Navios Maritime Partners L.P. Reports Financial Results for the听Second Quarter and Six Months Ended June 30, 2025
Navios Maritime Partners (NYSE:NMM) reported Q2 2025 financial results with revenue of $327.6 million and net income of $69.9 million. The company achieved earnings per unit of $2.34 and EBITDA of $178.2 million for the quarter.
Key operational highlights include the acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers for $133.0 million and sale of three vessels for $95.5 million. The company maintains a diverse fleet of 173 vessels, including 68 dry bulk vessels, 47 containerships, and 58 tankers, with $3.1 billion in contracted revenue through 2037.
The company continues its capital return program, having repurchased 716,575 common units in 2025 for $27.8 million and declared a quarterly cash distribution of $0.05 per unit. Fleet utilization remains strong with 75.2% of available days fixed for H2 2025 and 43.2% for 2026.
Navios Maritime Partners (NYSE:NMM) ha comunicato i risultati finanziari del 2掳 trimestre 2025 con ricavi per $327,6 milioni e utile netto di $69,9 milioni. La societ脿 ha registrato utile per unit脿 di $2,34 e un EBITDA di $178,2 milioni nel trimestre.
I principali elementi operativi includono l'acquisto di due aframax/LR2 nuove costruzioni dotate di scrubber per $133,0 milioni e la vendita di tre navi per $95,5 milioni. La societ脿 mantiene una flotta diversificata di 173 unit脿, comprendenti 68 navi bulk, 47 portacontainer e 58 petroliere, con $3,1 miliardi di ricavi contrattualizzati fino al 2037.
La societ脿 prosegue il programma di restituzione di capitale, avendo riacquistato 716.575 unit脿 ordinarie nel 2025 per $27,8 milioni e dichiarato una distribuzione in contanti trimestrale di $0,05 per unit脿. L'utilizzo della flotta resta solido con 75,2% dei giorni disponibili coperti per la 2H 2025 e 43,2% per il 2026.
Navios Maritime Partners (NYSE:NMM) inform贸 los resultados financieros del 2T 2025 con ingresos de $327.6 millones y utilidad neta de $69.9 millones. La compa帽铆a alcanz贸 ganancia por unidad de $2.34 y un EBITDA de $178.2 millones en el trimestre.
Los aspectos operativos clave incluyen la adquisici贸n de dos aframax/LR2 nuevas con scrubbers por $133.0 millones y la venta de tres buques por $95.5 millones. La compa帽铆a mantiene una flota diversificada de 173 embarcaciones, que incluye 68 graneleros, 47 portacontenedores y 58 petroleros, con $3.1 mil millones en ingresos contratados hasta 2037.
La compa帽铆a contin煤a su programa de retorno de capital, habiendo recomprado 716,575 unidades comunes en 2025 por $27.8 millones y declarado una distribuci贸n trimestral en efectivo de $0.05 por unidad. La utilizaci贸n de la flota permanece s贸lida con 75.2% de los d铆as disponibles fijados para la 2S 2025 y 43.2% para 2026.
Navios Maritime Partners (NYSE:NMM)電� 2025雲� 2攵勱赴 鞁れ爜鞚� 氚滍憸頃橂┌ 毵れ稖 $327.6氚彪瓿� 靾滌澊鞚� $69.9氚彪鞚� 旮半頄堨姷雼堧嫟. 須岇偓電� 攵勱赴 霃欖晥 雼渼雼� 靾滌澊鞚� $2.34瓿� EBITDA $178.2氚彪鞚� 雼劚頄堨姷雼堧嫟.
欤检殧 鞖挫榿 頃橃澊霛检澊韸鸽電� 鞀ろ伂霟矂 鞛レ癌 鞁犾“ 鞎勴攧霛茧鞀�/LR2 韮膘护 2觳欖潉 $133.0氚彪鞐� 鞚胳垬顷橁碃 靹犽皶 3觳欖潉 $95.5氚彪鞐� 毵り皝頃� 鞝愳澊 韽暔霅╇媹雼�. 須岇偓電� 68觳欖潣 瓯错檾氍检劆, 47觳欖潣 旎厡鞚措剤靹�, 58觳欖潣 韮膘护毳� 韽暔頃� 齑� 173觳欖潣 雼れ枒頇旊悳 靹犽嫧鞚� 氤挫湢顷橁碃 鞛堨溂氅�, 2037雲勱箤歆� 瓿勳暯霅� 毵れ稖 $31鞏�鞚� 頇曤炒顷橁碃 鞛堨姷雼堧嫟.
須岇偓電� 鞛愲掣 頇橃洂 頂勲攴鸽灗鞚� 瓿勳啀 歆勴枆 欷戩澊氅�, 2025雲� 欷� 氤错喌雼渼 716,575欤茧ゼ $27.8氚彪鞐� 鞛Г鞛�頄堦碃 雼渼雼� 攵勱赴順勱笀氚半嫻 $0.05毳� 靹犾柛頄堨姷雼堧嫟. 靹犽嫧 臧�霃欕鞚� 臧曥劯毳� 鞙犾顷橁碃 鞛堨溂氅� 2025雲� 頃橂皹旮� 鞚挫毄 臧�電� 鞚检垬鞚� 75.2%臧� 頇曥爼霅橃柎 鞛堦碃 2026雲勳潃 43.2%鞛呺媹雼�.
Navios Maritime Partners (NYSE:NMM) a publi茅 ses r茅sultats financiers du 2e trimestre 2025 avec un chiffre d'affaires de 327,6 M$ et un b茅n茅fice net de 69,9 M$. La soci茅t茅 a r茅alis茅 un b茅n茅fice par part de 2,34 $ et un EBITDA de 178,2 M$ pour le trimestre.
Parmi les faits marquants op茅rationnels figurent l'acquisition de deux aframax/LR2 neuves 茅quip茅es de scrubbers pour 133,0 M$ et la vente de trois navires pour 95,5 M$. L'entreprise dispose d'une flotte diversifi茅e de 173 navires, comprenant 68 vraquiers, 47 porte-conteneurs et 58 p茅troliers, avec 3,1 milliards $ de revenus contract茅s jusqu'en 2037.
La soci茅t茅 poursuit son programme de retour de capital, ayant rachet茅 716 575 parts ordinaires en 2025 pour 27,8 M$ et d茅clar茅 une distribution trimestrielle en esp猫ces de 0,05 $ par part. L'utilisation de la flotte reste solide avec 75,2 % des jours disponibles fix茅s pour le 2e semestre 2025 et 43,2 % pour 2026.
Navios Maritime Partners (NYSE:NMM) meldete die Finanzergebnisse f眉r Q2 2025 mit Umsatz von $327,6 Millionen und Nettoeinkommen von $69,9 Millionen. Das Unternehmen erzielte Ergebnis je Einheit von $2,34 und ein EBITDA von $178,2 Millionen f眉r das Quartal.
Wesentliche operative H枚hepunkte sind der Erwerb von zwei scrubber-ausger眉steten Neubau-Aframax/LR2-Tankern f眉r $133,0 Millionen und der Verkauf von drei Schiffen f眉r $95,5 Millionen. Das Unternehmen unterh盲lt eine diversifizierte Flotte von 173 Schiffen, darunter 68 Bulkcarrier, 47 Containerschiffe und 58 Tanker, mit $3,1 Milliarden an vertraglich gesicherten Einnahmen bis 2037.
Das Unternehmen setzt sein Kapitalr眉ckf眉hrungsprogramm fort: Es hat 716.575 Stammanteile im Jahr 2025 f眉r $27,8 Millionen zur眉ckgekauft und eine viertelj盲hrliche Barauszahlung von $0,05 je Anteil beschlossen. Die Flottenauslastung bleibt stark mit 75,2% der verf眉gbaren Tage f眉r H2 2025 fixiert und 43,2% f眉r 2026.
- Strong fleet utilization with 75.2% of available days fixed for H2 2025
- Significant contracted revenue of $3.1 billion through 2037
- Healthy EBITDA of $178.2 million in Q2 2025
- Strategic fleet renewal with $133.0 million investment in new vessels
- Active capital return program with $27.8 million in unit repurchases during 2025
- Revenue declined 4.3% year-over-year to $327.6 million in Q2 2025
- Net income decreased 31.1% year-over-year to $69.9 million
- TCE rate decreased by 1.5% to $23,040 per day compared to Q2 2024
- Vessel operating expenses increased by $9.1 million due to higher daily rates
- Termination of two VLCC contracts due to sanctions on VS Tankers
Insights
Navios reports solid Q2 results with $69.9M net income amid vessel portfolio optimization and strong contracted revenue of $3.1B through 2037.
Navios Maritime Partners delivered $327.6 million in Q2 2025 revenue, generating $69.9 million in net income ($2.34 earnings per unit) and $178.2 million in EBITDA. While these figures represent a 4.3% year-over-year revenue decline and 31.1% drop in net income from Q2 2024, the company maintains a strategically diversified fleet of 173 vessels across dry bulk, container, and tanker segments.
The company's active fleet management strategy is evident in its $133 million acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers alongside $95.5 million in vessel sales proceeds from three older vessels averaging 16.5 years of age. This rejuvenation approach strengthens the fleet's earning potential while reducing operational costs and environmental impact.
Particularly noteworthy is Navios' impressive $3.1 billion contracted revenue backlog extending through 2037, with 75.2% of available days fixed for H2 2025 at an average rate of $24,989 per day. The company's decisive action following sanctions against VS Tankers demonstrates operational agility, promptly terminating contracts for two VLCCs and redeploying them in the spot market.
Financial flexibility remains strong with three new financing arrangements totaling $389.6 million secured in June 2025, extending debt maturities and supporting fleet expansion. The $0.05 quarterly distribution ($0.20 annualized) and ongoing unit repurchase program (716,575 units bought back in 2025 for $27.8 million) reflect management's commitment to returning capital to unitholders while maintaining balance sheet strength.
The modest 1.5% decrease in TCE rates to $23,040 per day and 1.3% decline in H1 TCE to $22,154 indicates relative rate stability despite market fluctuations. Operating expenses increased by 4.5% to $7,108 daily, reflecting both fleet composition changes and inflationary pressures across the maritime sector.
- Revenue:
$327.6 million for Q2 2025$631.7 million for H1 2025
- Net Income:
- $听 69.9 million for Q2 2025
$111.7 million for H1 2025
- Earnings per common unit:
- $听 听 2.34 for Q2 2025
- $听 听 3.72 for H1 2025
- Net cash from operating activities:
$121.6 million for Q2 2025$278.2 million for H1 2025
- EBITDA:
$178.2 million for Q2 2025$325.8 million for H1 2025
- Returning capital to unitholders:
- 716,575 common units repurchased in 2025 (through August 13) for
$27.8 million $0.05 per unit cash distribution for Q2 2025;$0.20 per unit annualized
- 716,575 common units repurchased in 2025 (through August 13) for
- Sales and purchases in Q2 鈥� Q3 2025 QTD:
$133.0 million acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers- $听 95.5 million gross sale听proceeds from sale of three vessels; average age of 16.5 years
- One newbuilding aframax/LR2 tanker delivered
$3.1 billion contracted revenue as of August 2025
PIRAEUS, Greece, Aug. 21, 2025 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (鈥淣avios Partners鈥�) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the second quarter and six month period ended June 30, 2025.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, 鈥淚 am pleased with the results for the second quarter of 2025, in which we reported revenue of
Angeliki Frangou continued, 鈥淕lobal economies have been surprisingly robust given the uncertain macro-environment. In addition, we are witnessing the creation and reshaping of trade patterns with longer distances due to the war between Ukraine and Russia, continued attacks in the Red Sea, and new and evolving world tariff regime. As a result, the shipping market generally is healthy.鈥�
Common unit repurchases
As of August 13, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 716,575 common units in 2025 and 1,206,530 common units since the commencement of the program, for aggregate cash consideration of approximately
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2025 of
Fleet update Q2 鈥� Q3 2025 QTD
- Acquisition of vessels
- Acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers for
$133.0 million
- Acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers for
In June 2025, Navios Partners agreed to acquire two scrubber-fitted newbuilding aframax/LR2 tankers of 115,000 dwt, from unrelated third parties, for an aggregate purchase price of
- Sale of vessels
- $听 95.5 million gross sale proceeds from sale of three vessels with average age of 16.5 years听
During the second quarter of 2025, Navios Partners agreed to sell a 2009-built 4,250 TEU containership and a 2008-built 4,730 TEU containership, to unrelated third parties, for an aggregate gross sale price of
In July 2025, Navios Partners agreed to sell a 2009-built transhipper vessel of 57,573 dwt to Navios South American Logistics Inc. for a gross sale price of
- One newbuilding vessel delivered
In June 2025, Navios Partners took delivery of a 2025-built aframax/LR2 tanker, which has been chartered-out at a rate of
- Termination of Contracts
On July 3, 2025, the U.S. Department of Treasury鈥檚 Office of Foreign Assets Control added, amongst others, VS Tankers FZE (鈥淰S Tankers鈥�) to the Specially Designated Nationals list after being determined by the State Department to meet the criteria for the imposition of sanctions under Executive Order 13902. Navios Partners had two VLCCs built in 2020 and 2021, which were bareboat chartered to VS Tankers. On July 4, 2025, Navios Partners terminated the contracts for these vessels, which were bareboat chartered-out through October 2030 and February 2031, respectively, each at a rate of
Financing update
In June 2025, Navios Partners entered into a new reducing revolving credit facility with a commercial bank for a total amount up to
In June 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to
In June 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to
Operating Highlights
Navios Partners owns and operates a fleet comprised of 68 dry bulk vessels, 47 containerships and 58 tankers, including 18 newbuilding tankers (12 aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through the first half of 2028 and four 7,900 TEU newbuilding containerships that are expected to be delivered through the first half of 2027. The fleet excludes two containerships agreed to be sold.
As of August 13, 2025, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 1.9 years. Navios Partners has currently fixed
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three and six month periods ended June 30, 2025 and 2024. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners鈥� results calculated in accordance with U.S. generally accepted accounting principles (鈥淯.S. GAAP鈥�).
| 听 | Three Month Period Ended June 30, 2025 | 听 | Three Month Period Ended June 30, 2024(5) | 听 | Six Month Period Ended June 30, 2025 | 听 | Six Month Period Ended June 30, 2024(5) | 听 | |||||
| (in $鈥�000 except per unit data) | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | 听 | |||||
| Revenue | $ | 327,558 | 听 | $ | 342,155 | 听 | $ | 631,670 | 听 | $ | 660,710 | 听 | |
| Net Income | $ | 69,947 | 听 | $ | 101,469 | 听 | $ | 111,674 | 听 | $ | 174,830 | 听 | |
| Adjusted Net Income | $ | 64,346 | (1) | $ | 94,213 | (2) | $ | 112,003 | (3) | $ | 165,697 | (4) | |
| Net cash provided by operating activities | $ | 121,628 | 听 | $ | 131,479 | 听 | $ | 278,180 | 听 | $ | 225,915 | 听 | |
| EBITDA | $ | 178,236 | 听 | $ | 197,008 | 听 | $ | 325,844 | 听 | $ | 363,163 | 听 | |
| Adjusted EBITDA | $ | 172,635 | (1) | $ | 189,752 | (2) | $ | 326,173 | (3) | $ | 354,030 | (4) | |
| Earnings per Common Unit basic | $ | 2.34 | 听 | $ | 3.30 | 听 | $ | 3.72 | 听 | $ | 5.68 | 听 | |
| Earnings per Common Unit diluted | $ | 2.34 | 听 | $ | 3.30 | 听 | $ | 3.72 | 听 | $ | 5.68 | 听 | |
| Adjusted Earnings per Common Unit basic | $ | 2.15 | (1) | $ | 3.06 | (2) | $ | 3.73 | (3) | $ | 5.38 | (4) | |
| Adjusted Earnings per Common Unit diluted | $ | 2.15 | (1) | $ | 3.06 | (2) | $ | 3.73 | (3) | $ | 5.38 | (4) | |
| (1) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2025 have been adjusted to exclude a |
| (2) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2024 have been adjusted to exclude a |
| (3) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2025 have been adjusted to exclude a |
| (4) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2024 have been adjusted to exclude a |
| (5) | Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current periods. Navios Partners has changed its classification of 鈥淒irect vessel expenses鈥� to reallocate these amounts between 鈥淰essel operating expenses (including management fees)鈥� and 鈥淒epreciation and amortization鈥� in the condensed consolidated statements of operations. Management has assessed the impact of this change as immaterial to the financial statements. For the three month period ended June 30, 2024, this resulted in the reclassification of |
| 听 | 听 |
Three month periods ended June 30, 2025 and 2024
Time charter and voyage revenues for the three month period ended June 30, 2025 decreased by
EBITDA of Navios Partners for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by
Net Income for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income decreased by
Six month periods ended June 30, 2025 and 2024
Time charter and voyage revenues for the six month period ended June 30, 2025 decreased by
EBITDA of Navios Partners for the six month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by
Net Income for the six month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income decreased by
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners鈥� core fleet performance for the three and six month periods ended June 30, 2025 and 2024.
| 听 | Three Month Period Ended June 30, 2025 | 听 | Three Month Period Ended June 30, 2024 | 听 | Six Month Period听Ended June 30, 2025 | 听 | Six Month Period Ended June 30, 2024 | |||||||||||
| 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | |||||||||||
| Available Days(1) | 听 | 13,388 | 听 | 听 | 听 | 听 | 13,498 | 听 | 听 | 听 | 听 | 26,844 | 听 | 听 | 听 | 听 | 27,038 | 听 |
| Operating Days(2) | 听 | 13,296 | 听 | 听 | 听 | 听 | 13,306 | 听 | 听 | 听 | 听 | 26,645 | 听 | 听 | 听 | 听 | 26,751 | 听 |
| Fleet Utilization(3) | 听 | 99.3 | % | 听 | 听 | 听 | 98.6 | % | 听 | 听 | 听 | 99.3 | % | 听 | 听 | 听 | 98.9 | % |
| Opex Days(4) | 听 | 13,703 | 听 | 听 | 听 | 听 | 12,981 | 听 | 听 | 听 | 听 | 27,289 | 听 | 听 | 听 | 听 | 25,942 | 听 |
| TCE rate Combined (per day)(5) | $ | 23,040 | 听 | 听 | 听 | $ | 23,384 | 听 | 听 | 听 | $ | 22,154 | 听 | 听 | 听 | $ | 22,448 | 听 |
| TCE rate Dry Bulk (per day)(5) | $ | 15,470 | 听 | 听 | 听 | $ | 17,959 | 听 | 听 | 听 | $ | 14,070 | 听 | 听 | 听 | $ | 16,090 | 听 |
| TCE rate Containerships (per day)(5) | $ | 31,316 | 听 | 听 | 听 | $ | 30,239 | 听 | 听 | 听 | $ | 30,906 | 听 | 听 | 听 | $ | 30,037 | 听 |
| TCE rate Tankers (per day)(5) | $ | 26,537 | 听 | 听 | 听 | $ | 27,816 | 听 | 听 | 听 | $ | 26,316 | 听 | 听 | 听 | $ | 27,952 | 听 |
| Opex rate Combined (per day)(6) | $ | 7,108 | 听 | 听 | 听 | $ | 6,801 | 听 | 听 | 听 | $ | 7,045 | 听 | 听 | 听 | $ | 6,800 | 听 |
| Vessels operating at period end | 听 | 154 | 听 | 听 | 听 | 听 | 151 | 听 | 听 | 听 | 听 | 154 | 听 | 听 | 听 | 听 | 151 | 听 |
| (1) | Available days for the fleet represent total calendar days the vessels were in Navios Partners鈥� possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys and ballast days. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues. |
| (2) | Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels were off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. |
| (3) | Fleet utilization is the percentage of time that Navios Partners鈥� vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels were off-hire for reasons other than scheduled repairs, drydockings or special surveys. |
| (4) | Opex days for the fleet represent total calendar days the vessels were in Navios Partners鈥� possession for the relevant period after subtracting total calendar days of Navios Partners鈥� charter-in vessels and bareboat-out vessels. |
| (5) | TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet. |
| (6) | Opex rate: Opex rate per day is defined as vessel operating expenses (including management fees) divided by the number of opex days during the period. |
| 听 | 听 |
Conference Call Details:
Navios Partners' management will host a conference call on Thursday, August 21, 2025 to discuss the results for the second quarter and six months ended June 30, 2025.
Call Date/Time: Thursday, August 21, 2025 at 8:30 am ET
Call Title: Navios Partners Q2 2025 Financial Results Conference Call听
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ225
The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.839.6737
International Replay Dial In: +1.402.220.6052
Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Partners website () under 鈥淚nvestors鈥�. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
A supplemental slide presentation will be available on the Navios Partners website at 听under the 鈥淚nvestors鈥� section at 8:00 am ET on the day of the call.听
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at .
Forward-Looking Statements
This press release contains and will contain 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, TCE rates and Navios Partners鈥� expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners鈥� growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners鈥� ability to refinance its debt on attractive terms, or at all. Words such as 鈥渕ay,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渁nticipates,鈥� 鈥渉opes,鈥� 鈥渆stimates,鈥� 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 Partners at the time these statements were made. Although Navios Partners 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 Partners. 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: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, 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, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets; and other factors listed from time to time in Navios Partners鈥� filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners 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 Partners鈥� expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.
Contacts
Navios Maritime Partners L.P.
+1 (212) 906 8645
听
Nicolas Bornozis
Capital Link, Inc.
EXHIBIT 1
| NAVIOS MARITIME PARTNERS L.P. SELECTED BALANCE SHEET DATA (Expressed in thousands of U.S. Dollars) | ||||||
| 听 | ||||||
| 听 | 听 | June 30, 2025 (unaudited) | 听 | December听31, 2024 (unaudited) | ||
| ASSETS | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash and cash equivalents, including restricted cash and time deposits over three months (1) | 听 | $ | 389,009 | 听 | $ | 312,078 |
| Other current assets | 听 | 听 | 111,776 | 听 | 听 | 130,913 |
| Total current assets | 听 | 听 | 500,785 | 听 | 听 | 442,991 |
| Vessels, net | 听 | 听 | 4,552,275 | 听 | 听 | 4,241,292 |
| Other non-current assets | 听 | 听 | 831,493 | 听 | 听 | 988,957 |
| Total non-current assets | 听 | 听 | 5,383,768 | 听 | 听 | 5,230,249 |
| Total assets | 听 | $ | 5,884,553 | 听 | $ | 5,673,240 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| LIABILITIES AND PARTNERS鈥� CAPITAL | 听 | 听 | 听 | 听 | 听 | 听 |
| Other current liabilities | 听 | $ | 189,346 | 听 | $ | 143,444 |
| Current portion of borrowings, net | 听 | 听 | 269,696 | 听 | 听 | 266,222 |
| Total current liabilities | 听 | 听 | 459,042 | 听 | 听 | 409,666 |
| Non-current portion of borrowings, net | 听 | 听 | 1,957,295 | 听 | 听 | 1,862,715 |
| Other non-current liabilities | 听 | 听 | 278,232 | 听 | 听 | 294,231 |
| Total non-current liabilities | 听 | 听 | 2,235,527 | 听 | 听 | 2,156,946 |
| Total liabilities | 听 | $ | 2,694,569 | 听 | $ | 2,566,612 |
| Total partners鈥� capital | 听 | 听 | 3,189,984 | 听 | 听 | 3,106,628 |
| Total liabilities and partners鈥� capital | 听 | $ | 5,884,553 | 听 | $ | 5,673,240 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) Includes time deposits with duration over three months of
| NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of U.S. Dollars except per unit data) | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three Month Period Ended June 30, 2025 | 听 | Three Month Period Ended June 30, 2024(1) | 听 | Six Month Period Ended June 30, 2025 | 听 | Six Month Period Ended June 30, 2024(1) | ||||||||
| 听 | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | ||||||||
| Time charter and voyage revenues | 听 | $ | 327,558 | 听 | 听 | $ | 342,155 | 听 | 听 | $ | 631,670 | 听 | 听 | $ | 660,710 | 听 |
| Time charter and voyage expenses | 听 | 听 | (31,215 | ) | 听 | 听 | (40,044 | ) | 听 | 听 | (61,232 | ) | 听 | 听 | (81,955 | ) |
| Vessel operating expenses (including management fees) | 听 | 听 | (97,404 | ) | 听 | 听 | (88,282 | ) | 听 | 听 | (192,246 | ) | 听 | 听 | (176,410 | ) |
| General and administrative expenses | 听 | 听 | (23,422 | ) | 听 | 听 | (20,584 | ) | 听 | 听 | (45,394 | ) | 听 | 听 | (41,328 | ) |
| Depreciation and amortization | 听 | 听 | (80,785 | ) | 听 | 听 | (72,219 | ) | 听 | 听 | (159,430 | ) | 听 | 听 | (142,136 | ) |
| Amortization of unfavorable lease terms | 听 | 听 | 2,912 | 听 | 听 | 听 | 3,171 | 听 | 听 | 听 | 5,792 | 听 | 听 | 听 | 6,307 | 听 |
| Gain/ (loss) on sale of vessels, net | 听 | 听 | 5,601 | 听 | 听 | 听 | 7,256 | 听 | 听 | 听 | (329 | ) | 听 | 听 | 9,133 | 听 |
| Interest expense and finance cost, net | 听 | 听 | (33,485 | ) | 听 | 听 | (30,087 | ) | 听 | 听 | (66,995 | ) | 听 | 听 | (59,496 | ) |
| Interest income | 听 | 听 | 3,069 | 听 | 听 | 听 | 3,596 | 听 | 听 | 听 | 6,463 | 听 | 听 | 听 | 6,992 | 听 |
| Other expense, net | 听 | 听 | (2,882 | ) | 听 | 听 | (3,493 | ) | 听 | 听 | (6,625 | ) | 听 | 听 | (6,987 | ) |
| Net income | 听 | $ | 69,947 | 听 | 听 | $ | 101,469 | 听 | 听 | $ | 111,674 | 听 | 听 | $ | 174,830 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) See footnote 5 under 鈥淓arnings Highlights鈥�.
Earnings per unit:
| 听 | 听 | Three Month Period Ended June听30, 2025 | 听 | 听 | Three Month Period Ended June听30, 2024 | 听 | Six Month Period Ended June听30, 2025 | 听 | Six Month Period Ended June听30, 2024 | ||||
| 听 | 听 | (unaudited) | 听 | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | ||||
| Earnings per unit: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Earnings per common unit, basic | 听 | $ | 2.34 | 听 | 听 | $ | 3.30 | 听 | $ | 3.72 | 听 | $ | 5.68 |
| Earnings per common unit, diluted | 听 | $ | 2.34 | 听 | 听 | $ | 3.30 | 听 | $ | 3.72 | 听 | $ | 5.68 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| NAVIOS MARITIME PARTNERS L.P. Other Financial Information (Expressed in thousands of U.S. Dollars) | ||||||||
| 听 | ||||||||
| 听 | 听 | Six Month Period Ended June 30, 2025 | 听 | Six Month Period Ended June 30, 2024 | ||||
| 听 | 听 | (unaudited) | 听 | (unaudited) | ||||
| Net cash provided by operating activities | 听 | $ | 278,180 | 听 | 听 | $ | 225,915 | 听 |
| Net cash used in investing activities | 听 | $ | (268,650 | ) | 听 | $ | (293,957 | ) |
| Net cash provided by financing activities | 听 | $ | 68,304 | 听 | 听 | $ | 98,711 | 听 |
| Increase in cash, cash equivalents and restricted cash | 听 | $ | 77,834 | 听 | 听 | $ | 30,669 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
EXHIBIT 2
| Owned Dry Bulk Vessels | 听 | Type | 听 | Built | 听 | Capacity (DWT) |
| Navios Christine B | 听 | Ultra-Handymax | 听 | 2009 | 听 | 58,058 |
| Navios Celestial | 听 | Ultra-Handymax | 听 | 2009 | 听 | 58,063 |
| Navios Venus | 听 | Ultra-Handymax | 听 | 2015 | 听 | 61,339 |
| Navios La Paix | 听 | Ultra-Handymax | 听 | 2014 | 听 | 61,485 |
| N Amalthia | 听 | Panamax | 听 | 2006 | 听 | 75,356 |
| Navios Hope | 听 | Panamax | 听 | 2005 | 听 | 75,397 |
| Navios Sun | 听 | Panamax | 听 | 2005 | 听 | 76,619 |
| Navios Helios | 听 | Panamax | 听 | 2005 | 听 | 77,075 |
| Navios Victory | 听 | Panamax | 听 | 2014 | 听 | 77,095 |
| Rainbow N | 听 | Panamax | 听 | 2011 | 听 | 79,602 |
| Unity N | 听 | Panamax | 听 | 2011 | 听 | 79,642 |
| Odysseus N | 听 | Panamax | 听 | 2011 | 听 | 79,642 |
| Navios Amber | 听 | Kamsarmax | 听 | 2015 | 听 | 80,909 |
| Navios Avior | 听 | Kamsarmax | 听 | 2012 | 听 | 81,355 |
| Navios Centaurus | 听 | Kamsarmax | 听 | 2012 | 听 | 81,472 |
| Navios Citrine | 听 | Kamsarmax | 听 | 2017 | 听 | 81,626 |
| Navios Dolphin | 听 | Kamsarmax | 听 | 2017 | 听 | 81,630 |
| Navios Horizon I | 听 | Kamsarmax | 听 | 2019 | 听 | 81,692 |
| Navios Galaxy II | 听 | Kamsarmax | 听 | 2020 | 听 | 81,789 |
| Navios Uranus | 听 | Kamsarmax | 听 | 2019 | 听 | 81,821 |
| Navios Felicity I | 听 | Kamsarmax | 听 | 2020 | 听 | 81,962 |
| Navios Primavera | 听 | Kamsarmax | 听 | 2022 | 听 | 82,003 |
| Navios Meridian | 听 | Kamsarmax | 听 | 2023 | 听 | 82,010 |
| Navios Herakles I | 听 | Kamsarmax | 听 | 2019 | 听 | 82,036 |
| Navios Magellan II | 听 | Kamsarmax | 听 | 2020 | 听 | 82,037 |
| Navios Sky | 听 | Kamsarmax | 听 | 2015 | 听 | 82,056 |
| Navios Alegria | 听 | Kamsarmax | 听 | 2016 | 听 | 84,852 |
| Navios Sphera | 听 | Kamsarmax | 听 | 2016 | 听 | 84,872 |
| Navios Coral | 听 | Kamsarmax | 听 | 2016 | 听 | 84,904 |
| Copernicus N | 听 | Post-Panamax | 听 | 2010 | 听 | 93,062 |
| Navios Stellar | 听 | Capesize | 听 | 2009 | 听 | 168,818 |
| Navios Aurora II | 听 | Capesize | 听 | 2009 | 听 | 169,031 |
| Navios Antares | 听 | Capesize | 听 | 2010 | 听 | 169,059 |
| Navios Symphony | 听 | Capesize | 听 | 2010 | 听 | 177,960 |
| Navios Ace | 听 | Capesize | 听 | 2011 | 听 | 178,929 |
| Navios Aster | 听 | Capesize | 听 | 2010 | 听 | 178,978 |
| Navios Melodia | 听 | Capesize | 听 | 2010 | 听 | 178,982 |
| Navios Buena Ventura | 听 | Capesize | 听 | 2010 | 听 | 179,109 |
| Navios Luz | 听 | Capesize | 听 | 2010 | 听 | 179,144 |
| Navios Altamira | 听 | Capesize | 听 | 2011 | 听 | 179,165 |
| Navios Azimuth | 听 | Capesize | 听 | 2011 | 听 | 179,169 |
| Navios Bonheur | 听 | Capesize | 听 | 2010 | 听 | 179,204 |
| Navios Etoile | 听 | Capesize | 听 | 2010 | 听 | 179,234 |
| Navios Fulvia | 听 | Capesize | 听 | 2010 | 听 | 179,263 |
| Navios Ray | 听 | Capesize | 听 | 2012 | 听 | 179,515 |
| Navios Happiness | 听 | Capesize | 听 | 2009 | 听 | 180,022 |
| Navios Bonavis | 听 | Capesize | 听 | 2009 | 听 | 180,022 |
| Navios Fantastiks | 听 | Capesize | 听 | 2005 | 听 | 180,055 |
| Navios Phoenix | 听 | Capesize | 听 | 2009 | 听 | 180,060 |
| Navios Sol | 听 | Capesize | 听 | 2009 | 听 | 180,274 |
| Navios Lumen | 听 | Capesize | 听 | 2009 | 听 | 180,493 |
| Navios Canary | 听 | Capesize | 听 | 2015 | 听 | 180,528 |
| Navios Pollux | 听 | Capesize | 听 | 2009 | 听 | 180,727 |
| Navios Gem | 听 | Capesize | 听 | 2014 | 听 | 181,206 |
| Navios Joy | 听 | Capesize | 听 | 2013 | 听 | 181,215 |
| Navios Felix | 听 | Capesize | 听 | 2016 | 听 | 181,221 |
| Navios Corali | 听 | Capesize | 听 | 2015 | 听 | 181,249 |
| Navios Mars | 听 | Capesize | 听 | 2016 | 听 | 181,259 |
| Navios Koyo | 听 | Capesize | 听 | 2011 | 听 | 181,415 |
| Navios Azalea | 听 | Capesize | 听 | 2022 | 听 | 182,064 |
| Navios Armonia | 听 | Capesize | 听 | 2022 | 听 | 182,079 |
| Navios Altair | 听 | Capesize | 听 | 2023 | 听 | 182,115 |
| Navios Sakura | 听 | Capesize | 听 | 2023 | 听 | 182,169 |
| Navios Amethyst | 听 | Capesize | 听 | 2023 | 听 | 182,212 |
| Navios Astra | 听 | Capesize | 听 | 2022 | 听 | 182,393 |
| Owned Containerships | 听 | Type | 听 | Built | 听 | Capacity (TEU) |
| Spectrum N | 听 | Containership | 听 | 2009 | 听 | 2,546 |
| Fleur N | 听 | Containership | 听 | 2012 | 听 | 2,782 |
| Ete N | 听 | Containership | 听 | 2012 | 听 | 2,782 |
| Navios Summer | 听 | Containership | 听 | 2006 | 听 | 3,450 |
| Navios Verano | 听 | Containership | 听 | 2006 | 听 | 3,450 |
| Matson Lanai | 听 | Containership | 听 | 2007 | 听 | 4,250 |
| Navios Verde | 听 | Containership | 听 | 2007 | 听 | 4,250 |
| Navios Amarillo | 听 | Containership | 听 | 2007 | 听 | 4,250 |
| Navios Vermilion | 听 | Containership | 听 | 2007 | 听 | 4,250 |
| Navios Azure | 听 | Containership | 听 | 2007 | 听 | 4,250 |
| Navios Indigo | 听 | Containership | 听 | 2007 | 听 | 4,250 |
| Navios Domino | 听 | Containership | 听 | 2008 | 听 | 4,250 |
| Matson Oahu | 听 | Containership | 听 | 2008 | 听 | 4,250 |
| Navios Tempo (1) | 听 | Containership | 听 | 2009 | 听 | 4,250 |
| Navios Destiny | 听 | Containership | 听 | 2009 | 听 | 4,250 |
| Navios Devotion | 听 | Containership | 听 | 2009 | 听 | 4,250 |
| Navios Lapis | 听 | Containership | 听 | 2009 | 听 | 4,250 |
| Navios Dorado | 听 | Containership | 听 | 2010 | 听 | 4,250 |
| Carmel I | 听 | Containership | 听 | 2010 | 听 | 4,360 |
| Zim Baltimore | 听 | Containership | 听 | 2010 | 听 | 4,360 |
| Navios Bahamas | 听 | Containership | 听 | 2010 | 听 | 4,360 |
| Navios Miami | 听 | Containership | 听 | 2009 | 听 | 4,563 |
| Navios Magnolia (1) | 听 | Containership | 听 | 2008 | 听 | 4,730 |
| Navios Jasmine | 听 | Containership | 听 | 2008 | 听 | 4,730 |
| Navios Chrysalis | 听 | Containership | 听 | 2008 | 听 | 4,730 |
| Navios Nerine | 听 | Containership | 听 | 2008 | 听 | 4,730 |
| Sparrow | 听 | Containership | 听 | 2023 | 听 | 5,300 |
| Zim Eagle | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Zim Condor | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Hawk 螜 | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Zim Falcon | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Pelican I | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Seagull | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Zim Albatross | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| DP World Jeddah | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| DP World Jebel Ali | 听 | Containership | 听 | 2024 | 听 | 5,300 |
| Hyundai Shanghai | 听 | Containership | 听 | 2006 | 听 | 6,800 |
| Hyundai Tokyo | 听 | Containership | 听 | 2006 | 听 | 6,800 |
| Hyundai Hongkong | 听 | Containership | 听 | 2006 | 听 | 6,800 |
| Hyundai Singapore | 听 | Containership | 听 | 2006 | 听 | 6,800 |
| Hyundai Busan | 听 | Containership | 听 | 2006 | 听 | 6,800 |
| HMM Ocean | 听 | Containership | 听 | 2025 | 听 | 7,700 |
| HMM Sky | 听 | Containership | 听 | 2025 | 听 | 7,700 |
| Navios Unison | 听 | Containership | 听 | 2010 | 听 | 10,000 |
| Navios Constellation | 听 | Containership | 听 | 2011 | 听 | 10,000 |
| Owned Tanker Vessels | 听 | Type | 听 | Built | 听 | Capacity (DWT) |
| Hector N | 听 | MR1 Product Tanker | 听 | 2008 | 听 | 38,402 |
| Nave Aquila | 听 | MR2 Product Tanker | 听 | 2012 | 听 | 49,991 |
| Nave Atria | 听 | MR2 Product Tanker | 听 | 2012 | 听 | 49,992 |
| Nave Capella | 听 | MR2 Product Tanker | 听 | 2013 | 听 | 49,995 |
| Nave Alderamin | 听 | MR2 Product Tanker | 听 | 2013 | 听 | 49,998 |
| Nave Pyxis | 听 | MR2 Product Tanker | 听 | 2014 | 听 | 49,998 |
| Nave Bellatrix | 听 | MR2 Product Tanker | 听 | 2013 | 听 | 49,999 |
| Nave Orion | 听 | MR2 Product Tanker | 听 | 2013 | 听 | 49,999 |
| Nave Titan | 听 | MR2 Product Tanker | 听 | 2013 | 听 | 49,999 |
| Nave Jupiter | 听 | MR2 Product Tanker | 听 | 2014 | 听 | 49,999 |
| Nave Velocity | 听 | MR2 Product Tanker | 听 | 2015 | 听 | 49,999 |
| Nave Sextans | 听 | MR2 Product Tanker | 听 | 2015 | 听 | 49,999 |
| Nave Luminosity | 听 | MR2 Product Tanker | 听 | 2014 | 听 | 50,240 |
| Bougainville | 听 | MR2 Product Tanker | 听 | 2013 | 听 | 50,626 |
| Nave Equinox | 听 | MR2 Product Tanker | 听 | 2007 | 听 | 50,922 |
| Nave Pulsar | 听 | MR2 Product Tanker | 听 | 2007 | 听 | 50,922 |
| Nave Cetus | 听 | LR1 Product Tanker | 听 | 2012 | 听 | 74,581 |
| Nave Ariadne | 听 | LR1 Product Tanker | 听 | 2007 | 听 | 74,671 |
| Nave Rigel | 听 | LR1 Product Tanker | 听 | 2013 | 听 | 74,673 |
| Nave Atropos | 听 | LR1 Product Tanker | 听 | 2013 | 听 | 74,695 |
| Nave Cassiopeia | 听 | LR1 Product Tanker | 听 | 2012 | 听 | 74,711 |
| Nave Cielo | 听 | LR1 Product Tanker | 听 | 2007 | 听 | 74,896 |
| Nave Andromeda | 听 | LR1 Product Tanker | 听 | 2011 | 听 | 75,000 |
| Nave Estella | 听 | LR1 Product Tanker | 听 | 2012 | 听 | 75,000 |
| Nave Cosmos | 听 | Aframax/LR2 | 听 | 2024 | 听 | 115,651 |
| Nave Polaris | 听 | Aframax/LR2 | 听 | 2024 | 听 | 115,699 |
| Nave Photon | 听 | Aframax/LR2 | 听 | 2024 | 听 | 115,752 |
| Nave Dorado | 听 | Aframax/LR2 | 听 | 2025 | 听 | 115,762 |
| Nave Neutrino | 听 | Aframax/LR2 | 听 | 2025 | 听 | 115,807 |
| Nave Perseus | 听 | Aframax/LR2 | 听 | 2025 | 听 | 115,812 |
| Nave Galactic | 听 | VLCC | 听 | 2009 | 听 | 296,945 |
| Nave Constellation | 听 | VLCC | 听 | 2010 | 听 | 296,988 |
| Nave Universe | 听 | VLCC | 听 | 2011 | 听 | 297,066 |
| Nave Quasar | 听 | VLCC | 听 | 2010 | 听 | 297,376 |
| Nave Buena Suerte | 听 | VLCC | 听 | 2011 | 听 | 297,491 |
| Nave Synergy | 听 | VLCC | 听 | 2010 | 听 | 309,483 |
| Bareboat-in vessels | 听 | Type | 听 | Built | 听 | Capacity (DWT) | 听 | Purchase Option |
| Navios Star | 听 | Kamsarmax | 听 | 2021 | 听 | 81,994 | 听 | Yes |
| Navios Amitie | 听 | Kamsarmax | 听 | 2021 | 听 | 82,002 | 听 | Yes |
| Navios Libra | 听 | Kamsarmax | 听 | 2019 | 听 | 82,011 | 听 | Yes |
| Nave Electron | 听 | VLCC | 听 | 2021 | 听 | 313,239 | 听 | Yes |
| Nave Celeste | 听 | VLCC | 听 | 2022 | 听 | 313,418 | 听 | Yes |
| Nave Allegro | 听 | VLCC | 听 | 2020 | 听 | 313,433 | 听 | Yes |
| Nave Tempo | 听 | VLCC | 听 | 2021 | 听 | 313,486 | 听 | Yes |
| Newbuildings to be delivered | 听 | Type | 听 | Expected Delivery Date | 听 | Capacity (TEU / DWT) |
| TBN XVII | 听 | Containership | 听 | H1 2026 | 听 | 7,900 |
| TBN XVIII | 听 | Containership | 听 | H2 2026 | 听 | 7,900 |
| TBN XIX | 听 | Containership | 听 | H2 2026 | 听 | 7,900 |
| TBN XX | 听 | Containership | 听 | H1 2027 | 听 | 7,900 |
| TBN I | 听 | MR2 Product Tanker | 听 | H2 2025 | 听 | 52,000 |
| TBN II | 听 | MR2 Product Tanker | 听 | H1 2026 | 听 | 52,000 |
| TBN III | 听 | MR2 Product Tanker | 听 | H2 2026 | 听 | 52,000 |
| TBN IV | 听 | MR2 Product Tanker | 听 | H2 2026 | 听 | 52,000 |
| TBN V | 听 | MR2 Product Tanker | 听 | H1 2027 | 听 | 52,000 |
| TBN VI | 听 | MR2 Product Tanker | 听 | H1 2027 | 听 | 52,000 |
| TBN VII | 听 | Aframax/LR2 | 听 | H1 2026 | 听 | 115,000 |
| TBN VIII | 听 | Aframax/LR2 | 听 | H1 2026 | 听 | 115,000 |
| TBN IX | 听 | Aframax/LR2 | 听 | H1 2026 | 听 | 115,000 |
| TBN X | 听 | Aframax/LR2 | 听 | H2 2026 | 听 | 115,000 |
| TBN XI | 听 | Aframax/LR2 | 听 | H1 2027 | 听 | 115,000 |
| TBN XII | 听 | Aframax/LR2 | 听 | H1 2027 | 听 | 115,000 |
| TBN XIII | 听 | Aframax/LR2 | 听 | H1 2027 | 听 | 115,000 |
| TBN XXI | 听 | Aframax/LR2 | 听 | H1 2027 | 听 | 115,000 |
| TBN XXII | 听 | Aframax/LR2 | 听 | H1 2027 | 听 | 115,000 |
| TBN XIV | 听 | Aframax/LR2 | 听 | H2 2027 | 听 | 115,000 |
| TBN XV | 听 | Aframax/LR2 | 听 | H2 2027 | 听 | 115,000 |
| TBN XVI | 听 | Aframax/LR2 | 听 | H1 2028 | 听 | 115,000 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) Vessel agreed to be sold.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are 鈥渘on-U.S. GAAP financial measures鈥� and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.
EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under 鈥淓arnings Highlights鈥�. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i)听net increase in operating assets; (ii)听net (increase)/ decrease in operating liabilities; (iii)听net interest cost; (iv)听amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi)听other non-cash adjustments; and (vii) gain/ (loss) on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners鈥� ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i)听by potential lenders to evaluate potential transactions; (ii)听to evaluate and price potential acquisition candidates; and (iii)听by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners鈥� results as reported under U.S. GAAP. Some of these limitations are: (i)听EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii)听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, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners鈥� 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.
We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under 鈥淓arnings Highlights鈥�. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
| 听 | 听 | Three Month Period Ended | 听 | Three Month Period Ended | 听 | Six Month Period Ended | 听 | Six Month Period Ended | ||||||||
| 听 | June听30, 2025 | 听 | June 30, 2024 | 听 | June听30, 2025 | 听 | June 30, 2024 | |||||||||
| 听 | 听 | ($ 鈥�000) | 听 | ($ 鈥�000) | 听 | ($ 鈥�000) | 听 | ($ 鈥�000) | ||||||||
| 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | |||||||||
| Net cash provided by operating activities | 听 | $ | 121,628 | 听 | 听 | $ | 131,479 | 听 | 听 | $ | 278,180 | 听 | 听 | $ | 225,915 | 听 |
| Net increase in operating assets | 听 | 听 | 35,396 | 听 | 听 | 听 | 25,198 | 听 | 听 | 听 | 27,975 | 听 | 听 | 听 | 25,564 | 听 |
| Net (increase)/ decrease in operating liabilities | 听 | 听 | (18,706 | ) | 听 | 听 | 3,122 | 听 | 听 | 听 | (41,752 | ) | 听 | 听 | 46,105 | 听 |
| Net interest cost | 听 | 听 | 30,416 | 听 | 听 | 听 | 26,491 | 听 | 听 | 听 | 60,532 | 听 | 听 | 听 | 52,504 | 听 |
| Amortization and write-off of deferred finance costs | 听 | 听 | (2,227 | ) | 听 | 听 | (2,033 | ) | 听 | 听 | (3,899 | ) | 听 | 听 | (3,709 | ) |
| Amortization of operating lease assets/ liabilities | 听 | 听 | 187 | 听 | 听 | 听 | 1,803 | 听 | 听 | 听 | 373 | 听 | 听 | 听 | 2,594 | 听 |
| Other non-cash adjustments | 听 | 听 | 5,941 | 听 | 听 | 听 | 3,692 | 听 | 听 | 听 | 4,764 | 听 | 听 | 听 | 5,057 | 听 |
| Gain/ (loss) on sale of vessels, net | 听 | 听 | 5,601 | 听 | 听 | 听 | 7,256 | 听 | 听 | 听 | (329 | ) | 听 | 听 | 9,133 | 听 |
| EBITDA | 听 | $ | 178,236 | 听 | 听 | $ | 197,008 | 听 | 听 | $ | 325,844 | 听 | 听 | $ | 363,163 | 听 |
| (Gain)/ loss on sale of vessels, net | 听 | 听 | (5,601 | ) | 听 | 听 | (7,256 | ) | 听 | 听 | 329 | 听 | 听 | 听 | (9,133 | ) |
| Adjusted EBITDA | 听 | $ | 172,635 | 听 | 听 | $ | 189,752 | 听 | 听 | $ | 326,173 | 听 | 听 | $ | 354,030 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | Three Month Period Ended | 听 | Three Month Period Ended | 听 | Six Month Period Ended | 听 | Six Month Period Ended | ||||||||
| June听30, 2025 ($ 鈥�000) | June听30, 2024 ($ 鈥�000) | June听30, 2025 ($ 鈥�000) | June听30, 2024 ($ 鈥�000) | |||||||||||||
| 听 | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | 听 | (unaudited) | ||||||||
| Net cash provided by operating activities | 听 | $ | 121,628 | 听 | 听 | $ | 131,479 | 听 | 听 | $ | 278,180 | 听 | 听 | $ | 225,915 | 听 |
| Net cash used in investing activities | 听 | $ | (134,503 | ) | 听 | $ | (125,884 | ) | 听 | $ | (268,650 | ) | 听 | $ | (293,957 | ) |
| Net cash provided by financing activities | 听 | $ | 68,934 | 听 | 听 | $ | 41,419 | 听 | 听 | $ | 68,304 | 听 | 听 | $ | 98,711 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
FAQ
What were Navios Maritime Partners' (NMM) key financial results for Q2 2025?
How much has NMM returned to shareholders in 2025?
What is NMM's current fleet composition and orderbook?
What is NMM's contracted revenue and fleet utilization for 2025-2026?
What major vessel transactions did NMM complete in Q2 2025?
