Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q3 2021 Earnings Presentation
27 slides from Navios Maritime Partners Lp's earnings presentation, Nov 10, 2021
Slide 1: Third Quarter 2021 Earnings Presentation
CONFIDENTIAL – DO NOT DISTRIBUTE Navios Maritime Partners L.P. (NYSE:NMM) Third Quarter 2021 Earnings Presentation November 10, 2021 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: 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 4: Leading US Publicly Listed Shipping Company
Leading US Publicly Listed Shipping Company DRAFT 54 Dry Bulk Vessels 6.6 million dwt Average age: 9.5 years vs. industry average: 10.8 years 24 Capesize Vessels 26 Panamax Vessels 4 Ultra-Handymax Vessels 4.3 million dwt 2.1 million dwt 0.2 million dwt 43 Containerships 215,222 TEU Average age: 11.
Slide 5: 2021 - Transformational Year: New Segments / Significant Growth
DRAFT 2021 - Transformational Year: New Segments / Significant Growth Fleet Update Number of Vessels 142 Dry Bulk Vessels ▪ 83 vessels acquired (82 vessels in the water + 1 NB) Containerships 45 ‒ 45 tankers, Tankers ‒ 32 containerships; ‒ six dry bulk vessels 43 ▪ 13 newbuilding vessels to be deliv
Slide 6: Company Highlights
Company Highlights DRAFT ▪ Leading US-listed fleet of 140+ vessels Strength Through ‒ ~ 1/3 of the fleet in each of the three segments: 54 dry bulk / 43 containerships / 45 tankers Scale ‒ 3 segments / 15 vessel types / 10+ end markets served ▪ Mitigates individual segment volatility Resiliency ▪ Po
Slide 7: Recent Developments
Recent Developments DRAFT Q3 2021 Financial Results In US$ millions Q3 2021 9M 2021 Revenue 228.0 445.0 Adjusted EBITDA(1) 145.2 269.8 Net Income 162.1 398.6 Merger with NMCI ▪ Completed on March 31, 2021 ▪ Opportunistic – acquired 29 vessels ▪ Increased exposure to Container Sector Merger with NNA
Slide 8: Diversification Delivers Broad Exposure to Global Economy
DRAFT Diversification Delivers Broad Exposure to Global Economy ▪ Balanced exposure in shipping segments mitigates normal industry cyclicality ▪ Flexible chartering and capital allocation leverages fundamentals across sectors ▪ Containerships • Leveraging the strength of containership segment which
Slide 9: Selected Segment Data
Selected Segment Data DRAFT Drybulk Container Tankers Total Fleet ships ➢ # of Vessels 54 43 45 142 Fleet Size ➢ Average age (yrs) 9.5 11.5 8.7 9.6 ➢ Capacity 6.6 mdwt 215,222 TEU 5.4 mdwt ➢ Vessel Value ($mm)(1) 1,140 2,559 889 4,588 Asset and ➢ Loans ($m) 431 350 657 1,438 Market Value ➢ Net Vesse
Slide 10: Operating Free Cash Potential
Operating Free Cash Potential DRAFT Fleet Assumptions Significant cash flow potential ▪ Q4 2021 – 78.8% fixed Vessel Type Available Days Open / Index Days Current Rates • Contracted revenue exceeds total expenses Capesize 7,208 5,739 27,199 by $57.0 million Kamsarmax / ▪ 2022 – 42.0% fixed Panamax 8
Slide 11: Strong Balance Sheet
Strong Balance Sheet DRAFT Book Capital Structure September 30, 2021(1) 28.3% Net LTV at September 30, 2021(2) (in $ million) ~ 3.2x coverage $4,588 Cash (1) 141.2 $889.0 Borrowings (net of deferred fees) 1,425.2 1,652.7 Partners' Capital Tankers $2,559.0 Capitalization 3,077.9 $1,438.3 Containers (
Slide 12: Q3 2021 Fleet and Debt Updates
Q3 2021 Fleet and Debt Updates DRAFT Secured long-term time charters for 10 containerships ▪ ~ $690 million contracted revenue • Six 5,300 TEU newbuilding containerships to be delivered in 2023 and 2024 ➢ Chartered-out for 60 – 64 months at an average net rate of $37,050 per day ➢ $370.0 million acq
Slide 13: Q3 and Nine Months 2021 Earnings Highlights
Q3 and Nine Months 2021 Earnings Highlights DRAFT Navios Acquisition has been consolidated in Navios Partners’ books since August 26, 2021 Earnings Highlights (in $‘000 ) Nine Months Nine Months except active vessels, available days and TCE Q3 2021 Q3 2020 Ended September Ended September achieved 30
Slide 14: Balance Sheet
Balance Sheet DRAFT Selected Balance Sheet Data (amounts in $‘000 ) September 30, 2021 December 31, 2020 Cash & cash equivalents(1) 141,180 30,728 Other current assets 78,712 30,052 Vessels, net 2,895,298 1,041,138 Other non- current assets 497,510 105,351 Total Assets 3,612,700 1,207,269 Other curr
Slide 15: ESG – Sustainability through Sea Trade
ESG – Sustainability through Sea Trade 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 ecological
Slide 16: Industry Overview
DRAFT Industry Overview
Slide 17: World Dry Bulk Trade
World Dry Bulk Trade DRAFT 6.5 World GDP Growth 5.7 5.9 5.3 4.9 4.5 4.6 4.3 4.4 4.4 4.4 4.3 4.3 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 18: Major Commodities: Continued Strong Growth in Seaborne Trade
DRAFT Major Commodities: Continued Strong Growth in Seaborne Trade Iron Ore Coal Grains 1,295 565 1,684 1,260 1,645 547 1,590 1,180 535 Mil.tons Mil.tons Mil.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
Slide 19: Dry Bulk Fleet Data
Dry Bulk Fleet Data DRAFT ▪ 2021 Expected net fleet growth ~ 3.5% ▪ 2022 Expected net fleet growth ~ 1.5% ▪ 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 2021 YTD 31.0
Slide 20: Container Industry Overview
DRAFT Container Industry Overview
Slide 21: World Container Trade 1996-2022
World Container Trade 1996-2022 DRAFT m TEU 1996 – 2020 CAGR = 6.2% growth 220 13.7% 15% 200 7.4% 10% 180 4.9% 6.3% Million TEU 5.6% 4.3% 160 5.0% 4.5% 3.9% 140 2.0% 5% 120 3.3% 0% 100 2.0% 80 -5% 60 -1.2% -9.6% 40 -10% 20 0 -15% 2020 P 2021 F 2022 F 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Slide 22: Container Fleet Data
Container Fleet Data DRAFT ▪ 2021 Expected net fleet growth ~ 4.2% ▪ 2022 Expected net fleet growth ~ 3.8% ▪ Orderbook skewed towards larger vessels • ~ 78% of containership orderbook is for vessels of 10,000+ TEU – ~ 73% of orderbook is for vessels of 13,000+ TEU; – ~ 5% of orderbook is for vessels
Slide 23: Tanker Industry Overview
DRAFT Tanker Industry Overview
Slide 24: Global Oil Demand
Global Oil Demand DRAFT 40-Year Global Oil Demand and GDP Growth 10 World GDP Oil Demand (IEA) 5 0 -5 -10 ▪ Economic recovery expected in travel – segments with high oil demand ‒ Q4 2021 oil demand expected to return close to 2019 demand ‒ Oil demand is expected to grow 6.1% (5.5 mb/d) in 2021 over
Slide 25: VLCC Fleet Data
VLCC Fleet Data DRAFT ▪ 2021 Expected net fleet growth ~ 3.6% ▪ 2022 Expected net fleet growth ~ 1.6% ▪ Current VLCC orderbook = 8.3% of the fleet by DWT (72 vessels) ▪ Vessels over 20 years of age* = 11.3% of the fleet by DWT (98 vessels) Deliveries Removals Net Fleet Growth % Non- Year Actual Proj
Slide 26: Product Tanker Fleet Data
Product Tanker Fleet Data DRAFT ▪ 2021 Expected net fleet growth ~ 2.4% ▪ 2022 Expected net fleet growth ~ 1.9% ▪ Vessels over 20 years of age* = 8.4% of current fleet Deliveries Removals Net Fleet Growth % non- Fleet period Year Actual Projected Year DWT % of fleet Year DWT % of Fleet delivery end
Slide 27: www.navios-mlp.com
Navios Maritime Containers L.P. www.navios-mlp.com 27 20
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