Monaco Navios Maritime Tender

Revenue268.1 million for Q4 2021713.2 million for the year ended 2021Net cash from operating activities129.0 million for Q4 2021277.2 million for the year ended 2021Net Income117.5 million for Q4 2021516.2 million for the year ended 2021 Adjusted EBITDA156.6 million for Q4 2021426.5 million for the year ended 2021Fleet Update1.0 billion investment in 18 newbuilding vessels delivering through 2024Acquisition of four 5300 TEU newbuilding containerships in Q4 2021Sale of two 16-year old containerships for 220.0 million670 million contracted revenue from long-term time charters for 11 containerships concluded since Q4 2021MONACO Feb. 17 2022 GLOBE NEWSWIRE - Navios Maritime Partners L.P. Navios Partners NYSE NMM an international owner and operator of dry cargo and tanker vessels today reported its financial results for the fourth quarter and year ended December 31 2021.Angeliki Frangou Chairman and Chief Executive Officer of Navios Partners stated I am pleased with the outstanding results for the fourth quarter and full year of 2021. During the fourth quarter of 2021 Navios Partners recorded revenue of 268.1 million Adjusted EBITDA of 156.6 million and Adjusted Net Income of 121.8 million. For the full year of 2021 Navios Partners recorded revenue of 713.2 million Adjusted EBITDA of 426.5 million and Adjusted Net Income of 364.1 million.Angeliki Frangou continued In 2021 we reimagined the public shipping company. Today Navios Partners is one of the leading U.S. publicly-listed shipping companies diversified across 15 vessel types in three segments servicing more than 10 end markets. Each segment works independently to mitigate volatility from the other. While we do not expect this to work perfectly we believe the diversity will sufficiently reduce volatility and create flexibility in our operational and financial decision-making process as we charter purchase and sell vessels and finance our activities.Fleet UpdateAcquisition of four 5300 TEU Newbuilding Containerships in Q4 2021In November 2021 Navios Partners agreed to purchase four 5300 TEU newbuilding containerships two plus two optional for a purchase price of 62.8 million each. The vessels are expected to be delivered into Navios Partners fleet during 2024. The closing of the transaction of the two optional containerships is subject to completion of customary documentation.Following the acquisition of the four vessels Navios Partners has an approximately 1.0 billion investment in 18 newbuilding vessels delivering through 2024.Sale of two 16-year old ContainershipsIn February 2022 Navios Partners agreed to sell the Navios Utmost and the Navios Unite two 2006-built Containerships of 8204 TEU each to an unrelated third party for an aggregate sales price of 220.0 million. The sale is expected to be completed during the second half of 2022.Following the above transactions Navios Partners will own and operate a fleet comprised of 54 dry bulk vessels 47 containerships and 45 tanker vessels.Secured Long-term Time Charters for 11 ContainershipsNavios Partners has secured new long-term time charters for 11 containerships which are expected to generate approximately 670 million contracted revenue.Four 5300 TEU newbuilding containerships expected to be delivered in 2024 have been chartered-out for an average period of 64 months at an average net rate of 37282 per day.Three 4250 TEU containerships have been chartered-out for an average period of approximately 36 months at an average net rate of 50181 per day 2.7x the current average contracted net rate of 18541.Two 3450 TEU containerships have been chartered-out for an average period of approximately 45 months at an average net rate of 44250 per day 3.2x the current average contracted net rate of 13643.Two 2750 TEU containership have been chartered-out for an average period of approximately 37 months at an average net rate of 41805 per day 2.5x the current average contracted net rate of 16788.Financing UpdateIn December 2021 Navios Partners entered into a new sustainability linked credit facility with a commercial bank for a total amount of up to 72.7 million for the refinancing of the existing credit facilities of three tanker and two dry bulk vessels. On December 15 2021 the full amount was drawn. The new credit facility is repayable in 19 consecutive quarterly installments of 2.2 million each together with a final balloon payment of 30.3 million to be paid on the last repayment date. The facility matures in the fourth quarter of 2026 and bears interest at LIBOR plus a margin ranging from 270 bps to 280 bps per annum depending on the emission efficiency ratio of the vessels as defined in the loan agreement.Cash DistributionThe Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2021 of 0.05 per unit. The cash distribution was paid on February 11 2022 to all unitholders of record as of February 9 2022. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on among other things Navios Partners cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.Long-Term Cash FlowNavios Partners has entered into short medium and long-term time charter-out agreements for its vessels with a remaining average term of approximately 1.8 years. Navios Partners has currently fixed 53.2 of its available days for 2022 and 27.2 for 2023. Navios Partners expects to generate contracted revenues of approximately 697.2 million and 499.2 million for 2022 and for 2023 respectively. The average expected daily charter-out rate for the fleet is 27957 and 37530 for 2022 and for 2023 respectively.