Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2022

Rhea-AI Summary

Navios Maritime Partners L.P. (NYSE: NMM) reported solid financial results for the year and fourth quarter ended December 31, 2022. Revenue reached $1.21 billion with a net income of $579.2 million. For Q4 2022, revenue was $370.9 million and net income attained $118.3 million. Earnings per common unit were $18.82 for 2022. The company's fleet comprises 176 vessels, with plans to acquire more vessels and maintain a technologically advanced fleet. Additionally, Navios Partners secured approximately $328 million in long-term contracted revenue in Q4, contributing to a total of $3.4 billion contracted revenue expected through 2036.

Positive

• Revenue increased by 69.7% to $1.21 billion for 2022.
• Net income rose to $579.2 million for 2022.
• Secured $328 million in contracted revenue in Q4 2022.

Negative

• Adjusted earnings per common unit fell to $18.82 in 2022, down from $22.36 in 2021.
• Increased operating expenses, including an $86.5 million rise in time charter and voyage expenses.

• Revenue:
  • $1,210.5 million for the year ended 2022
  • $370.9 million for Q4 2022
• Net Income:
  • $579.2 million for the year ended 2022
  • $118.3 million for Q4 2022
• Earnings per common unit:
  • $18.82 for the year ended 2022
  • $3.84 for Q4 2022
• Net cash from operating activities:
  • $506.3 million for the year ended 2022
  • $140.1 million for Q4 2022
• EBITDA:
  • $817.3 million for the year ended 2022
  • $206.2 million for Q4 2022
• ~$214.0 million sale of 11 vessels
• ~$328.0 million from long-term charters contracted in Q4 2022
  • ~$3.4 billion in contracted revenue through 2036
• $0.05 per unit cash distribution for Q4 2022
  

MONACO, Feb. 21, 2023 (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, 2022.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the full year and the fourth quarter of 2022. For the full year of 2022, we reported revenue and net income of $1.2 billion and $579.2 million, respectively. For the fourth quarter of 2022, we reported revenue of $370.9 million and net income of $118.3 million. We are also pleased to report earnings per common unit of $18.82 for the full year of 2022.”

Angeliki Frangou continued, “Navios Partners is a leading publicly listed shipping company diversified in 15 asset classes in three sectors, with 176 vessels with an average vessel age of about 9.5 years. We have been rationalizing our portfolio to maintain a younger, technologically advanced fleet and remain focused on reducing leverage rates in medium term, which we believe we can do naturally in the current charter rate market.”

 

Fleet update

• Acquisition of two Newbuilding MR2 Product Tanker vessels and one Capesize vessel

In December 2022, Navios Partners agreed to acquire two newbuilding Japanese MR2 Product Tanker vessels from an unrelated third party, under bareboat contracts. Each vessel has approximately 52,000 dwt and is being bareboat-in for ten years. 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 10-year period, the bareboat agreements reflect an implied price of approximately $40.0 million per vessel and an implied effective interest of approximately 7.0%. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2025 and the first half of 2026. The closing of the transaction is subject to completion of customary documentation.

In February 2023, Navios Partners agreed to acquire from an unrelated third party, the Navios Felix, a previously chartered-in 2016-built scrubber-fitted Capesize vessel of 181,221 dwt for a contract price of approximately $40.7 million with final payment to be determined on the actual delivery date of the vessel. The delivery of the vessel is expected within the first quarter of 2023.

• Agreed to sell 11 vessels for approximately $214 million

On February 6, 2023, Navios Partners agreed to sell the Serenitas N, a 2011-built Ultra-Handymax vessel of 56,644 dwt, to an unrelated third party, for a sales price of $12.3 million. The sale is expected to be completed during the second quarter of 2023.

On February 6, 2023, Navios Partners agreed to sell the Nave Photon, a 2008-built VLCC vessel of 297,395 dwt, to an unrelated third party, for a sales price of $53.0 million. The sale is expected to be completed during the first quarter of 2023.

On January 5, 2023, Navios Partners agreed to sell the Navios Prosperity I, a 2007-built Panamax vessel of 75,527 dwt, to an unrelated third party, for a sales price of $13.8 million. The sale was completed on February 7, 2023.

On January 3, 2023, Navios Partners agreed to sell the Aurora N, a 2008-built LR1 Product Tanker vessel of 63,495 dwt, to an unrelated third party, for a sales price of $22.5 million. The sale is expected to be completed during the second quarter of 2023.

On December 30, 2022, Navios Partners agreed to sell the Navios Amaryllis, a 2008-built Ultra-Handymax vessel of 58,735 dwt, to an unrelated third party, for a sales price of $15.1 million. The sale was completed on January 26, 2023.

On December 19, 2022, Navios Partners agreed to sell the Jupiter N, a 2011-built Post-Panamax vessel of 93,062 dwt, to an unrelated third party, for a sales price of $16.4 million. The sale was completed on February 3, 2023.

On December 5, 2022, Navios Partners agreed to sell the Nave Polaris, a 2011-built Chemical Tanker vessel of 25,145 dwt, to an unrelated third party, for a sales price of $14.7 million. The sale was completed on January 24, 2023.

On December 5, 2022, Navios Partners agreed to sell the Nave Cosmos, a 2010-built Chemical Tanker vessel of 25,130 dwt, to an unrelated third party, for a sales price of $13.6 million. The sale was completed on January 9, 2023.

On December 1, 2022, Navios Partners agreed to sell the Star N, a 2009-built MR1 Product Tanker vessel of 37,836 dwt, to an unrelated third party, for a sales price of $18.1 million. The sale was completed on January 26 2023.

On November 30, 2022, Navios Partners agreed to sell the Nave Dorado, a 2005-built MR2 Product Tanker vessel of 47,999 dwt, to an unrelated third party, for a sales price of $15.6 million. The sale was completed on January 17, 2023.

On November 24, 2022, Navios Partners agreed to sell the Perseus N, a 2009-built MR1 Product Tanker vessel of 36,264 dwt, to an unrelated third party, for a sales price of $18.5 million. The sale was completed on December 23, 2022.

• Approximately $328 million revenue contracted in the fourth quarter of 2022 - $3.4 billion total contracted revenue

During the fourth quarter of 2022, Navios Partners entered into long-term charters which are expected to generate revenue of approximately $328 million.

• Three newbuilding Capesize vessels, expected to be delivered in the first half of 2023, have been chartered-out for an average period of 4.8 years, at an average rate of $19,566 net per day.
• Two 115,000 dwt Aframax/LR2 newbuilding vessels, expected to be delivered in the first half of 2025, have been chartered-out for an average period of five years, at a rate of $27,798 net per day. The charterer has an option to extend each of the charters for further five one-year options at rates increasing by $1,234 per day each year.
• Three MR2 Product Tanker vessels have been chartered-out for an average period of 2.3 years, at an average rate of $24,654 net per day.
• Two LR1 Product Tanker vessels have been chartered-out for an average period of 2.1 years, at an average rate of $30,632 net per day.
• One VLCC vessel has been chartered-out for an average period of 0.9 years, at an average rate of $45,425 net per day.

Following the above long-term charters, Navios Partners has $3.4 billion contracted revenue through 2036.

Financing update

In February 2023, Navios Partners completed a $32.0 million sale and leaseback transaction with an unrelated third party, in order to finance one drybulk vessel. The sale and leaseback transaction: (i) matures ten years from the date of the delivery of the vessel by the owners to the charterer; and (ii) bears interest at Libor plus 200 bps per annum.

In December 2022, Navios Partners completed a $10.5 million sale and leaseback transaction with an unrelated third party, in order to finance one drybulk vessel. The sale and leaseback transaction: (i) matures four years from the date of the delivery of the vessel by the owners to the charterer; and (ii) bears interest at Libor plus 230 bps per annum.

On December 21, 2022, Navios Partners entered into a new credit facility with a commercial bank for up to $44.2 million in order to refinance existing indebtedness of three product tanker vessels. The credit facility: (i) matures five years after the drawdown date; and (ii) bears interest at Term Secured Overnight Financing Rate (“SOFR”) plus 195 bps per annum.

As discussed above, in December 2022, Navios Partners agreed to enter into a bareboat-in agreement for two Japanese newbuilding tanker vessels. The total implied amount financed for the two vessels is approximately $62.0 million and the implied effective interest rate is 7.0%. The closing of the transaction is subject to completion of customary documentation.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2022 of $0.05 per unit. The cash distribution was paid on February 14, 2023 to unitholders of record as of February 10, 2023. 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.

Operating Highlights

Navios Partners owns and operates a fleet comprised of 83 drybulk vessels, 47 containerships and 46 tanker vessels, including three newbuilding Capesize chartered-in vessels under bareboat contracts expected to be delivered in the first half of 2023, six newbuilding Aframax/LR2 vessels expected to be delivered in 2024 and the first half of 2025, two newbuilding MR2 Product Tanker chartered-in vessels under bareboat contracts expected to be delivered in the second half of 2025 and the first half of 2026 and 12 newbuilding Containerships expected to be delivered by the second half of 2023 and in 2024. The fleet excludes one VLCC, one Ultra-Handymax and one LR1 Product Tanker vessels agreed to be sold.

Navios Partners has entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of approximately 1.9 years. Navios Partners has currently fixed 52.2% and 35.0% of its available days for 2023 and for 2024, respectively. Navios Partners expects to generate contracted revenue of approximately $831.9 million and $644.5 million for 2023 and for 2024, respectively. The average expected daily charter-out rate for the fleet is $28,017 and $31,598 for 2023 and for 2024, 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, 2022 and 2021. 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”).

Upon completion of the merger (“NMCI Merger”) with Navios Maritime Containers L.P. (“Navios Containers”) on March 31, 2021, beginning from April 1, 2021, and obtaining control over Navios Maritime Acquisition Corporation (“Navios Acquisition”) on August 25, 2021, beginning from August 26, 2021, the results of operations of Navios Containers and Navios Acquisition are included in Navios Partners’ Consolidated Statements of Operations. On October 15, 2021, Navios Partners completed its merger (“NNA Merger”) with Navios Acquisition. In September 2022, Navios Partners completed the acquisition of a 36-vessel drybulk fleet from Navios Maritime Holdings Inc. (“Navios Holdings”).

	Three Month Period Ended December 31, 2022			Three Month Period Ended December 31, 2021						Year Ended December 31, 2022			Year Ended December 31, 2021
(in $‘000 except per unit data)	(unaudited)			(unaudited)						(unaudited)			(unaudited)
Revenue	$	370,863			$	268,146				$	1,210,528			$	713,175
Net Income attributable to Navios Partners’ unitholders	$	118,258			$	117,540				$	579,247			$	516,186
Adjusted Net Income attributable to Navios Partners’ unitholders	$	112,670	(1)		$	121,832		(2)		$	429,895	(3)		$	364,146		(4)
Net cash provided by operating activities	$	140,069			$	129,020				$	506,340			$	277,173
EBITDA	$	206,228			$	152,351				$	817,256			$	578,511
Adjusted EBITDA	$	200,640	(1)		$	156,643		(2)		$	667,904	(3)		$	426,471		(4)
Earnings attributable to Navios Partners’ unitholders per Common Unit basic	$	3.84			$	3.89				$	18.82			$	22.36
Earnings attributable to Navios Partners’ unitholders per Common Unit diluted	$	3.84			$	3.89				$	18.82			$	22.32
Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic	$	3.66	(1)		$	4.03		(2)		$	13.97	(3)		$	15.78		(4)
Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit diluted	$	3.66	(1)		$	4.03		(2)		$	13.97	(3)		$	15.75		(4)

(1)		Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the three month period ended December 31, 2022 have been adjusted to exclude a $5.6 million gain related to the sale of eight of our vessels.
(2)		Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the three month period ended December 31, 2021 have been adjusted to exclude a: (i) $3.3 million gain related to the sale of one of our vessels; and (ii) $7.6 million of transaction costs in relation to the NNA Merger.
(3)		Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the year ended December 31, 2022 have been adjusted to exclude a $149.4 million gain related to the sale of ten of our vessels.
(4)		Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings attributable to Navios Partners’ unitholders per Common Unit basic and diluted for the year ended December 31, 2021 have been adjusted to exclude: (i) an $80.8 million gain from equity in net earnings of affiliated companies; (ii) a $48.0 million bargain gain upon obtaining control over Navios Acquisition and upon completion of the NMCI Merger; (iii) a $33.6 million gain related to the sale of eight of our vessels; and (iv) $10.4 million of transaction costs in relation to the NNA Merger and the NMCI Merger.

Three month periods ended December 31, 2022 and 2021

Time charter and voyage revenues for the three month period ended December 31, 2022 increased by $102.8 million, or 38.3%, to $370.9 million, as compared to $268.1 million for the same period in 2021. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in Time Charter Equivalent (“TCE”) rate. For the three month period ended December 31, 2022, the time charter and voyage revenues were affected by $18.1 million relating to the straight line effect of the containerships and tankers charters with de-escalating rates. The TCE rate increased by 3.6% to $23,840 per day, as compared to $23,005 per day for the same period in 2021. The available days of the fleet increased by 26.8% to 14,409 days for the three month period ended December 31, 2022, as compared to 11,363 days for the same period in 2021 mainly due to the acquisition of the 36-vessel drybulk fleet from Navios Holdings and the deliveries of newbuilding and secondhand vessels, partially mitigated by the sale of vessels.

EBITDA of Navios Partners for the three month periods ended December 31, 2022 and 2021 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $44.0 million to $200.6 million for the three month period ended December 31, 2022, as compared to $156.6 million for the same period in 2021. The increase in Adjusted EBITDA was primarily due to a $102.8 million increase in time charter and voyage revenues, partially mitigated by a: (i) $32.0 million increase in time charter and voyage expenses, mainly due to the increase in a) bunker expenses arising from the increased number of freight voyages in the fourth quarter of 2022 and b) bareboat and charter-in hire expense of the tanker and drybulk fleet; (ii) $13.1 million increase in vessel operating expenses, mainly due to the expansion of our fleet; (iii) $6.8 million increase in general and administrative expenses, mainly due to the expansion of our fleet; (iv) $3.0 million increase in other expenses, net; (v) $2.8 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); and (vi) $1.1 million decrease in net loss attributable to noncontrolling interest.

Net Income attributable to Navios Partners’ unitholders for the three month periods ended December 31, 2022 and 2021 was affected by the items described in the table above. Excluding these items, Adjusted Net Income attributable to Navios Partners' unitholders decreased by $9.1 million to $112.7 million for the three month period ended December 31, 2022, as compared to $121.8 million for the same period in 2021. The decrease in Adjusted Net Income attributable to Navios Partners’ unitholders was primarily due to: (i) a $20.1 million decrease in the amortization of the unfavorable lease terms; (ii) an $18.0 million increase in interest expense and finance cost, net; (iii) a $12.5 million increase in depreciation and amortization expense; and (iv) a $3.3 million increase in amortization of deferred drydock, special survey costs and other capitalized items, partially mitigated by a: (i) $44.0 million increase in Adjusted EBITDA; and (ii) $0.8 million increase in interest income.

Years ended December 31, 2022 and 2021

Time charter and voyage revenues of Navios Partners for the year ended December 31, 2022 increased by $497.3 million, or 69.7%, to $1,210.5 million, as compared to $713.2 million for the same period in 2021. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in the TCE rate. For the year ended December 31, 2022, the time charter and voyage revenues were affected by $48.2 million relating to the straight line effect of the containerships and tankers charters with de-escalating rates. The TCE rate increased by 6.1% to $23,042 per day, as compared to $21,709 per day in the same period in 2021. The available days of the fleet increased by 56.2% to 49,804 days for the year ended December 31, 2022, as compared to 31,884 days in the same period in 2021 mainly due to the acquisition of the 36-vessel drybulk fleet from Navios Holdings, the NMCI Merger, the NNA Merger and the deliveries of newbuilding and secondhand vessels, partially mitigated by the sale of vessels.

EBITDA of Navios Partners for the years ended December 31, 2022 and 2021 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $241.4 million to $667.9 million for the year ended December 31, 2022, as compared to $426.5 million for the same period in 2021. The increase in Adjusted EBITDA was primarily due to a $497.3 million increase in time charter and voyage revenues, partially mitigated by: (i) a $120.6 million increase in vessel operating expenses, mainly due to the expansion of our fleet; (ii) an $86.5 million increase in time charter and voyage expenses, mainly due to the increase in a) bareboat and charter-in hire expense of the tanker and drybulk fleet and b) bunker expenses arising from the increased number of freight voyages in 2022; (iii) a $25.7 million increase in general and administrative expenses, mainly due to the expansion of our fleet; (iv) a $14.7 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); (v) a $4.9 million decrease in net loss attributable to noncontrolling interest; and (vi) a $3.5 million increase in other expenses, net.

Net Income attributable to Navios Partners' unitholders for the years ended December 31, 2022 and 2021 was affected by items described in the table above. Excluding these items, Adjusted Net Income attributable to Navios Partners’ unitholders increased by $65.8 million to $429.9 million for the year ended December 31, 2022, as compared to $364.1 million for the same period in 2021. The increase in Adjusted Net Income attributable to Navios Partners’ unitholders was primarily due to a $241.4 million increase in Adjusted EBITDA, partially mitigated by: (i) an $89.0 million increase in depreciation and amortization expense; (ii) a $40.3 million increase in interest expense and finance cost, net; (iii) a $33.5 million decrease in the amortization of the unfavorable lease terms; and (iv) a $12.8 million increase in amortization for deferred drydock, special survey costs and other capitalized items.

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, 2022 and 2021 (including the Navios Containers’ fleet and Navios Acquisition’s fleet beginning from April 1, 2021 and August 26, 2021, respectively).         

	Three Month Period Ended December 31, 2022				Three Month Period Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
Available Days(1)		14,409				11,363				49,804				31,884
Operating Days(2)		14,264				11,289				49,271				31,631
Fleet Utilization(3)		99.0	%			99.3	%			98.9	%			99.2	%
TCE rate Combined (per day)(4)	$	23,840			$	23,005			$	23,042			$	21,709
TCE rate Drybulk (per day)(4)	$	15,876			$	29,548			$	19,464			$	23,331
TCE rate Containers (per day)(4)	$	34,037			$	23,765			$	31,358			$	22,435
TCE rate Tankers (per day)(4)	$	30,834			$	15,426			$	21,020			$	15,336
Vessels operating at period end		162				128				162				128

(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, dry dockings or special surveys and ballast days relating to voyages. 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 are 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 are off-hire for reasons other than scheduled repairs, dry dockings or special surveys.
(4)		TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contract (grossed up by currently applicable fixed vessel operating expenses) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a standard 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.

Conference Call Details:

Navios Partners' management will host a conference call on Tuesday, February 21, 2023 to discuss the results for the fourth quarter and year ended December 31, 2022.

Call Date/Time: Tuesday, February 21, 2023 at 8:30 am ET
Call Title: Navios Partners Q4 2022 Financial Results Conference Call 
US Dial In: +1.800.245.3047
International Dial In: +1.203.518.9765
Conference ID: NMMQ422

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: +1.888.215.1535
International Replay Dial In: +1.402.220.4940

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, 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 drybulk, containerships and tanker vessels in particular, fluctuations in charter rates for drybulk, 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, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023, 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; 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.
+1 (212) 661 7566
naviospartners@capitallink.com

EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars except unit data)

		December 31, 2022 (unaudited)				December 31, 2021 (unaudited)
ASSETS
Cash and cash equivalents, including restricted cash		$	175,098			$	169,446
Other current assets			135,326				56,894
Vessels, net			3,777,329				2,852,570
Other non-current assets			807,951				544,389
Total assets		$	4,895,704			$	3,623,299
LIABILITIES AND PARTNERS’ CAPITAL
Other current liabilities		$	226,645			$	140,368
Total borrowings, net (including current and non-current)			1,945,447				1,361,709
Other non-current liabilities			380,649				351,497
Total partners’ capital			2,342,963				1,769,725
Total liabilities and partners’ capital		$	4,895,704			$	3,623,299

NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except unit and per unit data)

		Three Month Period Ended December 31, 2022				Three Month Period Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
		(unaudited)				(unaudited)					(unaudited)			(unaudited)
Time charter and voyage revenues		$	370,863			$	268,146			$	1,210,528			$	713,175
Time charter and voyage expenses			(48,330	)			(16,313	)			(122,630	)			(36,142	)
Direct vessel expenses			(17,243	)			(11,252	)			(56,754	)			(29,259	)
Vessel operating expenses			(85,933	)			(72,764	)			(312,022	)			(191,449	)
General and administrative expenses			(23,497	)			(16,744	)			(67,180	)			(41,461	)
Depreciation and amortization of intangible assets			(58,000	)			(45,508	)			(201,820	)			(112,817	)
Amortization of unfavorable lease terms			10,758				30,936				74,963				108,538
Gain on sale of vessels, net			5,588				3,277				149,352				33,625
Interest expense and finance cost, net			(33,072	)			(15,138	)			(83,091	)			(42,762	)
Interest income			758				—				856				859
Other expense, net			(3,634	)			(585	)			(12,955	)			(9,449	)
Equity in net earnings of affiliated companies			—				—				—				80,839
Transaction costs			—				(7,569	)			—				(10,439	)
Bargain gain			—				—				—				48,015
Net income		$	118,258			$	116,486			$	579,247			$	511,273
Net loss attributable to the noncontrolling interest			—				1,054				—				4,913
Net income attributable to Navios Partners’ unitholders		$	118,258			$	117,540			$	579,247			$	516,186

Earnings attributable to Navios Partners' unitholders per unit:

		Three Month Period Ended December 31, 2022				Three Month Period Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Earnings attributable to Navios Partners' unitholders per common unit, basic		$	3.84			$	3.89			$	18.82			$	22.36
Earnings attributable to Navios Partners' unitholders per common unit, diluted		$	3.84			$	3.89			$	18.82			$	22.32

NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars except unit data)

		Three Month Period Ended December 31, 2022				Three Month Period Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
(in thousands of U.S. dollars)		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net cash provided by operating activities		$	140,069			$	129,020			$	506,340			$	277,173
Net cash used in investing activities		$	(50,531	)		$	(3,200	)		$	(316,241	)		$	(106,252	)
Net cash used in financing activities		$	(24,760	)		$	(97,554	)		$	(184,447	)		$	(32,203	)
Increase in cash, cash equivalents and restricted cash		$	64,778			$	28,266			$	5,652			$	138,718

EXHIBIT 2

Owned Drybulk Vessels		Type		Built		Capacity (DWT)
Navios Christine B		Ultra-Handymax		2009		58,058
Navios Celestial		Ultra-Handymax		2009		58,063
Navios Vega		Ultra-Handymax		2009		58,792
Serenitas N(1)		Ultra-Handymax		2011		56,644
Navios La Paix		Ultra-Handymax		2014		61,485
Navios Hyperion		Panamax		2004		75,707
Navios Anthos		Panamax		2004		75,798
Navios Orbiter		Panamax		2004		76,602
Navios Hope		Panamax		2005		75,397
Navios Taurus		Panamax		2005		76,596
Navios Sun		Panamax		2005		76,619
Navios Asteriks		Panamax		2005		76,801
Navios Helios		Panamax		2005		77,075
Navios Apollon I		Panamax		2005		87,052
N Amalthia		Panamax		2006		75,318
Navios Sagittarius		Panamax		2006		75,756
Navios Galileo		Panamax		2006		76,596
N Bonanza		Panamax		2006		76,596
Navios Harmony		Panamax		2006		82,790
Navios Libertas		Panamax		2007		75,511
Copernicus N		Panamax		2010		93,062
Unity N		Panamax		2011		79,642
Odysseus N		Panamax		2011		79,642
Rainbow N		Panamax		2011		79,642
Navios Avior		Panamax		2012		81,355
Navios Centaurus		Panamax		2012		81,472
Navios Victory		Panamax		2014		77,095
Navios Sphera		Panamax		2016		84,872
Navios Sky		Panamax		2015		82,056
Navios Uranus		Panamax		2019		81,821
Navios Herakles I		Panamax		2019		82,036
Navios Galaxy II		Panamax		2020		81,789
Navios Felicity I		Panamax		2020		81,962
Navios Magellan II		Panamax		2020		82,037
Navios Alegria		Panamax		2016		84,852
Navios Meridian		Panamax		2023		82,010
Navios Primavera		Panamax		2022		82,003
Navios Beaufiks		Capesize		2004		180,310
Navios Fantastiks		Capesize		2005		180,265
Navios Stellar		Capesize		2009		169,001
Navios Aurora II		Capesize		2009		169,031
Navios Happiness		Capesize		2009		180,022
Navios Bonavis		Capesize		2009		180,022
Navios Phoenix		Capesize		2009		180,242
Navios Sol		Capesize		2009		180,274
Navios Lumen		Capesize		2009		180,661
Navios Pollux		Capesize		2009		180,727
Navios Antares		Capesize		2010		169,059
Navios Symphony		Capesize		2010		178,132
Navios Melodia		Capesize		2010		179,132
Navios Luz		Capesize		2010		179,144
Navios Etoile		Capesize		2010		179,234
Navios Buena Ventura		Capesize		2010		179,259
Navios Bonheur		Capesize		2010		179,259
Navios Fulvia		Capesize		2010		179,263
Navios Aster		Capesize		2010		179,314
Navios Ace		Capesize		2011		179,016
Navios Altamira		Capesize		2011		179,165
Navios Azimuth		Capesize		2011		179,169
Navios Koyo		Capesize		2011		181,415
Navios Ray		Capesize		2012		179,515
Navios Joy		Capesize		2013		181,389
Navios Gem		Capesize		2014		181,336
Navios Canary		Capesize		2015		180,528
Navios Corali		Capesize		2015		181,249
Navios Mars		Capesize		2016		181,259
Navios Armonia		Capesize		2022		182,079
Navios Azalea		Capesize		2022		182,064
Navios Astra		Capesize		2022		182,393

(1) Vessel agreed to be sold.

Owned Containerships		Type		Built		Capacity (TEU)
Navios Summer		Containership		2006		3,450
Navios Verano		Containership		2006		3,450
Hyundai Hongkong		Containership		2006		6,800
Hyundai Singapore		Containership		2006		6,800
Hyundai Busan		Containership		2006		6,800
Hyundai Shanghai		Containership		2006		6,800
Hyundai Tokyo		Containership		2006		6,800
Protostar N		Containership		2007		2,741
Navios Spring		Containership		2007		3,450
Matson Lanai		Containership		2007		4,250
Navios Indigo		Containership		2007		4,250
Navios Vermilion		Containership		2007		4,250
Navios Verde		Containership		2007		4,250
Navios Amarillo		Containership		2007		4,250
Navios Azure		Containership		2007		4,250
Navios Domino		Containership		2008		4,250
Navios Delight		Containership		2008		4,250
Navios Magnolia		Containership		2008		4,730
Navios Jasmine		Containership		2008		4,730
Navios Chrysalis		Containership		2008		4,730
Navios Nerine		Containership		2008		4,730
Spectrum N		Containership		2009		2,546
Navios Devotion		Containership		2009		4,250
Navios Destiny		Containership		2009		4,250
Navios Lapis		Containership		2009		4,250
Navios Tempo		Containership		2009		4,250
Navios Miami		Containership		2009		4,563
Navios Dorado		Containership		2010		4,250
Zim Baltimore		Containership		2010		4,360
Navios Bahamas		Containership		2010		4,360
Zim Carmel		Containership		2010		4,360
Navios Unison		Containership		2010		10,000
Navios Constellation		Containership		2011		10,000
Fleur N		Containership		2012		2,782
Ete N		Containership		2012		2,782

Owned Tanker Vessels		Type		Built		Capacity (DWT)
Hector N		MR1 Product Tanker		2008		38,402
Nave Equinox		MR2 Product Tanker		2007		50,922
Nave Pulsar		MR2 Product Tanker		2007		50,922
Nave Orbit		MR2 Product Tanker		2009		50,470
Nave Equator		MR2 Product Tanker		2009		50,542
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 Bellatrix		MR2 Product Tanker		2013		49,999
Nave Orion		MR2 Product Tanker		2013		49,999
Nave Titan		MR2 Product Tanker		2013		49,999
Bougainville		MR2 Product Tanker		2013		50,626
Nave Pyxis		MR2 Product Tanker		2014		49,998
Nave Luminosity		MR2 Product Tanker		2014		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 Ariadne		LR1 Product Tanker		2007		74,671
Nave Cielo		LR1 Product Tanker		2007		74,671
Aurora N(1)		LR1 Product Tanker		2008		63,495
Lumen N		LR1 Product Tanker		2008		63,599
Nave Andromeda		LR1 Product Tanker		2011		75,000
Nave Cetus		LR1 Product Tanker		2012		74,581
Nave Cassiopeia		LR1 Product Tanker		2012		74,711
Nave Estella		LR1 Product Tanker		2012		75,000
Nave Rigel		LR1 Product Tanker		2013		74,673
Nave Atropos		LR1 Product Tanker		2013		74,695
Nave Photon(1)		VLCC		2008		297,395
Nave Galactic		VLCC		2009		297,168
Nave Spherical		VLCC		2009		297,188
Nave Constellation		VLCC		2010		296,988
Nave Quasar		VLCC		2010		297,376
Nave Synergy		VLCC		2010		299,973
Nave Universe		VLCC		2011		297,066
Nave Buena Suerte		VLCC		2011		297,491

(1)   Vessel agreed to be sold.

Bareboat-in vessels		Type		Built		Capacity (DWT)		Purchase Option
Navios Libra		Panamax		2019		82,011		Yes
Navios Star		Panamax		2021		81,994		Yes
Navios Amitie		Panamax		2021		82,002		Yes
Baghdad		VLCC		2020		313,433		Yes
Nave Electron		VLCC		2021		313,239		Yes
Erbil		VLCC		2021		313,486		Yes
Nave Celeste		VLCC		2022		313,418		Yes

Owned to be delivered		Type		Delivery Date		Capacity DWT / (TEU)
TBN I		Capesize		H1 2023		180,000
TBN III		Capesize		H1 2023		180,000
TBN II		Capesize		H1 2023		180,000
TBN IV		Containership		H2 2023		5,300
TBN V		Containership		H2 2023		5,300
TBN X		Containership		H2 2023		5,300
TBN VI		Containership		H1 2024		5,300
TBN VII		Containership		H1 2024		5,300
TBN XI		Containership		H1 2024		5,300
TBN VIII		Containership		H2 2024		5,300
TBN IX		Containership		H2 2024		5,300
TBN XII		Containership		H2 2024		5,300
TBN XIII		Containership		H2 2024		5,300
TBN XX		Containership		H2 2024		7,700
TBN XXI		Containership		H2 2024		7,700
TBN XIV		Aframax/LR2		H1 2024		115,000
TBN XV		Aframax/LR2		H1 2024		115,000
TBN XVI		Aframax/LR2		H2 2024		115,000
TBN XVII		Aframax/LR2		H2 2024		115,000
TBN XVIII		Aframax/LR2		H1 2025		115,000
TBN XIX		Aframax/LR2		H1 2025		115,000
TBN XXII		MR2 Product Tanker		H2 2025		52,000
TBN XXIII		MR2 Product Tanker		H1 2026		52,000

Chartered-in vessels (with purchase options)		Type		Year Built		Capacity (DWT)		Purchase Option
Navios Lyra		Handysize		2012		34,718		Yes
Navios Venus		Ultra-Handymax		2015		61,339		Yes
Navios Amber		Panamax		2015		80,994		Yes
Navios Coral		Panamax		2016		84,904		Yes
Navios Citrine		Panamax		2017		81,626		Yes
Navios Dolphin		Panamax		2017		81,630		Yes
Navios Gemini		Panamax		2018		81,704		No(1)
Navios Horizon I		Panamax		2019		81,692		No(1)
Navios Felix(2)		Capesize		2016		181,221		Yes

(1)   Purchase option in the form of the right of first refusal and profit share on sale of vessel.
(2)   Vessel agreed to be acquired.

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings attributable to Navios Partners' unitholders 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 attributable to Navios Partners’ unitholders before interest and finance costs, depreciation and amortization (including intangible accelerated 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/ (decrease) 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) equity in net earnings of affiliated companies; (vi) non-cash amortization of deferred revenue and straight line effect of the containerships and tankers charters with de-escalating rates; (vii) stock-based compensation; (viii) amortization of operating lease assets/ liabilities; (ix) gain/ (loss) on sale of assets; (x) bargain gain; and (xi) net loss attributable to noncontrolling interest. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and presents 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 attributable to Navios Partners’ unitholders 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 Basic Earnings attributable to Navios Partners’ unitholders per Common Unit is defined as Adjusted Net Income attributable to Navios Partners’ unitholders 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 December 31, 2022				Three Month Period Ended December 31, 2021				Year Ended December 31, 2022					Year Ended December 31, 2021
		($ ‘000) (unaudited)				($ ‘000) (unaudited)				($ ‘000) (unaudited)					($ ‘000) (unaudited)
Net cash provided by operating activities		$	140,069			$	129,020				$	506,340				$	277,173
Net increase in operating assets			36,072				30,751					139,537					93,092
Net decrease/ (increase) in operating liabilities			11,173				(23,515	)				255					3,274
Net interest cost			32,314				15,138					82,235					41,903
Amortization and write-off of deferred finance costs and discount			(1,421	)			(1,273	)				(5,349	)				(3,741	)
Amortization of operating lease assets/ liabilities			(2,615	)			214					(3,912	)				401
Non-cash amortization of deferred revenue and straight line			(14,920	)			(2,162	)				(51,048	)				(460	)
Stock-based compensation			(32	)			(153	)				(154	)				(523	)
Gain on sale of vessels, net			5,588				3,277					149,352					33,625
Bargain gain			—				—					—					48,015
Equity in net earnings of affiliated companies			—				—					—					80,839
Net loss attributable to noncontrolling interest			—				1,054					—					4,913
EBITDA		$	206,228			$	152,351				$	817,256				$	578,511
Equity in net earnings of affiliated companies			—				—					—					(80,839	)
Bargain gain			—				—					—					(48,015	)
Transaction costs			—				7,569					—					10,439
Gain on sale of vessels, net			(5,588	)			(3,277	)				(149,352	)				(33,625	)
Adjusted EBITDA		$	200,640			$	156,643				$	667,904				$	426,471

		Three Month Period Ended December 31, 2022				Three Month Period Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
(in thousands of U.S. dollars)		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net cash provided by operating activities		$	140,069			$	129,020			$	506,340			$	277,173
Net cash used in investing activities		$	(50,531	)		$	(3,200	)		$	(316,241	)		$	(106,252	)
Net cash used in financing activities		$	(24,760	)		$	(97,554	)		$	(184,447	)		$	(32,203	)

FAQ

What were Navios Maritime Partners' earnings for Q4 2022 (NMM)?

Navios Maritime Partners reported earnings of $3.84 per common unit for Q4 2022.

How much revenue did Navios Maritime Partners generate in 2022 (NMM)?

Navios Maritime Partners generated $1.21 billion in revenue for the year ended 2022.

What is the expected contracted revenue for Navios Maritime Partners through 2036 (NMM)?

Navios Maritime Partners has approximately $3.4 billion in contracted revenue expected through 2036.

What was the net income for Navios Maritime Partners in 2022 (NMM)?

The net income for Navios Maritime Partners in 2022 reached $579.2 million.