Navios Maritime Containers L P : Q4 2019 Earnings Presentation

Navios Maritime Containers L.P.

Q4 2019 Earnings Presentation

February 5, 2020

Navios Maritime Containers L.P.

Forward Looking Statements

This presentation 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, including future contracted revenues and rates, EBITDA, future available days, future financial performance of the fleet, timing of vessel deliveries, vessel acquisitions, financing activities, and Navios Containers' growth strategy and measures to implement such strategy, including future vessel acquisitions and the ability to secure or refinance related financing, the further growth of our containership fleet, 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. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were made. Although Navios Containers 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 risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Containers. 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, risks relating to: the favorable timing for acquisitions and chartering opportunities in the container shipping sector and Navios Containers' ability to take advantage of such opportunities; the value of container shipping vessels; Navios Containers' ability to identify container shipping vessels for acquisition at attractive prices, if at all, including the availability of distressed acquisition opportunities in the container shipping industry; Navios Containers' ability to execute on a low-cost operating structure; Navios Containers' ability to achieve a return on investment for and to pay cash distributions to our unitholders or make common unit repurchases from our unitholders; any advantages resulting from Navios Containers' strategic focus on intermediate-size containerships; Navios Containers' ability to leverage the scale, experience, reputation and relationships of the Navios Group, consisting of Navios Maritime Holdings Inc., Navios Maritime Acquisition Corporation, Navios Maritime Partners L.P., and any one or more of their subsidiaries and affiliates. Navios Containers' future financial condition or results of operations and its future revenues and expenses, including its estimated adjusted cash flow; the loss of any customer or charter or vessel; the aging of Navios Containers' vessels and resultant increases in operation and drydocking costs; Navios Containers' ability to maintain long-term relationships with major liner companies; Navios Containers' ability to access debt, credit and equity markets; potential liability from litigation and our vessel operations, including discharge of pollutants; Navios Containers' and the Navios Group's performance in safety, environmental and regulatory matters; increases in costs and expenses, including but not limited to, crew wages, insurance, technical maintenance costs, spares, stores and supplies, charter brokerage commissions on gross voyage revenues and general and administrative expenses; the changes to the regulatory requirements applicable to the shipping and container transportation industry, including, without limitation, stricter requirements adopted by international organizations, such as the International Maritime Organization and the European Union, or by individual countries or charterers and actions taken by regulatory authorities and governing such areas as safety and environmental compliance; the anticipated taxation of Navios Containers and its unitholders; and the effects of increasing emphasis on environmental and safety concerns by customers, governments and others, as well as changes in maritime regulations and standards. Navios Containers 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 Containers' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common units.

Navios Maritime Containers L.P.

Definitions

EBITDA represents net income/(loss) attributable to Navios Containers' common unitholders before interest and finance costs, before depreciation and amortization. Adjusted EBITDA represents EBITDA, excluding certain items as described under "Earnings Highlights". Adjusted Net Income and Adjusted Basic Earnings per Unit represent Net Income/(loss) and Basic Earnings/(loss) per Unit, excluding certain items as described under "Earnings Highlights". Navios Containers uses EBITDA and Adjusted EBITDA as liquidity measures and reconcile EBITDA and Adjusted EBITDA to net cash provided by/(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets,

1. net (increase)/decrease in operating liabilities, (iii) net interest cost, (iv) deferred finance charges and (v) payments for drydock and special survey costs. Navios Containers believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Containers' ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Containers also believes that EBITDA and Adjusted EBITDA are used (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of Navios Containers to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Containers' results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA and Adjusted EBITDA do not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA and Adjusted EBITDA should not be considered as principal indicators of Navios Containers' performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

Navios Maritime Containers L.P.

Navios Universe

Navios Maritime

Containers L.P.

(Nasdaq: NMCI)

29 Containerships

Premier Ship Owner

• ~200 vessels controlled
• Economies of scale
• Global brand
• Value creation through cycle
• Strong Industry relationships
• Seasoned Management

Navios Maritime

Partners L.P.

(NYSE: NMM)

48 vessels (4): 14 Capes, 20 Panamaxes, 4 Ultra-

Handymaxes, 10 Containerships

Navios Maritime

Acquisition

Corporation

(NYSE: NNA)

46 vessels (1): 31 product

tankers, 13 VLCCs, 2

Navios Maritime

Holdings Inc.

(NYSE: NM)

56 dry bulk vessels (2): 30 owned,

26 chartered-in(3)

Navios South

American

Logistics Inc.

Port Terminal facilities,

barging & cabotage

chemical tankers

Special Purpose

Vehicle

Navios Europe II

14 vessels: 7

Containerships, 5

Panamax, 2 Handymax

1. Includes three newbuild vessels on bareboat charter expected to be delivered in Q3, Q4 2020 and Q3 2021
2. Includes oneUltra-Handymax vessel agreed to be sold
3. Includes one purchase option already exercised, the vessel is not yet delivered to owned fleet
4. Includes threecharter-in Panamax vessels; two expected to be delivered by H2 2021

4

Navios Maritime Containers L.P.

Ownership Structure

Navios Group

(33.5% NMM / 3.7% NM)

N Shipmanagement	Common Unitholders
(NSM)
	37.2% Interest
GP InterestNon-Economic	62.8% Interest

Navios Maritime Containers L.P.

(NASDAQ: NMCI)

100% Interest

29 Containerships

25 x Baby Panamaxes	4 x New Panamaxes
22 x 4,250-4,730 TEU 13 x 3,450 TEU	12 x 8,204 TEU	12 x 10,000 TEU

5

Navios Maritime Containers L.P.

NMCI: Company Highlights

Containership

Growth Vehicle

Focused on Panamax

Segments

Positioned to Benefit from Container Market Recovery

Well Capitalized with Attractive Growth / Yield Mix

Leverage Existing Operating Platform

Strong Sponsor with

Seasoned

Management

• Growth vehicle with attractive entry point and clean,low-cost structure
• Focused on two most attractive segments from a demand/supply perspective
• • "Baby Panamaxes" (3,450 - 4,730 TEU)
  • "New Panamaxes" (7,500 - 10,000 TEU)
• Attractive cost basis in existing fleet (acquisition prices close to scrap values)
• Sector recovering: trade growth + high scrapping + lack of newbuildings
• Significant opportunity for cash yield improvement and capital appreciation
• Well-capitalizedvehicle with conservative leverage
• Charter policy balances utilization and market opportunity
• Majority of cash flow redeployed for growth - with balance for return of capital
• Leverage an established large operating platform
• Economies of scale
• Charterers prefer to deal with large and reliable owners
• Management team has average industry experience of 20+ years per person
• Strategic relationships with banks and other key industry players
• Long track record of financial reporting, compliance and investor accountability
• Demonstrated access of Navios Group to debt and equity capital markets

Navios Group's Containership Vehicle - Right of First Refusal for all Containerships (1)

(1) As per Omnibus Agreement	6

Navios Maritime Containers L.P.

Recent Developments

Strong Financial Results - Q4 2019

Adjusted	$18.2 million	Adjusted	$ 5.9 million	Adjusted	$0.17
EBITDA (1)	Net Income (1)	EPU (1)

Strong Balance Sheet - Low leverage

• Bank debt covered by scrap value of our fleet(2)

Significant improvement in charter rate environment

Average rates 4,400 TEU containerships (3)

Average rates 3,500 TEU containerships (3)

				$13,562	$13,788							$10,612	$11,588
		$9,052							$8,504	$8,812
$8,296
	Q1 2019		Q2 2019		Q3 2019		Q4 2019		Q1 2019		Q2 2019		Q3 2019		Q4 2019

• 93.0% of available days for Q1 2020 are fixed(4)- expected to generate $38.2 million in revenue

Proposed New Sale and Lease Back Facility (5)

• Vessels: 2 x 10,000 TEU and 2 x 8,204 TEU containerships
• Duration: 2025/2027 from 2022/2023
• Age Adjusted Profile: 22 years (10% improvement)
• Margin (average): 3.18% (2% improvement)

Right of First Refusal - 10,000 TEU, 2011-built containership

• Purchase option not exercised; vessel subsequently sold to a third party

1. See slide 24 "NMCI Q4 2019 and FY 2019 Earnings Highlights"
2. Scrap value of our fleet calculated @ $417/LDT
3. Average Rates based on Clarksons'6-12 month rates for 3,500 TEU and 4,400 TEU vessels
4. Excludesindex-linked charters

(5) Subject to completion of definitive documentation

7

Navios Maritime Containers L.P.

Cash Breakeven / Cost Structure - FY 2020E

Contracted revenue generates free operating cash flow

6,316 open and indexdays can generate:

• ~ $91.2million- at current market rates (1)

Contracted Revenue (Average Daily Rate)			Total Cost per Day (2)
	$17,066(3)
					$11,931
	45.8% Fixed	$3,353
	$1,258
	(incl. Index linked)
	$805
					$6,515
	FY 2020E		FY 2020E
Opex							Capital Repayments
		General & Administrative Expenses		Interest Expense

($ in thousands)	FY 2020E
Total fixed revenue (3)	$73,348
Total cost (2)	(126,639)
Cost over revenue	$(53,291)
Open and index days	6,316
Breakeven per open day	$8,437

FY 2020	Open	Index	Open and
Days	Days	Index Days
Baby
Panamaxes	5,485	561	6,046
New
Panamaxes	270	-	270
Total	5,755	561	6,316

• Total Available Days of Fleet: 10,614 for FY 2020E

1. Current Rates for3-5,000 TEU vessels and 8,204 TEU vessels based on Clarksons ' 6-12 month rates for 4,400 TEU vessels and 8,250 TEU vessels as of January 31, 2020 of $13,750 and $30,000, respectively
2. Total cost includes operating expenses as per Management Agreement (excluding drydocking expenses), general and administrative expenses and debt service (interest expense and capital repayment). Excludes repayment of $15.0 million in January 2020 relating to Navios Constellation Seller's Credit

(3) Excludes index-linked charters	8

Navios Maritime Containers L.P.

Liquidity and Debt Maturity Profile

December 31, 2019

(US $'000)

	As of December 31, 2019
Cash (1)	$18,109
Debt (2)	$245,658
Partners' Capital	$189,980
Capitalization	$435,638
Net Debt / Capitalization	52.2%

						Debt Maturity
	100
	80
million)	60							82
40
($
	20		15 (3)			26			14
	-
	2020	2021	2022	2023	2024

Seller's credit		Bank debt

(1) Includes restricted cash of $1.4 million

(2) Net of deferred financing fees of $3.6 million. Debt includes Seller's Credit of $15.0 million

(3) $15.0 million of Seller's Credit paid in January 2020

9

Navios Maritime Containers L.P.

Fleet and Operations Overview

Navios Maritime Containers L.P.

Summary of Containership Fleet

29 Vessels (143K TEU)

Average age of combined fleet: 11.6 years ~ 9% younger than industry average (1)

2 Vessels	2 Vessels	22 Vessels	3 Vessels
10,000 TEU	8,204 TEU	4,250 - 4,730 TEU	3,450 TEU
Total: 20,000 TEU	Total: 16,408 TEU	Total: 96,063 TEU	Total: 10,350 TEU

(1) Source: Clarksons

11

Navios Maritime Containers L.P.

Employment Summary for Fleet of 29 vessels

Navios Destiny

Bermuda

Navios Verano

Navios Indigo

Navios Dedication

APL Oakland

Navios Amaranth

Navios Azure

Navios Felicitas

YM Utmost

Navios Verde

APL Los Angeles

Navios Spring

Navios Domino

Bahamas

Navios Devotion

Navios Vermilion

APL Denver

Navios Miami

Navios Amarillo

APL Atlanta

Navios Delight

Navios Summer

Navios Lapis

Navios Dorado

Navios Unite

Navios Tempo

Navios Constellation

Navios Unison

Feb-20 - $13,475

Mar-20-- $10,001

Mar-20-- $9,025

Mar-20-- $12,898	Fleet Charter Coverage
Mar-20-- $13,413
Mar-20(1)-- $27,156
Mar-20-- $13,427	2020
Mar-20-- $11,850
Apr-20-- $12,541
Apr-20-- $21,231
Apr-20-- $13,035	45.8%(3)
Apr-20(1)-- $27,156	54.2%
Apr-20-- $8,888
Apr-20-- $13,253
Apr-20-- $10,213
	Apr-20-- $8,203
		May-20-- $12,588
Feb-20-- $13,331				Fixed days		Open days
		May-20(1)-- $27,156
		Jun-20-- $12,541
		Jun -20--$12,113
		Jun-20(1)-- $27,156
		Jul-20-- $9,134
		Nov --20-- $10,517
Feb-20-- $11,992		Dec-20-- Index (2)
		Jan-21-- $13,776
		Apr-21-- $23,160
Apr-20-- $11,775	July-21-- Index (2)
		Nov-20-- $26,325					May-24-- $27,300
		May-21-- $26,325					May-24-- $27,300

Jan-20Jun-20Dec-20Jun-21Dec-21Jun-22

Daily charter-out rate net of commissions, where applicable. See fleet appendix for further detail

Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted

1. Charter expiration dates shown reflect earliest redelivery date of the full redelivery period in the charter agreement
2. The market rate will be calculated according to the Container Ship Time Charter Assessment Index (ConTex) as published for a 4,250 TEU vessel for a 12 month period

(3) Includes index-linked charters	12

Navios Maritime Containers L.P.

Industry Overview

Navios Maritime Containers L.P.

World Container Trade 1996-2020

										World trade growth
								2018				4.3%
m TEU								2019 P				1.8%							growth
220																	25%
	1996 - 2019 CAGR = 6.5%			2020 F				2.8%
200
180																			20%
160																			15%
140
120																5.8%			10%
															5.0%	4.3%
100															4.6%			2.8% 5%
																		1.8%
80
60																2.0%			0%
40																			-5%
20
0				2001 2002						2009						2015 2016 2017			-10%
1996	1997	1998 1999	2000	2003	2004	2005	2006 2007	2008	2010	2011	2012	2013	2014	2018	2019 P	2020 F
		Trade					Growth %				World GDP Growth % (RHS)

Source : Clarkson Research Services, IMF Jan 2020

14

Navios Maritime Containers L.P.

US-China Phase One Trade Deal

In $B	2017	2020	Total	2021	Total
Base	Increase	2020	Increase	2021
Manufactured Goods	101.3	32.9	134.2	44.8	146.1
Energy	9.1	18.5	27.6	33.9	43
Services	56.1	12.8	68.9	25.1	81.2
Agriculture	19.6	12.5	32.1	19.5	39.1
Total	186	77	263	123	309

US Exports to China

	350			$123 B
				$309B
	300	$77 B	$263B		Total of
			$200 B
	250
				increase
Billions	200	$186B			over
		next two
150				years
$
	100
	50
	0
		2017	2020		2021
		Manufactured Goods	Energy	Services	Agriculture

• Phase one of the newUS-China trade deal forces China to buy an additional $200B of US goods and services over the next two years compared to a 2017 baseline.
• The United States will cut the Sep. 1, 2019 tariff imposed on $120 billion of Chinese goods in half to 7.5%.There is no removal of current tariffs.
• U.S. tariffs of 25% on $250 billion worth of Chinese goods put in place earlier will remain unchanged. These could be rolled back as part of a Phase 2 trade negotiation.
• US tariffs that were scheduled to go into effect on Dec. 15, 2019 are suspended indefinitely. China's retaliatory Dec. 15, 2019 tariffs, including a 25% tariff onU.S.-made autos, have also be suspended.
• Coronavirus affect on the trade deal is unknown but is likely to delay implementation

Source: Wall Street Journal 1/16/20, Bloomberg, US-China Trade Agreement	15

Navios Maritime Containers L.P.

Container Net Fleet, Age Profile + Historical Scrapping

		Deliveries				Removals			Net Fleet Growth
Year	Actual	Projected	% Non-	Year	TEU		% of	Year	TEU		% of Fleet	Fleet Period
Delivery		Fleet		End
2020 Jan	61	K	64	K	5%	2020	13	K	0.1%	2020(1)	48	K	0.2%	23,005	K
2019	1,058	K	1,128	K	6%	2019	179	K	0.8%	2019	880	K	4.0%	22,954	K
2018	1,298	K	1,667	K	22%	2018	126	K	0.6%	2018	1,173	K	5.6%	22,074	K
2017	1,177	K	1,686	K	30%	2017	407	K	2.0%	2017	769	K	3.8%	20,902	K
2016	913	K	1,341	K	32%	2016	665	K	3.3%	2016	248	K	1.2%	20,132	K
2015	1,661	K	1,889	K	12%	2015	202	K	1.1%	2015	1,459	K	7.9%	19,884	K
2014	1,525	K	1,624	K	6%	2014	375	K	2.2%	2014	1,150	K	6.7%	18,426	K
2013	1,368	K	1,840	K	26%	2013	457	K	2.8%	2013	911	K	5.6%	17,276	K
2012	1,270	K	1,578	K	20%	2012	349	K	2.3%	2012	921	K	6.0%	16,364	K

Removals

Year	Total ('000 TEU)	% of Fleet
2004	8.0	0.12%
2005	3.9	0.05%
2006	26.7	0.32%
2007	26.6	0.28%
2008	108.5	0.99%
2009	384.2	3.11%
2010	150.3	1.15%
2011	94.6	0.66%
2012	348.8	2.26%
2013	457.2	2.79%
2014	375.4	2.17%
2015	202.3	1.10%
2016	664.7	3.34%
2017	407.3	2.02%
2018	125.8	0.60%
2019	178.6	0.81%
2020	13.3	0.06%

Container Fleet Age Profile (% TEU)
25%
20%
15%	13.3%
10%		4.76 M TEU
5%	5.7%
0%	1.7%
25+ yrs	20-24 yrs	15-19 yrs

Total Container Fleet: 5,379

2020 Deliveries: 13 ships, 60.8K TEU to 2/3/20

2019 Net Fleet Growth 880 K including

1,058 K Delivered - 179 K Removed

(1) Net Fleet Growth reflects provisional deliveries and scrapping through 2/3/20

Source: Clarksons; Unless noted, all data in TEU; Provisional through 2/3/20

16

Navios Maritime Containers L.P.

Container Ship Orderbook

Orderbook by year of delivery:

(Actual # vessels delivered: 2016 = 134; 2017 = 156; 2018 = 179; 2019 = 158; 2020 = 13)

'000 TEU	Non-deliveries
1,500

Before non-delivery

	6%	69
1,000
500		1,058	1,139
		947
					351
0		2019	2020	2021	2022	2023
					0

On 1/1/2020

2020 orderbook = 1.1 million TEU (before non deliveries)

Orderbook of 10.6% among

lowest ever as

percentage of fleet(1)

Expected 2020 Net fleet

growth ~ 3.1%*

Container Ship Orderbook Skewed to Larger Sized Vessels

TEU	2,000			80%
2020	2021	2022
'000
1,500
	1,000
	500
	0

0-1,9992,000-2,9993,000-3,9994,000-5,0995,100-7,4997,500-9,99910,000-12,999 13,000+

Source: Clarksons; 2019 Non-deliveries are preliminary; *Expected growth basis Clarksons

Orderbook on 2/3/20: Total= 2.38 M TEU; 2020= 1.08 M TEU; 2021= 0.95 M TEU; 2022= 0.35 M TEU

(1) Orderbook as of Jan 2020 pct of fleet at month start (min 9.6% - max 61.2%)

• ~ 80% of container ship orderbook is for vessels of 10,000+ TEU
• ~ 60% of orderbook is for vessels of 13,000+
  TEU
• ~ 20% of orderbook is for vessels of 10,000 - 13,000 TEU

17

Navios Maritime Containers L.P.

Container Ship Idle Capacity and Scrubber Retrofit Schedule

Container Ship Idle Capacity

• Mid January idle capacity adjusted for scrubber retrofits is 2.2% down 48% from 4.3% in March 2019
• • Total of 247 idle container ships as of January 20
  • 84 container ships were retrofitting scrubbers, of which there were 48 retrofits on ships over 7,500 TEU
  • Net idle of 163 ships of which 122 were less than 3,000 TEU

TEU		100-999		1,000-1,999		2,000-2,999		3,000-3,999			Adjusted idle
	4,000-5,099		5,100-7,499		7,500-9,999		10,000 +
1,600,000											capacity
1,400,000
										declined since
1,200,000
										March peak
1,000,000
800,000											48%
600,000
400,000
200,000
0
% of total	Jan-2011Jan-2012Jan-2013Jan-2014Jan-2015Jan-2016Jan-2017Jan-2018Jan-2019	1-Mar-2019	20-Jan No Retro
2.3%	4.1%	5.1%	4.5%	1.4%	7.1%	7.3%	2.1%	2.8%	4.3%	2.2%
fleet

Sulphur cap driving fundamental upside from vessel time out of service for retrofit(1)

About 1.9% of total fleet capacity will be out of service		2020 Out of Service (% of fleet)
4%
in 2020 (above 8,000 TEU: 3.1% out of service;		3.1%
including allowance for 'unconfirmed' scrubber	3%			1.9%
retrofits).	2%
About 1.5% of total fleet capacity was absorbed in	1%	0.5%
2019 per current estimates (2.4% of fleet above
0%
8,000 TEU)
	<8,000 TEU0.5%	>8,000 TEU	Total

Source: Clarksons, Alphaliner Monthly Monitor Jan 2020; Jan Adjusted idle basis Alphaliner Weekly 2020 Issue 4

(1) Retrofit out of service time as per Clarksons January 6, 2020. Data based on 'identified' scrubbers only. This will likely underestimate the actual size of the scrubber fleet

18

Navios Maritime Containers L.P.

Favorable Fundamentals for 4,000-5,100 TEU Fleet

Fleet Development (# of vessels)

2014:	30 removed vs 18 delivered	Record 272,400 TEU
2015:	16 removed vs	7 delivered
scrapped in 2016 in 4,000 to 5,100 TEU sector
2016:	60 removed vs	1 delivered
2017:	31 removed vs	2 delivered	Cumulative since 2014: -128 vessels
2018:	3 removed vs	0 delivered
Fleet decreased 17%
2019P:	13 removed vs	0 delivered
2020YTD:	3 removed vs	0 delivered

	2014	2015	2016	2017	2018	2019 P	2020 YTD
-30	-12	-21						-30
-80			-80					-80
-130				-109	-112	-125	-128	-130

4-5.1K TEU Annual Net Fleet Growth (LHS)		4-5.1K TEU Cumulative Net Fleet Growth (RHS)

• Increase inIntra-Asia trade lifts deployment
• Idle capacity decreased by 72% since January 2017

Fleet Size

Fleet Deployment

Idle Capacity

TEU '000

3,100	-7.1%
3,000
2,900
2,800
2,700
Jan 2017	Jan 2020

TEU '000

2,750
2,700
2,650	3.5%
2,600
Jan 2017	Jan 2020

TEU
500,000	-72%
400,000
300,000
200,000
100,000
-
Jan 2017	Jan 2020

Source: Clarksons; through 1/28/20; Alphaliner Jan 2020

19

Navios Maritime Containers L.P.

Cascading Benefits 4,000-5,100 TEU Vessels in Intra Asia

• As vessels trading Far East to Europe are becoming larger (20,000 teu), vessels trading in Asian ports are getting bigger

• 4,000-5,100TEU vessels' share increased by 91% in it the size with the highest deployment growth

NMCI Baby Panamax Fleet Deployment (1)

Intra Asia deployment from 2012 to 2019 making

• Intra Asia trade forecast to increase by 3.6 % in 2020 - higher than total container trade growth
• Intra Asia trade accounts for over 30% of total container trade

Intra Asia Deployment Share per Containership Size

(40%)

20%
	12%
2012	2020
100-999TEU

(31%)
45%
	31%
2012	2020
1,000-1,999TEU

24%

10%

18%	22%
	3.0	3.3
		%
		%
2012	2020	2012	2020
2,000-2,999TEU	3,000-3,999TEU

91%

	25%
13%
2012	2020
4,000-5,100TEU

NMCI Baby Panamax fleet voyages for Oct 2019 - Jan 2020. (Source: Clarksons SeaNet)

Source: Clarksons Container Intelligence Monthly Jan: (1) regional trade growth estimates for 2020, Clarksons Jan 2020, Alphaliner Jan 2020

20

Navios Maritime Containers L.P.

7,500-10,000 TEU Vessels - the Workhorses of Containerships

	In ~60% of worldwide containership
Worldwide Containership Deployments
deployments, 7,500-10,000 vessels dominate

Far East - EU	EU - US
(10,000+ teu
	Far East - US
vessels - 95%
of the trade )	20%	Africa related
	M East related
	63%	Lat Am related
		Oceania related
Intra Asia	17%	trade
Intra Europe
and other
(0-5,100 teu	vessels -

91% of the trade)

4.0	Million TEU	3.74
3.5
3.0		2.80
2.5		2.39

2.01.83

1.5 1.39

1.00.63

0.5	0.12

0.0

Source: Trade map based on Clarkons SeaNet (7,500-10,000 TEU mid Feb - Mid Apr 2018). Vessel deployment data from Alphaliner Jan 2020

21

Navios Maritime Containers L.P.

7,500-10,000 TEU The New "Panamax" Post Canal Expansion

7,500 - 10,000 TEU Containership Trade Development

Pre cascading main trading route

Pre and post Panama canal expansion trading routes

New trading routes post Panama canal expansion

2015 - 2020 Deployment by Trading Route (+0.44 Million TEU)

Million TEU

4.5	3.5	3.9			Other	0.26 M TEU
4.0				Africa related	0.22 M TEU
3.5
				EU America	0.23 M TEU
3.0
2.5					M East related	0.21 M TEU
2.0					Lat Am related	0.32 M TEU
1.5
					0.13 M TEU
1.0					FE America
0.5					FE Europe	0.93 M TEU
0.0
Jan 2015	Jan 2020

Source: Alphaliner Jan 2020

• Increase in deployment in worldwide trade more than offset decline in Far East - Europe trade due to Cascading
• Panama Canal expansion created new trading routes
• Far East - US East coast and Far East - Lat Am East coast trade, currently deploy ~30% of the 7,500-10,000 TEU fleet

22

Navios Maritime Containers L.P.

Review of Q4 and FY 2019 Financial Results

Navios Maritime Containers L.P.

NMCI Q4 2019 and FY 2019 Earnings Highlights

Earnings Highlights
(Figures in $'000, except Unit Data,	Three Month Period	Three Month Period	Year Ended	Year Ended
Active Vessels at period end, TCE	Ended	Ended
December 31, 2019	December 31, 2018
and Available Days)	December 31, 2019	December 31, 2018
Revenue	38,991	34,416	141,532	133,921
EBITDA	15,220	12,663	56,639	64,262
Adjusted EBITDA	18,220 (1)	15,257 (2)	59,639 (1)	69,252 (3)
Net Income/(Loss)	2,935	(242)	7,507	12,700
Adjusted Net Income	5,935 (1)	2,352 (2)	10,507 (1)	17,690 (3)
Earnings/(Loss) per common unit	0.08	(0.01)	0.22	0.38
(basic and diluted)
Adjusted Earnings per common	0.17 (1)	0.07 (2)	0.30 (1)	0.53 (3)
unit (basic and diluted)
Fleet Summary Data
Available Days	2,576	2,281	10,261	8,442
Fleet Utilization	99.4%	99.4%	99.6%	98.8%
Time Charter Equivalent (TCE)	14,615	14,387	13,232	15,369
Active Vessels at period end	29	28	29	28

1. Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common unit (basic and diluted) for the three months and year ended December 31, 2019 exclude $3.0 million of expense related to a vessel purchase option not exercised
2. Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common unit (basic and diluted) for the three months ended
   December 31, 2018 exclude $2.6 million of expenses relating to the Company's listing on a U.S. exchange
3. Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common unit (basic and diluted) for the year ended December 31,
   2018 exclude $5.0 million of expenses relating to the Company's listing on a U.S. exchange

24

Navios Maritime Containers L.P.

NMCI Balance Sheet

Selected Balance Sheet Data (in $'000)
	December 31, 2019	December 31, 2018
Cash & cash equivalents (1)	18,109	18,892
Vessels and deferred dry dock and special survey costs, net	415,143	354,079
Other assets (including current and non-current)	20,762	15,206
Intangible assets	6,288	25,350
Total Assets	460,302	413,527
Other current liabilities	24,664	12,093
Current portion of long term borrowings, net	46,733	35,291
Long term borrowings, net of current portion	198,925	183,670
Total Partners' capital	189,980	182,473
Total Liabilities & Partners' capital	460,302	413,527
Net Debt / Book Capitalization	52.2%	49.8%

(1) Includes restricted cash of $1.4 million and $1.9 million as of December 31, 2019 and December 31, 2018, respectively

25

Navios Maritime Containers L.P.

Appendix

Navios Maritime Containers L.P.

Navios Containers Existing Fleet

Vessel Name	TEU	Built	Employment	Exp. Date (2)	Charter Rate (1)
Navios Summer (4)	3,450	2006	TC	Nov-2020	$10,517
Navios Verano (4)	3,450	2006	TC	Mar-2020	$9,025
Navios Spring (4)	3,450	2007	TC	Apr-2020	$8,888
Navios Amaranth (4)	4,250	2007	TC	Mar-2020	$13,427
Navios Indigo (4)	4,250	2007	TC	Mar-2020	$12,898
Navios Vermillion (4)	4,250	2007	TC	Feb-2020	$13,331
May-2020	$12,588
Navios Verde (4)	4,250	2007	TC	Apr-2020	$13,035
Navios Amarillo (4)	4,250	2007	TC	June-2020	$12,113
Navios Azure (4)	4,250	2007	TC	Mar-2020	$11,850
Navios Domino (4)	4,250	2008	TC	Apr-2020	$13,253
Navios Delight (4)	4,250	2008	TC	July-2020	$9,134
Navios Dedication (4)	4,250	2008	TC	Mar-2020	$13,413
Navios Devotion (4)	4,250	2009	TC	Apr-2020	$8,203
Navios Destiny (4)	4,250	2009	TC	Feb-2020	$13,475
Navios Lapis	4,250	2009	TC	Feb-2020 /Dec-2020	$11,992 / Index (5)
Navios Tempo	4,250	2009	TC	Apr-2020 /July-2021	$11,775 / Index (5)
Navios Dorado	4,250	2010	TC	Jan-2021	$13,776
Navios Felicitas	4,360	2010	TC	Apr-2020	$12,541
Bahamas	4,360	2010	TC	Apr-2020	$10,213
Bermuda	4,360	2010	TC	Mar-2020	$10,001
Navios Miami	4,563	2009	TC	June-2020	$12,541
APL Oakland	4,730	2008	TC	Mar-2020(3)	$27,156
APL Los Angeles	4,730	2008	TC	Apr-2020(3)	$27,156
APL Denver	4,730	2008	TC	May-2020(3)	$27,156
APL Atlanta	4,730	2008	TC	June-2020(3)	$27,156
YM Utmost	8,204	2006	TC	Apr-2020	$21,231
Navios Unite	8,204	2006	TC	Apr-2021	$23,160
Navios Unison	10,000	2010	TC	May-2021	$26,325
May-2024	$27,300
Navios Constellation	10,000	2011	TC	Nov-2020	$26,325
May-2024	$27,300
Total - 29 vessels	142,821

1. Dailycharter-out rate net of commissions, where applicable
2. Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted
3. Charter expiration dates shown reflect earliest redelivery date in the charter agreement
4. The vessel is subject to a sale and leaseback transaction for a period of up to five years, at which time we have an obligation to purchase the vessel

(5) The market rate will be calculated according to the Container Ship Time Charter Assessment Index (ConTex) as published for a 4,250 TEU vessel for a 12-month period

27

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