Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | Navios Maritime Midstream Partners LP |
Trading Symbol | NAP |
Entity Central Index Key | 1,617,049 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
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 |
General Partner Units | |
Document Information [Line Items] | |
Entity units outstanding | 413,843 |
Limited Partner Units | |
Document Information [Line Items] | |
Entity units outstanding | 9,342,692 |
Subordinated Partner Units | |
Document Information [Line Items] | |
Entity units outstanding | 9,342,692 |
Subordinated Series A units | |
Document Information [Line Items] | |
Entity units outstanding | 1,592,920 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 38,219 | $ 37,834 |
Accounts receivable, net | 6,904 | 5,110 |
Prepaid expenses and other current assets | 117 | 112 |
Due from related parties | 7,042 | 2,804 |
Total current assets | 52,282 | 45,860 |
Vessels, net | 389,556 | 400,192 |
Intangible assets | 26,807 | 28,450 |
Deferred dry dock and special survey costs, net | 9,609 | 6,066 |
Total non-current assets | 425,972 | 434,708 |
Total assets | 478,254 | 480,568 |
Current liabilities | ||
Accounts payable | 2,089 | 412 |
Accrued expenses | 559 | 654 |
Due to related parties | 403 | 438 |
Deferred revenue | 2,494 | 1,931 |
Current portion of long-term debt, net of deferred finance costs and discount | 654 | 643 |
Total current liabilities | 6,199 | 4,078 |
Long-term debt, net of deferred finance costs and discount | 196,841 | 197,176 |
Total non-current liabilities | 196,841 | 197,176 |
Total liabilities | 203,040 | 201,254 |
Commitments and contingencies | ||
Total Partners' capital | ||
Common Unitholders (9,342,692 units issued and outstanding at June 30, 2016 and December 31, 2015) | 124,466 | 126,317 |
Subordinated Series A Unitholders (1,592,920 units issued and outstanding at June 30, 2016 and December 31, 2015) | 27,063 | 27,379 |
Subordinated Unitholders (9,342,692 units issued and outstanding at June 30, 2016 and December 31, 2015) | 118,303 | 120,154 |
General Partner (413,843 units issued and outstanding at June 30, 2016 and December 31, 2015) | 5,382 | 5,464 |
Partners' capital | 275,214 | 279,314 |
Total liabilities and Partners' capital | $ 478,254 | $ 480,568 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common units issued | 9,342,692 | 9,342,692 |
Common units outstanding | 9,342,692 | 9,342,692 |
Subordinated units issued | 9,342,692 | 9,342,692 |
Subordinated units outstanding | 9,342,692 | 9,342,692 |
General Partners units issued | 413,843 | 413,843 |
General Partners units outstanding | 413,843 | 413,843 |
Subordinated Series A units issued | 1,592,920 | 1,592,920 |
Subordinated Series A units outstanding | 1,592,920 | 1,592,920 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 22,695 | $ 18,350 | $ 46,844 | $ 35,053 |
Time charter expenses | (338) | (197) | (749) | (377) |
Direct vessel expenses | (952) | (289) | (1,588) | (578) |
Management fees (entirely through related party transactions) | (5,187) | (3,705) | (10,374) | (7,125) |
General and administrative expenses | (724) | (482) | (1,550) | (1,017) |
Depreciation and amortization | (6,378) | (5,076) | (12,779) | (9,953) |
Interest income | 69 | 0 | 69 | 0 |
Interest expenses and finance cost | (3,284) | (3,228) | (6,440) | (4,363) |
Other (expense)/ income, net | (12) | 21 | (49) | 66 |
Net income | $ 5,889 | $ 5,394 | $ 13,384 | $ 11,706 |
Earnings per unit (basic and diluted) | ||||
Common unitholders: | $ 0.28 | $ 0.26 | $ 0.65 | $ 0.59 |
Subordinated Series A unitholders: | 0.28 | 1.82 | 0.65 | 3.63 |
Subordinated unitholders: | $ 0.28 | $ 0.26 | $ 0.65 | $ 0.59 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities | ||
Net income | $ 13,384 | $ 11,706 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,779 | 9,953 |
Amortization of deferred finance fees and bond premium | 701 | 1,964 |
Amortization of dry dock and special survey costs | 1,588 | 578 |
Changes in operating assets and liabilities: | ||
(Increase)/ decrease in prepaid expenses and other current assets | (5) | 129 |
Payment for Drydocking | (5,131) | (99) |
Increase in accounts receivable | (1,794) | (2,965) |
Increase in accounts payable | 1,677 | 220 |
Decrease in accrued expenses | (95) | (135) |
Decrease in due to/ from related parties | (4,273) | (4,190) |
Increase in deferred revenue | 563 | 556 |
Net cash provided by operating activities | 19,394 | 17,717 |
Investing Activities | ||
Acquisition of vessels | (500) | (72,252) |
Net cash used in investing activities | (500) | (72,252) |
Financing Activities | ||
Proceeds from Long term debt, net of deferred finance costs and discount | 0 | 198,081 |
Loan repayment | (1,025) | (126,000) |
IPO expenses | 0 | (2,922) |
Dividend paid | (17,484) | (11,627) |
Proceeds from issuance of general partner units | 0 | 551 |
Net cash (used in)/ provided by financing activities | (18,509) | 58,083 |
Net increase in cash and cash equivalents | 385 | 3,548 |
Cash and cash equivalents, beginning of year | 37,834 | 30,877 |
Cash and cash equivalents, end of year | 38,219 | 34,425 |
Supplemental disclosures of cash flow information | ||
Cash interest paid | 5,760 | 2,375 |
Non-cash financing activities | ||
Accrued IPO expenses | $ 0 | $ 430 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands | Total | General Partner | Common Unitholders | Subordinated Unitholders | Subordinated Series A Unitholders | Total Partners' Capital |
Consolidated Balance at Dec. 31, 2014 | $ 4,947 | $ 127,350 | $ 121,187 | $ 253,484 | ||
Consolidated Balance, units at Dec. 31, 2014 | 381,334 | 9,342,692 | 9,342,692 | |||
Net Income | $ 11,706 | $ 235 | $ 5,528 | $ 5,528 | $ 415 | 11,706 |
Issuance of subordinated Series A Units and general partner units, value | $ 551 | $ 27,111 | 27,662 | |||
Issuance of subordinated Series A Units and general partner units | 32,509 | 1,593 | ||||
Cash distribution | $ (233) | (5,697) | (5,697) | (11,627) | ||
Consolidated Balance at Jun. 30, 2015 | $ 5,500 | $ 127,181 | $ 121,018 | $ 27,526 | 281,225 | |
Consolidated Balance, units at Jun. 30, 2015 | 413,843 | 9,342,692 | 9,342,692 | 1,593 | ||
Consolidated Balance at Dec. 31, 2015 | 279,314 | $ 5,464 | $ 126,317 | $ 120,154 | $ 27,379 | 279,314 |
Consolidated Balance, units at Dec. 31, 2015 | 413,843 | 9,342,692 | 9,342,692 | 1,593 | ||
Net Income | 13,384 | $ 268 | $ 6,043 | $ 6,043 | $ 1,030 | 13,384 |
Cash distribution | (350) | (7,894) | (7,894) | (1,346) | (17,484) | |
Consolidated Balance at Jun. 30, 2016 | $ 275,214 | $ 5,382 | $ 124,466 | $ 118,303 | $ 27,063 | $ 275,214 |
Consolidated Balance, units at Jun. 30, 2016 | 413,843 | 9,342,692 | 9,342,692 | 1,593 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1: DESCRIPTION OF BUSINESS Navios Maritime Midstream Partners L.P. (Navios Midstream, the Company or the Partnership) (NYSE: NAP), was formed in The Republic of the Marshall Islands on October 13, 2014. Navios Maritime Midstream Partners GP LLC (the General Partner), a Marshall Islands limited liability company and wholly-owned subsidiary of Navios Maritime Acquisition Corporation (Navios Acquisition), was also formed on that date to act as the General Partner of Navios Midstream and receive a 2.0% general partner interest. In connection with the initial public offering (IPO) of Navios Midstream in November 2014, Navios Midstream acquired all of the outstanding shares of capital stock of four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) in exchange for: (i) all of the estimated net proceeds from the IPO amounting to $110,403; (ii) $104,451 of the $126,000 borrowings under Navios Midstream's new credit facility; (iii) 9,342,692 subordinated units and 1,242,692 common units; and (iv) 381,334 general partner units, representing a 2.0% general partner interest in Navios Midstream, and all of the incentive distribution rights in Navios Midstream, to our General Partner. Following the completion of the IPO, Navios Acquisition owns a 2.0% general partner interest in Navios Midstream through the General Partner and a 55.5% limited partnership interest through the ownership of subordinated units (49%) and through common units (6.5%) based on all outstanding common, subordinated and general partner units. On or prior to the closing of the IPO, Navios Midstream entered into the following agreements: a) a share purchase agreement with Navios Acquisition pursuant to which Navios Midstream will have options, exercisable at any time during a two-year period, to acquire the capital stock of up to seven of its subsidiaries that own seven VLCCs and the related time charters; b) a management agreement (the Management Agreement) with Navios Tankers Management Inc. (the Manager), a subsidiary of Navios Maritime Holdings Inc. (Navios Holdings), pursuant to which the Manager provides Navios Midstream commercial and technical management services; c) an administrative services agreement (the Administrative Services Agreement) with the Manager pursuant to which the Manager provides Navios Midstream administrative services; and d) an omnibus agreement with Navios Holdings, Navios Acquisition, Navios Maritime Partners L.P. (Navios Partners) and the General Partner governing, among other things, when Navios Midstream, Navios Holdings, Navios Acquisition and Navios Partners may compete against each other as well as rights of first offer on VLCCs, crude oil tankers, refined petroleum product tankers, chemical tankers and LPG tankers. Navios Midstream's principal activity is to own, operate and acquire crude oil tankers under long-term employment contracts as well as refined petroleum product tankers, chemical tankers, and liquefied petroleum gas, or LPG, tankers under long-term employment contracts. The Company intends to charter the vessels under long-term employment contracts to international oil companies, refiners, and large vessel operators. As of June 30, 2016, the Company owned six VLCC tanker vessels. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Basis of presentation: (b) Principles of consolidation: As of June 30, 2016, the entities included in these condensed consolidated financial statements were: Company name Vessel name Country of incorporation 2016 2015 Navios Maritime Midstream Operating LLC N/A Marshall Islands 1/1-6/30 1/1-6/30 Navios Maritime Midstream Partners L.P. N/A Marshall Islands 1/1-6/30 1/1-6/30 Navios Maritime Midstream Partners Finance (US) Inc. N/A Delaware 1/1-6/30 6/4-6/30 Shinyo Kannika Limited Shinyo Kannika Hong Kong 1/1-6/30 1/1-6/30 Shinyo Ocean Limited Shinyo Ocean Hong Kong 1/1-6/30 1/1-6/30 Shinyo Saowalak Limited Shinyo Saowalak British Virgin Is. 1/1-6/30 1/1-6/30 Shinyo Kieran Limited Shinyo Kieran British Virgin Is. 1/1-6/30 1/1-6/30 Shinyo Dream Limited C. Dream Hong Kong 1/1-6/30 6/18-6/30 Sikinos Shipping Corporation Nave Celeste Marshall Islands 1/1-6/30 6/18-6/30 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3: CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: June 30, 2016 December 31, 2015 Cash at banks $ 9,180 $ 37,719 Short-term deposits 29,039 115 Total cash and cash equivalents $ 38,219 $ 37,834 The bank accounts are legally owned by the entities referenced in Note 1. 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. The Company does maintain cash deposits and equivalents in excess of government-provided insurance limits. The Company also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions. |
Vessels, Net
Vessels, Net | 6 Months Ended |
Jun. 30, 2016 | |
Vessels, Net [Abstract] | |
VESSELS, NET | NOTE 4: VESSELS, NET Cost Accumulated Depreciation Net Book Value Balance at December 31, 2014 $ 387,777 $ (67,548 ) $ 320,229 Additions 99,363 (19,400 ) 79,963 Balance at December 31, 2015 $ 487,140 $ (86,948 ) $ 400,192 Additions 500 (11,136 ) (10,636 ) Balance at June 30, 2016 $ 487,640 $ (98,084 ) $ 389,556 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 5: INTANGIBLE ASSETS Intangible assets as of June 30, 2016 and December 31, 2015 consisted of the following: Favorable lease terms Cost Accumulated Amortization Net Book Value Balance at December 31, 2014 $ 44,877 $ (13,141 ) $ 31,736 Additions (3,286 ) (3,286 ) Balance at December 31, 2015 $ 44,877 $ (16,427 ) $ 28,450 Additions (1,643 ) (1,643 ) Balance at June 30, 2016 $ 44,877 $ (18,070 ) $ 26,807 Amortization expense of favorable lease terms for the three and six month periods ended June 30, 2016 and 2015 is presented in the following table: Three Month Period Ended Six Month Period Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Favorable lease terms charter-out $ (822 ) $ (822 ) $ (1,643 ) $ (1,643 ) Total $ (822 ) $ (822 ) $ (1,643 ) $ (1,643 ) The aggregate amortizations of intangible assets will be as follows: Description Within One Year Year Two Year Three Year Four Year Five Thereafter Total Favorable lease terms $ (3,083 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (12,480 ) $ (26,807 ) Total $ (3,083 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (12,480 ) $ (26,807 ) Intangible assets subject to amortization are amortized using the straight-line method over their estimated useful lives to their estimated residual value of zero. Intangible assets are amortized over the contract periods, which ranged from 6.34 to 15.00 years at inception. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 6: LONG-TERM DEBT Long-term debt consisted of the following: June 30, 2016 December 31, 2015 Term Loan B 202,950 203,975 Less deferred finance costs, net (3,839 ) (4,332 ) Total long term debt 199,111 199,643 Less unamortized discount (1,616 ) (1,824 ) Less current portion, net of deferred finance cost (654 ) (643 ) Total Long Term Debt, net of current portion and net of deferred finance costs $ 196,841 $ 197,176 Term Loan B: The Term Loan B requires maintenance of a loan to value ratio of no greater than 0.85 to 1.0 and a minimum interest coverage ratio of at least 3.75 to 1.0, and other restrictive covenants including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan B also provides for excess cash flow prepayments and customary events of default. Amounts drawn under the facilities are secured by first preferred mortgages on Navios Midstream's vessels and other collateral and are guaranteed by each vessel-owning subsidiary. As of June 30, 2016, Navios Midstream was in compliance with the covenants set forth in the Term Loan B. As of June 30, 2016, a balance of $202,950 was outstanding under the Term Loan B. The maturity table below reflects the principal payments of credit facilities outstanding as of June 30, 2016 for the next five years and thereafter are based on the repayment schedule of the respective loan facilities (as described above). The weighted average interest rate as of June 30, 2016 and 2015 was 5.50% and 3.51%, respectively. June 30, 2016 Long-Term Debt Obligations: Year June 30, 2017 $ 2,050 June 30, 2018 2,050 June 30, 2019 2,050 June 30, 2020 196,800 Total $ 202,950 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents: Term Loan B facility: The fair value hierarchy is explained 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 June 30, 2016 or December 31, 2015. June 30, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 38,219 $ 38,219 $ 37,834 $ 37,834 Term Loan B $ 199,111 $ 183,670 $ 199,643 $ 200,405 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 June 30, 2016 or December 31, 2015. Fair Value Measurements at June 30, 2016 Using Total Level I Level II Level III Cash and cash equivalents $ 38,219 $ 38,219 $ $ Term Loan B $ 183,670 $ $ 183,670 $ Fair Value Measurements at December 31, 2015 Using Total Level I Level II Level III Cash and cash equivalents $ 37,834 $ 37,834 $ $ Term Loan B $ 200,405 $ $ 200,405 $ |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 8: TRANSACTIONS WITH RELATED PARTIES Management fees: General and administrative expenses: For each of the three and six month periods ended June 30, 2016, the expense arising from the administrative services rendered by the Manager to the Company's vessels amounted to $375 and $750, respectively. For each of the three and six month periods ended June 30, 2015, the expense arising from the administrative services rendered by the Manager to the Company's vessels amounted to $214 and $414, respectively. Balances due from/ to related parties: Amounts due from related parties as of June 30, 2016 and as of December 31, 2015, were $7,042 and $2,804, respectively, which mainly related to payments of special survey expenses and management fees. Amounts due to Navios Acquisition as of June 30, 2016 were $403 ($346 as of December 31, 2015) which represents the current accounts payable to Navios Acquisition in relation to voyage expenses of the vessels. Amounts due to Navios Holdings as of June 30, 2016 were $0 ($92 as of December 31, 2015). Omnibus Agreement: Under the omnibus agreement, Navios Midstream and its subsidiaries granted to Navios Acquisition a right of first offer on any proposed sale, transfer or other disposition of any of its VLCCs or any crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers and related charters owned or acquired by Navios Midstream. Likewise, Navios Acquisition granted a similar right of first offer to Navios Midstream for any of the VLCCs, crude oil tanker, refined petroleum product tanker, LPG tanker or chemical tanker under charter for five or more years it might own. These rights of first offer will not apply to a (a) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a charter party or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third-party. Backstop Agreements: General Partner Option Agreement: Option Vessels: |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9: COMMITMENTS AND CONTINGENCIES The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions are recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date of the financial statements were prepared. In the opinion of the management, the ultimate disposition of these matters individually and in aggregate will not materially affect the Company's financial position, results of operations or liquidity. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 10: SEGMENT INFORMATION The Company reports financial information and evaluates its operations by charter revenues. The Company does not use discrete financial information to evaluate operating results for each type of charter. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment. Company monitors operating revenue by geographic region for the Company's reportable segment. Revenue is allocated on the basis of the geographic region in which the customer is located. Revenues from specific geographic regions which contribute over 10% of total revenue are disclosed separately. For the three and six month periods ended June 30, 2016 and 2015, all the revenues were derived from customers located in Asia. 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. |
Issuance of Units
Issuance of Units | 6 Months Ended |
Jun. 30, 2016 | |
Issuance of Units [Abstract] | |
ISSUANCE OF UNITS | NOTE 11: ISSUANCE OF UNITS In connection with the initial public offering (IPO) of Navios Midstream in November 2014, Navios Midstream acquired all of the outstanding shares of capital stock of four of Navios Acquisition's vessel-owning subsidiaries (Shinyo Ocean Limited, Shinyo Kannika Limited, Shinyo Kieran Limited and Shinyo Saowalak Limited) in exchange for: (i) all of the estimated net proceeds from the IPO amounting to $110,403; (ii) $104,451 of the $126,000 borrowings under Navios Midstream's new credit facility; (iii) 9,342,692 subordinated units and 1,242,692 common units; and (iv) 381,334 general partner units, representing a 2.0% general partner interest in Navios Midstream, and all of the incentive distribution rights in Navios Midstream, to our General Partner. In June 2015, Navios Midstream exercised its option to acquire the shares of the vessel-owning subsidiaries of the Nave Celeste and the C. Dream from Navios Acquisition for an aggregate purchase price of $100,000. The aggregate purchase price consisted of 1,592,920 Series A Units, issued to Navios Acquisition, and $73,000 cash consideration. Upon the expiration of such subordination period in June 2018, the Series A Units will automatically convert into common units. On June 18, 2015 Navios Midstream issued 32,509 additional general partner units to the General Partner, in order the General Partner to maintain its 2% general partnership interest. The net proceeds from the issuance of the general partnership units were $551. As of June 30, 2016, there were outstanding: 9,342,692 common units, 9,342,692 subordinated units, 1,592,920 subordinated Series A Units and 413,843 general partnership units. As of June 30, 2016, Navios Acquisition owned a 60.85% limited partner interest in Navios Midstream, which included a 2.0% general partner interest. |
Cash Distributions and Earnings
Cash Distributions and Earnings/ (Losses) per unit | 6 Months Ended |
Jun. 30, 2016 | |
Cash Distributions And Earnings Per Unit [Abstract] | |
CASH DISTRIBUTIONS AND EARNINGS/ (LOSSES) PER UNIT | NOTE 12: CASH DISTRIBUTIONS AND EARNINGS/ (LOSSES) PER UNIT The partnership agreement of Navios Midstream requires that all available cash is distributed quarterly, after deducting expenses, including estimated maintenance and replacement capital expenditures and reserves. Distributions may be restricted by, among other things, the provisions of existing and future indebtedness, applicable partnership and limited liability company laws and other laws and regulations. The amount of the minimum quarterly distribution is $0.4125 per unit or $1.65 per unit per year and is made in the following manner: First, 98% to the holders of common units and 2% to the General Partner until each common unit has received a minimum quarterly distribution of $0.4125 plus any arrearages from previous quarters; Second, 98% to the holders of subordinated units and 2% to the General Partner until each subordinated unit has received a minimum quarterly distribution of $0.4125; and Third, 98% to all unitholders, pro rata, and 2% to General Partner, until each unit has received an aggregate amount of $0.4744. Thereafter there are incentive distribution rights held by the General Partner, which are analyzed as follows: Marginal Percentage Interest in Distributions Total Quarterly Distribution Total Amount Common and subordinated Unitholders General Partner Holders of IDRs Minimum Quarterly Distribution $ 0.4125 98.0% 2.0% 0% First Target Distribution up to $ 0.4744 98.0% 2.0% 0% Second Target Distribution above $ 0.4744 85.0% 2.0% 13.0% up to $ 0.5156 Third Target Distribution above $ 0.5156 75.0% 2.0% 23.0% up to $ 0.6188 Thereafter above $ 0.6188 50.0% 2.0% 48.0% On January 22, 2016, the Board of Directors authorized its quarterly cash distribution for the three month period ended December 31, 2015 of $0.4225 per unit. The distribution was paid on February 12, 2016 to all holders of record of common, subordinated, subordinated Series A units and general partner units on February 9, 2016. The aggregate amount of the declared distribution was $8,742. On April 21, 2016, the Board of Directors of Navios Midstream authorized its quarterly cash distribution for the three month period ended March 31, 2016 of $0.4225 per unit. The distribution was paid on May 12, 2016 to all holders of record of common, subordinated, subordinated Series A units and general partner units on May 6, 2016. The aggregate amount of the declared distribution was $8,742. For the period subsequent to the IPO, Navios Midstream calculates earnings per unit by allocating reported net income for each period to each class of units based on the distribution waterfall for available cash specified in Navios Midstream's partnership agreement, net of the unallocated earnings. Basic earnings per unit are determined by dividing net income by the weighted average number of units outstanding during the period. Basic and diluted net earnings per unit are the same because the Company does not have any potentially dilutive units outstanding for the period presented. In determining earnings per unit, the net loss for the period prior to the IPO, has been allocated to the general partner. Net loss per unit undistributed is determined by taking the distributions in excess of net income and allocating between common units, subordinated units and general partner units on a 98%-2% basis. The calculations of the basic and diluted earnings per unit are presented below. Three Month Period ended June 30, 2016 ($ '000) (unaudited) Six Month Period ended June 30, 2016 ($ '000) (unaudited) Three Month Period ended June 30, 2015 ($ '000) (unaudited) Six Month Period ended June 30, 2015 ($ '000) (unaudited) Net income attributable to Navios Maritime Midstream Partners L.P. subsequent to initial public offering and limited partners' interest in net income: $ 5,889 $ 13,384 $ 5,394 $ 11,706 Earnings attributable to: Common unit holders $ 2,659 $ 6,043 $ 2,435 $ 5,528 Subordinated unit holders Series A $ 453 $ 1,030 $ 415 $ 415 Subordinated unit holders $ 2,659 $ 6,043 $ 2,435 $ 5,528 Weighted average units outstanding (basic and diluted) Common unit holders 9,342,692 9,342,692 9,342,692 9,342,692 Subordinated unit holders Series A 1,592,920 1,592,920 227,560 114,409 Subordinated unit holders 9,342,692 9,342,692 9,342,692 9,342,692 Earnings per unit (basic and diluted): Common unit holders $ 0.28 $ 0.65 $ 0.26 $ 0.59 Subordinated unit holders Series A $ 0.28 $ 0.65 $ 1.82 $ 3.63 Subordinated unit holders $ 0.28 $ 0.65 $ 0.26 $ 0.59 Earnings per unit - distributed (basic and diluted): Common unit holders $ 0.42 $ 0.85 $ 0.41 $ 0.83 Subordinated unit holders Series A $ 0.42 $ 0.85 $ 2.89 $ 5.74 Subordinated unit holders $ 0.42 $ 0.85 $ 0.41 $ 0.83 (Losses) per unit - undistributed (basic and diluted): Common unit holders $ (0.14 ) $ (0.20 ) $ (0.15 ) $ (0.24 ) Subordinated unit holders Series A $ (0.14 ) $ (0.20 ) $ (1.06 ) $ (2.11 ) Subordinated unit holders $ (0.14 ) $ (0.20 ) $ (0.15 ) $ (0.24 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 13: INCOME TAXES Marshall Islands, British Virgin Islands, and Hong Kong, do not impose a tax on international shipping income. Under the laws of Marshall Islands, British Virgin Islands, and Hong Kong, of the companies' incorporation and vessels' registration, the companies are subject to registration and tonnage taxes which have been included in the daily management fee. 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 vessels' 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 (the Code), 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 of the Company's vessel- owning subsidiaries satisfy these initial criteria. In addition, these companies must meet an ownership test. The management of the Company 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. For the period after the IPO, the Company believes that the second criterion can also be satisfied based on the trading volume and ownership of the Company's units but no assurance can be given that this will remain so in the future. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14: SUBSEQUENT EVENTS On July 21, 2016, the Board of Directors of Navios Midstream authorized its quarterly cash distribution for the three month period ended June 30, 2016 of $0.4225 per unit. The distribution is payable on August 12, 2016 to all holders of record of common, subordinated, subordinated Series A units and general partner units on August 10, 2016. The aggregate amount of the declared distribution is anticipated to be $8,742. On July 29, 2016, Navios Midstream entered into a Continuous Offering Program Sales Agreement (the Sales Agreement) with S. Goldman Capital LLC, as sales agent (the Agent), pursuant to which Navios Midstream may issue and sell from time to time through the Agent common units representing limited partner interests having an aggregate offering price of up to $25,000. Sales of the units are to be made pursuant to the Company's shelf registration statement filed on Form F-3 (File No. 333-208623) with the Securities and Exchange Commission and declared effective on January 4, 2016. The Sales Agreement contains, among other things, customary representations, warranties and covenants by Navios Midstream and indemnification obligations of Navios Midstream and the Agent as well as certain termination rights for both Navios Midstream and the Agent. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed herewith as Exhibit 1.1 and is incorporated by reference herein. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation: |
Principles of consolidation | (b) Principles of consolidation: As of June 30, 2016, the entities included in these condensed consolidated financial statements were: Company name Vessel name Country of incorporation 2016 2015 Navios Maritime Midstream Operating LLC N/A Marshall Islands 1/1-6/30 1/1-6/30 Navios Maritime Midstream Partners L.P. N/A Marshall Islands 1/1-6/30 1/1-6/30 Navios Maritime Midstream Partners Finance (US) Inc. N/A Delaware 1/1-6/30 6/4-6/30 Shinyo Kannika Limited Shinyo Kannika Hong Kong 1/1-6/30 1/1-6/30 Shinyo Ocean Limited Shinyo Ocean Hong Kong 1/1-6/30 1/1-6/30 Shinyo Saowalak Limited Shinyo Saowalak British Virgin Is. 1/1-6/30 1/1-6/30 Shinyo Kieran Limited Shinyo Kieran British Virgin Is. 1/1-6/30 1/1-6/30 Shinyo Dream Limited C. Dream Hong Kong 1/1-6/30 6/18-6/30 Sikinos Shipping Corporation Nave Celeste Marshall Islands 1/1-6/30 6/18-6/30 |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Navios Maritime Midstream Partners L.P. and Subsidiaries | Company name Vessel name Country of incorporation 2016 2015 Navios Maritime Midstream Operating LLC N/A Marshall Islands 1/1-6/30 1/1-6/30 Navios Maritime Midstream Partners L.P. N/A Marshall Islands 1/1-6/30 1/1-6/30 Navios Maritime Midstream Partners Finance (US) Inc. N/A Delaware 1/1-6/30 6/4-6/30 Shinyo Kannika Limited Shinyo Kannika Hong Kong 1/1-6/30 1/1-6/30 Shinyo Ocean Limited Shinyo Ocean Hong Kong 1/1-6/30 1/1-6/30 Shinyo Saowalak Limited Shinyo Saowalak British Virgin Is. 1/1-6/30 1/1-6/30 Shinyo Kieran Limited Shinyo Kieran British Virgin Is. 1/1-6/30 1/1-6/30 Shinyo Dream Limited C. Dream Hong Kong 1/1-6/30 6/18-6/30 Sikinos Shipping Corporation Nave Celeste Marshall Islands 1/1-6/30 6/18-6/30 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | June 30, 2016 December 31, 2015 Cash at banks $ 9,180 $ 37,719 Short-term deposits 29,039 115 Total cash and cash equivalents $ 38,219 $ 37,834 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Vessels, Net [Abstract] | |
Schedule of Vessels, Net | Cost Accumulated Depreciation Net Book Value Balance at December 31, 2014 $ 387,777 $ (67,548 ) $ 320,229 Additions 99,363 (19,400 ) 79,963 Balance at December 31, 2015 $ 487,140 $ (86,948 ) $ 400,192 Additions 500 (11,136 ) (10,636 ) Balance at June 30, 2016 $ 487,640 $ (98,084 ) $ 389,556 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Finite Lived Intangible Assets Net [Abstract] | |
Intangible Assets | Favorable lease terms Cost Accumulated Amortization Net Book Value Balance at December 31, 2014 $ 44,877 $ (13,141 ) $ 31,736 Additions (3,286 ) (3,286 ) Balance at December 31, 2015 $ 44,877 $ (16,427 ) $ 28,450 Additions (1,643 ) (1,643 ) Balance at June 30, 2016 $ 44,877 $ (18,070 ) $ 26,807 |
Amortization of Favorable Lease Terms | Three Month Period Ended Six Month Period Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Favorable lease terms charter-out $ (822 ) $ (822 ) $ (1,643 ) $ (1,643 ) Total $ (822 ) $ (822 ) $ (1,643 ) $ (1,643 ) |
Aggregate Amortizations of Intangible Assets | Description Within One Year Year Two Year Three Year Four Year Five Thereafter Total Favorable lease terms $ (3,083 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (12,480 ) $ (26,807 ) Total $ (3,083 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (2,811 ) $ (12,480 ) $ (26,807 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | June 30, 2016 December 31, 2015 Term Loan B 202,950 203,975 Less deferred finance costs, net (3,839 ) (4,332 ) Total long term debt 199,111 199,643 Less unamortized discount (1,616 ) (1,824 ) Less current portion, net of deferred finance cost (654 ) (643 ) Total Long Term Debt, net of current portion and net of deferred finance costs $ 196,841 $ 197,176 |
Long-Term Debt Obligations | June 30, 2016 Long-Term Debt Obligations: Year June 30, 2017 $ 2,050 June 30, 2018 2,050 June 30, 2019 2,050 June 30, 2020 196,800 Total $ 202,950 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | June 30, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 38,219 $ 38,219 $ 37,834 $ 37,834 Term Loan B $ 199,111 $ 183,670 $ 199,643 $ 200,405 |
Fair value measurements on a nonrecurring basis | Fair Value Measurements at June 30, 2016 Using Total Level I Level II Level III Cash and cash equivalents $ 38,219 $ 38,219 $ $ Term Loan B $ 183,670 $ $ 183,670 $ Fair Value Measurements at December 31, 2015 Using Total Level I Level II Level III Cash and cash equivalents $ 37,834 $ 37,834 $ $ Term Loan B $ 200,405 $ $ 200,405 $ |
Cash Distributions and Earnin28
Cash Distributions and Earnings/ (Losses) Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Unit [Abstract] | |
Schedule of incentive distributions made to General Partners or Unitholders by distribution | Marginal Percentage Interest in Distributions Total Quarterly Distribution Total Amount Common and subordinated Unitholders General Partner Holders of IDRs Minimum Quarterly Distribution $ 0.4125 98.0% 2.0% 0% First Target Distribution up to $ 0.4744 98.0% 2.0% 0% Second Target Distribution above $ 0.4744 85.0% 2.0% 13.0% up to $ 0.5156 Third Target Distribution above $ 0.5156 75.0% 2.0% 23.0% up to $ 0.6188 Thereafter above $ 0.6188 50.0% 2.0% 48.0% |
Schedule of earnings per unit, basic and diluted | Three Month Period ended June 30, 2016 ($ '000) (unaudited) Six Month Period ended June 30, 2016 ($ '000) (unaudited) Three Month Period ended June 30, 2015 ($ '000) (unaudited) Six Month Period ended June 30, 2015 ($ '000) (unaudited) Net income attributable to Navios Maritime Midstream Partners L.P. subsequent to initial public offering and limited partners' interest in net income: $ 5,889 $ 13,384 $ 5,394 $ 11,706 Earnings attributable to: Common unit holders $ 2,659 $ 6,043 $ 2,435 $ 5,528 Subordinated unit holders Series A $ 453 $ 1,030 $ 415 $ 415 Subordinated unit holders $ 2,659 $ 6,043 $ 2,435 $ 5,528 Weighted average units outstanding (basic and diluted) Common unit holders 9,342,692 9,342,692 9,342,692 9,342,692 Subordinated unit holders Series A 1,592,920 1,592,920 227,560 114,409 Subordinated unit holders 9,342,692 9,342,692 9,342,692 9,342,692 Earnings per unit (basic and diluted): Common unit holders $ 0.28 $ 0.65 $ 0.26 $ 0.59 Subordinated unit holders Series A $ 0.28 $ 0.65 $ 1.82 $ 3.63 Subordinated unit holders $ 0.28 $ 0.65 $ 0.26 $ 0.59 Earnings per unit - distributed (basic and diluted): Common unit holders $ 0.42 $ 0.85 $ 0.41 $ 0.83 Subordinated unit holders Series A $ 0.42 $ 0.85 $ 2.89 $ 5.74 Subordinated unit holders $ 0.42 $ 0.85 $ 0.41 $ 0.83 (Losses) per unit - undistributed (basic and diluted): Common unit holders $ (0.14 ) $ (0.20 ) $ (0.15 ) $ (0.24 ) Subordinated unit holders Series A $ (0.14 ) $ (0.20 ) $ (1.06 ) $ (2.11 ) Subordinated unit holders $ (0.14 ) $ (0.20 ) $ (0.15 ) $ (0.24 ) |
Description of Business (Detail
Description of Business (Details) $ in Thousands | 6 Months Ended | 11 Months Ended | ||
Jun. 30, 2016 | Nov. 30, 2014USD ($)shares | Dec. 31, 2014USD ($) | Nov. 18, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Entity incorporation date of incorporation | Oct. 13, 2014 | |||
Initial public offering date | November 18, 2014 | |||
Subordinated Unitholders | ||||
Units exchanged | shares | 9,342,692 | |||
Common Unitholders | ||||
Units exchanged | shares | 1,242,692 | |||
General Partner Units | ||||
Units exchanged | shares | 381,334 | |||
General partner interest in Navios Midstream | 2.00% | |||
Line Of Credit | ||||
Line Of Credit | $ | $ 126,000 | |||
VLCC | ||||
Number Of Vessels | 6 | |||
Initial Public Offering | ||||
Navios Midstream IPO net proceeds | $ | $ 110,403 | |||
Proceeds from $ 126,000 credit facility | $ | $ 104,451 | |||
Number Of Vessels | 4 | |||
Navios Acquisition | ||||
General partner interest in Navios Midstream | 2.00% | |||
Limited partner interest in Navios Midstream | 60.85% | 55.50% | ||
Navios Acquisition | Subordinated Unitholders | ||||
Limited partner interest in Navios Midstream | 2.00% | 49.00% | ||
Navios Acquisition | Common Unitholders | ||||
Limited partner interest in Navios Midstream | 6.50% | |||
Navios Acquisition | Share purchase agreement | ||||
Number Of Vessels | 7 |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies - Subsidiaries (Tables) (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Navios Maritime Midstream Operating LLC | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | N/A |
Country of incorporation | Marshall Islands |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 1/1 - 6/30 |
Navios Maritime Midstream Partners L.P. | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | N/A |
Country of incorporation | Marshall Islands |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 1/1 - 6/30 |
Navios Maritime Midstream Partners Finance (US) Inc. | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | N/A |
Country of incorporation | Delaware |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 6/4 - 6/30 |
Shinyo Kannika Limited | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | Shinyo Kannika |
Country of incorporation | Hong Kong |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 1/1 - 6/30 |
Shinyo Ocean Limited | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | Shinyo Ocean |
Country of incorporation | Hong Kong |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 1/1 - 6/30 |
Shinyo Saowalak Limited | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | Shinyo Saowalak |
Country of incorporation | British Virgin Is. |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 1/1 - 6/30 |
Shinyo Kieran Limited | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | Shinyo Kieran |
Country of incorporation | British Virgin Is. |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 1/1 - 6/30 |
Shinyo Dream Limited | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | C. Dream |
Country of incorporation | Hong Kong |
Statement of Operations | |
2,016 | 1/1 - 6/30 |
2,015 | 6/18 - 6/30 |
Sikinos Shipping Corporation | |
Subsidiaries Nature, Country of Incorporation List | |
Vessel name | Nave Celeste |
Country of incorporation | Marshall Islands |
Statement of Operations | |
2,016 | 1/1 -6/30 |
2,015 | 6/18 - 6/30 |
Cash And Cash Equivalents (Ta31
Cash And Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Cash And Cash Equivalents [Abstract] | ||||
Cash at banks | $ 9,180 | $ 37,719 | ||
Short-term deposits | 29,039 | 115 | ||
Total cash and cash equivalents | $ 38,219 | $ 37,834 | $ 34,425 | $ 30,877 |
Vessels, Net (Table) (Details)
Vessels, Net (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Line Items] | ||
Balance | $ 400,192 | |
Balance | 389,556 | $ 400,192 |
Cost | ||
Property Plant And Equipment [Line Items] | ||
Balance | 487,140 | 387,777 |
Additions | 500 | 99,363 |
Balance | 487,640 | 487,140 |
Accumulated Depreciation | ||
Property Plant And Equipment [Line Items] | ||
Balance | (86,948) | (67,548) |
Additions | (11,136) | (19,400) |
Balance | (98,084) | (86,948) |
Net Book Value | ||
Property Plant And Equipment [Line Items] | ||
Balance | 400,192 | 320,229 |
Additions | 79,963 | |
Additions | (10,636) | |
Balance | $ 389,556 | $ 400,192 |
Intangible Assets - Schedule (T
Intangible Assets - Schedule (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Net Book Value | $ 26,807 | $ 28,450 | |
Favorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Balance - cost | 44,877 | 44,877 | $ 44,877 |
Additions - cost | 0 | 0 | |
Balance - Accumulated amortization | (18,070) | (16,427) | (13,141) |
Additions - Accumulated amortization | (1,643) | (3,286) | |
Net Book Value | 26,807 | 28,450 | $ 31,736 |
Net Book Value - Additions | $ (1,643) | $ (3,286) |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Finite Lived Intangible Assets Net [Abstract] | ||||
Favorable lease terms charter-out | $ (822) | $ (822) | $ (1,643) | $ (1,643) |
Total | $ (822) | $ (822) | $ (1,643) | $ (1,643) |
Intangible Assets - Aggregate
Intangible Assets - Aggregate Amortization (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Within One Year | $ (3,083) | ||
Year Two | (2,811) | ||
Year Three | (2,811) | ||
Year Four | (2,811) | ||
Year Five | (2,811) | ||
Thereafter | (12,480) | ||
Total | (26,807) | $ (28,450) | |
Favorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Within One Year | (3,083) | ||
Year Two | (2,811) | ||
Year Three | (2,811) | ||
Year Four | (2,811) | ||
Year Five | (2,811) | ||
Thereafter | (12,480) | ||
Total | $ (26,807) | $ (28,450) | $ (31,736) |
Intangible Assets - Amortizat36
Intangible Assets - Amortization Period (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Amortization method | straight-line |
Maximum | |
Amortization period | 15 years |
Minimum | |
Amortization period | 6 years, 4 months |
Long-Term Debt (Table) (Details
Long-Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Term Loan B | $ 202,950 | $ 203,975 |
Less deferred finance costs, net | (3,839) | (4,332) |
Total long term debt | 199,111 | 199,643 |
Less unamortized discount | (1,616) | (1,824) |
Less current portion, net of deferred finance costs | (654) | (643) |
Total Long Term Debt, net of current portion and net of deferred finance costs | 196,841 | 197,176 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term Loan B | $ 202,950 | $ 203,975 |
Long Term Debt - Obligations (T
Long Term Debt - Obligations (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instruments [Abstract] | ||
June 30, 2017 | $ 2,050 | |
June 30, 2018 | 2,050 | |
June 30, 2019 | 2,050 | |
June 30, 2020 | 196,800 | |
Total | $ 202,950 | $ 203,975 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 18, 2015 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | |||
Weighted average interest rate | 5.50% | 3.51% | |
Term Loan B | |||
Debt Instrument [Line Items] | |||
Issuance date | Jun. 18, 2015 | ||
Debt instrument face amount | $ 205,000 | ||
Maturity date | Jun. 18, 2020 | ||
Frequency of periodic payment | quarterly | ||
Installment as percentage of principal amount | 0.25% | ||
Interest rate description | LIBOR | ||
Payment terms | The Term Loan B is set to mature on June 18, 2020 and is repayable in equal quarterly installments of 0.25% of the initial principal amount of the Term Loan B, beginning on September 18, 2015, with a final payment of the aggregate principal amount of the Term Loan B, plus accrued and unpaid interest, due on the maturity. The Term Loan B bears interest at LIBOR plus 4.50% per annum. | ||
Interest rate percentage | 4.50% | ||
Minimum | Term Loan B | |||
Debt Instrument [Line Items] | |||
Interest coverage ratio | 375.00% | ||
Maximum | Term Loan B | |||
Debt Instrument [Line Items] | |||
Loan to value ratio | 85.00% |
Fair Value Of Financial Instr40
Fair Value Of Financial Instruments - Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents - Book Value | $ 38,219 | $ 37,834 | $ 34,425 | $ 30,877 |
Cash and cash equivalents - Fair Value | 38,219 | 37,834 | ||
Term Loan B - Book Value | 199,111 | 199,643 | ||
Term Loan B - Fair Value | $ 183,670 | $ 200,405 |
Fair Value Of Financial Instr41
Fair Value Of Financial Instruments - Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 38,219 | $ 37,834 |
Term Loan B | 183,670 | 200,405 |
Level I | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 38,219 | 37,834 |
Level II | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan B | $ 183,670 | $ 200,405 |
Transactions With Related Par42
Transactions With Related Parties (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||
Management fees | $ 5,187,000 | $ 3,705,000 | $ 10,374,000 | $ 7,125,000 | ||
General and administrative expenses | 724,000 | 482,000 | 1,550,000 | 1,017,000 | ||
Balance due to related party current | 403,000 | 403,000 | $ 438,000 | |||
Balance due from related party current | 7,042,000 | 7,042,000 | 2,804,000 | |||
Navios Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Balance due to related party current | 0 | 0 | 92,000 | |||
Navios Acquisition | ||||||
Related Party Transaction [Line Items] | ||||||
Balance due to related party current | 403,000 | 403,000 | $ 346,000 | |||
Management Agreement with the Manager | ||||||
Related Party Transaction [Line Items] | ||||||
Daily fee | $ 9,500 | |||||
Duration of agreement | 2 years | |||||
Administrative Services Agreement with the Manager | ||||||
Related Party Transaction [Line Items] | ||||||
General and administrative expenses | $ 375,000 | $ 214,000 | $ 750,000 | $ 414,000 | ||
General partner option agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Portion of General Partner interest subject to purchase option | 25.00% |
Transactions with Related Par43
Transactions with Related Parties - Backstop Agreement (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | |
Backstop agreement | On November 18, 2014, Navios Acquisition entered into backstop agreements with Navios Midstream. In accordance with the terms of the backstop agreements, Navios Acquisition has provided a backstop commitment to charter-in the Shinyo Ocean and the Shinyo Kannika for a two-year period as of their scheduled redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Further, Navios Acquisition has provided a backstop commitment to charter-in the Nave Celeste for a two-year period as of its scheduled redelivery, at the net time charter-out rate per day (net of commissions) of $35 if the market charter rate is lower than the charter-out rate of $35. Navios Acquisition has also provided a backstop commitment to charter-in the option vessels, the Nave Galactic and the Nave Quasar for a four-year period as of their scheduled redelivery, at the net time charter-out rate per day (net of commissions) of $35 if the market charter rate is lower than the charter-out rate of $35. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition's backstop commitment will not be triggered. The backstop commitment does not include any profit sharing. |
Minimum | Nave Celeste | |
Related Party Transaction [Line Items] | |
Charter out rate per day | $ 35 |
Minimum | Nave Galactic and Nave Quasar | |
Related Party Transaction [Line Items] | |
Charter out rate per day | $ 35 |
Transactions With Related Par44
Transactions With Related Parties - Option Vessels (Details) - Navios Acquisition - Share purchase agreement | Jun. 30, 2016 | Jun. 30, 2015 |
Number of vessels | 7 | |
Options exercised | ||
Number of vessels | 2 | |
Options held | ||
Number of vessels | 5 |
Issuance Of Units (Details)
Issuance Of Units (Details) $ in Thousands | 6 Months Ended | 11 Months Ended | |||||
Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 18, 2015USD ($)shares | Nov. 30, 2014USD ($)shares | Dec. 31, 2015shares | Dec. 31, 2014USD ($) | Nov. 18, 2014 | |
Initial Offering Period | November 18, 2014 | ||||||
Cash payments | $ | $ 500 | $ 72,252 | |||||
Subordinated Series A units issued | 1,592,920 | 1,592,920 | |||||
General Partners units issued | 413,843 | 413,843 | |||||
Automatic Conversion Date | Jun. 30, 2018 | ||||||
Limited Partners Capital Account Units Outstanding | 9,342,692 | 9,342,692 | |||||
Subordinated Limited Partners Capital Account Units Outstanding | 9,342,692 | 9,342,692 | |||||
Subordinated Series A Limited Partners Capital Account Units Outstanding | 1,592,920 | 1,592,920 | |||||
General Partners Capital Account Units Outstanding | 413,843 | 413,843 | |||||
Proceeds From Partnership Contribution | $ | $ 0 | 551 | |||||
Line Of Credit | |||||||
Line Of Credit | $ | $ 126,000 | ||||||
Navios Acquisition | |||||||
General partner interest in Navios Midstream | 2.00% | ||||||
Limited partner interest in Navios Midstream | 60.85% | 55.50% | |||||
Navios Acquisition | Nave Celeste and C. Dream | |||||||
Cash payments | $ | 73,000 | ||||||
Business Combination Consideration Transferred Including Equity Interest In Acquiree Held Prior To Combination 1 | $ | $ 100,000 | ||||||
Subordinated Series A units issued | 1,592,920 | ||||||
Initial Public Offering | |||||||
Estimated Proceeds From Issuance Initial Public Offering | $ | $ 110,403 | ||||||
Proceeds From Lines Of Credit | $ | $ 104,451 | ||||||
Number Of Vessels | 4 | ||||||
General Partner Units | |||||||
General partner interest in Navios Midstream | 2.00% | ||||||
General Partners units issued | 32,509 | ||||||
Capital Account Units | 381,334 | ||||||
Proceeds From Partnership Contribution | $ | $ 551 | ||||||
Subordinated Unitholders | |||||||
Capital Account Units | 9,342,692 | ||||||
Subordinated Unitholders | Navios Acquisition | |||||||
Limited partner interest in Navios Midstream | 2.00% | 49.00% | |||||
Common Unitholders | |||||||
Capital Account Units | 1,242,692 | ||||||
Common Unitholders | Navios Acquisition | |||||||
Limited partner interest in Navios Midstream | 6.50% |
Cash Distributions and Earnin46
Cash Distributions and Earnings / (Losses) Per Unit (Table) (Details) | 6 Months Ended |
Jun. 30, 2016$ / shares | |
Total Quarterly Distribution Total Amount | Minimum Quarterly Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Minimum distribution per unit | $ 0.4125 |
Total Quarterly Distribution Total Amount | First Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Maximum distribution per unit | 0.4744 |
Total Quarterly Distribution Total Amount | Second Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Minimum distribution per unit | 0.4744 |
Maximum distribution per unit | 0.5156 |
Total Quarterly Distribution Total Amount | Third Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Minimum distribution per unit | 0.5156 |
Maximum distribution per unit | 0.6188 |
Total Quarterly Distribution Total Amount | Thereafter | |
Distribution Made To Limited Partner [Line Items] | |
Minimum distribution per unit | $ 0.6188 |
Common and subordinated Unitholders | Minimum Quarterly Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 98.00% |
Common and subordinated Unitholders | First Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 98.00% |
Common and subordinated Unitholders | Second Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 85.00% |
Common and subordinated Unitholders | Third Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 75.00% |
Common and subordinated Unitholders | Thereafter | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 50.00% |
General Partner | Minimum Quarterly Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 2.00% |
General Partner | First Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 2.00% |
General Partner | Second Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 2.00% |
General Partner | Third Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 2.00% |
General Partner | Thereafter | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 2.00% |
Holders of IDRs | Minimum Quarterly Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 0.00% |
Holders of IDRs | First Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 0.00% |
Holders of IDRs | Second Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 13.00% |
Holders of IDRs | Third Target Distribution | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 23.00% |
Holders of IDRs | Thereafter | |
Distribution Made To Limited Partner [Line Items] | |
Marginal percentage interest in distributions | 48.00% |
Cash Distributions and Earnin47
Cash Distributions and Earnings Per Unit (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings per share | ||||
Net income attributable to Navios Maritime Midstream Partners L.P. subsequent to initial public offering and limited partners' interest in net income: | $ 5,889 | $ 5,394 | $ 13,384 | $ 11,706 |
Earnings attributable to: | ||||
Common unit holders | 2,659 | 2,435 | 6,043 | 5,528 |
Subordinated unit holders Series A | 453 | 415 | 1,030 | 415 |
Subordinated unit holders | $ 2,659 | $ 2,435 | $ 6,043 | $ 5,528 |
Weighted average units outstanding (basic and diluted): | ||||
Common units | 9,342,692 | 9,342,692 | 9,342,692 | 9,342,692 |
Subordinated unit holders Series A | 1,592,920 | 227,560 | 1,592,920 | 114,409 |
Subordinated unit holders | 9,342,692 | 9,342,692 | 9,342,692 | 9,342,692 |
Earnings per unit (basic and diluted): | ||||
Common unit holders | $ 0.28 | $ 0.26 | $ 0.65 | $ 0.59 |
Subordinated unit holders Series A | 0.28 | 1.82 | 0.65 | 3.63 |
Subordinated unit holders | 0.28 | 0.26 | 0.65 | 0.59 |
Earnings per unit - distributed (basic and diluted): | ||||
Common unit holders | 0.42 | 0.41 | 0.85 | 0.83 |
Subordinated unit holders Series A | 0.42 | 2.89 | 0.85 | 5.74 |
Subordinated unit holders | 0.42 | 0.41 | 0.85 | 0.83 |
(Losses) per unit - undistributed (basic and diluted): | ||||
Common unit holders | (0.14) | (0.15) | (0.2) | (0.24) |
Subordinated unit holders Series A | (0.14) | (1.06) | (0.2) | (2.11) |
Subordinated unit holders | $ (0.14) | $ (0.15) | $ (0.2) | $ (0.24) |
Cash Distributions and Earnin48
Cash Distributions and Earnings / (Losses) Per Unit (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / shares | |
Description of the distribution amount per unit for all classes of units | First, 98% to the holders of common units and 2% to the General Partner until each common unit has received a minimum quarterly distribution of $0.4125 plus any arrearages from previous quarters; Second, 98% to the holders of subordinated units and 2% to the General Partner until each subordinated unit has received a minimum quarterly distribution of $0.4125; and Third, 98% to all unitholders, pro rata, and 2% to General Partner, until each unit has received an aggregate amount of $0.4744. |
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, subordinated units and general partner units on a 98%-2% basis. |
Common and subordinated units | |
Net loss allocated to each class of unit | 98.00% |
General Partner | |
Net loss allocated to each class of unit | 2.00% |
Installment 4 - FY 2015 | |
Declaration date | Jan. 22, 2016 |
Payment date | Feb. 12, 2016 |
Dividends payable date of record | Feb. 9, 2016 |
Cash distribution per unit | $ 0.4225 |
Aggregate amount of cash distribution paid | $ | $ 8,742 |
Installment 1 - FY 2016 | |
Declaration date | Apr. 21, 2016 |
Payment date | May 12, 2016 |
Dividends payable date of record | May 6, 2016 |
Cash distribution per unit | $ 0.4225 |
Aggregate amount of cash distribution paid | $ | $ 8,742 |
Minimum annual distribution | |
Cash distribution per unit | $ 1.65 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | 7 Months Ended | |
Jul. 29, 2016 | Jul. 21, 2016 | |
Maximum aggregate offering price for issuance of limited partner interests | $ 25,000 | |
Installment 2 - FY 2016 | ||
Declaration date | Jul. 21, 2016 | |
Payment date | Aug. 12, 2016 | |
Dividends payable date of record | Aug. 10, 2016 | |
Quarterly cash distribution declared per unit | $ 0.4225 | |
Distribution Made To Limited Partner Cash Distributions Paid | $ 8,742 |