Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2025
-- Revenue:
-- $304.1 million for Q1 2025
-- Net Income:
-- $41.7 million for Q1 2025
-- Earnings per common unit:
-- $1.38 for Q1 2025
-- Net cash from operating activities:
-- $156.6 million for Q1 2025
-- EBITDA:
-- $147.6 million for Q1 2025
-- Returning capital to unitholders:
-- 423,984 common units repurchased in 2025 (through May 1st) for
$16.1 million
-- $0.05 per unit cash distribution for Q1 2025; $0.20 per unit
annualized
-- Sales and purchases YTD 2025:
-- $34.7 million gross sale proceeds from sale of three vessels;
average age of 19.1 years
-- Four newbuilding vessels delivered
-- $ 3.4 billion contracted revenue as of April 2025
PIRAEUS, Greece, May 07, 2025 (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 first quarter ended March 31, 2025.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "I am pleased with the results for the first quarter of 2025, in which we reported revenue of $304.1 million, EBITDA of $147.6 million and net income of $41.7 million. In addition, earnings per common unit were $1.38 for the quarter."
Angeliki Frangou continued, "The economic environment over the past month has been particularly uncertain, with the global expectations being driven by the unprecedented U.S. tariff proclamation, followed by revisions, pauses, and exceptions. In response, sentiment turned bearish, and the U.S. and other financial markets experienced extraordinary volatility, with the U.S. financial markets recovering only last week to the pre-tariff announcement levels. As the U.S. administration maneuvers toward a tariff regime furthering its policy aspirations, a faint outline is starting to emerge. It appears the potential impact on maritime transportation may be more muted than feared, although extreme outcomes are still possible."
Common unit repurchases
As of May 1, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 423,984 common units in 2025 and 913,939 common units since the commencement of the program, for aggregate cash consideration of approximately $16.1 million and $41.1 million, respectively. As of May 1, 2025, there were 29,270,449 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2025 of $0.05 per unit. The cash distribution will be paid on May 14, 2025 to unitholders of record as of May 9, 2025. The declaration and payment of any further dividends 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
-- Sale of vessels YTD 2025
-- $34.7 million gross sale proceeds from sale of three vessels with
average age of 19.1 years
In February and March 2025, Navios Partners agreed to sell one 2006-built panamax, one 2005-built panamax and one 2007-built 2,741 TEU containership to unrelated third parties, for aggregate gross sale proceeds of $34.7 million. The sales of the 2005-built panamax and the 2006-built panamax were completed in March and April 2025, respectively, and the sale of the 2,741 TEU containership is expected to be completed in the second quarter of 2025.
-- Four newbuilding vessels delivered YTD 2025
In January and April 2025, Navios Partners took delivery of two 2025-built aframax/LR2 tankers, which have been chartered-out at an average rate of $26,349 net per day for a period of five years.
In January and February 2025, Navios Partners took delivery of two 2025-built LNG dual fuel 7,700 TEU containerships, which have been chartered-out at an average rate of $41,753 net per day for a period of 12 years.
Financing update
In March 2025, Navios Partners extended the maturity of a sale and leaseback transaction with an unrelated third party, with an outstanding amount of $45.4 million for 11 containerships. The sale and leaseback transaction matures in the first quarter of 2029 and bears interest at Term Secured Overnight Financing Rate plus 175 bps per annum for the extension period.
In February 2025, Navios Partners entered into interest rate swaps with a commercial bank for a notional amount of $87.9 million (the "Swap Transaction") to hedge the interest rate of its existing credit facility. The Swap Transaction matures in four years. Under the terms of the Swap Transaction, Navios Partners pays a fixed rate of 412 bps per annum and receives a floating rate based on the three month average of the daily Compounded Secured Overnight Financing Rate. No additional collateral is required under the terms of the Swap Transaction. Following the Swap Transaction, 30% of Navios Partners' debt and bareboat liabilities are fixed at an average interest rate of 5.5%.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 69 dry bulk vessels, 49 containerships and 56 tankers, that includes 17 newbuilding tankers (11 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 one containership agreed to be sold.
As of April 28, 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 2.1 years. Navios Partners has currently fixed 66.3% and 43.4% of its available days for the last nine months of 2025 and for all of 2026, respectively. Navios Partners expects contracted revenue of $714.1 million and $719.1 million for the last nine months of 2025 and for all of 2026, respectively. The average expected daily charter-out rate for the fleet is $25,703 and $28,407 for the last nine months of 2025 and for all of 2026, respectively. Navios Partners has $3.4 billion contracted revenue through 2037.
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 month periods ended March 31, 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' results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Three Month Period Ended Three Month Period Ended
March 31, 2025 March 31, 2024(3)
(in $'000 except
per unit data) (unaudited) (unaudited)
--------------------------- ----------------------------
Revenue $ 304,112 $ 318,555
Net Income $ 41,727 $ 73,361
Adjusted Net
Income $ 47,657 (1) $ 71,484 ((2) ()
Net cash provided
by operating
activities $ 156,552 $ 94,436
EBITDA $ 147,608 $ 166,155
Adjusted EBITDA $ 153,538 (1) $ 164,278 ((2) ()
Earnings per
Common Unit
basic $ 1.38 $ 2.38
Earnings per
Common Unit
diluted $ 1.38 $ 2.38
Adjusted Earnings
per Common Unit
basic $ 1.58 (1) $ 2.32 ((2) ()
Adjusted Earnings
per Common Unit
diluted $ 1.58 (1) $ 2.32 ((2) ()
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
three month period ended March 31, 2025 have been
adjusted to exclude a $5.9 million loss 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 March 31, 2024 have been
adjusted to exclude a $1.9 million gain related to
the sale of our vessels.
(3) Where necessary, comparative figures have been reclassified
to conform to changes in presentation in the current
period. The company has changed its classification
of "Direct vessel expenses" to reallocate these amounts
between "Vessel operating expenses (including management
fees)" and "Depreciation and amortization" in the
condensed consolidated statements of operations. Management
has assessed the impact of this change as immaterial
to the financial statements, resulting in the reclassification
of $3.2 million and $14.4 million of vessel operating
expenses and amortization of deferred drydock and
special survey costs, respectively, under the captions
"Vessel operating expenses (including management fees)"
and "Depreciation and amortization" in the condensed
consolidated statements of operations. The aggregate
amount of $17.6 million was previously presented under
the caption "Direct vessel expenses" in the condensed
consolidated statements of operations for the three
month period ended March 31, 2024.
Three month periods ended March 31, 2025 and 2024
Time charter and voyage revenues for the three month period ended March 31, 2025 decreased by $14.5 million, or 4.6%, to $304.1 million, as compared to $318.6 million for the same period in 2024. The decrease in revenue was mainly attributable to the decrease in: the Time Charter Equivalent ("TCE") rate, the available days of our fleet and the revenue from freight voyages. For the three month periods ended March 31, 2025 and 2024, time charter and voyage revenues were negatively affected by $2.6 million and positively affected by $0.1 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate decreased by 1.1% to $21,271 per day, as compared to $21,514 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.6% to 13,456 days for the three month period ended March 31, 2025, as compared to 13,540 days for the same period in 2024.
EBITDA of Navios Partners for the three month periods ended March 31, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA decreased by $10.8 million to $153.5 million for the three month period ended March 31, 2025, as compared to $164.3 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $14.5 million decrease in time charter and voyage revenues; (ii) $6.7 million increase in vessel operating expenses mainly due to the increase in the opex days by 4.8% and the change in the composition of our fleet with deliveries and sales of vessels; (iii) $1.3 million increase in general and administrative expenses in accordance with our administrative services agreement; and (iv) $0.2 million increase in other expense, net. The above decrease was partially mitigated by an $11.9 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the first quarter of 2025.
Net Income for the three month periods ended March 31, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $23.8 million to $47.7 million for the three month period ended March 31, 2025, as compared to $71.5 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to: (i) a $10.8 million decrease in Adjusted EBITDA; (ii) an $8.9 million negative impact from the depreciation and amortization, that primarily resulted from a $5.1 million increase in depreciation and amortization of favorable lease terms, a $3.6 million increase in the amortization of deferred drydock and special survey costs and a $0.2 million decrease in the amortization of unfavorable lease terms; and (iii) a $4.1 million increase in interest expense and finance cost, net.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2025 and 2024.
Three Month Period Ended Three Month Period Ended
March 31, 2025 March 31, 2024
(unaudited) (unaudited)
---------------------------- ----------------------------
Available
Days((1) () 13,456 13,540
Operating
Days((2) () 13,349 13,445
Opex Days((3) () 13,586 12,961
Fleet
Utilization((4)
() 99.2% 99.3%
TCE rate
Combined (per
day)((5) () $ 21,271 $ 21,514
TCE rate Dry
Bulk (per
day)((5) () $ 12,722 $ 14,209
TCE rate
Containerships
(per day)((5)
() $ 30,501 $ 29,838
TCE rate Tankers
(per day)((5)
() $ 26,082 $ 28,087
Opex rate
Combined (per
day)((6) () $ 6,981 $ 6,799
Vessels
operating at
period end 154 151
(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) 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.
(4) 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.
(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.
Conference Call Details:
Navios Partners' management will host a conference call on Wednesday, May 7, 2025 to discuss the results for the first quarter ended March 31, 2025.
Call Date/Time: Wednesday, May 7, 2025 at 8:30 am ET
Call Title: Navios Partners Q1 2025 Financial Results Conference Call
US Dial In: +1.800.445.7795
International Dial In: +1.785.424.1699
Conference ID: NMMQ125
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: +1.800.839.8292
International Replay Dial In: +1.402.220.6069
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 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' 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)
March 31, December 31,
2025 2024
(unaudited) (unaudited)
-------------- ----------------
ASSETS
Cash and cash equivalents, including
restricted cash and time deposits
over three months(1) $ 342,950 $ 312,078
Other current assets 100,394 130,913
---------- ----------
Total current assets 443,344 442,991
---------- ----------
Vessels, net 4,500,169 4,241,292
Other non-current assets 789,542 988,957
---------- ----------
Total non-current assets 5,289,711 5,230,249
---------- ----------
Total assets $ 5,733,055 $ 5,673,240
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Other current liabilities $ 173,405 $ 143,444
Current portion of borrowings, net 265,908 266,222
---------- ----------
Total current liabilities 439,313 409,666
---------- ----------
Non-current portion of borrowings, net 1,875,186 1,862,715
Other non-current liabilities 283,483 294,231
---------- ----------
Total non-current liabilities 2,158,669 2,156,946
---------- ----------
Total liabilities $ 2,597,982 $ 2,566,612
========== ==========
Total partners' capital 3,135,073 3,106,628
---------- ----------
Total liabilities and partners'
capital $ 5,733,055 $ 5,673,240
========== ==========
(1) Includes time deposits with duration over three months
of $21.4 million and $12.3 million as of March 31,
2025 and December 31, 2024, respectively.
NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except per
unit data)
Three Month Period Three Month Period Ended
Ended March 31, 2025 March 31, 2024(1)
(unaudited) (unaudited)
----------------------- ------------------------
Time charter and voyage
revenues $ 304,112 $ 318,555
Time charter and voyage
expenses (30,017) (41,911)
Vessel operating
expenses (including
management fees) (94,842) (88,128)
General and
administrative
expenses (21,972) (20,744)
Depreciation and
amortization (78,645) (69,917)
Amortization of
unfavorable lease
terms 2,880 3,136
(Loss)/ gain on sale of
vessels (5,930) 1,877
Interest expense and
finance cost, net (33,510) (29,409)
Interest income 3,394 3,396
Other expense, net (3,743) (3,494)
--- -------------- --- ---------------
Net income $ 41,727 $ 73,361
=== ============== === ===============
(1) See footnote 3 under "Earnings Highlights".
Earnings per unit:
Three Month Period Ended Three Month Period Ended
March 31, 2025 March 31, 2024
(unaudited) (unaudited)
------------------------ --------------------------
Earnings per
unit:
Earnings per
common unit,
basic $ 1.38 $ 2.38
Earnings per
common unit,
diluted $ 1.38 $ 2.38
NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)
Three Month Period Three Month Period
Ended Ended
March 31, 2025 March 31, 2024
(unaudited) (unaudited)
-------------------- ----------------------
Net cash provided by
operating activities $ 156,552 $ 94,436
Net cash used in investing
activities $ (134,147) $ (168,073)
Net cash (used in)/
provided by financing
activities $ (630) $ 57,292
--------------- ---------------
Increase/ (decrease) in
cash, cash equivalents
and restricted cash $ 21,775 $ (16,345)
=============== ===============
EXHIBIT 2
Capacity
Owned Dry Bulk Vessels Type Built $(DWT)$
Navios Vega Transhipper 2009 57,573
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
N Amalthia Panamax 2006 75,356
Navios Hope Panamax 2005 75,397
Navios Sun Panamax 2005 76,619
Navios Helios Panamax 2005 77,075
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
Copernicus N Post-Panamax 2010 93,062
Navios Stellar Capesize 2009 168,818
Navios Aurora II Capesize 2009 169,031
Navios Antares Capesize 2010 169,059
Navios Symphony Capesize 2010 177,960
Navios Ace Capesize 2011 178,929
Navios Aster Capesize 2010 178,978
Navios Melodia Capesize 2010 178,982
Navios Buena Ventura Capesize 2010 179,109
Navios Luz Capesize 2010 179,144
Navios Altamira Capesize 2011 179,165
Navios Azimuth Capesize 2011 179,169
Navios Bonheur Capesize 2010 179,204
Navios Etoile Capesize 2010 179,234
Navios Fulvia Capesize 2010 179,263
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 Gem Capesize 2014 181,206
Navios Joy Capesize 2013 181,215
Navios Felix Capesize 2016 181,221
Navios Corali Capesize 2015 181,249
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
Protostar N(1) Containership 2007 2,741
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 Tempo Containership 2009 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 Magnolia Containership 2008 4,730
Navios Jasmine 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
Zim Condor Containership 2024 5,300
Hawk Containership 2024 5,300
Zim Falcon Containership 2024 5,300
Zim Pelican Containership 2024 5,300
Zim Seagull Containership 2024 5,300
Zim Albatross Containership 2024 5,300
DP World Jeddah (ex Navios Utmost) Containership 2024 5,300
DP World Jebel Ali (ex Navios Unite) 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 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 Capella MR2 Product Tanker 2013 49,995
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 Equinox MR2 Product Tanker 2007 50,922
Nave Pulsar MR2 Product Tanker 2007 50,922
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 Galactic VLCC 2009 296,945
Nave Constellation VLCC 2010 296,988
Nave Universe VLCC 2011 297,066
Nave Quasar VLCC 2010 297,376
Nave Buena Suerte VLCC 2011 297,491
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
Baghdad VLCC 2020 313,433 Yes
Erbil VLCC 2021 313,486 Yes
Newbuildings to be Expected Capacity
delivered Type Delivery Date (TEU / DWT)
TBN XVIII Containership H1 2026 7,900
TBN XIX Containership H2 2026 7,900
TBN XX Containership H2 2026 7,900
TBN XXI Containership H1 2027 7,900
TBN II MR2 Product Tanker H2 2025 52,000
TBN III MR2 Product Tanker H1 2026 52,000
TBN IV MR2 Product Tanker H2 2026 52,000
TBN V MR2 Product Tanker H2 2026 52,000
TBN VI MR2 Product Tanker H1 2027 52,000
TBN VII MR2 Product Tanker H1 2027 52,000
TBN I Aframax/LR2 Q2 2025 115,000
TBN VIII Aframax/LR2 H1 2026 115,000
TBN IX Aframax/LR2 H1 2026 115,000
TBN X Aframax/LR2 H1 2026 115,000
TBN XI Aframax/LR2 H2 2026 115,000
TBN XII Aframax/LR2 H1 2027 115,000
TBN XIII Aframax/LR2 H2 2027 115,000
TBN XIV Aframax/LR2 H2 2027 115,000
TBN XV Aframax/LR2 H2 2027 115,000
TBN XVI Aframax/LR2 H2 2027 115,000
TBN XVII Aframax/LR2 H1 2028 115,000
(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 (decrease)/ increase in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) amortization of operating lease assets/ liabilities; (vi) non-cash amortization of deferred revenue and straight line effect of the charters with de-escalating rates; and (vii) (loss)/ gain on sale of vessels. 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 Period Ended Three Month Period Ended
March 31, 2025 March 31, 2024
($ '000) ($ '000)
(unaudited) (unaudited)
-------------------------- --------------------------
Net cash provided
by operating
activities $ 156,552 $ 94,436
Net (decrease)/
increase in
operating assets (7,421) 366
Net (increase)/
decrease in
operating
liabilities (23,046) 42,983
Net interest cost 30,116 26,013
Amortization and
write-off of
deferred finance
costs and
discount (1,672) (1,676)
Amortization of
operating lease
assets/
liabilities 186 791
Non-cash
amortization of
deferred revenue
and straight
line (1,177) 1,365
(Loss)/ gain on
sale of vessels (5,930) 1,877
--- ----------------- --- -----------------
EBITDA $ 147,608 $ 166,155
Loss/ (gain) on
sale of vessels 5,930 (1,877)
--- ----------------- --- -----------------
Adjusted EBITDA $ 153,538 $ 164,278
=== ================= === =================
Three Month Period Ended Three Month Period Ended
March 31, 2025 March 31, 2024
($ '000) ($ '000)
(unaudited) (unaudited)
-------------------------- --------------------------
Net cash provided
by operating
activities $ 156,552 $ 94,436
Net cash used in
investing
activities $ (134,147) $ (168,073)
Net cash (used
in)/ provided by
financing
activities $ (630) $ 57,292
(END) Dow Jones Newswires
May 07, 2025 07:18 ET (11:18 GMT)
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