Navios Maritime Midstream Posts 4Q Profit
Maritime Midstream Partners LP (NAP), an owner and operator of tanker vessels, has reported fourth-quarter earnings of $6 million. On a per-share basis, the company has a net income of 28 cents.
The operator of contracted crude oil tankers posted revenue of $22.8 million in the period. For the year, the company reported profit of $24.9 million, or $1.19 per share. Revenue was reported as $91.8 million.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report results for the full year and fourth quarter of 2016. For the full year, we reported $24.9 million of net income and $66.2 million of EBITDA. For the fourth quarter, we recorded $6.0 million of net income and $16.4 million of EBITDA. We also recently announced a distribution of $0.4225 per unit, representing an annualized distribution of $1.69 per unit and a current yield of 14%.”
Angeliki Frangou continued, “Navios Midstream is a cash generating platform positioned to take advantage of market opportunity. On the revenue side, our fleet is 100% fixed through 2018. On the cost side, operating and related costs are fixed through 2018 as well. Further, we have no forward growth capex commitments, and we have no debt maturities until 2020.”
The Nave Celeste has been chartered out to an oil-major for one year at a rate based on the BITR TD3-TCE index. Navios Midstream will receive 100% of the index rate up to $37,525 net per day and 50% of any amount in excess of $37,525 net per day.
The contract provides a minimum rate of $17,775 net per day. Pursuant to the backstop agreement in place, Navios Maritime Acquisition Corporation (“Navios Acquisition”) has provided a backstop commitment at a rate of $35,000 net per day until December 2018.
The Shinyo Ocean and the Shinyo Kannika have been placed in a VLCC pool for a minimum period of three months. Pursuant to the backstop agreement in place, Navios Acquisition has provided a backstop commitment at a rate of $38,400 net per day until January 2019 for the Shinyo Ocean and at a rate of $38,025 net per day until February 2019 for the Shinyo Kannika.
