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.
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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.
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.
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.