Navios Maritime Containers Inc. ("Navios Containers" or "the
Company") (N-OTC:NMCI), a growth vehicle dedicated to the container
sector of the maritime industry, today reported financial results
for the three month period ended December 31, 2017 and for the
period from April 28, 2017 (date of inception) through December 31,
2017.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, "We are pleased with our fourth quarter financial
performance for which we reported EBITDA of $9.9 million and net
income of $1.7 million.”
Angeliki Frangou continued: “Within the eight
months of fiscal 2017, we created a fleet of 21 containerships. Our
run rate continues to rise, and we expect a 32% increase of
available days in Q1 2018 over Q4 2017. We are also continuing to
see attractive acquisition opportunities as the market
consolidates.”
HIGHLIGHTS -- RECENT DEVELOPMENTS
Vessel Acquisitions
In September and October 2017, the Company
agreed to acquire two 2009-built 4,250 TEU containerships for an
aggregate purchase price of $19.75 million. The vessels were
delivered to Navios Containers' owned fleet in November 2017. The
acquisition of the vessels was financed through a new $12.0 million
loan from a commercial bank and the balance with available
cash.
In November 2017, the Company agreed to acquire
four 2008-built 4,730 TEU containerships for a total purchase price
of $96.8 million. These vessels are employed on charters with a net
daily charter rate of $27,156. The charters expire in 2020 and are
expected to generate approximately $70.0 million of EBITDA,
assuming expenses approximating current operating costs and 360
revenue days per year. The vessels were delivered to Navios
Containers' owned fleet in November and December 2017. The
acquisition of these four vessels was financed through a new $50.0
million loan from a commercial bank and the balance with available
cash.
In December 2017, the Company agreed to acquire
one 2010-built 4,360 TEU containership for a total purchase price
of $11.45 million. The vessel was delivered to Navios Containers'
owned fleet in December 2017. The acquisition of the vessel was
financed through a $6.0 million loan from a commercial bank and the
balance with available cash.
Fleet Development
Navios Containers controls a fleet of 21 vessels
totaling 88,880 TEU. The current average age of the fleet is 9.8
years. As of January 25, 2018, Navios Containers has chartered-out
58.4% and 19.6% of available days for 2018 and 2019, respectively,
which are expected to generate $87.3 million and $40.7 million in
revenue, respectively. The average expected daily charter-out rate
for the fleet is $19,527 and $27,148 for 2018 and 2019,
respectively and the total expected available days for 2018 and
2019, are 7,665 days for both periods.
Private Placement
On November 9, 2017, Navios Containers closed a
private placement of 9,090,909 shares at a subscription price of
$5.50 per share, resulting in gross proceeds of $50.0 million.
Navios Maritime Partners L.P. (“Navios Partners”) invested $10.0
million at the subscription price and received 1,818,182 shares.
Navios Partners and Navios Maritime Holdings Inc. (“Navios
Holdings”) also received warrants, with a five-year term, for 6.8%
and 1.7% of the newly issued equity, respectively.
As of December 31, 2017, Navios Partners holds
9,818,182 common shares representing 33.7% of the equity and Navios
Holdings holds 1,000,000 common shares representing 3.4% of the
equity of Navios Containers. Both Navios Partners and Navios
Holdings hold warrants, with a five-year term, for 6.8% and 1.7% of
the total equity of Navios Containers, respectively.
Credit Facilities
In December 2017, Navios Containers agreed to an
additional tranche to its existing July 2017 $21.0 million credit
facility with a commercial bank for an incremental amount of $50.0
million in order to finance the acquisition of the four 2008-built
4,730 TEU containerships. This tranche bears interest at LIBOR plus
385 bps per annum. The entire $71.0 million facility now matures in
the fourth quarter of 2019 and is repayable in eight quarterly
payments of $6.5 million each, plus a balloon payment on the last
repayment date. As of December 31, 2017, the outstanding principal
amount under this new tranche of the facility was $50.0 million and
the total amount outstanding under this facility was $70.2
million.
The maturity of the other $40.0 million loan
facility the Company entered into in June 2017 has also been
extended to the fourth quarter of 2019.
On December 20, 2017, Navios Containers entered
into a loan facility for an amount of up to $24.0 million with a
commercial bank in order to partially finance the acquisition of
four containerships. As of December 31, 2017, the outstanding
principal amount under this facility was $18.0 million (which was
used to partially finance the two 2009-built 4,250 TEU
containerships and the 2010-built 4,360 TEU containership), with
the remaining $6.0 million available to finance the acquisition of
an additional vessel. The facility is repayable in twenty
consecutive quarterly instalments of $0.6 million each, plus a
balloon payment on the last repayment date. The facility matures in
December 2022 and bears interest at LIBOR plus 300 bps per
annum.
Refinancing Credit Facilities – Reducing
Cash Breakeven
The Company is in advanced discussions for
re-financing its credit facilities maturing in the fourth quarter
of 2019, totalling $102.7 million outstanding on December 31, 2017.
Under one of the alternatives for such refinancing, the daily debt
service cost in 2018 for the containerships would be reduced by
58%. No assurances can be provided that the Company will
successfully refinance these credit facilities.
Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Basic
Earnings per Share are non-U.S. GAAP financial measures and should
not be used in isolation or as substitutes for Navios Containers’
results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of
Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted
EBITDA, Adjusted Net Income and Adjusted Basic Earnings per Share
of Navios Containers and a reconciliation of such measures to the
most comparable measures calculated under U.S. GAAP.
Fourth Quarter 2017 and period from April 28, 2017 (date
of inception) to December 31, 2017 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The fourth quarter 2017 and the period from
April 28, 2017 (date of inception) to December 31, 2017 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective period.
|
|
|
|
|
|
|
Three Month Period Ended December 31,
2017 |
|
Period from April 28, 2017 (date of inception)
to December 31, 2017 |
|
|
(unaudited) |
|
(unaudited) |
Revenue |
|
$ |
21,329 |
|
$ |
39,188 |
Net Income |
|
$ |
1,673 |
|
$ |
2,638 |
Adjusted Net Income
(1) |
|
$ |
1,673 |
|
$ |
3,085 |
Net cash provided by
operating activities |
|
$ |
3,859 |
|
$ |
2,623 |
EBITDA |
|
$ |
9,917 |
|
$ |
18,709 |
Adjusted EBITDA
(1) |
|
$ |
9,917 |
|
$ |
19,156 |
Basic Earnings per
Share |
|
$ |
0.07 |
|
$ |
0.14 |
Adjusted Basic Earnings
per Share (1) |
|
$ |
0.07 |
|
$ |
0.17 |
|
|
|
|
|
|
|
(1) Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings
per Share for the three month period ended December 31, 2017 and
for the period from April 28, 2017 (date of inception) to December
31, 2017 exclude $0.4 million relating to the reactivation costs of
four laid-up vessels.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of the Navios Containers' operations and its
fleet performance for the three month period ended December 31,
2017 and for the period from which the vessels were delivered, June
8, 2017 through December 31, 2017.
|
|
|
|
|
|
|
Three Month Period Ended December 31,
2017 |
|
Period from June 8, 2017 to December 31,
2017 |
|
|
|
|
|
Available Days (1) |
|
1,434 |
|
|
2,411 |
|
Operating Days (2) |
|
1,352 |
|
|
2,268 |
|
Fleet Utilization
(3) |
|
94.3 |
% |
|
94.1 |
% |
Vessels operating at
period end |
|
21 |
|
|
21 |
|
TCE (4) |
$ |
14,232 |
|
$ |
15,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Available
days for the fleet are total calendar days the vessels were in
Navios Containers' possession for the relevant period after
subtracting off-hire days associated with major repairs, drydocking
or special surveys. The shipping industry uses available days to
measure the number of days in a relevant period during which
vessels should be capable of generating revenues. |
|
(2 |
) |
Operating
days are the number of available days in the relevant period less
the aggregate number of days that the vessels are off-hire due to
any reason, including unforeseen circumstances. The shipping
industry uses operating days to measure the aggregate number of
days in a relevant period during which vessels actually generate
revenues. |
|
(3 |
) |
Fleet
utilization is the percentage of time that Navios Containers'
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. The shipping
industry uses fleet utilization to measure a company's efficiency
in finding suitable employment for its vessels. |
|
(4 |
) |
TCE is
defined as voyage and time charter revenues less voyage expenses
during a relevant period divided by the number of available days
during the period. |
|
|
|
|
|
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. (N-OTC:NMCI) is
a growth vehicle dedicated to the container sector of the maritime
industry. For more information, please visit its website at
www.navios-containers.com.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a
global, vertically integrated seaborne shipping and logistics
company focused on the transport and transshipment of dry bulk
commodities including iron ore, coal and grain. For more
information about Navios Holdings please visit our website:
www.navios.com.
About Navios Maritime Partners L.P.
Navios Partners (NYSE:NMM) is a publicly traded
master limited partnership which owns and operates container and
dry bulk vessels. For more information, please visit its website at
www.navios-mlp.com.
Forward Looking Statements - Safe Harbor
This press release contains forward-looking
statements concerning future events, including future contracted
revenues and rates, EBITDA, future available days, future financial
performance of the fleet, timing of vessel deliveries, and Navios
Containers' growth strategy and measures to implement such
strategy; including future vessel acquisitions and the ability to
secure or refinance related financing, the further growth of our
containership fleet, and entering into further time charters. Words
such as “may,” “expects,” “intends,” “plans,” “believes,”
“anticipates,” “hopes,” “estimates,” and variations of such words
and similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based on the
information available to, and the expectations and assumptions
deemed reasonable by Navios Containers at the time these statements
were made. Although Navios Containers believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of Navios
Containers. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but
are not limited to, risks relating to the future vessel
acquisitions, the quality of the fleet and the market for the fleet
vessels, the uncertainty relating to global trade, including prices
of seaborne commodities and continuing issues related to seaborne
volume and ton miles, our continued ability to enter into long-term
time charters, our ability to maximize the use of our vessels,
expected demand in the container shipping sector in general,
fluctuations in charter rates for container carrier vessels, the
aging of our fleet and resultant increases in operations costs, the
loss of any customer or charter or vessel, the financial condition
of our customers, changes in the availability and costs of funding
due to conditions in the bank market, capital markets and other
factors, increases in costs and expenses, including but not limited
to: crew wages, insurance, provisions, port expenses, lube oil,
bunkers, repairs, maintenance, and general and administrative
expenses, the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, as well as standard regulations imposed by our
charterers applicable to our business, general domestic and
international political conditions, competitive factors in the
market in which Navios Containers operates, and risks associated
with global operations. Navios Containers expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Navios Containers' expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. Navios Containers makes no prediction
or statement about the performance of its common stock.
Contact:
Navios Maritime Containers
Inc.+1.212.906.8648investors@navios-containers.com
EXHIBIT I
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. dollars - except for
share and per share data) |
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended December 31, 2017
(unaudited) |
|
Period from April 28,
2017(date of inception) to December
31, 2017(unaudited) |
|
Revenue |
|
|
|
21,329 |
|
|
|
39,188 |
|
Time charter and voyage
expenses |
|
|
|
(913 |
) |
|
|
(1,257 |
) |
Direct vessel
expenses |
|
|
|
(157 |
) |
|
|
(672 |
) |
Management fees
(entirely through related parties transactions) |
|
|
|
(9,211 |
) |
|
|
(16,488 |
) |
General and
administrative expenses |
|
|
|
(1,274 |
) |
|
|
(2,262 |
) |
Depreciation and
amortization |
|
|
|
(6,908 |
) |
|
|
(13,578 |
) |
Interest expense and
finance cost, net |
|
|
|
(1,180 |
) |
|
|
(2,268 |
) |
Other expense, net |
|
|
|
(13 |
) |
|
|
(25 |
) |
Net
income |
|
|
$ |
1,673 |
|
|
$ |
2,638 |
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders |
|
|
$ |
1,673 |
|
|
$ |
2,638 |
|
|
|
|
|
|
|
|
|
Net earnings per share,
basic and diluted |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares, basic and diluted |
|
|
|
25,195,985 |
|
|
|
18,371,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED BALANCE
SHEET(Expressed in thousands of U.S. dollars – except for
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,2017(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
$ |
14,221 |
|
|
Restricted Cash |
|
|
|
|
|
280 |
|
|
Accounts receivable,
net |
|
|
|
|
|
642 |
|
|
Amounts due from
related companies |
|
|
|
|
|
5,643 |
|
|
Inventories |
|
|
|
|
|
536 |
|
|
Prepaid and other
current assets |
|
|
|
|
|
49 |
|
|
Total current
assets |
|
|
|
|
|
21,371 |
|
|
|
|
|
|
|
|
|
|
|
Vessels, net |
|
|
|
|
|
177,597 |
|
|
Favorable lease
terms |
|
|
|
|
|
58,496 |
|
|
Deferred dry dock and
special survey costs, net |
|
|
|
|
|
3,582 |
|
|
Long-term receivable
from related companies |
|
|
|
|
|
5,765 |
|
|
Total
non-current assets |
|
|
|
|
|
245,440 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
|
|
$ |
266,811 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
$ |
582 |
|
|
Accrued expenses |
|
|
|
|
|
3,934 |
|
|
Deferred income and
cash received in advance |
|
|
|
|
|
2,544 |
|
|
Amounts due to related
companies |
|
|
|
|
|
- |
|
|
Current portion of
long-term debt, net |
|
|
|
|
|
42,499 |
|
|
Total current
liabilities |
|
|
|
|
|
49,559 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of
current portion |
|
|
|
|
|
76,534 |
|
|
Total
non-current liabilities |
|
|
|
|
|
76,534 |
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
|
|
$ |
126,093 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common stock — $0.0001 par value, 75,000,000 authorized registered
ordinary shares, 29,148,554 issued and outstanding as of December
31, 2017. |
|
|
|
|
|
3 |
|
|
Additional paid-in
capital |
|
|
|
|
|
138,077 |
|
|
Retained earnings |
|
|
|
|
|
2,638 |
|
|
Total
stockholders’ equity |
|
|
|
|
|
140,718 |
|
|
Total
liabilities and stockholders’ equity |
|
|
|
|
$ |
266,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Expressed in thousands of U.S. dollars – except for
share data) |
|
|
|
|
|
|
|
Period from April 28,
2017(date of inception) to December
31, 2017
(unaudited) |
OPERATING
ACTIVITIES: |
|
|
|
|
|
Net income |
|
|
$ |
2,638 |
|
Adjustments to
reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and
amortization |
|
|
|
13,578 |
|
Amortization of
deferred financing costs |
|
|
|
430 |
|
Amortization of
deferred drydock and special survey costs |
|
|
|
225 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
Increase in accounts
receivable |
|
|
|
(642 |
) |
Increase in due from
related companies |
|
|
|
(5,195 |
) |
Increase in
inventories |
|
|
|
(536 |
) |
Increase in prepaid and
other current assets |
|
|
|
(4 |
) |
Increase in long-term
receivable from affiliate companies |
|
|
|
(5,765 |
) |
Increase in accounts
payable |
|
|
|
536 |
|
Increase in accrued
expenses |
|
|
|
2,541 |
|
Decrease in due to
related companies |
|
|
|
(1,674 |
) |
Decrease in deferred
income and cash received in advance |
|
|
|
298 |
|
Payments for dry dock
and special survey costs |
|
|
|
(3,807 |
) |
Net cash used
in operating activities |
|
|
$ |
2,623 |
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
Cash acquired through
asset acquisition |
|
|
|
5,433 |
|
Acquisition of vessels
and favorable lease terms |
|
|
|
(254,660 |
) |
Net cash used
in investing activities |
|
|
$ |
(249,227 |
) |
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
Proceeds from long-term
borrowings, net of loan discount |
|
|
|
127,760 |
|
Repayment of long term
debt |
|
|
|
(8,340 |
) |
Debt issuance
costs |
|
|
|
(815 |
) |
Increase in restricted
cash |
|
|
|
(280 |
) |
Proceeds from issuance
of common shares, net of offering costs |
|
|
|
142,500 |
|
Net cash
provided by financing activities |
|
|
|
260,825 |
|
|
|
|
|
|
|
Increase in
cash and cash equivalents |
|
|
|
14,221 |
|
Cash and cash
equivalents, beginning of period |
|
|
|
- |
|
Cash and cash
equivalents, end of period |
|
|
$ |
14,221 |
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
|
|
|
|
|
|
|
Non-cash
investing and financing activities |
|
|
|
|
|
|
Cash paid for interest,
net |
|
|
$ |
1,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME CONTAINERS
INC.CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN EQUITY(Expressed in thousands of U.S. dollars — except
for share data) |
|
|
|
|
|
|
|
|
|
|
|
|
For the period from April 28, 2017 (date of inception) to
December 31, 2017 |
|
Number of
Common Shares |
|
Common Stock |
|
|
Additional Paid-in
Capital |
|
Retained Earnings |
|
Total Stockholders’ Equity |
|
Balance April
28, 2017 (date of inception) |
|
|
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
|
Issuance of common
stock, net of offering expenses |
|
29,148,554 |
|
|
3 |
|
|
142,500 |
|
|
|
- |
|
|
142,503 |
|
|
Deemed distribution to
controlling stockholders |
|
- |
|
|
- |
|
|
(4,423 |
) |
|
|
- |
|
|
(4,423 |
) |
|
Net income |
|
- |
|
|
- |
|
|
- |
|
|
|
2,638 |
|
|
2,638 |
|
|
Balance
December 31, 2017
(unaudited) |
|
29,148,554 |
|
$ |
3 |
|
$ |
138,077 |
|
|
$ |
2,638 |
|
$ |
140,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Basic Earnings per Share are “non-U.S. GAAP financial
measure” and should not be used in isolation or considered a
substitute for net income/ (loss), cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income/(loss) before
interest and finance costs, before depreciation and amortization.
Adjusted EBITDA represents EBITDA, excluding certain items as
described under “Earnings Highlights”. Adjusted Net Income and
Adjusted Basic Earnings per Share represent Net Income and Basic
Earnings per Share, excluding certain items as described under
“Earnings Highlights”. We use EBITDA and Adjusted EBITDA as
liquidity measures and reconcile EBITDA and Adjusted EBITDA to net
cash provided by/(used in) operating activities, the most
comparable U.S. GAAP liquidity measure. EBITDA is calculated as
follows: net cash provided by operating activities adding back,
when applicable and as the case may be, the effect of (i) net
increase/(decrease) in operating assets, (ii) net
(increase)/decrease in operating liabilities, (iii) net interest
cost, (iv) deferred finance charges and (v) payments for drydock
and special survey costs. Navios Containers believes that EBITDA
and Adjusted EBITDA are a basis upon which liquidity can be
assessed and represents useful information to investors regarding
Navios Containers’ ability to service and/or incur indebtedness,
pay capital expenditures, meet working capital requirements and pay
dividends. Navios Containers also believes that EBITDA and Adjusted
EBITDA are used (i) by prospective and current lessors as well as
potential lenders to evaluate potential transactions; (ii) to
evaluate and price potential acquisition candidates; and (iii) by
securities analysts, investors and other interested parties in the
evaluation of companies in our industry.
EBITDA and Adjusted EBITDA are presented to
provide additional information with respect to the ability of
Navios Containers to satisfy its respective obligations, including
debt service, capital expenditures, working capital requirements
and pay dividends. While EBITDA and Adjusted EBITDA are frequently
used as a measure 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 those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA has limitations as an
analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Containers’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA does not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA does not reflect the amounts necessary to service interest
or principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Containers’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
|
|
|
|
|
|
|
Three Month Period Ended December
31, 2017 |
|
|
Period from April 28,2017 (date of
inception) to December 31, 2017 |
|
|
|
|
(in thousands
of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Net cash provided
by/(used in) operating activities |
|
$ |
3,859 |
|
|
|
$ |
2,623 |
|
Net increase in
operating assets |
|
|
996 |
|
|
|
|
12,142 |
|
Net increase in
operating liabilities |
|
|
2,642 |
|
|
|
|
(1,701 |
) |
Payments for drydock
and special survey |
|
|
1,471 |
|
|
|
|
3,807 |
|
Deferred finance
charges |
|
|
(231 |
) |
|
|
|
(430 |
) |
Net interest cost |
|
|
1,180 |
|
|
|
|
2,268 |
|
EBITDA(1) |
|
$ |
9,917 |
|
|
|
$ |
18,709 |
|
|
|
|
|
|
|
|
|
Re-activation cost |
|
|
- |
|
|
|
|
447 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
9,917 |
|
|
|
$ |
19,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
|
Three Month Period Ended December
31, 2017 |
|
Period from April 28,2017 (date of
inception) to December 31, 2017 |
|
|
|
(in
thousands of U.S. dollars) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
3,859 |
|
|
$ |
2,623 |
|
Net cash
used in investing activities |
|
$ |
(129,157 |
) |
|
$ |
(249,227 |
) |
Net cash
provided by financing activities |
|
$ |
109,587 |
|
|
$ |
260,825 |
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
|
|
|
|
|
|
|
Owned
Vessels |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Name |
|
TEU |
|
Year Built |
|
|
Navios Summer |
|
3,450 |
|
2006 |
|
|
Navios Verano |
|
3,450 |
|
2006 |
|
|
Navios Spring |
|
3,450 |
|
2007 |
|
|
Navios Amaranth |
|
4,250 |
|
2007 |
|
|
Navios Indigo |
|
4,250 |
|
2007 |
|
|
Navios Vermilion |
|
4,250 |
|
2007 |
|
|
Navios Verde |
|
4,250 |
|
2007 |
|
|
Navios Amarillo |
|
4,250 |
|
2007 |
|
|
Navios Azure |
|
4,250 |
|
2007 |
|
|
MOL Dominance |
|
4,250 |
|
2008 |
|
|
MOL Delight |
|
4,250 |
|
2008 |
|
|
MOL Dedication |
|
4,250 |
|
2008 |
|
|
MOL Devotion |
|
4,250 |
|
2009 |
|
|
MOL Destiny |
|
4,250 |
|
2009 |
|
|
Navios Lapis |
|
4,250 |
|
2009 |
|
|
Navios Tempo |
|
4,250 |
|
2009 |
|
|
Navios Felicitas |
|
4,360 |
|
2010 |
|
|
APL Oakland |
|
4,730 |
|
2008 |
|
|
APL Los Angeles |
|
4,730 |
|
2008 |
|
|
APL Denver |
|
4,730 |
|
2008 |
|
|
APL Atlanta |
|
4,730 |
|
2008 |
|
|
|
|
|
|
|
|
|
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