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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

DATED: July 29, 2016

Commission File No. 001-36738

NAVIOS MARITIME MIDSTREAM PARTNERS L.P.

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   x             Form 40-F   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes   ¨             No    x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes   ¨             No    x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes   ¨             No    x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

N/A

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NAVIOS MARITIME MIDSTREAM PARTNERS L.P.

FORM 6-K

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The information contained in this Report is hereby incorporated by reference into the Registration Statement on Form F-3, File No. 333-208623.

Operating and Financial Review

The following is a discussion of the financial condition and results of operations for the three and six month periods ended June 30, 2016 and 2015 of Navios Maritime Midstream Partners L.P. (referred to herein as “we”, “us”, “Navios Midstream” or the “Company”). All of the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Midstream’s 2015 Annual Report filed on Form 20-F with the Securities and Exchange Commission.

This report 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 filing 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 Navios Midstream’s filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. 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.

Overview

Navios Midstream was formed on October 13, 2014, as a Marshall Islands limited partnership to own, operate and acquire crude oil tankers, refined petroleum product tankers, chemical tankers, and LPG tankers under long-term employment contracts. Navios Maritime Midstream Partners GP LLC, a wholly-owned subsidiary of Navios Maritime Acquisition Corporation (“Navios Acquisition”), was formed on October 13, 2014 to act as our general partner. On November 18, 2014, we completed our initial public offering (“IPO”).

Equity Transactions

As of June 30, 2016, there were outstanding: 9,342,692 common units, 9,342,692 subordinated units, 1,592,920 Series A subordinated units and 413,843 general partnership units. As of June 30, 2016, Navios Acquisition owned a 60.85% limited partner interest in Navios Midstream, which included a 2.0% general partner interest.

Our Fleet

Our fleet consists of six VLCCs, which have an average remaining employment term of approximately 4.8 years. They are chartered to three strong counterparties, Dalian Ocean Shipping Co. Ltd., a Chinese state-owned enterprise, SK Shipping Company Limited and Formosa Petrochemical Corporation, a Taiwan Stock Exchange-listed company.

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The following table provides summary information about our fleet as of July 28, 2016:

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Option Vessels

Pursuant to the share purchase agreement we entered into with Navios Acquisition at the closing of the IPO, we have options, exercisable through November 18, 2016, to purchase the following five VLCCs from Navios Acquisition at fair market value. Although we anticipate that we may exercise some or all of our options to purchase the following five VLCCs, the timing of such purchases is uncertain and each such purchase is subject to various conditions, including reaching an agreement with Navios Acquisition regarding the fair market value of the vessel and the availability of financing, which we anticipate would be from external sources. Generally, we expect to fund the acquisition of any or all of the five additional VLCCs we may elect to purchase with cash from operations, bank borrowings and the issuance of debt and equity securities.

The following table provides summary information about the vessels subject to the options as of July 28, 2016:

Our Customers

We provide seaborne shipping services under charters with customers that we believe are creditworthy.

For the six month period ended June 30, 2016, our three customers were Dalian Ocean Shipping Co. Ltd., SK Shipping Company Limited and Formosa Petrochemical Corporation that accounted for 70.0%, 15.2% and 14.8%, respectively, of our revenue. For the year ended December 31, 2015, these three customers accounted for 75.6%, 6.1% and 18.3%, respectively, of our revenue.

Although we believe that if any one of our charters were terminated we could re-charter the related vessel at the prevailing market rate relatively quickly, the permanent loss of a significant customer or a substantial decline in the amount of services requested by a significant customer could harm our business, financial condition and results of operations if we were unable to re-charter our vessel on a favorable basis due to the current market conditions, or otherwise.

We believe that the combination of the long-term nature of our charters (which provide for the receipt of a fixed fee for the life of the charter) and our Management Agreement with Navios Tankers Management Inc. (the “Manager”) (which provides for a fixed management fee through November 18, 2016) will provide us with a strong base of stable cash flows.

Our revenues are driven by the number of vessels in the fleet, the number of days during which the vessels operate and our charter hire rates, which, in turn, are affected by a number of factors, including:

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Time charters are available for varying periods, ranging from a single trip (spot charter) to long-term which may be many years. In general, a long-term time charter assures the vessel owner of a consistent stream of revenue. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. We intend to operate our vessels in the long-term charter market. Vessel charter rates are affected by world economics, international events, weather conditions, strikes, governmental policies, supply and demand and many other factors that might be beyond our control.

Trends and Factors Affecting Our Future Results of Operations

We believe the principal factors that will affect our future results of operations are the economic, regulatory, political and governmental conditions that affect the shipping industry generally and that affect conditions in countries and markets in which our vessels engage in business. Please read “Risk Factors” in our 2015 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

The accompanying interim condensed consolidated financial statements of Navios Midstream are unaudited, but, in the opinion of management, contain all adjustments necessary to present a fair statement of results, in all material respects, Navios Midstream’s condensed consolidated financial position as of June 30, 2016 and the condensed consolidated results of operations for the three and six month periods ended June 30, 2016 and 2015. The footnotes are condensed as permitted by the requirements for interim financial

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statements and, accordingly, do not include information and disclosures required under US GAAP for complete financial statements. All such adjustments are deemed to be of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Navios Midstream’s Annual Report on Form 20-F for the year ended December 31, 2015.

Period over Period Comparisons

For the Three Month Period ended June 30, 2016 compared to the Three Month Period ended June 30, 2015

Revenue:   Revenue for the three month period ended June 30, 2016 increased by $4.3 million to $22.7 million, as compared to $18.4 million for the same period in 2015. The increase was due to the acquisition of the Nave Celeste and the C. Dream in June 2015 and an increase of $1.2 million in profit sharing recognized in relation to certain charters for the three month period ended June 30, 2016, as compared to the same period of 2015. Time Charter Equivalent (“TCE”) was $45,783 for the three month period ended June 30, 2016 and $46,545 for the three month period ended June 30, 2015. The decrease in TCE was due to the lower average charter rate of the two VLCCs acquired in June 2015, compared to the existing fleet.

Time charter expenses:   Time charter expenses for the three month period ended June 30, 2016 were $0.3 million, as compared to $0.2 million for the three month period ended June 30, 2015.

Direct vessel expenses:  Direct vessel expenses, comprised of the amortization of dry dock and special survey costs, of certain vessels in our fleet amounted to $1.0 million for the three month period ended June 30, 2016, as compared to $0.3 million for the three month period ended June 30, 2015. The increase is due to certain vessels of our fleet having undergone drydocking and special survey.

Management fees:  Management fees for the three month period ended June 30, 2016 increased by $1.5 million to $5.2 million, as compared to $3.7 million for the three month period ended June 30, 2015. The increase was due to the acquisition of the two VLCCs in June 2015.

General and administrative expenses:  Total general and administrative expenses for the three month period ended June 30, 2016 increased by $0.2 million to $0.7 million, as compared to $0.5 million for the three month period ended June 30, 2015, due to an

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increase in legal and professional fees and in general and administrative expenses paid to the Manager. The expenses charged by the Manager for administrative services were $0.4 million for the three month period ended June 30, 2016 as compared to $0.2 million for the three month period ended June 30, 2015.

Depreciation and amortization:  Depreciation and amortization for the three month period ended June 30, 2016 amounted to $6.4 million as compared to $5.1 million for the three month period ended June 30, 2015, due to the acquisition of the Nave Celeste and the C. Dream in June 2015. Depreciation of a vessel is calculated using an estimated useful life of 25 years for the date the vessel was originally delivered from the shipyard. Intangible assets are amortized over the contract periods, which ranged from 6.34 to 15.00 years at inception.

Interest expense and finance cost:  Interest expense and finance cost amounted to $3.3 million for the three month period ended June 30, 2016 as compared to $3.2 million for the three month period end June 30, 2015. After the closing of the IPO on November 18, 2014, we entered into a loan agreement with Credit Suisse AG of up to $126.0 million, which was prepaid in June 2015. On June 18, 2015, Navios Midstream and Navios Maritime Midstream Partners Finance (US) Inc. (“Navios Finance”), as co-borrowers, completed the issuance of the $205.0 million Term Loan B (the “Term Loan B”). For each of the three month periods ended June 30, 2016 and 2015, the outstanding weighted average loan balance was $203.5 million and $134.0 million, respectively, and the weighted average interest rate was 5.50% and 3.75%, respectively.

Operating surplus: Navios Midstream generated operating surplus for the three month period ended June 30, 2016 of $10.0 million as compared to $10.3 million for the three month period ended June 30, 2015. 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. (See “Reconciliation of EBITDA to Net Cash from Operating Activities, EBITDA, Operating Surplus and Available Cash for Distribution” contained herein).

For the Six Month Period ended June 30, 2016 compared to the Six Month Period ended June 30, 2015

Revenue:   Revenue for the six month period ended June 30, 2016 increased by approximately $11.8 million to $46.8 million, as compared to $35.1 million for the same period in 2015. The increase was due to the acquisition of the Nave Celeste and the C. Dream in June 2015 and an increase of $1.9 million in profit sharing recognized in relation to certain charters for the six month period ended June 30, 2016, as compared to the same period of 2015. TCE was $44,565 for the six month period ended June 30, 2016 and $46,234 for the six month period ended June 30, 2015. The decrease in TCE was due to the lower average charter rate of the two VLCCs acquired in June 2015, compared to the existing fleet.

Time charter expenses:   Time charter expenses for the six month period ended June 30, 2016 were $0.7 million, as compared to $0.4 million for the six month period ended June 30, 2015.

Direct vessel expenses:  Direct vessel expenses, comprised of the amortization of dry dock and special survey costs, of certain vessels in our fleet amounted to $1.6 million for the six month period ended June 30, 2016, as compared to $0.6 million for the six month period ended June 30, 2015.

Management fees:  Management fees for the six month period ended June 30, 2016 increased by approximately $3.2 million to $10.4 million, as compared to $7.1 million for the six month period ended June 30, 2015, due to the acquisition of the Nave Celeste and the C. Dream in June 2015.

General and administrative expenses:  Total general and administrative expenses for the six month period ended June 30, 2016 increased by approximately $0.5 million to $1.6 million, as compared to $1.0 million for the six month period ended June 30, 2015, due to a $0.2 million increase in legal and professional fees and a $0.3 million increase in general and administrative expenses paid to the Manager. For the six month period ended June 30, 2016, the expenses charged by Navios Maritime Holdings Inc. (“Navios Holdings”) for administrative services were $0.8 million compared to $0.4 million for the six month period ended June 30, 2015.

Depreciation and amortization:  Depreciation and amortization for the six month period ended June 30, 2016 amounted to $12.8 million as compared to $10.0 million for the six month period ended June 30, 2015. The increase was due to the acquisition of the Nave Celeste and the C. Dream on June 18, 2015. Depreciation of vessels is calculated using an estimated useful life of 25 years for the date the vessel was originally delivered from the shipyard. Intangible assets are amortized over the contract periods, which ranged from 6.34 to 15.00 years at inception.

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Interest expense and finance cost:  Interest expense and finance cost for the six month period ended June 30, 2016 amounted to $6.4 million as compared to $4.4 million for the six month period ended June 30, 2015. After the closing of the IPO on November 18, 2014, we entered into a loan agreement with Credit Suisse AG of up to $126.0 million, which was prepaid in June 2015. On June 18, 2015, Navios Midstream and Navios Finance, as co-borrowers, completed the issuance of the $205.0 million Term Loan B. For each of the six month periods ended June 30, 2016 and 2015, the outstanding weighted average loan balance was $203.7 million and $129.5 million, respectively, and the weighted average interest rate was 5.50% and 3.51%, respectively.

Operating surplus:   Navios Midstream generated operating surplus for the six month period ended June 30, 2016 of $21.3 million as compared to $19.7 million for the same period ended June 30, 2015. 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. (See “Reconciliation of EBITDA to Net Cash from Operating Activities, EBITDA, Operating Surplus and Available Cash for Distribution” contained herein).

Liquidity and Capital Resources

Our primary short-term liquidity needs will be to fund general working capital requirements and drydocking expenditures, while our long-term liquidity needs are expected to primarily relate to expansion and investment capital expenditures and other maintenance capital expenditures and debt repayment. Expansion capital expenditures are primarily for the purchase or construction of vessels to the extent the expenditures increase the operating capacity of or revenue generated by our fleet, while maintenance capital expenditures primarily consist of drydocking expenditures and expenditures to replace vessels in order to maintain the operating capacity of or revenue generated by our fleet. We anticipate that our primary sources of funds for our short-term liquidity needs will be cash flows from operations and borrowings which we believe will be sufficient to meet our existing short-term liquidity needs for at least the next 12 months. Generally, our long-term sources of funds will be from cash from operations, long-term borrowings and other debt or equity financings. We expect that we will rely upon external financing sources, including bank and other borrowings, to fund acquisitions and expansion and investment capital expenditures. We cannot assure you that we will be able to secure adequate financing or obtain additional funds on favorable terms to meet our liquidity needs.

As of June 30, 2016, an amount of $203.0 million was outstanding under the Term Loan B. The weighted average interest rate for the six month period ended June 30, 2016 was 5.50%.

As of June 30, 2016, there were outstanding: 9,342,692 common units, 9,342,692 subordinated units, 1,592,920 subordinated Series A units and 413,843 general partnership units.

On July 29, 2016, Navios Midstream entered into a Continuous Offering Program Sales Agreement (the “Sales Agreement”) with S. Goldman Capital LLC, as sales agent (the “Agent”), pursuant to which Navios Midstream may issue and sell from time to time through the Agent common units representing limited partner interests having an aggregate offering price of up to $25.0 million. Sales of the units are to be made pursuant to the Company’s shelf registration statement filed on Form F-3 (File No. 333-208623) with the Securities and Exchange Commission and declared effective on January 4, 2016. The Sales Agreement contains, among other things, customary representations, warranties and covenants by Navios Midstream and indemnification obligations of Navios Midstream and the Agent as well as certain termination rights for both Navios Midstream and the Agent. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed herewith as Exhibit 1.1 and is incorporated by reference herein.

Credit Facilities

Term Loan B:  On June 18, 2015, Navios Midstream and Navios Finance, as co-borrowers, completed the issuance of the $205.0 million Term Loan B. The Term Loan B is set to mature on June 18, 2020 and is repayable in equal quarterly installments of 0.25% of the initial principal amount of the Term Loan B, beginning on September 18, 2015, with a final payment of the aggregate principal amount of the Term Loan B, plus accrued and unpaid interest, due on maturity. The Term Loan B bears interest at LIBOR plus 4.50% per annum, is secured by first priority mortgages covering six vessels owned by subsidiaries of Navios Midstream, in addition to other collateral, and is guaranteed by such subsidiaries.

The Term Loan B requires maintenance of a loan to value ratio of no greater than 0.85 to 1.0 and a minimum interest coverage ratio of at least 3.75 to 1.0, and other restrictive covenants including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan B also provides for excess cash flow prepayments and customary events of default.

As of June 30, 2016, an amount of $203.0 million was outstanding under this facility. The weighted average interest rate for the six month period ended June 30, 2016 was 5.50%.

As of June 30, 2016, Navios Midstream was in compliance with the covenants set forth in the Term Loan B.

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The following table presents cash flow information derived from the unaudited condensed consolidated statements of cash flows of Navios Midstream for the six month periods ended June 30, 2016 and 2015.

Cash provided by operating activities for the six month period ended June 30, 2016 as compared to the six month period ended June 30, 2015:

Net cash provided by operating activities increased by $1.7 million to $19.4 million for the six month period ended June 30, 2016 as compared to $17.7 million for the same period in 2015. The $1.7 million increase is analyzed as follows:

The net income for the six month period ended June 30, 2016 was $13.4 million compared to $11.7 million for the six month period ended June 30, 2015. In determining net cash provided by operating activities for the six month period ended June 30, 2016, net income was adjusted for the effect of depreciation and amortization of $12.8 million, $0.7 million for amortization of deferred financing cost and $1.6 million for the amortization of drydock and special survey costs. In determining net cash provided by operating activities for the six month period ended June 30, 2015, net income was adjusted for the effect of depreciation and amortization of $10.0 million, $2.0 million for amortization of deferred financing cost and $0.6 million for the amortization of drydock and special survey costs.

Amounts due to related parties as of June 30, 2016 and December 31, 2015 were $0.4 million, which represented amounts payable to related parties and were mainly related to voyage expenses of our vessels.

Amounts due from related parties as of June 30, 2016 and December 31, 2015 were $7.0 million and $2.8 million, respectively, which mainly related to payment of special survey expenses and management fees.

Accounts receivable increased by $1.8 million from $5.1 million for the year ended December 31, 2015 to $6.9 million as of June 30, 2016 due to the increase in receivables from charterers.

Accounts payable increased by $1.7 million from $0.4 million for the year ended December 31, 2015 to $2.1 million for the six month period ended June 30, 2016. This increase was attributable to the increase in voyage expenses payable by $1.3 million, in brokers expenses payable by $0.3 million, and in various expenses by $0.1 million.

Prepaid expenses and other current assets were $0.1 million for each of the periods ended June 30, 2016 and December 31, 2015.

Accrued expenses were $0.6 million and $0.7 million as of June 30, 2016 and December 31, 2015, respectively.

Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. Deferred voyage revenue amounted to $2.5 million for the six month period ended June 30, 2016 as compared to $1.9 million for the year ended December 31, 2015.

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Cash used in investing activities for the six month period ended June 30, 2016 as compared to the six month period ended June 30, 2015:

Cash used in investing activities was $0.5 million for the six month period ended June 30, 2016 as compared to $72.3 million for the same period in 2015. Net cash used in investing activities for each of the six month periods ended June 30, 2016 and 2015 resulted from amounts, paid for the acquisition of vessels.

Cash used in financing activities for the six month period ended June 30, 2016 as compared to the six month period ended June 30, 2015:

Net cash used in financing activities for the six month period ended June 30, 2016 was $18.5 million, compared to $58.1 million net cash provided by financing activities for the six month period ended June 30, 2015. Net cash used in financing activities for the six month period ended June 30, 2016 primarily resulted from: (a) $1.0 million of loan repayments; and (b) $17.5 million of dividends paid. Net cash provided by financing activities for the six month period ended June 30, 2015 primarily resulted from: (a) $198.1 million proceeds from long term debt, net of deferred finance costs and discount; and (b) $0.6 million proceeds from issuance of general partner units, partially mitigated by: (i) a $126.0 million loan repayment; (ii) $2.9 million of IPO expenses; and (iii) $11.6 million of dividends paid.

Reconciliation of EBITDA to Net Cash from Operating Activities, EBITDA, Operating Surplus and Available Cash for Distribution

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EBITDA

EBITDA represents net income before interest and finance costs, before depreciation and amortization and income taxes. We use EBITDA as a liquidity measure and reconcile EBITDA to net cash provided by/(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by/(used in) operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets, (ii) net (increase)/decrease in operating liabilities, (iii) net interest cost, (iv) amortization of deferred finance charges and other related expenses, (v) provision for losses on accounts receivable, (vi) equity in affiliates, net of dividends received, (vii) payments for drydock and special survey costs, (viii) gain/(loss) on sale of assets/subsidiaries, and (ix) impairment charges. Navios Midstream believes that EBITDA is the basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Midstream’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Midstream also believes that EBITDA is used (i) by 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 has limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Midstream’s results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios Midstream’s performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

EBITDA represents net income plus interest and finance costs plus depreciation and amortization including accelerated amortization of time charters and income taxes.

EBITDA is presented because Navios Midstream believes that EBITDA is a basis upon which liquidity can be assessed and presents 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.

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EBITDA increased by approximately $2.4 million to $16.4 million for the three month period ended June 30, 2016, as compared to $14.0 million for the same period in 2015. The increase in EBITDA was mainly due to a $4.3 million increase in revenue. The above increase was partially mitigated by a: (a) $1.5 million increase in management fees; (b) $0.2 million increase in general and administrative expenses; and (c) $0.1 million increase in time charter expenses.

EBITDA increased by approximately $7.5 million to $34.1 million for the six month period ended June 30, 2016, as compared to $26.6 million for the same period in 2015. The increase in EBITDA was mainly due to an $11.8 million increase in revenue. The above increase was partially mitigated by a: (a) $3.2 million increase in management fees; (b) $0.5 million increase in general and administrative expenses; (c) approximately $0.4 million increase in time charter expenses; and (d) $0.1 million increase in other (expense)/ income, net.

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.

Available Cash

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

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.

Borrowings

Navios Midstream’s long-term third party borrowings are reflected in its balance sheet as “Long-term debt, net of deferred finance costs and discount.” As of June 30, 2016, the loan balance outstanding amounted to $203.0 million under the Term Loan B, discussed above. As of December 31, 2015, the loan balance outstanding amounted to $204.0 million under the Term Loan B. The current portion of long-term debt amounted to $2.1 million for each of the six month period ended June 30, 2016 and the year ended December 31, 2015.

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Capital Expenditures

Maintenance for our vessels and expenses related to drydocking are paid to our Manager at cost under the Management Agreement.

Maintenance and replacement capital expenditures

Our partnership agreement requires our Board of Directors to deduct from operating surplus each quarter estimated maintenance and replacement capital expenditures, as opposed to actual maintenance and replacement capital expenditures, in order to reduce disparities in operating surplus caused by fluctuating maintenance and replacement capital expenditures, such as drydocking and vessel replacement. The actual cost of replacing the vessels in our fleet will depend on a number of factors, including prevailing market conditions, hire rates and the availability and cost of financing at the time of replacement. Our Board of Directors, with the approval of the conflicts committee, may determine that one or more of our assumptions should be revised, which could cause our Board of Directors to increase the amount of estimated maintenance and replacement capital expenditures. We may elect to finance some or all of our maintenance and replacement capital expenditures through the issuance of additional common units, which could be dilutive to our existing unitholders. We must make substantial capital expenditures to maintain the operating capacity of our fleet, which will reduce cash available for distribution. In addition, each quarter we are required to deduct estimated maintenance and replacement capital expenditures from operating surplus, which may result in less cash available to unitholders than if actual maintenance and replacement capital expenditures were deducted.

Maintenance Capital Expenditures . Our initial annual estimated drydocking capital expenditure reserve is expected to be $2.3 million. The estimation is based on assumptions and estimates regarding the remaining useful lives of the vessels, a relative net investment rate, drydocking and special survey costs based on current industry data.

Replacement Capital Expenditures . Because of the substantial capital expenditures we are required to make to maintain our fleet over time, our initial annual estimated replacement capital expenditures for estimating maintenance and replacement capital expenditures is expected to be $12.0 million per year, for replacing vessels at the end of their useful lives. The future vessel replacement is based on assumptions and estimates regarding the remaining useful lives of the vessels, a relative net investment rate, vessel replacement values based on current market conditions and residual value of the vessels at the end of their useful lives based on current steel prices.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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Cash Distribution Policy

Rationale for Our Cash Distribution Policy

Our cash distribution policy reflects a basic judgment that our unitholders will be better served by our distributing our cash available (after deducting expenses, including estimated maintenance and replacement capital expenditures and reserves) rather than retaining it. Because we believe we will generally finance any expansion capital expenditures from external financing sources, we believe that our investors are best served by our distributing all of our available cash. Our cash distribution policy is consistent with the terms of our partnership agreement, which requires that we distribute all of our available cash quarterly (after deducting expenses, including estimated maintenance and replacement capital expenditures and reserves).

Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy

There is no guarantee that unitholders will receive quarterly distributions from us. Our distribution policy is subject to certain restrictions and may be changed at any time.

Our ability to make distributions to our unitholders depends on the performance of our subsidiaries and their ability to distribute funds to us. The ability of our subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing and future indebtedness, applicable partnership and limited liability company laws and other laws and regulations.

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Minimum Quarterly Distribution

The amount of the minimum quarterly distribution is $0.4125 per unit, or $1.65 per unit per year. The amount of available cash from operating surplus, which we also refer to as cash available for distributions, needed to pay the minimum quarterly distribution on all of the common units and subordinated units and the 2.0% general partner interest to be outstanding as of June 30, 2016 for one quarter and for four quarters will be approximately:

During the subordination period, before we make any quarterly distributions to subordinated unitholders, our common unitholders are entitled to receive payment of the full minimum quarterly distribution plus any arrearages in distributions from prior quarters. The amount of the minimum quarterly distribution is $0.4125 per unit, or $1.65 per unit per year. We cannot guarantee, however, that we will pay the minimum quarterly distribution or any amount on the common units in any quarter.

In general, our general partner is entitled to 2.0% of all distributions that we make prior to our liquidation. The general partner’s initial 2.0% interest in these distributions, however, may be reduced if we issue additional units in the future and our general partner does not contribute a proportionate amount of capital to us to maintain its initial 2.0% general partner interest. Our general partner has the right, but not the obligation, to contribute a proportionate amount of capital to us to maintain its current general partner interest.

On January 22, 2016, the Board of Directors of Navios Midstream authorized its quarterly cash distribution for the three month period ended December 31, 2015 of $0.4225 per unit. The distribution was paid on February 12, 2016 to all holders of record of common, subordinated, subordinated Series A units and general partner units on February 9, 2016. The aggregate amount of the declared distribution was $8.7 million.

On April 21, 2016, the Board of Directors of Navios Midstream authorized its quarterly cash distribution for the three month period ended March 31, 2016 of $0.4225 per unit. The distribution was paid on May 12, 2016 to all holders of record of common, subordinated, subordinated Series A units and general partner units on May 6, 2016. The aggregate amount of the declared distribution was $8.7 million.

On July 21, 2016, the Board of Directors of Navios Midstream authorized its quarterly cash distribution for the three month period ended June 30, 2016 of $0.4225 per unit. The distribution is payable on August 12, 2016 to all holders of record of common, subordinated, subordinated Series A units and general partner units on August 10, 2016. The aggregate amount of the declared distribution is anticipated to be $8.7 million.

Incentive Distribution Rights

Incentive distribution rights represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. Our general partner currently holds the incentive distribution rights, but may transfer these rights separately from its general partner interest, subject to restrictions in the partnership agreement.

The following table illustrates the percentage allocations of the additional available cash from operating surplus among the unitholders and our general partner up to the various target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of the unitholders and our general partner in any available cash from operating surplus we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution Target Amount,” until available cash from operating surplus we distribute reaches the next target distribution level, if any. The percentage interests shown for the unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests shown for our general partner assume that our general partner maintains its 2.0% general partner interest and assume our general partner has not transferred the incentive distribution rights.

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Related Party Transactions

Management fees: On November 18, 2014, Navios Midstream entered into a new Management Agreement with the Manager pursuant to which the Manager provides commercial and technical management services to Navios Midstream’s vessels for a daily fee of $9,500 per VLCC tanker vessel for the first two years.

Management fees for the three and six month periods ended June 30, 2016 amounted to $5.2 million and $10.4 million, respectively. Management fees for the three and six month periods ended June 30, 2015 amounted to $3.7 million and $7.1 million, respectively.

General and administrative expenses: On November 18, 2014, Navios Midstream entered into the Administrative Services Agreement with the Manager, expiring on November 18, 2019, pursuant to which the Manager provides certain administrative management services to Navios Midstream which include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other services. The Manager is reimbursed for reasonable costs and expenses.

For each of the three and six month periods ended June 30, 2016, the expense arising from the administrative services rendered by the Manager to the Company’s vessels amounted to $0.4 million and $0.8 million, respectively. For each of the three and six month periods ended June 30, 2015, the expense arising from the administrative services rendered by the Manager to the Company’s vessels amounted to $0.2 million and $0.4 million, respectively.

Balances due from/ to related parties:  Balances due from/ to related parties relate to amounts from/ to Navios Acquisition and its subsidiaries, as well as Navios Holdings.

Amounts due from related parties as of June 30, 2016 and as of December 31, 2015, were $7.0 million and $2.8 million, respectively, which mainly related to payments of special survey expenses and management fees.

Amounts due to Navios Acquisition as of June 30, 2016 were $0.4 million which represents the current account payable to Navios Acquisition in relation to voyage expenses of our vessels. Amounts due to Navios Acquisition as of December 31, 2015 were $0.4 million and there was an amount due to Navios Holdings of $0.1 million.

Omnibus Agreement: On November 18, 2014, Navios Midstream entered into an omnibus agreement, with Navios Acquisition, Navios Holdings and Navios Maritime Partners L.P. (“Navios Partners”) in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliates generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliates to compete with Navios Midstream under specified circumstances.

Under the omnibus agreement, Navios Midstream and its subsidiaries granted to Navios Acquisition a right of first offer on any proposed sale, transfer or other disposition of any of its VLCCs or any crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers and related charters owned or acquired by Navios Midstream. Likewise, Navios Acquisition granted a similar right of first offer to Navios Midstream for any of the VLCCs, crude oil tanker, refined petroleum product tanker, LPG tanker or chemical tanker under charter for five or more years it might own. These rights of first offer will not apply to a (a) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a charter party or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third-party.

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Backstop Agreements: On November 18, 2014, Navios Acquisition entered into backstop agreements with Navios Midstream. In accordance with the terms of the backstop agreements, Navios Acquisition has provided a backstop commitment to charter-in the Shinyo Ocean and the Shinyo Kannika for a two-year period as of their scheduled redelivery at the currently contracted rate if the market charter rate is lower than the currently contracted rate. Further, Navios Acquisition has provided a backstop commitment to charter-in the Nave Celeste for a two-year period as of its scheduled redelivery, at the net time charter-out rate per day (net of commissions) of $35,000 if the market charter rate is lower than the charter-out rate of $35,000. Navios Acquisition has also provided a backstop commitment to charter-in the option vessels, the Nave Galactic and the Nave Quasar for a four-year period as of their scheduled redelivery, at the net time charter-out rate per day (net of commissions) of $35,000 if the market charter rate is lower than the charter-out rate of $35,000. Conversely, if market charter rates are higher during the backstop period, such vessels will be chartered out to third-party charterers at prevailing market rates and Navios Acquisition’s backstop commitment will not be triggered. The backstop commitment does not include any profit sharing.

General Partner Option Agreement:  Navios Holdings has a ten-year option to purchase a minimum of 25% of the general partner interest held by the general partner, the incentive distribution rights held by the general partner and/or the membership interests in the general partner from Navios Acquisition, each at fair market value. The option expires on November 18, 2024.

Option Vessels:  On November 18, 2014, Navios Midstream entered into a share purchase agreement with Navios Acquisition, pursuant to which Navios Midstream has options, that are exercisable through November 18, 2016, to acquire the capital stock of up to seven vessel-owning subsidiaries of Navios Acquisition that own seven VLCC vessels and the related time charters. In June 2015, Navios Midstream exercised its option and acquired two of the seven vessels, the Nave Celeste and the C. Dream, and holds options to acquire the capital stock for five additional vessel-owning subsidiaries of Navios Acquisition.

Quantitative and Qualitative Disclosures about Market Risks

Foreign Exchange Risk

Our functional and reporting currency is the U.S. dollar. We engage in worldwide commerce with a variety of entities. Although our operations may expose us to certain levels of foreign currency risk, our transactions are predominantly U.S. dollar denominated. Transactions in currencies other than U.S. dollar are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized. Expenses incurred in foreign currencies against which the U.S. Dollar falls in value can increase thereby decreasing our income or vice versa if the U.S. dollar increases in value.

Interest Rate Risk

Borrowings under our credit facility bear interest at rates based on a premium over U.S. $ LIBOR except for the interest rate on the Notes which is fixed. Therefore, we are exposed to the risk that our interest expense may increase if interest rates rise. For the six month period ended June 30, 2016, we paid interest on our outstanding debt at a weighted average interest rate of 5.50%. A 1% increase in LIBOR would have increased our interest expense for the six month period ended June 30, 2016 by $1.0 million. For the six month period ended June 30, 2015, we paid interest on our outstanding debt at a weighted average interest rate of 3.51%.

Concentration of Credit Risk

Financial instruments, which potentially subject us to significant concentrations of credit risk, consist principally of trade accounts receivable. We closely monitor our exposure to customers for credit risk. We have policies in place to ensure that we trade with customers with an appropriate credit history. For the six month period ended June 30, 2016, customers representing 10% or more of total revenue were Dalian Ocean Shipping Co. Ltd., SK Shipping Company Limited and Formosa and Petrochemical Corporation, which accounted for 70.0%, 15.2% and 14.8%, respectively, of our revenue.

For the six month period ended June 30, 2015, customers representing 10% or more of total revenue were Dalian Ocean Shipping Co. Ltd. and Formosa Petrochemical Corporation, which accounted for 77.5% and 21.4%, respectively, of our revenue.

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Inflation

Inflation has had a minimal impact on vessel operating expenses and general and administrative expenses. Our management does not consider inflation to be a significant risk to direct expenses in the current and foreseeable economic environment.

Critical Accounting Policies

Our interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates in the application of our accounting policies based on the best assumptions, judgments and opinions of management. Following is a discussion of the accounting policies that involve a higher degree of judgment and the methods of their application that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. For a description of all of our significant accounting policies, see Note 2 to the Notes to the consolidated financial statements, included in the annual report on Form 20-F for the year ended December 31, 2015.

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N AVIOS MARITIME MIDSTREAM PARTNERS L.P.

F-1

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See unaudited condensed notes to the condensed consolidated financial statements.

F-2

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See unaudited condensed notes to the condensed consolidated financial statements.

F-3

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See unaudited condensed notes to the condensed consolidated financial statements.

F-4

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See unaudited condensed notes to the condensed consolidated financial statements.

F-5

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NAVIOS MARITIME MIDSTREAM PARTNERS L.P.