-- Revenue:
-- $ 365.6 million for Q4 2025
-- $1,344.1 million for FY 2025
-- Net income:
-- $ 117.3 million for Q4 2025
-- $ 285.3 million for FY 2025
-- Earnings per common unit:
-- $3.99 for Q4 2025
-- $9.59 for FY 2025
-- Net cash from operating activities:
-- $ 123.7 million for Q4 2025
-- $ 505.0 million for FY 2025
-- EBITDA:
-- $ 224.8 million for Q4 2025
-- $ 744.6 million for FY 2025
-- Returning capital to unitholders:
-- 20% increase in dividend distributions effective from Q1 2026
-- New distribution levels: $0.24 per unit annually; $0.06 per
unit quarterly
-- 1,603,713 common units repurchased in 2024 - 2026 (through
February 12) for $72.9 million
-- $0.05 per unit cash distribution for Q4 2025; $0.20 per unit
annualized for 2025
-- Sales and purchases in Q4 2025 -- 2026 YTD:
-- $ 134.3 million acquisition of two Japanese newbuilding capesize
vessels (with scrubbers)
-- $ 136.5 million gross sale proceeds from the sale of two VLCC
tankers; average age of 16.0 years
-- One newbuilding aframax/LR2 tanker delivered
-- $3.8 billion contracted revenue as of February 2026
PIRAEUS, Greece, Feb. 19, 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 fourth quarter and year ended December 31, 2025.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "We are pleased with our results for the quarter and year ended 2025. For the quarter, we reported net income of $117.3 million and EBITDA of $224.8 million. For the full year, we reported net income of $285.3 million and EBITDA of $744.6 million. Earnings per common unit were $3.99 for the quarter and $9.59 for the full year. We are also pleased to announce a 20% increase in our distribution policy to $0.24 per unit annually, commencing from the first quarter of 2026."
Angeliki Frangou continued, "We are witnessing the evolution of a new world order, with new trade agreements emerging from the dust of decaying institutions. At the same time, trade has become an instrument of national policy, as governments prioritize exports, industrial policy, and strategic control of supply chains, with national security considerations increasingly at the forefront of decision--making. Conflicts and geopolitical tensions are rerouting trade, increasing voyage distances, costs, and transit times. As political considerations grow in importance, trade routes are no longer determined solely by efficiency. In this changing environment, we believe our proven platform--combining a diversified fleet with a disciplined risk--management culture--positions us to continue delivering value through a wide range of market conditions."
Common unit repurchases
Pursuant to its previously announced common unit repurchase program, during the year ended December 31, 2025 and as of February 12, 2026 since the commencement of the program, Navios Partners had repurchased 1,029,312 and 1,603,713 common units, respectively, for aggregate cash consideration of approximately $43.0 million and $72.9 million, respectively. As of February 12, 2026, there were 28,580,675 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2025 of $0.05 per unit. The cash distribution was paid on February 12, 2026 to unitholders of record as of February 9, 2026. The Board of Directors of Navios Partners has approved a 20% increase in the quarterly distribution to $0.06 per unit, effective from the first quarter of 2026, funded primarily through savings generated from our common unit repurchase program. The declaration and payment of any 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 Q4 2025 -- 2026 YTD
-- Acquisition of vessels
-- $134.3 million acquisition of two Japanese newbuilding capesize
vessels (with scrubbers)
In December 2025, Navios Partners agreed to acquire two Japanese newbuilding scrubber-fitted capesize vessels, from an unrelated third party, under 12-year bareboat-in contracts. Navios Partners has the option to acquire the vessels 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 12-year period, the bareboat agreements reflect an aggregate implied purchase price of approximately $134.3 million and an implied effective interest rate of about 6.0%. The vessels are expected to be delivered into Navios Partners' fleet during the second half of 2028 and the first quarter of 2029. The closing of the transaction is subject to completion of customary documentation. The vessels have been chartered-out for a period of about five years at an average floor rate of approximately $25,000 per day, with 50% profit sharing above the floor rate calculated based on C5TC 182 index plus an average fixed premium of around $3,000 per day.
-- Sale of vessels
-- $136.5 million gross sale proceeds from the sale of two VLCC
tankers with an average age of 16.0 years
In January 2026, Navios Partners agreed to sell a 2009-built VLCC tanker of 296,945 dwt and a 2011-built VLCC tanker of 297,491 dwt, to an unrelated third party, for an aggregate gross sale price of $136.5 million. The sales are expected to be completed in the second quarter of 2026.
-- One newbuilding aframax/LR2 tanker delivered
In February 2026, Navios Partners took delivery of a 2026-built aframax/ LR2 scrubber-fitted tanker of 116,998 dwt, which has been chartered-out at a rate of $27,431 net per day for a period of approximately five years.
-- $261 million contracted revenue agreed; $3.8 billion total contracted
revenue
Navios Partners has entered into new long-term charters which are expected to generate revenue of $261 million.
-- Five containerships have been chartered-out for an average period
of 1.8 years at an average rate of $29,572 net per day.
-- Three dry bulk vessels have been chartered-out for an average
period of 3.6 years at an average rate of $23,974 net per day
(assuming floor rate on two newbuilding vessels).
-- Three tankers have been chartered-out for an average period of two
years at an average rate of $31,944 net per day.
Including the above long-term charters, Navios Partners has $3.8 billion contracted revenue through 2037.
Financing update
As discussed above, in December 2025, Navios Partners agreed to enter into a bareboat-in agreement for two Japanese newbuilding scrubber-fitted capesize vessels. The total implied financing amount for the two vessels is approximately $124.3 million and the implied effective interest rate is about 6.0%. The closing of the transaction is subject to completion of customary documentation.
In December 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to $75.0 million in order to refinance the existing indebtedness of four of its vessels. In December 2025, the full amount was drawn. The facility matures seven years after the drawdown date and bears interest at Term Secured Overnight Financing Rate ("Term SOFR") with an option to switch to Compounded Secured Overnight Financing Rate plus 145 bps per annum.
In January 2026, Navios Partners completed a $36.0 million sale and leaseback agreement with an unrelated third party for three of its vessels. The sale and leaseback agreement matures five years after each drawdown date and bears interest at Term SOFR plus 190 bps per annum.
In January 2026, Navios Partners completed a $90.0 million sale and leaseback agreement with an unrelated third party, in order to finance the acquisition of two newbuilding aframax/LR2 tankers. The sale and leaseback agreement matures nine years after each drawdown date and bears interest at Term SOFR plus 200 bps per annum.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 67 dry bulk vessels, 51 containerships and 53 tankers, including 16 newbuilding tankers (11 aframax/LR2 and five MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through the first half of 2028, eight newbuilding containerships (four 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028 and two newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and the first quarter of 2029. The fleet excludes one containership and two VLCC tankers that have been agreed to be sold.
As of February 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 2.1 years. Navios Partners has currently fixed 71.4% and 43.2% of its available days for 2026 and 2027, respectively. Navios Partners expects contracted revenue of $1,043.1 million and $760.4 million for 2026 and 2027, respectively. The average expected daily charter-out rate for the fleet is $26,865 and $29,898 for 2026 and 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 month periods and years ended December 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 Three Month
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2025 2024((6) () 2025 2024((6) ()
(in $'000 except
per unit data) (unaudited) (unaudited) (unaudited) (unaudited)
----------------- ----------------- ------------------- -------------------
Revenue $365,550 $332,521 $1,344,143 $1,334,066
Net Income $117,328 $ 94,723 $ 285,334 $ 367,308
Adjusted Net
Income $ 99,980 ((1) () $ 79,337 ((2) () $ 295,685 ((4) () $ 341,548 ((5) ()
Net cash provided
by operating
activities $123,732 $114,924 $ 504,989 $ 483,478
EBITDA $224,772 $197,609 $ 744,563 $ 757,393
Adjusted EBITDA $207,424 (1) $182,223 ((2) $ 727,637 ((3) () $ 731,633 ((5) ()
Earnings per
Common Unit
basic $ 3.99 $ 3.11 $ 9.59 $ 11.98
Earnings per
Common Unit
diluted $ 3.99 $ 3.11 $ 9.59 $ 11.98
Adjusted Earnings
per Common Unit
basic $ 3.40 ((1) () $ 2.61 ((2) () $ 9.94 ((4) () $ 11.14 ((5) ()
Adjusted Earnings
per Common Unit
diluted $ 3.40 ((1) () $ 2.61 ((2) () $ 9.94 ((4) () $ 11.14 ((5) ()
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
three month period ended December 31, 2025 have been
adjusted to exclude a $17.3 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 December 31, 2024 have been
adjusted to exclude a $15.4 million net gain related
to: (a) the sale of our vessels; and (b) the impairment
loss of our vessels.
(3) Adjusted EBITDA for the year ended December 31, 2025
has been adjusted to exclude a $16.9 million gain
related to the sale of our vessels.
(4) Adjusted Net Income and Adjusted Earnings per Common
Unit basic and diluted for the year ended December
31, 2025 have been adjusted to exclude the item referred
to in footnote (3) above, as well as a $27.3 million
accelerated amortization of favorable lease terms
resulting from the termination of contracts for two
vessels.
(5) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
year ended December 31, 2024 have been adjusted to
exclude a $25.8 million net gain related to: (a) the
sale of our vessels; and (b) the impairment loss of
our vessels.
(6) Where necessary, comparative figures have been reclassified
to conform to changes in presentation in the current
periods. Navios Partners 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. For the three month period
ended December 31, 2024, this resulted in the reclassification
of $4.4 million and $18.2 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 $22.6 million was previously presented under
the caption "Direct vessel expenses" in the condensed
consolidated statements of operations for the three
month period ended December 31, 2024. For the year
ended December 31, 2024, this resulted in the reclassification
of $13.6 million and $63.6 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 $77.2 million was previously presented under
the caption "Direct vessel expenses" in the condensed
consolidated statements of operations for the year
ended December 31, 2024.
Three month periods ended December 31, 2025 and 2024
Time charter and voyage revenues for the three month period ended December 31, 2025 increased by $33.1 million, or 10.0%, to $365.6 million, as compared to $332.5 million for the same period in 2024. The increase in revenue was mainly attributable to the increase in the Time Charter Equivalent ("TCE") rate. For the three month periods ended December 31, 2025 and 2024, time charter and voyage revenues were positively affected by $6.7 million and negatively affected by $3.0 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 10.2% to $25,567 per day, as compared to $23,205 per day for the same period in 2024. The available days of the fleet decreased by 2.1% to 13,390 days for the three month period ended December 31, 2025, as compared to 13,671 days for the same period in 2024.
EBITDA of Navios Partners for the three month periods ended December 31, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $25.2 million to $207.4 million for the three month period ended December 31, 2025, as compared to $182.2 million for the same period in 2024. The increase in Adjusted EBITDA was primarily due to a $33.1 million increase in time charter and voyage revenues. The above increase was partially mitigated by a: (i) $4.4 million increase in time charter and voyage expenses; (ii) $2.6 million increase in vessel operating expenses due to a 3.3% increase in the opex daily rate to $7,153 also as a result of the change in the composition of our fleet; partially mitigated by a slight decrease of 0.5% in the opex days; and (iii) $0.9 million increase in general and administrative expenses in accordance with our administrative services agreement.
Net Income for the three month periods ended December 31, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $20.7 million to $100.0 million for the three month period ended December 31, 2025, as compared to $79.3 million for the same period in 2024. The increase in Adjusted Net Income was primarily due to a $25.2 million increase in Adjusted EBITDA. The above increase was partially mitigated by a: (i) $3.3 million increase in depreciation and amortization; (ii) $0.7 million increase in interest expense and finance cost, net; (iii) $0.3 million decrease in interest income; and (iv) $0.2 million decrease in amortization of unfavorable lease terms.
Years ended December 31, 2025 and 2024
Time charter and voyage revenues for the year ended December 31, 2025 increased by $10.0 million, or 0.7%, to $1,344.1 million, as compared to $1,334.1 million for the same period in 2024. The increase in revenue was mainly attributable to the increase in the TCE rate, partially mitigated by the decrease in the available days of our fleet and the decrease in revenue from freight voyages. For the years ended December 31, 2025 and 2024, time charter and voyage revenues were positively affected by $16.8 million and $1.9 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 2.6% to $23,509 per day, as compared to $22,924 per day for the same period in 2024. The available days of the fleet decreased by 1.1% to 53,677 days for the year ended December 31, 2025, as compared to 54,261 days for the same period in 2024.
EBITDA of Navios Partners for the years ended December 31, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $4.0 million to $727.6 million for the year ended December 31, 2025, as compared to $731.6 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $21.7 million increase in vessel operating expenses due to a 3.3% increase in the opex days and a 2.6% increase in the opex daily rate to $7,009 also as a result of the change in the composition of our fleet; (ii) $6.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the year as well as the expansion of our fleet; and (iii) $4.1 million increase in other expense, net. The above decrease was partially mitigated by: (i) an $18.6 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from fewer days of freight voyages in the year ended December 31, 2025; and (ii) a $10.0 million increase in time charter and voyage revenues.
Net Income for the years ended December 31, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $45.8 million to $295.7 million for the year ended December 31, 2025, as compared to $341.5 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to a: (i) $29.5 million increase in depreciation and amortization; (ii) $10.3 million increase in interest expense and finance cost, net; (iii) $4.0 million decrease in Adjusted EBITDA; (iv) $1.0 million decrease in interest income; and (v) $1.0 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 month periods and years ended December 31, 2025 and 2024.
Three Month Three Month
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2025 2024 2025 2024
(unaudited) (unaudited) (unaudited) (unaudited)
------------- -------------- ------------- ---------------
Available
Days((1) () 13,390 13,671 53,677 54,261
Operating
Days((2) () 13,298 13,534 53,274 53,656
Fleet
Utilization(3() 99.3% 99.0% 99.2% 98.9%
Opex Days((4) () 13,560 13,633 54,843 53,113
TCE rate
Combined (per
day)(5) $ 25,567 $ 23,205 $ 23,509 $ 22,924
TCE rate Dry
Bulk (per
day)(5) $ 19,588 $ 17,079 $ 16,408 $ 16,959
TCE rate
Containerships
(per day)(5) $ 31,315 $ 30,623 $ 31,239 $ 30,370
TCE rate Tankers
(per day)(5) $ 29,158 $ 26,646 $ 27,011 $ 27,093
Opex rate
Combined (per
day)(6) $ 7,153 $ 6,926 $ 7,009 $ 6,829
Vessels
operating at
period end 147 152 147 152
(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: 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 Thursday, February 19, 2026 to discuss the results for the fourth quarter and year ended December 31, 2025.
Call Date/Time: Thursday, February 19, 2026 at 8:30 am ET
Call Title: Navios Partners Q4 2025 Financial Results Conference Call
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ425
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: +1.800.839.8318
International Replay Dial In: +1.402.220.6071
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, 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)
December 31, December 31,
2025 2024
(unaudited) (unaudited)
-------------- ----------------
ASSETS
Cash and cash equivalents, including
restricted cash and time deposits
over three months(1) $ 413,452 $ 312,078
Other current assets 98,600 130,913
---------- ----------
Total current assets 512,052 442,991
---------- ----------
Vessels, net 4,389,868 4,241,292
Other non-current assets 1,027,066 988,957
---------- ----------
Total non-current assets 5,416,934 5,230,249
---------- ----------
Total assets $ 5,928,986 $ 5,673,240
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Other current liabilities $ 177,781 $ 143,444
Current portion of borrowings, net 277,365 266,222
---------- ----------
Total current liabilities 455,146 409,666
---------- ----------
Senior unsecured bond, net 294,392 --
Non-current portion of borrowings, net 1,587,829 1,862,715
Other non-current liabilities 250,873 294,231
---------- ----------
Total non-current liabilities 2,133,094 2,156,946
---------- ----------
Total liabilities $ 2,588,240 $ 2,566,612
========== ==========
Total partners' capital 3,340,746 3,106,628
---------- ----------
Total liabilities and partners'
capital $ 5,928,986 $ 5,673,240
========== ==========
(1) Includes time deposits with duration over three months of $10.5 million and $12.3 million as of December 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 Three Month
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2025 2024(1) 2025 2024(1)
(unaudited) (unaudited) (unaudited) (unaudited)
------------- ----------------- -------------- -------------
Time charter and voyage
revenues $ 365,550 $ 332,521 $ 1,344,143 $1,334,066
Time charter and voyage
expenses (33,874) (29,533) (127,758) (146,429)
Vessel operating
expenses (including
management fees) (96,995) (94,420) (384,376) (362,724)
General and
administrative
expenses (23,580) (22,735) (92,033) (85,165)
Depreciation and
amortization (80,462) (77,083) (348,933) (292,077)
Amortization of
unfavorable lease
terms 2,944 3,205 11,680 12,718
Gain on sale of
vessels, net 17,348 15,386 16,926 25,760
Interest expense and
finance cost, net (33,055) (32,425) (134,782) (124,529)
Interest income 3,129 3,417 12,806 13,803
Other expense, net (3,677) (3,610 ) (12,339) (8,115)
-------- ------- ---- --------- ---------
Net income $ 117,328 $ 94,723 $ 285,334 $ 367,308
======== ======= ==== ========= =========
(1) See footnote 6 under "Earnings Highlights".
Earnings per unit:
Three Month Three Month
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2025 2024 2025 2024
(unaudited) (unaudited) (unaudited) (unaudited)
------------- ------------- ------------- ---------------
Earnings
per
unit:
Earnings
per
common
unit,
basic $ 3.99 $ 3.11 $ 9.59 $ 11.98
Earnings
per
common
unit,
diluted $ 3.99 $ 3.11 $ 9.59 $ 11.98
NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)
Year Ended Year Ended
December 31, December 31,
2025 2024
(unaudited) (unaudited)
--------------- -----------------
Net cash provided by operating
activities $ 504,989 $ 483,478
Net cash used in investing
activities $ (348,048) $ (782,126)
Net cash (used in)/ provided by
financing activities $ (53,761) $ 349,262
---------- ----------
Increase in cash, cash equivalents
and restricted cash $ 103,180 $ 50,614
========== ==========
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
N Amalthia Panamax 2006 75,356
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
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 Magnolia (1) 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
Condor (ex Zim 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 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 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 Anthos Aframax/LR2 2026 116,998
Nave Galactic (1) VLCC 2009 296,945
Nave Universe VLCC 2011 297,066
Nave Quasar VLCC 2010 297,376
Nave Buena Suerte (1) 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
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 XV Containership H1 2026 7,900
TBN XVI Containership H2 2026 7,900
TBN XVII Containership H2 2026 7,900
TBN XVIII Containership H1 2027 7,900
TBN XXI Containership H2 2027 8,850
TBN XXII Containership H2 2027 8,850
TBN XXIII Containership H2 2027 8,850
TBN XXIV Containership H1 2028 8,850
TBN I MR2 Product Tanker H1 2026 52,000
TBN II MR2 Product Tanker H2 2026 52,000
TBN III MR2 Product Tanker H2 2026 52,000
TBN IV MR2 Product Tanker H1 2027 52,000
TBN V MR2 Product Tanker H1 2027 52,000
TBN VI Aframax/LR2 H1 2026 115,000
TBN VII Aframax/LR2 H1 2026 115,000
TBN VIII Aframax/LR2 H2 2026 115,000
TBN IX Aframax/LR2 H1 2027 115,000 TBN X Aframax/LR2 H1 2027 115,000 TBN XI Aframax/LR2 H1 2027 115,000 TBN XIX Aframax/LR2 H1 2027 115,000 TBN XX Aframax/LR2 H1 2027 115,000 TBN XII Aframax/LR2 H2 2027 115,000 TBN XIII Aframax/LR2 H2 2027 115,000 TBN XIV Aframax/LR2 H1 2028 115,000 TBN XXV Capesize H2 2028 181,500 TBN XXVI Capesize H1 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 decrease/ (increase) in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) gain 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
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2025 2024 2025 2024
($ '000) ($ '000) ($ '000) ($ '000)
(unaudited) (unaudited) (unaudited) (unaudited)
------------- ------------- ------------- ---------------
Net cash
provided by
operating
activities $ 123,732 $ 114,924 $ 504,989 $ 483,478
Net increase
in operating
assets 30,139 41,672 129,672 97,685
Net decrease/
(increase) in
operating
liabilities 22,933 82 (33,716) 37,606
Net interest
cost 29,926 29,008 121,976 110,726
Amortization
and write-off
of deferred
finance
costs (4,401) (1,941) (10,705) (7,841)
Amortization
of operating
lease assets/
liabilities 190 189 752 2,973
Other non-cash
adjustments 4,905 (1,711) 14,669 7,006
Gain on sale
of vessels,
net 17,348 15,386 16,926 25,760
EBITDA $ 224,772 $ 197,609 $ 744,563 $ 757,393
Gain on sale
of vessels,
net (17,348) (15,386) (16,926) (25,760)
Adjusted
EBITDA $ 207,424 $ 182,223 $ 727,637 $ 731,633
======== ======== ======== ========
Three Month Three Month
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2025 2024 2025 2024
($ '000) ($ '000) ($ '000) ($ '000)
(unaudited) (unaudited) (unaudited) (unaudited)
--------------- ------------- ------------- ---------------
Net cash
provided by
operating
activities $ 123,732 $ 114,924 $ 504,989 $ 483,478
Net cash
used in
investing
activities $ (9,388) $(168,162) $ (348,048) $ (782,126)
Net cash
(used in)/
provided by
financing
activities $ (72,460) $ 59,069 $ (53,761) $ 349,262
(END) Dow Jones Newswires
February 19, 2026 07:29 ET (12:29 GMT)