Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q4 2021 Earnings Presentation
32 slides from Navios Maritime Partners Lp's earnings presentation, Feb 17, 2022
Slide 1: Fourth Quarter 2021 Earnings Presentation
CONFIDENTIAL – DO NOT DISTRIBUTE Navios Maritime Partners L.P. (NYSE:NMM) Fourth Quarter 2021 Earnings Presentation February 17, 2022 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements DRAFT This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including TCE rates and Navios P
Slide 3: Leading US Publicly Listed Shipping Company
Leading US Publicly Listed Shipping Company DRAFT 54 Dry Bulk Vessels 6.6 million dwt Average age (1): 9.7 years vs. industry average: 11.0 years 24 Capesize Vessels 26 Panamax Vessels 4 Ultra-Handymax Vessels 4.3 million dwt 2.1 million dwt 0.2 million dwt 47 Containerships 236,422 TEU Average age
Slide 4: Selected Segment Data
Selected Segment Data DRAFT Drybulk Container Tankers Total Fleet ships Fleet Size # of Vessels 54 47 45 146 Average age (yrs) 9.7 10.6 8.9 9.6 Capacity 6.6 mdwt 236,422 TEU 5.4 mdwt Asset and Market Values Vessel value ($mm)(1) 1,088 2,903 1,190 5,181 Debt ($mm) 412 425 537 1,374 Barebo
Slide 5: Strength Through Diversification
Strength Through Diversification DRAFT Optimizing Leading to consistent Chartering Strategy PROFITABILITY Capturing Allowing Optimal Cyclical Opportunity CAPITAL ALLOCATION Countering Leading to Segment Specific Volatility BALANCE SHEET STRENGTH A diversified platform provides stable entity-level re
Slide 6: Diversification: 1. Optimizing Chartering Strategy
Diversification: 1. Optimizing Chartering Strategy DRAFT • Containerships 99% Fixed – Containerships Historical Rates Current rates at historic high 99% of available days fixed • Dry bulk vessels 4,320 $118,101 $118,101 Current rates 24% below 20-year average 87% below historic high 24%
Slide 7: Diversification: 2. Capturing Cyclical Opportunity
Diversification: 2. Capturing Cyclical Opportunity DRAFT Capital allocation and earnings are optimized by harnessing cyclical opportunity • Purchase and sale of vessels tailored to segment fundamentals ~ $1.0 billion investment in newbuilding program for 18 vessels Ten containerships – investmen
Slide 8: Diversification: 3. Countering Segment Specific Volatility
DRAFT Diversification: 3. Countering Segment Specific Volatility Diversified portfolio provides balance sheet stability and Containerships Historical Asset Values optimizes earnings potential from sector specific asset (in $ million) 2,903 2,903 value fluctuations • 32.5% LTV as of December 31, 2021
Slide 9: Recent Developments
Recent Developments DRAFT Q4 2021 Financial Results In US$ millions Q4 2021 FY 2021 Revenue 268.1 713.2 Adjusted EBITDA(1) 156.6 426.5 Adjusted Net Income(1) 121.8 364.1 Balance Sheet • ~ $170 million cash balance as of December 31, 2021 • 32.5% LTV as of Q4 2021 • Staggered debt maturity profile Fl
Slide 10: Operating Free Cash Potential
Operating Free Cash Potential DRAFT Significant cash flow potential 2022 – 53.2% fixed Vessel Type Available Days Open / Index Days • Contracted revenue exceeds total cash expenses by $49.3 million Capesize 7,193 5,070 • 46,905 available days Kamsarmax / • 21,966 remaining open/index days generate
Slide 11: Fleet Profile
Fleet Profile DRAFT 2021 – Transformational Year: New Segments / Significant Growth Fleet Expansion – New Segments Number of Vessels Available Days Dry bulk fleet: 46,905 146 • 36% increase in fleet capacity • 18% reduction in average age 45 New segment 16,243 Containerships: • ~ 370% increase i
Slide 12: Q4 2021 Updates
Q4 2021 Updates DRAFT Secured long-term time charters for 11 containerships ~ $670 million contracted revenue (assuming midpoint of redelivery by charterers) ~ $290 million from four 5,300 TEU newbuilding containerships Chartered-out for an average period / rate of 64 months / $37,282 net per da
Slide 13: $2.7 Billion Contracted Revenue
$2.7 Billion Contracted Revenue DRAFT Contracted Revenue by Segment Contracted Revenue per Year Dry Bulk, (in $ million) 4% Tanker, $491 $2,725 15% $239 Axis Title $357 $442 $442 $442 $442 $499 $499 $499 $499 $499 Containership, 81% $697 2022 2023 2024 2025 2026 2027+ Total $2.2 Billion Contracted R
Slide 14: Q4 and Year ended 2021 Earnings Highlights
Q4 and Year ended 2021 Earnings Highlights DRAFT Navios Acquisition has been consolidated to Navios Partners’ books since August 26, 2021 On October 15, 2021, Navios Partners completed its merger with Navios Acquisition Earnings Highlights (in $‘000 ) Year Ended Year Ended except per unit data, acti
Slide 15: Balance Sheet
Balance Sheet DRAFT Selected Balance Sheet Data (amounts in $‘000 ) December 31, 2021 December 31, 2020 Cash & cash equivalents(1) 169,446 30,728 Other current assets 56,894 30,052 Vessels, net 2,852,570 1,041,138 Other non-current assets 544,389 105,351 Total Assets 3,623,299 1,207,269 Other curren
Slide 16: Debt Profile
Debt Profile DRAFT Book Capital Structure December 31, 2021(1) Debt and Vessel Values as at December 31, 2021(2) (in $ million) ~ 3.5x coverage (in $ million) $4,798 Cash (1) 169.4 $922 Debt (net of deferred fees) 1,361.7 Axis Title Tankers $2,903 Partners' Capital 1,769.7 $1,374 Containers Capitali
Slide 17: ESG – Sustainability Through Sea Transport
ESG – Sustainability Through Sea Transport DRAFT Transoceanic shipping is the most carbon efficient mode of transport Shipping represents: • ~ 90% of world trade • ~ 3% of man-made greenhouse gas emissions Aspirational Goal: Net zero will safeguard air and water quality and avoid negative ecolog
Slide 18: Company Highlights
Company Highlights DRAFT Leading US-listed fleet of 140+ vessels Strength in Scale ‒ ~ 1/3 of the fleet in each of the three segments: 54 dry bulk / 47 containerships / 45 tankers ‒ 3 sectors / 15 vessel types / 10+ end markets served Mitigates individual segment volatility Resiliency in Posit
Slide 19: Industry Overview
DRAFT Industry Overview
Slide 20: World Dry Bulk Trade
World Dry Bulk Trade DRAFT 6.5 World GDP Growth 5.7 5.9 5.3 4.5 4.6 4.3 4.4 4.4 4.4 4.3 4.3 4.4 4.1 3.9 3.9 3.9 3.9 3.7 3.7 3.7 3.4 3.4 3.5 3.2 3.3 3.0 3.0 3.0 3.1 3.0 2.9 2.9 2.9 2.4 2.6 2.5 2.7 2.6 2.4 2.2 2.0 1.9 1.9 2.0 1.9 1.8 1.4 1.5 0.6 0.4 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 19
Slide 21: Major Commodities: Continued Strong Growth in Seaborne Trade
DRAFTTrade Major Commodities: Continued Strong Growth in Seaborne Iron Ore Coal Grains 1,611 1,256 559 1,227 1,592 540 1,176 535 1,581 M tons M tons M tons 2020 2021 2022 2020 2021 2022 2020 2021 2022 Post pandemic growth fueled by Iron Ore Continued Growth on Asian Coal Imports Food Security Drives
Slide 22: Dry Bulk Fleet Data
Dry Bulk Fleet Data DRAFT 2021 Provisional net fleet growth ~ 3.6% 2022 Expected net fleet growth ~ 2.0% Total orderbook is one of the lowest on record Deliveries Removals Net Fleet Growth Year Actual Projected % non-delivery Year DWT % of fleet Year DWT % of Fleet Fleet period end 2022 Jan 4.
Slide 23: Container Industry Overview
DRAFT Container Industry Overview
Slide 24: World Container Trade 1996-2022
World Container Trade 1996-2022 DRAFT m TEU 1996 – 2021 CAGR = 6.2% growth 220 13.7% 15% 200 7.4% 10% 180 4.9% 6.1% Million TEU 5.6% 4.3% 160 5.0% 4.5% 3.8% 140 2.0% 5% 120 3.3% 0% 100 2.0% 80 -5% 60 -1.3% -9.6% 40 -10% 20 0 -15% 2021 P 2022 F 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2
Slide 25: Container Fleet Data
Container Fleet Data DRAFT 2021 Provisional net fleet growth ~ 4.5% 2022 Expected net fleet growth ~ 3.6% Orderbook skewed towards larger vessels • ~ 76% of containership orderbook is for vessels of 10,000+ TEU – ~ 72% of orderbook is for vessels of 13,000+ TEU; – ~ 4% of orderbook is for vess
Slide 26: Tanker Industry Overview
DRAFT Tanker Industry Overview
Slide 27: Global Oil Demand
Global Oil Demand DRAFT 41 Year Global Oil Demand and GDP Growth (annual %) 10 World GDP Oil Demand (IEA) 5 Percent 0 -5 -10 Economic recovery expected in travel – segments with high oil demand ‒ 2022 oil demand of 100.6 mb/d expected to exceed 2019 demand of 100.3 mb/d ‒ Oil demand grew 6.0% (5.6
Slide 28: VLCC Fleet Data
VLCC Fleet Data DRAFT 2021 Provisional net fleet growth ~ 2.1% 2022 Expected net fleet growth ~ 1.8% Current VLCC orderbook = 7.5% of the fleet by DWT (65 vessels) Vessels over 20 years of age* = 11.1% of the fleet by DWT (96 vessels) Deliveries Removals Net Fleet Growth % Non- Year Actual P
Slide 29: Product Tanker Fleet Data
Product Tanker Fleet Data DRAFT 2021 Provisional net fleet growth ~ 1.9% 2022 Expected net fleet growth ~ 0.6% Current Orderbook = 5.2% of the fleet by DWT (130 vessels) Vessels over 20 years of age* = 7.8% of current fleet (275 vessels) Deliveries Removals Net Fleet Growth % non- Fleet peri
Slide 30: Appendix (I) Definitions
DRAFT Appendix (I) Definitions
Slide 31: Definitions
Definitions DRAFT EBITDA represents net income/ (loss) attributable to Navios Partners’ unitholders before interest and finance costs, depreciation and amortization (including intangible accelerated amortization) and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as describ
Slide 32: www.navios-mlp.com
Navios Maritime Containers L.P. www.navios-mlp.com 32 20
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