Navios Maritime Midstream Partners (NAP) released its second-quarter results today. The company earned revenue of $20.8 million in the second quarter and $40.6 million for the first half of 2018. NAP reported $14.7 million in EBITDA and $4.3 million in net income in Q2 2018.
This month, NAP received a proposal from Navios Maritime Acquisition (NNA) in which NNA would acquire publicly held common shares of NAP in a stock-for-unit exchange. NNA is suggesting a consideration of 6.292 NNA shares for each NAP unit. The proposed transaction is subject to negotiation and approval from the board of directors.
Navios Maritime Midstream Partners announced a cash distribution of $0.125 per unit for Q2 2018, which equals to $0.50 per unit on an annualized basis. It’s payable to unitholders on August 14. The company’s distribution represents an annualized yield of about 14%.
Currently, NAP has contracted 100% of its available days for 2018 and 40.8% days for 2019. The contracts are expected to generate $83.7 million in revenues for 2018 and $40.8 million in revenues for 2019. The expected average daily charter-out rate for the fleet is $39,060 and $45,613 for 2018 and 2019, respectively.