-- Revenue:
-- $410.2 million for Q2 2026
-- $767.2 million for H1 2026
-- Net income:
-- $167.9 million for Q2 2026
-- $274.3 million for H1 2026
-- Earnings per common unit:
-- $5.78 for Q2 2026
-- $9.42 for H1 2026
-- Net cash from operating activities:
-- $186.6 million for Q2 2026
-- $313.3 million for H1 2026
-- EBITDA:
-- $275.2 million for Q2 2026
-- $487.8 million for H1 2026
-- Returning capital to unitholders:
-- $200.0 million new common unit repurchase program
-- 1,880,880 common units repurchased in 2024 - 2026 (through August
12) for $92.6 million
-- 135,846 common units repurchased in Q2 2026 for $9.8
million
-- $0.06 cash distribution per unit for Q2 2026; $0.24 per unit
annualized for 2026
-- Sales and purchases in Q2 -- Q3 2026 QTD:
-- $431.6 million acquisition cost of four newbuilding
scrubber-fitted vessels
-- $361.5 million for three VLCC tankers
-- $70.1 million for a capesize vessel
-- $ 34.5 million gross sale price for one 4,730 TEU containership;
age of 19.2 years
-- One newbuilding vessel delivered
-- $4.4 billion contracted revenue as of August 2026
PIRAEUS, Greece, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (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, 2026.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "I am pleased with our results. For the second quarter and first six months of 2026, we reported net income of $167.9 million and $274.3 million, respectively, representing earnings per common unit of $5.78 and $9.42, respectively. We also declared a quarterly cash distribution of $0.06 per unit."
Angeliki Frangou continued, "We continue to operate in an environment characterized by heightened uncertainty and geopolitical conflict. The war between Russia and Ukraine remains unresolved, while persistent attacks in the Strait of Hormuz and more recent strikes in the Red Sea have disrupted global trade flows. Against this backdrop, trade has proven surprisingly resilient, and energy prices, though volatile, have remained relatively subdued. These conflicts are likely to have lasting implications for global trade patterns as countries and companies reassess their dependence on maritime choke points for critical resources. Over time, these shifts may result in longer-haul trade routes."
Common unit repurchases
The Board of Directors of Navios Partners has authorized a new common unit repurchase program for up to $200.0 million. The new program is expected to become effective in the third quarter of 2026. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners' management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in Navios Partners' discretion and without notice. The Board of Directors will review the program periodically.
Pursuant to its current $100.0 million common unit repurchase program, as of August 12, 2026, Navios Partners had repurchased 1,880,880 common units since the commencement of the program of which 135,846 common units during the second quarter of 2026, for aggregate cash consideration of approximately $92.6 million and $9.8 million, respectively. As of August 12, 2026, there were 28,303,508 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2026 of $0.06 per unit. The cash distribution was paid on August 13, 2026 to unitholders of record as of August 10, 2026. The declaration and payment of any cash distributions remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners' cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.
Fleet update Q2 -- Q3 2026 QTD
-- $431.6 million acquisition cost of four newbuilding scrubber-fitted
vessels
-- $361.5 million acquisition cost of three newbuilding
scrubber-fitted VLCC tankers
In June and July 2026, Navios Partners agreed to acquire three newbuilding scrubber-fitted VLCC tankers from an unrelated third party for an aggregate purchase price of $361.5 million. The vessels are expected to be delivered into Navios Partners' fleet during the second half of 2028 and in 2029. The closing of the transactions is subject to completion of customary documentation.
Navios Partners' total investment in newbuilding VLCC tankers amounts to $843.5 million, including four vessels previously announced. The seven vessels (including one vessel that is currently under advanced discussions with a charterer) have been chartered-out for an average firm period of 6.1 years at an average rate of $45,224 net per day, expected to generate $700.2 million of contracted revenue.
-- $70.1 million acquisition cost of a Japanese newbuilding
scrubber-fitted capesize vessel
In July 2026, Navios Partners agreed to acquire a Japanese newbuilding scrubber-fitted capesize vessel from an unrelated third party under a ten-year bareboat-in contract. Navios Partners has the option to acquire the vessel starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the ten-year period, the bareboat agreement reflects an implied purchase price of approximately $70.1 million and an implied effective interest rate of about 6.0%. The vessel is expected to be delivered into Navios Partners' fleet during the second half of 2029.
-- $34.5 million gross sale price for one 4,730 TEU containership
In August 2026, Navios Partners agreed to sell a 2008-built 4,730 TEU containership with an age of 19.2 years (based on the estimated delivery date) to an unrelated third party for a gross sale price of $34.5 million. The sale is expected to be completed in the second half of 2027.
-- One newbuilding vessel delivered
In August 2026, Navios Partners took delivery of a 2026-built aframax/LR2 scrubber-fitted tanker, which has been chartered-out at a rate of $27,420 net per day for a period of about five years.
-- $606.3 million additional contracted revenue agreed; $4.4 billion total
contracted revenue
Navios Partners has entered into additional long-term charters which are expected to generate revenue of $606.3 million.
-- Six tankers have been chartered-out for an average period of 5.5
years at an average rate of $36,422 net per day.
-- Four containerships have been chartered-out for an average period
of 2.9 years at an average rate of $30,132 net per day.
-- Two capesize vessels have been chartered-out for an average period
of two years at an average rate of $26,309 net per day.
Including the above long-term charters, Navios Partners currently has $4.4 billion contracted revenue through 2037.
Financing update
As previously announced, Navios Partners successfully completed a $30.0 million tap issue of its outstanding senior unsecured bond due November 7, 2030. The tap issue was priced at 102.75% of par and was initiated by a reverse inquiry. The net proceeds from the tap issue were applied towards general corporate purposes.
As discussed above, Navios Partners agreed to enter into a bareboat-in agreement for a Japanese newbuilding scrubber-fitted capesize vessel. The implied financing amount for the vessel is approximately $64.6 million and the implied effective interest rate is about 6.0%. The closing of the transaction is subject to completion of customary documentation.
Operating highlights
Navios Partners owns and operates a fleet consisting of 66 dry bulk vessels, 50 containerships and 60 tankers, including three newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and during 2029, seven newbuilding containerships (three 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028 and 19 newbuilding tankers (seven VLCC tankers, eight aframax/LR2 and four MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through 2029. The fleet excludes a 4,730 TEU containership that has been agreed to be sold.
As of August 12, 2026, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight voyage agreements for its vessels with a remaining average term of 2.3 years. Navios Partners has fixed 77.1% and 50.9% of its available days for the last six months of 2026 and for 2027, respectively. Navios Partners expects contracted revenue of $591.2 million and $884.8 million for the last six months of 2026 and for 2027, respectively. The average expected daily charter-out rate for the fleet is $28,100 and $29,808 for the last six months of 2026 and for 2027, respectively.
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, 2026 and 2025. 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' results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Three Month Three Month Six Month
Period Ended Period Ended Period
June 30, June 30, Ended June Six Month Period
(in $'000 except 2026 2025 30, 2026 Ended June 30,
per unit data) (unaudited) (unaudited) (unaudited) 2025 (unaudited)
------------ ------------ ------- ----------- ------- ----------------- -------
Revenue $ 410,166 $ 327,558 $ 767,173 $ 631,670
Net Income $ 167,919 $ 69,947 $ 274,263 $ 111,674
Adjusted Net
Income $ 134,967 ((1) () $ 64,346 ((2) () $ 232,727 (3) $ 112,003 ((4) ()
Net cash provided
by operating
activities $ 186,646 $ 121,628 $ 313,289 $ 278,180
EBITDA $ 275,151 $ 178,236 $ 487,847 $ 325,844
Adjusted EBITDA $ 242,199 (1) $ 172,635 ((2) $ 446,311 (3) $ 326,173 ((4) ()
Earnings per
Common Unit
basic $ 5.78 $ 2.34 $ 9.42 $ 3.72
Earnings per
Common Unit
diluted $ 5.78 $ 2.34 $ 9.42 $ 3.72
Adjusted Earnings
per Common Unit
basic $ 4.65 ((1) () $ 2.15 ((2) () $ 8.00 (3) $ 3.73 ((4) ()
Adjusted Earnings
per Common Unit
diluted $ 4.65 ((1) () $ 2.15 ((2) () $ 8.00 (3) $ 3.73 ((4) ()
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
three month period ended June 30, 2026 have been adjusted
to exclude a $33.0 million gain related to the sale
of our vessels.
(2) 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 $5.6 million net gain related to the
sale of our vessels.
(3) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
six month period ended June 30, 2026 have been adjusted
to exclude a $41.5 million net gain related to the
sale of our vessels.
(4) 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 $0.3 million net loss related to the
sale of our vessels.
Three month periods ended June 30, 2026 and 2025
Time charter and voyage revenues for the three month period ended June 30, 2026 increased by $82.6 million, or 25.2%, to $410.2 million, as compared to $327.6 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the Time Charter Equivalent ("TCE") rate. For the three month periods ended June 30, 2026 and 2025, time charter and voyage revenues were positively affected by $2.7 million and $6.5 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 23.8% to $28,512 per day, as compared to $23,040 per day for the same period in 2025. The available days of the fleet decreased by 1.8% to 13,152 days for the three month period ended June 30, 2026, as compared to 13,388 days for the same period in 2025.
EBITDA of Navios Partners for the three month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $69.6 million to $242.2 million for the three month period ended June 30, 2026, as compared to $172.6 million for the same period in 2025. The increase in Adjusted EBITDA was due to: (i) an $82.6 million increase in time charter and voyage revenues; (ii) a $1.9 million decrease in vessel operating expenses due to a 2.5% decrease in the opex days, partially mitigated by an increase of 0.6% in the opex daily rate to $7,152; and (iii) a $0.5 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $14.4 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; and (ii) $1.0 million increase in general and administrative expenses.
Net Income for the three month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $70.7 million to $135.0 million for the three month period ended June 30, 2026, as compared to $64.3 million for the same period in 2025. The increase in Adjusted Net Income was due to a: (i) $69.6 million increase in Adjusted EBITDA; (ii) $4.2 million decrease in interest expense and finance cost, net; and (iii) $1.0 million increase in interest income. The above increase was partially mitigated by a: (i) $2.2 million increase in depreciation and amortization; and (ii) $1.9 million decrease in amortization of unfavorable lease terms.
Six month periods ended June 30, 2026 and 2025
Time charter and voyage revenues for the six month period ended June 30, 2026 increased by $135.5 million, or 21.5%, to $767.2 million, as compared to $631.7 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the TCE rate. For the six month periods ended June 30, 2026 and 2025, time charter and voyage revenues were positively affected by $10.2 million and $3.9 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 22.3% to $27,098 per day, as compared to $22,154 per day for the same period in 2025. The available days of the fleet decreased by 2.2% to 26,256 days for the six month period ended June 30, 2026, as compared to 26,844 days for the same period in 2025.
EBITDA of Navios Partners for the six month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $120.1 million to $446.3 million for the six month period ended June 30, 2026, as compared to $326.2 million for the same period in 2025. The increase in Adjusted EBITDA was due to a: (i) $135.5 million increase in time charter and voyage revenues; (ii) $1.7 million decrease in vessel operating expenses due to a 2.7% decrease in the opex days, partially mitigated by a 1.8% increase in the opex daily rate to $7,174; and (iii) $1.1 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $15.4 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; and (ii) $2.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the first half of 2026.
Net Income for the six month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $120.7 million to $232.7 million for the six month period ended June 30, 2026, as compared to $112.0 million for the same period in 2025. The increase in Adjusted Net Income was primarily due to a: (i) $120.1 million increase in Adjusted EBITDA; (ii) $7.1 million decrease in interest expense and finance cost, net; and (iii) $0.9 million increase in interest income. The above increase was partially mitigated by a: (i) $5.2 million increase in depreciation and amortization; and (ii) $2.2 million decrease in amortization of unfavorable lease terms.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners' core fleet performance for the three and six month periods ended June 30, 2026 and 2025.
Three Month Three Month Six Month Six Month
Period Ended Period Ended Period Ended Period Ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
Available Days
((1) () 13,152 13,388 26,256 26,844
Operating Days
((2) () 13,067 13,296 26,104 26,645
Fleet
Utilization
(3() 99.4% 99.3% 99.4% 99.3%
Opex Days ((4)
() 13,359 13,703 26,560 27,289
TCE rate
Combined (per
day) (5) $ 28,512 $ 23,040 $ 27,098 $ 22,154
TCE rate Dry
Bulk (per day)
(5) $ 23,682 $ 15,470 $ 20,632 $ 14,070
TCE rate
Containerships
(per day) (5) $ 31,191 $ 31,316 $ 31,444 $ 30,906
TCE rate
Tankers (per
day) (5) $ 33,159 $ 26,537 $ 32,694 $ 26,316
Opex rate
Combined (per
day) (6) $ 7,152 $ 7,108 $ 7,174 $ 7,045
Vessels
operating at
period end 148 154 148 154
(1) Available days for the fleet represent total calendar
days the vessels were in Navios Partners' 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' 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' possession for
the relevant period after subtracting total calendar
days of Navios Partners' charter-in vessels and bareboat-out
vessels.
(5) 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 per day is defined as vessel operating expenses
(including management fees) divided by the number
of opex days during the period.
Conference Call Details:
Navios Partners' management will host a conference call on Thursday, August 20, 2026 to discuss the results for the second quarter and six months ended June 30, 2026.
Call Date/Time: Thursday, August 20, 2026 at 8:30 am ET
Call Title: Navios Partners Q2 2026 Financial Results Conference Call
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ226
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: +1.800.839.1320
International Replay Dial In: +1.402.220.0488
Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under "Investors". 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 www.navios-mlp.com under the "Investors" section at 8:00 am ET on the day of the call.
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 www.navios-mlp.com.
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' 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' growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners' ability to refinance its debt on attractive terms, or at all. Words such as "may", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios 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, continuing issues related to seaborne volume and ton miles and the impact of tariffs, the adequacy of our insurance arrangements and our ability to obtain insurance and required certifications, 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, the repayment of debt and servicing of our bonds, 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' 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' 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
Investors@navios-mlp.com
Nicolas Bornozis
Capital Link, Inc.
naviospartners@capitallink.com
EXHIBIT 1
NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars)
June 30, December 31,
2026 2025
(unaudited) (unaudited)
-------------- --------------
ASSETS
Cash and cash equivalents, including
restricted cash and time deposits over
three months (1) $ 469,293 $ 413,452
Other current assets 133,034 98,600
---------- ----------
Total current assets 602,327 512,052
---------- ----------
Vessels, net 4,575,031 4,389,868
Other non-current assets 1,086,775 1,027,066
---------- ----------
Total non-current assets 5,661,806 5,416,934
---------- ----------
Total assets $ 6,264,133 $ 5,928,986
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Other current liabilities $ 177,226 $ 177,781
Current portion of borrowings, net 216,266 277,365
---------- ----------
Total current liabilities 393,492 455,146
---------- ----------
Senior unsecured bonds, net 324,906 294,392
Non-current portion of borrowings, net 1,721,641 1,587,829
Other non-current liabilities 230,593 250,873
---------- ----------
Total non-current liabilities 2,277,140 2,133,094
---------- ----------
Total liabilities $ 2,670,632 $ 2,588,240
========== ==========
Total partners' capital 3,593,501 3,340,746
---------- ----------
Total liabilities and partners' capital $ 6,264,133 $ 5,928,986
========== ==========
(1) Includes time deposits with duration over three months
of $116.5 million and $10.5 million as of June 30,
2026 and December 31, 2025, respectively.
NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except per
unit data)
Three Month Three Month Six Month
Period Ended Period Ended Period Ended Six Month Period
June 30, 2026 June 30, 2025 June 30, 2026 Ended June 30, 2025
(unaudited) (unaudited) (unaudited) (unaudited)
Time charter and
voyage revenues $ 410,166 $ 327,558 $ 767,173 $ 631,670
Time charter and
voyage expenses (45,633) (31,215) (76,551) (61,232)
Vessel operating
expenses (including
management fees) (95,544) (97,404) (190,546) (192,246)
General and
administrative
expenses (24,400) (23,422) (48,232) (45,394)
Depreciation and
amortization (82,955) (80,785) (164,612) (159,430)
Amortization of
unfavorable lease
terms 941 2,912 3,586 5,792
Gain/ (loss) on sale
of vessels, net 32,952 5,601 41,536 (329)
Interest expense and
finance cost, net (29,321) (33,485) (59,920) (66,995)
Interest income 4,103 3,069 7,362 6,463
Other expense, net (2,390) (2,882) (5,533) (6,625)
--------- ---- -------- ---- --------- ---- -------------
Net income $ 167,919 $ 69,947 $ 274,263 $ 111,674
========= ==== ======== ==== ========= ==== =============
Earnings per unit:
Three Month Three Month Six Month Six Month
Period Ended Period Ended Period Ended Period Ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
(unaudited) (unaudited) (unaudited) (unaudited)
Earnings
per
unit:
Earnings
per
common
unit,
basic $ 5.78 $ 2.34 $ 9.42 $ 3.72
Earnings
per
common
unit,
diluted $ 5.78 $ 2.34 $ 9.42 $ 3.72
NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)
Six Month Period Ended Six Month Period Ended
June 30, 2026 June 30, 2025
(unaudited) (unaudited)
-------------------------- --------------------------
Net cash provided by
operating
activities $ 313,289 $ 278,180
Net cash used in
investing
activities $ (451,167) $ (268,650)
Net cash provided by
financing
activities $ 87,722 $ 68,304
---- -------------------- ---- --------------------
(Decrease)/ increase
in cash, cash
equivalents and
restricted cash $ (50,156) $ 77,834
==== ==================== ==== ====================
EXHIBIT 2
Capacity
Owned Dry Bulk Vessels Type Built $(DWT)$
Navios Christine B Ultra-Handymax 2009 58,058
Navios Celestial Ultra-Handymax 2009 58,063
Navios Venus Ultra-Handymax 2015 61,339
Navios La Paix Ultra-Handymax 2014 61,485
Navios Victory Panamax 2014 77,095
Rainbow N Panamax 2011 79,602
Unity N Panamax 2011 79,642
Odysseus N Panamax 2011 79,642
Navios Amber Kamsarmax 2015 80,909
Navios Avior Kamsarmax 2012 81,355
Navios Centaurus Kamsarmax 2012 81,472
Navios Citrine Kamsarmax 2017 81,626
Navios Dolphin Kamsarmax 2017 81,630
Navios Horizon I Kamsarmax 2019 81,692
Navios Galaxy II Kamsarmax 2020 81,789
Navios Uranus Kamsarmax 2019 81,821
Navios Felicity I Kamsarmax 2020 81,962
Navios Primavera Kamsarmax 2022 82,003
Navios Meridian Kamsarmax 2023 82,010
Navios Herakles I Kamsarmax 2019 82,036
Navios Magellan II Kamsarmax 2020 82,037
Navios Sky Kamsarmax 2015 82,056
Navios Alegria Kamsarmax 2016 84,852
Navios Sphera Kamsarmax 2016 84,872
Navios Coral Kamsarmax 2016 84,904
Navios Stellar Capesize 2009 168,818
Navios Antares Capesize 2010 168,876
Navios Aurora II Capesize 2009 169,031
Navios Symphony Capesize 2010 177,960
Navios Ace Capesize 2011 178,929
Navios Buena Ventura Capesize 2010 178,953
Navios Aster Capesize 2010 178,978
Navios Melodia Capesize 2010 178,982
Navios Luz Capesize 2010 178,989
Navios Azimuth Capesize 2011 179,013
Navios Etoile Capesize 2010 179,048
Navios Bonheur Capesize 2010 179,049
Navios Fulvia Capesize 2010 179,077
Navios Altamira Capesize 2011 179,145
Navios Ray Capesize 2012 179,515
Navios Happiness Capesize 2009 180,022
Navios Bonavis Capesize 2009 180,022
Navios Fantastiks Capesize 2005 180,055
Navios Phoenix Capesize 2009 180,060
Navios Sol Capesize 2009 180,274
Navios Lumen Capesize 2009 180,493
Navios Canary Capesize 2015 180,528
Navios Pollux Capesize 2009 180,727
Navios Corali Capesize 2015 181,088
Navios Gem Capesize 2014 181,206
Navios Joy Capesize 2013 181,215
Navios Felix Capesize 2016 181,221
Navios Mars Capesize 2016 181,259
Navios Koyo Capesize 2011 181,415
Navios Azalea Capesize 2022 182,064
Navios Armonia Capesize 2022 182,079
Navios Altair Capesize 2023 182,115
Navios Sakura Capesize 2023 182,169
Navios Amethyst Capesize 2023 182,212
Navios Astra Capesize 2022 182,393
Capacity
Owned Containerships Type Built (TEU)
Spectrum N Containership 2009 2,546
Fleur N Containership 2012 2,782
Ete N Containership 2012 2,782
Navios Summer Containership 2006 3,450
Navios Verano Containership 2006 3,450
Matson Lanai Containership 2007 4,250
Navios Verde Containership 2007 4,250 Navios Amarillo Containership 2007 4,250 Navios Vermilion Containership 2007 4,250 Navios Azure Containership 2007 4,250 Navios Indigo Containership 2007 4,250 Navios Domino Containership 2008 4,250 Matson Oahu Containership 2008 4,250 Navios Destiny Containership 2009 4,250 Navios Devotion Containership 2009 4,250 Navios Lapis Containership 2009 4,250 Navios Dorado Containership 2010 4,250 Carmel I Containership 2010 4,360 Zim Baltimore Containership 2010 4,360 Navios Bahamas Containership 2010 4,360 Navios Miami Containership 2009 4,563 Navios Jasmine(1) Containership 2008 4,730 Navios Chrysalis Containership 2008 4,730 Navios Nerine Containership 2008 4,730 Sparrow Containership 2023 5,300 Zim Eagle Containership 2024 5,300 Condor Containership 2024 5,300 Hawk Containership 2024 5,300 Zim Falcon Containership 2024 5,300 Pelican I Containership 2024 5,300 Seagull Containership 2024 5,300 Zim Albatross Containership 2024 5,300 DP World Jeddah Containership 2024 5,300 DP World Jebel Ali Containership 2024 5,300 Hyundai Shanghai Containership 2006 6,800 Hyundai Tokyo Containership 2006 6,800 Hyundai Hongkong Containership 2006 6,800 Hyundai Singapore Containership 2006 6,800 Hyundai Busan Containership 2006 6,800 HMM Ocean Containership 2025 7,700 HMM Sky Containership 2025 7,700 Navios Cyan Containership 2026 7,900 Navios Unison Containership 2010 10,000 Navios Constellation Containership 2011 10,000 Capacity Owned Tanker Vessels Type Built (DWT) Hector N MR1 Product Tanker 2008 38,402 Nave Aquila MR2 Product Tanker 2012 49,991 Nave Atria MR2 Product Tanker 2012 49,992 Nave Ohana MR2 Product Tanker 2025 49,994 Nave Capella MR2 Product Tanker 2013 49,995 Nave Hina MR2 Product Tanker 2026 49,996 Nave Alderamin MR2 Product Tanker 2013 49,998 Nave Pyxis MR2 Product Tanker 2014 49,998 Nave Bellatrix MR2 Product Tanker 2013 49,999 Nave Orion MR2 Product Tanker 2013 49,999 Nave Titan MR2 Product Tanker 2013 49,999 Nave Jupiter MR2 Product Tanker 2014 49,999 Nave Velocity MR2 Product Tanker 2015 49,999 Nave Sextans MR2 Product Tanker 2015 49,999 Nave Luminosity MR2 Product Tanker 2014 50,240 Bougainville MR2 Product Tanker 2013 50,626 Nave Cetus LR1 Product Tanker 2012 74,581 Nave Ariadne LR1 Product Tanker 2007 74,671 Nave Rigel LR1 Product Tanker 2013 74,673 Nave Atropos LR1 Product Tanker 2013 74,695 Nave Cassiopeia LR1 Product Tanker 2012 74,711 Nave Cielo LR1 Product Tanker 2007 74,896 Nave Andromeda LR1 Product Tanker 2011 75,000 Nave Estella LR1 Product Tanker 2012 75,000 Nave Cosmos Aframax/LR2 2024 115,651 Nave Polaris Aframax/LR2 2024 115,699 Nave Photon Aframax/LR2 2024 115,752 Nave Dorado Aframax/LR2 2025 115,762 Nave Neutrino Aframax/LR2 2025 115,807 Nave Perseus Aframax/LR2 2025 115,812 Nave Amaryllis Aframax/LR2 2026 116,934 Nave Anthos Aframax/LR2 2026 116,998 Nave Orbit Aframax/LR2 2026 117,012 Nave Equator Aframax/LR2 2026 117,059 Nave Universe VLCC 2011 297,066 Nave Quasar VLCC 2010 297,376 Nave Synergy VLCC 2010 309,483 Bareboat-in vessels Type Built Capacity Purchase Option (DWT) Navios Star Kamsarmax 2021 81,994 Yes Navios Amitie Kamsarmax 2021 82,002 Yes Navios Libra Kamsarmax 2019 82,011 Yes Nave Electron VLCC 2021 313,239 Yes Nave Celeste VLCC 2022 313,418 Yes Nave Allegro VLCC 2020 313,433 Yes Nave Tempo VLCC 2021 313,486 Yes Newbuildings to be Expected Capacity delivered Type Delivery Date (TEU / DWT) TBN XI Containership H2 2026 7,900 TBN XII Containership H2 2026 7,900 TBN XIII Containership H1 2027 7,900 TBN XVI Containership H2 2027 8,850 TBN XVII Containership H2 2027 8,850 TBN XVIII Containership H2 2027 8,850 TBN XIX Containership H1 2028 8,850 TBN I MR2 Product Tanker H2 2026 52,000 TBN II MR2 Product Tanker H2 2026 52,000 TBN III MR2 Product Tanker H1 2027 52,000 TBN IV MR2 Product Tanker H1 2027 52,000 TBN V Aframax/LR2 H1 2027 115,000 TBN VI Aframax/LR2 H1 2027 115,000 TBN VII Aframax/LR2 H1 2027 115,000 TBN XIV Aframax/LR2 H1 2027 115,000 TBN XV Aframax/LR2 H1 2027 115,000 TBN VIII Aframax/LR2 H2 2027 115,000 TBN IX Aframax/LR2 H2 2027 115,000 TBN X Aframax/LR2 H1 2028 115,000 TBN XXII VLCC H1 2028 319,000 TBN XXIII VLCC H2 2028 319,000 TBN XXIV VLCC H2 2028 319,000 TBN XXV VLCC H2 2028 319,000 TBN XXVI VLCC H2 2028 319,000 TBN XXVII VLCC H1 2029 319,000 TBN XXIX VLCC H2 2029 319,000 TBN XX Capesize H2 2028 181,500 TBN XXI Capesize H1 2029 181,500 TBN XXVIII Capesize H2 2029 181,500 (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 "non-U.S. GAAP financial measures" 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 "Earnings Highlights". 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) net increase in operating assets; (ii) net increase in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and bond premium; (v) amortization of operating lease assets/ liabilities; (vi) 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' 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) 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.
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' results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; 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 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' 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 "Earnings Highlights". 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
Three Month Three Month Six Month Six Month
Period Ended Period Ended Period Ended Period Ended
June 30, June 30, June 30, June 30,
2026 ($ 2025 ($ 2026 ($ 2025 ($
'000) '000) '000) '000)
(unaudited) (unaudited) (unaudited) (unaudited)
Net cash
provided by
operating
activities $ 186,646 $ 121,628 $ 313,289 $ 278,180
Net increase
in operating
assets 46,736 35,396 76,767 27,975
Net increase
in operating
liabilities (12,494) (18,706) (5,335) (41,752)
Net interest
cost 25,218 30,416 52,558 60,532
Amortization
and
write-off of
deferred
finance
costs and
bond
premium (1,965) (2,227) (3,771) (3,899)
Amortization
of operating
lease
assets/
liabilities 188 187 373 373
Other
non-cash
adjustments (2,130) 5,941 12,430 4,764
Gain/ (loss)
on sale of
vessels,
net 32,952 5,601 41,536 (329)
----------- ----------- ----------- -----------
EBITDA $ 275,151 $ 178,236 $ 487,847 $ 325,844
(Gain)/ loss
on sale of
vessels,
net (32,952) (5,601) (41,536) 329
----------- ----------- ----------- -----------
Adjusted
EBITDA $ 242,199 $ 172,635 $ 446,311 $ 326,173
=========== =========== =========== ===========
Three Month Three Month Six Month Six Month
Period Ended Period Ended Period Ended Period Ended
June 30, June 30, June 30, June 30,
2026 ($ 2025 ($ 2026 ($ 2025 ($
'000) '000) '000) '000)
(unaudited) (unaudited) (unaudited) (unaudited)
Net cash
provided
by
operating
activities $ 186,646 $ 121,628 $ 313,289 $ 278,180
Net cash
used in
investing
activities $ (288,734) $ (134,503) $ (451,167) $ (268,650)
Net cash
provided
by
financing
activities $ 43,742 $ 68,934 $ 87,722 $ 68,304