2012 MLP Investor Conference May 23, 2012
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1 2012 MLP Investor Conference May 23, 2012 Statements in this presentation which are not statements of historical fact are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, the Company at the time this presentation was made. Although the Company believes that the assumptions underlying such statements are reasonable, it can give no assurance that they will be attained. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events, unless it is required to do so under the securities laws. The Company makes no prediction or statement about the performance of its common units. For the selected financial data presented herein, Navios Partners compiled consolidated statement of operations for the three month periods ended March 31, 2012 and March 31,
2 Seasoned Management Team Angeliki Frangou Chairman & CEO George Achniotis EVP, Business Development Stratos Desypris CFO Fred Gordon SVP, Corporate Affairs 19 years experience in the shipping industry Chairman and CEO of Navios Group Previously founded two private shipping companies Board Member since inception CFO of Navios Maritime Holdings since April 2007 PwC partner in charge of shipping practice in Greece UK Chartered Accountant 19 years experience in the accounting profession Joined Navios in 2006 Chief Financial Controller for Navios Maritime Holdings SVP of Strategic Planning for Navios South American Logistics 9 years experience in the accounting profession Joined Navios in 2006 Over 33 years of experience working for shipping and project development companies in business development, strategic planning, finance, chartering and technical capacities. Worked for drybulk, tanker, gas, container and reefer ship owners and operators Other Key Management & Board Members John Karakadas Director Michael Sarris Director Shunji Sasada Director Serafeim Kriempardis Director Robert Pierot Director Board member since 2007 Chairman and CEO of Singular Logic Deputy CEO of Marfin Investment Group Served on the BoD of IRF and Greek Information Technology Holdings Board member since 2010 Served as Minister of Finance for Cyprus from 2005 to 2008 Prior role at World Bank where responsible for supervision and design of country strategies for areas of Africa, Latin America and East Asia 28 years experience COO Navios Corp 16 years experience with Mitsui O.S.K. Lines Ltd, including 6 years with Trinity Bulk carriers (Norway) and Mitsui O.S.K. Bulk Shipping (London) Joined Navios in 1997 Board member since December 2009 Served as Head of Shipping of Piraeus Bank Served as Head of Shipping of Emporiki Bank Board member since 2007 Director and Principal of Jacq. Pierot Jr. & Sons Inc. 31 years of ship brokering experience 2
3 Company Highlights Long Term Charter Coverage Average charter duration is approx 3.6 years Staggered charter-out expirations minimize charter renewal risk Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, STX Panocean, etc.) Insured Revenue Insured by AA rated Insurance Company in the EU Steady Increase in Distribution Per Unit 26% increase in distributions since inception 5.9% average distribution growth Operating Expense Visibility Fixed operating costs until December 2013 Young, Growing Fleet More than tripled fleet capacity since November 2007 IPO Fleet age of 5.9 years (1) vs. industry fleet age of approx years (2) (1) Navios Maritime Partners fleet age weighted by DWT (2) Source: Drewry s as of March
4 Navios Partners Ownership Structure 100% Membership Interest Navios Maritime Holdings Inc. NYSE: NM Common Unitholders Navios GP L.L.C. (General Partner) 23.2% Limited Partner Interest 74.8% Limited Partner Interest 2.0% General Partner Interest Incentive Distribution Rights Navios Maritime Partners L.P. NYSE: NMM 100% Membership Interest 18 Dry Bulk Vessels 6 Capesize, 11 Panamax and 1 Ultra Handymax Dry Bulk Carriers 4
5 Ready Access to Capital Markets Navios incorporated as a subsidiary of US Steel Corporation Aug 2005: ISE/Navios merger effective Apr 2008: Dropdown of Navios Hope (Aurora) May 2009: $36.1mm equity offering Sep 2009: $38.6mm equity offering Nov 2009: $59.6mm equity offering Jan 2010: Exercise Purchase Option of Navios Sagittarius; Dropdown of Navios Hyperion May 2010: Dropdown of Navios Pollux Nov 2010: Dropdown of Navios Melodia & Navios Fulvia Apr 2011: $90.5mm equity offering May 2012: $72.1mm equity offering Nov 2007: NYSE Listing Navios Maritime Partners LP (NMM) May 2008: Exercise Purchase Option of Navios Fantastiks Jun 2009: Dropdown of Navios Sagittarius Oct 2009: Dropdown of Navios Apollon Feb 2010: $62.4mm equity offering May 2010: $92.3 mm equity offering Mar 2010: Dropdown of Navios Aurora II Oct 2010: $111.6 mm equity offering May 2011: Dropdown of Navios Orbiter & Navios Luz Benefits from our operating history $560 million raised in equity offerings Multiple avenues of growth Significant distribution growth since IPO 26.0% increase Benefitting from Strong Sponsor (dropdown of vessels, controlled operational costs) 5
6 Multiple Avenues of Distribution Growth Since IPO: 26% Distribution increase 211% Operational fleet capacity increase Through Navios Group Vessels Right to purchase Capesize and Panamax vessels on 3+ year charters Dropdown candidates feature known vessels and charterers along with credit risk insurance Navios Group has grown to a controlled fleet of 74 dry bulk and 29 tanker vessels Exercising Purchase Options Exercised purchase option for Navios Fantastiks in Q and Navios Sagittarius in Q Purchase options on Navios Prosperity (2012) and Navios Aldebaran (2013) Opportunities in the Dry Bulk S&P Market Vessel values have fallen significantly from 2008 highs Sale and purchases of dry bulk vessels Highly fragmented industry Distressed opportunities expected to arise November 2007 IPO 626,100 DWT +211% (1) March ,945,432 DWT (1) Includes owned and chartered-in tonnage 6
7 Benefits from a Strong Sponsor Large Diversified Young Fleet 54 vessels, 48 in operation Healthy newbuilding program of fully funded owned-vessel plus chartered-in fleet with purchase options Average age: 5.2 years Navios Group controls 101 vessels (1) Benefit from Seasoned Technical and Commercial Management Team Technical and Commercial operating agreement provides OPEX of approximately 30% less than industry average (2) due to economies of scale Strong Long-Term customer relationships Leverage brand name with industry players, shipyards and banks Omnibus Agreement NMM Option on acquisition of owned Panamax and Capesize vessels chartered out for 3+ years Management & Administrative Services Agreements with Navios Holdings fixes operating expenses Management and Administrative Services Agreements extended for additional 5 years until December 2017 Management Agreement fixes fees for additional two years through December % increase for a 2-year period ending December 2013 at: $4,650 per Ultra-Handymax vessel per day $4,550 per Panamax vessel per day $5,650 per Capesize vessel per day This agreement enhances the visibility of our cost base (1) Navios Group is composed of Navios Holdings (NM), Navios Partners (NMM) and Navios Acquisition (NNA). Excludes Navios Logistics fleet (2) Source: Drewry Shipping Consultants July
8 Successful Dropdown History Since Inception, Sponsor has dropped down 10 vessels generating aggregate annual EBITDA of approximately $107.0 million (1) Vessels Type Built DWT Navios Apollon Ultra-Handymax ,073 Navios Hyperion Panamax ,707 Navios Orbiter Panamax ,602 Navios Hope Panamax ,397 Navios Sagittarius Panamax ,756 Navios Aurora II Capesize ,031 Navios Pollux Capesize ,727 Navios Fulvia Capesize ,263 Navios Melodia Capesize ,132 Navios Luz Capesize ,144 (1) Assumes 360 revenue days, 365 opex days and $0.2 million of general and administrative expenses per vessel 8
9 Fleet Profile 9
10 Portfolio of Industry Leading Charterers Remaining Charter Duration Average Charter Duration: approx. 3.6 years Revenues by Charterer 1-3 years 3-6 years 6-10 years MOSK, 5.8% Other Charterers <5%, 9.8% Cosco, 16.1% 23% Rio Tinto, 6.0% 69% 8% Constellation Energy Group, 8.0% Hanjin, 11.6% Samsun Logix, 14.5% STX Pan Ocean, 14.2% (1) Korea Line, 14.0% 77% of contracted revenue secured by charters running longer than 3 years Diversified customer base with strong creditworthy counterparties (1) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays us directly 10
11 Staggered Charter Expirations (1) Libra II Aldebaran Prosperity Felicity Hope Alegria Gemini S Fantastiks Apollon Orbiter Hyperion Fulvia Galaxy I Sagittarius Pollux Aurora II Luz Melodia (9) (8) (6) $18,525 Nov 2012 $28,391 Mar 2013 $24,000 $12,000 May 2013 $26,169 Jun 2013 $17,562 Aug 2013 $16,984 (4) Feb 2014 $24,225 Feb 2014 $36,290 Feb 2014 $12,500 $13,500 Feb 2014 $38,052 Apr 2014 $37,953 Apr 2014 $50,588 Sept 2015 $21,937 Feb 2018 $26,125 Nov 2018 $42,250 Jul 2019 $29,356 Nov (1) Per day, net of commission (2) Navios Partners fleet age weighted by DWT (3) Source: Drewry Shpping Consultants, March 2012 (4) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Avg (5) Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC Average (6) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays us directly (7) Profit sharing 50% above $37,500/day based on Baltic Exchange Capesize TC Average Average Age of Navios Partners Fleet (2) : Average Age of Dry Bulk Industry Fleet (3) : (8) Average amount represents daily rate of insurance proceeds following the default of the original charterer. The vessel has been rechartered to third parties. (9) Profit sharing: The owners will receive 100% of the first $1,500 in profits above the base rate and thereafter all profits will be split 50% to each party years 11.3 years Insured by AA rated Insurance Company in the EU $41,325 Nov 2019 (5) $29,356 (7) Sep 2022
12 Financial Highlights 12
13 First Quarter March 31, 2012 Earnings Highlights (in $ million) except active vessels and available days Earnings Highlights Three months ended March 31, 2012 Three months ended March 31, 2011 Y-O-Y Variance Time charter revenue % EBITDA (2) % Net Income % EPU (1) (9.1%) Operating Surplus (3) % Replacement Capex Reserve % Active Vessels % Available Days 1,576 1, % (1) EPU for the three month period ended March 31, 2011 assumes conversion of subordinated units as of January 1, (2) EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes. EBITDA is presented because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Partners ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a non-gaap financial measure and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. (3) Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners capital assets. Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership s ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of Navios Partners performance required by accounting principles generally accepted in the United States. 13
14 Balance Sheet Selected Balance Sheet Data (in $ million) March 31, 2012 December 31, 2011 Cash & cash equivalents (1) Other current assets 4 7 Vessels, net Total Assets Deferred revenue, current Other current liabilities Long term debt, current portion Long term debt Total partners capital Total liabilities & partners capital Net Debt / Asset Value (charter attached) (2) 35.5% 35.1% Accumulated Replacement Capex Reserve (1) Includes restricted cash (2) Considers Clarksons charter attached values of owned vessels and chartered-in vessels (less the exercise values) as of March
15 Q Cash Distribution Cash Distribution of $0.44 per unit for Q ($1.76 annualized) Record Date: May 10, 2012 Payment Date: May 14, 2012 Operating Surplus: Total Unit Coverage: 1.19x $29.6 million Distribution: $24.0 million to Common Units $0.8 million to GP Units $24.8 million Tax Efficient Status Distributions reported on Form
16 Significant Distribution Growth Dividend Distribution Trend Q $0.44 Q $0.44 Q $0.44 Q $0.44 Q $0.43 Q $0.43 Q $0.42 Q $0.42 Q $0.415 Q $0.41 Q $0.405 Q $0.40 Q $0.40 Q $0.40 Q $0.385 Q $0.35 Q $0.35 Current Annualized Yield: 13.9% Current Annual Distribution Run Rate = $1.76 (As of May 21, 2012) 16
17 Industry 17
18 GDP Growth Driven by Emerging Economies (2.0) Emerging and developing economies World Advanced Economies Rising world economic growth expectations: In its April quarterly review, IMF raised the forecasts for 2012 emerging market growth by 0.2% to 5.7%. World growth forecast increased by 0.2% to 3.5%. Advanced economies growth forecast also increased by 0.2% to 1.4%. Emerging economies growth increases to 6.0% in World growth for 2013 will rise to 4.1%. Advanced economies growth is forecasted to increase to 2.0% in Source: IMF April
19 The Southern Trade Routes: How China / India Can Keep Growing Without the OECD OECD Trade Expansion Europe Massive expansion in South: South Trade, as expanding economies such as China and India invest overseas to secure raw material supply United States Africa India China Japan South America Southern Silk Route S.E. Asia Australia Source: Galbraiths, Oct 2011 and HSBC Southern Silk Road June Movements of Oil, Iron Ore, Coal, Grain etc. from emerging nations in return for investment/infrastructure, Oil/Steel products from China and India
20 Emerging Global Middle Class Global Middle Class* (GMC) has increased by 700 million people from 1980 to The GMC is expected to increase by over 3 billion in the next 20 years (2010 to 2030). Asia Pacific will lead the GMC over the next twenty years, accounting for 85% of the growth, while more advanced economies will remain roughly constant. Global Middle Class Shifts Eastward Global Middle Class Demographic millions % millions % millions % North America % % 322 7% Europe % % % Central and South America % 251 8% 313 6% Asia Pacific % 1,740 54% 3,228 66% Sub-Saharan Africa 32 2% 57 2% 107 2% Middle East and North Africa 105 6% 165 5% 234 5% World 1, % 3, % 4, % Growth in the Emerging Middle Class should support world trade and increase seaborne movements of raw materials and finished goods. *Daily per capita spending $10 to $100 in ppp terms Source: Teck Resources and OECD 20
21 Cumulative MTPA Chinese Urbanization & Steel Production 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 71% 17% 18% Urban Population % 25% 82% 51% 30% 0% China Urban % India Urban % US Urban % 90% 73% 54% Iron Ore Projected Additional Production (Cumulative MTPA) 2011P Certain/probable iron ore projects Million tons Domestic Production Iron Ore Imports Steel Production YoY% 326 YoY% 421 YoY% % % % % % 500 2% % % % ,065 22% 619-2% % ,315 24% % 683 9% 2012 April YTD 360 6% 244 6% 235P 1%P Sources: UN FAO Aquastat, National Bureau of Statistics of China/Mysteel, UNCTAD, CIA Factbook, Financial Times, SSY 21
22 Population (millions) Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 GW-Hrs Indian Urbanization Leads to Increasing Industrial Production Indian Electricity Generation Indian Coal Imports CAGR = 25% CAGR = 25% F 2014F 700 Urban Population 1991 to 2030 and Percent Urban (increase of about 11.5 million people/year) Coal Imports MT YoY% Electricity Production GWhrs YoY% % 795 5% % 865 9% 2012 Mar YTD 40P -4% 294E 4%E % Electricity production - percent coal fired: 76% Mar Critical Coal Stock Power Plants (4/26/12): 51 out of % 28% 30% Sources: Clarksons, Credit Suisse, World Steel Association, McKinsey Global Institute, mjunction, Central Electricity Authority, Office of the Economic Advisor to the Government of India
23 Scrapping Dynamics Aging Fleet + Restricted Credit + High Scrap Price = Accelerated Scrapping (1) 2009 scrapping 2.4% of fleet DWT (10.0 million DWT) 2010 scrapping 1.3% of fleet DWT (5.8 million DWT) 2011 scrapping 4.1% of fleet DWT (22.3 million DWT) 2012 scrapping 2.2% of fleet DWT (13.3 million DWT) through 5/ Projected scrapping 5.7% or 35.1 million DWT 2009 total dry bulk fleet million DWT - Non delivery 40% 2010 total dry bulk fleet million DWT - Non delivery 38% 2011 total dry bulk fleet million DWT - Non delivery 30% Bulk Carrier Demolition (1) Year Total Demolition (m dwt) Demolition as % of Fleet % % % % % Net fleet growth for 2009 = 9.8% Net fleet growth for 2010 = 16.5% Net fleet growth for 2011 = 14.4% Net fleet growth 5/1/2012 = 4.1% % % % Dry Bulk Industry Age Profile (2) (% DWT) 30.0% % % 20+ Years 25+ Years 20.0% 10.0% 0.0% 6.2% 9.3% Total Dry Bulk Fleet (1) Source: Clarksons (2) Source: SSY Dry Bulk Forecaster, May % (99m dwt) % % % % Through 5/18/ % 2012 Projected %
24 Million DWT Dry Bulk Orderbook Actual & Non-Deliveries April 2012: 63.3 M DWT projected; 36.6 M actual DWT delivered (42% non-delivery by DWT-preliminary) 428 actual deliveries, 752 newbuilds projected (43% non-delivery by # of vessels -preliminary) December 2011: M DWT projected; 95.9M actual DWT delivered (30% non-delivery by DWT-preliminary) 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels) 125.6M DWT projected; 77.9 million actual DWT delivered (38% non-delivery by DWT) 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels) M DWT projected, 43.1 million actual DWT delivered (40% non-delivery by DWT) 546 actual deliveries, 962 newbuilds projected (43% non-delivery by # of vessels) Orderbook by year of delivery Actual nondelivery 28.2 dwt Actual nondelivery 47.7 dwt 77.9 Before non-delivery Actual nondelivery 41.4 dwt As of Jan 1, 2010 As of Jan 1, 2011 As of Jan 1, Before non-delivery 50.5 Source: Clarksons 24
25 Baltic Exchange Dry Index* BDI 2002 to date BDI October 2008 to date * As of 5/18/
26 Conservative Business Posture Long Term Charter Coverage Average charter duration is approx 3.6 years Staggered charter-out expirations minimize charter renewal risk Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, STX Panocean, etc.) Insured Revenue Insured by AA rated Insurance Company in the EU Steady Increase in Distribution Per Unit 26% increase in distributions since inception 5.9% average distribution growth Operating Expense Visibility Fixed operating costs until December 2013 Young, Growing Fleet More than tripled fleet capacity since November 2007 IPO Fleet age of 5.9 years (1) vs. industry fleet age of approx years (2) (1) Navios Maritime Partners fleet age weighted by DWT (2) Source: Drewry s as of March
27
28 Appendix: Navios Partners Fleet Owned Vessels Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Dropdown Navios Apollon Ultra-Handymax ,073 12,500 13,500 02/16/ /16/2014 Navios Gemini S Panamax ,636 24,225 02/08/2014 Navios Libra II Panamax ,136 18,525 11/15/2012 Navios Felicity Panamax ,867 26,169 06/09/2013 Navios Galaxy I Panamax ,195 21,937 02/03/2018 Navios Hyperion Panamax ,707 37,953 04/01/2014 Yes Navios Alegria Panamax ,466 16,984 (3) 02/25/2014 Navios Orbiter Panamax ,602 38,052 04/01/2014 Yes Navios Hope Panamax ,397 17,562 08/16/2013 Yes Navios Sagittarius Panamax ,756 26,125 11/19/2018 Yes Navios Fantastiks Capesize ,265 36,290 (7) 02/26/2014 Navios Aurora II Capesize ,031 41,325 11/24/2019 Yes Navios Pollux Capesize ,727 42,250 07/24/2019 Yes Navios Fulvia Capesize ,263 50,588 09/30/2015 Yes Navios Melodia (5) Capesize ,132 29,356 (4) 09/19/2022 Yes Navios Luz Capesize ,144 29,356 (6) 11/16/2020 Yes Total 16 Vessels 1,786,397 Long-Term Chartered-In Vessels Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Purchase Option Dropdown Navios Prosperity Panamax ,535 12,000 (8) 07/4/2012 Yes Navios Aldebaran Panamax ,500 28,391 03/16/2013 Yes Total 2 Vessels 159,035 Total Fleet 18 Vessels 1,945,432 DWT Yes (1) Daily charter-out rate net of commissions (2) Assumed midpoint of redelivery by charterers (3) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Avg (4) Profit sharing 50% above $37,500/day based on Baltic Exchange Capesize TC Average (5) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays directly. 28 (6)Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC (7)Average amount represents daily rate of insurance proceeds following the default of the original charterer. The vessel has been rechartered to third parties. (8)Profit sharing: The owners will receive 100% of the first $1,500 in profits above the base rate and thereafter all profits will be split 50% to each party.
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