
    NM Strong Balance Sheet Selected Balance Sheet Data (in '000) June 30, 2014 December 31, 2013 Cash & cash equivalents 232,435 187,831 Restricted Cash 2,631 2,041 Other current assets 178,662 150,114 Deposits for vessel acquisitions…
  23. Earnings Presentation – Navios Maritime Partners Lp – slide 23
    Returning Capital to Shareholders Dividend Policy: Q2 2014 NM Distribution: 0.06 per share Record Date: September 18, 2014 Payment Date: September 26, 2014 Common Shares Outstanding as of Q2: 104,984,363 Cost: 6.3 million…
  24. Earnings Presentation – Navios Maritime Partners Lp – slide 24
    Navios Partners Ownership Structure Navios Maritime Holdings Inc. Common Unitholders NYSE: NM 100% Membership Interest Navios GP L.L.C. (General Partner) 18.0% Limited Partner Interest 80.0% Limited Partner Interest 2.0% General…
  25. Earnings Presentation – Navios Maritime Partners Lp – slide 25
    117.7 million Container Vessels Acquisition Transaction Rationale & Financial Impact Vessel details: two 2006-built 8,200 TEU container vessels with 4-year charters at 34,266 net per day per vessel with investment grade counterparty…
  26. Earnings Presentation – Navios Maritime Partners Lp – slide 26
    NMs Economic Interest in NMM Economic Interest (2) Cash Distributions Value Appreciation 197.2 million or 162% FY 2014F 30.0 million FY 2013 29.5 million Book Value 122.0 million FY 2012 28.6 million Market Value 319.2 million (1)…
  27. Earnings Presentation – Navios Maritime Partners Lp – slide 27
    Navios Acquisition Ownership Structure Navios Maritime Holdings Inc. NYSE: NM Public Shareholders (1) 43.1% Interest 56.9% Interest Navios Maritime Acquisition Corp. NYSE: NNA 100% Ownership Interest 44 Tanker…
  28. Earnings Presentation – Navios Maritime Partners Lp – slide 28
    Vessel Deliveries Continue to Provide Material Growth Available Days Fleet 15,604 44 13,638 42 33 9,653 5% 14% 41% 19 27% 5,786 14 4,053 67% 74% 43% 36% 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Contracted Revenue…
  29. Earnings Presentation – Navios Maritime Partners Lp – slide 29
    NMs Economic Interest in NNA Economic Interest Cash Distributions Value Appreciation 35.9 million or 17% FY 2014F 14.6 million Book Value 213.0 million FY 2013 10.1 million Market Value 248.9 million (1) FY 2012 5.2 million FY 2011…
  30. Earnings Presentation – Navios Maritime Partners Lp – slide 30
    Navios Logistics Ownership Structure Navios Maritime Holdings Inc. Peers Business Inc. NYSE: NM 63.8% Ownership 36.2% Ownership Navios South American Logistics Inc. (Marshall Islands) Port Terminals Barge Business Cabotage…
  31. Earnings Presentation – Navios Maritime Partners Lp – slide 31
    Navios Logistics Recent Developments Iron ore port development for 20-year storage and transshipment contract with Vale Completed the dredging works in the port area Developing the engineering design and advancing on equipment…
  32. Earnings Presentation – Navios Maritime Partners Lp – slide 32
    Track Record of Strong EBITDA Growth Revenue ( million) Adjusted EBITDA ( million) 8.0% 20.5% CAGR CAGR 56.8 234.7 247.0 237.1 48.1 188.0 68.4 46.4 39.0 (1) 69.1 35.4 32.5 31.7 51.2 136.7 115.6 41.1 15.1 178.6 190.7 165.6…
  33. Earnings Presentation – Navios Maritime Partners Lp – slide 33
    Navios Logistics Q2 & H1 2014 Earnings Highlights Three months Three months Six months Six months ended ended Y-O-Y ended ended Y-O-Y (in 000) June 30, 2014 June 30, 2013 Variance June 30, 2014 June 30, 2013 Variance Revenue 69,968…
  34. Earnings Presentation – Navios Maritime Partners Lp – slide 34
    Navios Logistics Strong Balance Sheet Selected Balance Sheet Data (in '000) June 30, 2014 December 31, 2013 Cash & cash equivalents 116,386 86,569 Accounts Receivable 34,670 21,503 Vessels port terminal and other fixed assets, net…
  35. Earnings Presentation – Navios Maritime Partners Lp – slide 35
    NM Summary Large, Modern Fleet Provides Scale 63 (1) controlled vessels; 39 owned / 24 chartered-in. 54 vessels in water in a Fragmented Industry Modern high-quality fleet with an average age of 7.3 years (vs. 9.0 year average for…
  36. Earnings Presentation – Navios Maritime Partners Lp – slide 36
    www.navios.com
  37. Earnings Presentation – Navios Maritime Partners Lp – slide 37
    Appendix: Navios Holdings Fleet
  38. Earnings Presentation – Navios Maritime Partners Lp – slide 38
    Appendix: Core Fleet Owned Fleet: Ultra Handymax Vessels Type Built DWT Charter Rate () (1) Expiration Date (2) Profit Share Navios Serenity Handysize 2011 34,690 9,453 08/29/2014 No Navios Ionian Ultra Handymax 2000 52,067 8,075…
  39. Earnings Presentation – Navios Maritime Partners Lp – slide 39
    Appendix: Core Fleet Owned Fleet: Panamax Vessels Type Built DWT Charter Rate () (1) Expiration Date (2) Profit Share 4,513 08/20/2014 Weighted average basis Panamax Navios Magellan Panamax 2000 74,333 05/22/2015 Index Routes +2%…
  40. Earnings Presentation – Navios Maritime Partners Lp – slide 40
    Appendix: Core Fleet Owned Fleet: Capesize Vessels Type Built DWT Charter Rate () (1) Expiration Date (2) Profit Share 105% in excess of 14,000 basis 13,485 08/17/2014 Navios Bonavis Capesize 2009 180,022 Baltic Capesize Index 4TC…
  41. Earnings Presentation – Navios Maritime Partners Lp – slide 41
    Appendix: Core Fleet Long-Term Chartered-In Fleet Vessels Type Built DWT Charter Expiration Purchase Profit Share Rate () (1) Date (2) Option (3) Navios Lyra Handysize 2012 34,718 7,743 08/22/2014 Yes (4) No 10,264 08/24/2014 100% in…
  42. Earnings Presentation – Navios Maritime Partners Lp – slide 42
    Appendix: Core Fleet Vessels to be Delivered Vessels Type Delivery Date DWT Navios TBN Panamax 11/2015 84,000 Owned Vessels on Navios TBN Capesize 11/2015 180,600 Order Total: 2 vessels 264,600 Vessels Type Delivery Date DWT…
  43. Earnings Presentation – Navios Maritime Partners Lp – slide 43
    Appendix Kleimar Controlled Fleet Owned Vessels Vessels Type DWT Built % Owned Navios Asteriks Panamax 76,801 2005 100% Long-Term Chartered-in Vessels Vessels Type DWT Built Expiration(1) Purchase Option Golden Heiwa Panamax…
  44. Earnings Presentation – Navios Maritime Partners Lp – slide 44
    Containership Sector Clarkson Research www.navios.com www.clarksons.com

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