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Navios Maritime Midstream Partners L.P.$4.29($.21)(4.67%)

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 Navios Maritime Midstream Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2015
   Wednesday, January 27, 2016 7:14:19 AM ET

-- Net Income: $9.1 million in Q4; $27.1 million for FY

-- Earnings per Common Unit: $0.44 in Q4; $1.33 for FY

-- EBITDA: $19.4 million in Q4; $62.2 million for FY

-- Operating Surplus: $12.9 million in Q4; $42.4 million for FY

-- Profit sharing: $3.5 million in Q4; $8.0 million for FY

-- Quarterly Cash Distribution of $0.4225 per unit; $1.69 per unit annualized

-- 1.48x Total Unit Distribution Coverage for the quarter

Navios Maritime Midstream Partners L.P. ("Navios Midstream") (NAP ), an owner and operator of tanker vessels, reported its financial results today for the fourth quarter and year ended December 31, 2015.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated "We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015. Consequently, we announced a quarterly distribution of $0.4225 per unit, to shareholders of record on February 9, 2016. Our distribution coverage ratio is a healthy 1.48x for the quarter."

Angeliki Frangou continued, "The collapse of oil prices has introduced significant volatility into the general climate. This price decline, generally good for transportation, has far reaching implications that has adversely affected the investment climate. Yet, Navios Midstream is a solid company and has neither any forward growth capex required nor any debt maturity until 2020. Navios Midstream has 100% of its fleet fixed for 2016 and 2017, with upside through profit sharing, which generated $0.39 net income per unit."

RECENT DEVELOPMENTS

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Quarterly Cash Distribution</span>

The Board of Directors of Navios Midstream declared a cash distribution for the fourth quarter of 2015 of $0.4225 per unit. The cash distribution is payable on February 12, 2016 to unitholders of record as of February 9, 2016.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Profit Share</span>

During the fourth quarter of 2015, Navios Midstream benefited from the VLCC spot market and recognized $3.5 million from its profit sharing arrangements. Profit share recognized for the year ended December 31, 2015, was $8.0 million.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Long - Term Cash Flow</span>

Navios Midstream has entered into long-term charter-out agreements for its vessels, with a remaining average term of 5.3 years, which are expected to provide a stable base of revenue and distributable cash flow. Navios Midstream has currently contracted out 100% of its available days for 2016 and 2017, expecting to generate revenues of approximately $89.6 million and $86.6 million, respectively. The average expected daily charter-out rate for the fleet is $40,798 and $39,559 for 2016 and 2017, respectively.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Midstream has compiled consolidated statement of operations for the three months and years ended December 31, 2015 and 2014. The quarterly information for 2015 and 2014 was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Midstream’s results.

(in $’000 except per unit data)                         Three Month                       Three Month                       Year ended                        Year ended
                                                        Period ended                      Period ended                      December 31, 2015                 December 31, 2014
                                                        December 31, 2015                 December 31, 2014                 (unaudited)                       (unaudited)
                                                        (unaudited)                       (unaudited)
Revenue                                                 $               25,836            $               16,008            $               83,362            $               63,534
Net income                                                              9,134                             2,607                             27,072                            1,164
Adjusted net income                                                     9,134                             2,607                             28,757                            1,164
EBITDA                                                                  19,381                            11,903                            62,190                            47,429
Earnings per common unit (basic and diluted)                            0.44                              0.13                              1.33                              0.13
Adjusted earnings per common unit (basic and diluted)                   0.44                              0.13                              1.42                              0.13
Operating Surplus                                                       12,946                            N/A                               42,406                            N/A
Maintenance and replacement capital expenditure reserve                 3,591                             N/A                               11,684                            N/A
(1) Prior to the Navios Midstream’s IPO in November 2014, Navios Midstream’s four VLCC fleet was part of Navios Maritime Acquisition Corporation’s fleet. All figures prior to the IPO are not directly comparable to periods after the IPO.
(2) Net income and Earnings per common unit (basic and diluted) for the year ended December 31, 2015 have been adjusted to exclude the amount of $1,685 representing a write-off of deferred finance cost associated with debt prepayment.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Three month periods ended December 31, 2015 and 2014</span>

Revenue for the three month period ended December 31, 2015 increased by $9.8 million to $25.8 million, as compared to $16.0 million for the same period in 2014. Time Charter Equivalent ("TCE") was $45,940 for the three month period ended December 31, 2015 and $43,005 for the three month period ended December 31, 2014. The increase was due to the acquisition of the Nave Celeste and the C. Dream in June 2015 and due to profit sharing of $3.5 million recognized in the three month period ended December 31, 2015 in relation to certain charters.

EBITDA increased by $7.5 million to $19.4 million for the three month period ended December 31, 2015, as compared to $11.9 million for the same period in 2014. The increase in EBITDA was due to a $9.8 million increase in revenue. The above increase was partially mitigated by a: (a) $1.7 million increase in management fees; (b) $0.3 million increase in time charter expenses; (c) $0.2 million increase in general and administrative expenses; and (d) $0.1 million decrease in other income.

The reserve for estimated maintenance and replacement capital expenditures for the three month period ended December 31, 2015 was $3.6 million (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the three month period ended December 31, 2015 of $12.9 million. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the three month period ended December 31, 2015 was $9.1 million compared to $2.6 million for the three month period ended December 31, 2014. The increase in net income was due to a: (i) $7.5 million increase in EBITDA; and (ii) $0.9 million decrease in interest expense and finance cost; partially mitigated by a: (a) $1.5 million increase in depreciation and amortization; and (b) $0.4 million increase in direct vessel expenses.

Earnings per common unit for the three month period ended December 31, 2015 was $0.44.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Year ended December 31, 2015 and 2014</span>

Revenue for the year ended December 31, 2015 increased by $19.8 million to $83.4 million, as compared to $63.5 million for the same period in 2014. Time Charter Equivalent ("TCE") was $45,924 for year ended December 31, 2015 and $42,995 for year ended December 31, 2014. The increase was due to the acquisition of the Nave Celeste and the C. Dream in June 2015 and due to profit sharing of $8.0 million recognized in the year ended December 31, 2015 in relation to certain charters.

EBITDA increased by $14.8 million to $62.2 million for the year ended December 31, 2015, as compared to $47.4 million for the same period in 2014. The increase in EBITDA was due to a $19.8 million increase in revenue. The above increase was partially mitigated by a: (a) $3.4 million increase in management fees; (b) $1.2 million increase in general and administrative expenses; (c) $0.3 million increase in time charter expenses; and (d) $0.1 million decrease in other income.

The reserve for estimated maintenance and replacement capital expenditures for the year ended December 31, 2015 was $11.7 million (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the year ended December 31, 2015 of $42.4 million. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the year ended December 31, 2015 was negatively affected by a $1.7 million write-off of deferred finance cost in association with debt prepayment. Excluding that write-off, Adjusted net income for the year ended December 31, 2015 was $28.8 million compared to $1.2 million for the year ended December 31, 2014. The increase in net income was due to a: (i) $14.8 million increase in EBITDA; and (ii) $16.3 million decrease in interest expense and finance cost; partially mitigated by a: (a) $3.2 million increase in depreciation and amortization; and (b) $0.3 million increase in direct vessel expenses.

Earnings per common unit for the year ended December 31, 2015 was $1.33.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Fleet Employment Profile</span>

The following table reflects certain key indicators of Navios Midstream’s core fleet performance for the three months and years ended December 31, 2015 and 2014

                                 Three Month                                                    Three Month                                                    Year ended                                                     Year ended
                                 Period ended                                                   Period ended                                                   December 31, 2015                                              December 31, 2014
                                 December 31, 2015                                              December 31, 2014                                              (unaudited)                                                    (unaudited)
                                 (unaudited)                                                    (unaudited)
FLEET DATA
Available days                                                 552                                                            368                                                            1,791                                                          1,460
Operating days                                                 547                                                            367                                                            1,785                                                          1,457
Fleet utilization                                              99.1                          %                                99.8                          %                                99.7                          %                                99.8                          %
Vessels operating at period end                                6                                                              4                                                              6                                                              4
AVERAGE DAILY RESULTS
Time Charter Equivalent per day  $                             45,940                           $                             43,005                           $                             45,924                           $                             42,995
(1) Available days for the fleet represent total calendar days the vessels were in Navios Midstream’s possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.
(2) Operating days is the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
(3) Fleet utilization is the percentage of time that Navios Midstream’s vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, drydockings or special surveys.
(4) Time Charter Equivalent ("TCE") rates: TCE rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Conference Call details:</span>

Navios Midstream’s management will host a conference call today, Wednesday, January 27, 2016 to discuss the results for the fourth quarter and year ended December 31, 2015.

Conference Call details:

Call Date/Time: Wednesday, January 27, 2016 at 08:30 am ET

Call Title: Navios Midstream Q4 2015 Financial Results Conference Call

US Dial In: +1.866.703.4207

International Dial In: +1.636.692.6440

Conference ID: 2743 6001

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367

International Replay Dial In: +1.404.537.3406

Conference ID: 2743 6001

Slides and audio webcast:

There will also be a live webcast of the conference call, through the Navios Midstream’s website (www.navios-midstream.com) under "Investors". Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Midstream’s website under the "Investors" section by 8:00 am ET on the day of the call.

About Navios Maritime Midstream Partners L.P.

Navios Maritime Midstream Partners L.P. is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit our website at www.navios-midstream.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and expectations, including with respect to Navios Midstream’s future dividends and Navios Midstream’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "may", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates", and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Midstream at the time this report was made. Although Navios Midstream believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Midstream. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us, tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, the aging of our vessels and resultant increases in operation and drydocking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, potential liability from litigation and our vessel operations, including discharge of pollutants, general domestic and international political conditions, competitive factors in the market in which Navios Midstream operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Midstream’s filings with the Securities and Exchange Commission. Navios Midstream expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Midstream’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Midstream makes no prediction or statement about the performance of its common units.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">EXHIBIT 1</span>

NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND COMBINED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars)
                                                                                                                                    December 31,        December 31,
                                                                                                                                    2015                2014
ASSETS
Current assets
Cash and cash equivalents                                                                                                                $    37,834    $      30,877
Accounts receivable, net                                                                                                                      5,110            653
Prepaid expenses and other current assets                                                                                                     112              212
Due from related parties                                                                                                                      2,804            --
Total current assets                                                                                                                          45,860           31,742
Vessels, net                                                                                                                                  400,192          320,229
Intangible assets                                                                                                                             28,450           31,736
Deferred dry dock and special survey costs, net                                                                                               6,066            1,955
Total non-current assets                                                                                                                      434,708          353,920
Total assets                                                                                                                             $    480,568   $      385,662
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities
Accounts payable                                                                                                                         $    412       $      1,243
Accrued expenses                                                                                                                              654              4,174
Due to related parties                                                                                                                        438              736
Deferred revenue                                                                                                                              1,931            1,938
Current portion of long-term debt, net of deferred finance costs and discount                                                                 643              10,022
Total current liabilities                                                                                                                     4,078            18,113
Long-term debt                                                                                                                                197,176          114,065
Total non-current liabilities                                                                                                                 197,176          114,065
Total liabilities                                                                                                                        $    201,254   $      132,178
Commitments and contingencies                                                                                                                 --               --
Owner’s net investment                                                                                                                        --               --
Total Partners’ capital
Common Unitholders (9,342,692 units issued and outstanding at December 31, 2015 and December 31, 2014)                                        126,317          127,350
Subordinated Series A Unitholders (1,592,920 units issued and outstanding at December 31, 2015 and none at December 31, 2014)                 27,379           --
Subordinated Unitholders (9,342,692 units issued and outstanding at December 31, 2015 and December 31, 2014)                                  120,154          121,187
General Partner (413,843 units issued and outstanding at December 31, 2015 and 381,334 issued and outstanding at December 31, 2014)           5,464            4,947
Partners’ capital                                                                                                                             279,314          253,484
Total liabilities, Partners’ capital and owner’s net investment                                                                          $    480,568   $      385,662
NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars, except per unit amounts)
                                                               Three Month           Three Month           Year ended            Year ended
                                                               Period ended          Period ended          December 31, 2015     December 31, 2014
                                                               December 31, 2015     December 31, 2014     ($ ’000)              ($ ’000)
                                                               ($ ’000)              ($ ’000)              (unaudited)           (unaudited)
                                                               (unaudited)           (unaudited)
Revenue                                                        $     25,836          $     16,008              $   83,362        $     63,534
Time charter expenses                                                (476        )         (183        )           (1,100    )         (762        )
Direct vessel expenses                                               (651        )         (289        )           (1,602    )         (1,283      )
Management fees (entirely through related party transactions)        (5,244      )         (3,496      )           (17,613   )         (14,166     )
General and administrative expenses                                  (707        )         (540        )           (2,497    )         (1,296      )
Depreciation and amortization                                        (6,367      )         (4,877      )           (22,686   )         (19,509     )
Interest expenses and finance cost                                   (3,229      )         (4,130      )           (10,830   )         (25,473     )
Other income, net                                                    12                    119                     88                  119
Other expense                                                        (40         )         (5          )           (50       )         --
Net income                                                     $     9,134           $     2,607               $   27,072        $     1,164
Net income                                                     $     9,134                 2,607               $   27,072              1,164
Earnings per unit (basic and diluted)
Common unitholders:                                            $     0.44                  0.13                $   1.33                0.13
Subordinated Series A unitholders:                             $     0.44                  --                  $   1.86                --
Subordinated unitholders:                                      $     0.44                  0.13                $   1.33                0.13
NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
                                                                                                      Year ended         Year ended
                                                                                                      December 31,       December 31,
                                                                                                      2015               2014
Operating Activities
Net income                                                                                            $      27,072      $      1,164
Adjustments to reconcile net income/ (loss) to net cash provided by/ (used in) operating activities:
Depreciation and amortization                                                                                22,686             19,509
Amortization of deferred finance fees and bond premium                                                       2,676              712
Non-cash loss on extinguishment of 2017 Notes                                                                --                 --
Amortization of dry dock and special survey costs                                                            1,602              1,283
Changes in operating assets and liabilities:
Decrease/ (increase) in prepaid expenses and other current assets                                            100                7
Payment for Drydocking                                                                                       (5,713   )         --
(Increase)/ Decrease in accounts receivable                                                                  (4,457   )         164
(Decrease)/ Increase in accounts payable                                                                     (310     )         351
(Decrease)/ Increase in accrued expenses                                                                     (1,040   )         1,479
(Decrease)/ increase in due to/ from related parties                                                         (2,756   )         2,592
Decrease in deferred revenue                                                                                 (7       )         --
Net cash provided by/ (used in) operating activities                                                  $      39,853      $      27,261
Investing Activities
Acquisition of vessels                                                                                       (72,252  )         --
Increase in due from related parties                                                                         --                 (52,314  )
Net cash used in investing activities                                                                 $      (72,252  )  $      (52,314  )
Financing Activities
Proceeds from Long term debt, net of deferred finance costs and discount                                     198,081            124,027
Loan repayment                                                                                               (127,025 )         --
Cash remittance to Navios Acquisition                                                                        --                 (214,854 )
IPO proceeds, net of underwriting discount                                                                   --                 113,906
IPO expenses                                                                                                 (3,347   )         (469     )
Dividend paid                                                                                                (28,904  )         --
Proceeds from issuance of general partner units                                                              551                --
Owner’s net investment                                                                                       --                 24,168
Net cash provided by financing activities                                                             $      39,356      $      46,778
Net increase in cash and cash equivalents                                                                    6,957              21,725
Cash and cash equivalents, beginning of year                                                                 30,877             9,152
Cash and cash equivalents, end of year                                                                $      37,834      $      30,877
Supplemental disclosures of cash flow information
Cash interest paid                                                                                    $      8,100       $      27,786
Non-cash financing activities
Non-cash contributions by owners                                                                      $      --          $      --
Accrued IPO expenses                                                                                  $      --          $      3,290
Assets and liabilities retained by Navios Acquisition:
Long-term debt                                                                                        $      --                 341,034
Due from related parties                                                                              $      --                 (88,070  )
Due to related parties                                                                                $      --                 2,588
Deferred financing costs                                                                              $      --                 (7,405   )

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">EXHIBIT 2</span>

Owned Vessels      Type   Built  Capacity
                                 (DWT)
Shinyo Kieran    VLCC     2011        297,066
Shinyo Saowalak  VLCC     2010        298,000
Nave Celeste     VLCC     2003        298,717
Shinyo Kannika   VLCC     2001        287,175
Shinyo Ocean     VLCC     2001        281,395
C. Dream         VLCC     2000        298,570
Option Vessels       Type   Built  Capacity
                                   (DWT)
Nave Buena Suerte  VLCC     2011        297,491
Nave Quasar        VLCC     2010        297,376
Nave Galactic      VLCC     2009        297,168
Nave Neutrino      VLCC     2003        298,287
Nave Electron      VLCC     2002        305,178

(1) Navios Midstream has options, exercisable through November 18, 2016, to acquire up to five VLCCs at fair market value from Navios Maritime Acquisition Corporation.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">EXHIBIT 3</span>

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes.

EBITDA is presented because Navios Midstream believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Midstream’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

2. Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Midstream’s capital assets.

Operating Surplus 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. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

3. Available Cash

Available Cash generally means for each fiscal quarter, all cash on hand at the end of the quarter:

-- less the amount of cash reserves established by the Board of Directors to:

-- provide for the proper conduct of Navios Midstream’s business (including reserve for maintenance and replacement capital expenditures);

-- comply with applicable law, any of Navios Midstream’s 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 accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

4. Reconciliation of Non-GAAP Financial Measures

                                                        Three Month          Three Month          Year ended           Year ended
                                                        Period ended         Period ended         December 31, 2015    December 31, 2014
                                                        December 31, 2015    December 31, 2014    ($ ’000)             ($ ’000)
                                                        ($ ’000)             ($ ’000)             (unaudited)          (unaudited)
                                                        (unaudited)          (unaudited)
Net cash provided by operating activities               $        15,743      $        12,232      $        39,853      $        27,261
Net increase/(decrease) in operating assets                      (117     )           (109     )           10,070               (171     )
Net (increase)/ decrease in operating liabilities                881                  (4,192   )           4,113                (4,422   )
Net interest cost                                                3,229                4,130                10,830               25,473
Amortization of deferred finance cost and bond premium           (355     )           (158     )           (2,676   )           (712     )
EBITDA                                                  $        19,381      $        11,903      $        62,190      $        47,429
Net cash provided by operating activities               $        15,743      $        12,232      $        39,853      $        27,261
Net cash used in investing activities                   $        --          $        (13,408  )  $        (72,252  )  $        (52,314  )
Net cash (used in) / provided by financing activities   $        (9,254   )  $        25,996      $        39,356      $        46,778
                                                          Three Month        Year ended
                                                          Period ended       December 31, 2015
                                                          December 31, 2015  ($ ’000)
                                                          ($ ’000)           (unaudited)
                                                          (unaudited)
EBITDA                                                    $     19,381       $     62,190
Cash interest paid                                              (2,844 )           (8,100  )
Maintenance and replacement capital expenditures                (3,591 )           (11,684 )
Operating Surplus                                         $     12,946       $     42,406
Cash distribution paid relating to the first nine months        --                 (25,143 )
Cash reserves                                                   (4,204 )           (8,521  )
Available cash for distribution                           $     8,742        $     8,742
Investor Relations Contacts
Navios Maritime Midstream Partners L.P.
+1 (212) 906 8647
Investors@navios-midstream.com

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