Navios Maritime Partners L.P. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2025
- Revenue:
- $327.6 million for Q2 2025
- $631.7 million for H1 2025
- Net Income:
- $ 69.9 million for Q2 2025
- $111.7 million for H1 2025
- Earnings per common unit:
- $ 2.34 for Q2 2025
- $ 3.72 for H1 2025
- Net cash from operating activities:
- $121.6 million for Q2 2025
- $278.2 million for H1 2025
- EBITDA:
- $178.2 million for Q2 2025
- $325.8 million for H1 2025
- Returning capital to unitholders:
- 716,575 common units repurchased in 2025 (through August 13) for $27.8 million
- $0.05 per unit cash distribution for Q2 2025; $0.20 per unit annualized
- Sales and purchases in Q2 – Q3 2025 QTD:
- $133.0 million acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers
- $ 95.5 million gross sale proceeds from sale of three vessels; average age of 16.5 years
- One newbuilding aframax/LR2 tanker delivered
- $3.1 billion contracted revenue as of August 2025
PIRAEUS, Greece, Aug. 21, 2025 (GLOBE NEWSWIRE) — Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the second quarter and six month period ended June 30, 2025.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the second quarter of 2025, in which we reported revenue of $327.6 million, EBITDA of $178.2 million and net income of $69.9 million. Earnings per common unit were $2.34 for the quarter.”
Angeliki Frangou continued, “Global economies have been surprisingly robust given the uncertain macro-environment. In addition, we are witnessing the creation and reshaping of trade patterns with longer distances due to the war between Ukraine and Russia, continued attacks in the Red Sea, and new and evolving world tariff regime. As a result, the shipping market generally is healthy.”
Common unit repurchases
As of August 13, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 716,575 common units in 2025 and 1,206,530 common units since the commencement of the program, for aggregate cash consideration of approximately $27.8 million and $52.8 million, respectively. As of August 13, 2025, there were 28,977,858 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2025 of $0.05 per unit. The cash distribution was paid on August 14, 2025 to unitholders of record as of August 11, 2025. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.
Fleet update Q2 – Q3 2025 QTD
- Acquisition of vessels
- Acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers for $133.0 million
In June 2025, Navios Partners agreed to acquire two scrubber-fitted newbuilding aframax/LR2 tankers of 115,000 dwt, from unrelated third parties, for an aggregate purchase price of $133.0 million. The vessels are expected to be delivered into Navios Partners’ fleet during the first half of 2027.
- Sale of vessels
- $ 95.5 million gross sale proceeds from sale of three vessels with average age of 16.5 years
During the second quarter of 2025, Navios Partners agreed to sell a 2009-built 4,250 TEU containership and a 2008-built 4,730 TEU containership, to unrelated third parties, for an aggregate gross sale price of $65.5 million. The sales are expected to be completed in the fourth quarter of 2025 and the first quarter of 2026, respectively.
In July 2025, Navios Partners agreed to sell a 2009-built transhipper vessel of 57,573 dwt to Navios South American Logistics Inc. for a gross sale price of $30.0 million. The sale was completed in July 2025. The transaction was negotiated and approved by the Conflicts Committee of Navios Partners.
- One newbuilding vessel delivered
In June 2025, Navios Partners took delivery of a 2025-built aframax/LR2 tanker, which has been chartered-out at a rate of $27,446 net per day for a period of five years.
- Termination of Contracts
On July 3, 2025, the U.S. Department of Treasury’s Office of Foreign Assets Control added, amongst others, VS Tankers FZE (“VS Tankers”) to the Specially Designated Nationals list after being determined by the State Department to meet the criteria for the imposition of sanctions under Executive Order 13902. Navios Partners had two VLCCs built in 2020 and 2021, which were bareboat chartered to VS Tankers. On July 4, 2025, Navios Partners terminated the contracts for these vessels, which were bareboat chartered-out through October 2030 and February 2031, respectively, each at a rate of $27,456 net per day. Both vessels are now employed in a healthy spot market.
Financing update
In June 2025, Navios Partners entered into a new reducing revolving credit facility with a commercial bank for a total amount up to $100.0 million in order to refinance the existing indebtedness of 13 of its vessels. The facility matures five years after the drawdown date and bears interest at Term Secured Overnight Financing Rate (“Term SOFR”) plus 170 bps per annum. As of June 30, 2025, the amount of $40.0 million was drawn and the amount of $60.0 million remained undrawn and available.
In June 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $62.5 million in order to refinance the existing indebtedness of six of its vessels. In June 2025, the full amount was drawn. The facility matures five years after the drawdown date and bears interest at Term SOFR plus 175 bps per annum.
In June 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $227.1 million in order to refinance the existing indebtedness of six of its vessels (tranche A) and finance part of the acquisition cost of one 7,900 TEU newbuilding containership and two newbuilding aframax/LR2 tankers, currently under construction (tranches B, C and D). In June 2025, the amount of $62.5 million in relation to tranche A was drawn and tranches B, C and D remained undrawn. The credit facility: (i) matures five years after the drawdown date and bears interest at Compounded Secured Overnight Financing Rate (“Compounded SOFR”) plus 175 bps per annum for the drawn amount of tranche A; and (ii) matures seven years after each drawdown date and bears interest at Compounded SOFR plus 150 bps per annum for the drawn amounts of tranches B, C and D.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 68 dry bulk vessels, 47 containerships and 58 tankers, including 18 newbuilding tankers (12 aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through the first half of 2028 and four 7,900 TEU newbuilding containerships that are expected to be delivered through the first half of 2027. The fleet excludes two containerships agreed to be sold.
As of August 13, 2025, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 1.9 years. Navios Partners has currently fixed 75.2% and 43.2% of its available days for the last six months of 2025 and for all of 2026, respectively. Navios Partners expects contracted revenue of $519.2 million and $706.4 million for the last six months of 2025 and for all of 2026, respectively. The average expected daily charter-out rate for the fleet is $24,989 and $28,523 for the last six months of 2025 and for all of 2026, respectively. Navios Partners has $3.1 billion contracted revenue through 2037.
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three and six month periods ended June 30, 2025 and 2024. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners’ results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
| Three Month Period Ended June 30, 2025 | Three Month Period Ended June 30, 2024(5) | Six Month Period Ended June 30, 2025 | Six Month Period Ended June 30, 2024(5) | ||||||||||
| (in $‘000 except per unit data) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
| Revenue | $ | 327,558 | $ | 342,155 | $ | 631,670 | $ | 660,710 | |||||
| Net Income | $ | 69,947 | $ | 101,469 | $ | 111,674 | $ | 174,830 | |||||
| Adjusted Net Income | $ | 64,346 | (1) | $ | 94,213 | (2) | $ | 112,003 | (3) | $ | 165,697 | (4) | |
| Net cash provided by operating activities | $ | 121,628 | $ | 131,479 | $ | 278,180 | $ | 225,915 | |||||
| EBITDA | $ | 178,236 | $ | 197,008 | $ | 325,844 | $ | 363,163 | |||||
| Adjusted EBITDA | $ | 172,635 | (1) | $ | 189,752 | (2) | $ | 326,173 | (3) | $ | 354,030 | (4) | |
| Earnings per Common Unit basic | $ | 2.34 | $ | 3.30 | $ | 3.72 | $ | 5.68 | |||||
| Earnings per Common Unit diluted | $ | 2.34 | $ | 3.30 | $ | 3.72 | $ | 5.68 | |||||
| Adjusted Earnings per Common Unit basic | $ | 2.15 | (1) | $ | 3.06 | (2) | $ | 3.73 | (3) | $ | 5.38 | (4) | |
| Adjusted Earnings per Common Unit diluted | $ | 2.15 | (1) | $ | 3.06 | (2) | $ | 3.73 | (3) | $ | 5.38 | (4) | |
| (1) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2025 have been adjusted to exclude a $5.6 million net gain related to the sale of our vessels. |
| (2) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2024 have been adjusted to exclude a $7.3 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. |
| (3) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2025 have been adjusted to exclude a $0.3 million net loss related to the sale of our vessels. |
| (4) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2024 have been adjusted to exclude a $9.1 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. |
| (5) | Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current periods. Navios Partners has changed its classification of “Direct vessel expenses” to reallocate these amounts between “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. Management has assessed the impact of this change as immaterial to the financial statements. For the three month period ended June 30, 2024, this resulted in the reclassification of $3.0 million and $15.9 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $18.9 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the three month period ended June 30, 2024. For the six month period ended June 30, 2024, this resulted in the reclassification of $6.2 million and $30.3 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $36.5 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the six month period ended June 30, 2024. |
Three month periods ended June 30, 2025 and 2024
Time charter and voyage revenues for the three month period ended June 30, 2025 decreased by $14.6 million, or 4.3%, to $327.6 million, as compared to $342.2 million for the same period in 2024. The decrease in revenue was mainly attributable to the decrease in: the Time Charter Equivalent (“TCE”) rate, the available days of our fleet and the revenue from freight voyages. For the three month periods ended June 30, 2025 and 2024, time charter and voyage revenues were positively affected by $6.5 million and $2.4 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate decreased by 1.5% to $23,040 per day, as compared to $23,384 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.8% to 13,388 days for the three month period ended June 30, 2025, as compared to 13,498 days for the same period in 2024.
EBITDA of Navios Partners for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $17.2 million to $172.6 million for the three month period ended June 30, 2025, as compared to $189.8 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $14.6 million decrease in time charter and voyage revenues; (ii) $9.1 million increase in vessel operating expenses due to a 5.6% increase in the opex days and a 4.5% increase in the opex daily rate to $7,108 also as a result of the change in the composition of our fleet; and (iii) $2.8 million increase in general and administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by: (i) an $8.8 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 second quarter of 2025; and (ii) a $0.5 million decrease in other expense, net.
Net Income for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income decreased by $29.9 million to $64.3 million for the three month period ended June 30, 2025, as compared to $94.2 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to: (i) a $17.2 million decrease in Adjusted EBITDA; (ii) an $8.6 million increase in depreciation and amortization; (iii) a $3.4 million increase in interest expense and finance cost, net; (iv) a $0.5 million decrease in interest income; and (v) a $0.2 million decrease in amortization of unfavorable lease terms.
Six month periods ended June 30, 2025 and 2024
Time charter and voyage revenues for the six month period ended June 30, 2025 decreased by $29.0 million, or 4.4%, to $631.7 million, as compared to $660.7 million for the same period in 2024. The decrease in revenue was mainly attributable to the decrease in: the TCE rate, the available days of our fleet and the revenue from freight voyages. For the six month periods ended June 30, 2025 and 2024, time charter and voyage revenues were positively affected by $3.9 million and $2.5 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate decreased by 1.3% to $22,154 per day, as compared to $22,448 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.7% to 26,844 days for the six month period ended June 30, 2025, as compared to 27,038 days for the same period in 2024.
EBITDA of Navios Partners for the six month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $27.8 million to $326.2 million for the six month period ended June 30, 2025, as compared to $354.0 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $29.0 million decrease in time charter and voyage revenues; (ii) $15.8 million increase in vessel operating expenses due to a 5.2% increase in the opex days and a 3.6% increase in the opex daily rate to $7,045 also as a result of the change in the composition of our fleet; and (iii) $4.1 million increase in general and administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by a: (i) $20.8 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the first six months of 2025; and (ii) $0.3 million decrease in other expense, net.
Net Income for the six month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income decreased by $53.7 million to $112.0 million for the six month period ended June 30, 2025, as compared to $165.7 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to a: (i) $27.8 million decrease in Adjusted EBITDA; (ii) $17.3 million increase in depreciation and amortization; (iii) $7.5 million increase in interest expense and finance cost, net; (iv) $0.6 million decrease in amortization of unfavorable lease terms; and (v) $0.5 million decrease in interest income.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three and six month periods ended June 30, 2025 and 2024.
| Three Month Period Ended June 30, 2025 | Three Month Period Ended June 30, 2024 | Six Month Period Ended June 30, 2025 | Six Month Period Ended June 30, 2024 | |||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||
| Available Days(1) | 13,388 | 13,498 | 26,844 | 27,038 | ||||||||||||||
| Operating Days(2) | 13,296 | 13,306 | 26,645 | 26,751 | ||||||||||||||
| Fleet Utilization(3) | 99.3 | % | 98.6 | % | 99.3 | % | 98.9 | % | ||||||||||
| Opex Days(4) | 13,703 | 12,981 | 27,289 | 25,942 | ||||||||||||||
| TCE rate Combined (per day)(5) | $ | 23,040 | $ | 23,384 | $ | 22,154 | $ | 22,448 | ||||||||||
| TCE rate Dry Bulk (per day)(5) | $ | 15,470 | $ | 17,959 | $ | 14,070 | $ | 16,090 | ||||||||||
| TCE rate Containerships (per day)(5) | $ | 31,316 | $ | 30,239 | $ | 30,906 | $ | 30,037 | ||||||||||
| TCE rate Tankers (per day)(5) | $ | 26,537 | $ | 27,816 | $ | 26,316 | $ | 27,952 | ||||||||||
| Opex rate Combined (per day)(6) | $ | 7,108 | $ | 6,801 | $ | 7,045 | $ | 6,800 | ||||||||||
| Vessels operating at period end | 154 | 151 | 154 | 151 | ||||||||||||||
| (1) | Available days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys and ballast days. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues. |
| (2) | Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels were off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. |
| (3) | Fleet utilization is the percentage of time that Navios Partners’ vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels were off-hire for reasons other than scheduled repairs, drydockings or special surveys. |
| (4) | Opex days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting total calendar days of Navios Partners’ charter-in vessels and bareboat-out vessels. |
| (5) | TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet. |
| (6) | Opex rate: Opex rate per day is defined as vessel operating expenses (including management fees) divided by the number of opex days during the period. |
Conference Call Details:
Navios Partners’ management will host a conference call on Thursday, August 21, 2025 to discuss the results for the second quarter and six months ended June 30, 2025.
Call Date/Time: Thursday, August 21, 2025 at 8:30 am ET
Call Title: Navios Partners Q2 2025 Financial Results Conference Call
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ225
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: +1.800.839.6737
International Replay Dial In: +1.402.220.6052
Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the “Investors” section at 8:00 am ET on the day of the call.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets; and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.
Contacts
Navios Maritime Partners L.P.
+1 (212) 906 8645
Investors@navios-mlp.com
Nicolas Bornozis
Capital Link, Inc.
naviospartners@capitallink.com
EXHIBIT 1
| NAVIOS MARITIME PARTNERS L.P. SELECTED BALANCE SHEET DATA (Expressed in thousands of U.S. Dollars) | ||||||
| June 30, 2025 (unaudited) | December 31, 2024 (unaudited) | |||||
| ASSETS | ||||||
| Cash and cash equivalents, including restricted cash and time deposits over three months (1) | $ | 389,009 | $ | 312,078 | ||
| Other current assets | 111,776 | 130,913 | ||||
| Total current assets | 500,785 | 442,991 | ||||
| Vessels, net | 4,552,275 | 4,241,292 | ||||
| Other non-current assets | 831,493 | 988,957 | ||||
| Total non-current assets | 5,383,768 | 5,230,249 | ||||
| Total assets | $ | 5,884,553 | $ | 5,673,240 | ||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||
| Other current liabilities | $ | 189,346 | $ | 143,444 | ||
| Current portion of borrowings, net | 269,696 | 266,222 | ||||
| Total current liabilities | 459,042 | 409,666 | ||||
| Non-current portion of borrowings, net | 1,957,295 | 1,862,715 | ||||
| Other non-current liabilities | 278,232 | 294,231 | ||||
| Total non-current liabilities | 2,235,527 | 2,156,946 | ||||
| Total liabilities | $ | 2,694,569 | $ | 2,566,612 | ||
| Total partners’ capital | 3,189,984 | 3,106,628 | ||||
| Total liabilities and partners’ capital | $ | 5,884,553 | $ | 5,673,240 | ||
(1) Includes time deposits with duration over three months of $11.4 million and $12.3 million as of June 30, 2025 and December 31, 2024, respectively.
| NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of U.S. Dollars except per unit data) | ||||||||||||||||
| Three Month Period Ended June 30, 2025 | Three Month Period Ended June 30, 2024(1) | Six Month Period Ended June 30, 2025 | Six Month Period Ended June 30, 2024(1) | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Time charter and voyage revenues | $ | 327,558 | $ | 342,155 | $ | 631,670 | $ | 660,710 | ||||||||
| Time charter and voyage expenses | (31,215 | ) | (40,044 | ) | (61,232 | ) | (81,955 | ) | ||||||||
| Vessel operating expenses (including management fees) | (97,404 | ) | (88,282 | ) | (192,246 | ) | (176,410 | ) | ||||||||
| General and administrative expenses | (23,422 | ) | (20,584 | ) | (45,394 | ) | (41,328 | ) | ||||||||
| Depreciation and amortization | (80,785 | ) | (72,219 | ) | (159,430 | ) | (142,136 | ) | ||||||||
| Amortization of unfavorable lease terms | 2,912 | 3,171 | 5,792 | 6,307 | ||||||||||||
| Gain/ (loss) on sale of vessels, net | 5,601 | 7,256 | (329 | ) | 9,133 | |||||||||||
| Interest expense and finance cost, net | (33,485 | ) | (30,087 | ) | (66,995 | ) | (59,496 | ) | ||||||||
| Interest income | 3,069 | 3,596 | 6,463 | 6,992 | ||||||||||||
| Other expense, net | (2,882 | ) | (3,493 | ) | (6,625 | ) | (6,987 | ) | ||||||||
| Net income | $ | 69,947 | $ | 101,469 | $ | 111,674 | $ | 174,830 | ||||||||
(1) See footnote 5 under “Earnings Highlights”.
Earnings per unit:
| Three Month Period Ended June 30, 2025 | Three Month Period Ended June 30, 2024 | Six Month Period Ended June 30, 2025 | Six Month Period Ended June 30, 2024 | ||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||
| Earnings per unit: | |||||||||||||
| Earnings per common unit, basic | $ | 2.34 | $ | 3.30 | $ | 3.72 | $ | 5.68 | |||||
| Earnings per common unit, diluted | $ | 2.34 | $ | 3.30 | $ | 3.72 | $ | 5.68 | |||||
| NAVIOS MARITIME PARTNERS L.P. Other Financial Information (Expressed in thousands of U.S. Dollars) | ||||||||
| Six Month Period Ended June 30, 2025 | Six Month Period Ended June 30, 2024 | |||||||
| (unaudited) | (unaudited) | |||||||
| Net cash provided by operating activities | $ | 278,180 | $ | 225,915 | ||||
| Net cash used in investing activities | $ | (268,650 | ) | $ | (293,957 | ) | ||
| Net cash provided by financing activities | $ | 68,304 | $ | 98,711 | ||||
| Increase in cash, cash equivalents and restricted cash | $ | 77,834 | $ | 30,669 | ||||
EXHIBIT 2
| Owned Dry Bulk Vessels | Type | Built | Capacity (DWT) | |||
| Navios Christine B | Ultra-Handymax | 2009 | 58,058 | |||
| Navios Celestial | Ultra-Handymax | 2009 | 58,063 | |||
| Navios Venus | Ultra-Handymax | 2015 | 61,339 | |||
| Navios La Paix | Ultra-Handymax | 2014 | 61,485 | |||
| N Amalthia | Panamax | 2006 | 75,356 | |||
| Navios Hope | Panamax | 2005 | 75,397 | |||
| Navios Sun | Panamax | 2005 | 76,619 | |||
| Navios Helios | Panamax | 2005 | 77,075 | |||
| Navios Victory | Panamax | 2014 | 77,095 | |||
| Rainbow N | Panamax | 2011 | 79,602 | |||
| Unity N | Panamax | 2011 | 79,642 | |||
| Odysseus N | Panamax | 2011 | 79,642 | |||
| Navios Amber | Kamsarmax | 2015 | 80,909 | |||
| Navios Avior | Kamsarmax | 2012 | 81,355 | |||
| Navios Centaurus | Kamsarmax | 2012 | 81,472 | |||
| Navios Citrine | Kamsarmax | 2017 | 81,626 | |||
| Navios Dolphin | Kamsarmax | 2017 | 81,630 | |||
| Navios Horizon I | Kamsarmax | 2019 | 81,692 | |||
| Navios Galaxy II | Kamsarmax | 2020 | 81,789 | |||
| Navios Uranus | Kamsarmax | 2019 | 81,821 | |||
| Navios Felicity I | Kamsarmax | 2020 | 81,962 | |||
| Navios Primavera | Kamsarmax | 2022 | 82,003 | |||
| Navios Meridian | Kamsarmax | 2023 | 82,010 | |||
| Navios Herakles I | Kamsarmax | 2019 | 82,036 | |||
| Navios Magellan II | Kamsarmax | 2020 | 82,037 | |||
| Navios Sky | Kamsarmax | 2015 | 82,056 | |||
| Navios Alegria | Kamsarmax | 2016 | 84,852 | |||
| Navios Sphera | Kamsarmax | 2016 | 84,872 | |||
| Navios Coral | Kamsarmax | 2016 | 84,904 | |||
| Copernicus N | Post-Panamax | 2010 | 93,062 | |||
| Navios Stellar | Capesize | 2009 | 168,818 | |||
| Navios Aurora II | Capesize | 2009 | 169,031 | |||
| Navios Antares | Capesize | 2010 | 169,059 | |||
| Navios Symphony | Capesize | 2010 | 177,960 | |||
| Navios Ace | Capesize | 2011 | 178,929 | |||
| Navios Aster | Capesize | 2010 | 178,978 | |||
| Navios Melodia | Capesize | 2010 | 178,982 | |||
| Navios Buena Ventura | Capesize | 2010 | 179,109 | |||
| Navios Luz | Capesize | 2010 | 179,144 | |||
| Navios Altamira | Capesize | 2011 | 179,165 | |||
| Navios Azimuth | Capesize | 2011 | 179,169 | |||
| Navios Bonheur | Capesize | 2010 | 179,204 | |||
| Navios Etoile | Capesize | 2010 | 179,234 | |||
| Navios Fulvia | Capesize | 2010 | 179,263 | |||
| Navios Ray | Capesize | 2012 | 179,515 | |||
| Navios Happiness | Capesize | 2009 | 180,022 | |||
| Navios Bonavis | Capesize | 2009 | 180,022 | |||
| Navios Fantastiks | Capesize | 2005 | 180,055 | |||
| Navios Phoenix | Capesize | 2009 | 180,060 | |||
| Navios Sol | Capesize | 2009 | 180,274 | |||
| Navios Lumen | Capesize | 2009 | 180,493 | |||
| Navios Canary | Capesize | 2015 | 180,528 | |||
| Navios Pollux | Capesize | 2009 | 180,727 | |||
| Navios Gem | Capesize | 2014 | 181,206 | |||
| Navios Joy | Capesize | 2013 | 181,215 | |||
| Navios Felix | Capesize | 2016 | 181,221 | |||
| Navios Corali | Capesize | 2015 | 181,249 | |||
| Navios Mars | Capesize | 2016 | 181,259 | |||
| Navios Koyo | Capesize | 2011 | 181,415 | |||
| Navios Azalea | Capesize | 2022 | 182,064 | |||
| Navios Armonia | Capesize | 2022 | 182,079 | |||
| Navios Altair | Capesize | 2023 | 182,115 | |||
| Navios Sakura | Capesize | 2023 | 182,169 | |||
| Navios Amethyst | Capesize | 2023 | 182,212 | |||
| Navios Astra | Capesize | 2022 | 182,393 |
| Owned Containerships | Type | Built | Capacity (TEU) | |||
| Spectrum N | Containership | 2009 | 2,546 | |||
| Fleur N | Containership | 2012 | 2,782 | |||
| Ete N | Containership | 2012 | 2,782 | |||
| Navios Summer | Containership | 2006 | 3,450 | |||
| Navios Verano | Containership | 2006 | 3,450 | |||
| Matson Lanai | Containership | 2007 | 4,250 | |||
| Navios Verde | Containership | 2007 | 4,250 | |||
| Navios Amarillo | Containership | 2007 | 4,250 | |||
| Navios Vermilion | Containership | 2007 | 4,250 | |||
| Navios Azure | Containership | 2007 | 4,250 | |||
| Navios Indigo | Containership | 2007 | 4,250 | |||
| Navios Domino | Containership | 2008 | 4,250 | |||
| Matson Oahu | Containership | 2008 | 4,250 | |||
| Navios Tempo (1) | 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 (1) | Containership | 2008 | 4,730 | |||
| Navios Jasmine | Containership | 2008 | 4,730 | |||
| Navios Chrysalis | Containership | 2008 | 4,730 | |||
| Navios Nerine | Containership | 2008 | 4,730 | |||
| Sparrow | Containership | 2023 | 5,300 | |||
| Zim Eagle | Containership | 2024 | 5,300 | |||
| Zim Condor | Containership | 2024 | 5,300 | |||
| Hawk Ι | Containership | 2024 | 5,300 | |||
| Zim Falcon | Containership | 2024 | 5,300 | |||
| Pelican I | Containership | 2024 | 5,300 | |||
| Seagull | Containership | 2024 | 5,300 | |||
| Zim Albatross | Containership | 2024 | 5,300 | |||
| DP World Jeddah | Containership | 2024 | 5,300 | |||
| DP World Jebel Ali | Containership | 2024 | 5,300 | |||
| Hyundai Shanghai | Containership | 2006 | 6,800 | |||
| Hyundai Tokyo | Containership | 2006 | 6,800 | |||
| Hyundai Hongkong | Containership | 2006 | 6,800 | |||
| Hyundai Singapore | Containership | 2006 | 6,800 | |||
| Hyundai Busan | Containership | 2006 | 6,800 | |||
| HMM Ocean | Containership | 2025 | 7,700 | |||
| HMM Sky | Containership | 2025 | 7,700 | |||
| Navios Unison | Containership | 2010 | 10,000 | |||
| Navios Constellation | Containership | 2011 | 10,000 |
| 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 Jupiter | MR2 Product Tanker | 2014 | 49,999 | |||
| Nave Velocity | MR2 Product Tanker | 2015 | 49,999 | |||
| Nave Sextans | MR2 Product Tanker | 2015 | 49,999 | |||
| Nave Luminosity | MR2 Product Tanker | 2014 | 50,240 | |||
| Bougainville | MR2 Product Tanker | 2013 | 50,626 | |||
| Nave Equinox | MR2 Product Tanker | 2007 | 50,922 | |||
| Nave Pulsar | MR2 Product Tanker | 2007 | 50,922 | |||
| Nave Cetus | LR1 Product Tanker | 2012 | 74,581 | |||
| Nave Ariadne | LR1 Product Tanker | 2007 | 74,671 | |||
| Nave Rigel | LR1 Product Tanker | 2013 | 74,673 | |||
| Nave Atropos | LR1 Product Tanker | 2013 | 74,695 | |||
| Nave Cassiopeia | LR1 Product Tanker | 2012 | 74,711 | |||
| Nave Cielo | LR1 Product Tanker | 2007 | 74,896 | |||
| Nave Andromeda | LR1 Product Tanker | 2011 | 75,000 | |||
| Nave Estella | LR1 Product Tanker | 2012 | 75,000 | |||
| Nave Cosmos | Aframax/LR2 | 2024 | 115,651 | |||
| Nave Polaris | Aframax/LR2 | 2024 | 115,699 | |||
| Nave Photon | Aframax/LR2 | 2024 | 115,752 | |||
| Nave Dorado | Aframax/LR2 | 2025 | 115,762 | |||
| Nave Neutrino | Aframax/LR2 | 2025 | 115,807 | |||
| Nave Perseus | Aframax/LR2 | 2025 | 115,812 | |||
| Nave Galactic | VLCC | 2009 | 296,945 | |||
| Nave Constellation | VLCC | 2010 | 296,988 | |||
| Nave Universe | VLCC | 2011 | 297,066 | |||
| Nave Quasar | VLCC | 2010 | 297,376 | |||
| Nave Buena Suerte | VLCC | 2011 | 297,491 | |||
| Nave Synergy | VLCC | 2010 | 309,483 |
| Bareboat-in vessels | Type | Built | Capacity (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 | ||||
| Nave Allegro | VLCC | 2020 | 313,433 | Yes | ||||
| Nave Tempo | VLCC | 2021 | 313,486 | Yes |
| Newbuildings to be delivered | Type | Expected Delivery Date | Capacity (TEU / DWT) | |||
| TBN XVII | Containership | H1 2026 | 7,900 | |||
| TBN XVIII | Containership | H2 2026 | 7,900 | |||
| TBN XIX | Containership | H2 2026 | 7,900 | |||
| TBN XX | Containership | H1 2027 | 7,900 | |||
| TBN I | MR2 Product Tanker | H2 2025 | 52,000 | |||
| TBN II | MR2 Product Tanker | H1 2026 | 52,000 | |||
| TBN III | MR2 Product Tanker | H2 2026 | 52,000 | |||
| TBN IV | MR2 Product Tanker | H2 2026 | 52,000 | |||
| TBN V | MR2 Product Tanker | H1 2027 | 52,000 | |||
| TBN VI | MR2 Product Tanker | H1 2027 | 52,000 | |||
| TBN VII | Aframax/LR2 | H1 2026 | 115,000 | |||
| TBN VIII | Aframax/LR2 | H1 2026 | 115,000 | |||
| TBN IX | Aframax/LR2 | H1 2026 | 115,000 | |||
| TBN X | Aframax/LR2 | H2 2026 | 115,000 | |||
| TBN XI | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XII | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XIII | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XXI | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XXII | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XIV | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN XV | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN XVI | Aframax/LR2 | H1 2028 | 115,000 | |||
(1) Vessel agreed to be sold.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.
EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) gain/ (loss) on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
| Three Month Period Ended | Three Month Period Ended | Six Month Period Ended | Six Month Period Ended | |||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
| ($ ‘000) | ($ ‘000) | ($ ‘000) | ($ ‘000) | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net cash provided by operating activities | $ | 121,628 | $ | 131,479 | $ | 278,180 | $ | 225,915 | ||||||||
| Net increase in operating assets | 35,396 | 25,198 | 27,975 | 25,564 | ||||||||||||
| Net (increase)/ decrease in operating liabilities | (18,706 | ) | 3,122 | (41,752 | ) | 46,105 | ||||||||||
| Net interest cost | 30,416 | 26,491 | 60,532 | 52,504 | ||||||||||||
| Amortization and write-off of deferred finance costs | (2,227 | ) | (2,033 | ) | (3,899 | ) | (3,709 | ) | ||||||||
| Amortization of operating lease assets/ liabilities | 187 | 1,803 | 373 | 2,594 | ||||||||||||
| Other non-cash adjustments | 5,941 | 3,692 | 4,764 | 5,057 | ||||||||||||
| Gain/ (loss) on sale of vessels, net | 5,601 | 7,256 | (329 | ) | 9,133 | |||||||||||
| EBITDA | $ | 178,236 | $ | 197,008 | $ | 325,844 | $ | 363,163 | ||||||||
| (Gain)/ loss on sale of vessels, net | (5,601 | ) | (7,256 | ) | 329 | (9,133 | ) | |||||||||
| Adjusted EBITDA | $ | 172,635 | $ | 189,752 | $ | 326,173 | $ | 354,030 | ||||||||
| Three Month Period Ended | Three Month Period Ended | Six Month Period Ended | Six Month Period Ended | |||||||||||||
| June 30, 2025 ($ ‘000) | June 30, 2024 ($ ‘000) | June 30, 2025 ($ ‘000) | June 30, 2024 ($ ‘000) | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net cash provided by operating activities | $ | 121,628 | $ | 131,479 | $ | 278,180 | $ | 225,915 | ||||||||
| Net cash used in investing activities | $ | (134,503 | ) | $ | (125,884 | ) | $ | (268,650 | ) | $ | (293,957 | ) | ||||
| Net cash provided by financing activities | $ | 68,934 | $ | 41,419 | $ | 68,304 | $ | 98,711 | ||||||||
