Navios Maritime Midstream Partners L.P.
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Navios Maritime Midstream Partners L.P. Reports Financial Results for the Second Quarter and Six Months ended June 30, 2017
  • Net Income: $2.0 million in Q2; $6.5 million for the six months
  • EBITDA: $12.4 million in Q2; $27.1 million for the six months
  • Operating Surplus: $7.0 million in Q2; $16.5 million for the six months
  • 100% of available days fixed through 2018
  • Quarterly Cash Distribution of $0.4225 per unit; $1.69 per unit, annualized

MONACO, July 26, 2017 (GLOBE NEWSWIRE) -- Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NYSE:NAP), an owner and operator of tanker vessels, reported its financial results today for the second quarter and the six month period ended June 30, 2017. 

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream, stated, “We are pleased to report $18.5 million of revenue and net income of $2.0 million for the second quarter of 2017.  We also earned $12.4 million of EBITDA for the quarter and announced a distribution of $0.4225 per unit.  Our quarterly dividend represents an annualized distribution of $1.69 per unit and a current yield of about 16%.”

RECENT DEVELOPMENTS

Cash Distribution

The Board of Directors of Navios Midstream declared a cash distribution for the second quarter of 2017 of $0.4225 per unit. The cash distribution is payable on August 11, 2017 to unitholders of record as of August 8, 2017.

Long–Term Cash Flow

Navios Midstream has entered into long-term charter-out agreements for its vessels, with a remaining average term of 3.8 years, which are expected to provide a stable base of revenue and distributable cash flow. Navios Midstream has currently contracted out 100% of its available days for 2017 and 2018 expecting to generate revenues, including the backstop commitment provided by Navios Maritime Acquisition Corporation, of approximately $83.3 million and $86.6 million for 2017 and 2018, respectively. The average expected daily charter-out rate for the fleet is $39,522 and $39,559 for 2017 and 2018, respectively.

Continuous Offering Program

Pursuant to the Continuous Offering Program in place, Navios Midstream issued 336,011 common units during the six month period ended June 30, 2017 and received net proceeds of approximately $4.0 million. Pursuant to the issuance of the common units, Navios Midstream issued 6,858 general partnership units to its general partner in order to maintain its 2.0% general partner interest. The net proceeds from the issuance of the general partnership units were $0.1 million.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Midstream has compiled condensed consolidated statements of income for the three and six months ended June 30, 2017 and 2016. The information for the quarterly and six month periods ended June 30, 2017 and 2016 was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Midstream’s results.

See Exhibit 3 under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA and Operating Surplus, and a reconciliation of such measures to the most comparable measures calculated under U.S. GAAP.

                                 
 (in $‘000 except per unit data)   Three Month
 Period ended
 June 30, 2017
 (unaudited)
    Three Month
 Period ended
 June 30, 2016
 (unaudited)
    Six Month
 Period ended
 June 30, 2017
 (unaudited)
    Six Month
 Period ended
 June 30, 2016
 (unaudited)
 
Revenue   $ 18,510     $ 22,695     $ 39,610     $ 46,844  
Net income     1,960       5,889       6,462       13,384  
EBITDA     12,412       16,434       27,112       34,122  
Earnings per common unit (basic and diluted)     0.10       0.28       0.30       0.65  
Operating Surplus     7,048       10,000       16,517       21,271  
Maintenance and replacement capital expenditure reserve     (2,461 )     (3,580 )     (4,922 )     (7,160 )

Three month periods ended June 30, 2017 and 2016

Revenue for the three month period ended June 30, 2017 decreased by $4.2 million to $18.5 million, as compared to $22.7 million for the same period in 2016, mainly due to the lack of profit share as a result of the prevailing market conditions and certain unscheduled off-hires among which the prolonged drydock of one of our vessels. Time Charter Equivalent (“TCE”) was $39,342 for the three month period ended June 30, 2017 and $45,783 for the three month period ended June 30, 2016.

EBITDA decreased by $4.0 million to $12.4 million for the three month period ended June 30, 2017, as compared to $16.4 million for the same period in 2016. The decrease in EBITDA was due to a $4.2 million decrease in revenue; partially mitigated by a: (i) $0.1 million decrease in time charter expenses; and (ii) $0.1 million decrease in general and administrative expenses.

The reserve for estimated maintenance and replacement capital expenditures for the three month periods ended June 30, 2017 and 2016 was $2.5 million and $3.6 million, respectively (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the three month period ended June 30, 2017 of $7.0 million. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the three month period ended June 30, 2017 was $2.0 million compared to $5.9 million for the three month period ended June 30, 2016. The decrease in net income of $3.9 million was due to the $4.0 million decrease in EBITDA.

Earnings per common unit for the three month period ended June 30, 2017 were $0.10.

Six month periods ended June 30, 2017 and 2016

Revenue for the six month period ended June 30, 2017 decreased by $7.2 million to $39.6 million, as compared to $46.8 million for the same period in 2016, mainly due to the lack of profit share as a result of the prevailing market conditions and certain unscheduled off-hires among which the prolonged drydock of one of our vessels. TCE was $38,914 for the six month period ended June 30, 2017 and $44,565 for the six month period ended June 30, 2016.

EBITDA decreased by approximately $7.0 million to $27.1 million for the six month period ended June 30, 2017, as compared to $34.1 million for the same period in 2016. The decrease in EBITDA was due to a: (i) $7.2 million decrease in revenue; and (ii) $0.2 million increase in other expense. The above decrease was partially mitigated by a: (a) $0.2 million decrease in time charter expenses; (b) $0.2 million decrease in general and administrative expenses; and (c) $0.1 million decrease in management fees.

The reserve for estimated maintenance and replacement capital expenditures for the six month period ended June 30, 2017 and 2016 was $4.9 million and $7.2 million, respectively (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the six month period ended June 30, 2017 of $16.5 million. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the six month period ended June 30, 2017 was $6.5 million compared to $13.4 million for the six month period ended June 30, 2016. The decrease of approximately $6.9 million in net income was due to the $7.0 million decrease in EBITDA.

Earnings per common unit for the six month period ended June 30, 2017 was $0.30.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Midstream’s core fleet performance for the three and six month periods ended June 30, 2017 and 2016.

                                 
    Three Month
Period ended
June 30, 2017
(unaudited)
    Three Month
Period ended
June 30, 2016
(unaudited)
    Six Month
Period ended
June 30, 2017
(unaudited)
    Six Month
Period ended
June 30, 2016
(unaudited)
 
FLEET DATA                                
Available days(1)     463       488       1,003       1,034  
Operating days(2)     448       485       985       1,030  
Fleet utilization(3)     96.7     99.4     98.2     99.6
Vessels operating at period end     6       6       6       6  
AVERAGE DAILY RESULTS                                
Time Charter Equivalent per day(4)   $ 39,342     $ 45,783     $ 38,914     $ 44,565  


(1 ) Available days for the fleet represent total calendar days the vessels were in Navios Midstream’s possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydock or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.
     
(2 ) Operating days is the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. 
     
(3 ) Fleet utilization is the percentage of time that Navios Midstream’s vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, drydock or special surveys. 
     
(4 ) TCE rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.

Conference Call Details:

Navios Midstream’s management will host a conference call today, Wednesday, July 26, 2017 to discuss the results for the second quarter and six months ended June 30, 2017.

Conference Call details:

Call Date/Time: Wednesday, July 26, 2017 at 8:30 am ET
Call Title: Navios Midstream Q2 2017 Financial Results Conference Call
US Dial In: +1.866.703.4207
International Dial In: +1.636.692.6440
Conference ID: 3480 7508

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 3480 7508

Slides and Audio Webcast:
There will also be a live webcast of the conference call, through Navios Midstream’s website (www.navios-midstream.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on Navios Midstream’s website under the ”Investors” section by 8:00 am ET on the day of the call.

About Navios Maritime Midstream Partners L.P.

Navios Maritime Midstream Partners L.P. is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit our website at www.navios-midstream.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and expectations, including with respect to Navios Midstream’s future dividends and Navios Midstream's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates”, and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Midstream at the time these statements were made. Although Navios Midstream believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Midstream. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us, tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, the aging of our vessels and resultant increases in operation and drydocking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, potential liability from litigation and our vessel operations, including discharge of pollutants, general domestic and international political conditions, competitive factors in the market in which Navios Midstream operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Midstream’s filings with the U.S. Securities and Exchange Commission including its Form 20-Fs and Form 6-Ks. Navios Midstream expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Midstream’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Midstream makes no prediction or statement about the performance of its common units.

EXHIBIT 1


NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars)
 
    June 30,
2017
(unaudited)
    December 31,
2016
 
ASSETS                
Current assets                
Cash and cash equivalents   $ 35,777     $ 52,791  
Restricted cash     10,000       —   
Accounts receivable, net     2,117       2,264  
Prepaid expenses and other current assets     3,321       1,168  
Due from related parties, short-term     8,804       4,864  
Total current assets     60,019       61,087  
Vessels, net     367,332       378,444  
Intangible assets     23,724       25,164  
Deferred drydock and special survey costs, net     12,821       11,086  
Due from related parties, long-term     2,565       —   
Total non-current assets     406,442       414,694  
Total assets   $ 466,461     $ 475,781  
LIABILITIES AND PARTNERS’ CAPITAL                
Current liabilities                
Accounts payable   $ 2,086     $ 2,386  
Accrued expenses     742       602  
Deferred revenue     1,168       2,494  
Current portion of long-term debt, net of deferred finance costs and discount     668       661  
Total current liabilities     4,664       6,143  
Long-term debt, net of current portion and net of deferred finance costs     196,173       196,515  
Total non-current liabilities     196,173       196,515  
Total liabilities   $ 200,837     $ 202,658  
Commitments and contingencies     —        —   
Total Partners’ capital                
Common Unitholders (10,011,806 units and 9,675,795 units issued and outstanding at June 30, 2017 and December 31, 2016, respectively)     124,214       125,635  
Subordinated Series A Unitholders (1,592,920 units issued and outstanding at June 30, 2017 and at December 31, 2016, respectively)     25,729       26,593  
Subordinated Unitholders (9,342,692 units issued and outstanding at June 30, 2017 and December 31, 2016, respectively)     110,485       115,552  
General Partner (427,499 units and 420,641 units issued and outstanding at June 30, 2017 and at December 31, 2016, respectively)     5,196       5,343  
Partners’ capital     265,624       273,123  
Total liabilities and Partners’ capital   $ 466,461     $ 475,781  


NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
(Expressed in thousands of U.S. Dollars, except per unit amounts)
 
    Three Month
Period ended
June 30, 2017
(unaudited)
    Three Month
Period ended
June 30, 2016
(unaudited)
    Six Month
Period ended
June 30, 2017
(unaudited)
    Six Month
Period ended
June 30, 2016
(unaudited)
 
Revenue (includes related party revenue of $4,075 and $5,231 for the three and six months ended June 30, 2017, respectively, and $0 for the three and six months ended June 30, 2016)   $ 18,510     $ 22,695     $ 39,610     $ 46,844  
Time charter expenses     (284 )     (338     (569 )     (749
Direct vessel expenses     (995 )     (952     (1,775 )     (1,588
Management fees (entirely through related party transactions)     (5,187     (5,187     (10,317 )     (10,374
General and administrative expenses     (630 )     (724     (1,354 )     (1,550
Depreciation and amortization     (6,259 )     (6,378     (12,552 )     (12,779
Interest income     5       69       11       69  
Interest expenses and finance cost     (3,203 )     (3,284     (6,334 )     (6,440
Other income/ (expense), net     3       (12     (258 )     (49
Net income   $ 1,960     $ 5,889     $ 6,462     $ 13,384  
         
Earnings attributable to:                                
Common unit holders   $ 918     $ 2,659     $ 3,026     $ 6,043  
Subordinated Series A unit holders   $ 146     $ 453     $ 482     $ 1,030  
Subordinated unit holders   $ 856     $ 2,659     $ 2,827     $ 6,043  
General Partner   $ 40     $ 118     $ 127     $ 268  
Earnings per unit (basic and diluted)                                
Common unitholders   $ 0.10     $ 0.28     $ 0.30     $ 0.65  
Subordinated Series A unitholders   $ 0.10     $ 0.28     $ 0.30     $ 0.65  
Subordinated unitholders   $ 0.10     $ 0.28     $ 0.30     $ 0.65  
General Partner   $ 0.10     $ 0.28     $ 0.30     $ 0.65  


NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Expressed in thousands of U.S. Dollars)
 
    Six Month
Period ended
June 30,
2017
(unaudited)
    Six Month
Period ended
June 30,
2016
(unaudited)
 
OPERATING ACTIVITIES                
Net income   $ 6,462     $ 13,384  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization     12,552       12,779  
Amortization of deferred finance fees     690       701  
Amortization of drydock and special survey costs     1,775       1,588  
Changes in operating assets and liabilities:                
Increase in prepaid expenses and other current assets     (2,153 )     (5
Payments for drydocking     (3,510 )     (5,131
Decrease / (increase) in accounts receivable     147       (1,794
Increase in due from related parties, short-term     (3,940 )     (4,273
(Decrease) / increase in accounts payable     (300 )     1,677  
Increase / (decrease) in accrued expenses     140       (95
Increase in due from related parties, long-term     (2,565 )     —   
(Decrease) / increase in deferred revenue     (1,326 )     563  
Net cash provided by operating activities   $ 7,972     $ 19,394  
INVESTING ACTIVITIES                
Acquisition of vessels     —        (500
Net cash used in investing activities   $       $ (500
FINANCING ACTIVITIES                
Loan repayment     (1,025     (1,025
Dividend paid     (18,049 )     (17,484
Proceeds from issuance of general partner units     84          
Proceeds from issuance of common units     4,004          
Increase in restricted cash     (10,000 )        
Net cash used in financing activities   $ (24,986 )   $ (18,509
Net (decrease) / increase in cash and cash equivalents     (17,014 )     385  
Cash and cash equivalents, beginning of year   $ 52,791     $ 37,834  
Cash and cash equivalents, end of year   $ 35,777     $ 38,219  
Supplemental disclosures of cash flow information                
Cash interest paid   $ 5,692     $ 5,760  

EXHIBIT 2

Owned Vessels                             Type                           Built                         Capacity 
(DWT)
 
Shinyo Kieran   VLCC   2011     297,066  
Shinyo Saowalak   VLCC   2010     298,000  
Nave Celeste   VLCC   2003     298,717  
Shinyo Kannika   VLCC   2001     287,175  
Shinyo Ocean   VLCC   2001     281,395  
C. Dream   VLCC   2000     298,570  
 
 


Option Vessels(1)       Type         Built         Capacity 
(DWT)
      Expiration Date  
Nave Buena Suerte   VLCC   2011       297,491   November 18, 2018  
Nave Neutrino   VLCC   2003     298,287   November 18, 2018  
Nave Electron   VLCC   2002     305,178   November 18, 2018  


 (1)  Navios Midstream has options, to acquire up to three VLCCs at fair market value from Navios Maritime Acquisition Corporation until November 18, 2018.  


EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA represents net income before interest and finance costs, before depreciation and amortization and income taxes. We use EBITDA as a liquidity measure and reconcile EBITDA to net cash provided by /(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by /(used in) operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase /(decrease) in operating assets; (ii) net (increase)/decrease in operating liabilities; (iii) net interest cost; (iv) amortization of deferred finance charges and other related expenses; (v) provision for losses on accounts receivable; (vi) equity in affiliates, net of dividends received; (vii) payments for drydock and special survey costs; (viii) gain /(loss) on sale of assets/subsidiaries; and (ix) impairment charges. Navios Midstream believes that EBITDA is the basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Midstream’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Midstream also believes that EBITDA is used (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Midstream’s results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash requirements for such capital expenditures. As a result of these limitations, EBITDA should not be considered as a principal indicator of Navios Midstream’s performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

2. Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Midstream’s capital assets.

Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity.

3. Available Cash   

Available Cash generally means for each fiscal quarter, all cash on hand at the end of the quarter:

  • less the amount of cash reserves established by the Board of Directors to:
      
    -  provide for the proper conduct of Navios Midstream’s business (including reserve for maintenance and replacement capital expenditures);
      
    -  comply with applicable law, any of Navios Midstream’s debt instruments, or other agreements; or 
      
    -  provide funds for distributions to the unitholders and to the general partner for any one or more of the next four quarters;

  • plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under any revolving credit or similar agreement used solely for working capital purposes or to pay distributions to partners.

Available Cash is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Available cash is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with U.S GAAP or as a measure of profitability or liquidity.

4. Reconciliation of Non-GAAP Financial Measures

                                 
    Three Month
Period ended
June 30, 2017
($ ‘000)
(unaudited)
    Three Month
Period ended
June 30, 2016
($ ‘000)
(unaudited)
    Six Month
Period ended
June 30, 2017
($ ‘000)
(unaudited)
    Six Month
Period ended
June 30, 2016
($ ‘000)
(unaudited)
 
Net cash provided by operating activities   $ 6,825     $ 9,464     $ 7,972     $ 19,394  
Net increase in operating assets     1,788       6,586       12,021       6,930  
Net (increase) / decrease in operating liabilities     947       (2,481     1,486       2,128  
Net interest cost     3,198       3,215       6,323       6,371  
Amortization of deferred finance cost and bond premium     (346 )     (350     (690 )     (701
EBITDA   $ 12,412     $ 16,434     $ 27,112     $ 34,122  
Cash interest paid   $ (2,915 )   $ (2,923   $ (5,692 )   $ (5,760
Cash interest income     12       69       19       69  
Maintenance and replacement capital expenditures   $ (2,461 )   $ (3,580   $ (4,922 )   $ (7,160
Operating Surplus   $ 7,048     $ 10,000     $ 16,517     $ 21,271  
Cash distribution paid relating to the first six months     —        —        (9,022 )     (8,742
Cash reserves   $ 1,983     $ (1,189   $ 1,536     $ (3,718
Available cash for distribution   $ 9,031     $ 8,811     $ 9,031     $ 8,811  
                         
    Three Month
Period ended
June 30, 2017
($ ‘000)
(unaudited)
    Three Month
Period ended
June 30, 2016
($ ‘000)
(unaudited)
    Six Month
Period ended
June 30, 2017
($ ‘000)
(unaudited)
    Six Month
Period ended
June 30, 2016
($ ‘000)
(unaudited)
 
Net cash provided by operating activities   $ 6,825     $ 9,464     $ 7,972     $ 19,394  
Net cash used in investing activities   $ —      $ —      $ —      $ (500
Net cash used in financing activities   $ (9,310 )   $ (9,254   $ (24,986 )   $ (18,509

 

Investor Relations Contact

Navios Maritime Midstream Partners L.P.
+1 (212) 906 8647
Investors@navios-midstream.com

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