Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024

Rhea-AI Summary

Navios Maritime Partners reported strong Q3 2024 financial results with revenue of $340.8 million and net income of $97.8 million. The company achieved earnings per unit of $3.20 for Q3 and $8.87 for the first nine months. Key operational highlights include $3.9 billion in contracted revenue through 2037, acquisition of two newbuilding containerships for $212.0 million, and sale of two dry bulk vessels for $25.9 million. The company maintains a diverse fleet of 179 vessels, including dry bulk, containerships, and tankers. Fleet utilization reached 98.7% in Q3 2024, with 80.7% of available days fixed for Q4 2024.

Positive

• Revenue increased 5.4% YoY to $340.8 million in Q3 2024
• TCE rate increased 7.0% to $23,591 per day in Q3 2024
• High fleet utilization of 98.7% in Q3 2024
• Secured $3.9 billion in contracted revenue through 2037
• Strong liquidity position with $368.6 million operating cash flow in 9M 2024

Negative

• Available fleet days decreased 1.5% YoY to 13,552 in Q3 2024
• Vessel operating expenses increased by $6.1 million in Q3 2024
• Interest expense and finance costs increased by $0.8 million in Q3 2024

Insights

Financial Analyst

Strong Q3 2024 results with $340.8M revenue and $97.8M net income demonstrate robust operational performance. Key highlights include $3.9B contracted revenue through 2037 and strategic fleet expansion with $212M investment in two methanol-ready containerships. The 80.7% fixed charter coverage for Q4 2024 provides solid revenue visibility.

Notable financial metrics include improved TCE rates rising 7% to $23,591 per day and healthy EBITDA of $196.6M. The company maintains a balanced capital return strategy with $18.3M in unit repurchases and a $0.05 quarterly distribution. Fleet modernization continues with strategic vessel sales and newbuilding deliveries, strengthening long-term competitive position.

Maritime Industry Expert

The fleet strategy shows excellent market positioning across dry bulk, containership and tanker segments. The acquisition of methanol-ready vessels demonstrates forward-thinking adaptation to environmental regulations. The $421.7M new charter agreements at attractive rates indicate strong commercial execution.

Fleet utilization remains impressive at 98.7%, while the strategic sale of older vessels (average age 19 years) and addition of modern newbuildings improves fleet quality. The diversified fleet of 179 vessels (including newbuildings) provides operational flexibility and risk mitigation across maritime sectors.

• Revenue:
  • $   340.8 million for Q3 2024
  • $1,001.5 million for 9M 2024
• Net Income:
  • $     97.8 million for Q3 2024
  • $   272.6 million for 9M 2024
• Earnings per common unit:
  • $      3.20 for Q3 2024
  • $      8.87 for 9M 2024
• Net cash from operating activities:
  • $  142.6 million for Q3 2024
  • $  368.6 million for 9M 2024
• EBITDA:
  • $  196.6 million for Q3 2024
  • $  559.8 million for 9M 2024
• Returning capital to unitholders:
  • 351,125 common units repurchased in 2024 (through October 29, 2024) for $18.3 million
  • $0.05 per unit cash distribution for Q3 2024; $0.20 per unit annualized
• Sales and purchases in Q3 – Q4 2024 QTD:
  • $  212.0 million acquisition of two newbuilding containerships
  • $    25.9 million gross sale proceeds from sale of two dry bulk vessels
  • Three newbuilding vessels delivered
• $3.9 billion contracted revenue as of October 2024

MONACO, Nov. 05, 2024 (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 third quarter and nine month period ended September 30, 2024.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the third quarter of 2024 and the nine month period ended September 30, 2024.  For the quarter, we reported revenue and net income of $340.8 million and $97.8 million, respectively. For the first nine months, we reported revenue and net income of $1.0 billion and $272.6 million, respectively. Earnings per common unit were $3.20 for the quarter and $8.87 for the first nine months.”

Angeliki Frangou continued, “This past 18 months has been surprisingly positive for shipping given sputtering growth from China, weak European economies and two armed conflicts. The Ukrainian conflict, now in its third year, is evolving dangerously while the war in Israel, now in its second year, has expanded to Lebanon and includes the direct exchange of fire between Iran and Israel. We are monitoring these intensifying risks and calibrating our business activity by continuing to maintain a youthful fleet, increasing contracted revenue, now at $3.9 billion, and targeting net leverage in the range of 20-25%, while also returning capital to our unitholders.”

Common unit repurchases

As of October 29, 2024, pursuant to its previously announced common unit repurchase program, Navios Partners repurchased 351,125 common units for an aggregate cash consideration of $18.3 million. As of October 29, 2024, there were outstanding 29,833,263 common units.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2024 of $0.05 per unit. The cash distribution will be paid on November 15, 2024 to unitholders of record as of November 12, 2024. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

Fleet update

• Acquisition of vessels Q3 – Q4 2024 QTD
  • Acquisition of two methanol-ready and scrubber-fitted 7,900 TEU newbuilding containerships for $212.0 million

During the third quarter of 2024, Navios Partners agreed to acquire two methanol-ready and scrubber-fitted 7,900 TEU newbuilding containerships, from an unrelated third party, for an aggregate purchase price of $212.0 million. The vessels are expected to be delivered into Navios Partners’ fleet during the first half of 2027.

• Sale of vessels Q3 – Q4 2024 QTD
  • $25.9 million gross sale proceeds from sale of two dry bulk vessels with average age of 19.0 years 

In August 2024 and September 2024, Navios Partners agreed to sell one 2006-built kamsarmax and one 2005-built panamax to unrelated third parties, respectively, for aggregate gross sale proceeds of $25.9 million. The sales were completed in October 2024.

• Three newbuilding vessels delivered Q3 – Q4 2024 QTD

In August 2024 and October 2024, Navios Partners took delivery of two 2024-built 5,300 TEU containerships, which have been chartered-out at an average rate of $37,282 net per day for an average period of 5.3 years.

In October 2024, Navios Partners took delivery of a 2024-built aframax/LR2 tanker, which has been chartered-out at $25,576 net per day for a period of five years.

• $421.7 million contracted revenue agreed Q3 – Q4 2024 QTD; $3.9 billion total contracted revenue

Navios Partners has entered into new long-term charters which are expected to generate revenue of $421.7 million.

Two 7,900 TEU newbuilding containerships have been chartered-out for a period of five years at $43,247 net per day and are expected to be delivered into Navios Partners’ fleet during the first half of 2027. Five 4,250 TEU containerships have been chartered-out for an average period of 2.3 years at an average rate of $34,915 net per day. Three MR2 product tankers have been chartered-out for a period of three years at $24,544 net per day. One VLCC tanker has been chartered-out for a period of 2.1 years at $44,438 net per day.

Including the above long-term charters, Navios Partners has $3.9 billion contracted revenue through 2037.

Financing update

In September 2024, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $130.0 million (divided into two tranches) in order to refinance the existing indebtedness of six of its vessels (tranche A) and to finance part of the acquisition cost of one newbuilding aframax/LR2 tanker (tranche B). The credit facility: (i) matures five years after each drawdown date; and (ii) bears interest at Term Secured Overnight Financing Rate (“Term SOFR”), plus 175 bps per annum and 150 bps per annum for drawn amounts of tranche A and tranche B, respectively. During the third quarter of 2024, the amount of $81.2 million in relation to tranche A was drawn.

In September 2024, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $48.0 million (divided into two advances) in order to refinance the existing indebtedness of three of its vessels (advance A) and to finance part of the acquisition cost of one ultra-handymax (advance B). The credit facility: (i) matures four years and six years after each drawdown date of advance A and advance B, respectively; and (ii) bears interest at Term SOFR plus 70 bps per annum for any part of the loan secured by cash collateral and 175 bps per annum for the remaining drawn amount. During the third quarter of 2024, the amount of $30.0 million in relation to advance A was drawn.

Operating Highlights

Navios Partners owns and operates a fleet comprised of 73 dry bulk vessels, 50 containerships and 56 tankers, including 19 newbuilding tankers (13 aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through the first half of 2028, and eight newbuilding containerships (two 5,300 TEU containerships, two 7,700 TEU containerships and four 7,900 TEU containerships), that are expected to be delivered through the first half of 2027.

As of October 29, 2024, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.2 years. Navios Partners has currently fixed 80.7% and 54.3% of its available days for the fourth quarter of 2024 and for all of 2025, respectively. Navios Partners expects contracted revenue of $288.9 million and $870.8 million for the fourth quarter of 2024 and for all of 2025, respectively. The average expected daily charter-out rate for the fleet is $26,052 and $27,921 for the fourth quarter of 2024 and for all of 2025, respectively.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three and nine month periods ended September 30, 2024 and 2023. 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”).

(in $‘000 except per unit data)	Three Month Period Ended			Three Month Period Ended			Nine Month Period Ended			Nine Month Period Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue	$	340,835		$	323,176		$	1,001,545		$	979,636
Net Income	$	97,755		$	89,781		$	272,585		$	301,254
Adjusted Net Income	$	96,514	(1)	$	82,611	(2)	$	262,211	(3)	$	250,483	(4)
Net cash provided by operating activities	$	142,639		$	120,270		$	368,554		$	348,613
EBITDA	$	196,621		$	180,838		$	559,784		$	571,275
Adjusted EBITDA	$	195,380	(1)	$	173,668	(2)	$	549,410	(3)	$	520,504	(4)
Earnings per Common Unit basic	$	3.20		$	2.92		$	8.87		$	9.78
Earnings per Common Unit diluted	$	3.20		$	2.91		$	8.87		$	9.78
Adjusted Earnings per Common Unit basic	$	3.15	(1)	$	2.68	(2)	$	8.53	(3)	$	8.13	(4)
Adjusted Earnings per Common Unit diluted	$	3.15	(1)	$	2.68	(2)	$	8.53	(3)	$	8.13	(4)

 

(1)	Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2024 have been adjusted to exclude a $1.2 million gain related to the sale of one of our vessels.
(2)	Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2023 have been adjusted to exclude a $7.2 million net gain related to the sale of two of our vessels.
(3)	Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2024 have been adjusted to exclude a $10.4 million net gain related to: (a) the gain on the sale of five of our vessels; and (b) the impairment loss on two of our vessels.
(4)	Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2023 have been adjusted to exclude a $50.8 million net gain related to the sale of 14 of our vessels.

Three month periods ended September 30, 2024 and 2023

Time charter and voyage revenues for the three month period ended September 30, 2024 increased by $17.6 million, or 5.4%, to $340.8 million, as compared to $323.2 million for the same period in 2023. The increase in revenue was mainly attributable to the increase in Time Charter Equivalent (“TCE”) rate. For the three month periods ended September 30, 2024 and 2023, time charter and voyage revenues were positively affected by $2.4 million and negatively affected by $9.7 million, respectively, relating to the straight line effect of the containership and tanker charters with de-escalating rates. The TCE rate increased by 7.0% to $23,591 per day, as compared to $22,052 per day for the same period in 2023. The available days of the fleet slightly decreased by 1.5% to 13,552 days for the three month period ended September 30, 2024, as compared to 13,759 days for the same period in 2023 mainly due to the sale of vessels, partially mitigated by the deliveries of newbuilding vessels.

EBITDA of Navios Partners for the three month periods ended September 30, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $21.7 million to $195.4 million for the three month period ended September 30, 2024, as compared to $173.7 million for the same period in 2023. The increase in Adjusted EBITDA was primarily due to a: (i) $17.6 million increase in time charter and voyage revenues; (ii) $5.3 million increase in other income, net; (iii) $5.0 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the third quarter of 2024 and bareboat and charter-in hire expenses of the dry bulk fleet; and (iv) $1.5 million decrease in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items). The above increase was partially mitigated by a: (i) $6.1 million increase in vessel operating expenses mainly due to the change in the composition of our fleet with deliveries and sale of vessels and the adjustment of the fixed daily fee in accordance with our management agreements; and (ii) $1.6 million increase in general and administrative expenses in accordance with our administrative services agreement.

Net Income for the three month periods ended September 30, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $13.9 million to $96.5 million for the three month period ended September 30, 2024, as compared to $82.6 million for the same period in 2023. The increase in Adjusted Net Income was primarily due to a: (i) $21.7 million increase in Adjusted EBITDA; and (ii) $0.1 million increase in interest income. The above increase was partially mitigated by a: (i) $7.1 million negative impact from the depreciation and amortization, that primarily resulted from a $3.6 million increase in the amortization of deferred drydock, special survey costs and other capitalized items, a $3.2 million increase in the depreciation and amortization of intangible assets and a $0.3 million decrease in the amortization of unfavorable lease terms; and (ii) $0.8 million increase in interest expense and finance cost, net.

Nine month periods ended September 30, 2024 and 2023

Time charter and voyage revenues for the nine month period ended September 30, 2024 increased by $21.9 million, or 2.2%, to $1,001.5 million, as compared to $979.6 million for the same period in 2023. The increase in revenue was mainly attributable to the increase in TCE rate. For the nine month periods ended September 30, 2024 and 2023, time charter and voyage revenues were positively affected by $4.9 million and negatively affected by $30.2 million, respectively, relating to the straight line effect of the containership and tanker charters with de-escalating rates. The TCE rate increased by 2.6% to $22,830 per day, as compared to $22,242 per day for the same period in 2023. The available days of the fleet slightly decreased by 1.6% to 40,590 days for the nine month period ended September 30, 2024, as compared to 41,239 days for the same period in 2023 mainly due to the sale of vessels, partially mitigated by the deliveries of newbuilding vessels.

EBITDA of Navios Partners for the nine month periods ended September 30, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $28.9 million to $549.4 million for the nine month period ended September 30, 2024, as compared to $520.5 million for the same period in 2023. The increase in Adjusted EBITDA was primarily due to: (i) a $21.9 million increase in time charter and voyage revenues; (ii) an $8.6 million decrease in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); (iii) a $7.1 million decrease in other expense, net; and (iv) a $4.7 million decrease in time charter and voyage expenses, mainly due to the decrease in bareboat and charter-in hire expenses of the dry bulk fleet. The above increase was partially mitigated by a: (i) $10.6 million increase in vessel operating expenses mainly due the change in the composition of our fleet with deliveries and sale of vessels and the adjustment of the fixed daily fee in accordance with our management agreements, partially mitigated by the sale of vessels; and (ii) $2.8 million increase in general and administrative expenses in accordance with our administrative services agreement.

Net Income for the nine month periods ended September 30, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $11.7 million to $262.2 million for the nine month period ended September 30, 2024, as compared to $250.5 million for the same period in 2023. The increase in Adjusted Net Income was primarily due to: (i) a $28.9 million increase in Adjusted EBITDA; (ii) an $8.6 million decrease in interest expense and finance cost, net; and (iii) a $3.0 million increase in interest income. The above increase was partially mitigated by a $28.8 million negative impact from the depreciation and amortization, that primarily resulted from a $15.1 million increase in the amortization of deferred drydock, special survey costs and other capitalized items, a $6.9 million decrease in the amortization of unfavorable lease terms and a $6.8 million increase in the depreciation and amortization of intangible assets.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three and nine month periods ended September 30, 2024 and 2023.         

	Three Month Period Ended September 30, 2024				Three Month Period Ended September 30, 2023				Nine Month Period Ended September 30, 2024				Nine Month Period Ended September 30, 2023
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
Available Days (1)		13,552				13,759				40,590				41,239
Operating Days (2)		13,371				13,646				40,122				40,869
Fleet Utilization (3)		98.7%				99.2%				98.8%				99.1%
TCE rate Combined (per day) (4)	$	23,591			$	22,052			$	22,830			$	22,242
TCE rate Dry Bulk (per day) (4)	$	18,632			$	14,139			$	16,920			$	13,613
TCE rate Containerships (per day) (4)	$	30,710			$	34,350			$	30,275			$	34,930
TCE rate Tankers (per day) (4)	$	25,788			$	27,688			$	27,241			$	29,014
Vessels operating at period end		154				153				154				153

 

(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 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, drydockings or special surveys.
(4	)	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 fixed 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.

Conference Call Details:

Navios Partners' management will host a conference call on Tuesday, November 5, 2024 to discuss the results for the third quarter and nine months ended September 30, 2024.

Call Date/Time: Tuesday, November 5, 2024 at 8:30 am ET
Call Title: Navios Partners Q3 2024 Financial Results Conference Call 
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ324

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: +1.800.839.5637
International Replay Dial In: +1.402.220.2562

Slides and audio webcast:

There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the “Investors” section at 8:00 am ET on the day of the call. 

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; 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)
		September 30, 2024 (unaudited)			December 31, 2023 (unaudited)
ASSETS
Cash and cash equivalents, including restricted cash and time deposits over three months (1)		$	331,934		$	296,175
Other current assets			140,926			103,573
Total current assets			472,860			399,748
Vessels, net			4,064,606			3,734,671
Other non-current assets			1,011,067			1,013,147
Total non-current assets			5,075,673			4,747,818
Total assets		$	5,548,533		$	5,147,566
LIABILITIES AND PARTNERS’ CAPITAL
Other current liabilities		$	128,987		$	174,564
Current portion of borrowings, net			289,874			285,036
Total current liabilities			418,861			459,600
Non-current portion of borrowings, net			1,792,411			1,576,427
Other non-current liabilities			313,835			341,087
Total non-current liabilities			2,106,246			1,917,514
Total liabilities		$	2,525,107		$	2,377,114
Total partners’ capital			3,023,426			2,770,452
Total liabilities and partners’ capital		$	5,548,533		$	5,147,566

 

(1)	Includes time deposits with duration over three months of $38.0 million and $47.0 million as of September 30, 2024 and December 31, 2023, respectively.

               

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 September 30, 2024				Three Month Period Ended September 30, 2023				Nine Month Period Ended September 30, 2024					Nine Month Period Ended September 30, 2023
		(unaudited)				(unaudited)				(unaudited)					(unaudited)
Time charter and voyage revenues		$	340,835			$	323,176				$	1,001,545			$	979,636
Time charter and voyage expenses			(34,941	)			(39,877	)				(116,896	)			(121,596	)
Direct vessel expenses			(18,115	)			(15,941	)				(54,584	)			(48,145	)
Vessel operating expenses			(88,963	)			(82,856	)				(259,156	)			(248,622	)
General and administrative expenses			(21,102	)			(19,524	)				(62,430	)			(59,559	)
Depreciation and amortization of intangible assets			(57,674	)			(54,513	)				(169,558	)			(162,768	)
Amortization of unfavorable lease terms			3,206				3,521					9,513				16,431
Gain on sale of vessels, net			1,241				7,170					10,374				50,771
Interest expense and finance cost, net			(32,608	)			(31,849	)				(92,104	)			(100,703	)
Interest income			3,394				3,314					10,386				7,414
Other income/ (expense), net			2,482				(2,840	)				(4,505	)			(11,605	)
Net income		$	97,755			$	89,781				$	272,585			$	301,254

Earnings per unit:

		Three Month Period Ended				Three Month Period Ended			Nine Month Period Ended			Nine Month Period Ended
		September 30, 2024				September 30, 2023			September 30, 2024			September 30, 2023
		(unaudited)				(unaudited)			(unaudited)			(unaudited)
Earnings per unit:
Earnings per common unit, basic		$	3.20			$	2.92		$	8.87		$	9.78
Earnings per common unit, diluted		$	3.20			$	2.91		$	8.87		$	9.78

 

NAVIOS MARITIME PARTNERS L.P. Other Financial Information (Expressed in thousands of U.S. Dollars)
		Nine Month Period Ended September 30, 2024					Nine Month Period Ended September 30, 2023
		(unaudited)					(unaudited)
Net cash provided by operating activities		$	368,554				$	348,613
Net cash used in investing activities		$	(613,964	)			$	(72,423	)
Net cash provided by/ (used in) financing activities		$	290,193				$	(182,115	)
Increase in cash, cash equivalents and restricted cash		$	44,783				$	94,075

 

EXHIBIT 2

Owned Dry Bulk Vessels		Type		Built		Capacity (DWT)
Navios Vega		Transhipper		2009		57,573
Navios Christine B		Ultra-Handymax		2009		58,058
Navios Celestial		Ultra-Handymax		2009		58,063
Navios La Paix		Ultra-Handymax		2014		61,485
N Amalthia		Panamax		2006		75,318
Navios Hope		Panamax		2005		75,397
Navios Sagittarius		Panamax		2006		75,756
Navios Galileo		Panamax		2006		76,596
Navios Sun		Panamax		2005		76,619
Navios Asteriks		Panamax		2005		76,801
Navios Helios		Panamax		2005		77,075
Navios Victory		Panamax		2014		77,095
Unity N		Panamax		2011		79,642
Odysseus N		Panamax		2011		79,642
Rainbow N		Panamax		2011		79,642
Navios Amber		Kamsarmax		2015		80,994
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		169,001
Navios Aurora II		Capesize		2009		169,031
Navios Antares		Capesize		2010		169,059
Navios Symphony		Capesize		2010		178,132
Navios Ace		Capesize		2011		179,016
Navios Melodia		Capesize		2010		179,132
Navios Luz		Capesize		2010		179,144
Navios Altamira		Capesize		2011		179,165
Navios Azimuth		Capesize		2011		179,169
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 Ray		Capesize		2012		179,515
Navios Happiness		Capesize		2009		180,022
Navios Bonavis		Capesize		2009		180,022
Navios Phoenix		Capesize		2009		180,242
Navios Fantastiks		Capesize		2005		180,265
Navios Sol		Capesize		2009		180,274
Navios Canary		Capesize		2015		180,528
Navios Lumen		Capesize		2009		180,661
Navios Pollux		Capesize		2009		180,727
Navios Felix		Capesize		2016		181,221
Navios Corali		Capesize		2015		181,249
Navios Mars		Capesize		2016		181,259
Navios Gem		Capesize		2014		181,336
Navios Joy		Capesize		2013		181,389
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

 

Owned Containerships		Type		Built		Capacity (TEU)
Spectrum N		Containership		2009		2,546
Protostar N		Containership		2007		2,741
Fleur N		Containership		2012		2,782
Ete N		Containership		2012		2,782
Navios Summer		Containership		2006		3,450
Navios Verano		Containership		2006		3,450
Matson Lanai		Containership		2007		4,250
Navios Verde		Containership		2007		4,250
Navios Amarillo		Containership		2007		4,250
Navios Vermilion		Containership		2007		4,250
Navios Azure		Containership		2007		4,250
Navios Indigo		Containership		2007		4,250
Navios Domino		Containership		2008		4,250
Matson Oahu		Containership		2008		4,250
Navios Tempo		Containership		2009		4,250
Navios Destiny		Containership		2009		4,250
Navios Devotion		Containership		2009		4,250
Navios Lapis		Containership		2009		4,250
Navios Dorado		Containership		2010		4,250
Carmel I		Containership		2010		4,360
Zim Baltimore		Containership		2010		4,360
Navios Bahamas		Containership		2010		4,360
Navios Miami		Containership		2009		4,563
Navios Magnolia		Containership		2008		4,730
Navios Jasmine		Containership		2008		4,730
Navios Chrysalis		Containership		2008		4,730
Navios Nerine		Containership		2008		4,730
Sparrow		Containership		2023		5,300
Zim Eagle		Containership		2024		5,300
Zim Condor		Containership		2024		5,300
Zim Hawk		Containership		2024		5,300
Zim Falcon		Containership		2024		5,300
Zim Pelican		Containership		2024		5,300
Zim Seagull		Containership		2024		5,300
Navios Utmost		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
Navios Unison		Containership		2010		10,000
Navios Constellation		Containership		2011		10,000

 

Owned Tanker Vessels		Type		Built		Capacity (DWT)
Hector N		MR1 Product Tanker		2008		38,402
Nave Aquila		MR2 Product Tanker		2012		49,991
Nave Atria		MR2 Product Tanker		2012		49,992
Nave Capella		MR2 Product Tanker		2013		49,995
Nave Alderamin		MR2 Product Tanker		2013		49,998
Nave Pyxis		MR2 Product Tanker		2014		49,998
Nave Bellatrix		MR2 Product Tanker		2013		49,999
Nave Orion		MR2 Product Tanker		2013		49,999
Nave Titan		MR2 Product Tanker		2013		49,999
Nave 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 Equinox		MR2 Product Tanker		2007		50,922
Nave Pulsar		MR2 Product Tanker		2007		50,922
Bougainville		MR2 Product Tanker		2013		50,626
Nave Cetus		LR1 Product Tanker		2012		74,581
Nave Ariadne		LR1 Product Tanker		2007		74,671
Nave Cielo		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 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 Constellation		VLCC		2010		296,988
Nave Universe		VLCC		2011		297,066
Nave Galactic		VLCC		2009		297,168
Nave Quasar		VLCC		2010		297,376
Nave Buena Suerte		VLCC		2011		297,491
Nave Synergy		VLCC		2010		299,973

 

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

 

Newbuildings to be delivered		Type		Expected Delivery Date		Capacity (TEU / DWT)
TBN I		Containership		Q4 2024		5,300
TBN II		Containership		Q4 2024		5,300
TBN VI		Containership		H1 2025		7,700
TBN VII		Containership		H1 2025		7,700
TBN XX		Containership		H2 2026		7,900
TBN XXI		Containership		H2 2026		7,900
TBN XXVI		Containership		H1 2027		7,900
TBN XXVII		Containership		H1 2027		7,900
TBN VIII		MR2 Product Tanker		H2 2025		52,000
TBN IX		MR2 Product Tanker		H1 2026		52,000
TBN X		MR2 Product Tanker		H2 2026		52,000
TBN XI		MR2 Product Tanker		H2 2026		52,000
TBN XII		MR2 Product Tanker		H1 2027		52,000
TBN XIII		MR2 Product Tanker		H1 2027		52,000
TBN III		Aframax/LR2		H1 2025		115,000
TBN IV		Aframax/LR2		H1 2025		115,000
TBN V		Aframax/LR2		H1 2025		115,000
TBN XIV		Aframax/LR2		H1 2026		115,000
TBN XV		Aframax/LR2		H1 2026		115,000
TBN XVI		Aframax/LR2		H1 2026		115,000
TBN XVII		Aframax/LR2		H2 2026		115,000
TBN XVIII		Aframax/LR2		H1 2027		115,000
TBN XIX		Aframax/LR2		H2 2027		115,000
TBN XXII		Aframax/LR2		H2 2027		115,000
TBN XXIII		Aframax/LR2		H2 2027		115,000
TBN XXIV		Aframax/LR2		H1 2028		115,000
TBN XXV		Aframax/LR2		H1 2028		115,000

 

Chartered-in vessels		Type		Year Built		Capacity (DWT)		Purchase Option
Navios Venus		Ultra-Handymax		2015		61,339		Yes(1)
Navios Gemini		Kamsarmax		2018		81,704		No

 

(1)	Option to acquire the vessel has been declared.

 

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 (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 in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) amortization of operating lease assets/ liabilities; (vi) non-cash amortization of deferred revenue and straight line effect of the containership and tanker charters with de-escalating rates; (vii) stock-based compensation expense; and (viii) 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 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 by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.

EXHIBIT 4

Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

		Three Month Period Ended				Three Month Period Ended				Nine Month Period Ended				Nine Month Period Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
		($ ‘000)				($ ‘000)				($ ‘000)				($ ‘000)
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net cash provided by operating activities		$	142,639			$	120,270			$	368,554			$	348,613
Net increase in operating assets			30,449				32,481				56,013				22,288
Net (increase)/ decrease in operating liabilities			(8,581	)			12,605				37,524				114,551
Net interest cost			29,214				28,535				81,718				93,289
Amortization and write-off of deferred finance costs and discount			(2,191	)			(1,625	)			(5,900	)			(5,243	)
Amortization of operating lease assets/ liabilities			190				(2,623	)			2,784				(7,769	)
Non-cash amortization of deferred revenue and straight line			3,660				(15,974	)			8,717				(45,222	)
Stock-based compensation			—				(1	)			—				(3	)
Gain on sale of vessels, net			1,241				7,170				10,374				50,771
EBITDA		$	196,621			$	180,838			$	559,784			$	571,275
Gain on sale of vessels, net			(1,241	)			(7,170	)			(10,374	)			(50,771	)
Adjusted EBITDA		$	195,380			$	173,668			$	549,410			$	520,504

        

		Three Month Period Ended				Three Month Period Ended				Nine Month Period Ended				Nine Month Period Ended
		September 30, 2024 ($ ‘000)				September 30, 2023 ($ ‘000)				September 30, 2024 ($ ‘000)				September 30, 2023 ($ ‘000)
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net cash provided by operating activities		$	142,639			$	120,270			$	368,554			$	348,613
Net cash used in investing activities		$	(320,007	)		$	(104,088	)		$	(613,964	)		$	(72,423	)
Net cash provided by/ (used in) financing activities		$	191,482			$	(17,061	)		$	290,193			$	(182,115	)

FAQ

What was Navios Maritime Partners (NMM) revenue in Q3 2024?

Navios Maritime Partners reported revenue of $340.8 million in Q3 2024, representing a 5.4% increase from Q3 2023.

What is NMM's contracted revenue as of October 2024?

Navios Maritime Partners has $3.9 billion in contracted revenue through 2037 as of October 2024.

How many vessels did NMM acquire and sell in Q3 2024?

NMM agreed to acquire two 7,900 TEU newbuilding containerships for $212.0 million and sold two dry bulk vessels for $25.9 million.

What was NMM's earnings per unit in Q3 2024?

Navios Maritime Partners reported earnings of $3.20 per common unit for Q3 2024.