Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024
Rhea-AI Summary
Navios Maritime Partners (NYSE: NMM) reported strong financial results for Q4 and FY 2024. The company achieved revenue of $332.5 million in Q4 and $1.33 billion for the full year. Net income reached $94.7 million in Q4 and $367.3 million for FY 2024, with earnings per unit of $3.11 and $11.98 respectively.
The company demonstrated commitment to shareholder returns through unit repurchases, buying back 585,420 units for $29.2 million through February 7, 2025, and declaring a quarterly cash distribution of $0.05 per unit. Fleet updates included the sale of two dry bulk vessels for $18.8 million and delivery of four newbuilding vessels. The company secured $3.6 billion in contracted revenue through 2037, with 62.7% of available days fixed for 2025 at an average daily rate of $26,198.
Positive
- Strong revenue performance: $332.5M in Q4 and $1.33B for FY 2024
- Significant net income: $94.7M in Q4 and $367.3M for FY 2024
- $3.6B contracted revenue secured through 2037
- 62.7% of available days already fixed for 2025
- TCE rate increased by 2.6% to $23,205 per day in Q4 2024
Negative
- Operating days decreased from 54,294 in 2023 to 53,656 in 2024
- Adjusted EBITDA declined by $44.9M to $182.2M in Q4 2024
- Adjusted Net Income decreased by $53.6M to $79.3M in Q4 2024
- Fleet utilization slightly decreased to 98.9% in 2024 from 99.1% in 2023
News Market Reaction 1 Alert
On the day this news was published, NMM declined 0.50%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Revenue:
- $ 332.5 million for Q4 2024
$1,334.1 million for FY 2024
- Net Income:
- $ 94.7 million for Q4 2024
- $ 367.3 million for FY 2024
- Earnings per common unit:
- $ 3.11 for Q4 2024
- $ 11.98 for FY 2024
- Net cash from operating activities:
- $ 114.9 million for Q4 2024
- $ 483.5 million for FY 2024
- EBITDA:
- $ 197.6 million for Q4 2024
- $ 757.4 million for FY 2024
- Returning capital to unitholders:
- 489,955 common units repurchased in 2024 for
$25.0 million - 585,420 common units repurchased in 2024 – 2025 (through February 7) for
$29.2 million $0.05 per unit cash distribution for Q4 2024;$0.20 per unit annualized
- 489,955 common units repurchased in 2024 for
- Sales and purchases in Q4 2024 – 2025 YTD:
- $ 18.8 million gross sale proceeds from sale of two dry bulk vessels
- $ 25.4 million effective price for one Japanese-built ultra-handymax
- Four newbuilding vessels delivered
- $3.6 billion contracted revenue as of February 2025
MONACO, Feb. 13, 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 fourth quarter and year ended December 31, 2024.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the full year and fourth quarter of 2024. For the full year, we reported revenue of
Angeliki Frangou continued, “Since the pandemic, our markets have been driven primarily by geopolitical events and conflicts in Ukraine and the Middle East. We don’t know how these conflicts will be resolved. We also don't know the extent to which nations will be subject to continuing or even expanded sanctions. In our view, the resolution of the conflicts in Ukraine and the Middle East may involve significant sanctions on oil-producing nations, materially impacting world trade. In addition, the U.S. administration has been vocal about its new tariff scheme but has not yet provided a complete roadmap. We cannot now fully understand the impact on global trade until this develops further.”
Common unit repurchases
As of December 31, 2024 and February 7, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners repurchased 489,955 and 585,420 common units, respectively, for aggregate cash consideration of approximately
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2024 of
| Fleet update | ||
| • Sale of vessels Q4 2024 – 2025 YTD | ||
| • | ||
| In November 2024 and February 2025, Navios Partners agreed to sell two 2006-built panamaxes to unrelated third parties, for aggregate gross sale proceeds of | ||
| • | ||
| In December 2024, Navios Partners took delivery of a 2015-built ultra-handymax of 61,339 dwt, which was previously chartered-in, for an effective price of | ||
| • Four newbuilding vessels delivered Q4 2024 – 2025 YTD | ||
| In November 2024 and December 2024, Navios Partners took delivery of two 2024-built 5,300 TEU containerships, which have been chartered-out at an average rate of In January 2025, Navios Partners took delivery of a 2025-built aframax/LR2 tanker, which has been chartered-out at In January 2025, Navios Partners took delivery of a 2025-built LNG dual fuel 7,700 TEU containership, which has been chartered-out at an average rate of | ||
| • | ||
| Navios Partners has entered into new long-term charters which are expected to generate revenue of | ||
| • Two VLCC tankers have been chartered-out for a period of one year at an average rate of | ||
| • One 2,546 TEU containership has been chartered-out for a period of 2.2 years at | ||
| • One LR1 tanker has been chartered-out for a period of two years at | ||
| • One MR2 tanker has been chartered-out for a period of two years at | ||
| Including the above long-term charters, Navios Partners has | ||
Financing update
In November 2024, Navios Partners entered into a sale and leaseback agreement of
In December 2024, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to
In December 2024, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to
During the first quarter of 2025, Navios Partners agreed to enter into an export credit agency-backed facility for a total amount up to
Operating Highlights
Navios Partners owns and operates a fleet comprised of 70 dry bulk vessels, 50 containerships and 56 tankers, that includes 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 five newbuilding containerships (one 7,700 TEU containership and four 7,900 TEU containerships), that are expected to be delivered through the first half of 2027. The fleet excludes one panamax agreed to be sold.
As of February 7, 2025, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.1 years. Navios Partners has currently fixed
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods and years ended December 31, 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”).
| Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | ||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| (in $‘000 except per unit data) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||
| Revenue | $ | 332,521 | $ | 327,253 | $ | 1,334,066 | $ | 1,306,889 | |||||||
| Net Income | $ | 94,723 | $ | 132,391 | (2) | $ | 367,308 | $ | 433,645 | (2) | |||||
| Adjusted Net Income | $ | 79,337 | (1) | $ | 132,914 | (3) | $ | 341,548 | (4) | $ | 383,397 | (5) | |||
| Net cash provided by operating activities | $ | 114,924 | $ | 211,704 | $ | 483,478 | $ | 560,317 | |||||||
| EBITDA | $ | 197,609 | $ | 226,535 | (2) | $ | 757,393 | $ | 797,810 | (2) | |||||
| Adjusted EBITDA | $ | 182,223 | (1) | $ | 227,058 | (3) | $ | 731,633 | (4) | $ | 747,562 | (5) | |||
| Earnings per Common Unit basic | $ | 3.11 | $ | 4.30 | (2) | $ | 11.98 | $ | 14.08 | (2) | |||||
| Earnings per Common Unit diluted | $ | 3.11 | $ | 4.30 | (2) | $ | 11.98 | $ | 14.08 | (2) | |||||
| Adjusted Earnings per Common Unit basic | $ | 2.61 | (1) | $ | 4.32 | (3) | $ | 11.14 | (4) | $ | 12.45 | (5) | |||
| Adjusted Earnings per Common Unit diluted | $ | 2.61 | (1) | $ | 4.32 | (3) | $ | 11.14 | (4) | $ | 12.45 | (5) | |||
| (1) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended December 31, 2024 have been adjusted to exclude a |
| (2) | Net Income, EBITDA and Earnings per Common Unit basic and diluted for the three month period and year ended December 31, 2023 include |
| (3) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended December 31, 2023 have been adjusted to exclude a |
| (4) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the year ended December 31, 2024 have been adjusted to exclude a |
| (5) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the year ended December 31, 2023 have been adjusted to exclude a |
Three month periods ended December 31, 2024 and 2023
Time charter and voyage revenues for the three month period ended December 31, 2024 increased by
EBITDA of Navios Partners for the three month periods ended December 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA decreased by
Net Income for the three month periods ended December 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by
Years ended December 31, 2024 and 2023
Time charter and voyage revenues for the year ended December 31, 2024 increased by
EBITDA of Navios Partners for the years ended December 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA decreased by
Net Income for the years ended December 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods and years ended December 31, 2024 and 2023.
| Three Month Period Ended December 31, 2024 | Three Month Period Ended December 31, 2023 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Available Days (1) | 13,671 | 13,527 | 54,261 | 54,766 | |||||||||||
| Operating Days (2) | 13,534 | 13,425 | 53,656 | 54,294 | |||||||||||
| Fleet Utilization (3) | 99.0 | % | 99.2 | % | 98.9 | % | 99.1 | % | |||||||
| TCE rate Combined (per day) (4) | $ | 23,205 | $ | 22,625 | $ | 22,924 | $ | 22,337 | |||||||
| TCE rate Dry Bulk (per day) (4) | $ | 17,079 | $ | 16,902 | $ | 16,959 | $ | 14,422 | |||||||
| TCE rate Containerships (per day) (4) | $ | 30,623 | $ | 30,356 | $ | 30,370 | $ | 33,770 | |||||||
| TCE rate Tankers (per day) (4) | $ | 26,646 | $ | 27,562 | $ | 27,093 | $ | 28,662 | |||||||
| Vessels operating at period end | 152 | 151 | 152 | 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 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 Thursday, February 13, 2025 to discuss the results for the fourth quarter and year ended December 31, 2024.
Call Date/Time: Thursday, February 13, 2025 at 8:30 am ET
Call Title: Navios Partners Q4 2024 Financial Results Conference Call
US Dial In: +1.800.343.4136
International Dial In: +1.203.518.9843
Conference ID: NMMQ424
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: +1.800.753.9146
International Replay Dial In: +1.402.220.2705
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) | |||||
| December 31, 2024 (unaudited) | December 31, 2023 (unaudited) | ||||
| ASSETS | |||||
| Cash and cash equivalents, including restricted cash and time deposits over three months (1) | $ | 312,078 | $ | 296,175 | |
| Other current assets | 130,913 | 103,573 | |||
| Total current assets | 442,991 | 399,748 | |||
| Vessels, net | 4,241,292 | 3,734,671 | |||
| Other non-current assets | 988,957 | 1,013,147 | |||
| Total non-current assets | 5,230,249 | 4,747,818 | |||
| Total assets | $ | 5,673,240 | $ | 5,147,566 | |
| LIABILITIES AND PARTNERS’ CAPITAL | |||||
| Other current liabilities | $ | 143,444 | $ | 174,564 | |
| Current portion of borrowings, net | 266,222 | 285,036 | |||
| Total current liabilities | 409,666 | 459,600 | |||
| Non-current portion of borrowings, net | 1,862,715 | 1,576,427 | |||
| Other non-current liabilities | 294,231 | 341,087 | |||
| Total non-current liabilities | 2,156,946 | 1,917,514 | |||
| Total liabilities | $ | 2,566,612 | $ | 2,377,114 | |
| Total partners’ capital | 3,106,628 | 2,770,452 | |||
| Total liabilities and partners’ capital | $ | 5,673,240 | $ | 5,147,566 | |
| (1) | Includes time deposits with duration over three months of |
| NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of U.S. Dollars except unit and per unit data) | ||||||||||||||||
| Three Month Period Ended December 31, 2024 | Three Month Period Ended December 31, 2023 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Time charter and voyage revenues | $ | 332,521 | $ | 327,253 | $ | 1,334,066 | $ | 1,306,889 | ||||||||
| Time charter and voyage expenses | (29,533 | ) | (38,635 | ) | (146,429 | ) | (160,231 | ) | ||||||||
| Direct vessel expenses | (22,585 | ) | (21,304 | ) | (77,169 | ) | (69,449 | ) | ||||||||
| Vessel operating expenses | (90,004 | ) | (83,031 | ) | (349,160 | ) | (331,653 | ) | ||||||||
| General and administrative expenses | (22,735 | ) | (21,000 | ) | (85,165 | ) | (80,559 | ) | ||||||||
| Depreciation and amortization of intangible assets | (58,914 | ) | (55,055 | ) | (228,472 | ) | (217,823 | ) | ||||||||
| Amortization of unfavorable lease terms | 3,205 | 3,491 | 12,718 | 19,922 | ||||||||||||
| Gain/ (Loss) on sale of vessels, net | 15,386 | (523 | ) | 25,760 | 50,248 | |||||||||||
| Interest expense and finance cost, net | (32,425 | ) | (32,939 | ) | (124,529 | ) | (133,642 | ) | ||||||||
| Interest income | 3,417 | 3,285 | 13,803 | 10,699 | ||||||||||||
| Other (expense)/ income, net | (3,610 | ) | 50,849 | (8,115 | ) | 39,244 | ||||||||||
| Net income | $ | 94,723 | $ | 132,391 | $ | 367,308 | $ | 433,645 | ||||||||
| Earnings per unit: | |||||||||||
| Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | ||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
| Earnings per unit: | |||||||||||
| Earnings per common unit, basic | $ | 3.11 | $ | 4.30 | $ | 11.98 | $ | 14.08 | |||
| Earnings per common unit, diluted | $ | 3.11 | $ | 4.30 | $ | 11.98 | $ | 14.08 | |||
| NAVIOS MARITIME PARTNERS L.P. Other Financial Information (Expressed in thousands of U.S. Dollars) | |||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||
| (unaudited) | (unaudited) | ||||||
| Net cash provided by operating activities | $ | 483,478 | $ | 560,317 | |||
| Net cash used in investing activities | $ | (782,126 | ) | $ | (253,015 | ) | |
| Net cash provided by/ (used in) financing activities | $ | 349,262 | $ | (233,225 | ) | ||
| Increase in cash, cash equivalents and restricted cash | $ | 50,614 | $ | 74,077 | |||
| 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 Venus | Ultra-Handymax | 2015 | 61,339 | |||
| Navios La Paix | Ultra-Handymax | 2014 | 61,485 | |||
| N Amalthia | Panamax | 2006 | 75,318 | |||
| Navios Hope | Panamax | 2005 | 75,397 | |||
| Navios Galileo (1) | 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 | |||
| Hawk Ι (ex 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 | |||
| Navios Unite | Containership | 2024 | 5,300 | |||
| Zim Albatross | 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 | |||
| 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 Neutrino | Aframax/LR2 | 2025 | 115,807 | |||
| 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 III | Containership | H1 2025 | 7,700 | |||
| TBN XX | Containership | H1 2026 | 7,900 | |||
| TBN XXI | Containership | H2 2026 | 7,900 | |||
| TBN XXII | Containership | H2 2026 | 7,900 | |||
| TBN XXIII | Containership | H1 2027 | 7,900 | |||
| TBN IV | MR2 Product Tanker | H2 2025 | 52,000 | |||
| TBN V | MR2 Product Tanker | H1 2026 | 52,000 | |||
| TBN VI | MR2 Product Tanker | H2 2026 | 52,000 | |||
| TBN VII | MR2 Product Tanker | H2 2026 | 52,000 | |||
| TBN VIII | MR2 Product Tanker | H1 2027 | 52,000 | |||
| TBN IX | MR2 Product Tanker | H1 2027 | 52,000 | |||
| TBN I | Aframax/LR2 | H1 2025 | 115,000 | |||
| TBN II | Aframax/LR2 | H1 2025 | 115,000 | |||
| TBN X | Aframax/LR2 | H1 2026 | 115,000 | |||
| TBN XI | Aframax/LR2 | H1 2026 | 115,000 | |||
| TBN XII | Aframax/LR2 | H1 2026 | 115,000 | |||
| TBN XIII | Aframax/LR2 | H2 2026 | 115,000 | |||
| TBN XIV | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XVΙ | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN XV | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN XVII | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN XVIII | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN XIX | 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 (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 decrease/ (increase) 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/ (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 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 | Year Ended | Year Ended | ||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| ($ ‘000) | ($ ‘000) | ($ ‘000) | ($ ‘000) | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Net cash provided by operating activities | $ | 114,924 | $ | 211,704 | $ | 483,478 | $ | 560,317 | |||||||
| Net increase in operating assets | 41,672 | 37,441 | 97,685 | 59,729 | |||||||||||
| Net decrease/ (increase) in operating liabilities | 82 | (39,472 | ) | 37,606 | 75,079 | ||||||||||
| Net interest cost | 29,008 | 29,654 | 110,726 | 122,943 | |||||||||||
| Amortization and write-off of deferred finance costs and discount | (1,941 | ) | (1,945 | ) | (7,841 | ) | (7,188 | ) | |||||||
| Amortization of operating lease assets/ liabilities | 189 | (1,149 | ) | 2,973 | (8,918 | ) | |||||||||
| Non-cash amortization of deferred revenue and straight line | (1,711 | ) | (9,174 | ) | 7,006 | (54,396 | ) | ||||||||
| Stock-based compensation | — | (1 | ) | — | (4 | ) | |||||||||
| Gain/ (loss) on sale of vessels, net | 15,386 | (523 | ) | 25,760 | 50,248 | ||||||||||
| EBITDA | $ | 197,609 | $ | 226,535 | $ | 757,393 | $ | 797,810 | |||||||
| (Gain)/ loss on sale of vessels, net | (15,386 | ) | 523 | (25,760 | ) | (50,248 | ) | ||||||||
| Adjusted EBITDA | $ | 182,223 | $ | 227,058 | $ | 731,633 | $ | 747,562 | |||||||
| Three Month Period Ended | Three Month Period Ended | Year Ended | Year Ended | ||||||||||||
| December 31, 2024 ($ ‘000) | December 31, 2023 ($ ‘000) | December 31, 2024 ($ ‘000) | December 31, 2023 ($ ‘000) | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Net cash provided by operating activities | $ | 114,924 | $ | 211,704 | $ | 483,478 | $ | 560,317 | |||||||
| Net cash used in investing activities | $ | (168,162 | ) | $ | (180,592 | ) | $ | (782,126 | ) | $ | (253,015 | ) | |||
| Net cash provided by/ (used in) financing activities | $ | 59,069 | $ | (51,110 | ) | $ | 349,262 | $ | (233,225 | ) | |||||
FAQ
What was NMM's revenue and net income for Q4 2024?
How many common units did NMM repurchase in 2024-2025?
What is NMM's contracted revenue through 2037?
What percentage of NMM's available days are fixed for 2025?
What was NMM's quarterly cash distribution for Q4 2024?
