Navios Maritime Partners LP reports financial results for the fourth quarter and full year
Navios Maritime Partners LP, an international owner and operator of dry cargo vessels, has reported its financial results for the fourth quarter and year ended December 31, 2020.
Angeliki Frangou, chairman and chief executive officer of Navios Partners, said: “I am pleased with the results for the full year and fourth quarter of 2020. For the full year 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million.”
He added: “Our approved merger with Navios Maritime Containers will be a transformative transaction. Proforma for the merger, we will have 85 vessels and have one of the 10 largest publicly listed dry cargo fleets. The transaction also provides significant benefits of diversification. Approximately half of our vessels in the fleet will be dry bulk vessels and the other half will be containerships. Navios Partners is well positioned to benefit from the different sector fundamentals.
“The transaction builds scale through a larger, diversified asset base. We will also benefit from eliminating duplicative costs. The financial potency of the combination can be measured through proforma combined revenue.
“Had the merger been effective for 2020, revenue would have been $354 million. For 2021, contracted revenue already exceeds this amount and with more than a third of available days either open or index linked, there is ample opportunity for significant additional revenue and free cash flow.”
For more information visit www.navios-mlp.com
29th March 2021