CONFIDENTIAL – DO NOT DISTRIBUTE
(NYSE: NMM)
First Quarter 2015 Earnings Presentation
May 4, 2015
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, 2015 and March 31,
2014.
.
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Navios Partners Ownership Structure
100% Membership Interest
Navios GP L.L.C.
(General Partner)
Navios Maritime Holdings Inc.
NYSE: NM
18.1% Limited Partner Interest
Common Unitholders
79.9% Limited Partner Interest
2.0% General Partner Interest
Incentive Distribution Rights
Navios Maritime Partners L.P.
NYSE: NMM
100% Membership Interest
31 Vessels
8 Capesize, 12 Panamax and 3 Ultra Handymax Dry Bulk Carriers
8 Container vessels
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Company Highlights
 Entered container market in December 2013
 Acquired eight container vessels for $540.5 million
Container Focused MLP
 65.9% of contracted revenue and 43.3% of expected 2015 EBITDA from
container vessels
Solid Distribution
Long-Term Charter
Coverage
with Strong
Counterparties
 Average charter duration is approximately 3.5 years
 Staggered charter expirations minimize charter renewal risk
 Strong creditworthy counterparties (Bunge, Cargill, Cosco, Exelon, HMM,
Rio Tinto, Yang Ming, MSC etc.)
Secured Revenue
Stream
 $1.3 billion of contracted revenues
 Approximately eight years coverage on the container fleet
 92.6% of contracted revenue is from charters longer than three years
Young, Growing Fleet
Continued Access
to Capital Markets
(1)
 Committed to a minimum distribution of $1.77 through 2016
 26.4% increase in annual distribution per unit since inception
 Distribution increased/maintained throughout the cycle
 Increased fleet by 23 vessels (eight containers and 15 drybulk vessels)
since November 2007 IPO
 Average fleet age of 7.8 years (1)
 Approx. $1.3 billion in equity and public debt issued since May 2009
 ~ $830 million equity
 ~ $440 million public debt
Navios Maritime Partners fleet age weighted by DWT
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Competitive Positioning
NMM minimized rechartering risk, solidified distributions and strengthened its balance sheet
Eliminated dry bulk spot market volatility by fixing almost 100% of open days for 2015
• Eliminated exposure to dry bulk; ~100% of open days fixed for 2015
Strengthening balance sheet; ~10% reduction in net debt/book capitalization compared to YE 2014
• $101.0 million cash balance at the end of the quarter
• $5.9 million reduction in debt service requirements for 2015
Long term charters on container vessels provide visible cash flow and distribution stability
• Addition of MSC Cristina solidified distribution capacity and coverage
• Optional vessel provides visible incremental growth of cashflows from container vessels
$849.5 million contracted revenue from containers vessels (66% of total contracted revenue)
Share of containers EBITDA in NMM
Total Contracted Revenue ($M)
Average remaining contract duration
1,289
7.8
43.3%
850
23.6%
3.5
439
1.9
1.6%
2013
2014
2015E
Drybulk
Containers
4
Total
Drybulk
NMM
Average
Containers
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Recent Developments
Delivery of MSC Cristina, a 13,100 TEU container vessel with 12 years employment acquired
for $147.75 million
Delivered April 22, 2015
• Vessel details
 2011-built in South Korea ; Capacity of 13,100 TEU
 Chartered out for 12 years at $60,275 net per day (with Navios option to terminate after year seven)
 $18.4 million of expected annual EBITDA(1) ; $217.8 million of expected aggregate EBITDA(1)
• Debt Financing
 Amount: $79.8 million
 Amortization profile: 13.5 years; Term 7 years
 Margin: 2.75+Libor
Option to acquire one 13,100 TEU container vessel with 12 years employment
No consideration paid for option; Exercisable by June 2015; Delivery of vessel: Q3 2015
Vessel details:
• Acquisition price: $147.75 million
• 2012-built in South Korea ; Capacity of 13,100 TEU
• Charter rate: $60,275 net per day for 12 years (with Navios Partners' option to terminate after year seven)
• $18.4 million of expected annual EBITDA(1) ; $212.4 million of expected aggregate EBITDA(1)
(1)
EBITDA estimates assume expenses approximating operating cost structure under the amended Management Agreement and 360 revenue days per year. Aggregate EBITDA
assumes 3% increase in operating costs.
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Liquidity
March 31, 2015
(US $ million)
Debt
529.7
Partners' Capital
795.5
Capitalization
Net Debt / Capitalization
Debt Maturity
101.0
(US $ million)
Cash
1,325.2
32.4%
6
450
400
350
300
250
200
150
100
50
0
397.0
-
-
2014
2015
2016
14.3
58.2
2017
2018
2019
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Multiple Avenues of Distribution Growth
Increases since IPO:
Navios Group Vessels
• Right to purchase Capesize
and Panamax vessels on 3+
year charters
• Eleven vessels dropped down
since IPO
• Navios Group has grown to a
controlled fleet of 148 vessels
of which 85 are dry bulk
vessels
November 2007 IPO
626,100 DWT
26.4% distribution
343% number of vessels
420% operational fleet capacity
Opportunities in the
S&P Market
• Vessel values have fallen
significantly from 2008 highs
• 14 vessels acquired in the
open market
• Highly fragmented industry
• Distressed opportunities
+420%
7
Attractive
Opportunities in
Container Sector
• Attractive acquisition multiples
• Long term charter durations
suitable for MLP structure
• Improving industry
fundamentals
April 2015
3,254,058 DWT
CONFIDENTIAL – DO NOT DISTRIBUTE
Q1 2015 Earnings Highlights
Earnings Highlights
(in $ million)
Q1 2015
Q1 2014
P-O-P Variance
Time charter revenue
56.8
57.5
(1.2%)
EBITDA
38.0
69.0
(45.0%)
Adjusted EBITDA
38.0
39.2 (1)
(3.2%)
Net Income
10.9
18.4
(40.7%)
Adjusted Net Income
10.9
10.6 (2)
2.8%
EPU
0.13
0.24
(45.8%)
except active vessels and available days
0.13
(2)
Adjusted EPU
0.13
-
Operating Surplus
27.6
56.8
(51.5%)
Replacement and Maintenance Capex Reserve
3.2
5.9
(45.4%)
Active Vessels
30
30
-
Available Days
2,952
2,668
10.6%
EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes. EBITDA and Adjusted EBITDA are presented because Navios
Partners believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed and present 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 and Adjusted EBITDA are “non-GAAP
financial measures” 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 and Adjusted EBITDA are frequently used
as measures of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used
by other companies due to differences in methods of calculation.
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 US GAAP and should not be considered as an alternative to net income or any other
indicator of Navios Partners’ performance required by US GAAP.
(1) Adjusted EBITDA do es not include the accounting effect of the $29.8 million income from the insurance settlement.
(2) Adjusted Net income and Adjusted Earnings per Common unit do not include the accounting effect of the $29.8 million income from the insurance settlement and the $22.0
million loss from the non cash accelerated amortization of the intangible asset relating to one Capesize vessel.
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Balance Sheet
Selected Balance Sheet Data (US $ million)
March 31, 2015
December 31, 2014
101.0
100.4
18.7
14.8
1,140.8
1,139.4
1,340.7
1,338.7
Other current liabilities
15.5
13.6
Current portion of long term debt, net
16.0
16.4
Long term debt, net
513.7
559.5
Total partners’ capital
795.5
749.1
1,340.7
1,338.7
32.4%
35.9%
Cash & cash equivalents (1)
Other current assets
Vessels, net
Total Assets
Total liabilities & partners’ capital
Net Debt / Book Capitalization
(1)
Includes restricted cash of $1.0 million as of March 31, 2015 and $1.0 million as of December 31, 2014.
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Q1 2015 Cash Distribution
Cash Distribution of $0.4425 per unit for Q1 2015 ($1.77 annualized)
Record Date:
Payment Date:
May 13, 2015
May 14, 2015
Operating Surplus:
Common Unit Coverage for the quarter:
$27.6 million
0.8x
Pro Forma Common Unit Coverage for the quarter(1):
1.04x
Distribution:
• $36.8 million to Common Units
• $1.3 million to GP Units
$38.1 million
Tax efficient status – Distributions reported on Form-1099
Committed to minimum distribution of $1.77 per unit through 2016
(1) Adjusted to reflect full operation of two container vessels delivering after Q1 and normalized revenues on hires of vessels received upfront
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Modern, Diverse Fleet
31 Vessels (3.3 million dwt)
Average age of combined fleet(1): 7.8 years
23 Dry Bulk Vessels
8 Container Vessels
2.5 million dwt
63,508 TEU
8 Capesize
Vessels
12 Panamax
Vessels
3 Ultra-Handymax
Vessels
1 Vessel
13,100 TEU
2 Vessels
8,204 TEU
5 Vessels
6,800 TEU
1.4 million dwt
0.9 million dwt
0.2 million dwt
13,100 TEU
16,408 TEU
34,000 TEU
Average age of drybulk vessels:
7.9 years (1)
Compared to
Industry average of 8.8 years (2)
Average age of container vessels:
7.7 years (1)
Compared to
Industry average of 10.9 years (2)
(1) Navios Partners average age based on a dwt basis
(2) Source: Clarksons
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Portfolio of Industry Leading Charterers
Contracted Revenue
2015 Contracted Revenue by Charterer
Average Charter Duration: approx. 3.5 years
Bunge; 2.9%
Exelon Corp.
(2) ; 4.0%
1-3 years
3-5 years
7.4%
12.1%
Rio Tinto; 4.0%
5-10 years
Cosco; 5.8%
Other; 23.2%
Samsun Logix;
6.4%
Korea Line
4.5%
MSC; 6.4%
Hanjin; 9.0%
Yang Ming;
10.6%
80.5%
HMM; 23.2%
Diversified customer base with
strong creditworthy counterparties
92.6% of contracted revenue is from
charters longer than 3 years
(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 following an
interim suspension period during which NMM trades the vessel directly.
(2) Ex Constellation Energy Group
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(1) ;
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Staggered Charter Expirations (1)
Navios Fulvia
$50,588
Sep 2015
Navios Helios
$7,790
Sep 2015
Navios La Paix
Navios Gemini S
6TC BSI + 10%
Jan 2016
$7,600 + PS
$10,000 + PS
Navios Hope
$11,400
Feb 2016
Navios Hyperion
$12,000 + PS
Feb 2016
Navios Soleil
$12,000 + PS
Feb 2016
Navios Pollux
Navios Sun
98.4% revenue days covered in 2015
Jan 2016
Feb 2016
58.3% revenue days covered in 2016
Navios Orbiter
$12,000 + PS
$12,000 + PS
May 2016
May 2016
Navios Libra II
$12,000 + PS
May 2016
Navios Fantastiks
Navios Felicity
$12,500 + PS
$12,000 + PS
May 2016
May 2016
Navios Alegria
$12,000 + PS
May 2016
Navios Apollon
$12,500 + PS
May 2016
Navios Harmony
$12,000 + PS
May 2016
Navios Joy
$19,000
June 2016
YM Utmost
$21,937
$34,266
YM Unity
$34,266
Navios Sagittarius
$26,125
$41,325
Navios Aurora II
Navios Buena Ventura
$29,356+P/S
Navios Luz
$29,356+P/S
$29,356+P/S
Navios Melodia
$30,119
Hyundai Hong Kong
$30,119
Hyundai Tokyo
Hyundai Busan
$30,119
$30,119
$30,119
MSC Cristina
$60,275
Hyundai Shanghai
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
2016
Oct 2018
Nov 2018
Nov 2019
Oct 2020
Nov 2020
Sep 2022
Dec 2023
Dec 2023
Dec 2023
Dec 2023
Dec 2023
~
~
Hyundai Singapore
Feb 2018
Aug 2018
~ ~
~~
~ ~
~
~~
~~
~~
~~
~~
~~
~
Navios Galaxy I
2017
2018
(1) Daily charter-out rate net of commissions or settlement proceeds, where applicable. See fleet appendix for further detail.
13
2019
2020
2021
2022
2023
2024
Apr 2027
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Efficient, Low Cost Operator
Average Daily Operating Costs / Vessel (including dry-docking)
(1)
 Opex is 20.3% less than the industry average
 Navios Partners benefits from fixed operational cost (2)
Fixed Pricing of Shipmanagement
Services until December 31, 2015 (3)
Pro Forma Combined Fleet
$7,245
• $4,750 per day for Ultra-Handymax vessels
• $4,800 per day for Panamax vessels
• $5,700 per day for Capesize vessels
• $7,500 per day for Container vessels of 6,800 TEU
• $8,200 per day for Container vessels of 8,204 TEU
• $9,500 per day for Container vessels of 13,100 TEU
$/Day
$7,000
$5,771
$6,000
$5,000
$4,000
Containership Fleet
Dry bulk Fleet
$6,587
$10,000
$5,107
$5,000
$4,000
(1)
(2)
(3)
$9,272
$6,000
$/Day
$/Day
$7,000
$8,000
$7,862
$6,000
Source: Drewry Shipping Consultants – Annual Report 2014/2015
As per Management Agreement
Rates include estimated drydock amortization
Navios Average per Vessel
14
Industry Average per Vessel
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Industry Overview
US and EU Growth vs World Container Trade
 US and Europe account for one third of world’s container imports; consequently world container trade
growth highly depends on US and European imports growth
 EU and US imports growth are highly correlated to GDP growth
 With a 1.5% and 3.1% growth in EU and US projected for 2015 and 1.6% and 3.1% in 2016 world
container trade is expected to continue rising
GDP growth - Container imports - World container trade
GDP growth %
Container imports- trade growth %
5.0
20%
4.0
15%
3.0
10%
2.0
1.0
5%
0.0
0%
-1.0
-5%
-2.0
-10%
European economy rebounding
-3.0
-15%
-4.0
-5.0
-20%
2004
2005
2006
2007
2008
2009
2010
2011
Annual GDP USA
Annual GDP Euro Area
North America Container Imports YoY%
world container trade YoY%
EU: 96% correlation
Source: Clarksons
2012
GDP growth
Container imports growth
16
2013
2014
2015E
2016E
Europe Container Imports YoY%
US: 91% correlation
World Container Trade 1996-2016
m TEU
growth
200
25%
1996 – 2014 CAGR = 7.5%
180
20%
160
15%
140
120
10%
100
5.4% 6.0%
6.5%
5%
80
60
0%
40
-5%
20
World Container Trade
Source : Clarkson Research Services, IMF
Container Trade Growth %
17
World GDP Growth %
2016 (f)
2015 (f)
2014 (e)
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
-10%
1996
0
Container Fleet Supply Fundamentals
Deliveries
Orderbook by year of delivery:
Actual # vessels delivered: 2012 = 203; 2013 = 201; 2014 = 202; 2015 = 63
2015 Mar
YTD
0.47 million TEU projected, 0.35 million actual deliveries
(26% non deliveries by TEU); 71 vessels delivered
2014
1.6 million TEU projected, 1.5 million actual deliveries
(8% non deliveries by TEU); 202 vessels delivered
2,000
2013
1.8 million TEU projected, 1.3 million actual deliveries
(27% non deliveries by TEU); 201 vessels delivered
1,600
1,800
1,400
2012
1.6 million TEU projected, 1.3 million actual deliveries
(21% non-delivery by TEU); 203 vessels delivered
2011
1.7 million TEU projected, 1.2 million actual deliveries
(27% non-delivery by TEU); 191 vessels delivered
2.2 million TEU projected, 1.4 million actual deliveries
(38% non-delivery by TEU); 265 vessels delivered
800
2010
2009
2.0 million TEU projected, 1.1 million actual deliveries
(46% non-delivery by TEU); 276 vessels delivered
400
Scrapping
Before
non-delivery
1,889
‘000 TEU
Actual nondelivery
504,000
TEU
1,624
1,546
1,253
1,200
Actual
nondelivery
147,000
TEU
1,476
Before
non-delivery
1,053
1,000
600
2013
200
2014
2015
2014
2015
2016
0
As of Jan 1, 2014
4/29/15
YTD ≈
0.07 million TEU – 0.38% of fleet TEU; 34 vessels
2014 ≈
0.38 million TEU - 2.2% of fleet TEU; 171 vessels
2013 ≈
2012 ≈
0.43 million TEU - 2.6% of fleet TEU; 187 vessels
0.33 million TEU - 2.2% of fleet TEU; 178 vessels
2011 ≈
0.08 million TEU - 0.6% of fleet TEU; 60 vessels
2010 ≈
0.13 million TEU - 1.0% of fleet TEU; 86 vessels
2009 ≈
0.38 million TEU - 3.1% of fleet TEU; 202 vessels
As of Jan 1, 2015
Container Demolition
Net Fleet Growth
Net fleet growth 4/29/15
= 2.4% to 18.66 million TEU
Net fleet growth for 2014
= 6.5% to 18.23 million TEU
Net fleet growth for 2013
Net fleet growth for 2012
= 5.4% to 17.12 million TEU
= 6.0% to 16.23 million TEU
Net fleet growth for 2011
= 7.9% to 15.33 million TEU
Net fleet growth for 2010
= 9.6% to 14.21 million TEU
Net fleet growth for 2009
= 5.9% to 12.97 million TEU
Total Container Fleet: 5,134 vessels
Source: Clarksons (through 4/29/15 except where stated)
Year
Total Scrapping
% of Fleet
# of Vessels
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
4/29/15 YTD
87.3
52.7
15.5
36.2
68.1
25.7
7.8
1.9
23.8
20.9
101.2
378.4
130.4
77.6
332.5
428.8
383.4
68.9
2.30%
1.24%
0.35%
0.74%
1.24%
0.42%
0.12%
0.03%
0.29%
0.22%
0.93%
3.09%
1.01%
0.55%
2.17%
2.64%
2.24%
0.38%
55
51
15
32
57
26
10
4
16
21
61
202
86
60
178
187
173
34
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CONFIDENTIAL – DO NOT DISTRIBUTE
World GDP Growth
8.5
6.5
4.6
%
4.5
3.4
2.5
1.8
0.5
4.3
3.5
-3.5
World economies
IMF Latest Revisions of GDP Growth (%)
World GDP
Advanced economies GDP
Emerging markets GDP
Source: IMF, April 2015
Advanced economies
April 2015
January 2015
2015
3.5
3.5
2016
3.8
3.7
2015
2.4
2.4
2016
2.4
2.4
2015
4.3
4.3
2016
4.7
4.7
19
3.8
2.4 2.4
-1.5
Emerging and developing economies
4.7
CONFIDENTIAL – DO NOT DISTRIBUTE
World Dry Bulk Trade 1980 - 2015
Upside:
India
5,000
China admitted
to the WTO
4,500
5.5%
4,000
Berlin wall falls
3,000
2.8%
2,500
1.1%
1,500
1,000
Forecast
2,000
Provisional
Trade (Million Tons)
3,500
500
0
1980
1982
1984
1986
Source: Drewry Shipping Consultants Ltd.
1988
1990
1992
1994
1996
20
1998
2000
2002
2004
2006
2008
2010
2012
2014
CONFIDENTIAL – DO NOT DISTRIBUTE
Urbanization Drives Demand for Commodities
Indian and Chinese Coal Imports
Chinese Iron Ore Imports
1,200
600
2007 – 2014 CAGR = 14%
800
400
(million tons)
500
(million tons)
1,000
600
400
2007 – 2014 CAGR = 26%
300
200
100
200
0
0
2007
2008
2009
2010
2011
2012
2013
2014
2015F
2007
2015 Chinese Iron Ore Imports to Increase by 8%
2008
2009
2010
2011
2012
2013
2014
2015 Chinese and Indian Coal Imports to Increase by 2%
Chinese iron ore production and imports and steel production
Iron Ore
Steel Production
Million tons
Domestic Production
Imports
2006
580
YoY%
326
YoY%
421
YoY%
2007
707
22%
384
18%
488
16%
2008
785
11%
444
16%
500
2%
2009
873
11%
630
42%
567
13%
2010
1,065
22%
619
-2%
626
10%
2011
1,315
24%
687
11%
683
9%
2012
1,329
1%
745
9%
717
5%
2013
1,424
7%
820
10%
779
9%
2014
1,497
5%
933
13%
813
4%
281
-8%
227
2%
200
-1%
2015 Mar YTD
Source: World Steel Association, National Bureau of
Statistics, China/Mysteel, GTIS, MSI
2015F
21
Dry Bulk Fleet Supply Fundamentals
Deliveries
Orderbook by year of delivery
2015 Mar
YTD
14.6 million actual DWT delivered; 24.0 million DWT
projected (39% non-delivery by DWT-preliminary)
2014
48.1 million actual DWT delivered; 75.1 million DWT
projected (36% non-delivery by DWT-preliminary)
2013
62.4 million actual DWT delivered; 101.2 million DWT
projected (38% non-delivery by DWT-provisional)
2012
99.5 million actual DWT delivered; 138.9 million DWT
projected (28% non-delivery by DWT)
2011
99.5 million actual DWT delivered; 137.3 million DWT
projected (28% non-delivery by DWT)
2010
77.9 million actual DWT delivered; 125.6 million DWT
projected (38% non-delivery by DWT)
43.1 million actual DWT delivered; 71.3 million DWT
projected (40% non-delivery by DWT)
2009
100
80
60
Actual
nondelivery
38.7m
dwt
16.2 million DWT – 2.2% of fleet DWT
2012 ≈
23.3 million DWT – 3.4% of fleet DWT
33.4 million DWT – 5.4% of fleet DWT
2011 ≈
23.2 million DWT – 4.3% of fleet DWT
2010 ≈
6.5 million DWT – 1.4% of fleet DWT
2009 ≈
10.6 million DWT – 2.5% of fleet DWT
= 0.7% to 761.4 million DWT
Net fleet growth for 2014
= 4.4% to 756.0 million DWT
Net fleet growth for 2013
Net fleet growth for 2012
= 5.7% to 724.1 million DWT
= 10.6% to 685.0 million DWT
Net fleet growth for 2011
= 14.9% to 619.5 million DWT
Net fleet growth for 2010
= 17.0% to 539.1 million DWT
Net fleet growth for 2009
= 10.1% to 460.8 million DWT
10% (75.2 m dwt) of the dry bulk fleet
is over 20 years old (2)
46.1
48.1
2013
2014
2015
2014
2015
2016
0
As of Jan 1, 2014
Net Fleet Growth
Net fleet growth 2015 YTD
Actual
nondelivery
27.0m
dwt
62.4
Before
non-delivery
66.6
20
2015 YTD ≈ 16.0 million DWT – 2.1% of fleet DWT
2013 ≈
75.1
40
Scrapping
2014 ≈
Before
non-delivery
85.1
Million DWT
As of Jan 1, 2015
Year
Bulk Carrier Demolition(1)
Total Demolition (m dwt)
Demolition as % of Fleet
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
12.3
9.3
4.6
8.2
6.1
4.2
0.4
1.0
1.8
0.5
5.6
10.6
6.5
23.2
33.4
23.3
4.63%
3.53%
1.72%
2.98%
2.12%
1.42%
0.12%
0.30%
0.51%
0.15%
1.42%
2.52%
1.42%
4.31%
5.40%
3.40%
2014
16.2
2.23%
2015 Through 4/24/15
12.9
1.70%
2015 Annualized
41.2
5.45%
50 capesize vessels (8.2 million DWT) scrapped since January 1, 2015
22
(1)
(2)
Source: Clarksons
Source: SSY Dry Bulk Forecaster, Apr 2015
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Company Highlights
 Entered container market in December 2013
 Acquired eight container vessels for $540.5 million
Container Focused MLP
 65.9% of contracted revenue and 43.3% of expected 2015 EBITDA from
container vessels
Solid Distribution
Long-Term Charter
Coverage
with Strong
Counterparties
 Average charter duration is approximately 3.5 years
 Staggered charter expirations minimize charter renewal risk
 Strong creditworthy counterparties (Bunge, Cargill, Cosco, Exelon, HMM,
Rio Tinto, Yang Ming, MSC etc.)
Secured Revenue
Stream
 $1.3 billion of contracted revenues
 Approximately eight years coverage on the container fleet
 92.6% of contracted revenue is from charters longer than three years
Young, Growing Fleet
Continued Access
to Capital Markets
(1)
 Committed to a minimum distribution of $1.77 through 2016
 26.4% increase in annual distribution per unit since inception
 Distribution increased/maintained throughout the cycle
 Increased fleet by 23 vessels (eight containers and 15 drybulk vessels)
since November 2007 IPO
 Average fleet age of 7.8 years (1)
 Approx. $1.3 billion in equity and public debt issued since May 2009
 ~ $830 million equity
 ~ $440 million public debt
Navios Maritime Partners fleet age weighted by DWT
23
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Appendix:
Navios Partners Fleet
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Navios Partners Fleet – Dry Bulk
Owned Vessels
Vessels
Navios Apollon
Navios Soleil
Navios La Paix
Navios Gemini S
Navios Libra II
Navios Felicity
Navios Galaxy I
Navios Helios
Navios Hyperion
Navios Alegria
Navios Orbiter
Navios Hope
Navios Sagittarius
Navios Harmony
Navios Sun
Navios Fantastiks
Navios Aurora II
Navios Pollux
Navios Fulvia
Navios Melodia (5)
Navios Luz
Navios Buena Ventura
Navios Joy
Total – 23 Vessels
Type
Ultra-Handymax
Ultra-Handymax
Ultra-Handymax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Panamax
Capesize
Capesize
Capesize
Capesize
Capesize
Capesize
Capesize
Capesize
Built
2000
2009
2014
1994
1995
1997
2001
2005
2004
2004
2004
2005
2006
2006
2005
2005
2009
2009
2010
2010
2010
2010
2013
Charter Rate ($)(1)
12,500 (3)
12,000 (3)
6TC BSI + 10% (4)
7,600 (3)
12,000 (3)
12,000 (3)
21,937
7,790
12,000 (3)
12,000 (3)
12,000 (3)
10,000 (3)
26,125
12,000 (3)
12,000 (3)
12,500 (3)
41,325
11,400
50,588
29,356 (6)
29,356 (7)
29,356 (7)
19,000 (8)
DWT
52,073
57,337
61,485
68,636
70,136
73,867
74,195
77,075
75,707
76,466
76,602
75,397
75,756
82,790
76,619
180,265
169,031
180,727
179,263
179,132
179,144
179,259
181,389
Expiration Date(2)
05/2016
02/2016
01/2016
01/2016
05/2016
05/2016
02/2018
09/2015
02/2016
05/2016
05/2016
02/2016
11/2018
05/2016
05/2016
05/2016
11/2019
02/2016
09/2015
09/2022
11/2020
10/2020
06/2016
Dropdown
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
2,502,351
(1) Daily charter-out rate net of commissions or settlement proceeds, where applicable
(2) Assumed midpoint of redelivery by charterers
(3) Profit sharing 50% on actual results at the end of the charter period. Any adjustment for
hire expense/loss settled accordingly at the end of the charter period.
(4) The charter rate is based on the Supramax time charter Index plus 10% with a minimum
rate of $9,500 net per day
26
(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 following an interim
suspension period during which Navios Partners trades the vessel directly. Rate
assumes amortization of payment of $13.3 million received upfront covering the interim
suspension period.
(6) Profit sharing 50% above $37,500/day based on Baltic Exchange Capesize TC Average
(7) Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC Average
(8) The charterer has been granted an option to extend the charter for two optional years, the
first at $22,325 (net) per day and the second at $25,650 (net) per day
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Navios Partners Fleet - Containers
Container Vessels
Vessels
Hyundai Hong Kong
Hyundai Singapore
Hyundai Busan
Hyundai Shanghai
Hyundai Tokyo
YM Utmost
YM Unity
MSC Cristina
Total – 8 Vessels
Type
Container
Container
Container
Container
Container
Container
Container
Container
Built
2006
2006
2006
2006
2006
2006
2006
2011
TEU
6,800
6,800
6,800
6,800
6,800
8,204
8,204
13,100
63,508
Charter Rate ($)(1)
30,119
30,119
30,119
30,119
30,119
34,266
34,266
60,275
Expiration Date(2) (3)
12/2023
12/2023
12/2023
12/2023
12/2023
08/2018
10/2018
04/2027
Total Container Vessels Fleet – 8 Vessels of 63,508 TEU
Container Option Vessel
Vessel
Type
Built
TEU
Charter Rate ($)(1)
Expiration Date(2) (3)
MSC Renee
Container
2012
13,100
60,275
Q3 2027
Total Navios Partners Fleet – 31 Vessels
(1) Daily charter-out rate net of commissions
(2) Assumed midpoint of redelivery by charterers.
(3) The vessels are fixed on ten/twelve year charters with Navios Partners’ option to terminate after year 7.
27
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