Navios Maritime Containers L.P.
Q1 2020 Earnings Presentation
May 7, 2020
Navios Maritime Containers L.P.
Forward Looking Statements
This presentation contains 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 future contracted revenues and rates, EBITDA, future available days, future financial performance of the fleet, timing of vessel deliveries, vessel acquisitions, financing activities, 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 risks and are based upon a number of assumptions and estimates that 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: global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the COVID-19 pandemic and the ongoing efforts throughout the world to contain it; the favorable timing for acquisitions and chartering opportunities in the container shipping sector and Navios Containers' ability to take advantage of such opportunities; the value of container shipping vessels; Navios Containers' ability to identify container shipping vessels for acquisition at attractive prices, if at all, including the availability of distressed acquisition opportunities in the container shipping industry; Navios Containers' ability to execute on a low-cost operating structure; Navios Containers' ability to achieve a return on investment for and to pay cash distributions to our unitholders or make common unit repurchases from our unitholders; any advantages resulting from Navios Containers' strategic focus on intermediate-size containerships; Navios Containers' ability to leverage the scale, experience, reputation and relationships of the Navios Group, consisting of Navios Maritime Holdings Inc., Navios Maritime Acquisition Corporation, Navios Maritime Partners L.P., and any one or more of their subsidiaries and affiliates. Navios Containers' future financial condition or results of operations and its future revenues and expenses, including its estimated adjusted cash flow; the loss of any customer or charter or vessel; the aging of Navios Containers' vessels and resultant increases in operation and drydocking costs; Navios Containers' ability to maintain long-term relationships with major liner companies; Navios Containers' ability to access debt, credit and equity markets; potential liability from litigation and our vessel operations, including discharge of pollutants; Navios Containers' and the Navios Group's performance in safety, environmental and regulatory matters; increases in costs and expenses, including but not limited to, crew wages, insurance, technical maintenance costs, spares, stores and supplies, charter brokerage commissions on gross voyage revenues and general and administrative expenses; the changes to the regulatory requirements applicable to the shipping and container transportation industry, including, without limitation, stricter requirements adopted by international organizations, such as the International Maritime Organization and the European Union, or by individual countries or charterers and actions taken by regulatory authorities and governing such areas as safety and environmental compliance; the anticipated taxation of Navios Containers and its unitholders; and the effects of increasing emphasis on environmental and safety concerns by customers, governments and others, as well as changes in maritime regulations and standards. 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 units.
Navios Maritime Containers L.P.
Definitions
EBITDA represents net income/(loss) attributable to Navios Containers' common unitholders before interest and finance costs, before depreciation and amortization. Navios Containers uses EBITDA as a liquidity measure and reconciles 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/(used in) 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 is 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 is used:
- 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 is 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 is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
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 does not reflect changes in, or cash requirements for, working capital needs; (ii) 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 does not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA should not be considered as a principal indicator of Navios Containers' performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
Navios Maritime Containers L.P.
Navios Universe
Navios Maritime
Containers L.P.
(Nasdaq: NMCI)
29 Containerships
Premier Ship Owner
- ~200 vessels controlled
- Economies of scale
- Global brand
- Value creation through cycle
- Strong Industry relationships
- Seasoned Management
Navios Maritime
Partners L.P.
(NYSE: NMM)
48 vessels (3): 14 Capes, 20 Panamaxes, 4 Ultra-
Handymaxes, 10 Containerships
Navios Maritime
Acquisition
Corporation
(NYSE: NNA)
46 vessels (1): 31 product |
tankers, 13 VLCCs, 2 |
Navios Maritime
Holdings Inc.
(NYSE: NM)
53 dry bulk vessels:
35 owned (2), 18 chartered-in
Navios South
American
Logistics Inc.
Port Terminal facilities,
barging & cabotage
chemical tankers |
Special Purpose
Vehicle
Navios Europe II (4)
14 vessels: 7
Containerships, 5 Panamax,
2 Handymax
- Includes three newbuild vessels on bareboat charter expected to be delivered in Q4 2020 and Q1 and Q3 2021
- Includes one Panamax vessel agreed to be sold; includes fivebareboat-in vessels of which one is expected to be delivered in Q2 2020
- Includes threebareboat-in Panamax vessels; two expected to be delivered by H1 2021
- The structure is expected to be liquidated during Q2 2020
4
Navios Maritime Containers L.P.
Ownership Structure
Common Unitholders | |
Navios Maritime | Navios Maritime |
Partners L.P. | Holdings Inc. |
62.8% Interest | |
33.5% Interest | 3.7% Interest |
Navios Maritime Containers L.P.
(NASDAQ: NMCI)
100% Interest
29 Containerships
25 x Baby Panamaxes | 4 x New Panamaxes | |
22 x 4,250-4,730 TEU 13 x 3,450 TEU | 12 x 8,204 TEU | 12 x 10,000 TEU |
5
Navios Maritime Containers L.P.
NMCI: Company Highlights
Containership
Vehicle Focused on Panamax Segments
Strong Balance Sheet
Leverage Existing Operating Platform
Strong Sponsor with
Seasoned
Management
- Attractive entry point and clean,low-cost structure
- Focused on two most attractive segments from a demand/supply perspective
- "Baby Panamaxes" (3,450 - 4,730 TEU)
- "New Panamaxes" (7,500 - 10,000 TEU)
- Charter policy balances utilization and market opportunity
- Well-capitalizedvehicle with conservative leverage
- No significant debt maturities until 2023
- Attractive cost basis in existing fleet (acquisition prices close to scrap values)
- Leverage established large operating platform
- Economies of scale
- Charterers prefer to deal with large and reliable owners
- Management team - average industry experience of 20+ years per person
- Strategic relationships with banks and other key industry players
- Track record of financial reporting, compliance and accountability
- Demonstrated access of Navios Group to debt and equity capital markets
Navios Group's Containership Vehicle - Right of First Refusal for all Containerships (1)
(1) As per Omnibus Agreement
6
Navios Maritime Containers L.P.
Pandemic's Impact on Container Trade
IMF expects global economy to shrink by 3% during 2020 and increase by 5.8% in 2021
- Advanced economies forecast to decline 6.1% in 2020 and increase by 4.5% in 2021
- China and India expected to grow 1.2% and 1.9% in 2020 and increase by 9.2% and 7.4% in 2021, respectively
World Quarterly GDP | ||||||||
105.00 | ||||||||
100.00 | ||||||||
95.00 | ||||||||
90.00 | Advanced Economies | |||||||
85.00 | Emerging Market and Developing Economies | |||||||
Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
QoQ | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | ||||
US | -4.8% | -27.3% | 9.0% | 6.9% | ||||
Eurozone | -3.8% | -7.6% | 3.2% | 1.8% | ||||
China | -9.8% | 8.2% | 4.5% | 2.5% |
Container trade exposed to disruption to world economic activity
- 2020 container trade is projected to contract by 10.6% in TEU and increase by 9.6% in 2021
- Biggest drop (up to 30%) is expected in Q2 2020
- As economies recover in 2H 2020, volumes projected to improve
Source: IMF Apr 2020; Q1 2019=100, Bloomberg, Clarksons
7
Navios Maritime Containers L.P.
Recent Developments
Strong financial results - Q1 2020
EBITDA | $17.8 million | Net Income$5.0 million | EPU | $0.14 |
Strong balance sheet - low leverage
- ~ 80% of bank debt covered by scrap value of our fleet(1)
- No significant debt maturities until 2023
Low breakeven mitigates market downturn
- The pandemic slowdown will be reflected in the Q2 2020 results
- Breakeven per open day per quarter
Q2 2020E | Q3 2020E | Q4 2020E |
$6,734 | $9,101 | $9,775 |
Successful closing of new sale and leaseback transaction
• Vessels: 2 x 10,000 TEU and 2 x 8,204 TEU containerships
• Maturity: 2025/2027 (3.5 years average extension)
• Age adjusted profile: 22 years (10% improvement)
• Margin (average): 3.18% (2% improvement)
(1) Scrap value based on $365/LDT (Clarksons - Container Intelligence Monthly - March 2020)
8
Navios Maritime Containers L.P.
Cost Structure - 9M 2020E
Contracted revenue (average daily rate)Total cost per day (1)$15,632(2)
$11,636 | |
44.0% Fixed | $3,201 |
$1,115 | |
(incl. Index linked) | |
$805 | |
$6,515 | |
9M 2020E | 9M 2020E |
Opex | General & Administrative Expenses | ||
($ thousands) | 9M 2020E | ||
Total fixed revenue (2) | $48,928 | ||
Total cost (1) | (92,796) | ||
Cost over revenue | $(43,868) | ||
Open and index days | 4,845 | ||
Breakeven per open day | $9,054 |
Interest Expense | Capital Repayments | ||
TEU | Open | Index | Open and |
Days | Days | Index Days | |
3,450 | 486 | - | 486 |
4-5,000 | 3,736 | 380 | 4,116 |
8,204 | 243 | - | 243 |
Total | 4,465 | 380 | 4,845 |
- Total available days of fleet: 10,614 for FY 2020E; 7,975 for 9M 2020E
- $47.5 million expected additional revenue based on Clarksons rates(3)6-12 month rates for 3,500 TEU vessels, 4,400 TEU vessels and 8,500 TEU of $8,500, $9,500 and $17,500 respectively.
- Total cost includes operating expenses as per Management Agreement (excluding drydocking expenses), general and administrative expenses and debt service (interest expense and capital repayments).
- Excludesindex-linked charters
(3) Data as per April 24, 2020 | 9 |
Navios Maritime Containers L.P.
Liquidity and Debt Maturity Profile
March 31, 2020
(US $'000)
As of March 31, 2020 | |
Cash | $20,623 |
Debt (1) | $256,673 |
Partners' Capital | $194,989 |
Capitalization | $451,662 |
Net Debt / Capitalization | 52.3% |
Debt maturity
80 | |||||||
60 | |||||||
) | |||||||
40 | |||||||
million($ | |||||||
20 | 10.9 | 45.1 | 13.5 | 43.5 | |||
0 | |||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025+ |
No Significant Debt Maturities Until 2023
- Net of deferred financing fees.
10
Navios Maritime Containers L.P.
Fleet and Operations Overview
Navios Maritime Containers L.P.
Summary of Containership Fleet
29 Vessels (143K TEU)
Average age of combined fleet: 11.8 years ~ 8% younger than industry average (1)
2 Vessels | 2 Vessels | 22 Vessels | 3 Vessels |
10,000 TEU | 8,204 TEU | 4,250 - 4,730 TEU | 3,450 TEU |
Total: 20,000 TEU | Total: 16,408 TEU | Total: 96,063 TEU | Total: 10,350 TEU |
(1) Source: Clarksons
12
Navios Maritime Containers L.P.
Employment Summary for Fleet of 29 vessels
Navios Azure
Navios Devotion
Navios Domino
Navios Vermilion
Navios Utmost
Navios Delight
APL Oakland
APL Los Angeles
Bahamas
Navios Spring
Navios Felicitas
Navios Amaranth
APL Denver
Navios Verano
Navios Amarillo
Navios Miami
APL Atlanta
Navios Destiny
Navios Indigo
Navios Verde
Navios Dedication
Bermuda
Dry dock
Spot
Spot
Spot
May-20-- $21,231
May-20-- $9,134
May-20-- $10,133
May-20-- $10,001
May-20-- $10,213
May-20-- $8,888 / $7,700
May-20-- $12,588
May-20-- $9,650
May-20(1)-- $27,156
May-20-- $8,455
May-20-- $12,113 / $9,500
Jun-20-- $12,541
Jun-20-- $27,156 Aug-20--$9,525
Aug-20-- $11,454
Sep-20-- $12,416
Sep -20--$11,850
Sep-20-- $12,063
Sep-20-- $12,359
Fleet charter coverage
9M 2020E
44.0%(3)
56.0%
Fixed days Open days
Navios Summer
Navios Lapis
Navios Dorado
Navios Unite
Navios Tempo
Navios Constellation
Navios Unison
Nov --20-- $10,517 | ||
May-20-- $11,152 | Dec-20-- Index (2) | |
Jan-21-- $13,776 | ||
Apr-21-- $23,160 | ||
Jul-20-- $9,446 | July-21 | -- Index (2) |
Nov-20-- $26,325 | May-24-- $27,300 | |
May-21-- $26,325 | May-24-- $27,300 |
Apr-20Oct-20Apr-21Oct-21Mar-22
Daily charter-out rate net of commissions, where applicable. See fleet appendix for further detail
Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted
- Charter expiration dates shown reflect earliest redelivery date of the full redelivery period in the charter agreement
- The market rate will be calculated according to the Container Ship Time Charter Assessment Index (ConTex) as published for a 4,250 TEU vessel for a12-month period
(3) Includes index-linked charters | 13 |
Navios Maritime Containers L.P.
Industry Overview
Navios Maritime Containers L.P.
World Container Trade 1996-2020
World trade growth | ||||||||||||||
m TEU | 2019 P | 1.8% | growth | |||||||||||
2020 F | -10.6% | |||||||||||||
220 | 25% | |||||||||||||
1996 - 2019 CAGR = 6.5% | ||||||||||||||
200 | 2021 F | 9.6% | ||||||||||||
20% | ||||||||||||||
180 | ||||||||||||||
160 | 13.7% | 15% | ||||||||||||
9.6% | ||||||||||||||
140 | 5.8% | 10% | ||||||||||||
120 | 4.3% | |||||||||||||
5.0% | 4.6% | 5% | ||||||||||||
100 | 1.8% | |||||||||||||
80 | 2.0% | 0% | ||||||||||||
60 | -5% | |||||||||||||
40 | -9.5% | -10% | ||||||||||||
20 | ||||||||||||||
-10.6% | ||||||||||||||
0 | 2005 | 2009 | 2013 2014 | -15% | ||||||||||
1996 | 1997 | 1998 1999 2000 | 2001 | 2002 2003 2004 | 2006 | 2007 2008 | 2010 | 2011 2012 | 2015 2016 2017 | 2018 2019 P 2020 F | 2021 F | |||
World Trade | Trade Growth % | World GDP Growth % (RHS) |
Source : Clarkson Research Services, IMF Apr 2020
15
Navios Maritime Containers L.P.
Container Net Fleet, Age Profile + Historical Scrapping
Deliveries | Removals | Net fleet growth | |||||||||||||
Year | Actual | Projected | % Non- | Year | TEU | % of | Year | TEU | % of Fleet | Fleet Period | |||||
Delivery | Fleet | End | |||||||||||||
2020 Apr | 149 | K | 323 | K | 54% | 2020 | 38 | K | 0.2% | 2020(1) | 111 | K | 0.5% | 23,074 | K |
2019 | 1,063 | K | 1,128 | K | 6% | 2019 | 183 | K | 0.8% | 2019 | 880 | K | 4.0% | 22,963 | K |
2018 | 1,298 | K | 1,667 | K | 22% | 2018 | 126 | K | 0.6% | 2018 | 1,173 | K | 5.6% | 22,083 | K |
2017 | 1,177 | K | 1,686 | K | 30% | 2017 | 407 | K | 2.0% | 2017 | 769 | K | 3.8% | 20,910 | K |
2016 | 913 | K | 1,341 | K | 32% | 2016 | 665 | K | 3.3% | 2016 | 248 | K | 1.2% | 20,141 | K |
2015 | 1,661 | K | 1,889 | K | 12% | 2015 | 202 | K | 1.1% | 2015 | 1,459 | K | 7.9% | 19,893 | K |
2014 | 1,525 | K | 1,624 | K | 6% | 2014 | 376 | K | 2.2% | 2014 | 1,150 | K | 6.7% | 18,434 | K |
2013 | 1,368 | K | 1,840 | K | 26% | 2013 | 456 | K | 2.8% | 2013 | 913 | K | 5.6% | 17,284 | K |
2012 | 1,274 | K | 1,578 | K | 20% | 2012 | 349 | K | 2.3% | 2012 | 925 | K | 6.0% | 16,371 | K |
Removals
Year | Total (,000 TEU) | % of Fleet |
2004 | 9.0 | 0.14% |
2005 | 4.4 | 0.06% |
2006 | 26.7 | 0.32% |
2007 | 26.6 | 0.28% |
2008 | 108.5 | 0.99% |
2009 | 380.8 | 3.08% |
2010 | 150.4 | 1.15% |
2011 | 94.6 | 0.66% |
2012 | 348.8 | 2.26% |
2013 | 455.5 | 2.78% |
2014 | 375.5 | 2.17% |
2015 | 201.9 | 1.10% |
2016 | 664.5 | 3.34% |
2017 | 407.3 | 2.02% |
2018 | 125.8 | 0.60% |
2019 | 182.6 | 0.83% |
2020 | 38.5 | 0.17% |
Source: Clarksons; Unless noted, all data in TEU; Provisional through 5/4/20
Container Fleet Age Profile (% TEU) | ||
25% | ||
20% | ||
15% | 13.3% | 4.73 M TEU |
10% | ||
5% | 5.6% | |
0% | 1.6% | |
25+ yrs | 20-24 yrs | 15-19 yrs |
Total container fleet: 5,389
2020 Deliveries: 35 ships, 149K TEU to 5/4/20
Expected 2020 net fleet growth ~ 2.2%*
2019 net fleet growth 878 K including
1,063 K delivered - 183 K removed
(1) Net Fleet Growth reflects provisional deliveries and scrapping thru 5/4/20 * Expected growth basis Clarksons
16
Navios Maritime Containers L.P.
Containerships 2020 Non-Deliveries
Following Pandemic's outbreak non-delivery pace increased significantly
- 54%non-deliveries YTD
- 68.5% averagenon-deliveries from February to April 2020
- 258.7 K TEU expected deliveries
- 81.5 K TEU delivered
- Acceleratingnon-deliveries lead to minimal net fleet growth for 2020
Total container fleet | |||||
Non-deliveries % | 92.9% | 29.4% | 70.4% | ||
Actual | 80,966 | 121,370 | |||
64,250 | 56,358 | ||||
Expected | 67,463 | 5,745 | 39,790 | 35,972 | |
January | February | March | April | ||
10,000+ TEU | |||||
Non-deliveries % | 100% | 52.3% | 74.9% | ||
56,942 | 95,320 | ||||
Actual | 38,708 23,268 | 31,316 | 23,964 | ||
0 | 14,952 | ||||
Expected | |||||
January | February | March | April | ||
100-3,999 TEU | |||||
Non-deliveries % | 39.6% | 76.1% | 44.8% | 51.5% | |
40,982 | |||||
Actual | 24,744 | 24,024 | 13,838 | 25,042 | 26,050 |
5,745 | 12,008 | ||||
Expected | |||||
Source: Clarksons | January | February | March | April | |
Non deliveries %
Past three months
68.5%
78.8%
57.9%
17
Navios Maritime Containers L.P.
Containership Orderbook
Orderbook by year of delivery:
(Actual # vessels delivered: 2016 = 134; 2017 = 157; 2018 = 179; 2019 = 161; 2020 = 35)
- Orderbook as of May 2020 of 10.0% among lowest ever as percentage of fleet(1)
'000 TEU | Non-deliveries | |
1,500 | 2020 orderbook = 1.1 M TEU | |
Before non-delivery | (before non deliveries) |
1,000 | 6% | 64 | Based on past three months | ||||
68.5% non deliveries rate | |||||||
expected 2020 | |||||||
500 | 1,063 | 1,139 | 947 | deliveries = ~ 0.5 M TEU | |||
351 | Expected 2020 Net fleet | ||||||
0 | 2019 | 2020 | 2021 | 2022 | 2023 | growth ~ 1.1%(2) | |
On 1/1/2020 | 0 | ||||||
Containership orderbook skewed to larger sized vessels |
'000 TEU
2,000
1,500
1,000
500
0
2020 | 2021 | 2022 | 2023 | 82% | |
0-1,999 | 2,000-2,999 | 3,000-3,999 | 4,000-5,099 | 5,100-7,499 | 7,500-9,99910,000-12,999 | 13,000+ |
- ~ 82% of containership orderbook is for vessels of 10,000+ TEU
-
~ 65% of orderbook is for vessels of 13,000+
TEU - ~ 17% of orderbook is for vessels of 10,000 - 13,000 TEU
Source: Clarksons; 2019 Non-deliveries are preliminary
- Orderbook on 5/4/20: Total= 2.31 M TEU; 2020= 0.89 M TEU; 2021= 1.00 M TEU; 2022+= 0.43 M TEU
- Expected net fleet growth based on 0.46 M TEU deliveries for 2020 (68.5% non delivery rate for the remaining 8 months) and 0.20M TEU removals
18
Navios Maritime Containers L.P.
Containership Idle Capacity
- Mid April idle capacity (adjusted for scrubber retrofits) is 5.8% compared to 2.2% in January 2020
- 385 idle containerships as of beginning April 2020
- 79 containerships were retrofitting scrubbers, of which 60 were retrofits on ships over 7,500 TEU
- Total idle capacity (including vessels retrofitting scrubbers) was 9.4% in April compared to 6.1% in January 2020
TEU
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
- of total fleet
100-999 | 1,000-1,999 | 2,000-2,999 | 3,000-3,999 |
4,000-5,099 | 5,100-7,499 | 7,500-9,999 | 10,000 + |
Jan-2011Jan-2012 | Jan-2013Jan-2014 | Jan-2015Jan-2016Jan-2017Jan-2018Jan-2019 | ||||||
2.3% | 4.1% | 5.1% | 4.5% | 1.4% | 7.1% | 7.3% | 2.1% | 2.8% |
Adjusted idle
capacity
increased 168%
since Jan 2020
1Jan20 NoRetro 13Apr20 NoRetro
2.2%5.8%
Source: Alphaliner Monthly Monitors inbcluding April 2020;
Adjusted idle basis Alphaliner Weekly 2020 Issues 02,16
19
Navios Maritime Containers L.P.
Cascading Benefits 4,000-5,100 TEU Vessels - Intra Asia
- 4,000-5,100TEU vessels' share increased by 95% in Intra Asia deployment from 2012 to 2020 making it the size with the highest deployment growth as vessels trading in Asian ports are getting bigger
NMCI Baby Panamaxfleet deployment (1)
Intra Asia deployment share per containership size
(40%)
(28%) |
45% |
32% |
25%
8% | 95% |
20% | |
12% | |
2012 | 2020 |
100-999TEU |
2012 | 2020 |
1,000-1,999TEU |
23% | |
18% | |
2012 | 2020 |
2,000-2,999TEU |
3.3 | |
% | |
3% | |
2012 | 2020 |
3,000-3,999TEU |
25% | |
13% | |
2012 | 2020 |
4,000-5,100TEU |
- NMCI Baby Panamax fleet voyages for Oct 2019 - Jan 2020. (Source: Clarksons SeaNet) Source: Alphaliner Apr 2020;
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Navios Maritime Containers L.P.
7,500-10,000 TEU Vessels - Workhorses of Containerships
In ~ 60% of worldwide containership | |
Worldwide containership deployments | |
deployments, 7,500-10,000 vessels dominate | |
Far East - EU | EU - US | |
(10,000+ teu | ||
Far East - US | ||
vessels - 95% | ||
of the trade ) | 18% | Africa related |
M East related | ||
65% | Lat Am related | |
17% | Oceania related | |
Intra Asia | trade | |
Intra Europe and other
(0-5,100 teu vessels - 92% of the trade)
4.0 | Million TEU | 3.61 |
3.5 | ||
3.0 | 2.81 | |
2.5 | 2.26 |
2.01.81
1.5 1.34
1.00.64
0.5 | 0.16 |
0.0
Source: Trade map based on Clarkons SeaNet (7,500-10,000 TEU mid Feb - Mid Apr 2018). Vessel deployment data from Alphaliner Apr 2020
21
Navios Maritime Containers L.P.
Review of Q1 2020 Results
Navios Maritime Containers L.P.
NMCI Q1 2020 Earnings Highlights
Earnings Highlights | |||
(Figures in $'000, except per unit data) | Three Month Period Ended Three Month Period Ended | P-O-P | |
March 31, 2020 | March 31, 2019 | Variance | |
Revenue | $40,261 | $31,832 | 26% |
EBITDA | 17,831 | 12,048 | 48% |
Net Income | 5,009 | 53 | 9,351% |
Earnings Per Unit (basic and diluted) | $0.14 | $0.00 | 9,351% |
Fleet Summary Data | |||
Three Month Period Ended Three Month Period Ended | P-O-P | ||
March 31, 2020 | March 31, 2019 | Variance | |
Available Days | 2,639 | 2,471 | 7% |
Fleet Utilization | 99.6% | 99.7% | 0% |
Time Charter Equivalent (TCE) | $14,271 | $12,217 | 17% |
Active Vessels at Period End | 29 | 28 | 4% |
23
Navios Maritime Containers L.P.
NMCI Balance Sheet
Selected Balance Sheet Data (in $'000) | ||
March 31, 2020 | December 31, 2019 | |
Cash & cash equivalents (1) | $20,623 | $18,109 |
Vessels and deferred dry dock and special survey costs, net | 411,614 | 415,143 |
Other assets (including current and non-current) | 27,243 | 20,762 |
Intangible assets | 1,801 | 6,288 |
Total Assets | $461,281 | $460,302 |
Other current liabilities | 9,619 | 24,664 |
Current portion of long term borrowings, net | 32,565 | 46,733 |
Long term borrowings, net of current portion | 224,108 | 198,925 |
Total Partners' capital | 194,989 | 189,980 |
Total Liabilities & Partners' capital | $461,281 | $460,302 |
Net Debt / Book Capitalization | 52.3% | 52.2% |
(1) Includes restricted cash.
24
Navios Maritime Containers L.P.
Appendix
Navios Maritime Containers L.P.
Navios Containers Existing Fleet
Vessel Name | TEU | Built | Employment | Exp. Date (2) | Charter Rate (1) | |
Navios Summer (4) | 3,450 | 2006 | TC | Nov-2020 | $10,517 | |
Navios Verano (4) | 3,450 | 2006 | TC | May-2020 | $8,455 | |
Navios Spring (4) | 3,450 | 2007 | TC | May-2020 | $8,888 | |
May-2020 | $7,700 | |||||
Navios Amaranth (4) | 4,250 | 2007 | TC | May-2020 | $9,650 | |
Navios Indigo (4) | 4,250 | 2007 | TC | Sep-2020 | $12,416 | |
Navios Vermillion (4) | 4,250 | 2007 | Spot | - | - | |
Navios Verde (4) | 4,250 | 2007 | TC | Sep-2020 | $11,850 | |
Navios Amarillo (4) | 4,250 | 2007 | TC | May-2020 | $12,113 | |
May-2020 | $9,500 | |||||
Navios Azure (4) | 4,250 | 2007 | DD | - | - | |
Navios Domino (4) | 4,250 | 2008 | Spot | - | - | |
Navios Delight (4) | 4,250 | 2008 | TC | May-2020 | $9,134 | |
Navios Dedication (4) | 4,250 | 2008 | TC | Sep-2020 | $12,063 | |
Navios Devotion (4) | 4,250 | 2009 | Spot | - | - | |
Navios Destiny (4) | 4,250 | 2009 | TC | Aug-2020 | $11,454 | |
Navios Lapis | 4,250 | 2009 | TC | May-2020 /Dec-2020 | $11,152 / Index (6) | |
Navios Tempo | 4,250 | 2009 | TC | July-2020 /July-2021 | $9,446 / Index (6) | |
Navios Dorado | 4,250 | 2010 | TC | Jan-2021 | $13,776 | |
Navios Felicitas | 4,360 | 2010 | TC | May-2020 | $12,588 | |
Bahamas | 4,360 | 2010 | TC | May-2020 | $10,213 | |
Bermuda | 4,360 | 2010 | TC | Sep-2020 | $12,359 | |
Navios Miami | 4,563 | 2009 | TC | June-2020 | $12,541 | |
APL Oakland | 4,730 | 2008 | TC | May-2020 | $10,133 | |
APL Los Angeles | 4,730 | 2008 | TC | May-2020 | $10,001 | |
APL Denver | 4,730 | 2008 | TC | May-2020(3) | $27,156 | |
APL Atlanta | 4,730 | 2008 | TC | June-2020 | $27,156 | |
Aug-2020 | $9,525 | |||||
Navios Utmost (4) | 8,204 | 2006 | TC | May-2020 | $21,231 | |
Navios Unite (4) | 8,204 | 2006 | TC | Apr-2021 | $23,160 | |
Navios Unison (5) | 10,000 | 2010 | TC | May-2021 | $26,325 | |
May-2024 | $27,300 | |||||
Navios Constellation (5) | 10,000 | 2011 | TC | Nov-2020 | $26,325 | |
May-2024 | $27,300 | |||||
Total - 29 vessels | 142,821 | |||||
(1) Daily charter-out rate net of commissions, where applicable | ||||||
(2) Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted | ||||||
(3) Charter expiration dates shown reflect earliest redelivery date in the charter agreement | ||||||
(4) The vessel is subject to a sale and leaseback transaction for a period of up to five years, at which time we have an obligation to purchase the vessel | ||||||
(5) The vessel is subject to a sale and leaseback transaction for a period of up to seven years, at which time we have an obligation to purchase the vessel | 26 | |||||
(6) The market rate will be calculated according to the Container Ship Time Charter Assessment Index (ConTex) as published for a 4,250 TEU vessel for a 12-month period |
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Navios Maritime Containers Inc. published this content on 07 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 22:08:03 UTC