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Navios reveals financial results

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Dry Bulk,

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, has reported its financial results for the second quarter and six months ended 30 June 2018.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated: “I am pleased with the results for the second quarter, for which Navios Partners had US$34.7 million of adjusted EBITDA and reported US$9.2 million of adjusted net income. We declared a quarterly distribution of US$0.02 per unit for the second quarter, representing a current yield of approximately 4%.”

Frangou continued: “Over the past two years, we used excess cash flow from operations and financing activities to renew and expand our fleet to 35 dry bulk vessels. We also leveraged historic weakness in the container sector by establishing Navios Maritime Containers Inc., a growth vehicle with 26 containerships. Having taken advantage of these opportunities, we restored distributions to unitholders in the first quarter of this year and are seeking to deleverage with excess cash flow and the contemplated sale of our remaining containerships.

“If and when these sales are completed, Navios Partners will host the dry bulk business and Navios Containers will hold the container business, thereby simplifying our business structure.”

The full financial results can be found here.

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Dry cargo shipping news Dry bulk shipping market