Navios Maritime Posts 2Q Profit
Navios Maritime Midstream Partners LP (NAP) has reported second-quarter earnings of $5.9 million.
It says revenue for three month period ended June 30, 2016 increased by $4.3 million to $22.7 million.
The company said it had net income of 28 cents per share. The operator of contracted crude oil tankers posted revenue of $22.7 million in the period.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated, “We are pleased to report $16.4 million of EBITDA and $5.9 million of net income for the second quarter of 2016, representing increases of 17.5% and 9.2%, respectively, over the prior comparable period. We recently announced a distribution of $0.4225 per unit, representing an annual distribution of $1.69 per unit and a current yield of approximately 13%. Our total unit coverage was 1.14x for the quarter.”
The company has currently contracted out 100% of its available days for 2016 and 2017 and 99.4% days for 2018.
Average expected daily charter-out rate for fleet is $42,707, $39,559 and $39,587 for 2016, 2017, 2018, respectively
