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Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp

Navios Maritime Partners Lp · Jul 29, 2014 · 31 slides

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Slides

  1. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 1
    CONFIDENTIAL DO NOT DISTRIBUTE 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%…
  2. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 2
    CONFIDENTIAL DO NOT DISTRIBUTE Recent Developments 117.7 million acquisition Two 8,200 TEU container vessels Vessel Type TEU Built Acquisition Price Delivery TBN 1 Container 8,204 2006 58,850,000 Q4 2014 TBN 2 Container 8,204…
  3. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 3
    CONFIDENTIAL DO NOT DISTRIBUTE Transaction Rationale & Financial Impact Acquisition of vessels with long term contracts providing cash flow visibility Accretive to all units outstanding in any financing scenario Quality long term…
  4. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 4
    CONFIDENTIAL DO NOT DISTRIBUTE Liquidity June 30, 2014 (US million) Debt Maturity Cash (1) 184.7 450 (US million) 400 Debt 530.6 350 300 Shareholders' equity 793.5 250 200 418.0 150 Capitalization 1,324.1 100 50…
  5. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 5
    CONFIDENTIAL DO NOT DISTRIBUTE Multiple Avenues of Distribution Growth Increases since IPO: 26.4% Distribution 300% Number of vessels 421% Operational fleet capacity Navios Group Opportunities in the Purchase Options Vessels…
  6. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 6
    CONFIDENTIAL DO NOT DISTRIBUTE Q2 & First Half June 30, 2014 Earnings Highlights Earnings Highlights (US million) Six Months Six Months except active vessels and available Y-O-Y Ended June Ended June Y-O-Y days Q2 2014 Q2 2013…
  7. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 7
    CONFIDENTIAL DO NOT DISTRIBUTE Balance Sheet Selected Balance Sheet Data (US million) June 30, 2014 December 31, 2013 Cash & cash equivalents (1) 184.7 70.0 Other current assets 11.4 18.0 Vessels, net 1,046.2 1,026.2 1,336.9…
  8. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 8
    CONFIDENTIAL DO NOT DISTRIBUTE Q2 2014 Cash Distribution Cash Distribution of 0.4425 per unit for Q2 2014 (1.77 annualized) Record Date: August 8, 2014 Payment Date: August 13, 2014 Operating Surplus: 41.9 million Common Unit…
  9. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 9
    CONFIDENTIAL DO NOT DISTRIBUTE Large, Modern, Diverse Fleet 32 Vessels (3.3 million dwt) Average age of combined fleet(1): 7.3 years 25 Dry Bulk Vessels 7 Container Vessels 2,661,386 dwt 50,408 TEU 8 Capesize 14 Panamax 3…
  10. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 10
    CONFIDENTIAL DO NOT DISTRIBUTE Portfolio of Industry Leading Charterers Contracted Revenue 2014 Revenue by Charterer Average Charter Duration: approx. 3.2 years 1-3 years Bunge; 5.3% Exelon Corp. (2) ; 4.4% 3-5 years 10.9%…
  11. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 11
    CONFIDENTIAL DO NOT DISTRIBUTE Staggered Charter Expirations (1) Navios Soleil 13,300 Jul 2014 Navios Gemini S 12,350 Aug 2014 Navios Alegria 14,013 Aug 2014 91.5% revenue days covered in 2014 Navios Aldebaran 11,000+P/S Aug…
  12. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 12
    CONFIDENTIAL DO NOT DISTRIBUTE Efficient, Low Cost Operator Average Daily Operating Costs / Vessel (including dry-docking) (1) Opex is approximately 21.5% less than the industry average Navios Partners benefits from fixed…
  13. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 13
    CONFIDENTIAL DO NOT DISTRIBUTE GDP Growth Driven by Emerging Economies % 6.5 4.7 4.6 5.2 3.2 3.4 4.0 1.5 1.3 1.8 2.4 -3.5 Emerging and developing economies World Advanced economies IMF Latest Revisions of GDP July 2014…
  14. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 14
    CONFIDENTIAL DO NOT DISTRIBUTE World Dry Bulk Trade 1980 - 2013 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 1.1% Forecast…
  15. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 15
    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…
  16. Second Quarter 2014 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. Second Quarter 2014 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. Second Quarter 2014 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. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 19
    Dry Bulk Orderbook H1 2014: 26.9 million actual DWT delivered; 43.2 million DWT projected (38% non-delivery by DWT-preliminary) 2014 337 actual deliveries, 570 newbuilds projected (41% non-delivery by of vessels -preliminary) 62.4…
  20. Second Quarter 2014 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 8.1 million DWT 1.1% of fleet DWT…
  21. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 21
    Baltic Exchange Dry Index* 2002 2014 BDI 2002 to date BDI Last Twelve Months * As of 7/28/2014 22
  22. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 22
    CONFIDENTIAL DO NOT DISTRIBUTE Company Highlights More than quadrupled fleet capacity since Nov. 2007 IPO Young, Growing Fleet Fleet age of 7.3 years (1) Approximately 1.3 billion in equity and public debt issued Continued…
  23. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 23
    CONFIDENTIAL DO NOT DISTRIBUTE www.navios-mlp.com
  24. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 24
    CONFIDENTIAL DO NOT DISTRIBUTE Appendix: Container Market Overview
  25. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 25
    CONFIDENTIAL DO NOT DISTRIBUTE World Container Trade 1996-2014 m TEU growth 180 20% 160 15% 140 120 10% 100 5% 80 60 0% 40 -5% 20 0 -10% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005…
  26. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 26
    CONFIDENTIAL DO NOT DISTRIBUTE Container Fleet Dynamics Container Demolition, 000 TEU (1) 6M 2014 scrapping 0.28 million TEU 1.6% of fleet TEU 2013 scrapping 0.43 million TEU - 2.6% of fleet TEU Year Total Demolition Demolition as…
  27. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 27
    CONFIDENTIAL DO NOT DISTRIBUTE Container Orderbook 6M YTD: 0.902 million TEU projected, 0.813 million actual deliveries (10% non deliveries by TEU); 2014 137 vessels expected, 102 delivered (25% non-delivery by number of vessels)…
  28. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 28
    CONFIDENTIAL DO NOT DISTRIBUTE Appendix: Navios Partners Fleet
  29. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 29
    CONFIDENTIAL DO NOT DISTRIBUTE Navios Partners Fleet Dry Bulk Owned Vessels Vessels Type Built DWT Charter Rate ()(1) Expiration Date(2) Dropdown Navios Apollon Ultra-Handymax 2000 52,073 13,500 (3) 08/2014 Yes Navios Soleil…
  30. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 30
    CONFIDENTIAL DO NOT DISTRIBUTE Navios Partners Fleet - Containers Container Vessels Vessels Type Built TEU Charter Rate ()(1) Expiration Date(2) (3) Hyundai Hong Kong Container 2006 6,800 30,119 12/2023 Hyundai Singapore…
  31. Second Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 31
    CONFIDENTIAL DO NOT DISTRIBUTE www.navios-mlp.com

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