HONG KONG: Navios Maritime Midstream Partners L.P., an owner and operator of tanker vessels, reported its financial results today for the third quarter and the nine month period ended September 30, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated, “We are excited to report our results for the third quarter of 2015. We had $16.2 million of EBITDA and $6.2 million of net income, or $.30 per common unit. We also announced a 2.4% increase in distributions to $.42 and a quarter cents per unit. Navios Midstream’s annualized distribution will be $1.69 per unit — offering a current yield of 11.5%.”
Angeliki Frangou continued, “The VLCC market remains healthy and the relative low price of oil bodes well for oil consumption and transportation. So far, this correlation has held — the 2015 year to date spot rate for a VLCC improved more than 100% to an average of about $56,000 compared to the average rate of $27,000 in 2014. In addition, the charter market has improved by 86%, with 56 long-term time charters fixed through mid-October compared to 30 for all of 2014.”
