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How Navios Maritime Midstream Partners Performed in 4Q17

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

How Navios Maritime Midstream Partners’ Revenues Trended in 4Q17

Top line

Navios Maritime Midstream Partners’ (NAP) 4Q17 revenue of $22.7 million fell $0.1 million from the $22.8 million revenue recorded in 4Q16. Navios Maritime Midstream Partners earned a TCE (time charter equivalent) of $40,391 in 4Q17 compared to $40,719 in 4Q16.

How Navios Maritime Midstream Partners&#8217; Revenues Trended in 4Q17

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2017 revenue

NAP’s revenue for the full year 2017 was $83.1 million, which was $8.8 million lower than the $91.8 million recorded in 2016. The drop in revenue was mainly due to weak market conditions and certain unscheduled off-hires. NAP earned a TCE of $39,401 for the year ending December 31, 2017, as compared to $42,625 for the year ending December 31, 2016.

Revenue sources

Navios Maritime Midstream Partners derives its revenue from time chartering its vessels. None of its vessels are employed in the spot market, which differs in respect to peers Frontline (FRO), Teekay Tankers (TNK), Euronav (EURN), and Tsakos Energy Navigation (TNP), which operate their vessels in the time charter and spot markets.

The company operates six VLCCs (very large crude carriers). Out of these six, four vessels have profit-sharing options. Most of the company’s revenue is fixed. The revenue from profit sharing depends on spot crude tanker rates. Navios Maritime Midstream Partners’ revenue comes from three main customers: Cosco Dalian, Formosa Petrochemical, and SK Shipping. The revenue distribution from these customers is 75.6%, 18.3%, and 6.1%, respectively.

Forward revenues

Navios Maritime Midstream Partners has very stable revenues because it employs all of its vessels in the time charter market. Currently, the company has contracted 100% of its available days for 2018 and 40.8% for 2019. It has booked approximately $86.6 million and $40.8 million for 2018 and 2019. The average expected daily charter out rate for the fleet is $39,559 and $45,613 for 2018 and 2019.

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