Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Information [Line Items] | |
Entity Registrant Name | Navios Maritime Partners L.P. |
Trading Symbol | NMM |
Entity Central Index Key | 1,415,921 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Common Unitholders | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 83,079,710 |
General Partner Units | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 1,695,509 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 26,750 | $ 99,495 |
Restricted cash | 7,789 | 954 |
Accounts receivable, net | 3,999 | 13,278 |
Prepaid expenses and other current assets | 1,297 | 1,470 |
Total current assets | 39,835 | 115,197 |
Vessels, net | 1,230,049 | 1,139,426 |
Deposits for vessels acquisitions | 0 | 10 |
Deferred drydock and special survey costs, net and other long-term assets | 22,232 | 8,750 |
Investment in affiliates | 1,315 | 521 |
Loans receivable from affiliates | 1,521 | 750 |
Intangible assets | 55,339 | 74,055 |
Total non-current assets | 1,310,456 | 1,223,512 |
Total assets | 1,350,291 | 1,338,709 |
Current liabilities | ||
Accounts payable | 2,706 | 3,824 |
Accrued expenses | 2,516 | 3,623 |
Deferred revenue | 4,290 | 4,310 |
Current portion of long-term debt | 23,336 | 16,435 |
Amounts due to related parties | 8,680 | 1,880 |
Total current liabilities | 41,528 | 30,072 |
Long-term debt, net of current portion and discount | 574,742 | 559,539 |
Deferred revenue | 1,806 | 0 |
Total non-current liabilities | 576,548 | 559,539 |
Total liabilities | $ 618,076 | $ 589,611 |
Commitments and contingencies | ||
Partners' capital: | ||
Common Unitholders (83,079,710 and 77,359,163 units issued and outstanding at December 31, 2015 and December 31, 2014, respectively) | $ 728,046 | $ 744,075 |
General Partner (1,695,509 and 1,578,763 units issued and outstanding at December 31, 2015 and December 31, 2014, respectively) | 4,169 | 5,023 |
Total partners' capital | 732,215 | 749,098 |
Total liabilities and partners' capital | $ 1,350,291 | $ 1,338,709 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Common units issued | 83,079,710 | 77,359,163 |
Common units outstanding | 83,079,710 | 77,359,163 |
General Partners, units issued | 1,695,509 | 1,578,763 |
General Partners, units outstanding | 1,695,509 | 1,578,763 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Time charter and voyage revenues (includes related party revenue of $38,809, $27,444 and $23,738 for the years ended December 31, 2015, 2014 and 2013, respectively) | $ 223,676 | $ 227,356 | $ 198,159 |
Time charter and voyage expenses | (7,199) | (15,390) | (14,943) |
Direct vessel expenses | (4,043) | (761) | 0 |
Management fees (entirely through related parties transactions) | (56,504) | (50,359) | (36,173) |
General and administrative expenses | (7,931) | (7,839) | (6,305) |
Depreciation and amortization | (75,933) | (95,822) | (77,505) |
Interest expense and finance cost, net | (31,720) | (28,761) | (16,910) |
Interest income | 222 | 243 | 50 |
Other income | 5,232 | 47,935 | 13,730 |
Other expense | (3,995) | (1,749) | (1,097) |
Net income | $ 41,805 | $ 74,853 | $ 59,006 |
Earnings per unit (see Note 19): | |||
Common unit (basic and diluted) | $ 0.48 | $ 0.93 | $ 0.84 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Revenue from related parties | $ 38,809 | $ 27,444 | $ 23,738 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ 41,805 | $ 74,853 | $ 59,006 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 75,933 | 95,822 | 77,505 |
Amortization and write-off of deferred financing cost and discount | 3,727 | 3,091 | 4,035 |
Amortization of deferred drydock and special survey costs | 4,043 | 761 | 0 |
Changes in operating assets and liabilities: | |||
Net increase/(decrease) in restricted cash | (426) | 223 | (2) |
Decrease/(increase) in accounts receivable | 9,279 | 3,020 | (8,520) |
Decrease/(increase) in prepaid expenses and other current assets | 173 | 193 | (1,069) |
Decrease/ (increase) in other long-term assets | 20 | (9) | 188 |
Payments for dry dock and special survey costs | (17,545) | (9,429) | 0 |
(Decrease)/increase in accounts payable | (1,118) | 653 | 1,081 |
(Decrease)/increase in accrued expenses | (1,107) | (253) | 277 |
Increase/(decrease) in deferred revenue | 1,786 | 1,313 | (6,115) |
Increase/(decrease) in amounts due to related parties | 6,800 | 1,423 | (21,544) |
Net cash provided by operating activities | 123,370 | 171,661 | 104,842 |
INVESTING ACTIVITIES: | |||
Acquisition of vessels | (147,830) | (156,221) | (341,193) |
Deposits for acquisition of vessels, net of transfers to vessel acquisitions | 0 | (10) | (7,271) |
Investment in affiliates | (794) | 0 | (500) |
Loans receivable from affiliates | (771) | (470) | (280) |
Increase in restricted cash | 0 | 0 | (98,179) |
Release of restricted cash for vessel acquisitions | 0 | 33,429 | 64,750 |
Net cash used in investing activities | (149,395) | (123,272) | (382,673) |
FINANCING ACTIVITIES: | |||
Cash distributions paid | (132,306) | (138,994) | (122,382) |
Net proceeds from issuance of general partner units | 1,528 | 2,233 | 3,167 |
Proceeds from issuance of common units, net of offering costs | 72,090 | 104,499 | 148,022 |
Proceeds from long-term debt | 79,819 | 56,000 | 434,500 |
Net (increase)/decrease in restricted cash | (6,409) | 0 | 28,354 |
Repayment of long-term debt and payment of principal | (60,696) | (7,060) | (201,412) |
Debt issuance costs | (746) | (918) | (9,204) |
Net cash (used in)/provided by financing activities | (46,720) | 15,760 | 281,045 |
(Decrease)/increase in cash and cash equivalents | (72,745) | 64,149 | 3,214 |
Cash and cash equivalents, beginning of period | 99,495 | 35,346 | 32,132 |
Cash and cash equivalents, end of period | 26,750 | 99,495 | 35,346 |
Supplemental disclosures of cash flow information | |||
Cash interest paid | 26,787 | 25,870 | 13,324 |
Non-cash financing activities | |||
Due to related parties | 0 | 253 | 0 |
Acquisition of vessels | $ 0 | $ (253) | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands | Total | General Partner | Common Unitholders |
Balance at Dec. 31, 2012 | $ 618,694 | $ 2,090 | $ 616,604 |
Balance, Units at Dec. 31, 2012 | 1,226,721 | 60,109,163 | |
Cash distribution paid | (122,382) | $ (4,285) | $ (118,097) |
Proceeds from issuance of common units, net of offering costs(see note 12) | 148,022 | $ 148,022 | |
Proceeds from issuance of common units, net of offering costs, Units (see note 12) | 10,925,000 | ||
Net proceeds from issuance of general partner units (see note 12) | 3,167 | $ 3,167 | |
Net proceeds from issuance of general partner units, Units (see note 12) | 222,960 | ||
Net income | 59,006 | $ 3,057 | $ 55,949 |
Balance at Dec. 31, 2013 | 706,507 | $ 4,029 | $ 702,478 |
Balance, Units at Dec. 31, 2013 | 1,449,681 | 71,034,163 | |
Cash distribution paid | (138,994) | $ (4,867) | $ (134,127) |
Proceeds from issuance of common units, net of offering costs(see note 12) | 104,499 | $ 104,499 | |
Proceeds from issuance of common units, net of offering costs, Units (see note 12) | 6,325,000 | ||
Net proceeds from issuance of general partner units (see note 12) | 2,233 | $ 2,233 | |
Net proceeds from issuance of general partner units, Units (see note 12) | 129,082 | ||
Net income | 74,853 | $ 3,628 | $ 71,225 |
Balance at Dec. 31, 2014 | 749,098 | $ 5,023 | $ 744,075 |
Balance, Units at Dec. 31, 2014 | 1,578,763 | 77,359,163 | |
Cash distribution paid | (132,306) | $ (4,362) | $ (127,944) |
Proceeds from issuance of common units, net of offering costs(see note 12) | 72,090 | $ 72,090 | |
Proceeds from issuance of common units, net of offering costs, Units (see note 12) | 5,720,547 | ||
Net proceeds from issuance of general partner units (see note 12) | 1,528 | $ 1,528 | |
Net proceeds from issuance of general partner units, Units (see note 12) | 116,746 | ||
Net income | 41,805 | $ 1,980 | $ 39,825 |
Balance at Dec. 31, 2015 | $ 732,215 | $ 4,169 | $ 728,046 |
Balance, Units at Dec. 31, 2015 | 1,695,509 | 83,079,710 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS [Abstract] | |
Description of Business | NOTE 1 - DESCRIPTION OF BUSINESS Navios Maritime Partners L.P. (“Navios Partners” or the “Company”), is an international owner and operator of dry cargo and container vessels, formed on August 7, 2007 under the laws of the Republic of the Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Maritime Holdings Inc. (“Navios Holdings”), was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest in Navios Partners. Navios Partners is engaged in the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to long-term charters. The operations of Navios Partners are managed by Navios ShipManagement Inc., a subsidiary of Navios Holdings (the “Manager”), from its offices in Piraeus, Greece, Singapore and Monaco. Pursuant to the initial public offering (“IPO”) on November 16, 2007, Navios Partners entered into the following agreements: (a) a management agreement with the Manager (the “Management Agreement”), pursuant to which the Manager provides Navios Partners commercial and technical management services; (b) an administrative services agreement with the Manager (the “Administrative Services Agreement”), pursuant to which the Manager provides Navios Partners administrative services; and (c) an omnibus agreement with Navios Holdings (the “Omnibus Agreement”), governing, among other things, when Navios Partners and Navios Holdings may compete against each other as well as rights of first offer on certain drybulk carriers. As of December 31, 2015, there were outstanding: 83,079,710 common units and 1,695,509 general partnership units. As of December 31, 2015, Navios Holdings owned a 20.1% interest in Navios Partners, which included a 2.0% general partner interest. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation: Change in Accounting Principle: The reclassification does not impact net income as previously reported or any prior amounts reported on the Statements of Income, or the Consolidated Statements of Cash Flows. The effect of the retrospective application of this change in accounting principle on the Company's Consolidated Balance Sheets as of December 31, 2014 resulted in a reduction of Total non-current assets and Total assets in the amount of $7,305, with a corresponding decrease of $5,102 in Long-term debt, net and Total non-current liabilities and a decrease of $2,203 in Current portion of long-term debt net and Total current liabilities. (b) Principles of consolidation: Navios Partners also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Subsidiaries: The accompanying consolidated financial statements include the following entities and chartered-in vessels: Country of Statements of income Company name Vessel name incorporation 2015 2014 2013 Libra Shipping Enterprises Corporation Navios Libra II Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Alegria Shipping Corporation Navios Alegria Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Felicity Shipping Corporation Navios Felicity Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Gemini Shipping Corporation Navios Gemini S Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Galaxy Shipping Corporation Navios Galaxy I Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Aurora Shipping Enterprises Ltd. Navios Hope Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Palermo Shipping S.A. Navios Apollon Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Fantastiks Shipping Corporation Navios Fantastiks Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Sagittarius Shipping Corporation Navios Sagittarius Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Hyperion Enterprises Inc. Navios Hyperion Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Chilali Corp. Navios Aurora II Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Surf Maritime Co. Navios Pollux Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Pandora Marine Inc. Navios Melodia Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Customized Development S.A. Navios Fulvia Liberia 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Kohylia Shipmanagement S.A. Navios Luz Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Orbiter Shipping Corp. Navios Orbiter Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Floral Marine Ltd. Navios Buena Ventura Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Golem Navigation Limited Navios Soleil Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Kymata Shipping Co. Navios Helios Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Joy Shipping Corporation Navios Joy Marshall Is. 1/01 - 12/31 1/01 - 12/31 9/11 - 12/31 Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 - 12/31 1/01 - 12/31 10/11 - 12/31 Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 - 12/31 1/18 - 12/31 — Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 - 12/31 1/07 - 12/31 — Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/4 - 12/31 Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/4 - 12/31 Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/10 - 12/31 Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/13 - 12/31 Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/16 - 12/31 Fairy Shipping Corporation YM Utmost Marshall Is. 1/01 - 12/31 8/29 - 12/31 — Limestone Shipping Corporation YM Unity Marshall Is. 1/01 - 12/31 10/28 - 12/31 — Dune Shipping Corp. MSC Cristina Marshall Is. 4/22 - 12/31 — — Citrine Shipping Corporation — Marshall Is. — — — Chartered-in vessels Prosperity Shipping Corporation Navios Prosperity Marshall Is. 1/01 - 03/05 1/01 - 12/31 1/01 - 12/31 Aldebaran Shipping Corporation Navios Aldebaran Marshall Is. 1/01 - 02/28 1/01 - 12/31 1/01 - 12/31 Other JTC Shipping and Trading Ltd (*) Holding Company Malta 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Maritime Partners L.P. N/A Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Maritime Operating LLC N/A Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Partners Finance (US) Inc. Co-Borrower Delaware 1/01 - 12/31 1/01 - 12/31 6/19 - 12/31 Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 - 12/31 1/01 - 12/31 6/04 - 12/31 (*) Not a vessel-owning subsidiary and only holds right to a charter-in contract. (c) Equity method investments: Navios Partners evaluates its investments with equity method, for other than temporary impairment, on a quarterly basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects and (3) the intent and ability of the Company to retain its investments for a period of time sufficient to allow for any anticipated recovery in fair value. (d) Use of Estimates: (e) Cash and Cash equivalents: (f) Restricted Cash: ( g) Accounts Receivable, net: (h) Vessels, net: Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the residual values of our drybulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight ton (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Prior to December 31, 2012, management estimated the residual values of its vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels, the estimated scrap value per LWT was increased to $340. This change in accounting estimate of scrap value did not materially affect the statement of income and the earnings per unit of the Company for the year ended December 31, 2013. Management estimates the useful life of drybulk and container vessels to be 25 and 30 years, respectively, from the vessel's original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. (i) Deferred Drydock and Special Survey costs: Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For the years ended December 31, 2015, 2014 and 2013, the amortization expense was $4,043, $761 and $0, respectively. The costs of drydocking and special surveys was included in the daily management fee of $4.65 per owned Ultra-Handymax vessel, $4.55 per owned Panamax vessel and $5.65 per owned Capesize vessel through December 31, 2013. In each of October 2013, August 2014 and February 2015, Navios Partners amended its existing Management Agreement with the Manager, a subsidiary of Navios Holdings, to fix the fees for ship management services of its owned fleet at: (a) $4.00 daily rate per Ultra-Handymax vessel; (b) $4.10 daily rate per Panamax vessel; (c) $5.10 daily rate per Capesize vessel; (d) $6.50 daily rate per Container vessel of TEU 6,800; (e) $7.20 daily rate per Container vessel of more than TEU 8,000; and (f) $8.50 daily rate per very large Container vessel of more than TEU 13,000 through December 31, 2015. Drydocking expenses under this agreement are reimbursed by Navios Partners at cost at occurrence. (j) Impairment of long lived assets: Undiscounted projected net operating cash flows are determined for each vessel and compared to the vessel carrying value of the vessel and related carrying value of the intangible with respect to the time charter agreement attached to that vessel. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. During the fourth quarter of fiscal 2015, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Partners' long-lived assets may exist. These indicators included continued deterioration in the spot market, and the related impact of the current drybulk and container sector has on management's expectation for future revenues. As a result, an impairment assessment of long-lived assets was performed. Navios Partners determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel's carrying value together with the carrying value of the related intangible. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (Navios Partners' remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of the Navios Partners' remaining charter agreement rates and the 10-year average historical one year time charter rates adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions and excluding days of scheduled off-hires, management fees fixed until December 2015 and thereafter assuming an annual increase of 3.0% and utilization rate of 98.6% based on the fleet's historical performance. The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels and the intangible assets existed as of December 31, 2015, as the undiscounted projected net operating cash flows exceeded the carrying value. In the event that impairment would occur, the fair value of the related asset would be determined and an impairment charge would be recorded to operations calculated by comparing the asset's carrying value to its fair value. Fair value is estimated primarily through the use of third-party valuations performed on an individual vessel basis. Although management believes the underlying assumptions supporting this assessment are reasonable, if charter rate trends and the length of the current market downturn, vary significantly from our forecasts, management may be required to perform step two of the impairment analysis in the future that could expose Navios Partners to material impairment charges in the future. No impairment loss was recognized for any of the periods presented. (k) Deferred Financing Cost: (l) Intangible assets and liabilities: The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statement of income in the depreciation and amortization line item. The amortizable value of favorable leases would be considered impaired if their fair market values could not be recovered from the future undiscounted cash flows associated with the asset. Management, after considering various indicators, performed on impairment test which included intangible assets as described in paragraph (j) above. As of December 31, 2015, there was no impairment of intangible assets. (m) Foreign currency translation: (n) Provisions: (o) Segment Reporting: (p) Revenue and Expense Recognition: Revenue Recognition: Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. Voyage expenses are recognized as incurred. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average minimum lease revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Revenues from profit-sharing are calculated at an agreed percentage of the excess of the charterer's average daily income over an agreed amount and accounted for on an accrual basis based on provisional amounts. Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by Navios Partners and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. Time Charter and Voyage Expenses: Management fees: General and administrative expenses: Deferred Revenue: Prepaid Voyage Costs: Inventory: (q) Financial Instruments: Financial risk management: Credit risk: Financial instruments that potentially subject Navios Partners to concentrations of credit risk are accounts receivable and cash and cash equivalents. Navios Partners does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. For the year ended December 31, 2015, our most significant counterparties were Hyundai Merchant Marine Co., Ltd., Navios Corporation and Yang Ming Marine Transport Corporation, which accounted for approximately 24.0%, 17.4% and 11.4%, respectively, of total revenues. For the year ended December 31, 2014, Navios Partners' customers representing 10% or more of total revenues were Hyundai Merchant Marine Co., Ltd and Navios Corporation, which accounted for 24.4% and 11.0%, respectively of total revenues. For the year ended December 31, 2013, Navios Partners' customers representing 10% or more of total revenues were Cosco Bulk Carrier Co. Ltd., Hanjin Shipping Co. Ltd, Navios Corporation and Samsun Logix, which accounted for 23.4%, 11.3%, 10.4% and 10.2%, respectively, of total revenues. No other customers accounted for 10% or more of total revenues for any of the years presented. Foreign exchange risk: (r) Cash Distribution: 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 the business (including reserve for Maintenance and Replacement Capital Expenditures) comply with applicable law, any of Navios Partners' 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 US GAAP and should not be considered as an alternative to net income or any other indicator of Navios Partners' performance required by US GAAP. 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 Partners' capital assets, and expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by the capital assets. To the extent, however, that capital expenditures associated with acquiring a new vessel increase the revenues or the operating capacity of our fleet, those capital expenditures would be classified as expansion capital expenditures. As at December 31, 2015, 2014 and 2013, Maintenance and Replacement capital expenditures reserve approved by the Board of Directors was $13,811, $24,047 and $14,593, respectively. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 will apply to both types of leases - capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016 - 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. In February 2015, the FASB issued the ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, which amends the criteria for determining which entities are considered VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this ASU to have a material impact on the Company's results of operations, financial position or cash flows, except if Navios Partners were to enter into new arrangements in 2015 that fall into the scope prior to adoption of this standard. In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. Navios Partners adopted this standard with effect as of January 1, 2016. The adoption of the new standard is not expected to have a material impact on Navios Partners' results of operations, financial position or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. This standard requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Before this new standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We plan to adopt this standard effective January 1, 2017. The adoption of the new standard is not expected to have a material impact on Navios Partners' results of operations, financial position or cash flows. In May 2014, The FASB issued ASU 2014-09, Revenue from Contracts with Customers, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant and Equipment changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. The adoption of the new standard is not expected to have a material impact on Navios Partners' results of operations, financial position or cash flows. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash and Cash Equivalents | NOTE 3 - CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: December 31, 2015 December 31, 2014 Cash on hand and at banks $ 26,332 $ 79,103 Short-term deposits and highly liquid funds 418 20,392 Total cash and cash equivalents $ 26,750 $ 99,495 Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes. As of December 31, 2015, Navios Partners held money market funds of $418 with duration of less than three months. As of December 31, 2014, Navios Partners held time deposits of $19,000 and money market funds of $1,392 with duration of less than three months. Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Partners does maintain cash deposits and equivalents in excess of government-provided insurance limits. Navios Partners also reduces exposure to credit risk by dealing with a diversified group of major financial institution. Restricted cash, at each of December 31, 2015 and December 31, 2014, included $7,789 and $954, respectively, which related to amounts held in retention accounts as required by certain of Navios Partners' credit facilities. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable, Net | NOTE 4 - ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, 2015 December 31, 2014 Accounts receivable $ 3,999 $ 13,327 Less: Provision for doubtful receivables — (49 ) Accounts receivable, net $ 3,999 $ 13,278 Charges to provisions for doubtful accounts are summarized as follows: Allowance for doubtful receivables Balance at beginning of period Charges to costs and expenses Amount utilized Balance at end of period Year ended December 31, 2015 $ (49 ) $ — $ 49 $ — Year ended December 31, 2014 $ (613 ) $ — $ 564 $ (49 ) Year ended December 31, 2013 $ (458 ) $ (155 ) $ — $ (613 ) |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expenses And Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | NOTE 5 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, 2015 December 31, 2014 Prepaid voyage costs $ 137 $ 634 Inventory 1,160 826 Other — 10 Total prepaid expenses and other current assets $ 1,297 $ 1,470 Inventories, which are comprised of bunkers due to freight voyages, are valued at cost as determined on the first-in, first-out basis. |
Vessels, Net
Vessels, Net | 12 Months Ended |
Dec. 31, 2015 | |
VESSELS, NET [Abstract] | |
Vessels, Net | NOTE 6 - VESSELS, NET Vessels Cost Accumulated Depreciation Net Book Value Balance December 31, 2013 $ 1,194,603 $ (168,450 ) $ 1,026,153 Additions 163,745 (50,472 ) 113,273 Balance December 31, 2014 $ 1,358,348 $ (218,922 ) $ 1,139,426 Additions 147,840 (57,217 ) 90,623 Balance December 31, 2015 $ 1,506,188 $ (276,139 ) $ 1,230,049 To date, for each of the vessels purchased from Navios Holdings, the vessel acquisition was effected through the acquisition of all of the capital stock of the vessel-owning companies, which held the ownership and other contractual rights and obligations related to each of the acquired vessels, including the vessel and a charter-out contract. Management accounted for each acquisition as an asset acquisition. At the transaction date, the purchase price approximated the fair value of the assets acquired, which was determined based on a combination of methodologies including discounted cash flow analyses and independent valuation analyses. The consideration paid, for each of these transactions, was allocated between the intangible assets (favorable lease term) and the vessel value. On April 22, 2015, Navios Partners acquired from an unrelated third party the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU, for an acquisition cost of $147,840, of which $14,802 relates to vessel deposits paid and transferred during the year. On October 28, 2014, Navios Partners acquired from an unrelated third party the YM Unity, a 2006-built Container vessel of 8,204 TEU, for an acquisition cost of $59,095. On August 29, 2014, Navios Partners acquired from an unrelated third party the YM Utmost, a 2006-built Container vessel of 8,204 TEU, for an acquisition cost of $59,092. On January 18, 2014, Navios Partners acquired from an unrelated third party the Navios Sun, a 2005-built Panamax vessel of 76,619 dwt, for an acquisition cost of $16,176, of which $1,583 was transferred from vessel deposits. On January 7, 2014, Navios Partners acquired from an unrelated third party the Navios La Paix, a 2014-built Ultra-Handymax vessel of 61,485 dwt, for an acquisition cost of $28,478, of which $5,688 was transferred from vessel deposits. In December 2013, Navios Partners acquired from an unrelated third party five 2006 South Korean-built Container vessels of 6,800 TEU each, consisting of the Hyundai Hongkong, the Hyundai Singapore, the Hyundai Tokyo, the Hyundai Shanghai and the Hyundai Busan for an acquisition cost of $276,478. Navios Partners allocated the total consideration to the fair value of the vessels, as these were the only assets acquired. There was no existing debt, charters or technical and commercial management agreements assumed, therefore, Navios Partners concluded that the acquisition of the Container vessels was an asset acquisition under ASC 805. On October 11, 2013, Navios Partners acquired from an unrelated third party the Navios Harmony, an 82,790 dwt 2006 Japanese-built Panamax vessel, for an acquisition cost of $17,955. On September 11, 2013, Navios Partners acquired from an unrelated third party the Navios Joy, an 181,389 dwt 2013 Japanese-built Capesize vessel, for an acquisition cost of $47,467. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
INTANGIBLE ASSETS [Abstract] | |
Intangible Assets | NOTE 7 - INTANGIBLE ASSETS Intangible assets as of December 31, 2015 and 2014 consisted of the following: Cost Accumulated Amortization Net Book Value Favorable lease terms December 31, 2013 $ 248,528 $ (129,123 ) $ 119,405 Additions — (23,287 ) (23,287 ) Accelerated amortization (89,541 ) 67,478 (22,063 ) Favorable lease terms December 31, 2014 $ 158,987 $ (84,932 ) $ 74,055 Additions — (18,716 ) (18,716 ) Write-off (31,199 ) 31,199 — Favorable lease terms December 31, 2015 $ 127,788 $ (72,449 ) $ 55,339 Amortization expense of favorable lease terms for the years ended December 31, 2015, 2014 and 2013 is presented in the following table: Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Favorable lease terms $ (18,716 ) $ (23,287 ) $ (37,869 ) Acceleration of favorable lease terms — (22,063 ) (3,205 ) Total $ (18,716 ) $ (45,350 ) $ (41,074 ) The aggregate amortization of the intangibles as of December 31 is estimated to be as follows: Year Amount 2016 $ 17,329 2017 15,809 2018 8,686 2019 6,103 2020 5,411 2021 and thereafter 2,001 $ 55,339 As of December 31, 2015, acquisition cost and accumulated amortization, each amounting $31,199, was written-off as the intangible asset associated with the favorable lease that was fully amortized of the Navios Fulvia. During the year ended December 31, 2014, Navios Partners' accelerated $22,010 of amortization of the Navios Pollux favorable lease intangible due to a change in its useful life following the termination of the credit default insurance policy (Refer to Note 20 “Other Income” for further details). The additional amount of $53 of accelerated amortization incurred through December 31, 2014, related to the expiration of the intangible assets associated with two vessels of our fleet. In relation to Navios Partners' new suspension agreement, entered into in June 2013, the amount of $3,205 of the Navios Melodia favorable lease term that corresponded to the suspension period until April 2016 was written-off in the statement of income under the caption of “Depreciation and amortization”. Intangible assets subject to amortization are amortized using straight line method over their estimated useful lives to their estimated residual value of zero. The weighted average useful lives are 9.6 years for favorable lease terms charter out. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable Current And Noncurrent [Abstract] | |
Accounts Payable | NOTE 8 - ACCOUNTS PAYABLE Accounts payable as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 December 31, 2014 Creditors $ 329 $ 1,571 Brokers 2,112 1,935 Insurances 149 151 Professional and legal fees 116 167 Total accounts payable $ 2,706 $ 3,824 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | NOTE 9 - ACCRUED EXPENSES Accrued expenses as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 December 31, 2014 Accrued voyage expenses $ 1,411 $ 2,620 Accrued loan interest 864 380 Accrued legal and professional fees 241 623 Total accrued expenses $ 2,516 $ 3,623 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 10 BORROWINGS Borrowings as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 December 31, 2014 Term Loan B facility $ 411,292 $ 433,389 Credit facilities 194,569 153,349 Total borrowings $ 605,861 $ 586,738 Less: Long-term unamortized discount (2,464 ) (3,459 ) Less: Current portion of long-term debt, net (23,336 ) (16,435 ) Less: Deferred financing costs, net (5,319 ) (7,305 ) Long-term debt, net $ 574,742 $ 559,539 In June 2013, Navios Partners completed the issuance of the $250,000 Term Loan B facility. The Term Loan B facility bears an interest rate of LIBOR plus 425 basis points (“bps”) and has a five-year term with 1.0% amortization profile and was issued at 98.0% (at a discount of $5,000). Navios Partners used the net proceeds of the Term Loan B facility to: (i) prepay $101,614 of the facility with Commerzbank AG and DVB Bank AG (the “July 2012 Credit Facility”); (ii) fully repay the outstanding balance of $41,225 of the credit facility entered with DVB Bank AG on August 8, 2012 (the “August 2012 Credit Facility”); (iii) deposit $98,179 to be held in escrow, to partially finance part of the acquisition of four new vessels, of which $47,000 was released in September 2013 for the acquisition of the Navios Joy, $17,750 was released in October 2013 for the acquisition of the Navios Harmony and $33,429 was released in January 2014 to finance a portion of the purchase prices of the Navios Sun and the Navios La Paix, which were delivered in January 2014; and (iv) cover fees and expenses. The refinancing of the August 2012 Credit Facility was accounted for as a debt extinguishment in accordance with ASC470 Debt and the remaining unamortized balance of $707 was written-off from the deferred financing fees. On November 1, 2013, Navios Partners completed the issuance of a $189,500 add-on to its existing Term Loan B facility. The add-on to the Term Loan B facility bears the same terms as Term Loan B facility and was issued at 100%. Navios Partners used the net proceeds to partially finance the acquisition of five Container vessels. On March 30, 2015 and on March 23, 2016, Navios Partners prepaid $21,000 and $3,000, respectively, of the Term Loan B facility. These prepayments were fully applied to the balloon payment. Following the prepayment of March 2015, an amount of $256 was written-off from the deferred financing fees. The Term Loan B facility is secured by first priority mortgages covering certain vessels owned by subsidiaries of Navios Partners, in addition to other collateral and is guaranteed by each subsidiary of Navios Partners. The Term Loan B Agreement requires maintenance of a loan to value ratio of 0.8 to 1.0, and other restrictive covenants customary for facilities of this type (subject to negotiated exceptions and baskets), including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan B Agreement also provides for customary events of default, prepayment and cure provisions. As of December 31, 2015, the outstanding balance of the Term Loan B facility including the add-on was $408,828, net of discount of $2,464, and it is repayable with a final payment of $411,292, in June 2018. On September 22, 2014, Navios Partners entered into a credit facility with ABN AMRO Bank N.V. (the “September 2014 Credit Facility”) of up to $56,000 (divided into two tranches) in order to finance a portion of the purchase price payable in connection with the acquisition of the YM Utmost and the YM Unity. Each tranche of the September 2014 Credit Facility was repayable in 20 equal quarterly installments of approximately $688, with a final balloon payment of $14,250 on the last repayment date. The maturity date of each tranche was five years after the drawdown date of such tranche. The tranches of the September 2014 Credit Facility bear interest at LIBOR plus 300 bps per annum. On March 30, 2015, Navios Partners prepaid $21,312 out of $53,938 outstanding on that date. Following this prepayment, an amount of $314 was written-off from the deferred financing fees. On April 8, 2015, Navios Partners entered into a supplemental agreement (the “First Supplemental Agreement”) to its September 2014 Credit Facility with ABN AMRO Bank N.V. following the release and discharge of Fairy Shipping Corporation and the YM Utmost from its obligations and liabilities under the September 2014 Credit Facility pursuant to a deed of release dated March 30, 2015. As of December 31, 2015, the outstanding balance of the loan was $29,424, and is repayable in 16 consecutive quarterly installments, the first 11 of which are $1,067 and the next five are $688, with a final balloon payment of $14,250 on the last repayment date. On March 27, 2015, Navios Partners prepaid $2,346 of the July 2012 Credit facility and the prepayment was applied to 2015 installments. As of December 31, 2015, the outstanding balance of the July 2012 Credit facility was $88,282, and it was repayable in seven installments of $3,456 and one installment of $5,868, with a final balloon payment of $58,223. On January 8, 2016, Navios Partners prepaid the 2016 installments in the amount of $16,235 of the July 2012 Credit facility. This payment of this facility was accounted for as debt modification in accordance with ASC470 Debt. On April 16, 2015, Navios Partners, through certain of its wholly-owned subsidiaries, entered into a term loan facility agreement of up to $164,000 (divided into two tranches) with HSH Nordbank AG (the “April 2015 Credit Facility”), in order to finance a portion of the purchase price payable in connection with the acquisition of the MSC Cristina and one more super-post-panamax 13,100 TEU container vessel. In September 30, 2015, the second tranche of April 2015 Credit Facility of $83,000 was cancelled. As of December 31, 2015, the outstanding balance of the April 2015 Credit facility of $76,863 was drawn on April 20, 2015, is repayable in 26 equal consecutive quarterly installments of $1,478, with a final balloon payment of $38,431 on the last repayment date. The final maturity date is April 20, 2022. The April 2015 Credit Facility bears interest at LIBOR plus 275 bps per annum. The April 2015 Credit Facility also requires compliance with certain financial covenants. Among other events, it will be an event of default under this credit facility if the financial covenants are not complied with. In May 2015, Navios Partners entered into a term loan facility with Navios Holdings of up to $60,000 (the “Navios Holdings Credit Facility”). The Navios Holdings Credit Facility has a margin of LIBOR plus 300 bps. The final maturity date is January 2, 2017. As of December 31, 2015, there was no outstanding amount under this facility and all $60,000 remained to be drawn. As of December 31, 2015, the total amount available to be drawn from all Navios Partners' credit facilities was $60,000. As of December 31, 2015, the total borrowings, net under the Navios Partners' credit facilities were $598,078. Amounts drawn under the July 2012 Credit Facility are secured by first preferred mortgages on certain Navios Partners' vessels and other collateral and are guaranteed by the respective vessel-owning subsidiary. Amounts drawn under the September 2014 Credit Facility and the April 2015 Credit Facility are secured by first preferred mortgages on certain Navios Partners' vessels and other collateral and are guaranteed by Navios Partners. The July 2012 Credit Facility, the September 2014 Credit Facility and April 2015 Credit Facility contain a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners' vessels; changing the commercial and technical management of Navios Partners' vessels; selling or changing the beneficial ownership or control of Navios Partners' vessels; not maintaining Navios Holdings' (or its affiliates) ownership in Navios Partners of at least 15.0%; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. The July 2012 Credit Facility, the September 2014 Credit Facility and April 2015 Credit Facility also require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 117% to 140%; (ii) minimum free consolidated liquidity of at least the higher of $25,000 and the aggregate of interest and principal falling due during the previous six months; (iii) maintain a ratio of EBITDA to interest expense of at least 2.00 : 1.00; (iv) maintain a ratio of total liabilities to total assets (as defined in our credit facilities) of less than 0.75 : 1.00; and (v) maintain a minimum net worth to $135,000 for the periods prior to any distributions by the Company, whilst during the last quarter prior to any distribution declaration should maintain: (a) a ratio of EBITDA to interest expense of at least 5.00 : 1.00; (b) a ratio of total liabilities to total assets (as defined in our credit facilities) of less than 0.65 : 1.00; and (c) a minimum net worth to $250,000. It is an event of default under the credit facilities if such covenants are not complied with in accordance with the terms and subject to the prepayment or cure provision of each facility. As of December 31, 2015, Navios Partners was in compliance with the financial covenants of all of its credit facilities. The maturity table below reflects the principal payments due under its credit facilities for the 12-month periods ended December 31: Year Amount 2016 $ 26,416 2017 82,227 2018 421,093 2019 8,663 2020 20,162 2021 and thereafter 47,300 $ 605,861 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [ABSTRACT] | |
Fair Value of Financial Instruments | NOTE 11 - FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying value amounts of many of Navios Partners' financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable and amounts due to related parties approximate their fair value due primarily to the short-term maturity of the related instruments. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash: Other long-term debt: Term Loan B facility: The estimated fair values of the Navios Partners' financial instruments are as follows: December 31, 2015 December 31, 2014 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 26,750 $ 26,750 $ 99,495 $ 99,495 Restricted cash $ 7,789 $ 7,789 $ 954 $ 954 Loans receivable from affiliates $ 1,521 $ 1,521 $ 750 $ 750 Amounts due to related parties $ (8,680 ) $ (8,680 ) $ (1,880 ) $ (1,880 ) Term Loan B facility, net $ (404,977 ) $ (406,410 ) $ (424,252 ) $ (431,764 ) Other long-term debt, net $ (193,102 ) $ (194,569 ) $ (151,722 ) $ (153,349 ) Fair Value Measurements The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of December 31, 2015 and December 31, 2014. Fair Value Measurements at December 31, 2015 Total Level I Level II Level III Cash and cash equivalents $ 26,750 $ 26,750 $ — $ — Restricted cash $ 7,789 $ 7,789 $ — $ — Loans receivable from affiliates $ 1,521 $ — $ 1,521 $ — Term Loan B facility, net (1) $ (406,410 ) $ — $ (406,410 ) $ — Other long-term debt, net (1) $ (194,569 ) $ — $ (194,569 ) $ — Fair Value Measurements at December 31, 2014 Total Level I Level II Level III Cash and cash equivalents $ 99,495 $ 99,495 $ — $ — Restricted cash $ 954 $ 954 $ — $ — Loans receivable from affiliates $ 750 $ — $ 750 $ — Term Loan B facility, net (1) $ (431,764 ) $ — $ (431,764 ) $ — Other long-term debt, net (1) $ (153,349 ) $ — $ (153,349 ) $ — (1 )The fair value of the Company's debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account our creditworthiness. |
Issuance of Units
Issuance of Units | 12 Months Ended |
Dec. 31, 2015 | |
ISSUANCE OF UNITS [Abstract] | |
Issuance of Units | NOTE 12 - ISSUANCE OF UNITS On February 11, 2015, Navios Partners completed its public offering of 4,000,000 common units at $13.09 per unit and raised gross proceeds of approximately $52,360 to fund its fleet expansion. The net proceeds of this offering, including the underwriting discount and excluding offering costs of $216 were approximately $50,120. Pursuant to this offering, Navios Partners issued 81,633 general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $1,069. On the same date, Navios Partners completed the exercise of the option previously granted to the underwriters in connection with the offering and issued 600,000 additional common units at the public offering price less the underwriting discount. As a result of the exercise of the option, Navios Partners raised additional gross proceeds of $7,854 and net proceeds, including the underwriting discount, of approximately $7,518 and issued 12,245 additional general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $160. In addition, Navios Partners completed a private placement of 1,120,547 common units and 22,868 general partner units at $13.09 per unit to Navios Holdings, raising additional gross proceeds of $14,967. Following the public offering and the private placement, Navios Holdings currently owns a 20.1% interest in Navios Partners, which includes the 2.0% interest through Navios Partners' general partner which Navios Holdings owns and controls. On February 14, 2014, Navios Partners completed its public offering of 5,500,000 common units at $17.30 per unit and raised gross proceeds of approximately $95,150 to fund its fleet expansion. The net proceeds of this offering, including the underwriting discount and excluding offering costs of $306 were approximately $91,135. Pursuant to this offering, Navios Partners issued 112,245 general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $1,942. On February 18, 2014, Navios Partners completed the exercise of the option previously granted to the underwriters in connection with the offering and issued 825,000 additional common units at the public offering price less the underwriting discount. As a result of the exercise of the option, Navios Partners raised additional gross proceeds of $14,273 and net proceeds, including the underwriting discount, of approximately $13,670 and issued 16,837 additional general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $291. On September 25, 2013, Navios Partners completed its public offering of 5,000,000 common units at $14.26 per unit and raised gross proceeds of approximately $71,300 to fund its fleet expansion. The net proceeds of this offering, including the underwriting discount and excluding offering costs of $179 were approximately $68,200. Pursuant to this offering, Navios Partners issued 102,041 general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $1,455. On the same date, Navios Partners completed the exercise of the option previously granted to the underwriters in connection with the offering and issued 750,000 additional common units at the public offering price less the underwriting discount. As a result of the exercise of the option, Navios Partners raised additional gross proceeds of $10,695. The net proceeds, including the underwriting discount, were approximately $10,230 and issued 15,306 additional general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $218. On February 6, 2013, Navios Partners completed its public offering of 4,500,000 common units at $14.15 per unit and raised gross proceeds of approximately $63,675 to fund its fleet expansion. The net proceeds of this offering, including the underwriting discount and excluding offering costs of $195 were approximately $60,840. Pursuant to this offering, Navios Partners issued 91,837 general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $1,299. On the same date, Navios Partners completed the exercise of the option previously granted to the underwriters in connection with the offering and issued 675,000 additional common units at the public offering price less the underwriting discount. As a result of the exercise of the option, Navios Partners raised additional gross proceeds of $9,551. The net proceeds, including the underwriting discount, were approximately $9,126 and issued 13,776 additional general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $195. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT INFORMATION [Abstract] | |
Segment Information | NOTE 13 - SEGMENT INFORMATION Navios Partners reports financial information and evaluates its operations by charter revenues. Navios Partners does not use discrete financial information to evaluate operating results for each type of charter or by sector. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus Navios Partners has determined that it operates under one reportable segment. The following table sets out operating revenue by geographic region for Navios Partners' reportable segment. Revenue is allocated on the basis of the geographic region in which the customer is located. Drybulk and container vessels operate worldwide. Revenues from specific geographic region which contribute over 10% of total revenue are disclosed separately. Revenue by Geographic Region Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Asia $ 133,542 $ 125,572 $ 119,776 Europe 70,121 64,858 48,906 North America 10,557 19,943 21,334 Australia 9,456 16,983 8,143 Total $ 223,676 $ 227,356 $ 198,159 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
Income Taxes | NOTE 14 - INCOME TAXES Marshall Islands, Malta and Liberia do not impose a tax on international shipping income. Under the laws of Marshall Islands, Malta and Liberia, the countries of the vessel-owning subsidiaries' incorporation and vessels' registration, the vessel-owning subsidiaries are subject to registration and tonnage taxes which have been included in vessel operating expenses in the accompanying consolidated statements of income. In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessel's tonnage. The payment of said duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. Pursuant to Section 883 of the Internal Revenue Code of the United States, U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company operating the ships meets certain incorporation and ownership requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. All the vessel-owning subsidiaries satisfy these initial criteria. In addition, these companies must meet an ownership test. The management of Navios Partners believes that this ownership test was satisfied prior to the IPO by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company. Although not free from doubt, management also believes that the ownership test will be satisfied based on the trading volume and ownership of Navios Partners' units, but no assurance can be given that this will remain so in the future. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments And Contingencies | NOTE 15 - COMMITMENTS AND CONTINGENCIES Navios Partners is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where Navios Partners believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date the financial statements were prepared. Management believes, the ultimate disposition of these matters will be immaterial individually and in the aggregate to Navios Partners' financial position, results of operations or liquidity. In January 2011, Korea Line Corporation (“KLC”) which is the charterer of the Navios Melodia filed for receivership. The charter contract was affirmed and will be performed by KLC on its original terms, following an interim suspension period until April 2016 during which Navios Partners trades the vessel directly. As of December 31, 2015, Navios Partners did not have any further commitments. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
LEASES [Abstract] | |
Leases | NOTE 16 - LEASES The future minimum contractual lease income (charter-out rates are presented net of commissions and assume no off -hires days) as of December 31, 2015, is as follows: Amount 2016 $ 187,199 2017 157,484 2018 151,472 2019 122,315 2020 106,211 2021 and thereafter 318,716 $ 1,043,397 |
Transactions with Related Parti
Transactions with Related Parties and Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES [Abstract] | |
Transactions with Related Parties and Affiliates | NOTE 17 - TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES The Navios Holdings Credit facility: Management fees: Total management fees for the year ended December 31, 2015, 2014 and 2013 amounted to $56,504, $50,359 and $36,173, respectively. General and administrative expenses: Total general and administrative expenses charged by Navios Holdings for the year ended December 31, 2015, 2014 and 2013 amounted to $6,205, $6,089 and $4,366, respectively. Balance due to related parties: Vessel Chartering: In May 2012, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Prosperity, a 2007-built Panamax vessel. The term of this charter was approximately one year with two six-month extension options granted to Navios Holdings, at a net daily rate of $12.00 plus profit sharing. In April 2014, this charter was extended for approximately one year and the owners will receive 100% of the first $1.50 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. On February 11, 2015, Navios Partners and Navios Holdings entered into a novation agreement whereby the rights to the time charter contract of Navios Prosperity were transferred to Navios Holdings on March 5, 2015. For this charter, for the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from Navios Holdings amounted to $771, $4,317 and $4,401, respectively. In September 2012, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Libra, a 1995-built Panamax vessel. The term of this charter is approximately three years commencing in October 2012, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings. In April 2015, this charter was further extended for approximately one year at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For this charter, for the years ended December 31, 2015, 2014 and 2013 the total revenue of Navios Partners from Navios Holdings amounted to $4,346, $4,034and $4,471, respectively. In May 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Felicity, a 1997-built Panamax vessel. The term of this charter was approximately one year with two six-month extension options, at a net daily rate of $12.00 plus profit sharing. The owners will receive 100% of the first $1.50 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. In February 2014, Navios Holdings exercised its first option to extend this charter, and in August 2014, Navios Holdings exercised its second option. In April 2015, this charter was further extended for approximately one year at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For this charter, for the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from Navios Holdings amounted to $3,987, $4,383 and $2,848, respectively. In May 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Aldebaran, a 2008-built Panamax vessel. The term of this charter was approximately six months commencing in June 2013, at a net daily rate of $11.00 plus profit sharing, with a six-month extension option. In December 2013, Navios Holdings exercised its option to extend this charter, at a net daily rate of $11.00 plus profit sharing. The owners will receive 100% of the first $2.50 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. In July 2014, the Company further extended this charter for approximately six to nine months. On February 11, 2015, Navios Partners and Navios Holdings entered into a novation agreement whereby the rights to the time charter contract of Navios Aldebaran were transferred to Navios Holdings on February 28, 2015. For this charter, for the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from Navios Holdings amounted to $640, $4,036 and $2,293, respectively. In July 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Hope, a 2005-built Panamax vessel. The term of this charter was approximately one year, at a net daily rate of $10.00. In December 2013, Navios Holdings extended this charter for approximately six months at a net daily rate of $10.00 plus 50/50 profit sharing based on actual earnings. In January 2015, this charter was further extended for approximately one year at a net daily rate of $10.00 plus 50/50 profit sharing based on actual earnings at the end of the period. The vessel was redelivered in December 2015. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For this charter, for the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $3,139, $3,395 and $1,874, respectively. In July 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Pollux, a 2009-built Capesize vessel, which was completed in August 2013. In August 2014, Navios Partners entered into another charter with a subsidiary of Navios Holdings for the Navios Pollux. The term of this charter was approximately three months which commenced in August 2014, at a daily rate of $21.3 net per day. The charter contract was completed in November 2014. In February 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Pollux, a 2009-built Capesize vessel. The term of this charter is approximately for twelve months at a daily rate of $11.40 net per day plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $3,315, $2,496 and $1,509, respectively. In March 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Gemini, a 1994-built Panamax vessel. The term of this charter is approximately nine months that commenced in March 2015, at a net daily rate of $7.60 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $1,903, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Hyperion, a 2004-built Panamax vessel. The term of this charter is approximately ten months that commenced in April 2015, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $2,115, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Soleil, a 2009-built Ultra-Handymax vessel. The term of this charter is approximately ten months that commenced in May 2015, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. The vessel was redelivered in December 2015. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $1,892, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Harmony, a 2006-built Panamax vessel. The term of this charter is approximately twelve months that commenced in May 2015, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. The vessel was redelivered in December 2015. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $2,905, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Orbiter, a 2004-built Panamax vessel. The term of this charter is approximately twelve months that commenced in June 2015, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $2,571, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Fantastiks, a 2005-built Capesize vessel. The term of this charter is approximately ten months that commenced in June 2015, at a net daily rate of $12.50 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $2,569, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Alegria, a 2004-built Panamax vessel. The term of this charter is approximately twelve months that commenced in June 2015, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $2,203, $0 and $0, respectively. In April 2015, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Sun, a 2005-built Panamax vessel. The term of this charter is approximately ten months that commenced in July 2015, at a net daily rate of $12.00 plus 50/50 profit sharing based on actual earnings at the end of the period. Any adjustment by the charterers for hire expense/loss will be settled accordingly at the end of the charter period. For the years ended December 31, 2015, 2014 and 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $2,172, $0 and $0, respectively. Share Purchase Agreements: Registration Rights Agreement: Revolving Loans to Navios Europe I: The Navios Revolving Loans I earn a 12.7% preferred distribution and are repaid from Free Cash Flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates. As of December 31, 2015, Navios Partners' portion of the outstanding amount relating to portion of the investment in Navios Europe I (5.0% of the $10,000) was $500, under the caption “Investment in affiliates” and the outstanding amount relating to the Navios Revolving Loans I capital is $749, under the caption “Loans receivable from affiliates.” As of December 31, 2015 and December 31, 2014, the amounts undrawn from the Navios Revolving Loans I were $9,100, of which Navios Partners' portion was $455. Revolving Loans to Navios Europe II: The Navios Revolving Loans II earn an 18.0% preferred distribution and are repaid from Free Cash Flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates. As of December 31, 2015, Navios Partners' portion of the outstanding amount relating to portion of the investment in Navios Europe II (5.0% of the $14,000) was $700, under the caption “Investment in affiliates” and the outstanding amount relating to the Navios Revolving Loans II capital is $771, under the caption “Loans receivable from affiliates.” As of December 31, 2015, the amount undrawn from the Navios Revolving Loans II was $23,075, of which Navios Partners' portion was $1,154. Others: Navios Partners entered into an omnibus agreement with Navios Acquisition and Navios Holdings (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition's initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for container vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter drybulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its drybulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party. In connection with the Navios Maritime Midstream Partners L.P. (“Navios Midstream”) initial public offering and effective November 18, 2014, Navios Partners entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Holdings pursuant to which Navios Acquisition, Navios Holdings and Navios Partners have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years and also providing rights of first offer on certain tanker vessels. On November 15, 2012 (as amended in March 2014), Navios Holdings and Navios Partners entered into an agreement (the “Navios Holdings Guarantee”) by which Navios Holdings will provide supplemental credit default insurance with a maximum cash payment of $20,000. During the year ended December 31, 2015, the Company submitted claims for charterers' default under this agreement to Navios Holdings for a total amount of $3,605, which was recorded as “Other income” for the year ended December 31, 2015. As of December 31, 2015, Navios Holdings held an 18.1% common unit interest in Navios Partners, represented by 15,344,310 common units and it also held a general partner interest of 2.0%. |
Investment In Navios Europe I A
Investment In Navios Europe I And Navios Europe II | 12 Months Ended |
Dec. 31, 2015 | |
EQUITY METHOD INVESTMENTS AND JOINT VENTURES [Abstract] | |
Investment in Navios Europe I and Navios Europe II | NOTE 18 - INVESTMENT IN NAVIOS EUROPE I AND NAVIOS EUROPE II Navios Europe I On an ongoing basis, Navios Europe I is required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans I and repayments of the Navios Revolving Loans I) according to a defined waterfall calculation. Navios Partners evaluated its investment in Navios Europe I under ASC 810 and concluded that Navios Europe I is a variable interest entity (“VIE”) and that they are not the party most closely associated with Navios Europe I and, accordingly, is not the primary beneficiary of Navios Europe I. Navios Partners further evaluated its investment in the common stock of Navios Europe I under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe I and, therefore, its investment in Navios Europe I is accounted for under the equity method. As of December 31, 2015, the estimated maximum potential loss by Navios Partners in Navios Europe I would have been $1,315, which represents the Company's carrying value of the investment of $566 plus the Company's balance of the Navios Revolving Loans I of $749 and does not include the undrawn portion of the Navios Revolving Loans I. As of December 31, 2015, the Navios Partners' portion of the Navios Revolving Loan I outstanding was $749. Investment income of $45 was recognized in the statement of income under the caption of “Other income” for the year ended December 31, 2015. Investment income of $21 was recognized in the statement of income under the caption of “Other income” for the year ended December 31, 2014. Navios Europe II On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans and repayments of the Navios Revolving Loans II) according to a defined waterfall calculation. Navios Partners evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II is a variable interest entity (“VIE”) and that it is not the party most closely associated with Navios Europe II and, accordingly, is not the primary beneficiary of Navios Europe II. Navios Partners further evaluated its investment in the common stock of Navios Europe II under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II is accounted for under the equity method. As of December 31, 2015, the estimated maximum potential loss by Navios Partners in Navios Europe II would have been $1,521, which represents the Company's carrying value of the investment of $750 plus the Company's balance of the Navios Revolving Loans II of $771 and does not include the undrawn portion of the Navios Revolving Loans II. As of December 31, 2015, the Navios Partners' portion of the Navios Revolvings Loan II outstanding was $771. Investment income of $49 was recognized in the statement of income under the caption of “Other income” for the year ended December 31, 2015. |
Cash Distributions and Earnings
Cash Distributions and Earnings per Unit | 12 Months Ended |
Dec. 31, 2015 | |
CASH DISTRIBUTIONS AND EARNINGS PER UNIT [Abstract] | |
Cash Distributions and Earnings Per Unit | NOTE 19 - CASH DISTRIBUTIONS AND EARNINGS PER UNIT Navios Partners intends to make distributions to the holders of common units on a quarterly basis, to the extent and as may be declared by the Board and to the extent it has sufficient cash on hand to pay the distribution after the Company establishes cash reserves and pays fees and expenses. There is no guarantee that Navios Partners will pay a quarterly distribution on the common units in any quarter. On February 3, 2016, Navios Partners announced that its board of directors decided to suspend the quarterly cash distributions to its unitholders, including the distribution for the quarter ended December 31, 2015. The amount of any distributions paid under Navios Partners' policy and the decision to make any distribution is determined by its board of directors, taking into consideration the terms of its partnership agreement. The Company is prohibited from making any distributions to unitholders if it would cause an event of default, or an event of default exists, under its existing credit facilities. There is incentive distribution rights held by the General Partner, which are analyzed as follows: Marginal Percentage Interest in Distributions Total Quarterly Distribution Target Amount Common Unitholders General Partner Minimum Quarterly Distribution up to $0.35 98 % 2 % First Target Distribution up to $0.4025 98 % 2 % Second Target Distribution above $0.4025 up to $0.4375 85 % 15 % Third Target Distribution above $0.4375 up to $0.525 75 % 25 % Thereafter above $0.525 50 % 50 % The first 98% of the quarterly distribution is paid to all common units holders. The incentive distributions rights (held by the General Partner) apply only after a minimum quarterly distribution of $0.4025. On January 21, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2012 of $0.4425 per unit. The distribution was paid on February 14, 2013 to all holders of record of common and general partner units on February 8, 2013, which included the unitholders from the common unit offering in February 2013. The aggregate amount of the declared distribution was $29,936. On April 22, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2013 of $0.4425 per unit. The distribution was paid on May 14, 2013 to all holders of record of common and general partner units on May 10, 2013. The aggregate amount of the declared distribution was $29,936. On July 22, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2013 of $0.4425 per unit. The distribution was paid on August 13, 2013 to all holders of record of common and general partner units on August 8, 2013. The aggregate amount of the declared distribution was $29,936. On October 25, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2013 of $0.4425 per unit. The distribution was paid on November 13, 2013 to all holders of record of common and general partner units on November 8, 2013. The aggregate amount of the declared distribution was $32,573. On January 24, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2013 of $0.4425 per unit. The distribution was paid on February 14, 2014 to all holders of record of common and general partner units on February 10, 2014. The aggregate amount of the declared distribution was $32,573. On April 25, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2014 of $0.4425 per unit. The distribution was paid on May 13, 2014 to all holders of record of common and general partner units on May 9, 2014. The aggregate amount of the declared distribution was $35,474. On July 24, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2014 of $0.4425 per unit. The distribution was paid on August 13, 2014 to all holders of record of common and general partner units on August 8, 2014. The aggregate amount of the declared distribution was $35,474. On October 23, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2014 of $0.4425 per unit. The distribution was paid on November 10, 2014 to all holders of record of common and general partner units on November 7, 2014. The aggregate amount of the declared distribution was $35,474. On January 26, 2015, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2014 of $0.4425 per unit. The distribution was paid on February 13, 2015 to all holders of record of common and general partner units on February 11, 2015, which included the unitholders participating in the February 2015 offering (See Note 8 - Issuance of units). The aggregate amount of the declared distribution was $38,097. On April 28, 2015, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2015 of $0.4425 per unit. The distribution was paid on May 14, 2015 to all holders of record of common and general partner units on May 13, 2015. The aggregate amount of the declared distribution was $38,097. On July 23, 2015, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2015 of $0.4425 per unit. The distribution was paid on August 14, 2015 to all holders of record of common and general partner units on August 13, 2015. The aggregate amount of the declared distribution was $38,097. On November 3, 2015, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2015 of $0.2125 per unit. The distribution was paid on November 13, 2015 to all holders of record of common and general partner units on November 12, 2015. The aggregate amount of the declared distribution was $18,015. Navios Partners calculates earnings per unit by allocating reported net income for each period to each class of units based on the distribution waterfall for available cash specified in Navios Partners' partnership agreement, net of the unallocated earnings (or losses). Basic earnings net income per unit is determined by dividing net income by the weighted average number of units outstanding during the period. Diluted earnings per unit is calculated in the same manner as net income per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units. Net loss per unit undistributed is determined by taking the distributions in excess of net income and allocating between common units and general partner units on a 98%-2% basis. There were no options or phantom units outstanding during the years ended December 31, 2015, 2014 and 2013. The calculations of the basic and diluted earnings per unit are presented below. Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Net income $ 41,805 $ 74,853 $ 59,006 Earnings attributable to: Common unit holders 39,825 71,225 55,949 Weighted average units outstanding (basic and diluted) Common unit holders 82,437,128 76,587,656 66,317,588 Earnings per unit (basic and diluted): Common unit holders $ 0.48 $ 0.93 $ 0.84 Earnings per unit — distributed (basic and diluted): Common unit holders $ 1.11 $ 1.79 $ 1.82 Loss per unit — undistributed (basic and diluted): Common unit holders $ (0.63 ) $ (0.86 ) $ (0.98 ) |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2015 | |
OTHER INCOME [Abstract] | |
Other Income | NOTE 20 - OTHER INCOME On November 15, 2012 (as amended in March 2014), Navios Holdings and Navios Partners entered into an agreement by which Navios Holdings will provide supplemental credit default insurance with a maximum cash payment of $20,000. During the year ended December 31, 2015, the Company submitted claims for charterers' default under this agreement to Navios Holdings for a total amount of $3,605, which was recorded as “Other income”. During the year ended December 31, 2014, Navios Partners received cash compensation of $17,779 from the sale of a defaulted counterparty claim to an unrelated third party. Navios Partners has no continuing obligation to provide any further services to the counterparty and has therefore recognized the entire compensation received immediately in the Statement of Income within the caption of “Other income”. As of March 25, 2014, the Company terminated the amended credit default insurance policy. In connection with the termination, Navios Partners received compensation of $30,956 (which was received in April 2014). From the total compensation, $1,170 was recorded immediately in the statement of income within the caption of “Revenue”, which represents reimbursements for insurance claims submitted for the period prior to the date of the termination and the remaining amount of $29,786 was recorded immediately in the statement of income within the caption of “Other income”. The Company has no future requirement to repay any of the lump sum cash payment back to the insurance company or provide any further services. As part of a new suspension agreement entered into in June 2013, Navios Partners agreed to receive an upfront payment of $10,000 covering hire revenues for the suspension period until April 2016. The amount of $10,000 was recognized immediately in the statement of income under the caption of “Other income” since the Company has no future requirements to refund the payment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
Subsequent Events | NOTE 21 - SUBSEQUENT EVENTS On February 3, 2016, Navios Partners announced that its board of directors decided to suspend the quarterly cash distributions to its unitholders, including the distribution for the quarter ended December 31, 2015. On February 4, 2016, Navios Partners amended its existing management agreement with the Manager to fix the fees for ship management services of its owned fleet at: (a) $4.10 daily rate per Ultra-Handymax vessel; (b) $4.20 daily rate per Panamax vessel; (c) $5.25 daily rate per Capesize vessel; (d) $6.70 daily rate per Container vessel of TEU 6,800; (e) $7.40 daily rate per Container vessel of more than TEU 8,000; and (f) $8.75 daily rate per very large Container vessel of more than TEU 13,000 through December 31, 2017. Drydocking expenses under this agreement are reimbursed by Navios Partners at cost at occurrence. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis Of Presentation | (a) Basis of presentation: |
Change in Accounting Principle | Change in Accounting Principle: The reclassification does not impact net income as previously reported or any prior amounts reported on the Statements of Income, or the Consolidated Statements of Cash Flows. The effect of the retrospective application of this change in accounting principle on the Company's Consolidated Balance Sheets as of December 31, 2014 resulted in a reduction of Total non-current assets and Total assets in the amount of $7,305, with a corresponding decrease of $5,102 in Long-term debt, net and Total non-current liabilities and a decrease of $2,203 in Current portion of long-term debt net and Total current liabilities. |
Principles Of Consolidation | (b) Principles of consolidation: Navios Partners also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Subsidiaries: The accompanying consolidated financial statements include the following entities and chartered-in vessels: Country of Statements of income Company name Vessel name incorporation 2015 2014 2013 Libra Shipping Enterprises Corporation Navios Libra II Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Alegria Shipping Corporation Navios Alegria Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Felicity Shipping Corporation Navios Felicity Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Gemini Shipping Corporation Navios Gemini S Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Galaxy Shipping Corporation Navios Galaxy I Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Aurora Shipping Enterprises Ltd. Navios Hope Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Palermo Shipping S.A. Navios Apollon Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Fantastiks Shipping Corporation Navios Fantastiks Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Sagittarius Shipping Corporation Navios Sagittarius Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Hyperion Enterprises Inc. Navios Hyperion Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Chilali Corp. Navios Aurora II Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Surf Maritime Co. Navios Pollux Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Pandora Marine Inc. Navios Melodia Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Customized Development S.A. Navios Fulvia Liberia 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Kohylia Shipmanagement S.A. Navios Luz Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Orbiter Shipping Corp. Navios Orbiter Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Floral Marine Ltd. Navios Buena Ventura Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Golem Navigation Limited Navios Soleil Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Kymata Shipping Co. Navios Helios Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Joy Shipping Corporation Navios Joy Marshall Is. 1/01 - 12/31 1/01 - 12/31 9/11 - 12/31 Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 - 12/31 1/01 - 12/31 10/11 - 12/31 Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 - 12/31 1/18 - 12/31 — Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 - 12/31 1/07 - 12/31 — Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/4 - 12/31 Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/4 - 12/31 Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/10 - 12/31 Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/13 - 12/31 Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/16 - 12/31 Fairy Shipping Corporation YM Utmost Marshall Is. 1/01 - 12/31 8/29 - 12/31 — Limestone Shipping Corporation YM Unity Marshall Is. 1/01 - 12/31 10/28 - 12/31 — Dune Shipping Corp. MSC Cristina Marshall Is. 4/22 - 12/31 — — Citrine Shipping Corporation — Marshall Is. — — — Chartered-in vessels Prosperity Shipping Corporation Navios Prosperity Marshall Is. 1/01 - 03/05 1/01 - 12/31 1/01 - 12/31 Aldebaran Shipping Corporation Navios Aldebaran Marshall Is. 1/01 - 02/28 1/01 - 12/31 1/01 - 12/31 Other JTC Shipping and Trading Ltd (*) Holding Company Malta 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Maritime Partners L.P. N/A Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Maritime Operating LLC N/A Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Partners Finance (US) Inc. Co-Borrower Delaware 1/01 - 12/31 1/01 - 12/31 6/19 - 12/31 Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 - 12/31 1/01 - 12/31 6/04 - 12/31 (*) Not a vessel-owning subsidiary and only holds right to a charter-in contract. |
Equity method investments | (c) Equity method investments: Navios Partners evaluates its investments with equity method, for other than temporary impairment, on a quarterly basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects and (3) the intent and ability of the Company to retain its investments for a period of time sufficient to allow for any anticipated recovery in fair value. |
Use Of Estimates | (d) Use of Estimates: |
Cash And Cash equivalents | (e) Cash and Cash equivalents: |
Restricted Cash | (f) Restricted Cash: |
Accounts Receivable, net | ( g) Accounts Receivable, net: |
Vessels, net | (h) Vessels, net: Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the residual values of our drybulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight ton (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Prior to December 31, 2012, management estimated the residual values of its vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels, the estimated scrap value per LWT was increased to $340. This change in accounting estimate of scrap value did not materially affect the statement of income and the earnings per unit of the Company for the year ended December 31, 2013. Management estimates the useful life of drybulk and container vessels to be 25 and 30 years, respectively, from the vessel's original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. |
Deferred Drydock and Special Survey costs | (i) Deferred Drydock and Special Survey costs: Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For the years ended December 31, 2015, 2014 and 2013, the amortization expense was $4,043, $761 and $0, respectively. The costs of drydocking and special surveys was included in the daily management fee of $4.65 per owned Ultra-Handymax vessel, $4.55 per owned Panamax vessel and $5.65 per owned Capesize vessel through December 31, 2013. In each of October 2013, August 2014 and February 2015, Navios Partners amended its existing Management Agreement with the Manager, a subsidiary of Navios Holdings, to fix the fees for ship management services of its owned fleet at: (a) $4.00 daily rate per Ultra-Handymax vessel; (b) $4.10 daily rate per Panamax vessel; (c) $5.10 daily rate per Capesize vessel; (d) $6.50 daily rate per Container vessel of TEU 6,800; (e) $7.20 daily rate per Container vessel of more than TEU 8,000; and (f) $8.50 daily rate per very large Container vessel of more than TEU 13,000 through December 31, 2015. Drydocking expenses under this agreement are reimbursed by Navios Partners at cost at occurrence. |
Impairment of long lived assets | (j) Impairment of long lived assets: Undiscounted projected net operating cash flows are determined for each vessel and compared to the vessel carrying value of the vessel and related carrying value of the intangible with respect to the time charter agreement attached to that vessel. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. During the fourth quarter of fiscal 2015, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Partners' long-lived assets may exist. These indicators included continued deterioration in the spot market, and the related impact of the current drybulk and container sector has on management's expectation for future revenues. As a result, an impairment assessment of long-lived assets was performed. Navios Partners determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel's carrying value together with the carrying value of the related intangible. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (Navios Partners' remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of the Navios Partners' remaining charter agreement rates and the 10-year average historical one year time charter rates adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions and excluding days of scheduled off-hires, management fees fixed until December 2015 and thereafter assuming an annual increase of 3.0% and utilization rate of 98.6% based on the fleet's historical performance. The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels and the intangible assets existed as of December 31, 2015, as the undiscounted projected net operating cash flows exceeded the carrying value. In the event that impairment would occur, the fair value of the related asset would be determined and an impairment charge would be recorded to operations calculated by comparing the asset's carrying value to its fair value. Fair value is estimated primarily through the use of third-party valuations performed on an individual vessel basis. Although management believes the underlying assumptions supporting this assessment are reasonable, if charter rate trends and the length of the current market downturn, vary significantly from our forecasts, management may be required to perform step two of the impairment analysis in the future that could expose Navios Partners to material impairment charges in the future. No impairment loss was recognized for any of the periods presented. |
Deferred Financing Cost | (k) Deferred Financing Cost: |
Intangible assets and liabilities | (l) Intangible assets and liabilities: The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statement of income in the depreciation and amortization line item. The amortizable value of favorable leases would be considered impaired if their fair market values could not be recovered from the future undiscounted cash flows associated with the asset. Management, after considering various indicators, performed on impairment test which included intangible assets as described in paragraph (j) above. As of December 31, 2015, there was no impairment of intangible assets. |
Foreign currency translation | (m) Foreign currency translation: |
Provisions | (n) Provisions: |
Segment Reporting | (o) Segment Reporting: |
Revenue and Expense Recognition | (p) Revenue and Expense Recognition: Revenue Recognition: Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. Voyage expenses are recognized as incurred. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average minimum lease revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Revenues from profit-sharing are calculated at an agreed percentage of the excess of the charterer's average daily income over an agreed amount and accounted for on an accrual basis based on provisional amounts. Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by Navios Partners and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. Time Charter and Voyage Expenses: Management fees: General and administrative expenses: Deferred Revenue: Prepaid Voyage Costs: Inventory: |
Financial Instruments | (q) Financial Instruments: Financial risk management: Credit risk: Financial instruments that potentially subject Navios Partners to concentrations of credit risk are accounts receivable and cash and cash equivalents. Navios Partners does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. For the year ended December 31, 2015, our most significant counterparties were Hyundai Merchant Marine Co., Ltd., Navios Corporation and Yang Ming Marine Transport Corporation, which accounted for approximately 24.0%, 17.4% and 11.4%, respectively, of total revenues. For the year ended December 31, 2014, Navios Partners' customers representing 10% or more of total revenues were Hyundai Merchant Marine Co., Ltd and Navios Corporation, which accounted for 24.4% and 11.0%, respectively of total revenues. For the year ended December 31, 2013, Navios Partners' customers representing 10% or more of total revenues were Cosco Bulk Carrier Co. Ltd., Hanjin Shipping Co. Ltd, Navios Corporation and Samsun Logix, which accounted for 23.4%, 11.3%, 10.4% and 10.2%, respectively, of total revenues. No other customers accounted for 10% or more of total revenues for any of the years presented. Foreign exchange risk: |
Cash Distribution | (r) Cash Distribution: 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 the business (including reserve for Maintenance and Replacement Capital Expenditures) comply with applicable law, any of Navios Partners' 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 US GAAP and should not be considered as an alternative to net income or any other indicator of Navios Partners' performance required by US GAAP. 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 Partners' capital assets, and expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by the capital assets. To the extent, however, that capital expenditures associated with acquiring a new vessel increase the revenues or the operating capacity of our fleet, those capital expenditures would be classified as expansion capital expenditures. As at December 31, 2015, 2014 and 2013, Maintenance and Replacement capital expenditures reserve approved by the Board of Directors was $13,811, $24,047 and $14,593, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 will apply to both types of leases - capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016 - 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. In February 2015, the FASB issued the ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, which amends the criteria for determining which entities are considered VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this ASU to have a material impact on the Company's results of operations, financial position or cash flows, except if Navios Partners were to enter into new arrangements in 2015 that fall into the scope prior to adoption of this standard. In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. Navios Partners adopted this standard with effect as of January 1, 2016. The adoption of the new standard is not expected to have a material impact on Navios Partners' results of operations, financial position or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. This standard requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Before this new standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We plan to adopt this standard effective January 1, 2017. The adoption of the new standard is not expected to have a material impact on Navios Partners' results of operations, financial position or cash flows. In May 2014, The FASB issued ASU 2014-09, Revenue from Contracts with Customers, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant and Equipment changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. The adoption of the new standard is not expected to have a material impact on Navios Partners' results of operations, financial position or cash flows. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Entities included in consolidation | Country of Statements of income Company name Vessel name incorporation 2015 2014 2013 Libra Shipping Enterprises Corporation Navios Libra II Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Alegria Shipping Corporation Navios Alegria Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Felicity Shipping Corporation Navios Felicity Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Gemini Shipping Corporation Navios Gemini S Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Galaxy Shipping Corporation Navios Galaxy I Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Aurora Shipping Enterprises Ltd. Navios Hope Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Palermo Shipping S.A. Navios Apollon Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Fantastiks Shipping Corporation Navios Fantastiks Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Sagittarius Shipping Corporation Navios Sagittarius Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Hyperion Enterprises Inc. Navios Hyperion Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Chilali Corp. Navios Aurora II Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Surf Maritime Co. Navios Pollux Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Pandora Marine Inc. Navios Melodia Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Customized Development S.A. Navios Fulvia Liberia 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Kohylia Shipmanagement S.A. Navios Luz Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Orbiter Shipping Corp. Navios Orbiter Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Floral Marine Ltd. Navios Buena Ventura Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Golem Navigation Limited Navios Soleil Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Kymata Shipping Co. Navios Helios Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Joy Shipping Corporation Navios Joy Marshall Is. 1/01 - 12/31 1/01 - 12/31 9/11 - 12/31 Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 - 12/31 1/01 - 12/31 10/11 - 12/31 Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 - 12/31 1/18 - 12/31 — Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 - 12/31 1/07 - 12/31 — Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/4 - 12/31 Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/4 - 12/31 Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/10 - 12/31 Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/13 - 12/31 Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 - 12/31 1/01 - 12/31 12/16 - 12/31 Fairy Shipping Corporation YM Utmost Marshall Is. 1/01 - 12/31 8/29 - 12/31 — Limestone Shipping Corporation YM Unity Marshall Is. 1/01 - 12/31 10/28 - 12/31 — Dune Shipping Corp. MSC Cristina Marshall Is. 4/22 - 12/31 — — Citrine Shipping Corporation — Marshall Is. — — — Chartered-in vessels Prosperity Shipping Corporation Navios Prosperity Marshall Is. 1/01 - 03/05 1/01 - 12/31 1/01 - 12/31 Aldebaran Shipping Corporation Navios Aldebaran Marshall Is. 1/01 - 02/28 1/01 - 12/31 1/01 - 12/31 Other JTC Shipping and Trading Ltd (*) Holding Company Malta 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Maritime Partners L.P. N/A Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Maritime Operating LLC N/A Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Navios Partners Finance (US) Inc. Co-Borrower Delaware 1/01 - 12/31 1/01 - 12/31 6/19 - 12/31 Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 - 12/31 1/01 - 12/31 6/04 - 12/31 (*) Not a vessel-owning subsidiary and only holds right to a charter-in contract. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash and cash equivalents | December 31, 2015 December 31, 2014 Cash on hand and at banks $ 26,332 $ 79,103 Short-term deposits and highly liquid funds 418 20,392 Total cash and cash equivalents $ 26,750 $ 99,495 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable Lessen By Provision for Doubtful Receivables | December 31, 2015 December 31, 2014 Accounts receivable $ 3,999 $ 13,327 Less: Provision for doubtful receivables — (49 ) Accounts receivable, net $ 3,999 $ 13,278 |
Changes To Provisions For Doubtful Receivables | Allowance for doubtful receivables Balance at beginning of period Charges to costs and expenses Amount utilized Balance at end of period Year ended December 31, 2015 $ (49 ) $ — $ 49 $ — Year ended December 31, 2014 $ (613 ) $ — $ 564 $ (49 ) Year ended December 31, 2013 $ (458 ) $ (155 ) $ — $ (613 ) |
Prepaid Expenses and Other Cu33
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expenses And Other Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | December 31, 2015 December 31, 2014 Prepaid voyage costs $ 137 $ 634 Inventory 1,160 826 Other — 10 Total prepaid expenses and other current assets $ 1,297 $ 1,470 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
VESSELS, NET [Abstract] | |
Vessels, Net | Vessels Cost Accumulated Depreciation Net Book Value Balance December 31, 2013 $ 1,194,603 $ (168,450 ) $ 1,026,153 Additions 163,745 (50,472 ) 113,273 Balance December 31, 2014 $ 1,358,348 $ (218,922 ) $ 1,139,426 Additions 147,840 (57,217 ) 90,623 Balance December 31, 2015 $ 1,506,188 $ (276,139 ) $ 1,230,049 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INTANGIBLE ASSETS [Abstract] | |
Intangible Assets | Cost Accumulated Amortization Net Book Value Favorable lease terms December 31, 2013 $ 248,528 $ (129,123 ) $ 119,405 Additions — (23,287 ) (23,287 ) Accelerated amortization (89,541 ) 67,478 (22,063 ) Favorable lease terms December 31, 2014 $ 158,987 $ (84,932 ) $ 74,055 Additions — (18,716 ) (18,716 ) Write-off (31,199 ) 31,199 — Favorable lease terms December 31, 2015 $ 127,788 $ (72,449 ) $ 55,339 |
Amortization of Favorable Lease Terms | Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Favorable lease terms $ (18,716 ) $ (23,287 ) $ (37,869 ) Acceleration of favorable lease terms — (22,063 ) (3,205 ) Total $ (18,716 ) $ (45,350 ) $ (41,074 ) |
Aggregate Amortizations of Intangible Assets | Year Amount 2016 $ 17,329 2017 15,809 2018 8,686 2019 6,103 2020 5,411 2021 and thereafter 2,001 $ 55,339 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable Current And Noncurrent [Abstract] | |
Accounts Payable | December 31, 2015 December 31, 2014 Creditors $ 329 $ 1,571 Brokers 2,112 1,935 Insurances 149 151 Professional and legal fees 116 167 Total accounts payable $ 2,706 $ 3,824 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | December 31, 2015 December 31, 2014 Accrued voyage expenses $ 1,411 $ 2,620 Accrued loan interest 864 380 Accrued legal and professional fees 241 623 Total accrued expenses $ 2,516 $ 3,623 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | December 31, 2015 December 31, 2014 Term Loan B facility $ 411,292 $ 433,389 Credit facilities 194,569 153,349 Total borrowings $ 605,861 $ 586,738 Less: Long-term unamortized discount (2,464 ) (3,459 ) Less: Current portion of long-term debt, net (23,336 ) (16,435 ) Less: Deferred financing costs, net (5,319 ) (7,305 ) Long-term debt, net $ 574,742 $ 559,539 |
Maturities of Long Term Debt | Year Amount 2016 $ 26,416 2017 82,227 2018 421,093 2019 8,663 2020 20,162 2021 and thereafter 47,300 $ 605,861 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Fair Value Of Financial Instruments [Abstract] | |
Fair value of financial instruments | December 31, 2015 December 31, 2014 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 26,750 $ 26,750 $ 99,495 $ 99,495 Restricted cash $ 7,789 $ 7,789 $ 954 $ 954 Loans receivable from affiliates $ 1,521 $ 1,521 $ 750 $ 750 Amounts due to related parties $ (8,680 ) $ (8,680 ) $ (1,880 ) $ (1,880 ) Term Loan B facility, net $ (404,977 ) $ (406,410 ) $ (424,252 ) $ (431,764 ) Other long-term debt, net $ (193,102 ) $ (194,569 ) $ (151,722 ) $ (153,349 ) |
Fair value measurements on a nonrecurring basis | Fair Value Measurements at December 31, 2015 Total Level I Level II Level III Cash and cash equivalents $ 26,750 $ 26,750 $ — $ — Restricted cash $ 7,789 $ 7,789 $ — $ — Loans receivable from affiliates $ 1,521 $ — $ 1,521 $ — Term Loan B facility, net (1) $ (406,410 ) $ — $ (406,410 ) $ — Other long-term debt, net (1) $ (194,569 ) $ — $ (194,569 ) $ — Fair Value Measurements at December 31, 2014 Total Level I Level II Level III Cash and cash equivalents $ 99,495 $ 99,495 $ — $ — Restricted cash $ 954 $ 954 $ — $ — Loans receivable from affiliates $ 750 $ — $ 750 $ — Term Loan B facility, net (1) $ (431,764 ) $ — $ (431,764 ) $ — Other long-term debt, net (1) $ (153,349 ) $ — $ (153,349 ) $ — (1 )The fair value of the Company's debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account our creditworthiness. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT INFORMATION [Abstract] | |
Segments Summarized Financial Information | Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Asia $ 133,542 $ 125,572 $ 119,776 Europe 70,121 64,858 48,906 North America 10,557 19,943 21,334 Australia 9,456 16,983 8,143 Total $ 223,676 $ 227,356 $ 198,159 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
LEASES [Abstract] | |
Leases | Amount 2016 $ 187,199 2017 157,484 2018 151,472 2019 122,315 2020 106,211 2021 and thereafter 318,716 $ 1,043,397 |
Cash Distributions and Earnin42
Cash Distributions and Earnings per Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
CASH DISTRIBUTIONS AND EARNINGS PER UNIT [Abstract] | |
Schedule of incentive distributions made to General Partners or Unitholders by distribution | Marginal Percentage Interest in Distributions Total Quarterly Distribution Target Amount Common Unitholders General Partner Minimum Quarterly Distribution up to $0.35 98 % 2 % First Target Distribution up to $0.4025 98 % 2 % Second Target Distribution above $0.4025 up to $0.4375 85 % 15 % Third Target Distribution above $0.4375 up to $0.525 75 % 25 % Thereafter above $0.525 50 % 50 % |
Schedule of earnings per unit, basic and diluted | Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Net income $ 41,805 $ 74,853 $ 59,006 Earnings attributable to: Common unit holders 39,825 71,225 55,949 Weighted average units outstanding (basic and diluted) Common unit holders 82,437,128 76,587,656 66,317,588 Earnings per unit (basic and diluted): Common unit holders $ 0.48 $ 0.93 $ 0.84 Earnings per unit — distributed (basic and diluted): Common unit holders $ 1.11 $ 1.79 $ 1.82 Loss per unit — undistributed (basic and diluted): Common unit holders $ (0.63 ) $ (0.86 ) $ (0.98 ) |
Description of Business (Detail
Description of Business (Details) - shares | 1 Months Ended | 12 Months Ended | |
Feb. 11, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Entity Information [Line Items] | |||
General partner, Name | Navios GP L.L.C. | ||
Formation date | Aug. 7, 2007 | ||
Date of initial public offering | Nov. 16, 2007 | ||
Common units outstanding | 83,079,710 | 77,359,163 | |
General partner units outstanding | 1,695,509 | 1,578,763 | |
Navios Holdings | |||
Entity Information [Line Items] | |||
Ownership percentage of Navios Holdings | 20.10% | 20.10% | |
Navios Holdings' general partner interest in Navios Partners | 2.00% | ||
Common units outstanding | 15,344,310 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Schedule of Entities (Table) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Libra Shipping Enterprises Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Libra II |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Alegria Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Alegria |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Felicity Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Felicity |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Gemini Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Gemini S |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Galaxy Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Galaxy I |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Aurora Shipping Enterprises Ltd. | |
Entity Information [Line Items] | |
Vessel name | Navios Hope |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Palermo Shipping S.A. | |
Entity Information [Line Items] | |
Vessel name | Navios Apollon |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Fantastiks Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Fantastiks |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Sagittarius Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Sagittarius |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Hyperion Enterprises Inc. | |
Entity Information [Line Items] | |
Vessel name | Navios Hyperion |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Chilali Corp. | |
Entity Information [Line Items] | |
Vessel name | Navios Aurora II |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Surf Maritime Co. | |
Entity Information [Line Items] | |
Vessel name | Navios Pollux |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Pandora Marine Inc. | |
Entity Information [Line Items] | |
Vessel name | Navios Melodia |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Customized Development S.A. | |
Entity Information [Line Items] | |
Vessel name | Navios Fulvia |
Country of incorporation | Liberia |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Kohylia Shipmanagement S.A. | |
Entity Information [Line Items] | |
Vessel name | Navios Luz |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Orbiter Shipping Corp. | |
Entity Information [Line Items] | |
Vessel name | Navios Orbiter |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Floral Marine Ltd. | |
Entity Information [Line Items] | |
Vessel name | Navios Buena Ventura |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Golem Navigation Limited | |
Entity Information [Line Items] | |
Vessel name | Navios Soleil |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Kymata Shipping Co. | |
Entity Information [Line Items] | |
Vessel name | Navios Helios |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Joy Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Joy |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 9/11 - 12/31 |
Micaela Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Harmony |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 10/11 - 12/31 |
Pearl Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Sun |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/18 - 12/31 |
Velvet Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios La Paix |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/07 - 12/31 |
Rubina Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Hongkong |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 12/4 - 12/31 |
Topaz Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Singapore |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 12/4 - 12/31 |
Beryl Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Tokyo |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 12/10 - 12/31 |
Cheryl Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Shanghai |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 12/13 - 12/31 |
Christal Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Busan |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 12/16 - 12/31 |
Fairy Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | YM Utmost |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 8/29 - 12/31 |
Limestone Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | YM Unity |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 10/28 - 12/31 |
Dune Shipping Corp. | |
Entity Information [Line Items] | |
Vessel name | MSC Cristina |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 4/22 - 12/31 |
Citrine Shipping Corporation | |
Entity Information [Line Items] | |
Country of incorporation | Marshall Is. |
Prosperity Shipping Corporation | Chartered-in vessels | |
Entity Information [Line Items] | |
Vessel name | Navios Prosperity |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 3/05 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Aldebaran Shipping Corporation | Chartered-in vessels | |
Entity Information [Line Items] | |
Vessel name | Navios Aldebaran |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 2/28 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
JTC Shipping and Trading Ltd | Other | |
Entity Information [Line Items] | |
Vessel name | Holding Company |
Country of incorporation | Malta |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Navios Maritime Partners L.P. | Other | |
Entity Information [Line Items] | |
Vessel name | N/A |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Navios Maritime Operating LLC | Other | |
Entity Information [Line Items] | |
Vessel name | N/A |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 1/01 - 12/31 |
Navios Partners Finance (US) Inc. | Other | |
Entity Information [Line Items] | |
Vessel name | Co-Borrower |
Country of incorporation | Delaware |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 6/19 - 12/31 |
Navios Partners Europe Finance Inc. | Other | |
Entity Information [Line Items] | |
Vessel name | Sub-Holding Company |
Country of incorporation | Marshall Is. |
Statements of income | |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
2,013 | 6/04 - 12/31 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Change in Accounting Principle (Details) - New Accounting Pronouncemen, Early Adoption, Effect $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Reduction of total assets, due to change in accounting principle | $ 7,305 |
Reduction of long term debt, due to change in accounting principle | 5,102 |
Reduction of current portion of long term debt, due to change in accounting principle | $ 2,203 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property Plant And Equipment [Line Items] | ||||
Restricted cash | $ 7,789,000 | $ 954,000 | ||
Allowance for doubtful accounts | $ 0 | 49,000 | $ 613,000 | $ 458,000 |
Depreciation method | straight line | |||
Scrap value per light weight ton | $ 340 | $ 285 | ||
Asset impairment charges | 0 | |||
Amortization of deferred drydock and special survey costs | $ 4,043,000 | 761,000 | 0 | |
Annual growth factor of management fees | 3.00% | |||
Utilization rate of fleet | 98.60% | |||
Amortization and write-off of deferred financing cost and discount | $ 3,727,000 | 3,091,000 | 4,035,000 | |
Foreign currency exchange gains/(losses) | $ 19,000 | 13,000 | (13,000) | |
Percentage allocations of the additional available cash | 100.00% | |||
Distribution policy members or limited partners description | As per the Partnership Agreement, within 45 days following the end of each quarter, an amount equal to 100% of Available Cash with respect to such quarter shall be distributed to the partners as of the record date selected by the Board of Directors. | |||
Retention and pledged accounts | ||||
Property Plant And Equipment [Line Items] | ||||
Restricted cash | $ 4,184,000 | |||
Maintenance and Replacement | ||||
Property Plant And Equipment [Line Items] | ||||
Capital expenditures | $ 13,811,000 | $ 24,047,000 | 14,593,000 | |
Drybulk vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Vessel useful life | 25 years | |||
Container vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Vessel useful life | 30 years | |||
Ultra-Handymax Vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | $ 4,000 | 4,650 | ||
Panamax Vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 4,100 | 4,550 | ||
Capesize Vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 5,100 | $ 5,650 | ||
Container Vessels of TEU 6,800 | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 6,500 | |||
Container Vessels of more than TEU 8,000 | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 7,200 | |||
Container Vessels of more than TEU 13,000 | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | $ 8,500 | |||
Minimum | ||||
Property Plant And Equipment [Line Items] | ||||
Interval between vessel drydockings / special surveys | 30 months | |||
Maximum | ||||
Property Plant And Equipment [Line Items] | ||||
Interval between vessel drydockings / special surveys | 60 months |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Major Charterers (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Hyundai Merchant Marine Co., Ltd. | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 24.00% | 24.40% | |
Navios Corporation | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 17.40% | 11.00% | 10.40% |
Yang Ming Marine Transport Corporation | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 11.40% | ||
Cosco Bulk Carrier Co. Ltd. | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 23.40% | ||
Hanjin Shipping Co. Ltd | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 11.30% | ||
Samsun Logix | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 10.20% |
Cash and Cash Equivalents (Ta48
Cash and Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH AND CASH EQUIVALENTS [Abstract] | ||||
Cash on hand and at banks | $ 26,332 | $ 79,103 | ||
Short-term deposits and highly liquid funds | 418 | 20,392 | ||
Total cash and cash equivalents | $ 26,750 | $ 99,495 | $ 35,346 | $ 32,132 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Cash on hand and at banks | $ 418 | $ 20,392 |
Money market funds with duration of less than three months | 418 | 1,392 |
Restricted cash | 7,789 | 954 |
Time Deposits | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Cash on hand and at banks | 0 | 19,000 |
Retention Accounts | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 7,789 | $ 954 |
Accounts Receivable, Net (Tab50
Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts And Notes Receivable Net [Abstract] | ||||
Accounts receivable | $ 3,999 | $ 13,327 | ||
Less: Provision for doubtful receivables | 0 | (49) | $ (613) | $ (458) |
Accounts receivable, net | $ 3,999 | $ 13,278 |
Accounts Receivable, Net - Allo
Accounts Receivable, Net - Allowance for Doubtful Receivables (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable, Net [Abstract] | |||
Balance at beginning of period | $ (49) | $ (613) | $ (458) |
Charges to costs and expenses | 0 | 0 | (155) |
Amount utilized | 49 | 564 | 0 |
Balance at end of period | $ 0 | $ (49) | $ (613) |
Prepaid Expenses and Other Cu52
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expenses And Other Assets [Abstract] | ||
Prepaid voyage costs | $ 137 | $ 634 |
Inventory | 1,160 | 826 |
Other | 0 | 10 |
Total prepaid expenses and other current assets | $ 1,297 | $ 1,470 |
Vessels, Net (Table) (Details)
Vessels, Net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | ||
Balance | $ 1,139,426 | |
Balance | 1,230,049 | $ 1,139,426 |
Cost | ||
Property Plant And Equipment [Line Items] | ||
Balance | 1,358,348 | 1,194,603 |
Additions | 147,840 | 163,745 |
Balance | 1,506,188 | 1,358,348 |
Accumulated Depreciation | ||
Property Plant And Equipment [Line Items] | ||
Balance | (218,922) | (168,450) |
Additions | (57,217) | (50,472) |
Balance | (276,139) | (218,922) |
Net Book Value | ||
Property Plant And Equipment [Line Items] | ||
Balance | 1,139,426 | 1,026,153 |
Additions | 90,623 | 113,273 |
Balance | $ 1,230,049 | $ 1,139,426 |
Vessels, Net (Details)
Vessels, Net (Details) $ in Thousands | Jan. 07, 2014USD ($) | Jan. 18, 2014USD ($) | Apr. 22, 2015USD ($) | Aug. 29, 2014USD ($) | Sep. 11, 2013USD ($) | Oct. 11, 2013USD ($) | Oct. 28, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) |
Property Plant And Equipment [Line Items] | ||||||||||
Deposits for vessels acquisitions | $ 0 | $ 10 | ||||||||
MSC Cristina | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,011 | |||||||||
Vessel type | Container | |||||||||
Capacity per each container in TEU | 13,100 | |||||||||
Acquisition cost | $ 147,840 | |||||||||
Deposits for vessels acquisitions | $ 14,802 | |||||||||
YM Unity | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,006 | |||||||||
Vessel type | Container | |||||||||
Capacity per each container in TEU | 8,204 | |||||||||
Acquisition cost | $ 59,095 | |||||||||
YM Utmost | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,006 | |||||||||
Vessel type | Container | |||||||||
Capacity per each container in TEU | 8,204 | |||||||||
Acquisition cost | $ 59,092 | |||||||||
Navios Sun | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,005 | |||||||||
Vessel type | Panamax | |||||||||
Vessel capacity in DWT | 76,619 | |||||||||
Acquisition cost | $ 16,176 | |||||||||
Deposits for vessels acquisitions | $ 1,583 | |||||||||
Navios La Paix | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,014 | |||||||||
Vessel type | Ultra-Handymax | |||||||||
Vessel capacity in DWT | 61,485 | |||||||||
Acquisition cost | $ 28,478 | |||||||||
Deposits for vessels acquisitions | $ 5,688 | |||||||||
Hyundai Hongkong, Hyundai Singapore, Hyundai Tokyo, Hyundai Shanghai and Hyundai Busan | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Number of vessels acquired | 5 | |||||||||
Vessel year built | 2,006 | |||||||||
Vessel type | Container | |||||||||
Capacity per each container in TEU | 6,800 | |||||||||
Acquisition cost | $ 276,478 | |||||||||
Navios Harmony | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,006 | |||||||||
Vessel type | Panamax | |||||||||
Vessel capacity in DWT | 82,790 | |||||||||
Acquisition cost | $ 17,955 | |||||||||
Navios Joy | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,013 | |||||||||
Vessel type | Capesize | |||||||||
Vessel capacity in DWT | 181,389 | |||||||||
Acquisition cost | $ 47,467 |
Intangible Assets (Table) (Deta
Intangible Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTANGIBLE ASSETS [Abstract] | |||
Favorable lease terms - Cost | $ 127,788 | $ 158,987 | $ 248,528 |
Accelerated amortization - Cost | (89,541) | ||
Write-off - Cost | (31,199) | ||
Favorable lease terms - Accumulated amortization | (72,449) | (84,932) | (129,123) |
Additions - Accumulated Amortization | (18,716) | (23,287) | |
Accelerated amortization - Accumulated Amortization | 67,478 | ||
Write-off - Accumulated Amortization | 31,199 | ||
Favorable lease terms - Net Book Value | 55,339 | 74,055 | $ 119,405 |
Additions - Net Book Value | $ (18,716) | (23,287) | |
Accelerated amortization - Net Book Value | $ (22,063) |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTANGIBLE ASSETS [Abstract] | |||
Favorable lease terms | $ (18,716) | $ (23,287) | $ (37,869) |
Acceleration of favorable lease terms | (22,063) | (3,205) | |
Total | $ (18,716) | $ (45,350) | $ (41,074) |
Intangible Assets - Aggregate A
Intangible Assets - Aggregate Amortizations (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
INTANGIBLE ASSETS [Abstract] | |||
2,016 | $ 17,329 | ||
2,017 | 15,809 | ||
2,018 | 8,686 | ||
2,019 | 6,103 | ||
2,020 | 5,411 | ||
2021 and thereafter | 2,001 | ||
Total | $ 55,339 | $ 74,055 | $ 119,405 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Favorable lease terms - Cost | $ 127,788 | $ 158,987 | $ 248,528 |
Favorable lease terms - Accumulated amortization | 72,449 | 84,932 | 129,123 |
Write-off - Cost | $ 31,199 | ||
Finite lived intangible assets amortization method | straight line | ||
Weighted average useful life for favorable lease terms chartered out | 9 years 7 months 4 days | ||
Acceleration of amortization of intangible asset | 22,063 | 3,205 | |
Navios Fulvia | |||
Favorable lease terms - Cost | $ 31,199 | ||
Favorable lease terms - Accumulated amortization | 31,199 | ||
Write-off - Cost | $ 31,199 | ||
Navios Pollux | |||
Acceleration of amortization of intangible asset | 22,010 | ||
Two vessels | |||
Acceleration of amortization of intangible asset | $ 53 | ||
Navios Melodia | |||
Acceleration of amortization of intangible asset | $ 3,205 |
Accounts Payable (Table) (Detai
Accounts Payable (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable Current And Noncurrent [Abstract] | ||
Creditors | $ 329 | $ 1,571 |
Brokers | 2,112 | 1,935 |
Insurances | 149 | 151 |
Professional and legal fees | 116 | 167 |
Total accounts payable | $ 2,706 | $ 3,824 |
Accrued Expenses (Table) (Detai
Accrued Expenses (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities Current [Abstract] | ||
Accrued voyage expenses | $ 1,411 | $ 2,620 |
Accrued loan interest | 864 | 380 |
Accrued legal and professional fees | 241 | 623 |
Total accrued expenses | $ 2,516 | $ 3,623 |
Borrowings (Table) (Details)
Borrowings (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Term Loan B facility | $ 411,292 | $ 433,389 |
Credit facilities | 194,569 | 153,349 |
Total borrowings | 605,861 | 586,738 |
Less: Long-term unamortized discount | (2,464) | (3,459) |
Less: Current portion of long-term debt, net | (23,336) | (16,435) |
Less: Deferred financing costs, net | (5,319) | (7,305) |
Long-term debt, net | 574,742 | 559,539 |
Term Loan B including addition | ||
Debt Instrument [Line Items] | ||
Term Loan B facility | 411,292 | $ 433,389 |
Less: Long-term unamortized discount | $ (2,464) |
Borrowings - Principal Payments
Borrowings - Principal Payments Due (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Term Debt By Maturity [Abstract] | ||
2,016 | $ 26,416 | |
2,017 | 82,227 | |
2,018 | 421,093 | |
2,019 | 8,663 | |
2,020 | 20,162 | |
2021 and thereafter | 47,300 | |
Total borrowings | $ 605,861 | $ 586,738 |
Borrowings (Details)
Borrowings (Details) $ in Thousands | Jan. 08, 2016USD ($) | Jan. 31, 2014USD ($) | Mar. 23, 2016USD ($) | Mar. 30, 2015USD ($) | Mar. 27, 2015USD ($) | Apr. 20, 2015USD ($) | Apr. 16, 2015USD ($) | May. 31, 2015USD ($) | Jun. 30, 2013USD ($) | Sep. 22, 2014USD ($) | Sep. 30, 2013USD ($) | Oct. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) | Nov. 01, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Amount released from escrow | $ 0 | $ 33,429 | $ 64,750 | ||||||||||||||
Amount outstanding | 411,292 | 433,389 | |||||||||||||||
Unamortized discount | 2,464 | 3,459 | |||||||||||||||
Outstanding balance | 194,569 | 153,349 | |||||||||||||||
Long- term debt | 598,078 | ||||||||||||||||
Available amount of loan facility | $ 60,000 | ||||||||||||||||
Navios Joy | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount released from escrow | $ 47,000 | ||||||||||||||||
Navios Harmony | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount released from escrow | $ 17,750 | ||||||||||||||||
Navios Sun and Navios La Paix | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount released from escrow | $ 33,429 | ||||||||||||||||
Term Loan B Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt amount | $ 250,000 | ||||||||||||||||
Interest rate description | LIBOR | ||||||||||||||||
Interest rate percentage | 4.25% | ||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||
Initial percentage of issuance of debt | 98.00% | ||||||||||||||||
Interest percentage amortization rate of debt issued | 1.00% | ||||||||||||||||
Amounts held in escrow, through Term Loan B proceeds used | $ 98,179 | ||||||||||||||||
Number of vessels acquired | 4 | ||||||||||||||||
Unamortized discount | $ 5,000 | ||||||||||||||||
Description of terms of credit facility | Five-year term with 1.0% amortization profile and was issued at 98.0% (at a discount of $5,000). | ||||||||||||||||
Term Loan B Facility Addition | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt amount | $ 189,500 | ||||||||||||||||
Initial percentage of issuance of debt | 100.00% | ||||||||||||||||
Number of vessels acquired | 5 | ||||||||||||||||
Description of terms of credit facility | The add-on to the Term Loan B facility bears the same terms as Term Loan B facility and was issued at 100%. Navios Partners used the net proceeds to partially finance the acquisition of five Container vessels. | ||||||||||||||||
Term Loan B including addition | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount outstanding | $ 411,292 | $ 433,389 | |||||||||||||||
Unamortized discount | 2,464 | ||||||||||||||||
Balloon payment on the last repayment date | 411,292 | ||||||||||||||||
Long term debt, net | $ 408,828 | ||||||||||||||||
Repayment of debt | $ 21,000 | ||||||||||||||||
Write-off of deferred financing fees | 256 | ||||||||||||||||
Term Loan B including addition | Subsequent Event | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment of debt | $ 3,000 | ||||||||||||||||
August 2012 Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment of debt | 41,225 | ||||||||||||||||
Write-off of deferred financing fees | 707 | ||||||||||||||||
July 2012 Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate description | LIBOR | ||||||||||||||||
Balloon payment on the last repayment date | $ 58,223 | ||||||||||||||||
Outstanding balance | $ 88,282 | ||||||||||||||||
Repayment of debt | $ 2,346 | $ 101,614 | |||||||||||||||
July 2012 Credit Facility | Subsequent Event | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment of debt | $ 16,235 | ||||||||||||||||
July 2012 Credit Facility | First seven installments | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment installments | 7 | ||||||||||||||||
Repayment amount | $ 3,456 | ||||||||||||||||
July 2012 Credit Facility | Eighth installment | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment installments | 1 | ||||||||||||||||
Repayment amount | $ 5,868 | ||||||||||||||||
September 2014 Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||
Credit facility | $ 56,000 | ||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||
Balloon payment on the last repayment date | $ 14,250 | ||||||||||||||||
Outstanding balance | 53,938 | ||||||||||||||||
Repayment installments | 20 | ||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||
Repayment amount | $ 688 | ||||||||||||||||
Interest rate percentage | 3.00% | ||||||||||||||||
Interest rate description | LIBOR plus 3,00% | ||||||||||||||||
Repayment of debt | 21,312 | ||||||||||||||||
Write-off of deferred financing fees | $ 314 | ||||||||||||||||
September 2014 Credit Facility After The Amendment | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Balloon payment on the last repayment date | $ 14,250 | ||||||||||||||||
Outstanding balance | $ 29,424 | ||||||||||||||||
Repayment installments | 16 | ||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||
September 2014 Credit Facility After The Amendment | First eleven installments | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment installments | 11 | ||||||||||||||||
Repayment amount | $ 1,067 | ||||||||||||||||
September 2014 Credit Facility After The Amendment | From twelfth to sixteenth installment | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment installments | 5 | ||||||||||||||||
Repayment amount | $ 688 | ||||||||||||||||
April 2015 Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility | $ 164,000 | ||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||
Balloon payment on the last repayment date | $ 38,431 | ||||||||||||||||
Repayment installments | 26 | ||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||
Repayment amount | $ 1,478 | ||||||||||||||||
Interest rate percentage | 2.75% | ||||||||||||||||
Interest rate description | LIBOR plus 2,75% | ||||||||||||||||
Amount drawn down | $ 76,863 | ||||||||||||||||
Cancellation of undrawn amount | $ 83,000 | ||||||||||||||||
Final maturity date | Apr. 20, 2022 | ||||||||||||||||
Navios Holdings Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility | $ 60,000 | ||||||||||||||||
Outstanding balance | $ 0 | ||||||||||||||||
Interest rate percentage | 3.00% | ||||||||||||||||
Interest rate description | LIBOR plus 3,00% | ||||||||||||||||
Available amount of loan facility | $ 60,000 | ||||||||||||||||
Final maturity date | Jan. 2, 2017 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance | As of December 31, 2015, Navios Partners was in compliance with the financial covenants of all of its credit facilities. |
July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | |
Debt Instrument [Line Items] | |
Restrictive covenants | The July 2012 Credit Facility, the September 2014 Credit Facility and April 2015 Credit Facility contain a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners' vessels; changing the commercial and technical management of Navios Partners' vessels; selling or changing the beneficial ownership or control of Navios Partners' vessels; not maintaining Navios Holdings' (or its affiliates) ownership in Navios Partners of at least 15.0%; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. |
Description of violation or event of default | The July 2012 Credit Facility, the September 2014 Credit Facility and April 2015 Credit Facility also require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 117% to 140%; (ii) minimum free consolidated liquidity of at least the higher of $25,000 and the aggregate of interest and principal falling due during the previous six months; (iii) maintain a ratio of EBITDA to interest expense of at least 2.00 : 1.00; (iv) maintain a ratio of total liabilities to total assets (as defined in our credit facilities) of less than 0.75 : 1.00; and (v) maintain a minimum net worth to $135,000 for the periods prior to any distributions by the Company, whilst during the last quarter prior to any distribution declaration should maintain: (a) a ratio of EBITDA to interest expense of at least 5.00 : 1.00; (b) a ratio of total liabilities to total assets (as defined in our credit facilities) of less than 0.65 : 1.00; and (c) a minimum net worth to $250,000. It is an event of default under the loan facilities if such covenants are not complied with. |
Minimum net worth required for compliance | $ 135,000 |
Minimum free consolidated liquidity | 25,000 |
July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | During the last quarter prior to any distribution declaration | |
Debt Instrument [Line Items] | |
Minimum net worth required for compliance | $ 250,000 |
Term Loan B including addition | |
Debt Instrument [Line Items] | |
Restrictive covenants | The July 2012 Credit Facility, the September 2014 Credit Facility and April 2015 Credit Facility contain a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners' vessels; changing the commercial and technical management of Navios Partners' vessels; selling or changing the beneficial ownership or control of Navios Partners' vessels; not maintaining Navios Holdings' (or its affiliates) ownership in Navios Partners of at least 15.0%; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. |
Description of violation or event of default | The Term Loan B Agreement also provides for customary events of default. |
Minimum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | |
Debt Instrument [Line Items] | |
Ratio of EBITDA to interest expense | 200.00% |
Security cover ratio | 117.00% |
Minimum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | During the last quarter prior to any distribution declaration | |
Debt Instrument [Line Items] | |
Ratio of EBITDA to interest expense | 500.00% |
Minimum | Term Loan B including addition | |
Debt Instrument [Line Items] | |
Loan to value ratio | 80.00% |
Minimum | Navios Holdings | |
Debt Instrument [Line Items] | |
Ownership percentage of Navios Holdings | 15.00% |
Maximum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | |
Debt Instrument [Line Items] | |
Total Liabilities to Total Assets ratio | 75.00% |
Security cover ratio | 140.00% |
Maximum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | During the last quarter prior to any distribution declaration | |
Debt Instrument [Line Items] | |
Total Liabilities to Total Assets ratio | 65.00% |
Maximum | Term Loan B including addition | |
Debt Instrument [Line Items] | |
Loan to value ratio | 100.00% |
Fair Value of Financial Instr65
Fair Value of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
FAIR VALUE OF FINANCIAL INSTRUMENTS [ABSTRACT] | ||||
Cash and cash equivalents - Book Value | $ 26,750 | $ 99,495 | $ 35,346 | $ 32,132 |
Cash and cash equivalents - Fair Value | 26,750 | 99,495 | ||
Restricted cash - Book Value | 7,789 | 954 | ||
Restricted cash - Fair Value | 7,789 | 954 | ||
Loans receivable from affiliates - Book Value | 1,521 | 750 | ||
Loans receivable from affiliates - Fair Value | 1,521 | 750 | ||
Amounts due to related parties - Book Value | (8,680) | (1,880) | ||
Amounts due to related parties - Fair Value | (8,860) | (1,880) | ||
Term Loan B facility, net - Book Value | (404,997) | (424,252) | ||
Term Loan B facility, net - Fair Value | (406,410) | (431,764) | ||
Other long-term debt, net - Book Value | (193,102) | (151,722) | ||
Other long-term debt, net - Fair Value | $ (194,569) | $ (153,349) |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Fair Value Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Cash and cash equivalents | $ 26,750 | $ 99,495 | |
Restricted cash | 7,789 | 954 | |
Loans receivable from affiliates | 1,521 | 750 | |
Term Loan B facility, net | (406,410) | (431,764) | |
Other long-term debt, net | (194,569) | (153,349) | |
Level I | |||
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Cash and cash equivalents | 26,750 | 99,495 | |
Restricted cash | 7,789 | 954 | |
Level II | |||
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Loans receivable from affiliates | 1,521 | 750 | |
Term Loan B facility, net | [1] | (406,410) | (431,764) |
Other long-term debt, net | [1] | $ (194,569) | $ (153,349) |
[1] | The fair value of the Company's debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account our creditworthiness. |
Issuance of Units (Details)
Issuance of Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2014 | Feb. 11, 2015 | Feb. 06, 2013 | Feb. 14, 2014 | Sep. 25, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class Of Stock [Line Items] | ||||||||
Proceeds from issuance of Common Limited partners units | $ 72,090 | $ 104,499 | $ 148,022 | |||||
Proceeds from issuance of common units, net of offering costs | 72,090 | 104,499 | 148,022 | |||||
Net proceeds from issuance of general partner units | 1,528 | 2,233 | 3,167 | |||||
Proceeds from issuance of General partners units | $ 1,528 | $ 2,233 | $ 3,167 | |||||
Common Unitholders | ||||||||
Class Of Stock [Line Items] | ||||||||
Partners Capital account units sold in public offering | 4,000,000 | 4,500,000 | 5,500,000 | 5,000,000 | 5,720,547 | 6,325,000 | 10,925,000 | |
Unit price | $ 13.09 | $ 14.15 | $ 17.3 | $ 14.26 | ||||
Proceeds from issuance of Common Limited partners units | $ 52,360 | $ 63,675 | $ 95,150 | $ 71,300 | ||||
Proceeds from issuance of common units, net of offering costs | 50,120 | 60,840 | 91,135 | 68,200 | $ 72,090 | $ 104,499 | $ 148,022 | |
Offering costs | $ 216 | $ 195 | $ 306 | $ 179 | ||||
Common Unitholders | Overallotment Option | ||||||||
Class Of Stock [Line Items] | ||||||||
Partners Capital account units sold in public offering | 825,000 | 600,000 | 675,000 | 750,000 | ||||
Proceeds from issuance of Common Limited partners units | $ 14,273 | $ 7,854 | $ 9,551 | $ 10,695 | ||||
Proceeds from issuance of common units, net of offering costs | $ 13,670 | $ 7,518 | $ 9,126 | $ 10,230 | ||||
General Partner | ||||||||
Class Of Stock [Line Items] | ||||||||
Partners Capital account units sold in public offering | 81,633 | 91,837 | 112,245 | 102,041 | ||||
General Partner's capital account units sold in public offering | 116,746 | 129,082 | 222,960 | |||||
Net proceeds from issuance of general partner units | $ 1,069 | $ 1,299 | $ 1,942 | $ 1,455 | ||||
Proceeds from issuance of General partners units | $ 1,528 | $ 2,233 | $ 3,167 | |||||
General Partner | Overallotment Option | ||||||||
Class Of Stock [Line Items] | ||||||||
General Partner's capital account units sold in public offering | 16,837 | 12,245 | 13,776 | 15,306 | ||||
Net proceeds from issuance of general partner units | $ 291 | $ 160 | $ 195 | $ 218 | ||||
Navios Holdings | ||||||||
Class Of Stock [Line Items] | ||||||||
Proceeds from issuance of private placement | $ 14,967 | |||||||
Navios Holdings | Common Unitholders | ||||||||
Class Of Stock [Line Items] | ||||||||
Unit price | $ 13.09 | |||||||
Common Limited Partner's capital account units sold in private placement | 1,120,547 | |||||||
Navios Holdings | General Partner | ||||||||
Class Of Stock [Line Items] | ||||||||
Unit price | $ 13.09 | |||||||
Common Limited Partner's capital account units sold in private placement | 22,868 | |||||||
Navios Holdings | ||||||||
Class Of Stock [Line Items] | ||||||||
Ownership percentage of Navios Holdings | 20.10% | 20.10% | ||||||
Navios GP L.L.C. general partner interest in Navios Partners | 2.00% |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 223,676 | $ 227,356 | $ 198,159 |
Asia | |||
Revenue | 133,542 | 125,572 | 119,776 |
Europe | |||
Revenue | 70,121 | 64,858 | 48,906 |
North America | |||
Revenue | 10,557 | 19,943 | 21,334 |
Australia | |||
Revenue | $ 9,456 | $ 16,983 | $ 8,143 |
Leases (Table) (Details)
Leases (Table) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
LEASES [Abstract] | |
2,016 | $ 187,199 |
2,017 | 157,484 |
2,018 | 151,472 |
2,019 | 122,315 |
2,020 | 106,211 |
2021 and thereafter | 318,716 |
Total | $ 1,043,397 |
Transactions with Related Par70
Transactions with Related Parties and Affiliates (Details) - USD ($) | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||
Feb. 04, 2016 | May. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||||
Due to related parties | $ 8,680,000 | $ 1,880,000 | |||
Amount outstanding | 411,292,000 | 433,389,000 | |||
Direct vessel expenses | 4,043,000 | 761,000 | $ 0 | ||
Management fees | 56,504,000 | 50,359,000 | 36,173,000 | ||
General and administrative expenses | 7,931,000 | 7,839,000 | 6,305,000 | ||
Time charter revenues | 223,676,000 | 227,356,000 | 198,159,000 | ||
Outstanding balance | 194,569,000 | 153,349,000 | |||
Available amount of loan facility | $ 60,000,000 | ||||
May 2015 Credit Facility | |||||
Related Party Transaction [Line Items] | |||||
Credit facility | $ 60,000,000 | ||||
Interest rate description | LIBOR plus 3,00% | ||||
Interest rate percentage | 3.00% | ||||
Final maturity date | Jan. 2, 2017 | ||||
Outstanding balance | $ 0 | ||||
Available amount of loan facility | 60,000,000 | ||||
Navios Holdings | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses | 6,205,000 | 6,089,000 | 4,366,000 | ||
Navios Holdings | Due to related party | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 8,680,000 | 1,880,000 | |||
Other receivables | 1,763,000 | 275,000 | |||
Payables for drydock and special survey expenses | 5,714,000 | 2,155,000 | |||
Management fees | $ 1,203,000 | ||||
Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,000 | ||||
Vessel type | Ultra-Handymax | ||||
Time charter revenues | $ 4,281,000 | 4,768,000 | 4,625,000 | ||
Navios Prosperity | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,007 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 771,000 | 4,317,000 | 4,401,000 | ||
Navios Libra | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 1,995 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 4,346,000 | 4,034,000 | 4,471,000 | ||
Navios Felicity | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 1,997 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 3,987,000 | 4,383,000 | 2,848,000 | ||
Navios Aldebaran | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,008 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 640,000 | 4,036,000 | 2,293,000 | ||
Navios Hope | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,005 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 3,139,000 | 3,395,000 | 1,874,000 | ||
Navios Pollux | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,009 | ||||
Vessel type | Capesize | ||||
Time charter revenues | $ 3,315,000 | 2,496,000 | 1,509,000 | ||
Navios Gemini | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 1,994 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 1,903,000 | 0 | 0 | ||
Navios Hyperion | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,004 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 2,115,000 | 0 | 0 | ||
Navios Soleil | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,009 | ||||
Vessel type | Ultra-Handymax | ||||
Time charter revenues | $ 1,892,000 | 0 | 0 | ||
Navios Harmony | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,006 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 2,905,000 | 0 | 0 | ||
Navios Orbiter | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,004 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 2,571,000 | 0 | 0 | ||
Navios Fantastiks | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,005 | ||||
Vessel type | Capesize | ||||
Time charter revenues | $ 2,569,000 | 0 | 0 | ||
Navios Alegria | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,004 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 2,203,000 | 0 | 0 | ||
Navios Sun | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,005 | ||||
Vessel type | Panamax | ||||
Time charter revenues | $ 2,172,000 | $ 0 | 0 | ||
Ultra-Handymax Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 4,000 | 4,650 | |||
Ultra-Handymax Vessels | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | $ 4,100 | ||||
Panamax Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 4,100 | 4,550 | |||
Panamax Vessels | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 4,200 | ||||
Capesize Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 5,100 | $ 5,650 | |||
Capesize Vessels | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 5,250 | ||||
Container Vessels of TEU 6,800 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 6,500 | ||||
Container Vessels of TEU 6,800 | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 6,700 | ||||
Container Vessels of more than TEU 8,000 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 7,200 | ||||
Container Vessels of more than TEU 8,000 | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 7,400 | ||||
Container Vessels of more than TEU 13,000 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | $ 8,500 | ||||
Container Vessels of more than TEU 13,000 | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | $ 8,750 | ||||
Charter hire agreement | Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Lease term | 2 years | ||||
Date of agreement | Feb. 28, 2012 | ||||
Charter hire agreement | Navios Prosperity | |||||
Related Party Transaction [Line Items] | |||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 1 year | ||||
Date of agreement | May 31, 2012 | ||||
Charter hire agreement | Navios Libra | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 3 years | ||||
Date of agreement | Sep. 30, 2012 | ||||
Charter hire agreement | Navios Felicity | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 1 year | ||||
Date of agreement | May 31, 2013 | ||||
Charter hire agreement | Navios Aldebaran | |||||
Related Party Transaction [Line Items] | |||||
Charter hire daily rate | $ 11,000 | ||||
Lease term | 6 months | ||||
Date of agreement | May 31, 2013 | ||||
Charter hire agreement | Navios Hope | |||||
Related Party Transaction [Line Items] | |||||
Charter hire daily rate | $ 10,000 | ||||
Lease term | 1 year | ||||
Date of agreement | Jul. 31, 2013 | ||||
Charter hire agreement | Navios Pollux | |||||
Related Party Transaction [Line Items] | |||||
Lease term | 1 month | ||||
Date of agreement | Jul. 31, 2013 | ||||
Charter hire agreement | Navios Gemini | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 7,600 | ||||
Lease term | 9 months | ||||
Date of agreement | Mar. 31, 2015 | ||||
Charter hire agreement | Navios Hyperion | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 10 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
Charter hire agreement | Navios Soleil | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 10 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
Charter hire agreement | Navios Harmony | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 12 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
Charter hire agreement | Navios Orbiter | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 12 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
Charter hire agreement | Navios Fantastiks | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,500 | ||||
Lease term | 10 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
Charter hire agreement | Navios Alegria | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 12 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
Charter hire agreement | Navios Sun | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 10 months | ||||
Date of agreement | Apr. 30, 2015 | ||||
First year charter hire agreement | Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Charter hire daily rate | $ 12,500 | ||||
Second year charter hire agreement | Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Charter hire daily rate | $ 13,500 | ||||
Extended charter hire agreement | Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 13,500 | ||||
Lease term | 6 months | ||||
Date of agreement | Jan. 31, 2014 | ||||
Extended charter hire agreement | Navios Prosperity | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Lease term | 1 year | ||||
Date of agreement | Apr. 30, 2014 | ||||
Extended charter hire agreement | Navios Libra | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 1 year | ||||
Date of agreement | Apr. 30, 2015 | ||||
Extended charter hire agreement | Navios Felicity | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,000 | ||||
Lease term | 1 year | ||||
Date of agreement | Apr. 30, 2015 | ||||
Extended charter hire agreement | Navios Aldebaran | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 11,000 | ||||
Date of agreement | Dec. 31, 2013 | ||||
Extended charter hire agreement | Navios Hope | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 10,000 | ||||
Lease term | 6 months | ||||
Date of agreement | Dec. 31, 2013 | ||||
Extended charter hire agreement | Navios Pollux | |||||
Related Party Transaction [Line Items] | |||||
Charter hire daily rate | $ 21,300 | ||||
Lease term | 3 months | ||||
Date of agreement | Aug. 31, 2014 | ||||
Further extended charter hire agreement | Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,500 | ||||
Lease term | 1 year | ||||
Date of agreement | Oct. 31, 2014 | ||||
Further extended charter hire agreement | Navios Hope | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 10,000 | ||||
Lease term | 1 year | ||||
Date of agreement | Jan. 31, 2015 | ||||
Further extended charter hire agreement | Navios Pollux | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 11,400 | ||||
Lease term | 12 months | ||||
Date of agreement | Feb. 28, 2015 | ||||
Further extended charter hire agreement | Navios Apollon | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 12,500 | ||||
Lease term | 1 year | ||||
Date of agreement | Apr. 30, 2015 | ||||
Further extended charter hire agreement | Navios Aldebaran | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Lease term | 6 months | ||||
Further extended charter hire agreement | Navios Aldebaran | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Lease term | 9 months | ||||
Novation agreement | Navios Prosperity | |||||
Related Party Transaction [Line Items] | |||||
Date of agreement | Feb. 11, 2015 | ||||
Novation agreement | Navios Aldebaran | |||||
Related Party Transaction [Line Items] | |||||
Date of agreement | Feb. 11, 2015 | ||||
First $1.50 profits above the base rate | Charter hire agreement | Navios Felicity | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 100.00% | ||||
First $1.50 profits above the base rate | Extended charter hire agreement | Navios Prosperity | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 100.00% | ||||
First $2.50 profits above the base rate | Extended charter hire agreement | Navios Aldebaran | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 100.00% |
Transactions with Related Par71
Transactions with Related Parties and Affiliates - Revolving Loans to Navios Europe and Others (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |||||
Nov. 15, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 18, 2015 | Dec. 18, 2013 | Oct. 09, 2013 | |
Long- term debt | $ 598,078 | ||||||
Investment in affiliates | 1,315 | $ 521 | |||||
Loans receivable from affiliates | 1,521 | $ 750 | |||||
Available amount of loan facility | $ 60,000 | ||||||
Common units outstanding | 83,079,710 | 77,359,163 | |||||
Other Income | $ 5,232 | $ 47,935 | $ 13,730 | ||||
Navios Europe I | |||||||
Ownership percentage | 5.00% | 5.00% | |||||
Navios Europe II | |||||||
Ownership percentage | 5.00% | 5.00% | |||||
Navios Holdings | |||||||
Common units outstanding | 15,344,310 | ||||||
Common units interest percentage | 18.10% | ||||||
Navios GP L.L.C. general partner interest in Navios Partners | 2.00% | ||||||
Supplemental credit default insurance maximum cash payment | $ 20,000 | ||||||
Navios Revolving Loans II | Navios Europe II | Funding Commitment | |||||||
Available amount of loan facility | $ 1,154 | ||||||
Navios Holdings | |||||||
Other Income | $ 3,605 | ||||||
Navios Holdings | Navios Europe I | |||||||
Ownership percentage | 47.50% | ||||||
Navios Holdings | Navios Europe II | |||||||
Ownership percentage | 47.50% | ||||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans I | Navios Europe I | |||||||
Revolving loan facility maximum borrowing capacity | $ 24,100 | ||||||
Preferred distribution percentage | 12.70% | ||||||
Available amount of loan facility | $ 9,100 | $ 9,100 | |||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans II | Navios Europe II | |||||||
Revolving loan facility maximum borrowing capacity | $ 38,500 | ||||||
Preferred distribution percentage | 18.00% | ||||||
Available amount of loan facility | $ 23,075 | ||||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans | Navios Europe I | |||||||
Long- term debt | 10,000 | $ 10,000 | |||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans II | Navios Europe II | |||||||
Long- term debt | 14,000 | ||||||
Navios Acquisitions | Navios Europe I | |||||||
Ownership percentage | 47.50% | ||||||
Navios Acquisitions | Navios Europe II | |||||||
Ownership percentage | 47.50% | ||||||
Navios Europe I | |||||||
Investment in affiliates | 566 | ||||||
Navios Europe I | Navios Revolving Loans I | |||||||
Loans receivable from affiliates | 749 | ||||||
Navios Europe I | Navios Revolving Loans I | Funding Commitment | |||||||
Available amount of loan facility | 455 | ||||||
Navios Europe I | Navios Term Loans | |||||||
Investment in affiliates | 500 | ||||||
Navios Europe II | |||||||
Investment in affiliates | 750 | ||||||
Navios Europe II | Navios Revolving Loans II | |||||||
Loans receivable from affiliates | 771 | ||||||
Navios Europe II | Navios Term Loans II | |||||||
Investment in affiliates | $ 700 |
Investment In Navios Europe I72
Investment In Navios Europe I and Navios Europe II (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 18, 2015USD ($) | Dec. 18, 2013USD ($) | Oct. 09, 2013 | |
Proceeds from long-term debt | $ 79,819 | $ 56,000 | $ 434,500 | |||
Debt Instrument Unamortized Discount | 2,464 | 3,459 | ||||
Long- term debt | 598,078 | |||||
Investment in affiliates | 1,315 | 521 | ||||
Portion of the carrying balance of related party loan | 1,521 | 750 | ||||
Investment income | $ 222 | 243 | $ 50 | |||
Navios Europe I | ||||||
Ownership percentage | 5.00% | 5.00% | ||||
Number of vessels acquired | 10 | |||||
Navios Europe II | ||||||
Ownership percentage | 5.00% | 5.00% | ||||
Number of vessels acquired | 14 | |||||
Cash purchase price | $ 145,550 | |||||
Junior Loan I | Navios Europe I | ||||||
Debt instrument face amount | $ 173,367 | |||||
Debt instrument fair value | 68,535 | |||||
Junior Loan II | Navios Europe II | ||||||
Debt instrument face amount | 182,150 | |||||
Debt instrument fair value | 23,568 | |||||
Navios Holdings | Navios Europe I | ||||||
Ownership percentage | 47.50% | |||||
Navios Holdings | Navios Europe II | ||||||
Ownership percentage | 47.50% | |||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolving Loans I | Navios Europe I | ||||||
Revolving loan facility maximum borrowing capacity | 24,100 | |||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Revolvings Loans II | Navios Europe II | ||||||
Revolving loan facility maximum borrowing capacity | $ 38,500 | |||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans | Navios Europe I | ||||||
Long- term debt | 10,000 | $ 10,000 | ||||
Navios Holdings, Navios Acquisition and Navios Partners | Navios Term Loans II | Navios Europe II | ||||||
Long- term debt | 14,000 | |||||
Navios Acquisitions | Navios Europe I | ||||||
Ownership percentage | 47.50% | |||||
Navios Acquisitions | Navios Europe II | ||||||
Ownership percentage | 47.50% | |||||
Navios Europe I | ||||||
Estimated maximum potential loss | 1,315 | |||||
Investment in affiliates | 566 | |||||
Navios Europe I | Navios Revolving Loans I | ||||||
Portion of the carrying balance of related party loan | 749 | |||||
Navios Europe I | Navios Term Loans | ||||||
Investment in affiliates | 500 | |||||
Navios Europe II | ||||||
Estimated maximum potential loss | 1,521 | |||||
Investment in affiliates | 750 | |||||
Navios Europe II | Senior Loans II | ||||||
Proceeds from long-term debt | 131,550 | |||||
Debt Instrument Unamortized Discount | 3,375 | |||||
Navios Europe II | Navios Revolvings Loans II | ||||||
Portion of the carrying balance of related party loan | 771 | |||||
Navios Europe II | Navios Term Loans II | ||||||
Investment in affiliates | 700 | |||||
Within caption "Other Income" | Navios Europe I | ||||||
Investment income | 45 | $ 21 | ||||
Within caption "Other Income" | Navios Europe II | ||||||
Investment income | $ 49 |
Cash Distributions and Earnin73
Cash Distributions and Earnings per Unit - Percentage Interest in Distributions (Table) (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 100.00% |
Total Quarterly Distribution Target Amount | Minimum Quarterly Distribution | Maximum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | $ 0.35 |
Total Quarterly Distribution Target Amount | First Target Distribution | Maximum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | 0.4025 |
Total Quarterly Distribution Target Amount | Second Target Distribution | Minimum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | 0.4025 |
Total Quarterly Distribution Target Amount | Second Target Distribution | Maximum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | 0.4375 |
Total Quarterly Distribution Target Amount | Third Target Distribution | Minimum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | 0.4375 |
Total Quarterly Distribution Target Amount | Third Target Distribution | Maximum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | 0.525 |
Total Quarterly Distribution Target Amount | Thereafter | Minimum | |
Distribution Made To Limited Partner [Line Items] | |
Distribution Per Unit | $ 0.525 |
Common Unitholders | Minimum Quarterly Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 98.00% |
Common Unitholders | First Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 98.00% |
Common Unitholders | Second Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 85.00% |
Common Unitholders | Third Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 75.00% |
Common Unitholders | Thereafter | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 50.00% |
General Partner | Minimum Quarterly Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 2.00% |
General Partner | First Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 2.00% |
General Partner | Second Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 15.00% |
General Partner | Third Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 25.00% |
General Partner | Thereafter | |
Distribution Made To Limited Partner [Line Items] | |
Percentage allocations of the additional available cash | 50.00% |
Cash Distributions and Earnin74
Cash Distributions and Earnings per Unit (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income | $ 41,805 | $ 74,853 | $ 59,006 |
Earnings attributable to: | |||
Earnings per unit (basic and diluted): | $ 0.48 | $ 0.93 | $ 0.84 |
Common unit holders | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income | $ 39,825 | $ 71,225 | $ 55,949 |
Weighted average units outstanding (basic and diluted) | |||
Weighted average units outstanding (basic and diluted) | 82,437,128 | 76,587,656 | 66,317,588 |
Earnings attributable to: | |||
Earnings per unit (basic and diluted): | $ 0.48 | $ 0.93 | $ 0.84 |
Earnings per unit - distributed (basic and diluted): | 1.11 | 1.79 | 1.82 |
Loss per unit - undistributed (basic and diluted): | $ (0.63) | $ (0.86) | $ (0.98) |
Cash Distributions and Earnin75
Cash Distributions and Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distribution Made To Limited Partner [Line Items] | |||
Description of the distribution amount per unit for all classes of units | The first 98% of the quarterly distribution is paid to all common units holders. The incentive distributions rights (held by the General Partner) apply only after a minimum quarterly distribution of $0.4025. | ||
Description of loss allocation | Net loss per unit undistributed is determined by taking the distributions in excess of net income and allocating between common units and general partner units on a 98%-2% basis. | ||
Common and subordinated units | |||
Distribution Made To Limited Partner [Line Items] | |||
Net loss allocated to each class of unit | 98.00% | ||
General Partner Units | |||
Distribution Made To Limited Partner [Line Items] | |||
Net loss allocated to each class of unit | 2.00% | ||
Installment 4 - FY 2012 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Jan. 21, 2013 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Feb. 14, 2013 | ||
Date of record | Feb. 8, 2013 | ||
Aggregate amount of cash distributions paid | $ 29,936 | ||
Installment 1 - FY 2013 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Apr. 22, 2013 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | May 14, 2013 | ||
Date of record | May 10, 2013 | ||
Aggregate amount of cash distributions paid | $ 29,936 | ||
Installment 2 - FY 2013 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Jul. 22, 2013 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Aug. 13, 2013 | ||
Date of record | Aug. 8, 2013 | ||
Aggregate amount of cash distributions paid | $ 29,936 | ||
Installment 3 - FY 2013 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Oct. 25, 2013 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Nov. 13, 2013 | ||
Date of record | Nov. 8, 2013 | ||
Aggregate amount of cash distributions paid | $ 32,573 | ||
Installment 4 - FY 2013 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Jan. 24, 2014 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Feb. 14, 2014 | ||
Date of record | Feb. 10, 2014 | ||
Aggregate amount of cash distributions paid | $ 32,573 | ||
Installment 1 - FY 2014 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Apr. 25, 2014 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | May 13, 2014 | ||
Date of record | May 9, 2014 | ||
Aggregate amount of cash distributions paid | $ 35,474 | ||
Installment 2 - FY 2014 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Jul. 24, 2014 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Aug. 13, 2014 | ||
Date of record | Aug. 8, 2014 | ||
Aggregate amount of cash distributions paid | $ 35,474 | ||
Installment 3 - FY 2014 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Oct. 23, 2014 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Nov. 10, 2014 | ||
Date of record | Nov. 7, 2014 | ||
Aggregate amount of cash distributions paid | $ 35,474 | ||
Installment 4 - FY 2014 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Jan. 26, 2015 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Feb. 13, 2015 | ||
Date of record | Feb. 11, 2015 | ||
Aggregate amount of cash distributions paid | $ 38,097 | ||
Installment 1 - FY 2015 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Apr. 28, 2015 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | May 14, 2015 | ||
Date of record | May 13, 2015 | ||
Aggregate amount of cash distributions paid | $ 38,097 | ||
Installment 2 - FY 2015 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Jul. 23, 2015 | ||
Cash distribution declared per unit | $ 0.4425 | ||
Distribution date | Aug. 14, 2015 | ||
Date of record | Aug. 13, 2015 | ||
Aggregate amount of cash distributions paid | $ 38,097 | ||
Installment 3 - FY 2015 | |||
Distribution Made To Limited Partner [Line Items] | |||
Declaration date | Nov. 3, 2015 | ||
Cash distribution declared per unit | $ 0.2125 | ||
Distribution date | Nov. 13, 2015 | ||
Date of record | Nov. 12, 2015 | ||
Aggregate amount of cash distributions paid | $ 18,015 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||
Mar. 25, 2014 | Nov. 15, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other income | $ 5,232 | $ 47,935 | $ 13,730 | ||
Income from credit default insurance | $ 30,956 | ||||
Within caption "Other Income" | |||||
Income from credit default insurance | 29,786 | ||||
Sale of defaulted counterparty claim | |||||
Other income | $ 17,779 | ||||
Within caption "Revenue" | |||||
Income from credit default insurance | $ 1,170 | ||||
Hire revenues | |||||
Other income | $ 10,000 | ||||
Navios Holdings | |||||
Other income | $ 3,605 | ||||
Navios Holdings | |||||
Supplemental credit default insurance maximum cash payment | $ 20,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 04, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Ultra-Handymax Vessels | |||
Subsequent Event [Line Items] | |||
Daily management fee | $ 4,000 | $ 4,650 | |
Panamax Vessels | |||
Subsequent Event [Line Items] | |||
Daily management fee | 4,100 | 4,550 | |
Capesize Vessels | |||
Subsequent Event [Line Items] | |||
Daily management fee | 5,100 | $ 5,650 | |
Container Vessels of TEU 6,800 | |||
Subsequent Event [Line Items] | |||
Daily management fee | 6,500 | ||
Container Vessels of more than TEU 8,000 | |||
Subsequent Event [Line Items] | |||
Daily management fee | 7,200 | ||
Container Vessels of more than TEU 13,000 | |||
Subsequent Event [Line Items] | |||
Daily management fee | $ 8,500 | ||
Subsequent Event | Ultra-Handymax Vessels | |||
Subsequent Event [Line Items] | |||
Daily management fee | $ 4,100 | ||
Subsequent Event | Panamax Vessels | |||
Subsequent Event [Line Items] | |||
Daily management fee | 4,200 | ||
Subsequent Event | Capesize Vessels | |||
Subsequent Event [Line Items] | |||
Daily management fee | 5,250 | ||
Subsequent Event | Container Vessels of TEU 6,800 | |||
Subsequent Event [Line Items] | |||
Daily management fee | 6,700 | ||
Subsequent Event | Container Vessels of more than TEU 8,000 | |||
Subsequent Event [Line Items] | |||
Daily management fee | 7,400 | ||
Subsequent Event | Container Vessels of more than TEU 13,000 | |||
Subsequent Event [Line Items] | |||
Daily management fee | $ 8,750 |