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Navios Maritime Midstream Partners’ Revenue Could Fall 7%

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Jan. 29 2018, Updated 2:10 p.m. ET

Forward revenues

Navios Maritime Midstream Partners (NAP) should have very stable revenues since it employs all of its vessels in the time charter market. Currently, Navios Maritime Midstream Partners has contracted 100% of its available days for 2018. The company has $360 million in revenues booked in long-term contracts. Navios Maritime Midstream Partners has a remaining average charter period of 3.6 years.

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Revenue sources

Navios Maritime Midstream Partners derives its revenues from time chartering its vessels. The company doesn’t have any vessels employed in the spot market. Navios Maritime Midstream Partners differs from its peers Teekay Tankers (TNK), Frontline (FRO), Tsakos Energy Navigation (TNP), and Euronav (EURN), which operate their vessels in the spot and time charter market. Navios Maritime Midstream Partners has six VLCCs (very large crude carriers). Four vessels have profit sharing options. Most of the company’s revenue is fixed. Profit sharing is impacted by spot crude tanker rates. Navios Maritime Midstream Partners’ revenues come 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.

Revenue estimates

Wall Street analysts expect revenues of $21.18 million for Navios Maritime Midstream Partners in 4Q17—compared to $20.7 million in the previous quarter and $22.78 million in 4Q16. It’s a 7% fall YoY (year-over-year).

Going forward, analysts estimate Navios Maritime Midstream Partners’ 1Q18 revenues to be $22.18 million. For 2017, the revenues are expected to be $81.24 million—compared to $91.8 million in 2016. Analysts expect the 2018 revenues to rise to $88.6 million.

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