Navios Maritime Posts 4Q Profit

 

The operator of contracted crude oil tankers posted revenue of $25.8 million in the period. For the year, the company reported profit of $27.1 million, or $1.33 per share. Revenue was reported as $83.4 million.

 

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015. Consequently, we announced a quarterly distribution of $0.4225 per unit, to shareholders of record on February 9, 2016. Our distribution coverage ratio is a healthy 1.48x for the quarter.”

 

Angeliki Frangou continued, “The collapse of oil prices has introduced significant volatility into the general climate. This price decline, generally good for transportation, has far reaching implications that has adversely affected the investment climate. Yet, Navios Midstream is a solid company and has neither any forward growth capex required nor any debt maturity until 2020. Navios Midstream has 100% of its fleet fixed for 2016 and 2017, with upside through profit sharing, which generated $0.39 net income per unit.”

 

Navios Maritime Midstream Partners L.P. is a holding company. The Company is a limited partnership formed to own, operate and acquire crude oil tankers under long-term employment contracts.

 

The Company’s fleet consists of four VLCCs, which have an average remaining employment term of approximately 7.3 years. They are chartered to two strong counterparties, Cosco Dalian, which is wholly owned by the COSCO Group, a Chinese state-owned enterprise, and Formosa Petrochemical. The Company provides seaborne shipping services under long-term time charters. The Company’s customers include Cosco Dalian and Formosa Petrochemical.