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Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp

Navios Maritime Partners Lp · Oct 27, 2014 · 32 slides

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Slides

  1. Third 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. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 2
    CONFIDENTIAL DO NOT DISTRIBUTE Company Highlights Long-Term Charter Average charter duration is 3.1 years Coverage Staggered charter expirations minimize charter renewal risk with Strong Strong creditworthy counterparties (Bunge,…
  3. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 3
    CONFIDENTIAL DO NOT DISTRIBUTE Actively Managing the Cycle Prudent acquisition strategy, no unfunded acquisitions Acquisition of 11 vessels since 2012 Secured financing in advance of any acquisitions 793 million raised/collected…
  4. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 4
    CONFIDENTIAL DO NOT DISTRIBUTE Recent Developments 117.7 million container vessel acquisition update Two container vessels Vessel Type TEU Built Delivery Date YM Utmost Container 8,204 2006 August 29, 2014 YM Unity Container…
  5. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 5
    CONFIDENTIAL DO NOT DISTRIBUTE Liquidity September 30, 2014 (US million) Debt Maturity Cash 141.4 450 400 Debt 557.3 350 (US million) 300 250 Partners' Capital 771.1 200 418.0 150 Capitalization 1,328.4 100 50 - 58.2…
  6. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 6
    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…
  7. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 7
    CONFIDENTIAL DO NOT DISTRIBUTE Q3 & Nine Months September 30, 2014 Earnings Highlights Earnings Highlights (in million) except active vessels and available days Y-O-Y Nine Months Ended Nine Months Ended Y-O-Y Q3 2014 Q3 2013…
  8. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 8
    CONFIDENTIAL DO NOT DISTRIBUTE Balance Sheet Selected Balance Sheet Data (US million) September 30, 2014 December 31, 2013 Cash & cash equivalents (1) 141.4 70.0 Other current assets 8.7 18.0 Vessels, net 1,093.5 1,026.2…
  9. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 9
    CONFIDENTIAL DO NOT DISTRIBUTE Q3 2014 Cash Distribution Cash Distribution of 0.4425 per unit for Q3 2014 (1.77 annualized) Record Date: November 7, 2014 Payment Date: November 10, 2014 Operating Surplus: 25.0 million Common Unit…
  10. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 10
    CONFIDENTIAL DO NOT DISTRIBUTE Modern, Diverse Fleet 32 Vessels (3.3 million dwt) Average age of combined fleet(1): 7.5 years 25 Dry Bulk Vessels 7 Container Vessels 2,661,386 dwt 50,400 TEU 8 Capesize 14 Panamax 3…
  11. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 11
    CONFIDENTIAL DO NOT DISTRIBUTE Portfolio of Industry Leading Charterers Contracted Revenue 2015 Contracted Revenue by Charterer Average Charter Duration: approx. 3.1 years 1-3 years Bunge; 4.0% Exelon Corp. (2) ; 5.1% 3-5…
  12. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 12
    CONFIDENTIAL DO NOT DISTRIBUTE Staggered Charter Expirations (1) Navios Pollux 21,300 Nov 2014 Navios Soleil 10,165 Nov 2014 Navios Hope 10,000 Dec 2014 99.2% revenue days covered in 2014 Navios Helios 12,513 Dec 2014 Navios…
  13. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 13
    CONFIDENTIAL DO NOT DISTRIBUTE Efficient, Low Cost Operator Average Daily Operating Costs / Vessel (including dry-docking) (1) Opex is 21.3% less than the industry average Navios Partners benefits from fixed operational cost…
  14. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 14
    CONFIDENTIAL DO NOT DISTRIBUTE GDP Growth Driven by Emerging Economies 8.5 6.5 4.7 4.4 5.0 4.5 3.8 % 3.3 3.3 2.5 2.3 0.5 1.4 1.8 -1.5 -3.5 Emerging and developing economies World Advanced economies IMF Latest…
  15. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 15
    CONFIDENTIAL DO NOT DISTRIBUTE 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 1.1% Forecast…
  16. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 16
    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…
  17. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 17
    Chinese Urbanization & Steel Production 120 45 Stockpiles Days of Inventory Avg Days of Inventory China's urbanization will continue to grow 40 100 1.6 35 1.4 80 30 1.2 25 Million Tons 60 1 Billions 20 76% 0.8 40…
  18. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 18
    Its Not Just About Iron OreIts Also About Coal Indian Seaborne Coal Imports Chinese Seaborne Coal Imports (million tons) (million tons) 250 300 2006 2014F CAGR = 21% 2009 2014F CAGR = 23% 250 200 200 150 150 100…
  19. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 19
    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…
  20. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 20
    Dry Bulk Orderbook 9M YTD: 37.8 million actual DWT delivered; 57.8 million DWT projected (35% non-delivery by DWT-preliminary) 2014 486 actual deliveries, 758 newbuilds projected (36% non-delivery by of vessels -preliminary) 62.4…
  21. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 21
    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 12.4 million DWT 1.7% of fleet DWT…
  22. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 22
    CONFIDENTIAL DO NOT DISTRIBUTE Baltic Exchange Dry Index* 2002 2014 BDI 2002 to date BDI 2013-2014 YTD * As of 10/23/2014 23
  23. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 23
    CONFIDENTIAL DO NOT DISTRIBUTE Company Highlights Long-Term Charter Average charter duration is 3.1 years Coverage Staggered charter expirations minimize charter renewal risk with Strong Strong creditworthy counterparties (Bunge,…
  24. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 24
    CONFIDENTIAL DO NOT DISTRIBUTE www.navios-mlp.com
  25. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 25
    Appendix: Container Market Overview
  26. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 26
    World Container Trade 1996-2015 m TEU growth 200 25% 180 20% 160 140 15% 120 10% 100 5% 80 60 0% 40 -5% 20 0 -10% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009…
  27. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 27
    Container Demolition (1) Container Fleet Dynamics Year Total Demolition Demolition as % 9M 2014 scrapping 0.33 million TEU 2.0% of fleet TEU 2013 scrapping 0.43 million TEU - 2.6% of fleet TEU (000 TEU) of Fleet 2012 scrapping 0.33…
  28. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 28
    Container Orderbook 9M YTD: 1.239 million TEU projected, 1.173 million actual deliveries (5% non deliveries by TEU); 2014 180 vessels expected, 154 delivered (15% non-delivery by number of vessels) 1.840 million TEU projected, 1.336…
  29. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 29
    CONFIDENTIAL DO NOT DISTRIBUTE Appendix: Navios Partners Fleet
  30. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 30
    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 12,500 (3) 09/2015 Yes Navios Soleil…
  31. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 31
    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…
  32. Third Quarter 2014 Earnings Presentation – Navios Maritime Partners Lp – slide 32
    CONFIDENTIAL DO NOT DISTRIBUTE www.navios-mlp.com

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