Monaco-based owner and operator of tanker vessels Navios Maritime Midstream Partners (Navios Midstream) recorded a net income of USD 3.9 million USD in the third quarter of this year, a drop of almost 30 percent from USD 5.5 million posted in the same period a year earlier.EBITDA for the period stood at USD 14.5 million, against USD 15.7 million seen in Q3 2016, a decrease of USD 1.2 million.In addition, revenue decreased to USD 20.7 million in the three-month period ended September 30, 2017, from USD 22.2 million reported in the same period of 2016. As explained, this was due to the lack of profit share as a result of prevailing market conditions and unscheduled off-hires due to the prolonged drydock of one of the company’s vessels.Time Charter Equivalent (TCE) was USD 39,292 in Q3 2017, compared to USD 40,835 in the same quarter last year. “Continued volatility in the oil and oil transportation markets acts as an overhang. We have the luxury of being able to wait patiently, as Navios Midstream has long-term charters with a remaining average charter period of 3.6 years, that are expected to generate approximately USD 360 million in revenue. We also have no committed growth capex or any significant debt maturity until 2020,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream, commented.The company said it entered into long-term charter-out agreements for its vessels, with a remaining average term of 3.6 years, which are expected to provide a stable base of revenue and distributable cash flow.Currently, Navios Midstream has contracted out 100% of its available days for 2017 and 2018 expecting to generate revenues, including the backstop commitment provided by Navios Maritime Acquisition Corporation of approximately USD 82.2 million and USD 86.6 million for 2017 and 2018, respectively. The average expected daily charter-out rate for the fleet is USD 39,562 and USD 39,559 for 2017 and 2018, respectively.As of October, Navios Midstream’s fleet comprises a total of six very large crude carriers (VLCCs).