EBITDA was $16.4 mill in 2Q16 and $34.1 mill for 1H16, while the operating surplus was $10 mill and $21.3 mill, respectively.
The company also benefited from a profit share of $2.6 mill in 2Q16 and $4.3 mill in 1H16.
Angeliki Frangou, chairman and CEO, said, “We are pleased to report $16.4 mill of EBITDA and $5.9 mill of net income for the second quarter of 2016, representing increases of 17.5% and 9.2%, respectively, over the prior comparable period.
“We recently announced a distribution of $0.4225 per unit, representing an annual distribution of $1.69 per unit and a current yield of approximately 13%. Our total unit coverage was 1.14x for the quarter.
“While the broader MLP market has appreciated about 11% this year, the market is well below the 2014 highs. Our financial strength allows us to maintain our dividend while waiting for the MLP market to recover further - we have conservative leverage and low operating costs. In addition, we have fixed virtually all available days for the next 30 months through 2018,” she explained.
Navios Midstream has entered into long-term charter-out agreements for its vessels, with a remaining average term of 4.8 years, which are expected to provide a stable base of revenue and distributable cash flow. The average expected daily charter-out rate for the fleet is $42,707, $39,559 and $39,587 for 2016, 2017 and 2018, respectively.
Revenue for 2Q16 increased by $4.3 mill to $22.7 mill, compared to $18.4 mill for the same period in 2015. The increase was due to the acquisition of two VLCCs in June, 2015 and an increase of $1.2 mill in profit sharing, compared to the same period of 2015.
Daily TCE was $45,783 for 2Q16 and $46,545 for 2Q15. The decrease was due to the lower average charter rates of the two VLCCs acquired in June 2015, compared to the existing fleet.
EBITDA increased by about $2.4 mill to $16.4 mill, compared to $14 mill for 2Q15.
Net income for the three month period was $5.9 mill, compared to $5.4 mill for 2Q15.
Revenue for the first six months of 2016 increased by around $11.8 mill to $46.8 mill, compared to $35.1 mill for the same period last year. Daily TCE was $44,565 for 1H16 and $46,234 for 1H15.
EBITDA increased by about $7.5 mill to $34.1 mill for 1H16, compared to $26.6 mill for the same period in 2015.
Net income for the six month period of 2016 was $13.4 mill, compared to $11.7 mill for 1H15.