Navios Maritime Midstream Partners LP: Still Overvalued After Drastic Distribution Cut [Seeking Alpha]
NAVIOS MARITIME MIDSTREAM PART (NAP)
Last navios maritime midstream part earnings: 7/26 07:47 am
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US:NYSE Investor Relations:
ir.navios-midstream.com
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Source: Seeking Alpha
Navios Maritime Midstream Partners LP: Still Overvalued After Drastic Distribution CutSummaryNavios Midstream finally bowed to the inevitable and slashed its common unit cash distribution to $.125 per quarter, down from $.4225.Midstream continues to suffer from a liquidity crisis and may run out of unrestricted cash during the second half of 2018 if VLCC rates stay low during Q3.Midstream will likely fail its .85 LTV covenant test at the end of Q1. Another emerging threat is rising LIBOR rates and its impact on the interest coverage covenant.With the expiration of the Backstop Agreement and a $29,625 per day TC, Midstream will likely be in danger of failing the 3.75x interest coverage test beginning Q1 2019. If it scraps another vessel prior to Q1 2019, it may fail the test sooner.There are serious questions about the sustainability of the dramatically reduced common unit cash distribution past Q2. Midstream is overvalued at any price over $2.50.
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