Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
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, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
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 | Accelerated Filer |
Common Unitholders | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 83,323,911 |
General Partner Units | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 1,700,493 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 17,360 | $ 26,750 |
Restricted cash | 7,728 | 7,789 |
Accounts receivable, net | 10,022 | 3,999 |
Amounts due from related parties | 19,639 | 0 |
Prepaid expenses and other current assets | 1,600 | 1,297 |
Total current assets | 56,349 | 39,835 |
Vessels, net | 1,037,206 | 1,230,049 |
Vessel held for sale | 125,000 | 0 |
Deferred drydock and special survey costs, net and other long-term assets | 21,282 | 22,232 |
Investment in affiliates | 1,257 | 1,315 |
Loans receivable from affiliates | 2,422 | 1,521 |
Intangible assets | 18,952 | 55,339 |
Notes receivable | 6,112 | 0 |
Total non-current assets | 1,212,231 | 1,310,456 |
Total assets | 1,268,580 | 1,350,291 |
Current liabilities | ||
Accounts payable | 3,276 | 2,706 |
Accrued expenses | 4,445 | 2,516 |
Deferred revenue | 17,198 | 4,290 |
Current portion of long-term debt, net | 74,031 | 23,336 |
Amounts due to related parties | 0 | 8,680 |
Total current liabilities | 98,950 | 41,528 |
Long-term debt, net | 449,745 | 574,742 |
Amounts due to related parties | 11,105 | 0 |
Deferred revenue | 28,571 | 1,806 |
Total non-current liabilities | 489,421 | 576,548 |
Total liabilities | 588,371 | 618,076 |
Commitments and contingencies | ||
Partners' capital: | ||
Common Unitholders (83,323,911 and 83,079,710 units issued and outstanding at December 31, 2016 and December 31, 2015, respectively) | 677,081 | 728,046 |
General Partner (1,700,493 and 1,695,509 units issued and outstanding at December 31, 2016 and December 31, 2015, respectively) | 3,128 | 4,169 |
Total partners' capital | 680,209 | 732,215 |
Total liabilities and partners' capital | $ 1,268,580 | $ 1,350,291 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Common units issued | 83,323,911 | 83,079,710 |
Common units outstanding | 83,323,911 | 83,079,710 |
General Partners, units issued | 1,700,493 | 1,695,509 |
General Partners, units outstanding | 1,700,493 | 1,695,509 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Time charter and voyage revenues (includes related party revenue of $1,939, $38,809 and $27,444 for the years ended December 31, 2016, 2015 and 2014, respectively) | $ 190,524 | $ 223,676 | $ 227,356 |
Time charter and voyage expenses | (5,673) | (7,199) | (15,390) |
Direct vessel expenses | (6,381) | (4,043) | (761) |
Management fees (entirely through related parties transactions) | (59,209) | (56,504) | (50,359) |
General and administrative expenses | (12,351) | (7,931) | (7,839) |
Depreciation and amortization | (92,370) | (75,933) | (95,822) |
Vessel impairment losses | (27,201) | 0 | 0 |
Loss on sale of securities | (19,435) | 0 | 0 |
Interest expense and finance cost, net | (31,247) | (31,720) | (28,761) |
Interest income | 541 | 222 | 243 |
Other income | 14,523 | 5,232 | 47,935 |
Other expense | (4,270) | (3,995) | (1,749) |
Net (loss)/ income | $ (52,549) | $ 41,805 | $ 74,853 |
Earnings per unit: | |||
Common unit (basic and diluted) | $ (0.62) | $ 0.48 | $ 0.93 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Revenue from related parties | $ 1,939 | $ 38,809 | $ 27,444 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net (loss)/ income | $ (52,549) | $ 41,805 | $ 74,853 |
Adjustments to reconcile net (loss)/ income to net cash provided by operating activities: | |||
Depreciation and amortization | 92,370 | 75,933 | 95,822 |
Vessel impairment losses | 27,201 | 0 | 0 |
Loss on sale of securities | 19,435 | 0 | 0 |
Gain on debt repayment | (2,140) | 0 | 0 |
Non cash accrued interest income and amortization of deferred revenue | (5,717) | 0 | 0 |
Amortization and write-off of deferred financing cost and discount | 4,003 | 3,727 | 3,091 |
Amortization of deferred drydock and special survey costs | 6,381 | 4,043 | 761 |
Equity in earnings of affiliates | 59 | (94) | 0 |
Equity compensation expense | 93 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Net (increase)/ decrease in restricted cash | (5,286) | (426) | 223 |
(Increase)/ decrease in accounts receivable | (6,023) | 9,279 | 3,020 |
(Increase)/ decrease in prepaid expenses and other current assets | (303) | 173 | 193 |
Decrease/(increase) in other long-term assets | 61 | 20 | (9) |
Increase/ (decrease) in accounts payable | 570 | (1,118) | 653 |
Increase/ (decrease) in accrued expenses | 1,929 | (1,107) | (253) |
(Decrease)/increase in deferred revenue | (1,000) | 1,786 | 1,313 |
Increase in amounts due to related parties | 3,025 | 6,800 | 1,423 |
Increase in amounts due from related parties | (20,089) | 0 | 0 |
Payments for dry dock and special survey costs | (5,493) | (17,545) | (9,429) |
Net cash provided by operating activities | 56,527 | 123,276 | 171,661 |
INVESTING ACTIVITIES: | |||
Acquisition of vessels | (15,341) | (147,830) | (156,221) |
Deposits for acquisition of vessels, net of transfers to vessel acquisitions | 0 | 0 | (10) |
Investment in affiliates | 0 | (700) | 0 |
Loans receivable from affiliates | (450) | (771) | (470) |
Release of restricted cash for vessel acquisitions | 0 | 0 | 33,429 |
Proceeds from sale of securities | 20,842 | 0 | 0 |
Net cash provided by / (used in) investing activities | 5,051 | (149,301) | (123,272) |
FINANCING ACTIVITIES: | |||
Cash distributions paid | 0 | (132,306) | (138,994) |
Net proceeds from issuance of general partner units | 10 | 1,528 | 2,233 |
Proceeds from issuance of common units, net of offering costs | 440 | 72,090 | 104,499 |
Proceeds from long-term debt | 29,000 | 79,819 | 56,000 |
Net decrease/ (increase) in restricted cash | 5,347 | (6,409) | 0 |
Repayment of long-term debt and payment of principal | (104,624) | (60,696) | (7,060) |
Deferred financing cost | (1,141) | (746) | (918) |
Net cash (used in)/provided by financing activities | (70,968) | (46,720) | 15,760 |
Increase/ (decrease) in cash and cash equivalents | (9,390) | (72,745) | 64,149 |
Cash and cash equivalents, beginning of period | 26,750 | 99,495 | 35,346 |
Cash and cash equivalents, end of period | 17,360 | 26,750 | 99,495 |
Supplemental disclosures of cash flow information | |||
Cash interest paid | 26,694 | 26,787 | 25,870 |
Non cash financing activities | |||
Due to related parties | 0 | 0 | 253 |
Acquisition of vessels | 0 | 0 | (253) |
Equity compensation expense | 93 | 0 | 0 |
Non cash investing activities | |||
Notes receivable | 6,112 | 0 | 0 |
Accrued interest on loan receivable from affiliates | $ 238 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands | Total | General Partner | Common Unitholders |
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 13) | 104,499 | $ 104,499 | |
Proceeds from issuance of common units, net of offering costs, Units (see note 13) | 6,325,000 | ||
Net proceeds from issuance of general partner units (see note 13) | 2,233 | $ 2,233 | |
Net proceeds from issuance of general partner units (see note 13) | 129,082 | ||
Net income/ (loss) | 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 13) | 72,090 | $ 72,090 | |
Proceeds from issuance of common units, net of offering costs, Units (see note 13) | 5,720,547 | ||
Net proceeds from issuance of general partner units (see note 13) | 1,528 | $ 1,528 | |
Net proceeds from issuance of general partner units (see note 13) | 116,746 | ||
Net income/ (loss) | 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 | |
Equity compensation expense | 93 | $ 93 | |
Proceeds from public public offering of common units, net of offering costs) value | 440 | $ 440 | |
Proceeds from public public offering of common units, net of offering costs) units | 244,201 | ||
Net proceeds from issuance of general partner units (see note 13) | 10 | $ 10 | |
Net proceeds from issuance of general partner units (see note 13) | 4,984 | ||
Net income/ (loss) | (52,549) | $ (1,051) | $ (51,498) |
Balance at Dec. 31, 2016 | $ 680,209 | $ 3,128 | $ 677,081 |
Balance, Units at Dec. 31, 2016 | 1,700,493 | 83,323,911 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, there were outstanding: 83,323,911 common units and 1,700,493 general partnership units. As of December 31, 2016, Navios Holdings owned a 20.0% 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, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation: (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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. Subsidiaries: The accompanying consolidated financial statements include the following entities, owned and chartered-in vessels: Country of incorporation Statements of operations Company name Vessel name 2016 2015 2014 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 1/01 - 12/31 Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/18 - 12/31 Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/07 - 12/31 Perigiali Navigation Limited(***) Navios Beaufiks Marshall Is. 12/30 - 12/31 — — Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Fairy Shipping Corporation YM Utmost Marshall Is. 1/01 - 12/31 1/01 - 12/31 8/29 - 12/31 Limestone Shipping Corporation YM Unity Marshall Is. 1/01 - 12/31 1/01 - 12/31 10/28 -12/31 Dune Shipping Corp. (**) MSC Cristina Marshall Is. 1/01 - 12/31 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 Aldebaran Shipping Corporation Navios Aldebaran Marshall Is. — 1/01 - 02/28 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 1/01 - 12/31 Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 (*) Not a vessel-owning subsidiary and only holds right to charter-in contracts. (**) The vessel has been classified as held for sale and was sold on January 12, 2017 (see Note 23). (***) The vessel was acquired on December 30, 2016 (see Note 6). (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. The management after considering current market trends for scrap rates and 10-year average historical scrap rates of the residual values of the Company's vessels, estimates scrap value at a rate of $340 per LWT. 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) Vessel held for sale: Vessels are classified as “Vessel held for sale” when all of the following criteria are met: management has committed to a plan to sell the vessel; the vessel is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable and transfer of the vessel is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale. (j) 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, 2016, 2015 and 2014, the amortization expense was $6,381, $4,043 and $761, respectively. In each of October 2013, August 2014, February 2015 and February 2016, 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) $4.10 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. Effective from August 31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the Management Agreement to a later date, but not later than January 5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. (k) 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 2016, 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 deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets, if applicable. 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 one-year average historical time charter rates for the first year and 10-year average historical one-year time charter rates for the remaining period, 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 2017 and thereafter assuming an increase of 3.0% every second year 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, 2016, 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. As of December 31, 2016, an impairment loss of $27,201 was recognized in connection with the committed sale of the MSC Cristina and the Navios Apollon as the carrying amount of each asset group was not recoverable and exceeded its fair less costs to sell (see note 6 and note 7). The impairment loss was included under "Vessel impairment losses" in the consolidated Statements of Operations. Impairment loss recognized amounted to $27,201, $0 and $0 for the years ended December 31, 2016, 2015 and 2014, respectively. (l) Investments in Debt Securities: The Company classifies its debt securities as held-to-maturity based on management's positive intent and ability to hold to maturity. These securities are reported at amortized cost, subject to impairment. Management evaluates securities for other than temporary impairment on a quarterly basis. An investment is considered impaired if the fair value of the investment is less than its amortized cost. Consideration is given to: 1) if the Company intends to sell the security (that is, it has decided to sell the security); 2) it is more likely than not that the Company will be required to sell the security before the recovery of its (entire) amortized cost basis; or 3) a credit loss exists (that is, the Company does not expect to recover the entire amortized cost basis of the security (the present value of cash flows expected to be collected is less than the amortized cost basis of the security). (m) Deferred financing cost: (n) 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 operations 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 (k) above. As of December 31, 2016, there was no impairment of intangible assets. (o) Foreign currency translation: (p) Provisions: (q) Segment Reporting: (r) 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. Profit-sharing revenues 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 and for those contracts that provisional accruals cannot be made due to the nature of the profit share elements, these are accounted for on the actual cash settlement. Profit sharing for the years ended December 31, 2016, 2015 and 2014 amounted to $(9,123), $(2,559) and $205, respectively. 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 or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. Revenue for vessels operating in pooling arrangements amounted to $3,949, $0 and $0, for the years ended December 31, 2016, 2015 and 2014, respectively. The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. Time charter and voyage expenses: Direct vessel expenses: Direct vessel expenses comprise the amortization related to drydock and special survey costs of certain vessels of Navios Partners' fleet. Management fees: General and administrative expenses: Deferred revenue: Prepaid voyage costs: Inventory: (s) 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, 2016, our most significant counterparties representing 10% or more of total revenues were Hyundai Merchant Marine Co., Ltd., Yang Ming Marine Transport Corporation and Mediterranean Shipping Co. S.A. which accounted for approximately 29.6%, 13.0% and 11.6%, respectively, of total revenues. For the year ended December 31, 2015, Navios Partners' customers representing 10% or more of total revenues were Hyundai Merchant Marine Co., Ltd., Navios Corporation and Yang Ming Marine Transport Corporation, which accounted for 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. No other customers accounted for 10% or more of total revenues for any of the years presented. Foreign exchange risk: (t) Cash Distribution: Available Cash: • 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: (u) Equity compensation expense: Recent Accounting Pronouncements In January 2017, FASB issued Accounting Standard Update No. 2017-01, “Business Combinations” to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period 1) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and 2) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In January 2017, FASB issued Accounting Standard Update No. 2017-03 "Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)." The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our Consolidate Financial Statement was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance did not have a material effect on the Company's Consolidated Financial Statements. In November 2016, FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. This update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2016, FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In March 2016, FASB issued Accounting Standards Update No. 2016-09, “Compensation—Stock Compensation (Topic 718)”, which simplifies several aspects of accounting for share-based compensation including the tax consequences, classification of awards as equity or liabilities, forfeitures and classification on the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early application is permitted. The adoption of this new accounting guidance did not have a material effect on the Company's Consolidated Financial Statements. In February 2016, 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 January 2016, FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities”. The amendments in this update require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In August 2014, FASB issued Accounting Standards Update 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. 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, FASB issued Accounting Standards Update No. 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. In August 2015, FASB issued Accounting Standard Update No. 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company is currently assessing the impact that adopting this new accounting guidance will have its consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2016 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash and Cash Equivalents | NOTE 3 - CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of the following: December 31, December 31, Cash on hand and at banks $ 17,360 $ 26,332 Short-term deposits and highly liquid funds — 418 Total cash and cash equivalents $ 17,360 $ 26,750 Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes. As of December 31, 2016, Navios Partners did not hold money market funds with duration of less than three months . As of December 31, 2015, Navios Partners held money market funds of $418 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 institutions. Restricted cash, at December 31, 2016, included $2,228, which related to amounts held in retention accounts as required by certain of Navios Partners' credit facilities and an amount of $5,500 held as security in the form of a letter of guarantee, relating to the chartering of a vessel. Restricted cash, at December 31, 2015 included $7,789, 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, 2016 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable, Net | NOTE 4 - ACCOUNTS RECEIVABLE, NET Accounts receivable consist of the following: December 31, December 31, Accounts receivable $ 10,022 $ 3,999 Less: Provision for doubtful receivables — — Accounts receivable, net $ 10,022 $ 3,999 Charges to provisions for doubtful accounts are summarized as follows: Allowance for doubtful receivables Balance Charges and Amount Balance at end of Year ended December 31, 2016 $ — $ — $ — $ — Year ended December 31, 2015 $ (49) $ — $ 49 $ — Year ended December 31, 2014 $ (613) $ — $ 564 $ (49) |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
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 consist of the following: December 31, December 31, Prepaid voyage costs $ 27 $ 137 Inventory 220 1,160 Other 1,353 — Total prepaid expenses and other current assets $ 1,600 $ 1,297 Inventories, which are comprised of bunkers due to freight voyages, are valued at cost as determined on the first-in, first-out basis. As of December 31, 2016, the amount of $1,353 represents the advances for working capital purposes for certain charter contracts. |
Vessels, Net
Vessels, Net | 12 Months Ended |
Dec. 31, 2016 | |
VESSELS, NET [Abstract] | |
Vessels, Net | NOTE 6 - VESSELS, NET Vessels Cost Accumulated Net Book 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 Additions 15,341 (55,983) (40,642) Vessel impairment losses (42,231) 15,030 (27,201) Transfer to vessel held for sale (see Note 7) (125,000) — (125,000) Balance December 31, 2016 $ 1,354,298 $ (317,092) $ 1,037,206 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. Acquisition of vessels 2016 On December 30, 2016, Navios Partners acquired from an unrelated third party the Navios Beaufiks, a 2004-Japanese-built Capesize vessel of 180,310 dwt, for an acquisition cost of $15,341. 2015 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. 2014 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. Vessel impairment losses On January 9, 2017, Navios Partners entered into a Memorandum of Agreement with an unrelated third party for the disposal of the Navios Apollon for a net sale price of $4,750. The vessel is subject to an existing time charter with an unrelated charterer and was not immediately available for sale and therefore, did not qualify as an asset held for sale as of December 31, 2016. As of December 31, 2016, the Company had a current expectation that the vessel would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment loss of $10,008 has been recognized under the line item “Vessel impairment losses” in the Consolidated Statements of Operations. |
Vessels Held For Sale
Vessels Held For Sale | 12 Months Ended |
Dec. 31, 2016 | |
VESSELS, NET [Abstract] | |
Vessel Held For Sale | NOTE 7 - VESSEL HELD FOR SALE During June 2016, Navios Partners entered into a Memorandum of Agreement with an unrelated third party, for the disposal of the MSC Cristina. The vessel was subject to an existing time charter and management had committed to a plan to sell the vessel to the current charterer prior to June 2017. As of December 31, 2016, the vessel has been classified as held for sale as the relevant criteria for the classification were met and, therefore, it is presented in the consolidated balance sheets at its fair value less cost to sell totaling $125,000. An impairment loss of $17,193 for the vessel held for sale, is included under “Vessel impairment losses” in the consolidated Statements of Operations. The vessel was sold in January 2017 and proceeds from the sale of the vessel were used to fully repay the outstanding amount of the April 2015 credit facility and the June 2016 credit facility (see Note 23). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
INTANGIBLE ASSETS [Abstract] | |
Intangible Assets | NOTE 8 - INTANGIBLE ASSETS Intangible assets as of December 31, 2016 and 2015 consisted of the following: Cost Accumulated Net Book Value Amortization 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 Additions — (15,861 ) (15,861 ) Accelerated amortization (44,072 ) 23,546 (20,526 ) Favorable lease terms December 31, 2016 $ 83,716 $ (64,764) $ 18,952 Amortization expense of favorable lease terms for the years ended December 31, 2016, 2015 and 2014 is presented in the following table: Year Ended December 31, December 31, December 31, 2016 2015 2014 Favorable lease terms $ (15,861 ) $ (18,716 ) $ (23,287 ) Acceleration of favorable lease terms (20,526 ) — (22,063 ) Total $ (36,387) $ (18,716 ) $ (45,350) The aggregate amortization of the intangibles as of December 31 is estimated to be as follows: Year Amount 2017 $ 10,871 2018 3,748 2019 1,166 2020 1,166 2021 1,166 2022 and thereafter 835 $ 18,952 As of December 31, 2016, Navios Partners accelerated $20,526 of amortization of the Navios Luz and the Navios Buena Ventura favorable lease intangibles due to a change in their useful life following the termination of the Charter Party and early re-delivery of the vessels from Hanjin Shipping Co. on September 13, 2016. As of December 31, 2015, acquisition cost and accumulated amortization, each amounting to $31,199, was written-off as the intangible asset associated with the favorable lease that was fully amortized for 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 22 “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. 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 remaining useful lives are 10.0 years for favorable lease terms charter out. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable Current And Noncurrent [Abstract] | |
Accounts Payable | NOTE 9 - ACCOUNTS PAYABLE Accounts payable as of December 31, 2016 and 2015 consisted of the following: December 31, December 31, Creditors $ 766 $ 329 Brokers 1,796 2,112 Insurances 35 149 Professional and legal fees 679 116 Total accounts payable $ 3,276 $ 2,706 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | NOTE 10 - ACCRUED EXPENSES Accrued expenses as of December 31, 2016 and 2015 consisted of the following: December 31, December 31, Accrued voyage expenses $ 1,526 $ 1,411 Accrued loan interest 700 864 Accrued legal and professional fees 2,219 241 Total accrued expenses $ 4,445 $ 2,516 Included in accrued legal and professional fees is the amount of $1,650 that was authorized and approved by the compensation committee of Navios Partners in December 2016 and for which all service conditions have been met as of December 31, 2016. The compensation committee of Navios Partners also authorized and approved an additional $1,650 payment to the directors and/or officers of the Company subject to fulfillment of certain service conditions in 2017. The total amount of $ 1,650, $0 and $0 has been recorded in general and administrative expenses in the consolidated Statements of Operations for the year ended December 31, 2016, 2015 and 2014 respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 11 BORROWINGS Borrowings as of December 31, 2016 and 2015 consisted of the following: December 31, December 31, Term Loan B facility $ 386,292 $ 411,292 Credit facilities 141,805 194,569 Total borrowings $ 528,097 $ 605,861 Less: Long-term unamortized discount (1,471) (2,464) Less: Current portion of long-term debt, net (74,031) (23,336) Less: Deferred financing costs, net (2,850) (5,319) Long-term debt, net $ 449,745 $ 574,742 As December 31, 2016, the total borrowings, net under the Navios Partners' credit facilities were $523,776. Term Loan B Credit Facility: On October 31, 2013 and 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. Navios Partners used the net proceeds to partially finance the acquisition of five Container vessels. During 2015 and 2016, Navios Partners prepaid $21,000 and $25,000, respectively, of the Term Loan B facility. These prepayments were fully applied to the balloon payment. Following the prepayment of March 2015 and May 2016, an amount of $256 and $187, respectively, was written-off from the deferred finance 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. On March 31, 2016, YM Unity was added as collateral to the Term Loan B facility. On November 14, 2016, six dry cargo vessels were added as collateral to the Term Loan B facility and a Capesize vessel has been added upon delivery in December 2016 in exchange for $13,500, held in the escrow account. Upon delivery of Navios Beaufiks, the amount of $13,500 was released and the vessel was added as collateral to the Term Loan B facility. 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, 2016, the outstanding balance of the Term Loan B facility including the add-on was $384,821, net of discount of $1,471, and it is repayable with a final payment of $386,292, in June 2018. ABN AMRO Credit Facilities: On March 31, 2016, the YM Unity was released and discharged from its obligations and liabilities under the September 2014 Credit Facility. On April 1, 2016, Navios Partners fully repaid the outstanding balance of $28,357 of the facility with ABN AMRO Bank N.V. Following this repayment, an amount of $340 was written-off from the deferred finance fees. As of December 31, 2016, there was no outstanding amount under this facility. On June 23, 2016, Navios Partners entered into a new credit facility with ABN AMRO Bank N.V. (the “June 2016 Credit Facility”) of up to $30,000 to be used for the general corporate purposes of the Borrower. The June 2016 Credit Facility bore interest at LIBOR plus 400 bps per annum. The final maturity date was January 30, 2017. As of December 31, 2016 the outstanding balance of the facility was $29,000. On January 12, 2017, Navios Partners fully repaid the June 2016 Credit Facility. Commerzbank/DVB Credit Facility: Debt HSH Credit Facility: The Navios Holdings Credit Facility: 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, the April 2015 Credit Facility and the June 2016 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, the April 2015 Credit Facility and the June 2016 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, the April 2015 Credit Facility and the June 2016 Credit Facility also require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 105% to 140%; (ii) minimum free consolidated liquidity of $15,000 as at December 31, 2016 and at least the higher of $20,000 and the aggregate of interest and principal falling due during the previous six months all the other times; (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) ranging of less than 0.75 or 0.80: 1.00; and (v) maintain a minimum net worth to $135,000 for the periods prior to any distributions by the Company. 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, 2016, Navios Partners was in compliance with the financial covenants and/or the prepayment and/or the cure provisions as applicable in each of its credit facilities. The maturity table below reflects the gross principal payments due under its credit facilities for the 12-month periods ended December 31: Year Amount 2017 $ 76,767 2018 392,204 2019 5,913 2020 5,913 2021 5,913 2022 and thereafter 41,387 $ 528,097 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [ABSTRACT] | |
Fair Value of Financial Instruments | NOTE 12 - 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, net: Term Loan B facility: Due to related parties, short-term: Due to related parties, long-term: Due from related parties: The estimated fair values of the Navios Partners' financial instruments are as follows: December 31, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 17,360 $ 17,360 $ 26,750 $ 26,750 Restricted cash $ 7,728 $ 7,728 $ 7,789 $ 7,789 Loans receivable from affiliates $ 2,422 $ 2,422 $ 1,521 $ 1,521 Amounts due to related parties, short-term $ — $ — $ (8,680 ) $ (8,680 ) Amounts due to related parties, long-term $ 11,105 $ 11,105 $ — $ — Amounts due from related parties $ 19,639 $ 19,639 $ — $ — Term Loan B facility, net $ (382,653 ) $ (360,700 ) $ (404,977 ) $ (406,410 ) Other long-term debt, net $ (141,124 ) $ (141,805 ) $ (193,102 ) $ (194,569 ) Notes receivable $ 6,112 $ 6,112 $ — $ — 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, 2016 and December 31, 2015. Fair Value Measurements at December 31, 2016 Total Level I Level II Level III Cash and cash equivalents $ 17,360 $ 17,360 $ — $ — Restricted cash $ 7,728 $ 7,728 $ — $ — Loans receivable from affiliates $ 2,422 $ — $ 2,422 $ — Amounts due to related parties, long-term $ 11,105 $ 11,105 $ — $ — Term Loan B facility, net (1) $ (360,700 ) $ — $ (360,700 ) $ — Other long-term debt, net (1) $ (141,805 ) $ — $ (141,805 ) $ — Notes receivable (2) $ 6,112 $ — $ 6,112 $ — The estimated fair value of our financial instruments that are measured at fair value on a non-recurring basis, categorized based upon the fair value hierarchy, are as follows: Fair Value Measurements at December 31, 2016 Total Level I Level II Level III Vessel held for sale $ 125,000 $ — $ 125,000 $ — Vessels, net (for Navios Apollon) $ 4,750 $ — $ 4,750 $ — 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 ) $ — (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. (2) The fair value is estimated based on currently available information on the Company's counterparty with similar contract terms, interest rate and remaining maturities. |
Issuance of Units
Issuance of Units | 12 Months Ended |
Dec. 31, 2016 | |
ISSUANCE OF UNITS [Abstract] | |
Issuance of Units | NOTE 13 - ISSUANCE OF UNITS On November 18, 2016, Navios Partners entered into a Continuous Offering Program Sales Agreement, pursuant to which Navios Partners may issue and sell from time to time through its agent common units representing limited partner interests having an aggregate offering price of up to $25,000. During the year ended December 31, 2016, Navios Partners issued 244,201 common units and received net proceeds of $440. Pursuant to the issuance of the common units, Navios Partners issued 4,984 general partnership units to its general partner in order to maintain its 2.0% general partner interest. The net proceeds from the issuance of the general partnership units were $10. 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. Navios Holdings currently owns a 19.4% 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENT INFORMATION [Abstract] | |
Segment Information | NOTE 14 - 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 Year Ended Year Ended Asia $ 112,019 $ 133,542 $ 125,572 Europe 54,006 70,121 64,858 North America 13,364 10,557 19,943 Australia 11,135 9,456 16,983 Total $ 190,524 $ 223,676 $ 227,356 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
INCOME TAXES [Abstract] | |
Income Taxes | NOTE 15 - 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 operations. 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, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments And Contingencies | NOTE 16 - 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 was performed by KLC on its original terms, following an interim suspension period until April 2016 during which Navios Partners traded the vessel directly. On April 1, 2016, the vessel was delivered to KLC and the charter contract was resumed. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
LEASES [Abstract] | |
Leases | NOTE 17 - 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, 2016, is as follows: Amount 2017 $ 112,434 2018 82,445 2019 54,688 2020 65,862 2021 65,682 2022 and thereafter 306,965 $ 688,076 |
Transactions with Related Parti
Transactions with Related Parties and Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES [Abstract] | |
Transactions with Related Parties and Affiliates | NOTE 18 - TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES The Navios Holdings Credit facility: Management fees: Effective August 31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the Management Agreement to a later date, but not later than January 5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. Total management fees for the year ended December 31, 2016, 2015 and 2014 amounted to $59,209, $56,504 and $50,359, respectively. General and administrative expenses: Total general and administrative expenses charged by Navios Holdings for the year ended December 31, 2016, 2015 and 2014 amounted to $7,751, $6,205 and $6,089, respectively. Balance due from related parties (excluding Navios Europe I and Navios Europe II): Balance due from related parties as of December 31, 2016 was $19,040 and included the short-term due from Navios Holdings. The balance mainly consisted of management fees and other receivables. Amounts due from related parties as of December 31, 2015 was $0. Balance due to related parties: Vessel Chartering: In May 2012 and 2013, Navios Partners entered into two charters with a subsidiary of Navios Holdings for the Navios Aldebaran and the Navios Prosperity. On February 11, 2015, Navios Partners and Navios Holdings entered into a novation agreement whereby the rights to the time charter contract of the Navios Aldebaran and the Navios Prosperity were transferred to Navios Holdings on February 28 and March 5, 2015, respectively. In 2012 and 2013, Navios Partners entered into various charters with a subsidiary of Navios Holdings for the Navios Apollon, Navios Libra, Navios Felicity and Navios Hope. In April 2015, these charters were further extended for approximately one year at a net daily rate of $12.5, $12.0, $12.0 and $10.0, respectively, plus 50/50 profit sharing based on actual earnings at the end of the period. The vessels were redelivered as of April 2016. In 2015, Navios Partners entered into various charters with a subsidiary of Navios Holdings for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun. The terms of these charters were approximately nine to twelve months, at a net daily rate of $7.6, $12.0, $12.0, $12.0, $12.0, $12.5, $12.0, $11.4 and $12.0, respectively plus 50/50 profit sharing based on actual earnings at the end of the period. The vessels were redelivered as of April 2016. In November 2016, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Fulvia, a 2010-built Capesize vessel. The term of this charter is approximately three months that commenced in November 2016, at a net daily rate of $11.5. Total revenue of Navios Partners from the subsidiaries of Navios Holdings for the year ended December 31, 2016, 2015 and 2014 amounted to $1,939, $38,809 and $27,444, respectively. Share Purchase Agreements: Registration Rights Agreement: Balance due from Navios Europe I: As of December 31, 2016, 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 was $750 (December 31, 2015: $750), under the caption “Loans receivable from affiliates”. The accrued interest income earned under the Navios Revolving Loans I was $310 under the caption “Balance due from related parties” and the accrued interest income earned under the Navios Term Loans I was $235 under the caption “Loans receivable from affiliates”. As of December 31, 2016 and December 31, 2015, the amounts undrawn from the Navios Revolving Loans I were $9,100, of which Navios Partners' portion was $455. Balance due from 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, 2016, 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 was $1,221 (December 31, 2015: $771), under the caption “Loans receivable from affiliates”. The accrued interest income earned under the Navios Revolving Loans II was $288 under the caption “Balance due from related parties” and the accrued interest income earned under the Navios Term Loans II was $216 under the caption “Loans receivable from affiliates”. As of December 31, 2016, the amounts undrawn from the Navios Revolving Loans II was $14,075, of which Navios Partners' portion was $704. 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, 2016 and 2015, the Company submitted claims for charterers' default under this agreement to Navios Holdings for a total amount of $9,153 and $3,605, respectively, net of applicable deductions, of which $9,635 and $3,795 was recorded as “Other income” for the year ended December 31, 2016 and 2015, respectively. As of December 31, 2016, Navios Holdings held an 18.0% common unit interest in Navios Partners, represented by 15,344,310 common units and it also held a general partner interest of 2.0%. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Notes Receivable | NOTE 19 — NOTES RECEIVABLE On July 15, 2016, the Company entered into a charter restructuring agreement for the reduction of the hire rate for five Container vessels chartered out to Hyundai Merchant Marine Co. (“HMM”) which resulted in a decrease in cash charter hire to be received of approximately $38,461. More specifically, the reduction of the hire rate will be applied as follows: • With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata. • With effect from (and including) January 1, 2020, hire rate shall be restored to the rate of $30,500 per day pro rata until redelivery. In exchange for the reduction of the hire rate, the Company received (i) $7,692 on principal amount of senior, unsecured notes, amortizing subject to available cash flows, accruing interest at 3% per annum payable on maturity in July 2024 and (ii) 3,657 freely tradable securities of HMM (publicly traded at the Stock Market Division of the Korean Exchange). On July 18, 2016, the Company recognized the fair value of the HMM securities totaling $40,277 and also recognized the fair value of the senior unsecured notes totaling $5,932. The total fair value of the non-cash compensation received was recognized as deferred revenue, which will be amortized over the remaining duration of the each time charter. For the year ended December 31, 2016, the Company recorded an amount of $5,537 of deferred revenue amortization in the consolidated Statement of Operations under line “Time charter and voyage revenues”. As of December 31, 2016, the outstanding balances of the current and non-current portion of deferred revenue in relation to HMM amounted to $12,102 and $28,571, respectively. During August 2016, the Company sold all the shares for net proceeds on sale of $20,842 resulting in a loss on sale of $19,435, which was recorded under “Loss on sale of securities” in the consolidated Statements of Operations for the year ended December 31, 2016 and the proceeds were classified as investing activities in the consolidated Statements of Cash Flows for the year ended December 31, 2016. The Company recognized non-cash interest income and discount unwinding totaling to $180 for these instruments under “Interest income” in the consolidated Statements of Operations for the year ended December 31, 2016. |
Investment In Navios Europe I A
Investment In Navios Europe I And Navios Europe II | 12 Months Ended |
Dec. 31, 2016 | |
EQUITY METHOD INVESTMENTS AND JOINT VENTURES [Abstract] | |
Investment in Navios Europe I and Navios Europe II | NOTE 20 - 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, 2016, the estimated maximum potential loss by Navios Partners in Navios Europe I would have been $1,390, which represents the Company's carrying value of the investment of $640 plus the Company's balance of the Navios Revolving Loans I of $750 and did not include the undrawn portion of the Navios Revolving Loans I. As of December 31, 2016, the Navios Partners' portion of the Navios Revolving Loan I outstanding was $750. Investment income of $74 was recognized in the Statements of Operations under the caption of “Other income” for the year ended December 31, 2016. Investment income of $45 was recognized in the Statements of Operations under the caption of “Other income” for the year ended December 31, 2015. 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, 2016, the estimated maximum potential loss by Navios Partners in Navios Europe II would have been $1,837, which represents the Company's carrying value of the investment of $616 plus the Company's balance of the Navios Revolving Loans II of $1,221 and does not include the undrawn portion of the Navios Revolving Loans II. As of December 31, 2016, the Navios Partners' portion of the Navios Revolvings Loan II outstanding was $1,221. Investment loss of $(133) was recognized in the Statements of Operations under the caption of “Other income” for the year ended December 31, 2016. Investment income of $49 was recognized in the Statements of Operations 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, 2016 | |
CASH DISTRIBUTIONS AND EARNINGS PER UNIT [Abstract] | |
Cash Distributions and Earnings Per Unit | NOTE 21 - 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 Total Quarterly Distribution Common General 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 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 13—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 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 basic earnings 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, 2016, 2015 and 2014. The calculations of the basic and diluted earnings per unit are presented below. Year Ended Year Ended Year Ended December 31, December 31, December 31, 2016 2015 2014 Net (loss)/ income $ (52,549 ) $ 41,805 $ 74,853 Earnings attributable to: Common unit holders (51,498 ) 39,825 71,225 Weighted average units outstanding (basic and diluted) Common unit holders 83,107,066 82,437,128 76,587,656 Earnings per unit (basic and diluted): Common unit holders $ (0.62) $ 0.48 $ 0.93 Earnings per unit — distributed (basic and diluted): Common unit holders $ — $ 1.11 $ 1.79 Loss per unit — undistributed (basic and diluted): Common unit holders $ (0.62) $ (0.63) $ (0.86) |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2016 | |
OTHER INCOME [Abstract] | |
Other Income | NOTE 22 - 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 years ended December 31, 2016 and 2015, the Company submitted claims for charterers' default under this agreement to Navios Holdings for a total amount of $9,635 and $3,795, which were recorded as “Other income”, respectively. On November 10, 2016, Navios Partners repaid $28,052 in cash for the settlement of a nominal amount of $30,192 of the July 2012 Credit Facility achieving a $2,140 gain on debt repayment. 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 Statements of Operations 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 Statements of Operations 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 Statements of Operations 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
Subsequent Events | NOTE 23 - SUBSEQUENT EVENTS On February 21, 2017, Navios Holdings has agreed to sell to Navios Partners certain loans previously funded by Navios Holdings to Navios Europe Inc. for $27,000, subject to signing of definitive documentation. Navios Partners may require Navios Holdings, under certain conditions, to repurchase the loans after the third anniversary of the date of the sale based on the then outstanding balance of the loans. On March 6, 2017, Navios Partners announced the issuance of a new $ 405,000 Term Loan B facility. The Term Loan B facility bears an interest of LIBOR plus 500 basis points and has a three and a half year term. 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 guaranteed by each subsidiary of Navios Partners. Navios Partners intends to use the net proceeds of the Term Loan B facility to: (i) to refinance the existing Term Loan B; and (ii) to pay fees and expenses related to the term loans. The issuance of the new Term Loan B facility is subject to signing of definitive documentation. On January 12, 2017, in connection to the sale of the MSC Cristina, Navios Partners fully repaid the outstanding balance of $70,950 of the April 2015 Credit Facility. On January 12, 2017, Navios Partners fully repaid the outstanding balance of $29,000 of the June 2016 Credit Facility. In January 2017, Navios Partners agreed to sell the Navios Apollon, a 2000 Ultra-Handymax vessel of 52,073 dwt to an unrelated third party, for a total net sale price of $4,750. Delivery is expected by April 2017. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis Of Presentation | (a) Basis of presentation: |
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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. Subsidiaries: The accompanying consolidated financial statements include the following entities, owned and chartered-in vessels: Country of incorporation Statements of operations Company name Vessel name 2016 2015 2014 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 1/01 - 12/31 Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/18 - 12/31 Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/07 - 12/31 Perigiali Navigation Limited(***) Navios Beaufiks Marshall Is. 12/30 - 12/31 — — Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Fairy Shipping Corporation YM Utmost Marshall Is. 1/01 - 12/31 1/01 - 12/31 8/29 - 12/31 Limestone Shipping Corporation YM Unity Marshall Is. 1/01 - 12/31 1/01 - 12/31 10/28 -12/31 Dune Shipping Corp. (**) MSC Cristina Marshall Is. 1/01 - 12/31 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 Aldebaran Shipping Corporation Navios Aldebaran Marshall Is. — 1/01 - 02/28 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 1/01 - 12/31 Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 (*) Not a vessel-owning subsidiary and only holds right to charter-in contracts. (**) The vessel has been classified as held for sale and was sold on January 12, 2017 (see Note 23). (***) The vessel was acquired on December 30, 2016 (see Note 6). |
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. The management after considering current market trends for scrap rates and 10-year average historical scrap rates of the residual values of the Company's vessels, estimates scrap value at a rate of $340 per LWT. 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. |
Vessel held for sale | (i) Vessel held for sale: Vessels are classified as “Vessel held for sale” when all of the following criteria are met: management has committed to a plan to sell the vessel; the vessel is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable and transfer of the vessel is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale. |
Deferred Drydock and Special Survey costs | (j) 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, 2016, 2015 and 2014, the amortization expense was $6,381, $4,043 and $761, respectively. In each of October 2013, August 2014, February 2015 and February 2016, 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) $4.10 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. Effective from August 31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the Management Agreement to a later date, but not later than January 5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. |
Impairment of long lived assets | (k) 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 2016, 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 deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets, if applicable. 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 one-year average historical time charter rates for the first year and 10-year average historical one-year time charter rates for the remaining period, 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 2017 and thereafter assuming an increase of 3.0% every second year 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, 2016, 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. As of December 31, 2016, an impairment loss of $27,201 was recognized in connection with the committed sale of the MSC Cristina and the Navios Apollon as the carrying amount of each asset group was not recoverable and exceeded its fair less costs to sell (see note 6 and note 7). The impairment loss was included under "Vessel impairment losses" in the consolidated Statements of Operations. Impairment loss recognized amounted to $27,201, $0 and $0 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Investments in Debt Securities | (l) Investments in Debt Securities: The Company classifies its debt securities as held-to-maturity based on management's positive intent and ability to hold to maturity. These securities are reported at amortized cost, subject to impairment. Management evaluates securities for other than temporary impairment on a quarterly basis. An investment is considered impaired if the fair value of the investment is less than its amortized cost. Consideration is given to: 1) if the Company intends to sell the security (that is, it has decided to sell the security); 2) it is more likely than not that the Company will be required to sell the security before the recovery of its (entire) amortized cost basis; or 3) a credit loss exists (that is, the Company does not expect to recover the entire amortized cost basis of the security (the present value of cash flows expected to be collected is less than the amortized cost basis of the security). |
Deferred Financing Cost | (m) Deferred financing cost: |
Intangible assets and liabilities | (n) 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 operations 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 (k) above. As of December 31, 2016, there was no impairment of intangible assets. |
Foreign currency translation | (o) Foreign currency translation: |
Provisions | (p) Provisions: |
Segment Reporting | (q) Segment Reporting: |
Revenue and Expense Recognition | (r) 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. Profit-sharing revenues 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 and for those contracts that provisional accruals cannot be made due to the nature of the profit share elements, these are accounted for on the actual cash settlement. Profit sharing for the years ended December 31, 2016, 2015 and 2014 amounted to $(9,123), $(2,559) and $205, respectively. 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 or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. Revenue for vessels operating in pooling arrangements amounted to $3,949, $0 and $0, for the years ended December 31, 2016, 2015 and 2014, respectively. The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. Time charter and voyage expenses: Direct vessel expenses: Direct vessel expenses comprise the amortization related to drydock and special survey costs of certain vessels of Navios Partners' fleet. Management fees: General and administrative expenses: Deferred revenue: Prepaid voyage costs: Inventory: |
Financial Instruments | (s) 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, 2016, our most significant counterparties representing 10% or more of total revenues were Hyundai Merchant Marine Co., Ltd., Yang Ming Marine Transport Corporation and Mediterranean Shipping Co. S.A. which accounted for approximately 29.6%, 13.0% and 11.6%, respectively, of total revenues. For the year ended December 31, 2015, Navios Partners' customers representing 10% or more of total revenues were Hyundai Merchant Marine Co., Ltd., Navios Corporation and Yang Ming Marine Transport Corporation, which accounted for 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. No other customers accounted for 10% or more of total revenues for any of the years presented. Foreign exchange risk: |
Cash Distribution | (t) Cash Distribution: Available Cash: • 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: |
Equity compensation expense | (u) Equity compensation expense: |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, FASB issued Accounting Standard Update No. 2017-01, “Business Combinations” to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period 1) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and 2) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In January 2017, FASB issued Accounting Standard Update No. 2017-03 "Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)." The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our Consolidate Financial Statement was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance did not have a material effect on the Company's Consolidated Financial Statements. In November 2016, FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. This update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2016, FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In March 2016, FASB issued Accounting Standards Update No. 2016-09, “Compensation—Stock Compensation (Topic 718)”, which simplifies several aspects of accounting for share-based compensation including the tax consequences, classification of awards as equity or liabilities, forfeitures and classification on the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early application is permitted. The adoption of this new accounting guidance did not have a material effect on the Company's Consolidated Financial Statements. In February 2016, 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 January 2016, FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities”. The amendments in this update require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In August 2014, FASB issued Accounting Standards Update 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. 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, FASB issued Accounting Standards Update No. 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. In August 2015, FASB issued Accounting Standard Update No. 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company is currently assessing the impact that adopting this new accounting guidance will have its consolidated financial statements. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Entities included in consolidation | Country of incorporation Statements of operations Company name Vessel name 2016 2015 2014 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 1/01 - 12/31 Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/18 - 12/31 Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/07 - 12/31 Perigiali Navigation Limited(***) Navios Beaufiks Marshall Is. 12/30 - 12/31 — — Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 Fairy Shipping Corporation YM Utmost Marshall Is. 1/01 - 12/31 1/01 - 12/31 8/29 - 12/31 Limestone Shipping Corporation YM Unity Marshall Is. 1/01 - 12/31 1/01 - 12/31 10/28 -12/31 Dune Shipping Corp. (**) MSC Cristina Marshall Is. 1/01 - 12/31 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 Aldebaran Shipping Corporation Navios Aldebaran Marshall Is. — 1/01 - 02/28 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 1/01 - 12/31 Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 (*) Not a vessel-owning subsidiary and only holds right to charter-in contracts. (**) The vessel has been classified as held for sale and was sold on January 12, 2017 (see Note 23). (***) The vessel was acquired on December 30, 2016 (see Note 6). |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash and cash equivalents | December 31, December 31, Cash on hand and at banks $ 17,360 $ 26,332 Short-term deposits and highly liquid funds — 418 Total cash and cash equivalents $ 17,360 $ 26,750 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable Lessen By Provision for Doubtful Receivables | December 31, December 31, Accounts receivable $ 10,022 $ 3,999 Less: Provision for doubtful receivables — — Accounts receivable, net $ 10,022 $ 3,999 |
Changes To Provisions For Doubtful Receivables | Allowance for doubtful receivables Balance Charges and Amount Balance at end of Year ended December 31, 2016 $ — $ — $ — $ — Year ended December 31, 2015 $ (49) $ — $ 49 $ — Year ended December 31, 2014 $ (613) $ — $ 564 $ (49) |
Prepaid Expenses and Other Cu35
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses And Other Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | December 31, December 31, Prepaid voyage costs $ 27 $ 137 Inventory 220 1,160 Other 1,353 — Total prepaid expenses and other current assets $ 1,600 $ 1,297 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
VESSELS, NET [Abstract] | |
Vessels, Net | Vessels Cost Accumulated Net Book 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 Additions 15,341 (55,983) (40,642) Vessel impairment losses (42,231) 15,030 (27,201) Transfer to vessel held for sale (see Note 7) (125,000) — (125,000) Balance December 31, 2016 $ 1,354,298 $ (317,092) $ 1,037,206 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INTANGIBLE ASSETS [Abstract] | |
Intangible Assets | Cost Accumulated Net Book Value Amortization 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 Additions — (15,861 ) (15,861 ) Accelerated amortization (44,072 ) 23,546 (20,526 ) Favorable lease terms December 31, 2016 $ 83,716 $ (64,764) $ 18,952 |
Amortization of Favorable Lease Terms | Year Ended December 31, December 31, December 31, 2016 2015 2014 Favorable lease terms $ (15,861 ) $ (18,716 ) $ (23,287 ) Acceleration of favorable lease terms (20,526 ) — (22,063 ) Total $ (36,387) $ (18,716 ) $ (45,350) |
Aggregate Amortizations of Intangible Assets | Year Amount 2017 $ 10,871 2018 3,748 2019 1,166 2020 1,166 2021 1,166 2022 and thereafter 835 $ 18,952 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable Current And Noncurrent [Abstract] | |
Accounts Payable | December 31, December 31, Creditors $ 766 $ 329 Brokers 1,796 2,112 Insurances 35 149 Professional and legal fees 679 116 Total accounts payable $ 3,276 $ 2,706 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | December 31, December 31, Accrued voyage expenses $ 1,526 $ 1,411 Accrued loan interest 700 864 Accrued legal and professional fees 2,219 241 Total accrued expenses $ 4,445 $ 2,516 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | December 31, December 31, Term Loan B facility $ 386,292 $ 411,292 Credit facilities 141,805 194,569 Total borrowings $ 528,097 $ 605,861 Less: Long-term unamortized discount (1,471) (2,464) Less: Current portion of long-term debt, net (74,031) (23,336) Less: Deferred financing costs, net (2,850) (5,319) Long-term debt, net $ 449,745 $ 574,742 |
Maturities of Long Term Debt | Year Amount 2017 $ 76,767 2018 392,204 2019 5,913 2020 5,913 2021 5,913 2022 and thereafter 41,387 $ 528,097 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Fair Value Of Financial Instruments [Abstract] | |
Fair value of financial instruments | December 31, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 17,360 $ 17,360 $ 26,750 $ 26,750 Restricted cash $ 7,728 $ 7,728 $ 7,789 $ 7,789 Loans receivable from affiliates $ 2,422 $ 2,422 $ 1,521 $ 1,521 Amounts due to related parties, short-term $ — $ — $ (8,680 ) $ (8,680 ) Amounts due to related parties, long-term $ 11,105 $ 11,105 $ — $ — Amounts due from related parties $ 19,639 $ 19,639 $ — $ — Term Loan B facility, net $ (382,653 ) $ (360,700 ) $ (404,977 ) $ (406,410 ) Other long-term debt, net $ (141,124 ) $ (141,805 ) $ (193,102 ) $ (194,569 ) Notes receivable $ 6,112 $ 6,112 $ — $ — |
Fair value measurements on a nonrecurring basis | Fair Value Measurements at December 31, 2016 Total Level I Level II Level III Cash and cash equivalents $ 17,360 $ 17,360 $ — $ — Restricted cash $ 7,728 $ 7,728 $ — $ — Loans receivable from affiliates $ 2,422 $ — $ 2,422 $ — Amounts due to related parties, long-term $ 11,105 $ 11,105 $ — $ — Term Loan B facility, net (1) $ (360,700 ) $ — $ (360,700 ) $ — Other long-term debt, net (1) $ (141,805 ) $ — $ (141,805 ) $ — Notes receivable (2) $ 6,112 $ — $ 6,112 $ — Fair Value Measurements at December 31, 2016 Total Level I Level II Level III Vessel held for sale $ 125,000 $ — $ 125,000 $ — Vessels, net (for Navios Apollon) $ 4,750 $ — $ 4,750 $ — 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 ) $ — (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. (2) The fair value is estimated based on currently available information on the Company's counterparty with similar contract terms, interest rate and remaining maturities. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENT INFORMATION [Abstract] | |
Segments Summarized Financial Information | Year Ended Year Ended Year Ended Asia $ 112,019 $ 133,542 $ 125,572 Europe 54,006 70,121 64,858 North America 13,364 10,557 19,943 Australia 11,135 9,456 16,983 Total $ 190,524 $ 223,676 $ 227,356 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
LEASES [Abstract] | |
Leases | Amount 2017 $ 112,434 2018 82,445 2019 54,688 2020 65,862 2021 65,682 2022 and thereafter 306,965 $ 688,076 |
Cash Distributions and Earnin44
Cash Distributions and Earnings per Unit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CASH DISTRIBUTIONS AND EARNINGS PER UNIT [Abstract] | |
Schedule of incentive distributions made to General Partners or Unitholders by distribution | Marginal Percentage Total Quarterly Distribution Common General 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 Year Ended Year Ended December 31, December 31, December 31, 2016 2015 2014 Net (loss)/ income $ (52,549 ) $ 41,805 $ 74,853 Earnings attributable to: Common unit holders (51,498 ) 39,825 71,225 Weighted average units outstanding (basic and diluted) Common unit holders 83,107,066 82,437,128 76,587,656 Earnings per unit (basic and diluted): Common unit holders $ (0.62 ) $ 0.48 $ 0.93 Earnings per unit — distributed (basic and diluted): Common unit holders $ — $ 1.11 $ 1.79 Loss per unit — undistributed (basic and diluted): Common unit holders $ (0.62 ) $ (0.63 ) $ (0.86 ) |
Description of Business (Detail
Description of Business (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 83,323,911 | 83,079,710 |
General partner units outstanding | 1,700,493 | 1,695,509 |
Navios Holdings | ||
Entity Information [Line Items] | ||
Ownership percentage of Navios Holdings | 20.00% | |
Navios Holdings' general partner interest in Navios Partners | 2.00% | |
Common units outstanding | 15,344,310 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Schedule of Entities (Table) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Libra Shipping Enterprises Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Libra II |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Alegria Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Alegria |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Felicity Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Felicity |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Gemini Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Gemini S |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Galaxy Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Galaxy I |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Aurora Shipping Enterprises Ltd. | |
Entity Information [Line Items] | |
Vessel name | Navios Hope |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Palermo Shipping S.A. | |
Entity Information [Line Items] | |
Vessel name | Navios Apollon |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Fantastiks Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Fantastiks |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Sagittarius Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Sagittarius |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Hyperion Enterprises Inc. | |
Entity Information [Line Items] | |
Vessel name | Navios Hyperion |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Chilali Corp. | |
Entity Information [Line Items] | |
Vessel name | Navios Aurora II |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Surf Maritime Co. | |
Entity Information [Line Items] | |
Vessel name | Navios Pollux |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Pandora Marine Inc. | |
Entity Information [Line Items] | |
Vessel name | Navios Melodia |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Customized Development S.A. | |
Entity Information [Line Items] | |
Vessel name | Navios Fulvia |
Country of incorporation | Liberia |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Kohylia Shipmanagement S.A. | |
Entity Information [Line Items] | |
Vessel name | Navios Luz |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Orbiter Shipping Corp. | |
Entity Information [Line Items] | |
Vessel name | Navios Orbiter |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Floral Marine Ltd. | |
Entity Information [Line Items] | |
Vessel name | Navios Buena Ventura |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Golem Navigation Limited | |
Entity Information [Line Items] | |
Vessel name | Navios Soleil |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Kymata Shipping Co. | |
Entity Information [Line Items] | |
Vessel name | Navios Helios |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Joy Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Joy |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Micaela Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Harmony |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Pearl Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Navios Sun |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
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 | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/07 - 12/31 |
Perigiali Navigation Limited | |
Entity Information [Line Items] | |
Vessel name | Navios Beaufiks |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 12/30-12/31 |
Rubina Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Hongkong |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Topaz Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Singapore |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Beryl Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Tokyo |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Cheryl Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Shanghai |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Christal Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | Hyundai Busan |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Fairy Shipping Corporation | |
Entity Information [Line Items] | |
Vessel name | YM Utmost |
Country of incorporation | Marshall Is. |
Statements of income | |
2,016 | 1/01 - 12/31 |
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 | |
2,016 | 1/01 - 12/31 |
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 | |
2,016 | 1/01 - 12/31 |
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 |
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 |
JTC Shipping and Trading Ltd | Other | |
Entity Information [Line Items] | |
Vessel name | Holding Company |
Country of incorporation | Malta |
Statements of income | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 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 | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 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 | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 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 | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 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 | |
2,016 | 1/01 - 12/31 |
2,015 | 1/01 - 12/31 |
2,014 | 1/01 - 12/31 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Line Items] | ||||
Restricted cash | $ 7,728,000 | $ 7,789,000 | ||
Allowance for doubtful accounts | $ 0 | 0 | $ 49,000 | $ 613,000 |
Depreciation method | straight line | |||
Scrap value per light weight ton | $ 340 | |||
Vessel impairment losses | 27,201,000 | 0 | 0 | |
Amortization of deferred drydock and special survey costs | $ 6,381,000 | 4,043,000 | 761,000 | |
Annual growth factor of management fees | 3.00% | |||
Utilization rate of fleet | 98.60% | |||
Amortization and write-off of deferred financing cost and discount | $ 4,003,000 | 3,727,000 | 3,091,000 | |
Foreign currency exchange gains/(losses) | $ 11,000 | 19,000 | 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, to the extent and as may be declared by the Board, 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. | |||
Profit Sharing Arrangement | $ (9,123,000) | (2,559,000) | 205,000 | |
Revenue for Vessels | $ 190,524,000 | 223,676,000 | 227,356,000 | |
Management Agreement | Late Reimbursement | ||||
Property Plant And Equipment [Line Items] | ||||
Interest rate description | LIBOR | |||
Interest rate percentage | 1.00% | |||
Debt first required payment | Jan. 5, 2018 | |||
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 | Management Agreement | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | $ 4,100 | |||
Panamax Vessels | Management Agreement | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 4,200 | |||
Capesize Vessels | Management Agreement | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 5,250 | |||
Container Vessels of TEU 6,800 | Management Agreement | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 6,700 | |||
Container Vessels of more than TEU 8,000 | Management Agreement | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 7,400 | |||
Container Vessels of more than TEU 13,000 | Management Agreement | ||||
Property Plant And Equipment [Line Items] | ||||
Daily management fee | 8,750 | |||
MSC Cristina and Navios Apollon | ||||
Property Plant And Equipment [Line Items] | ||||
Vessel impairment losses | 27,201,000 | |||
Lease Agreements | ||||
Property Plant And Equipment [Line Items] | ||||
Revenue for Vessels | 3,949,000 | 0 | 0 | |
Letter Of Credit | ||||
Property Plant And Equipment [Line Items] | ||||
Restricted cash | 5,500,000 | |||
Retention Accounts | ||||
Property Plant And Equipment [Line Items] | ||||
Restricted cash | 2,228,000 | |||
Maintenance and Replacement | ||||
Property Plant And Equipment [Line Items] | ||||
Capital expenditures | 11,899,000 | $ 13,811,000 | $ 24,047,000 | |
Restricted Stock Units (RSUs) | ||||
Property Plant And Equipment [Line Items] | ||||
Compensation Expense | $ 93,000 | |||
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 Accoun48
Summary of Significant Accounting Policies - Major Charterers (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Hyundai Merchant Marine Co., Ltd. | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 29.60% | 24.00% | 24.40% |
Navios Corporation | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 17.40% | 11.00% | |
Yang Ming Marine Transport Corporation | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 13.00% | 11.40% | |
MediterraneanShipping Co. S.A. | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Customer revenue percentage | 11.60% |
Cash and Cash Equivalents (Ta49
Cash and Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
CASH AND CASH EQUIVALENTS [Abstract] | ||||
Cash on hand and at banks | $ 17,360 | $ 26,332 | ||
Short-term deposits and highly liquid funds | 0 | 418 | ||
Total cash and cash equivalents | $ 17,360 | $ 26,750 | $ 99,495 | $ 35,346 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Money market funds with duration of less than three months | $ 0 | $ 418 |
Restricted cash | 7,728 | $ 7,789 |
Retention Accounts | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,228 | |
Letter Of Credit | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 5,500 |
Accounts Receivable, Net (Tab51
Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts And Notes Receivable Net [Abstract] | ||||
Accounts receivable | $ 10,022 | $ 3,999 | ||
Less: Provision for doubtful receivables | 0 | 0 | $ (49) | $ (613) |
Accounts receivable, net | $ 10,022 | $ 3,999 |
Accounts Receivable, Net - Allo
Accounts Receivable, Net - Allowance for Doubtful Receivables (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable, Net [Abstract] | |||
Balance at beginning of period | $ 0 | $ (49) | $ (613) |
Charges to costs and expenses | 0 | 0 | 0 |
Amount utilized | 0 | 49 | 564 |
Balance at end of period | $ 0 | $ 0 | $ (49) |
Prepaid Expenses and Other Cu53
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid Expenses And Other Assets [Abstract] | ||
Prepaid voyage costs | $ 27 | $ 137 |
Inventory | 220 | 1,160 |
Other | 1,353 | 0 |
Total prepaid expenses and other current assets | $ 1,600 | $ 1,297 |
Vessels, Net (Table) (Details)
Vessels, Net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | |||
Balance | $ 1,230,049 | ||
Additions | (40,642) | ||
Vessel impairment losses | (27,201) | $ 0 | $ 0 |
Transfer to vessel held for sale (see Note 7) | (125,000) | ||
Balance | 1,037,206 | 1,230,049 | |
Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,506,188 | 1,358,348 | |
Additions | 15,341 | 147,840 | |
Vessel impairment losses | (42,231) | ||
Transfer to vessel held for sale (see Note 7) | (125,000) | ||
Balance | 1,354,298 | 1,506,188 | 1,358,348 |
Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (276,139) | (218,922) | |
Additions | (55,983) | (57,217) | |
Vessel impairment losses | 15,030 | ||
Balance | (317,092) | (276,139) | |
Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,230,049 | 1,139,426 | |
Additions | 90,623 | ||
Additions | (40,642) | ||
Vessel impairment losses | (27,201) | ||
Transfer to vessel held for sale (see Note 7) | (125,000) | ||
Balance | $ 1,037,206 | $ 1,230,049 | $ 1,139,426 |
Vessels, Net (Details)
Vessels, Net (Details) $ in Thousands | Jan. 09, 2017USD ($) | Jan. 07, 2014USD ($) | Jan. 18, 2014USD ($) | Apr. 22, 2015USD ($) | Aug. 29, 2014USD ($) | Oct. 28, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Property Plant And Equipment [Line Items] | ||||||||||
Vessel impairment losses | $ 27,201 | $ 0 | $ 0 | |||||||
Navios Beaufiks | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel year built | 2,004 | |||||||||
Vessel type | Capesize | |||||||||
Capacity per each container in TEU | 180,310 | |||||||||
Acquisition cost | $ 15,341 | |||||||||
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 | |||||||||
Navios Apollon | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel type | Ultra-Handymax | |||||||||
Vessel capacity in DWT | 52,073 | |||||||||
Navios Apollon | Subsequent Event | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Sale price agreed in Memorandum of Agreement | $ 4,750 | |||||||||
Navios Apollon | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Vessel impairment losses | $ 10,008 |
Vessel Held for Sale (Details)
Vessel Held for Sale (Details) - MSC Cristina - Discontinued Operations, Held-for-sale $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | |
Vessel held for sale | $ 125,000 |
Vessel impairment losses | $ 17,193 |
Intangible Assets (Table) (Deta
Intangible Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTANGIBLE ASSETS [Abstract] | |||
Favorable lease terms - Cost | $ 83,716 | $ 127,788 | $ 158,987 |
Write-off - Cost | (31,199) | ||
Accelerated amortization - Cost | (44,072) | ||
Favorable lease terms - Accumulated amortization | (64,764) | (72,449) | (84,932) |
Additions - Accumulated Amortization | (15,861) | (18,716) | |
Accelerated amortization - Accumulated Amortization | 23,546 | ||
Write-off - Accumulated Amortization | 31,199 | ||
Favorable lease terms - Net Book Value | 18,952 | 55,339 | $ 74,055 |
Additions - Net Book Value | (15,861) | $ (18,716) | |
Accelerated amortization - Net Book Value | $ (20,526) |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTANGIBLE ASSETS [Abstract] | |||
Favorable lease terms | $ (15,861) | $ (18,716) | $ (23,287) |
Acceleration of favorable lease terms | (20,526) | 0 | (22,063) |
Total | $ (36,387) | $ (18,716) | $ (45,350) |
Intangible Assets - Aggregate A
Intangible Assets - Aggregate Amortizations (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
INTANGIBLE ASSETS [Abstract] | |||
2,017 | $ 10,871 | ||
2,018 | 3,748 | ||
2,019 | 1,166 | ||
2,020 | 1,166 | ||
2,021 | 1,166 | ||
2022 and thereafter | 835 | ||
Total | $ 18,952 | $ 55,339 | $ 74,055 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Favorable lease terms - Cost | $ 83,716 | $ 127,788 | $ 158,987 |
Favorable lease terms - Accumulated amortization | $ 64,764 | 72,449 | 84,932 |
Write-off - Cost | 31,199 | ||
Finite lived intangible assets amortization method | straight line | ||
Weighted average useful life for favorable lease terms chartered out | 10 years | ||
Acceleration of amortization of intangible asset | $ 20,526 | 0 | 22,063 |
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 Luz Navios and Buena Ventura | |||
Acceleration of amortization of intangible asset | $ 20,526 |
Accounts Payable (Table) (Detai
Accounts Payable (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Payable Current And Noncurrent [Abstract] | ||
Creditors | $ 766 | $ 329 |
Brokers | 1,796 | 2,112 |
Insurances | 35 | 149 |
Professional and legal fees | 679 | 116 |
Total accounts payable | $ 3,276 | $ 2,706 |
Accrued Expenses (Table) (Detai
Accrued Expenses (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities Current [Abstract] | ||
Accrued voyage expenses | $ 1,526 | $ 1,411 |
Accrued loan interest | 700 | 864 |
Accrued legal and professional fees | 2,219 | 241 |
Total accrued expenses | $ 4,445 | $ 2,516 |
Accrued Expenses (Details)
Accrued Expenses (Details) - General and Administrative Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Professional Fees | $ 1,650 | $ 0 | $ 0 |
Directors and/ or officers | |||
Cash compensation subject to fulfillment | $ 1,650 |
Borrowings (Table) (Details)
Borrowings (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Term Loan B facility | $ 386,292 | $ 411,292 |
Credit facilities | 141,805 | 194,569 |
Total borrowings | 528,097 | 605,861 |
Less: Long-term unamortized discount | (1,471) | (2,464) |
Less: Current portion of long-term debt, net | (74,031) | (23,336) |
Less: Deferred financing costs, net | (2,850) | (5,319) |
Long-term debt, net | 449,745 | 574,742 |
Term Loan B including addition | ||
Debt Instrument [Line Items] | ||
Term Loan B facility | 386,292 | $ 411,292 |
Less: Long-term unamortized discount | $ (1,471) |
Borrowings - Principal Payments
Borrowings - Principal Payments Due (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long Term Debt By Maturity [Abstract] | ||
2,017 | $ 76,767 | |
2,018 | 392,204 | |
2,019 | 5,913 | |
2,020 | 5,913 | |
2,021 | 5,913 | |
2022 and thereafter | 41,387 | |
Total borrowings | $ 528,097 | $ 605,861 |
Borrowings (Details)
Borrowings (Details) $ in Thousands | Jan. 12, 2017USD ($) | Jan. 08, 2016USD ($) | Apr. 01, 2016USD ($) | Mar. 31, 2016 | Mar. 30, 2015USD ($) | Mar. 27, 2015USD ($) | Apr. 30, 2016USD ($) | Apr. 16, 2015USD ($) | May 31, 2016USD ($) | May 31, 2015USD ($) | Jun. 30, 2016 | Jun. 30, 2013USD ($) | Sep. 22, 2014USD ($) | Nov. 14, 2016 | Nov. 11, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 24, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Nov. 01, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount outstanding | $ 386,292 | $ 411,292 | ||||||||||||||||||
Unamortized discount | 1,471 | 2,464 | ||||||||||||||||||
Outstanding balance | 141,805 | 194,569 | ||||||||||||||||||
Long- term debt | 523,776 | |||||||||||||||||||
Available amount of loan facility | $ 60,000 | |||||||||||||||||||
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 | $ 13,500 | |||||||||||||||||||
Escrow Released | $ 13,500 | |||||||||||||||||||
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 | Collateral Pledged | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels acquired | 6 | 1 | ||||||||||||||||||
Term Loan B Facility | YM Unity | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Collateral | YM Unity | |||||||||||||||||||
Term Loan B Facility | One Capesize Vessel | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Collateral | one Capesize vessel | |||||||||||||||||||
Term Loan B Facility | Six Dry Cargo Vessels | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Collateral | six dry cargo vessels | |||||||||||||||||||
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. 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 | $ 386,292 | $ 411,292 | ||||||||||||||||||
Unamortized discount | 1,471 | |||||||||||||||||||
Credit facility outstanding balance, net of discount | $ 384,821 | |||||||||||||||||||
Repayment of debt | $ 21,000 | $ 25,000 | ||||||||||||||||||
Write-off of deferred financing fees | 256 | $ 187 | ||||||||||||||||||
July 2012 Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate description | LIBOR | |||||||||||||||||||
Balloon payment on the last repayment date | $ 31,855 | |||||||||||||||||||
Outstanding balance | 41,855 | |||||||||||||||||||
Repayment of debt | $ 16,235 | $ 2,346 | $ 28,052 | |||||||||||||||||
Write-off of deferred financing fees | $ 161 | |||||||||||||||||||
Final maturity date | Nov. 30, 2017 | |||||||||||||||||||
Line Of Credit OF Facility Increase Decrease For Period Net | 30,192 | |||||||||||||||||||
Gain on debt repayment | $ 2,140 | |||||||||||||||||||
July 2012 Credit Facility | First installment | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayment installments | 1 | |||||||||||||||||||
Repayment frequency | quarterly | |||||||||||||||||||
Repayment amount | $ 1,600 | |||||||||||||||||||
July 2012 Credit Facility | The remaining four installments | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayment installments | 4 | |||||||||||||||||||
Repayment frequency | quarterly | |||||||||||||||||||
Repayment amount | $ 2,100 | |||||||||||||||||||
September 2014 Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument term | 5 years | |||||||||||||||||||
Amount outstanding | $ 0 | |||||||||||||||||||
Credit facility | $ 56,000 | |||||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||||
Balloon payment on the last repayment date | $ 14,250 | |||||||||||||||||||
Interest rate percentage | 3.00% | |||||||||||||||||||
Interest rate description | LIBOR plus 3,00% | |||||||||||||||||||
Repayment of debt | $ 28,357 | 21,312 | ||||||||||||||||||
Write-off of deferred financing fees | $ 340 | $ 314 | ||||||||||||||||||
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 | |||||||||||||||||||
Outstanding balance | $ 70,950 | |||||||||||||||||||
Repayment installments | 22 | |||||||||||||||||||
Repayment frequency | quarterly | |||||||||||||||||||
Repayment amount | $ 1,478 | |||||||||||||||||||
Interest rate percentage | 2.75% | |||||||||||||||||||
Interest rate description | LIBOR plus 2,75% | |||||||||||||||||||
Cancellation of undrawn amount | $ 83,000 | |||||||||||||||||||
Final maturity date | Apr. 20, 2022 | |||||||||||||||||||
April 2015 Credit Facility | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayment of debt | $ 70,950 | |||||||||||||||||||
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% | |||||||||||||||||||
Amount drawn down | $ 21,000 | |||||||||||||||||||
Available amount of loan facility | $ 60,000 | |||||||||||||||||||
Write-off of deferred financing fees | $ 600 | |||||||||||||||||||
Final maturity date | Jan. 2, 2017 | |||||||||||||||||||
June 2016 Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt amount | $ 30,000 | |||||||||||||||||||
Outstanding balance | $ 29,000 | |||||||||||||||||||
Interest rate percentage | 4.00% | |||||||||||||||||||
Interest rate description | LIBOR plus 4% | |||||||||||||||||||
Final maturity date | Jan. 30, 2017 | |||||||||||||||||||
June 2016 Credit Facility | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayment of debt | $ 29,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance | As of December 31, 2016, Navios Partners was in compliance with the financial covenants and/or the prepayment and/or the cure provisions as applicable in each of its credit facilities. |
July 2012 Credit Facility, September 2014 Credit Facility, April 2015 Credit Facility and June 2016 Credit Facility | |
Debt Instrument [Line Items] | |
Restrictive covenants | The July 2012 Credit Facility, the September 2014 Credit Facility, the April 2015 Credit Facility and the June 2016 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, the April 2015 Credit Facility and the June 2016 Credit Facility also require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 105% to 140%; (ii) minimum free consolidated liquidity of $15,000 as at December 31, 2016 and at least the higher of $20,000 and the aggregate of interest and principal falling due during the previous six months all the other times; (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) ranging of less than 0.75 or 0.80: 1.00; and (v) maintain a minimum net worth to $135,000 for the periods prior to any distributions by the Company. 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. |
Minimum net worth required for compliance | $ 135,000 |
Minimum free consolidated liquidity | 15,000 |
July 2012 Credit Facility, September 2014 Credit Facility, April 2015 Credit Facility and June 2016 Credit Facility | Previous six months all other times | |
Debt Instrument [Line Items] | |
Minimum free consolidated liquidity | $ 20,000 |
Term Loan B including addition | |
Debt Instrument [Line Items] | |
Restrictive covenants | The July 2012 Credit Facility, the September 2014 Credit Facility, the April 2015 Credit Facility and the June 2016 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, prepayment and cure provisions. |
Minimum | July 2012 Credit Facility, September 2014 Credit Facility, April 2015 Credit Facility and June 2016 Credit Facility | |
Debt Instrument [Line Items] | |
Loan to value ratio | 80.00% |
Ratio of EBITDA to interest expense | 200.00% |
Security cover ratio | 105.00% |
Minimum | Navios Holdings | July 2012 Credit Facility, September 2014 Credit Facility, April 2015 Credit Facility and June 2016 Credit Facility | |
Debt Instrument [Line Items] | |
Ownership percentage of Navios Holdings | 15.00% |
Maximum | July 2012 Credit Facility, September 2014 Credit Facility, April 2015 Credit Facility and June 2016 Credit Facility | |
Debt Instrument [Line Items] | |
Loan to value ratio | 100.00% |
Security cover ratio | 140.00% |
Maximum | July 2012 Credit Facility, September 2014 Credit Facility, April 2015 Credit Facility and June 2016 Credit Facility | During the last quarter prior to any distribution declaration | |
Debt Instrument [Line Items] | |
Total Liabilities to Total Assets ratio | 0,75 or 0,8 |
Fair Value of Financial Instr68
Fair Value of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
FAIR VALUE OF FINANCIAL INSTRUMENTS [ABSTRACT] | ||||
Cash and cash equivalents - Book Value | $ 17,360 | $ 26,750 | $ 99,495 | $ 35,346 |
Cash and cash equivalents - Fair Value | 17,360 | 26,750 | ||
Restricted cash - Book Value | 7,728 | 7,789 | ||
Restricted cash - Fair Value | 7,728 | 7,789 | ||
Loans receivable from affiliates - Book Value | 2,422 | 1,521 | ||
Loans receivable from affiliates - Fair Value | 2,422 | 1,521 | ||
Amounts due to related parties, short term - Book Value | 0 | (8,680) | ||
Amounts due to related parties, short term - Fair Value | 0 | (8,860) | ||
Amounts due to related parties, long-term - Book Value | 11,105 | 0 | ||
Amounts due to related parties, long term - Fair Value | 11,105 | 0 | ||
Amounts due from related parties - Book Value | 19,639 | 0 | ||
Amounts due from related parties - Fair Value | 19,639 | 0 | ||
Term Loan B facility, net - Book Value | (382,653) | (404,977) | ||
Term Loan B facility, net - Fair Value | (360,700) | (406,410) | ||
Other long-term debt, net - Book Value | (141,124) | (193,102) | ||
Other long-term debt, net - Fair Value | (141,805) | (194,569) | ||
Notes receivable - Book Value | 6,112 | 0 | ||
Notes receivable - Fair Value | $ 6,112 | $ 0 |
Fair Value of Financial Instr69
Fair Value of Financial Instruments - Fair Value Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Cash and cash equivalents | $ 17,360 | $ 26,750 | |
Restricted cash | 7,728 | 7,789 | |
Loans receivable from affiliates | 2,422 | 1,521 | |
Amounts due to related parties, long term | 11,105 | 0 | |
Term Loan B facility, net | (360,700) | (406,410) | |
Other long-term debt, net | (141,805) | (194,569) | |
Notes receivable | 6,112 | 0 | |
Vessel held for sale | 125,000 | 0 | |
Navios Apollon | |||
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Vessels, net (for Navios Apollon) | 4,750 | ||
Level I | |||
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Cash and cash equivalents | 17,360 | 26,750 | |
Restricted cash | 7,728 | 7,789 | |
Amounts due to related parties, long term | 11,105 | ||
Level II | |||
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Loans receivable from affiliates | 2,422 | 1,521 | |
Term Loan B facility, net | [1] | (360,700) | (406,410) |
Other long-term debt, net | [1] | (141,805) | $ (194,569) |
Notes receivable | [2] | 6,112 | |
Vessel held for sale | 125,000 | ||
Level II | Navios Apollon | |||
Fair Value Assets And Liabilities Measured On Recurring And Non-recurring Basis [Line Items] | |||
Vessels, net (for Navios Apollon) | $ 4,750 | ||
[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. | ||
[2] | The fair value is estimated based on currently available information on the Company's counterparty with similar contract terms, interest rate and remaining maturities. |
Issuance of Units (Details)
Issuance of Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2014 | Feb. 11, 2015 | Mar. 09, 2017 | Feb. 14, 2014 | Nov. 18, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class Of Stock [Line Items] | ||||||||
Proceeds from issuance of Common Limited partners units | $ 440 | $ 72,090 | $ 104,499 | |||||
Proceeds from issuance of common units, net of offering costs | 72,090 | 104,499 | ||||||
Net proceeds from issuance of general partner units | 10 | 1,528 | 2,233 | |||||
Proceeds from public public offering of common units, net of offering costs) value | 440 | |||||||
Net proceeds from issuance of general partner units (see note 13) | $ 10 | $ 1,528 | $ 2,233 | |||||
Common Unitholders | ||||||||
Class Of Stock [Line Items] | ||||||||
Maximum aggregate offering price | $ 25,000 | |||||||
Partners Capital account units sold in public offering | 4,000,000 | 5,500,000 | 5,720,547 | 6,325,000 | ||||
Unit price | $ 13.09 | $ 17.3 | ||||||
Proceeds from issuance of Common Limited partners units | $ 52,360 | $ 95,150 | ||||||
Proceeds from issuance of common units, net of offering costs | 50,120 | 91,135 | $ 72,090 | $ 104,499 | ||||
Offering costs | $ 216 | $ 306 | ||||||
Proceeds from public public offering of common units, net of offering costs) units | 244,201 | 244,201 | ||||||
Proceeds from public public offering of common units, net of offering costs) value | $ 440 | $ 440 | ||||||
Common Unitholders | Overallotment Option | ||||||||
Class Of Stock [Line Items] | ||||||||
Partners Capital account units sold in public offering | 825,000 | 600,000 | ||||||
Proceeds from issuance of Common Limited partners units | $ 14,273 | $ 7,854 | ||||||
Proceeds from issuance of common units, net of offering costs | $ 13,670 | $ 7,518 | ||||||
General Partner | ||||||||
Class Of Stock [Line Items] | ||||||||
Partners Capital account units sold in public offering | 81,633 | 112,245 | ||||||
General Partner's capital account units sold in public offering | 4,984 | 4,984 | 116,746 | 129,082 | ||||
Net proceeds from issuance of general partner units | $ 1,069 | $ 1,942 | ||||||
Navios GP L.L.C. general partner interest in Navios Partners | 2.00% | |||||||
Net proceeds from issuance of general partner units (see note 13) | $ 10 | $ 10 | $ 1,528 | $ 2,233 | ||||
General Partner | Overallotment Option | ||||||||
Class Of Stock [Line Items] | ||||||||
General Partner's capital account units sold in public offering | 16,837 | 12,245 | ||||||
Net proceeds from issuance of general partner units | $ 291 | $ 160 | ||||||
Navios Holdings | ||||||||
Class Of Stock [Line Items] | ||||||||
Proceeds from issuance of private placement | $ 14,967 | |||||||
Navios Holdings | Subsequent Event | ||||||||
Class Of Stock [Line Items] | ||||||||
Ownership percentage of Navios Holdings | 19.40% | |||||||
Navios GP L.L.C. general partner interest in Navios Partners | 2.00% | |||||||
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 | 20.00% | |||||||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 190,524 | $ 223,676 | $ 227,356 |
Asia | |||
Revenue | 112,019 | 133,542 | 125,572 |
Europe | |||
Revenue | 54,006 | 70,121 | 64,858 |
North America | |||
Revenue | 13,364 | 10,557 | 19,943 |
Australia | |||
Revenue | $ 11,135 | $ 9,456 | $ 16,983 |
Leases (Table) (Details)
Leases (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
LEASES [Abstract] | |
2,017 | $ 112,434 |
2,018 | 82,445 |
2,019 | 54,688 |
2,020 | 65,862 |
2,021 | 65,682 |
2022 and thereafter | 306,965 |
Total | $ 688,076 |
Transactions with Related Par73
Transactions with Related Parties and Affiliates (Details) - USD ($) | 2 Months Ended | 5 Months Ended | 12 Months Ended | ||
Mar. 09, 2017 | May 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Due to related parties | $ 0 | $ 8,680,000 | |||
Amount outstanding | 386,292,000 | 411,292,000 | |||
Direct vessel expenses | 6,381,000 | 4,043,000 | $ 761,000 | ||
Management fees | 59,209,000 | 56,504,000 | 50,359,000 | ||
General and administrative expenses | 12,351,000 | 7,931,000 | 7,839,000 | ||
Due from related parties | 19,639,000 | 0 | |||
Time charter revenues | 190,524,000 | 223,676,000 | 227,356,000 | ||
Outstanding balance | 141,805,000 | 194,569,000 | |||
Available amount of loan facility | 60,000,000 | ||||
Revenue from related parties | $ 1,939,000 | 38,809,000 | 27,444,000 | ||
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 | 7,751,000 | 6,205,000 | $ 6,089,000 | ||
Navios Holdings | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage of Navios Holdings | 19.40% | ||||
Navios Holdings | Due to related party | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | $ 11,105,000 | 8,680,000 | |||
Navios Fulvia | |||||
Related Party Transaction [Line Items] | |||||
Vessel Year Built | 2,010 | ||||
Vessel type | Capesize | ||||
Navios Holdings for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Lease term | 9 months | ||||
Navios Holdings for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Lease term | 12 months | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 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 | Apr. 30, 2015 | ||||
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 | ||||
Date of agreement | Feb. 28, 2015 | ||||
Extended charter hire agreement | Navios Fulvia | |||||
Related Party Transaction [Line Items] | |||||
Profit sharing, Percentage allocation based on earnings | 50.00% | ||||
Charter hire daily rate | $ 11,500,000 | ||||
Lease term | 3 months | ||||
Date of agreement | Nov. 30, 2016 | ||||
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 | ||||
Management Agreement | Ultra-Handymax Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | $ 4,100 | ||||
Management Agreement | Panamax Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 4,200 | ||||
Management Agreement | Capesize Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 5,250 | ||||
Management Agreement | Container Vessels of TEU 6,800 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 6,700 | ||||
Management Agreement | Container Vessels of more than TEU 8,000 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 7,400 | ||||
Management Agreement | Container Vessels of more than TEU 13,000 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 8,750 | ||||
Prior management agreement | Ultra-Handymax Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 4,000 | ||||
Prior management agreement | Panamax Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 4,100 | ||||
Prior management agreement | Capesize Vessels | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 5,100 | ||||
Prior management agreement | Container Vessels of TEU 6,800 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 6,500 | ||||
Prior management agreement | Container Vessels of more than TEU 8,000 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 7,200 | ||||
Prior management agreement | Container Vessels of more than TEU 13,000 | |||||
Related Party Transaction [Line Items] | |||||
Daily management fee | 8,500 | ||||
Ecxluding Navios Europe I and Navios Europe II | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 19,040,000 | $ 0 | |||
Late Reimbursement | Management Agreement | |||||
Related Party Transaction [Line Items] | |||||
Interest rate description | LIBOR | ||||
Interest rate percentage | 1.00% | ||||
Debt later required payment | Jan. 5, 2018 |
Transactions with Related Par74
Transactions with Related Parties and Affiliates - Revolving Loans to Navios Europe and Others (Details) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Mar. 25, 2014 | Nov. 15, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 18, 2015 | Dec. 18, 2013 | Oct. 09, 2013 | |
Long- term debt | $ 523,776 | |||||||
Investment in affiliates | 1,257 | $ 1,315 | ||||||
Loans receivable from affiliates | 2,422 | $ 1,521 | ||||||
Available amount of loan facility | $ 60,000 | |||||||
Common units outstanding | 83,323,911 | 83,079,710 | ||||||
Other Income | $ 14,523 | $ 5,232 | $ 47,935 | |||||
Income from credit default insurance | $ 30,956 | |||||||
Due from related parties | $ 19,639 | 0 | ||||||
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 | 18.00% | |||||||
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 | $ 704 | 1,154 | ||||||
Navios Holdings | ||||||||
Other Income | 9,635 | 3,795 | ||||||
Income from credit default insurance | $ 9,153 | 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 | ||||||
Due from related parties | $ 310 | 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 | $ 14,075 | 23,075 | ||||||
Due from related parties | 288 | 60 | ||||||
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 | 640 | |||||||
Navios Europe I | Navios Revolving Loans I | ||||||||
Loans receivable from affiliates | 750 | 750 | ||||||
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 | |||||||
Accrued interest income | 216 | |||||||
Navios Europe I | Navios Term Loans II | ||||||||
Accrued interest income | 235 | |||||||
Navios Europe II | ||||||||
Investment in affiliates | 616 | |||||||
Navios Europe II | Navios Revolving Loans II | ||||||||
Loans receivable from affiliates | 1,221 | $ 771 | ||||||
Navios Europe II | Navios Term Loans II | ||||||||
Investment in affiliates | $ 700 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jul. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 18, 2016 | |
Deferred revenue, current | $ 17,198,000 | $ 4,290,000 | |||
Deferred revenue, noncurrent | 28,571,000 | 1,806,000 | |||
Net proceeds on sale | 20,842,000 | ||||
Loss on sale of securities | 19,435,000 | 0 | $ 0 | ||
Non-cash interest income | 541,000 | $ 222,000 | $ 243,000 | ||
Interest Income and Discount Unwinding | |||||
Non-cash interest income | 180,000 | ||||
Hyundai Merchant Marine Co., Ltd. | |||||
Deferred revenue, current | 12,102,000 | ||||
Deferred revenue, noncurrent | 28,571,000 | ||||
Trading Securities | $ 40,277,000 | ||||
Deferred revenue amortization | $ 5,537,000 | ||||
Hyundai Merchant Marine Co., Ltd. | Container vessels | Restructuring Agreement | |||||
Charter Revenue | $ 38,461,000 | ||||
Hyundai Merchant Marine Co., Ltd. | Senior Notes | |||||
Unsecured Notes | $ 5,932,000 | ||||
Hyundai Merchant Marine Co., Ltd. | Senior Notes | Container vessels | Restructuring Agreement | |||||
Trading securities equity number of shares | 3,657 | ||||
Proceeds From Debt | $ 7,692,000 | ||||
Debt Instrument Interest Rate | 3.00% | ||||
Maturity Date | Jul. 31, 2024 | ||||
Hyundai Merchant Marine Co., Ltd. | July 18, 2016 until December 31, 2019 | Container vessels | Restructuring Agreement | |||||
Charter Revenue | $ 24,400 | ||||
Effective Date of Arrangements | Jul. 18, 2016 | ||||
Termination date | Dec. 31, 2019 | ||||
Hyundai Merchant Marine Co., Ltd. | From January 1, 2020 and thereafter | Container vessels | Restructuring Agreement | |||||
Charter Revenue | $ 30,500 | ||||
Effective Date of Arrangements | Jan. 1, 2020 |
Investment In Navios Europe I76
Investment In Navios Europe I and Navios Europe II (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 18, 2015USD ($) | Dec. 18, 2013USD ($) | Oct. 09, 2013 | |
Proceeds from long-term debt | $ 29,000 | $ 79,819 | $ 56,000 | |||
Debt Instrument Unamortized Discount | 1,471 | 2,464 | ||||
Long- term debt | 523,776 | |||||
Investment in affiliates | 1,257 | 1,315 | ||||
Portion of the carrying balance of related party loan | 2,422 | 1,521 | ||||
Investment income | $ 541 | 222 | $ 243 | |||
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 | |||||
Senior Loans II | Navios Europe II | ||||||
Proceeds from long-term debt | 131,550 | |||||
Debt Instrument Unamortized Discount | 3,375 | |||||
Junior Loan II | Navios Europe II | ||||||
Debt instrument face amount | 182,150 | |||||
Debt instrument fair value | 99,147 | |||||
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 | 1,390 | |||||
Investment in affiliates | 640 | |||||
Navios Europe I | Navios Revolving Loans I | ||||||
Portion of the carrying balance of related party loan | 750 | 750 | ||||
Navios Europe I | Navios Term Loans | ||||||
Investment in affiliates | 500 | |||||
Navios Europe II | ||||||
Estimated maximum potential loss | 1,837 | |||||
Investment in affiliates | 616 | |||||
Navios Europe II | Navios Revolvings Loans II | ||||||
Portion of the carrying balance of related party loan | 1,221 | 771 | ||||
Navios Europe II | Navios Term Loans II | ||||||
Investment in affiliates | 700 | |||||
Within caption "Other Income" | Navios Europe I | ||||||
Investment income | $ 74 | 45 | ||||
Within caption "Other Income" | Navios Europe II | ||||||
Investment income | 49 | |||||
Investment loss | $ (133) |
Cash Distributions and Earnin77
Cash Distributions and Earnings per Unit - Percentage Interest in Distributions (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distribution Made To Limited Partner [Line Items] | |||
Percentage allocations of the additional available cash | 100.00% | ||
Credit facilities | $ 141,805 | $ 194,569 | |
Gain on debt repayment | $ (2,140) | $ 0 | $ 0 |
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 Earnin78
Cash Distributions and Earnings per Unit (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net (loss)/ income | $ (52,549) | $ 41,805 | $ 74,853 |
Earnings attributable to: | |||
Earnings per unit (basic and diluted): | $ (0.62) | $ 0.48 | $ 0.93 |
Common unit holders | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net (loss)/ income | $ (51,498) | $ 39,825 | $ 71,225 |
Weighted average units outstanding (basic and diluted) | |||
Weighted average units outstanding (basic and diluted) | 83,107,066 | 82,437,128 | 76,587,656 |
Earnings attributable to: | |||
Earnings per unit (basic and diluted): | $ (0.62) | $ 0.48 | $ 0.93 |
Earnings per unit - distributed (basic and diluted): | 0 | 1.11 | 1.79 |
Loss per unit - undistributed (basic and diluted): | $ (0.62) | $ (0.63) | $ (0.86) |
Cash Distributions and Earnin79
Cash Distributions and Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 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 | Jan. 08, 2016 | Mar. 27, 2015 | Mar. 25, 2014 | Nov. 11, 2016 | Nov. 15, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash compensation | $ 17,779 | |||||||
Insurance Recoveries | $ 30,956 | |||||||
Other Income | $ 14,523 | $ 5,232 | $ 47,935 | |||||
July 2012 Credit Facility | ||||||||
Gain on debt repayment | $ 2,140 | |||||||
Repayment of debt | $ 16,235 | $ 2,346 | 28,052 | |||||
Line Of Credit OF Facility Increase Decrease For Period Net | $ 30,192 | |||||||
Within caption "Other Income" | ||||||||
Insurance Recoveries | 29,786 | |||||||
Within caption "Revenue" | ||||||||
Insurance Recoveries | $ 1,170 | |||||||
Navios Holdings | ||||||||
Insurance Recoveries | 9,153 | 3,605 | ||||||
Other Income | $ 9,635 | $ 3,795 | ||||||
Navios Holdings | ||||||||
Supplemental credit default insurance maximum cash payment | $ 20,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Jan. 12, 2017USD ($) | Jan. 31, 2017USD ($) | Mar. 06, 2017USD ($) | Feb. 21, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 24, 2016USD ($) |
Subsequent Event [Line Items] | ||||||||
Loans receivable from affiliates | $ (450) | $ (771) | $ (470) | |||||
June 2016 Credit Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Term Loan B facility, new | $ 30,000 | |||||||
MSC Cristina | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel type | Container | |||||||
Navios Apollon | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel type | Ultra-Handymax | |||||||
Vessel capacity in DWT | 52,073 | |||||||
Subsequent Event | Navios Europe I | Navios Holdings | ||||||||
Subsequent Event [Line Items] | ||||||||
Loans receivable from affiliates | $ 27,000 | |||||||
Subsequent Event | April 2015 Credit Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayment of debt | $ 70,950 | |||||||
Subsequent Event | June 2016 Credit Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayment of debt | $ 29,000 | |||||||
Subsequent Event | New Term Loan B Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Term Loan B facility, new | $ 405,000 | |||||||
Interest rate description | LIBOR | |||||||
Interest rate percentage | 5.00% | |||||||
Debt instrument term | 3 years 6 months | |||||||
Subsequent Event | Navios Apollon | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale price contractual agreement, net | $ 4,750 |