How Navios Maritime Midstream Partners Performed in 4Q17

1 2 3 4 5 6 7
Part 5
How Navios Maritime Midstream Partners Performed in 4Q17 PART 5 OF 7

Analyzing NAP’s 4Q17 Costs and Earnings


Navios Maritime Midstream Partners’ (NAP) central cash costs include management fees, general and administrative expenses, time charter expenses, and direct vessel expenses.

Analyzing NAP&#8217;s 4Q17 Costs and Earnings

Interested in NAP? Don't miss the next report.

Receive e-mail alerts for new research on NAP

Success! You are now receiving e-mail alerts for new research. A temporary password for your new Market Realist account has been sent to your e-mail address.

Success! has been added to your Ticker Alerts.

Success! has been added to your Ticker Alerts. Subscriptions can be managed in your user profile.



Navios Maritime Midstream Partners’ time charter expenses were $405 million in 4Q17, up from $305 million in 4Q16. The expenses were mostly brokerage commissions. The direct vessel expenses rose in 4Q17 and reached $1,145 million compared to $781 million in 4Q16. For the full-year 2017. The vessel operating expenses rose to $3.9 billion from $3.1 billion in the same period last year. The general and administrative expenses rose to $725 million in 4Q17 from $552 million in 4Q16.

Current EBITDA

Navios Maritime Midstream Partners posted 4Q17 EBITDA (earnings before interest, tax, depreciation, and amortization) of $16.3 million, a fall of $0.1 million from $16.4 million for the same period in 2016. The lower EBITDA was a result of an increase in general and administrative expenses, a drop in revenue, and an increase in time charter expenses.

EBITDA margin

Navios Maritime Midstream Partners’ EBITDA margin was 68.2% in 4Q17. In 3Q17, its EBITDA margin was 65.2%. The 3Q17 EBITDA margins for other crude (DBO) tanker stocks are as follows:

  • Nordic American Tankers (NAT): -0.8%
  • Teekay Tankers (TNK): 20.3%
  • Tsakos Energy Navigation (TNP): 40.6%
  • DHT Holdings (DHT): 32.7%

In the next part of this series, we’ll discuss Navios Maritime Midstream Partners’ distributions.


Please select a profession that best describes you: