5th Annual Shipping, Logistics & Offshore Services Conference

Similar documents
Capital Link International Shipping Forum. March 20, 2008

Fourth Quarter 2007 Earnings Presentation. February 11, 2008

6th Annual Shipping Conference

Navios Partners Ownership Structure

Third Quarter 2012 Earnings Presentation October 23, 2012

First Quarter 2012 Earnings Presentation April 26, 2012

Aviation, Transportation & Defense Conference, NYC March 15, 2012

Pipeline, MLP and E&P, Services and Utility Conference December 6, 2011

2012 MLP Investor Conference May 23, 2012

2012 Pipeline, MLP & Energy Symposium December 4, 2012

Navios Maritime Partners L.P. Reports Financial Results for the Second Quarter Ended June 30, 2014

Genco Shipping & Trading Limited

Genco Shipping & Trading Limited

Navios Maritime Partners L.P. Reports. Financial Results for the First Quarter Ended March 31, 2017

9 th Global Shipping & Logistics Conference

Navios Maritime Partners L.P. Reports. Financial Results for the Second Quarter and Six Months Ended June 30, 2017

Forward Looking Statements

Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2017

Navios Maritime Holdings Inc.

Navios Maritime Partners L.P. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2018

Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2018

Q Financial Results

Forward Looking Statements

Eagle Bulk Shipping Inc. 4Q 2005 Results Presentation

Navios Maritime Holdings Inc.

DryShips Inc. Informational Roadshow NASDAQ: DRYS

Fourth Quarter & Fiscal Year 2008 Financial Results

NAVIOS MARITIME PARTNERS L.P.

Genco Shipping & Trading Limited. Capesize Acquisition Conference Call July 19, 2007

3 rd Quarter and 9 Months 2010 Financial Results

First Half and Second Quarter 2012 Financial Results

DryShips Inc. Informational Roadshow November/December 2005 NASDAQ: DRYS

Genco Shipping & Trading Limited

Genco Shipping & Trading Limited

was RESULTS Q May 30, 2018

Genco Shipping & Trading Limited. Q Earnings Call February 25, 2009

DryShips Inc. 3 rd Quarter and Nine Months Ended September 30, 2007 Earnings Presentation NASDAQ: DRYS

4 th Quarter and FY 2013 Financial Results

Forward Looking Statements

Company Presentation June 2009

Safe Bulkers, Inc. Reports First Quarter 2012 Results and Declares Quarterly Dividend

Eagle Bulk Shipping Inc. JPMorgan Aviation & Transportation Conference 19 March 2008

Safe Bulkers, Inc. Reports Second Quarter and Six Months 2017 Results

Eagle Bulk Shipping Inc. JPMorgan Aviation & Transportation Conference 11 March Eagle Bulk Shipping Inc.

1 of 11 20/8/ :13 µµ

Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2014 Results and Declares Quarterly Dividend on Common Stock

Navios Maritime Containers Inc. Navios Maritime Containers Inc. Q Earnings Presentation

NORDEN RESULTS. Third quarter of Hellerup, Denmark. 12 November Our business is global tramp shipping

Q Financial Results

NORDEN RESULTS. Annual Report Copenhagen, Denmark. 1 March 2017 NORDEN ANNUAL REPORT 2016 RESULTS 1. Custodians of smarter global trade

George Economou, the Company s Chairman and Chief Executive Officer of DryShips Inc., commented:

PRESENTATION OF NORDEN

Eagle Bulk Shipping Inc. 4Q08 Results Presentation 3 March 2009

Navios Maritime Containers L.P. Navios Maritime Containers L.P. Fourth Quarter 2018 Earnings Presentation

Genco Shipping & Trading Limited

Capital Product Partners L.P.

Aviation, Transportation & Defense Conference 2011

presentation shall not be construed as recommendations for buying or selling shares of China COSCO. China COSCO shall not be responsible for any

4 th Quarter and Full Year 2010 Results Presentation. 25 February 2011

PRESENTATION OF NORDEN

Genco Shipping & Trading Limited. Morgan Stanley Small Cap Executive Conference June 13, 2007

NASDAQ: SBLK. 4 th Quarter and FY 2015 Financial Results

ARDMORE SHIPPING CORPORATION Second Quarter 2014 Earnings Presentation. July 29, 2014

NORDEN RESULTS. First quarter of Hellerup, Denmark. 13 May Our business is global tramp shipping. NORDEN - First quarter of 2014 results 1

Stock Code: HSBC Shipping Day 2009, Hong Kong

Seeking Alpha Maritime Investor Forum Presentation. 19 June 2017

Genco Shipping & Trading Limited. Genco Shipping & Trading Limited

Genco Shipping & Trading Limited. Goldman Sachs 3 rd Annual Shipping Conference November 28, 2006

Freight Market Improves From Very Low Base

Genco Shipping & Trading Limited. Stephens Inc. Fall Investment Conference November 18, 2008

NORDEN RESULTS. Annual Report Copenhagen, Denmark 14 March Annual report 2017 CUSTODIANS OF SMARTER GLOBAL TRADE

Looking Ahead: Key Themes for the Drybulk Market

Product tanker supply/demand in dwt rates are (so basically the inverse of last week s discussion). Currently, the one-year time charter

DRYSHIPS REPORTS RESULTS FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2007

6 th Annual Invest in International Shipping Forum

DryShips Inc. 3 rd Quarter Ended September 30, 2013 Earnings Presentation NASDAQ: DRYS

Product tanker supply/demand in dwt candidates is much lower than 4% of the fleet, and in fact only 2.3% of the drybulk fleet and

Navios Maritime Holdings Inc. Q Earnings Presentation. November 20, 2018

Eagle Bulk Shipping Inc. 2Q 2008 Results Presentation. 7 August 2008

Q Financial Results

Navios Maritime Holdings Inc. Q Earnings Presentation. May 15, 2018

Safe Bulkers, Inc. Reports Third Quarter and Nine Months 2016 Results

DRYSHIPS INC. REPORTS FIRST QUARTER 2007 RESULTS

Navios Maritime Holdings Inc. Q Earnings Presentation. November 21, 2017

Financial Results for the Six Months Ended 30 June October 2013

Strategy and Market Update Analyst Day

DryShips Inc. NASDAQ: DRYS George Economou, CEO. Jefferies & Co. 4 th Annual Shipping Conference, New York, September, 2007

DRYSHIPS INC. REPORTS FINANCIAL AND OPERATING RESULTS FOR THE FOURTH QUARTER OF 2017

NASDAQ: SBLK. Corporate Presentation

UBS Best of Americas Conference. Eagle Bulk Shipping Inc. 11 September Eagle Bulk Shipping Inc. DELIVERING SUSTAINABLE GROWTH

EARNINGS CONFERENCE CALL Third Quarter & Period Ended September 30, 2011

Earnings Presentation. Quarter Ended December 31, March 5, 2018

Navios Maritime Holdings Inc. Q Earnings Presentation. February 21, 2018

Notice on Forward Looking Statements

Genco Shipping & Trading Limited. Morgan Stanley Commodities and Shipping Conference June 9, 2009

Business & Financial Presentation FY

1 st Quarter 2012 Results. Company Presentation 15 May 2012

October 31, Plan to Equip Part of Our Fleet with EGCS

NORDEN RESULTS. Full year results of Hellerup, Denmark 7 March Our business is global tramp shipping. NORDEN Full year result of

Investor Presentation

Transcription:

5th Annual Shipping, Logistics & Offshore Services Conference New York City, September 16, 2008

Disclosures 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. EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any. EBITDA is included because it is used by certain investors to measure a company's financial performance. 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 p in accordance with accounting principles p generally accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including debt service, capital expenditures, working capital requirements and determination of dividends. 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. 2

Agenda Company Overview Quarterly Cash Distributions Review of Financial Results Fleet and Operations Overview Industry Overview 3

Company Overview

Navios Partners Ownership Structure 100% Membership Interest Navios Maritime Holdings Inc. NYSE: NM Common Unitholders (*) Navios GP L.L.C. (General Partner) 2.0% General Partner Interest Incentive Distribution Rights 49.6% Limited Partner Interest Navios Maritime Partners L.P. NYSE: NMM 48.4% Limited Partner Interest 100% Membership Interest Navios Maritime Operating L.L.C. 11 Drybulk Vessels 1 Capesize and 8 Panamax drybulk carriers (active fleet) 1 Capesize vessel in June 2009 1 Option to Purchase Capesize in October 2009 (*) Refers to publicly traded common units and includes 500,000 of common units purchased by a corporation owned by Angeliki Frangou (representing 2.3% of units outstanding). 5

Quarterly Cash Distributions

Increase in Quarterly Cash Distributions Unit Distributions Cash %I Increase Equivalent Effective Distributions From Annualized Annualized Per Unit Minimum Basis Yield at Current Distribution Unit Price (1) Minimum Distribution $0.35 $ 1.40 13.4% Actual Distribution Q1 2008 $ 0.35 - $ 1.40 13.4% Q2 2008 $ 0.35 - $ 1.40 13.4% Intended Distribution Q3 2008 $ 0.385 10.0% $ 1.54 14.7% Q4 2008 $ 0.40 14.3% $ 1.60 15.3% (1) As at September 12, 2008 NMM closing price of $10.45 7

Q2 Cash Distribution Cash Distribution of $0.35 per unit for Q2 2008 Record Date: Aug 8, 2008 ; Payment Date: Aug 14, 2008 Cumulative Operating Surplus: $6.6 million Distribution: $6.5 million ($3.7 million to Common Units) ($2.8 million to GP and Navios Holdings) Common Unit Coverage: 1.78x 8

Review of Financial Results

Q2 2008 Financial Results Navios Partners Financial i Results (Dollars in millions) Period from 4/1/08 to 6/30/08 Time charter and voyage revenue Time charter and voyage expenses $17.9 (3.2) EBITDA Run Rate Direct vessel expenses Management fees Depreciation and amortization General and administrative expenses (2.5) (0.5) EBITDA for Q2 2008 is not reflective of actual run rate, as this EBITDA does not include: Net interest expense and finance cost (2.3) Acquisition of Navios Aurora I on July Net Income $7.2 1, 2008 EBITDA (0.1) (2.1) $12.1 Operating Surplus $5.9 Replacement Capex Reserve $2.3 Active vessels at 6/30/2008 8 Full quarter impact of cost savings due to delivery of Navios Fantastiks into the owned fleet in May 2008 Full quarter impact of the significantly higher charter-out rate of Navios Felicity as of April 2008 10

First Half 2008 Financial Results Navios Partners Financial i Results (Dollars in millions) Six month period from 1/1/08 to 6/30/08 Time charter and voyage revenue Time charter and voyage expenses $32.3 (6.0) EBITDA Run Rate Direct vessel expenses Management fees (3.9) EBITDA for H1 2008 is not reflective Depreciation and amortization (5.3) of actual run rate, as this EBITDA does not include: General and administrative expenses (1.0) Net interest expense and finance cost (4.8) Acquisition of Navios Aurora I on July 1, 2008 Net Income EBITDA $11.0 $21.3 Full impact of cost savings due to delivery of Navios Fantastiks into the owned fleet in May 2008 Operating Surplus $13.1 Full earnings impact of delivery of Navios Aldebaran in March 2008 Replacement Capex Reserve $4.4 Full impact of the significantly higher Active vessels: at 6/30/2008 8 charter-out rate of Navios Felicity as of at 7/01/2008 9 April 2008 11 (0.3)

$ m Significant Growth in Key Operating Metrics 20 18 16 14 12 10 8 6 4 2 0 7.0 4.3 1. 6 14.3 9.2 3.8 17.9 12. 1 Q4 2007 Q1 2008 Q2 2008 * $0.41 2008 UNIT DISTRIBUTION GROWTH ** $0.40 $0.39 $0.38 $0.37 $0.36 $0.35 $0.34 $0.33 $0.32 $0.35 $0.385 Q1 Q2 Q3 Q4 * The reporting period consists of 46 days out of 92 days in the calendar quarter. ** Management has recommended to the Board of Directors the increases in unit distributions for Q3 and Q4 12 $0.35 7.2 $0.40 Revenue EBITDA Net Income

Strong Balance Sheet Selected Balance Sheet data as at 6/30/2008 (Dollars in millions) 6/30/2008 Cash & cash equivalents (1) $15.4 Other current assets 0.8 Vessels, net 218.9 Total assets $237.8 Current liabilities $4.1 Long term debt 200.0 Total partners capital 28.1 Total liabilities & partners capital $237.8 Net Debt/Asset Value (2) 28.8% Accumulated Replacement Capex Reserve 5.4 Low Cost Credit Facility $35.0 million drawn on July 1, 2008 to finance the acquisition of Navios Aurora I Remaining $60.0 million of credit facility in place to finance approximately 45% of the acquisition price for the TBN I Cape delivering in June 2009 No amortization until Q1 2012 Low Spread over LIBOR (1) Includes Restricted cash of approximately $0.6 million (2) Assumes estimated current market values of owned vessels as per Clarksons and estimated market values of chartered-in vessels (less the exercise values). Includes Navios Aurora I and drawdown of $35.0 million in debt to finance its acquisition 13

Fleet and Operations Overview

Modern, High Quality Capesize and Panamax Fleet Purchase Vessel Type DWT Year Built Ownership Option (1) Navios Fantastiks Capesize 180,265 2005 100% Navios Prosperity Panamax 82,535 2007 Chartered-in Current Fleet To be Delivered 9 2 Navios Alegria Panamax 76,466 2004 100% Navios Galaxy I Panamax 74,195 2001 100% Navios Felicity Panamax 73,867 1997 100% Navios Libra II Panamax 70,136 1995 100% Navios Gemini S Panamax 68,636 1994 100% Navios Aldebaran Panamax 76,500 2008 Chartered-in (2) Navios Aurora I Panamax 75,397 2005 100% (3) Navios TBN I Capesize 180,000 2009 To be Owned (4) Navios TBN II Capesize 180,000 2009 To be Owned (1) Delivered to owned fleet in May 2008 (2) Acquired from Navios Holdings on July 1, 2008 (3) Purchasing from Navios Holdings for $130.0 million at end of June 2009 (4) Option to purchase from Navios Holdings for $135.0 million by October 2009 (5) Navios Partners fleet age weighted by DWT (6) Source: Drewry Shipping Consultants, Ltd. as of January, 2008 Average Age of Fleet: (5) Average Age of Drybulk Industry: (6) 15 5.8 years 15.0 years

Diversified Portfolio of Charters with Industry Leaders Remaining Charter Duration (1) Revenue by Charterer (1) 11% 1 3 years 17% 11% 59% 3 5 years 30% 17% 35% 11% 5 10 years Average Remaining Charter Term: 4.9 years 9% About 60% of contracted volume secured by charters running longer than 5 years Diversified customer base with strong creditworthy counterparties (1) Note: As at July 1, 2008. Percentages based on projected 2008 through 2018 net revenues. Does not include Navios TBN I and TBN II Capesize vessels. 16

Staggered Charter Expiration Profile (1) Navios Alegria $23,750 DEC-2010 Navios Libra II Navios Prosperity $23,513 $24,000 DEC-2010 JUL-2012 Navios Aldebaran $28,391 MAR-2013 Navios Felicity Navios Aurora I $9,595 $26,169 APR-2013 $24,063 $33,863 AUG-2013 Original Charter-Out Rate New Charter-Out Rate Navios Fantastiks $32,279 $36,290 FEB-2014 Navios Gemini S $19,523 $24,225 FEB-2014 Navios TBN I $47,400 JUN-2014 Navios TBN II Navios Galaxy I (2) $55,100 OCT-2014 $21,937 FEB-2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Increase in charter rates and additional vessel purchases provide for a significant projected increase in 2009 and run-rate EBITDA (1) Per day, net of commission (2) Option to purchase from Navios Holdings for $135.0 million by October 2009 17

Industry Overview

BDI Index 2006-2008 Forward expectations remain strong 14000 index poin 12000 10000 8000 6000 BDI 2006 BDI 2007 BDI 2008 Forward Curve SEP 4000 Forward Curve Q4 2000 0 JAN JAN JAN JUN MAY MAY APR APR APR MAR MAR FEB FEB FEB JUN JUN JUL JUL JUL SEP AUG AUG AUG SEP OCT DEC NOV NOV NOV OCT OCT DEC.. despite continuing worldwide credit and equity concerns Source: The Baltic Exchange

Favorable Demand Dynamics China is redefining urbanization scale CHINA Significant Coastal Dry Cargo Volume Strong Domestic Demand From 2005 2025, Chinese cities will add more than 350 million people There will be more than 200 cities with more than 1m inhabitants Up to 50,000 new skyscrapers added Up to 170 new transit systems added China coastal dry bulk cargo volume driving dry bulk vessel demand Demand estimated to grow by over 40% over the next 5 years requiring the capacity of an additional 236 Panamax vessels Urbanization and industrialization proceeding, including construction of ports, railways, bridges and roads The approximate population of the United States In Europe today there are only 35 cities of that size The equivalent of building ten New Yorks In Europe today there are 70 transit systems Jing Ulrich, JPMorgan CHINA Crude Steel production to increase by 100 million mt by 2012 decreasing exports of iron ore INDIA Ultra mega power plant projects being planned requiring coal imports It s not all about China! Major Port expansion program 20 20

Drybulk Vessels Supply vs. Aging g Fleet Order book includes 181.1 mdwt (44.5% of fleet) of scheduled deliveries through 2010 (1) New vessels ordered today will not be delivered until 2011 Substantial greenfield (red) and inexperienced (gray) shipyard risk Capesize orderbook to be built at 31 yards only 13 of them have built Capes before (2) Slippage of newbuilding deliveries has occurred Drybulk Industry Age Profile (% dwt) (3) 50% Over 20 Years Old Over 25 Years Old 40% 29% 30% 20% 16% 10% 0% Total Drybulk Fleet Total Drybulk Fleet % 100 90 80 70 60 50 40 30 20 10 0 Dry Bulk Orderbook by Type of Builder: Share of 2009/2010 Orders (4) Established New Entrant (size) New Entrant (Type) Handy Handymax Panamax Cape Given strong market conditions, older vessels are not being actively scrapped (1) Source: Drewry Shipping Consultants, Ltd. (August 2008) (2) Source: Howe Robinson (January 2008) (3) Source: SSY s Dry Bulk Forecaster (August 2008) (4) Source: SSY (July 2008) 21 21

Summary Stable cash flows Weighted average remaining term of charter coverage approx. 4.9 years Young fleet Fleet age of 5.8 years (1) vs. industry fleet age of 15.0 years (2) Operating expense visibility 5-year contract with Navios Holdings with costs fixed until November 2009 Significant built-in growth Cash flow growth from additional vessel purchases and higher charter rates Conservative leverage Low leverage provides ability to fund the majority of our growth with debt (1) Navios Maritime Partners fleet age weighted by DWT (2) Source: Drewry Shipping Consultants, Ltd. as of January 2008 22

Appendix

Navios MLP Fleet Owned Vessels Vessels Type Built DWT Charter Rate ($) 1 Expiration Date 2 Navios Fantastiks (3) Capesize 2005 180,265 32,279 3/01/2011 36,290 2/28/2014 Navios Alegria Panamax 2004 76,466 23,750 12/30/2010 Navios Aurora I Panamax 2005 75,397 24,063 8/15/2008 33,863 8/15/2013 Navios Libra II Panamax 1995 70,136 23,513 12/30/2010 Navios Gemini S Panamax 1994 68,636 19,523 2/8/2009 24,225 2/8/2014 Navios Felicity Panamax 1997 73,867 26,169 4/26/2013 Navios Galaxy I Panamax 2001 74,195 21,937 2/21/2018 Total - 7 Vessels 618,962 Long-Term Chartered-In Vessels Vessels Type Built DWT Charter-Out Rate ($) 1 Expiration Date 2 Purchase Option Navios Prosperity Panamax 2007 82,535 24,000 7/4/2012 Yes Navios Aldebaran Panamax 2008 76,500 28,391 3/16/2013 Yes Total - 2 Vessels 159,035 Dropped Down Vessels Vessels Type Expected Delivery DWT Charter-Out Rate ($) 1 Expiration Date 2 Navios TBN I 4 Capesize Jun-09 180,000 47,400 Jun-14 Navios TBN II 5 Capesize Oct-09 180,000 55,100 Oct-14 (1) Daily charter-out rate net of commissions. (2) Assumed midpoint of redelivery by charterers. (3) Purchase option of $34.2 million has been exercised. Vessel acquired on May 2, 2008. (4) Purchasing from Navios Holdings for $130.0 million at end of June 2009. (5) Option to purchase from Navios Holdings for $135.0 million by October 2009. 24

Contact Public & Investor Relations Contact: Navios Maritime Partners L.P. Investor Relations Nicolas Bornozis Capital Link, Inc. Tel. (212) 661-7566 E-mail: naviospartners@capitallink.com 25