NNA - Navios Version 2.0 Starting To Take Shape

• Navios Maritime Partners is merging with Navios Maritime Acquisition. This does not come as a surprise, especially after the at-the-market offerings at Navios Maritime Partners.
• This is one of the last steps in the corporate simplification saga of the Navios Group. The final piece of the puzzle relates to Navios Maritime Holdings.
• The combined entity will be the largest U.S. publicly-listed shipping company in terms of vessel count, consisting of 55 dry bulk carriers, 43 containerships and 45 tankers.
• Combined pro forma debt will remain low at 35% LTV with a healthy staggered debt maturity profile.
• 2022 combined revenue could surpass $1.5 billion per annum, transforming Navios Maritime Partners into a cash machine. Already from the dry bulk vessels and containerships alone, annual operating cash flow is poised to comfortably surpass $500 million per annum.

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