[Management View]
Navios Maritime Partners reported a decrease in total revenue by 4.3% to $328 million for Q2 2025 compared to $342 million for Q2 2024. Adjusted EBITDA decreased by $17 million to $173 million, primarily due to lower revenue, higher general and administrative expenses, and increased vessel operating expenses. The company emphasized its strategic priorities, including fleet optimization through vessel sales and acquisitions, and disciplined capital return to unitholders.

[Outlook]
Navios Maritime Partners provided performance guidance indicating a strong liquidity position with $389 million in cash and cash equivalents. The company plans to continue fleet optimization with newbuild investments and opportunistic vessel sales. Future plans include maintaining flexibility in chartering vessels and monitoring market conditions for potential long-term charters.

[Financial Performance]
Total revenue for Q2 2025 decreased by 4.3% to $328 million compared to $342 million for Q2 2024. Adjusted EBITDA decreased by $17 million to $173 million. Adjusted net income was $64 million compared to $94 million in Q2 2024. Combined TCE rate for 2025 decreased by 1.5% to $23,040 per day. Container TCE increased by 3.6% to $31,316 per day, while dry bulk TCE decreased by 13.9% to $15,470 per day, and tanker TCE decreased by 4.6% to $26,537 per day.

[Q&A Highlights]
Question 1: Did Apple Intelligence drive sales of the iPhone 16 series? Which features are most popular with users?
Answer: In markets where Apple Intelligence was introduced, the iPhone 16 series outperformed markets where the feature was not introduced. Users used features such as ‘Writing Tools,’ ‘Image Playground,’ and ‘Genmoji’ extensively, especially the ‘Clean Up’ feature. The ‘Clean Up’ feature received a lot of attention in Apple Store demos. Apple Intelligence is also continuing to expand language support, which is expected to further enhance user experience and demand.

Question 2: What is the impact of the OFAC sanctions on Navios Maritime Partners' operations and future plans?
Answer: The OFAC sanctions led to the immediate termination of two VLCC contracts, allowing Navios to redeploy these vessels in the spot market. The risk management team was credited for their swift action, enabling prompt vessel redeployment and contract flexibility. The company plans to monitor market conditions and take opportunities at the right time to put vessels on longer durations.

Question 3: What are the plans for the newly ordered Aframax LR2 tankers and the older Panamax containerships?
Answer: The newly ordered Aframax LR2 tankers are not yet chartered, but the company feels comfortable with their position in the portfolio. The older Panamax containerships sold at good prices, and the company is open to taking advantage of market opportunities by selling vessels forward and redeploying cash in different assets. The company does not plan to buy containers without a charter in the current market.

[Sentiment Analysis]
The tone of the analysts was inquisitive and focused on understanding the strategic decisions and future plans of Navios Maritime Partners. Management's tone was confident and proactive, emphasizing their strategic risk management and fleet optimization efforts.

[Quarterly Comparison]
| Key Metrics | Q2 2025 | Q2 2024 |
|------------------------|---------------|---------------|
| Total Revenue | $328 million | $342 million |
| Adjusted EBITDA | $173 million | $190 million |
| Adjusted Net Income | $64 million | $94 million |
| Combined TCE Rate | $23,040/day | $23,400/day |
| Container TCE Rate | $31,316/day | $30,250/day |
| Dry Bulk TCE Rate | $15,470/day | $17,950/day |
| Tanker TCE Rate | $26,537/day | $27,800/day |

[Risks and Concerns]
The primary risks and concerns highlighted include the impact of OFAC sanctions, geopolitical developments affecting trade routes, and the potential negative effects of tariffs on demand and trade. The company is actively managing these risks through strategic actions and monitoring market conditions.

[Final Takeaway]
Navios Maritime Partners demonstrated strong strategic risk management and fleet optimization efforts in Q2 2025. Despite a decrease in revenue and EBITDA, the company maintained a robust liquidity position and continued to invest in newbuilds and opportunistic vessel sales. The immediate response to OFAC sanctions and the proactive approach to chartering and fleet management highlight the company's resilience and strategic foresight. Investors can expect continued focus on fleet optimization and disciplined capital return, supporting long-term earnings visibility and growth.