Navios Midstream’s Earnings Weaken in 2017
- Business & Finance
Monaco-based Navios Maritime Midstream Partners witnessed a decrease in its 2017 net income which stood at USD 14.6 million, against USD 24.9 million a year earlier.
The decrease was due to a USD 8.2 million decrease in EBITDA, a USD 1.6 million rise in interest expenses and finance cost mainly due to a USD 1.3 million write-off of deferred finance cost and a USD 0.8 million increase in direct vessel expenses.
Revenue for the year ended December 31, 2017 was at USD 83.1 million, as compared to USD 91.8 million for the same period in 2016, while the Time Charter Equivalent (TCE) reached USD 39,401 for the year, against USD 42,625 reported in 2016.
For the fourth quarter ended December 31, 2017, the company said that its net income dropped to USD 4.3 million from USD 6 million seen in the same period a year earlier. Revenue was slightly down at USD 22.7 million, as compared to USD 22.8 million for the fourth quarter of 2016.
Quarterly TCE decreased to USD 40,391 from USD 40,719 seen in the same three-month period a year earlier.
Navios Midstream declared a cash distribution for the fourth quarter of 2017 of USD 0.4225 per unit, representing an annualized yield of about 17%.