How Navios Maritime Midstream Partners Performed in 4Q17

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Part 6
How Navios Maritime Midstream Partners Performed in 4Q17 PART 6 OF 7

How NAP’s 4Q17 Distributions Trended


In the previous part of this series, we discussed how Navios Maritime Midstream Partners’ (NAP) EBITDA (earnings before interest, tax, depreciation, and amortization) trended in 4Q17. In this part of the series, we’ll take a look at the company’s distributions.

How NAP&#8217;s 4Q17 Distributions Trended

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Cash distribution

Navios Maritime Midstream Partners declared a fourth quarter cash distribution of $0.42 per share, which represents an annualized distribution of $1.69 per share. The distribution will be paid on February 9, 2018. Its distribution didn’t change from the previous quarter.

Before 4Q15, the company paid a quarterly dividend of $0.41 per share. However, it increased its distribution in 4Q15 to $0.42 per share. In 2016 and 2017, the company paid a total dividend of $1.69 per share, 17% higher compared to the dividend of $1.44 per share in 2015.

Coverage ratio

Navios Maritime Midstream Partners’ coverage ratio is 1.2, higher than its 1.0 in the previous quarter. The dividend coverage ratio is the distributable cash flow as a percentage of distribution.

The coverage ratio indicates a company’s ability to continue paying the current level of dividends. A higher coverage ratio is a healthy sign. A coverage ratio lower than one indicates that the distributable cash flow is less than the dividend paid, which means the current dividend isn’t sustainable in the long run.

Dividend yield

With a cash distribution of $0.42, Navios Maritime Midstream Partners’ current dividend yield is 16.6%. The dividend yields for its peers are as follows:

  • Nordic American Tankers (NAT): 17.2%
  • Euronav (EURN): 3.4%
  • Teekay Tankers (TNK): 9.9%
  • DHT Holdings (DHT): 2.3%

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