Navios Maritime Containers L.P. on 5 February reported its financial results for the fourth quarter and year ended December 31, 2019.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results for the fourth quarter and full year of 2019. For the fourth quarter of 2019, Navios Containers reported $18.2 million of Adjusted EBITDA, $5.9 million of Adjusted Net Income and $0.17 of Adjusted Net Earnings per common unit. For the full year of 2019, Navios Containers reported $59.6 million of Adjusted EBITDA, $10.5 million of Adjusted Net Income and $0.30 of Adjusted Net Earnings per common unit. “
Angeliki Frangou continued, “We believe that Navios Containers is well positioned for 2020. We have visibility on revenue through our chartering activities and on cost through the renewed management agreement. However, we cannot determine the impact of the coronavirus in China, as developing facts make it impossible to assess the potential ramifications.”
Fleet Employment
Navios Containers owns a fleet of 29 vessels, totaling 142,821 TEU. The current average age of the fleet is 11.6 years. As of January 31, 2020, Navios Containers has chartered-out 45.8% and 10.1% of its available days for 2020 and 2021, respectively (including index-linked charters). Excluding index-linked charters, Navios Containers has chartered-out 40.5% and 8.2% of its available days for 2020 and 2021, respectively, which are expected to generate $73.3 million and $22.7 million in revenue, respectively. The average expected daily contracted charter-out rate for the fleet is $17,066, net and $26,189, net for 2020 and 2021, respectively (excluding index-linked charters), and the total expected available days for 2020 and 2021, are 10,614 days and 10,585 days, respectively.
Fourth Quarter 2019 and 2018 Results
The fourth quarter 2019 and 2018 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
| Three Month Period Ended December 31, 2019 |
Three Month Period Ended December 31, 2018 |
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| (in thousands of U.S. dollars, except per unit data) | (unaudited) | (unaudited) | ||||||||
| Revenue | $ | 38,991 | $ | 34,416 | ||||||
| Net Income/(Loss) | $ | 2,935 | $ | (242 | ) | |||||
| Adjusted Net Income | $ | 5,935 | (1) | $ | 2,352 | (2) | ||||
| Net cash provided by operating activities | $ | 12,667 | $ | 9,635 | ||||||
| EBITDA | $ | 15,220 | $ | 12,663 | ||||||
| Adjusted EBITDA | $ | 18,220 | (1) | $ | 15,257 | (2) | ||||
| Net Earnings/(Loss) per common unit (basic and diluted) | $ | 0.08 | $ | (0.01 | ) | |||||
| Adjusted Net Earnings per common unit (basic and diluted) | $ | 0.17 | (1) | $ | 0.07 | (2) | ||||
