Navios Maritime Midstream Partners LP (NAP) reported quarterly earnings results on Wednesday, Apr-27-2016. The company reported $0.36 earnings per share for the quarter, missing the analyst consensus estimate by $-0.03. Analysts had a consensus of $0.39. The company posted revenue of $24.10 million in the period, compared to analysts expectations of $23.98 million. The company’s revenue was up 44.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS.
Navios Maritime Midstream Partners LP opened for trading at $11.95 and hit $12.26 on the upside on Friday, eventually ending the session at $12.09, with a gain of 1.60% or 0.19 points. The heightened volatility saw the trading volume jump to 1,14,278 shares. Company has a market cap of $245 M.
Navios Maritime Midstream Partners L.P. is a holding company. The Company is a limited partnership formed to own operate and acquire crude oil tankers under long-term employment contracts. The Company may also seek to own operate and acquire refined petroleum product tankers chemical tankers and liquefied petroleum gas (LPG) tankers under long-term employment contracts. The Company intends to charter its vessels under long-term employment contracts to international oil companies refiners and large vessel operators. The Company’s fleet consists of four VLCCs which have an average remaining employment term of approximately 7.3 years. They are chartered to two strong counterparties Cosco Dalian which is wholly owned by the COSCO Group a Chinese state-owned enterprise and Formosa Petrochemical. The Company provides seaborne shipping services under long-term time charters. The Company’s customers include Cosco Dalian and Formosa Petrochemical.