Navios Maritime Partners (NYSE: NMM) ramps up buybacks after strong Q2
Navios Maritime Partners L.P. (NMM) reports sharply stronger results for the three and six months ended June 30, 2026, driven by higher charter rates. Time charter and voyage revenues rose to $410.2 million in the quarter and $767.2 million year‑to‑date, up 25.2% and 21.5% from 2025, mainly from a higher Time Charter Equivalent rate of $28,512 per day in the quarter.
Quarterly net income increased to $167.9 million from $69.9 million, and six‑month net income to $274.3 million from $111.7 million. Adjusted EBITDA reached $242.2 million for the quarter and $446.3 million year‑to‑date. Fleet utilization remained very high at about 99.4%.
The partnership ended June 30, 2026 with $602.3 million in current assets, $393.5 million in current liabilities and $3.59 billion in partners’ capital. It generated $313.3 million in operating cash flow in the first half while investing heavily, including vessel acquisitions and deposits, leading to a $50.2 million reduction in cash. Contracted revenue totaled $4.4 billion as of August 20, 2026, and the board authorized a new common unit repurchase program, bringing total buyback authorization to $207.4 million.
Positive
- Revenues up 21.5% year‑to‑date to $767.2 million, mainly from higher TCE rates.
- Net income more than doubled to $167.9 million for Q2 and $274.3 million year‑to‑date.
- Adjusted EBITDA rose to $242.2 million for Q2 and $446.3 million for six months, strengthening cash generation.
- Contracted revenue of $4.4 billion provides multi‑year earnings visibility.
- Positive working capital of $208.8 million at June 30, 2026 supports liquidity.
- New repurchase authorization of up to $207.4 million signals ongoing capital return capacity.
- Weighted average interest rate fell to 5.7% from 6.3%, lowering finance costs.
Negative
- Net cash used in investing activities increased to $451.2 million, contributing to a $50.2 million cash decline.
- Total debt and lease obligations exceed $2.0 billion, keeping interest expense high at $59.9 million year‑to‑date.
- One customer accounts for 12.8% of revenues, creating some customer concentration risk.
- Interest rate sensitivity remains material; a 1% SOFR increase would add $7.4 million to six‑month interest expense.
Filing Explained
The filing adds agreed vessel purchases and a conditional bareboat purchase option, while related closings and deliveries remain in the future.
This Form 6-K reports that Navios Maritime Partners has agreed to buy three scrubber-fitted VLCC newbuildings for
A separate Japanese newbuilding capesize arrangement is a ten-year bareboat-in contract with an option to acquire the vessel from the end of year four through the charter term. If exercised at the end of the ten-year period, the filing states an implied purchase price of approximately
The company also agreed to sell two vessels for an aggregate gross sale price of
The key follow-up items are completion of the customary documentation for the four acquisition arrangements and the stated delivery or sale-completion periods, because the filing currently describes agreements and an option rather than completed transfers.
Key Figures
Key Terms
Time Charter Equivalent rate financial
Operating Surplus financial
bareboat charter financial
Secured Overnight Financing Rate financial
sale and leaseback transaction financial
Earnings Snapshot
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
DATED: August 27,
Commission File No.
c/o Navios Shipmanagement Inc.
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ |
|
Form 40-F ☐ |
NAVIOS MARITIME PARTNERS L.P.
FORM 6-K
TABLE OF CONTENTS
|
|
Page |
Operating and Financial Review and Prospects |
|
1 |
Exhibit List |
|
18 |
INDEX |
|
F-1 |
This report on Form 6-K is hereby incorporated by reference into the Navios Maritime Partners L.P. Registration Statement on Form F-3, File No. 333-296172.
Operating and Financial Review and Prospects
The following is a discussion of the financial condition and results of operations for the three and six month periods ended June 30, 2026 and 2025 of Navios Maritime Partners L.P. (referred to herein as “we”, “us”, “Company” or “Navios Partners”). All of the financial statements have been stated in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Partners’ 2025 annual report filed on Form 20-F on March 12, 2026 (the “Annual Report”) with the U.S. Securities and Exchange Commission (the “SEC”).
This report 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 (as defined herein), and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing, potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists, uncertainty relating to global trade, including prices of seaborne commodities, continuing issues related to seaborne volume and ton miles and the impact of tariffs, the adequacy of our insurance arrangements and our ability to obtain insurance and required certifications, 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, the repayment of debt and servicing of our bonds, 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 SEC, including its Form 20-F and Form 6-K. Navios Partners expressly disclaims any obligations or undertaking to release publicly any
1
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.
Recent Developments
The Board of Directors of Navios Partners has authorized a new common unit repurchase program for up to $200.0 million that is expected to become effective in the third quarter of 2026. As of August 20, 2026, Navios Partners had repurchased 1,880,880 common units under its previously authorized $100.0 million common unit repurchase program, for a total cost of approximately $92.6 million. Upon termination of the previously authorized common unit repurchase program in August 2026, the remaining availability was added to the Company’s newly authorized common unit repurchase program, resulting in the aggregate repurchase authorization of up to $207.4 million. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in the Company’s discretion and without notice. The Board of Directors will review the program periodically.
In June and July 2026, Navios Partners agreed to acquire three newbuilding scrubber-fitted VLCC tankers from an unrelated third party for an aggregate purchase price of $361.5 million. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2028 and in 2029. The closings of the transactions are subject to completion of customary documentation.
In July 2026, Navios Partners agreed to acquire a Japanese newbuilding scrubber-fitted capesize vessel from an unrelated third party under a ten-year bareboat-in contract. Navios Partners has the option to acquire the vessel starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the ten-year period, the bareboat agreement reflects an implied purchase price of approximately $70.1 million at an implied effective interest rate of about 6.0%. The vessel is expected to be delivered into Navios Partners’ fleet during the second half of 2029. The closing of the transaction is subject to completion of customary documentation.
In August 2026, Navios Partners took delivery of a 2026-built Aframax/LR2 scrubber-fitted tanker vessel of 117,012 dwt.
In August 2026, Navios Partners agreed to sell a 2008-built 4,730 TEU containership and a 2009-built capesize vessel of 180,727 dwt to unrelated third parties for an aggregate gross sale price of $65.3 million. The sale of the containership is expected to be completed during the second half of 2027 and the sale of the capesize vessel is expected to be completed during the second half of 2026.
Overview
We are an international owner and operator of dry cargo and tanker vessels that was formed in August 2007 by Navios Maritime Holdings Inc under the laws of the Republic of the Marshall Islands. We have been a public company since November 2007.
As of August 20, 2026, there were outstanding 28,303,508 common units and 622,296 general partnership units. Angeliki Frangou, our Chief Executive Officer and Chairwoman beneficially owned an approximately 18.2% common interest of the total outstanding common units, consisting of 5,157,677 common units held directly or indirectly through entities affiliated with her. In addition, an entity affiliated with Angeliki Frangou beneficially owned 622,296 general partnership units, representing an approximately 2.2% ownership interest in Navios Partners based on all outstanding common units and general partnership units.
Fleet
As of August 20, 2026, Navios Partners’ fleet consisted of 65 dry bulk vessels, 50 containerships and 60 tanker vessels, including three newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and during 2029, seven newbuilding containerships (three 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028 and 19 newbuilding tanker vessels (seven VLCC tanker vessels, eight aframax/LR2 and four MR2 product tanker chartered-in vessels under
2
bareboat contracts) that are expected to be delivered through 2029. The fleet excludes a 4,730 TEU containership and a capesize vessel of 180,727 dwt that have been agreed to be sold.
We generate revenues by charging our customers for the use of our vessels to transport their dry cargo commodities, containers, crude oil and/or refined petroleum products. In general, the vessels in our fleet are chartered-out under time charters with duration of up to 12 years at inception. From time to time, we operate vessels in the spot market until the vessels have been chartered out under short-term, medium-term and long-term charters.
The following table provides summary information about our fleet as of August 20, 2026: |
|
|||||||
|
|
|
|
|
|
|
|
|
Owned Dry bulk Vessels |
|
Type |
|
Built |
|
Capacity |
|
|
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 |
|
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 (5) |
|
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 (1) |
|
Kamsarmax |
|
2022 |
|
|
82,003 |
|
Navios Meridian (1) |
|
Kamsarmax |
|
2023 |
|
|
82,010 |
|
Navios Herakles I (2) |
|
Kamsarmax |
|
2019 |
|
|
82,036 |
|
Navios Magellan II |
|
Kamsarmax |
|
2020 |
|
|
82,037 |
|
Navios Sky (1) |
|
Kamsarmax |
|
2015 |
|
|
82,056 |
|
Navios Alegria (5) |
|
Kamsarmax |
|
2016 |
|
|
84,852 |
|
Navios Sphera |
|
Kamsarmax |
|
2016 |
|
|
84,872 |
|
Navios Coral |
|
Kamsarmax |
|
2016 |
|
|
84,904 |
|
Navios Stellar (1) |
|
Capesize |
|
2009 |
|
|
168,818 |
|
Navios Antares |
|
Capesize |
|
2010 |
|
|
168,876 |
|
Navios Aurora II |
|
Capesize |
|
2009 |
|
|
169,031 |
|
Navios Symphony |
|
Capesize |
|
2010 |
|
|
177,960 |
|
Navios Ace (1) |
|
Capesize |
|
2011 |
|
|
178,929 |
|
Navios Buena Ventura |
|
Capesize |
|
2010 |
|
|
178,953 |
|
Navios Aster |
|
Capesize |
|
2010 |
|
|
178,978 |
|
Navios Melodia |
|
Capesize |
|
2010 |
|
|
178,982 |
|
Navios Luz |
|
Capesize |
|
2010 |
|
|
178,989 |
|
Navios Azimuth (1) |
|
Capesize |
|
2011 |
|
|
179,013 |
|
Navios Etoile |
|
Capesize |
|
2010 |
|
|
179,048 |
|
Navios Bonheur |
|
Capesize |
|
2010 |
|
|
179,049 |
|
Navios Fulvia |
|
Capesize |
|
2010 |
|
|
179,077 |
|
Navios Altamira |
|
Capesize |
|
2011 |
|
|
179,145 |
|
Navios Ray (1) |
|
Capesize |
|
2012 |
|
|
179,515 |
|
Navios Happiness |
|
Capesize |
|
2009 |
|
|
180,022 |
|
Navios Bonavis (1) |
|
Capesize |
|
2009 |
|
|
180,022 |
|
Navios Fantastiks |
|
Capesize |
|
2005 |
|
|
180,055 |
|
Navios Phoenix |
|
Capesize |
|
2009 |
|
|
180,060 |
|
Navios Sol (1) |
|
Capesize |
|
2009 |
|
|
180,274 |
|
3
Navios Lumen (5) |
|
Capesize |
|
2009 |
|
|
180,493 |
|
Navios Canary |
|
Capesize |
|
2015 |
|
|
180,528 |
|
Navios Pollux (3)(7) |
|
Capesize |
|
2009 |
|
|
180,727 |
|
Navios Corali |
|
Capesize |
|
2015 |
|
|
181,088 |
|
Navios Gem |
|
Capesize |
|
2014 |
|
|
181,206 |
|
Navios Joy |
|
Capesize |
|
2013 |
|
|
181,215 |
|
Navios Felix (5) |
|
Capesize |
|
2016 |
|
|
181,221 |
|
Navios Mars |
|
Capesize |
|
2016 |
|
|
181,259 |
|
Navios Koyo |
|
Capesize |
|
2011 |
|
|
181,415 |
|
Navios Azalea (2) |
|
Capesize |
|
2022 |
|
|
182,064 |
|
Navios Armonia (2) |
|
Capesize |
|
2022 |
|
|
182,079 |
|
Navios Altair (2) |
|
Capesize |
|
2023 |
|
|
182,115 |
|
Navios Sakura (2) |
|
Capesize |
|
2023 |
|
|
182,169 |
|
Navios Amethyst (2) |
|
Capesize |
|
2023 |
|
|
182,212 |
|
Navios Astra (4) |
|
Capesize |
|
2022 |
|
|
182,393 |
|
Owned Containerships |
|
Built |
|
Capacity |
|
|
Spectrum N |
|
2009 |
|
|
2,546 |
|
Fleur N |
|
2012 |
|
|
2,782 |
|
Ete N |
|
2012 |
|
|
2,782 |
|
Navios Summer |
|
2006 |
|
|
3,450 |
|
Navios Verano |
|
2006 |
|
|
3,450 |
|
Matson Lanai |
|
2007 |
|
|
4,250 |
|
Navios Verde |
|
2007 |
|
|
4,250 |
|
Navios Amarillo |
|
2007 |
|
|
4,250 |
|
Navios Vermilion |
|
2007 |
|
|
4,250 |
|
Navios Azure |
|
2007 |
|
|
4,250 |
|
Navios Indigo |
|
2007 |
|
|
4,250 |
|
Navios Domino |
|
2008 |
|
|
4,250 |
|
Matson Oahu |
|
2008 |
|
|
4,250 |
|
Navios Destiny |
|
2009 |
|
|
4,250 |
|
Navios Devotion |
|
2009 |
|
|
4,250 |
|
Navios Lapis |
|
2009 |
|
|
4,250 |
|
Navios Dorado |
|
2010 |
|
|
4,250 |
|
Carmel I |
|
2010 |
|
|
4,360 |
|
Zim Baltimore |
|
2010 |
|
|
4,360 |
|
Navios Bahamas |
|
2010 |
|
|
4,360 |
|
Navios Miami |
|
2009 |
|
|
4,563 |
|
Navios Jasmine (3) |
|
2008 |
|
|
4,730 |
|
Navios Chrysalis |
|
2008 |
|
|
4,730 |
|
Navios Nerine |
|
2008 |
|
|
4,730 |
|
Sparrow |
|
2023 |
|
|
5,300 |
|
Zim Eagle |
|
2024 |
|
|
5,300 |
|
Condor |
|
2024 |
|
|
5,300 |
|
Hawk I |
|
2024 |
|
|
5,300 |
|
Zim Falcon |
|
2024 |
|
|
5,300 |
|
Pelican I |
|
2024 |
|
|
5,300 |
|
Seagull (5) |
|
2024 |
|
|
5,300 |
|
Zim Albatross (5) |
|
2024 |
|
|
5,300 |
|
DP World Jeddah (1) |
|
2024 |
|
|
5,300 |
|
DP World Jebel Ali (1) |
|
2024 |
|
|
5,300 |
|
Hyundai Shanghai |
|
2006 |
|
|
6,800 |
|
Hyundai Tokyo |
|
2006 |
|
|
6,800 |
|
Hyundai Hongkong |
|
2006 |
|
|
6,800 |
|
Hyundai Singapore |
|
2006 |
|
|
6,800 |
|
Hyundai Busan |
|
2006 |
|
|
6,800 |
|
4
HMM Ocean |
|
2025 |
|
|
7,700 |
|
HMM Sky |
|
2025 |
|
|
7,700 |
|
Navios Cyan |
|
2026 |
|
|
7,900 |
|
Navios Unison |
|
2010 |
|
|
10,000 |
|
Navios Constellation |
|
2011 |
|
|
10,000 |
|
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity |
|
|
Hector N |
|
MR1 Product Tanker |
|
2008 |
|
|
38,402 |
|
Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
|
49,991 |
|
Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
|
49,992 |
|
Nave Ohana (2) |
|
MR2 Product Tanker |
|
2025 |
|
|
49,994 |
|
Nave Capella (1) |
|
MR2 Product Tanker |
|
2013 |
|
|
49,995 |
|
Nave Hina (2) |
|
MR2 Product Tanker |
|
2026 |
|
|
49,996 |
|
Nave Alderamin (1) |
|
MR2 Product Tanker |
|
2013 |
|
|
49,998 |
|
Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
|
49,998 |
|
Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
|
49,999 |
|
Nave Orion (1) |
|
MR2 Product Tanker |
|
2013 |
|
|
49,999 |
|
Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
|
49,999 |
|
Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
|
49,999 |
|
Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
|
49,999 |
|
Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
|
49,999 |
|
Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
|
50,240 |
|
Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
|
50,626 |
|
Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
|
74,581 |
|
Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
|
74,671 |
|
Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
|
74,673 |
|
Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
|
74,695 |
|
Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
|
74,711 |
|
Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
|
74,896 |
|
Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
|
75,000 |
|
Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
|
75,000 |
|
Nave Cosmos |
|
Aframax / LR2 |
|
2024 |
|
|
115,651 |
|
Nave Polaris |
|
Aframax / LR2 |
|
2024 |
|
|
115,699 |
|
Nave Photon |
|
Aframax / LR2 |
|
2024 |
|
|
115,752 |
|
Nave Dorado |
|
Aframax / LR2 |
|
2025 |
|
|
115,762 |
|
Nave Neutrino |
|
Aframax / LR2 |
|
2025 |
|
|
115,807 |
|
Nave Perseus |
|
Aframax / LR2 |
|
2025 |
|
|
115,812 |
|
Nave Amaryllis (5) |
|
Aframax / LR2 |
|
2026 |
|
|
116,934 |
|
Nave Anthos (1) |
|
Aframax / LR2 |
|
2026 |
|
|
116,998 |
|
Nave Orbit (5) |
|
Aframax / LR2 |
|
2026 |
|
|
117,012 |
|
Nave Equator (1) |
|
Aframax / LR2 |
|
2026 |
|
|
117,059 |
|
Nave Universe |
|
VLCC |
|
2011 |
|
|
297,066 |
|
Nave Quasar |
|
VLCC |
|
2010 |
|
|
297,376 |
|
Nave Synergy |
|
VLCC |
|
2010 |
|
|
309,483 |
|
Bareboat-in Vessels (6) |
|
Type |
|
Built |
|
Capacity |
|
|
Navios Star |
|
Kamsarmax |
|
2021 |
|
|
81,994 |
|
Navios Amitie |
|
Kamsarmax |
|
2021 |
|
|
82,002 |
|
Navios Libra |
|
Kamsarmax |
|
2019 |
|
|
82,011 |
|
Nave Electron |
|
VLCC |
|
2021 |
|
|
313,239 |
|
Nave Celeste |
|
VLCC |
|
2022 |
|
|
313,418 |
|
Nave Allegro |
|
VLCC |
|
2020 |
|
|
313,433 |
|
Nave Tempo |
|
VLCC |
|
2021 |
|
|
313,486 |
|
5
Dry bulk Vessels to be Delivered |
|
Type |
|
Expected |
|
Capacity |
|
|
TBN XX (2) |
|
Capesize |
|
H2 2028 |
|
|
181,500 |
|
TBN XXI (2) |
|
Capesize |
|
H1 2029 |
|
|
181,500 |
|
TBN XXVIII (2) |
|
Capesize |
|
H2 2029 |
|
|
181,500 |
|
Containerships to be Delivered |
|
Expected |
|
Capacity |
|
|
TBN XI |
|
H2 2026 |
|
|
7,900 |
|
TBN XII |
|
H2 2026 |
|
|
7,900 |
|
TBN XIII |
|
H1 2027 |
|
|
7,900 |
|
TBN XVI |
|
H2 2027 |
|
|
8,850 |
|
TBN XVII |
|
H2 2027 |
|
|
8,850 |
|
TBN XVIII |
|
H2 2027 |
|
|
8,850 |
|
TBN XIX |
|
H1 2028 |
|
|
8,850 |
|
Tanker Vessels to be Delivered |
|
Type |
|
Expected |
|
Capacity |
|
|
TBN I (2) |
|
MR2 Product Tanker |
|
H2 2026 |
|
|
52,000 |
|
TBN II (2) |
|
MR2 Product Tanker |
|
H2 2026 |
|
|
52,000 |
|
TBN III (2) |
|
MR2 Product Tanker |
|
H1 2027 |
|
|
52,000 |
|
TBN IV (2) |
|
MR2 Product Tanker |
|
H1 2027 |
|
|
52,000 |
|
TBN V |
|
Aframax/LR2 |
|
H1 2027 |
|
|
115,000 |
|
TBN VI |
|
Aframax/LR2 |
|
H1 2027 |
|
|
115,000 |
|
TBN VII |
|
Aframax/LR2 |
|
H1 2027 |
|
|
115,000 |
|
TBN XIV |
|
Aframax/LR2 |
|
H1 2027 |
|
|
115,000 |
|
TBN XV |
|
Aframax/LR2 |
|
H1 2027 |
|
|
115,000 |
|
TBN VIII |
|
Aframax/LR2 |
|
H2 2027 |
|
|
115,000 |
|
TBN IX |
|
Aframax/LR2 |
|
H2 2027 |
|
|
115,000 |
|
TBN X |
|
Aframax/LR2 |
|
H1 2028 |
|
|
115,000 |
|
TBN XXII |
|
VLCC |
|
H1 2028 |
|
|
319,000 |
|
TBN XXIII |
|
VLCC |
|
H2 2028 |
|
|
319,000 |
|
TBN XXIV |
|
VLCC |
|
H2 2028 |
|
|
319,000 |
|
TBN XXV |
|
VLCC |
|
H2 2028 |
|
|
319,000 |
|
TBN XXVI |
|
VLCC |
|
H2 2028 |
|
|
319,000 |
|
TBN XXVII |
|
VLCC |
|
H1 2029 |
|
|
319,000 |
|
TBN XXIX |
|
VLCC |
|
H2 2029 |
|
|
319,000 |
|
6
Our Charters
We provide seaborne shipping services under short-term, medium-term, and long-term time charters, bareboat charters and voyage charters with customers that we believe are creditworthy. For the six month periods ended June 30, 2026 and 2025, only one customer accounted for 10.0% or more of our total revenues and represented approximately 12.8% and 15.5%, respectively, of our total revenues.
Our revenues are driven by the number of vessels in the fleet, the number of days during which the vessels operate and our charter hire rates, which, in turn, are affected by a number of factors, including:
Time charters are available for varying periods, ranging from a single trip (spot charter) to long-term which may be many years. In general, a long-term time charter assures the vessel owner of a consistent stream of revenue. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. We intend to operate our vessels in the long-term charter market. Vessel charter rates are affected by world economics, international events, weather conditions, strikes, governmental policies, supply and demand and many other factors that might be beyond our control. Please read the section entitled “Risk Factors” in our Annual Report for a discussion of certain risks inherent in our business.
We could lose a customer or the benefits of a charter if:
Under some of our time charters, either party may terminate the charter contract in the event of war in specified countries or in locations that would significantly disrupt the free trade of the vessel. Some of the time charters covering our vessels require us to return to the charterer, upon the loss of the vessel, all advances paid by the charterer but not earned by us.
Trends and Factors Affecting Our Future Results of Operations
We believe the principal factors that will affect our future results of operations are the economic, regulatory, political and governmental conditions that affect the shipping industry generally and that affect conditions in countries and markets in which our vessels engage in business. Please read “Risk Factors” in our Annual Report for a discussion of certain risks inherent in our business.
7
Results of Operations
Overview
The following table reflects certain key indicators of Navios Partners’ fleet performance for the three and six month periods ended June 30, 2026 and 2025.
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
Available Days(1) |
|
|
13,152 |
|
|
|
13,388 |
|
|
|
26,256 |
|
|
|
26,844 |
|
Operating Days(2) |
|
|
13,067 |
|
|
|
13,296 |
|
|
|
26,104 |
|
|
|
26,645 |
|
Fleet Utilization(3) |
|
|
99.4 |
% |
|
|
99.3 |
% |
|
|
99.4 |
% |
|
|
99.3 |
% |
Opex Days(4) |
|
|
13,359 |
|
|
|
13,703 |
|
|
|
26,560 |
|
|
|
27,289 |
|
Time Charter Equivalent rate (per day)(5) |
|
$ |
28,512 |
|
|
$ |
23,040 |
|
|
$ |
27,098 |
|
|
$ |
22,154 |
|
Opex rate (per day)(6) |
|
$ |
7,152 |
|
|
$ |
7,108 |
|
|
$ |
7,174 |
|
|
$ |
7,045 |
|
Vessels operating at end of periods |
|
|
148 |
|
|
|
154 |
|
|
|
148 |
|
|
|
154 |
|
8
FINANCIAL HIGHLIGHTS
The following table presents consolidated revenue and expense information for the three and six month periods ended June 30, 2026 and 2025.
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
|
|
(In thousands of U.S. dollars) |
|
|||||||||||||
Time charter and voyage revenues |
|
$ |
410,166 |
|
|
$ |
327,558 |
|
|
$ |
767,173 |
|
|
$ |
631,670 |
|
Time charter and voyage expenses |
|
|
(45,633 |
) |
|
|
(31,215 |
) |
|
|
(76,551 |
) |
|
|
(61,232 |
) |
Vessel operating expenses |
|
|
(95,544 |
) |
|
|
(97,404 |
) |
|
|
(190,546 |
) |
|
|
(192,246 |
) |
General and administrative expenses |
|
|
(24,400 |
) |
|
|
(23,422 |
) |
|
|
(48,232 |
) |
|
|
(45,394 |
) |
Depreciation and amortization |
|
|
(82,955 |
) |
|
|
(80,785 |
) |
|
|
(164,612 |
) |
|
|
(159,430 |
) |
Amortization of unfavorable lease terms |
|
|
941 |
|
|
|
2,912 |
|
|
|
3,586 |
|
|
|
5,792 |
|
Gain/ (loss) on sale of vessels, net |
|
|
32,952 |
|
|
|
5,601 |
|
|
|
41,536 |
|
|
|
(329 |
) |
Interest expense and finance cost, net |
|
|
(29,321 |
) |
|
|
(33,485 |
) |
|
|
(59,920 |
) |
|
|
(66,995 |
) |
Interest income |
|
|
4,103 |
|
|
|
3,069 |
|
|
|
7,362 |
|
|
|
6,463 |
|
Other expense, net |
|
|
(2,390 |
) |
|
|
(2,882 |
) |
|
|
(5,533 |
) |
|
|
(6,625 |
) |
Net income |
|
$ |
167,919 |
|
|
$ |
69,947 |
|
|
$ |
274,263 |
|
|
$ |
111,674 |
|
EBITDA(1) |
|
$ |
275,151 |
|
|
$ |
178,236 |
|
|
$ |
487,847 |
|
|
$ |
325,844 |
|
Adjusted EBITDA(1) |
|
$ |
242,199 |
|
|
$ |
172,635 |
|
|
$ |
446,311 |
|
|
$ |
326,173 |
|
Operating Surplus (1) |
|
$ |
133,432 |
|
|
$ |
67,208 |
|
|
$ |
234,022 |
|
|
$ |
114,296 |
|
Period over Period Comparisons
For the Three Month Period ended June 30, 2026 compared to the Three Month Period ended June 30, 2025
Time charter and voyage revenues: Time charter and voyage revenues for the three month period ended June 30, 2026 increased by $82.6 million, or 25.2%, to $410.2 million, as compared to $327.6 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the TCE rate. For the three month periods ended June 30, 2026 and 2025, time charter and voyage revenues were positively affected by $2.7 million and $6.5 million, respectively, relating to the straight-line effect of the charters with de-escalating rates. The TCE rate increased by 23.8% to $28,512 per day, as compared to $23,040 per day for the same period in 2025. The available days of the fleet decreased by 1.8% to 13,152 days for the three month period ended June 30, 2026, as compared to 13,388 days for the same period in 2025.
Time charter and voyage expenses: Time charter and voyage expenses for the three month period ended June 30, 2026 increased by $14.4 million to $45.6 million, as compared to $31.2 million for the same period in 2025. The increase was attributable to a: (i) $10.2 million increase in other voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; (ii) $2.3 million increase in bunker expenses arising from the increased days of freight voyages in the second quarter of 2026; (iii) $0.8 million increase in commercial management fees on revenues in accordance with the management agreement; (iv) $0.7 million increase in brokers’ commissions; and (v) $0.4 million increase in port expenses.
Vessel operating expenses: Vessel operating expenses for the three month period ended June 30, 2026 decreased by $1.9 million to $95.5 million, as compared to $97.4 million for the same period in 2025. The decrease was due to a 2.5% decrease in the opex days, partially mitigated by an increase of 0.6% in the opex daily rate to $7,152.
General and administrative expenses: General and administrative expenses increased by $1.0 million to $24.4 million for the three month period ended June 30, 2026, as compared to $23.4 million for the same period in 2025, mainly due to the increase in legal and professional fees and other administrative expenses.
9
Depreciation and amortization: Depreciation and amortization amounted to $83.0 million for the three month period ended June 30, 2026, as compared to $80.8 million for the same period in 2025. The increase of $2.2 million was attributable to a: (i) $4.8 million increase in amortization of the deferred drydock and special survey costs due to the increase in the number of vessels that underwent drydocking or special survey; (ii) $3.5 million increase in depreciation expense due to the delivery of eight vessels and the acquisition of four vessels since the second quarter of 2025; and (iii) $0.4 million increase in depreciation expense mainly due to vessel improvements. The above increase was partially mitigated by a: (i) $3.8 million decrease in depreciation expense due to the sale of 14 vessels since the second quarter of 2025; and (ii) $2.7 million decrease in amortization of favorable lease terms of intangible assets. Depreciation of vessels is calculated using an estimated useful life of 25 years for dry bulk and tanker vessels and 30 years for containerships from the date the vessel was originally delivered from the shipyard.
Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $0.9 million and $2.9 million for the three month periods ended June 30, 2026 and 2025, respectively, relating to the amortization of the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Maritime Containers L.P. (“Navios Containers”).
Gain/ (loss) on sale of vessels, net: Gain on sale of vessels amounted to $33.0 million for the three month period ended June 30, 2026, relating to the sale of our vessels. Gain on sale of vessels, net amounted to $5.6 million for the three month period ended June 30, 2025, relating to the sale of our vessels, including one vessel classified as held for sale.
Interest expense and finance cost, net: Interest expense and finance cost, net for the three month period ended June 30, 2026, decreased by $4.2 million to $29.3 million, as compared to $33.5 million for the same period in 2025. The decrease was mainly due to the decrease in the weighted average interest rate. The weighted average interest rate for the three month period ended June 30, 2026 decreased to 5.6% from 6.3% for the same period in 2025, while Navios Partners’ weighted average loan balance increased to $2,243.8 million for the three month period ended June 30, 2026, as compared to $2,194.0 million for the same period in 2025.
Interest income: Interest income amounted to $4.1 million for the three month period ended June 30, 2026, as compared to $3.1 million for the same period in 2025, mainly due to the increase of interest income from time deposits.
Other expense, net: Other expense, net amounted to $2.4 million for the three month period ended June 30, 2026, as compared to $2.9 million for the same period in 2025, mainly due to the decrease in other miscellaneous expenses, net, partially mitigated by the increase in claims.
Net income: Net income for the three month period ended June 30, 2026 amounted to $167.9 million as compared to $69.9 million for the same period in 2025. The increase in net income of $98.0 million was due to the factors discussed above.
For the Six Month Period ended June 30, 2026 compared to the Six Month Period ended June 30, 2025
Time charter and voyage revenues: Time charter and voyage revenues for the six month period ended June 30, 2026 increased by $135.5 million, or 21.5%, to $767.2 million, as compared to $631.7 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the TCE rate. For the six month periods ended June 30, 2026 and 2025, time charter and voyage revenues were positively affected by $10.2 million and $3.9 million, respectively, relating to the straight-line effect of the charters with de-escalating rates. The TCE rate increased by 22.3% to $27,098 per day, as compared to $22,154 per day for the same period in 2025. The available days of the fleet decreased by 2.2% to 26,256 days for the six month period ended June 30, 2026, as compared to 26,844 days for the same period in 2025.
Time charter and voyage expenses: Time charter and voyage expenses for the six month period ended June 30, 2026 increased by $15.4 million to $76.6 million, as compared to $61.2 million for the same period in 2025. The increase was attributable to a: (i) $9.4 million increase in other voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; (ii) $2.4 million increase in bunker expenses arising from the increased days of freight voyages in the first half of 2026; (iii) $1.3 million increase in commercial management fees on revenues in accordance with the management agreement; (iv) $1.2 million increase in port expenses; and (v) $1.1 million increase in brokers’ commissions.
Vessel operating expenses: Vessel operating expenses for the six month period ended June 30, 2026 decreased by $1.7 million to $190.5 million, as compared to $192.2 million for the same period in 2025. The decrease was due to a 2.7% decrease in the opex days, partially mitigated by a 1.8% increase in the opex daily rate to $7,174.
General and administrative expenses: General and administrative expenses increased by $2.8 million to $48.2 million for the six month period ended June 30, 2026, as compared to $45.4 million for the same period in 2025, mainly due to
10
higher euro-dollar exchange rate prevailing during the first half of 2026 as well as the increase in legal and professional fees, audit fees and other administrative expenses.
Depreciation and amortization: Depreciation and amortization amounted to $164.6 million for the six month period ended June 30, 2026, as compared to $159.4 million for the same period in 2025. The increase of $5.2 million was attributable to a: (i) $10.6 million increase in amortization of the deferred drydock and special survey costs due to the increase in the number of vessels that underwent drydocking or special survey; (ii) $6.6 million increase in depreciation expense due to the delivery of 11 vessels and the acquisition of four vessels in 2025 and during the first half of 2026; and (iii) $1.0 million increase in depreciation expense mainly due to vessel improvements. The above increase was partially mitigated by a: (i) $7.4 million decrease in depreciation expense due to the sale of 15 vessels in 2025 and during the first half of 2026; and (ii) $5.6 million decrease in amortization of favorable lease terms of intangible assets. Depreciation of vessels is calculated using an estimated useful life of 25 years for dry bulk and tanker vessels and 30 years for containerships from the date the vessel was originally delivered from the shipyard.
Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $3.6 million and $5.8 million for the six month periods ended June 30, 2026 and 2025, respectively, relating to the amortization of the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers.
Gain/ (loss) on sale of vessels, net: Gain on sale of vessels, net amounted to $41.5 million for the six month period ended June 30, 2026, relating to the sale of our vessels. Loss on sale of vessels, net amounted to $0.3 million for the six month period ended June 30, 2025, relating to the sale of our vessels, including one vessel classified as held for sale.
Interest expense and finance cost, net: Interest expense and finance cost, net for the six month period ended June 30, 2026, decreased by $7.1 million to $59.9 million, as compared to $67.0 million for the same period in 2025. The decrease was mainly due to the decrease in the weighted average interest rate. The weighted average interest rate for the six month period ended June 30, 2026 decreased to 5.7% from 6.3% for the same period in 2025, while Navios Partners’ weighted average loan balance increased to $2,219.8 million for the six month period ended June 30, 2026, as compared to $2,197.3 million for the same period in 2025.
Interest income: Interest income amounted to $7.4 million for the six month period ended June 30, 2026, as compared to $6.5 million for the same period in 2025, mainly due to the increase of interest income from time deposits.
Other expense, net: Other expense, net amounted to $5.5 million for the six month period ended June 30, 2026, as compared to $6.6 million for the same period in 2025, mainly due to the decrease in other miscellaneous expenses, net, partially mitigated by the increase in claims.
Net income: Net income for the six month period ended June 30, 2026 amounted to $274.3 million as compared to $111.7 million for the same period in 2025. The increase in net income of $162.6 million was due to the factors discussed above.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have, a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.
Liquidity and Capital Resources
We anticipate that our primary sources of funds for our short-term liquidity needs will consist of cash flows from operations, our equity offerings, proceeds from asset sales, long-term bank borrowings and other debt raisings. In addition to distributions on our units and common unit repurchase program, our primary short-term liquidity needs are to fund general working capital requirements, cash reserve requirements including those under our credit facilities and debt service, while our long-term liquidity needs primarily relate to expansion and investment capital expenditures and maintenance capital expenditures and debt repayment. As of June 30, 2026, Navios Partners’ current assets totaled $602.3 million, while current liabilities totaled $393.5 million, resulting in a positive working capital position of $208.8 million. Navios Partners’ cash forecast indicates that it will generate sufficient cash through its contracted revenue as of August 20, 2026, of $4.4 billion (including one vessel that is currently under advanced discussions with a charterer), cash proceeds from the sale of vessels (see Note 4 – Vessels, net and Note 15 – Subsequent events to the unaudited condensed consolidated financial statements included elsewhere in this report) and undrawn amounts available under credit facilities to make the required principal and interest payments on its indebtedness, to make payments for capital expenditures and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of our unaudited condensed consolidated financial statements.
11
Generally, our long-term sources of funds for acquisitions and expansion and investment capital expenditures derive from cash from operations, long-term bank borrowings and other debt or equity financings. We cannot assure you that we will be able to secure adequate financing or to obtain additional funds on favorable terms, to meet our liquidity needs.
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Partners does maintain cash deposits and cash equivalents in excess of government-provided insurance limits. Navios Partners also mitigates exposure to credit risk by dealing with a diversified group of major financial institutions.
Navios Partners may use funds to repurchase its outstanding common units and/or repay indebtedness from time to time. Repurchases may be made in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Partners deems appropriate and subject to its cash requirements for other purposes, compliance with the covenants under Navios Partners’ credit facilities, bonds and other financing agreements, and other factors management deems relevant.
As previously discussed, the Board of Directors of Navios Partners has authorized a new common unit repurchase program for up to $200.0 million that is expected to become effective in the third quarter of 2026. As of August 20, 2026, Navios Partners had repurchased 1,880,880 common units under its previously authorized $100.0 million common unit repurchase program, for a total cost of approximately $92.6 million. Upon termination of the previously authorized common unit repurchase program in August 2026, the remaining availability was added to the Company’s newly authorized common unit repurchase program, resulting in the aggregate repurchase authorization of up to $207.4 million. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in Navios Partners’ discretion and without notice. The Board of Directors will review the program periodically.
The following table presents cash flow information derived from the unaudited condensed Consolidated Statements of Cash Flows of Navios Partners for the six month periods ended June 30, 2026 and 2025.
|
|
Six Month |
|
|
Six Month |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
|
|
(In thousands of U.S. dollars) |
|
|||||
Net cash provided by operating activities |
|
$ |
313,289 |
|
|
$ |
278,180 |
|
Net cash used in investing activities |
|
|
(451,167 |
) |
|
|
(268,650 |
) |
Net cash provided by financing activities |
|
|
87,722 |
|
|
|
68,304 |
|
(Decrease)/ increase in cash, cash equivalents and restricted cash |
|
$ |
(50,156 |
) |
|
$ |
77,834 |
|
Net cash provided by operating activities for the six month period ended June 30, 2026 as compared to the net cash provided by operating activities for the six month period ended June 30, 2025
Net cash provided by operating activities increased by $35.1 million to $313.3 million for the six month period ended June 30, 2026, as compared to $278.2 million for the same period in 2025. In determining net cash provided by operating activities, net income is adjusted for the effects of certain non-cash items as discussed below.
The aggregate adjustments to reconcile net income to net cash provided by operating activities were $110.5 million of non-cash positive net adjustments for the six month period ended June 30, 2026, which consisted of the following adjustments: (i) $164.6 million depreciation and amortization; and (ii) $3.8 million amortization and write-off of deferred finance costs and bond premium. These adjustments were partially mitigated by: (i) $41.5 million gain on sale of vessels, net; (ii) $12.4 million of other non-cash adjustments; (iii) $3.6 million amortization of unfavorable lease terms; and (iv) $0.4 million amortization of operating lease assets/ liabilities.
The net cash outflow resulting from the change in operating assets and liabilities of $71.5 million for the six month period ended June 30, 2026 resulted from: (i) $45.5 million in payments for drydock and special survey costs; (ii) a $16.5 million increase in accounts receivable; (iii) a $14.8 million increase in prepaid expenses and other current assets; (iv) a $7.3
12
million decrease in accounts payable; and (v) a $3.5 million decrease in deferred revenue. This was partially mitigated by a: (i) $12.7 million increase in amounts due to related parties; and (ii) $3.4 million increase in accrued expenses.
The aggregate adjustments to reconcile net income to net cash provided by operating activities were $152.7 million of non-cash positive net adjustments for the six month period ended June 30, 2025, which consisted of the following adjustments: (i) $159.4 million depreciation and amortization; (ii) $3.9 million amortization and write-off of deferred finance costs; and (iii) $0.3 million loss on sale of vessels, net. These adjustments were partially mitigated by: (i) $5.8 million amortization of unfavorable lease terms; (ii) $4.7 million of other non-cash adjustments; and (iii) $0.4 million amortization of operating lease assets/ liabilities.
The net cash inflow resulting from the change in operating assets and liabilities of $13.8 million for the six month period ended June 30, 2025 resulted from a: (i) $39.5 million increase in amounts due to related parties; (ii) $35.0 million decrease in amounts due from related parties; (iii) $12.1 million decrease in accounts receivable; (iv) $5.1 million increase in accrued expenses; (v) $2.2 million decrease in prepaid expenses and other current assets; and (vi) $0.9 million increase in accounts payable. This was partially mitigated by: (i) $77.2 million in payments for drydock and special survey costs; and (ii) a $3.8 million decrease in deferred revenue.
Net cash used in investing activities for the six month period ended June 30, 2026 as compared to the net cash used in investing activities for the six month period ended June 30, 2025
Net cash used in investing activities for the six month period ended June 30, 2026 amounted to $451.2 million as compared to $268.7 million for the same period in 2025.
Net cash used in investing activities of $451.2 million for the six month period ended June 30, 2026 was mainly due to: (i) $254.2 million related to deposits for the acquisition/ option to acquire vessels and capitalized expenses; (ii) $214.0 million related to vessel acquisitions and additions; and (iii) a $106.0 million increase in time deposits with original maturities greater than three months. This was partially mitigated by $123.0 million of proceeds related to the sale of four vessels.
Net cash used in investing activities of $268.7 million for the six month period ended June 30, 2025 was mainly due to: (i) $193.4 million related to vessel acquisitions and additions; and (ii) $109.9 million related to deposits for the acquisition/ option to acquire vessels and capitalized expenses. This was partially mitigated by: (i) $33.7 million of proceeds related to the sale of three vessels; and (ii) a $0.9 million decrease in time deposits with original maturities greater than three months.
Net cash provided by financing activities for the six month period ended June 30, 2026 as compared to net cash provided by financing activities for the six month period ended June 30, 2025
Net cash provided by financing activities increased by $19.4 million to $87.7 million inflow for the six month period ended June 30, 2026, as compared to $68.3 million inflow for the same period in 2025.
Net cash provided by financing activities of $87.7 million for the six month period ended June 30, 2026 was mainly due to: (i) $292.9 million of proceeds from the credit facilities and sale and leaseback agreements; and (ii) $30.8 million of proceeds from the tap issue of the senior unsecured bonds. This was partially mitigated by: (i) $211.3 million of repayments of long-term debt, finance lease and financial liabilities; (ii) $20.0 million related to the acquisition of treasury units; (iii) $3.2 million of payments for cash distributions; and (iv) $1.5 million payments of deferred finance costs related to the credit facilities, bonds and financial liabilities.
Net cash provided by financing activities of $68.3 million for the six month period ended June 30, 2025 was mainly due to $345.3 million of proceeds from the new credit facilities and sale and leaseback agreements. This was partially mitigated by: (i) $245.7 million of repayments of long-term debt, finance lease and financial liabilities; (ii) $23.0 million related to the acquisition of treasury units; (iii) $5.3 million payments of deferred finance costs related to the new credit facilities and financial liabilities; and (iv) $3.0 million of payments for cash distributions.
13
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
|
|
(In thousands of U.S. dollars) |
|
|||||||||||||
Net cash provided by operating activities |
|
$ |
186,646 |
|
|
$ |
121,628 |
|
|
$ |
313,289 |
|
|
$ |
278,180 |
|
Net increase in operating assets |
|
|
46,736 |
|
|
|
35,396 |
|
|
|
76,767 |
|
|
|
27,975 |
|
Net increase in operating liabilities |
|
|
(12,494 |
) |
|
|
(18,706 |
) |
|
|
(5,335 |
) |
|
|
(41,752 |
) |
Net interest cost |
|
|
25,218 |
|
|
|
30,416 |
|
|
|
52,558 |
|
|
|
60,532 |
|
Amortization and write-off of deferred finance costs and bond premium |
|
|
(1,965 |
) |
|
|
(2,227 |
) |
|
|
(3,771 |
) |
|
|
(3,899 |
) |
Amortization of operating lease assets/ liabilities |
|
|
188 |
|
|
|
187 |
|
|
|
373 |
|
|
|
373 |
|
Other non-cash adjustments |
|
|
(2,130 |
) |
|
|
5,941 |
|
|
|
12,430 |
|
|
|
4,764 |
|
Gain/ (loss) on sale of vessels, net |
|
|
32,952 |
|
|
|
5,601 |
|
|
|
41,536 |
|
|
|
(329 |
) |
EBITDA(1) |
|
$ |
275,151 |
|
|
$ |
178,236 |
|
|
$ |
487,847 |
|
|
$ |
325,844 |
|
(Gain)/ loss on sale of vessels, net |
|
|
(32,952 |
) |
|
|
(5,601 |
) |
|
|
(41,536 |
) |
|
|
329 |
|
Adjusted EBITDA(1) |
|
$ |
242,199 |
|
|
$ |
172,635 |
|
|
$ |
446,311 |
|
|
$ |
326,173 |
|
Cash interest income |
|
|
3,728 |
|
|
|
3,084 |
|
|
|
6,360 |
|
|
|
6,962 |
|
Cash interest paid |
|
|
(35,449 |
) |
|
|
(32,130 |
) |
|
|
(63,286 |
) |
|
|
(65,539 |
) |
Maintenance and replacement capital expenditures |
|
|
(77,046 |
) |
|
|
(76,381 |
) |
|
|
(155,363 |
) |
|
|
(153,300 |
) |
Operating Surplus(2) |
|
$ |
133,432 |
|
|
$ |
67,208 |
|
|
$ |
234,022 |
|
|
$ |
114,296 |
|
(1) EBITDA and Adjusted EBITDA
EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described in the table above. 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 in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and bond premium; (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.
EBITDA for the three month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $69.6 million to $242.2 million for the three month period ended June 30, 2026, as compared to $172.6 million for the same period in 2025. The increase in Adjusted EBITDA was due to: (i) an $82.6 million increase in time charter and voyage revenues; (ii) a $1.9 million decrease in vessel operating expenses due to a 2.5% decrease in the opex days, partially mitigated by an increase of 0.6% in the opex daily rate to $7,152; and (iii) a $0.5 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $14.4 million increase
14
in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; and (ii) $1.0 million increase in general and administrative expenses mainly due to the increase in legal and professional fees and other administrative expenses.
EBITDA for the six month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $120.1 million to $446.3 million for the six month period ended June 30, 2026, as compared to $326.2 million for the same period in 2025. The increase in Adjusted EBITDA was due to a: (i) $135.5 million increase in time charter and voyage revenues; (ii) $1.7 million decrease in vessel operating expenses due to a 2.7% decrease in the opex days, partially mitigated by a 1.8% increase in the opex daily rate to $7,174; and (iii) $1.1 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $15.4 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; and (ii) $2.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the first half of 2026 as well as the increase in legal and professional fees, audit fees and other administrative expenses.
(2) Operating Surplus
Navios Partners generated Operating Surplus for the three and six month periods ended June 30, 2026 of $133.4 million and $234.0 million, respectively. Operating Surplus for the three and six month periods ended June 30, 2025 was $67.2 million and $114.3 million, respectively. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” contained herein).
Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense, non-cash interest income, estimated maintenance and replacement capital expenditures and one-off items. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners’ capital assets.
Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
Capital Expenditures
Navios Partners finances its capital expenditures with cash flows from operations, equity offerings, proceeds from asset sales, long-term bank borrowings and other debt raisings. Capital expenditures for each of the six month periods ended June 30, 2026 and 2025 amounted to $468.2 million and $303.3 million, respectively.
Maintenance for our vessels, certain fees and costs related to regulatory requirements including ballast water treatment system installation, exhaust gas cleaning system installation and other improvements and expenses related to drydocking costs are reimbursed at cost by Navios Partners to Navios Shipmanagement Inc. and its affiliates, which are entities affiliated with the Company’s Chairwoman and Chief Executive Officer, under the management agreement. For more information, please read Note 12 – Transactions with related parties and affiliates to the unaudited condensed consolidated financial statements included elsewhere in this report.
Maintenance and Replacement Capital Expenditures Reserve
The reserves for estimated maintenance and replacement capital expenditures for the three and six month periods ended June 30, 2026 were $77.0 million and $155.4 million, respectively. We estimate that our annual replacement reserve for the year ending December 31, 2026 will be approximately $306.2 million, for replacing our vessels at the end of their useful lives. The reserves for estimated maintenance and replacement capital expenditures for the three and six month periods ended June 30, 2025 were $76.4 million and $153.3 million, respectively.
The amount for estimated replacement capital expenditures attributable to future vessel replacement was based on the following assumptions: (i) current market price to purchase a five-year-old vessel of similar size and specifications; (ii) a 25-year useful life for dry bulk and tanker vessels and a 30-year useful life for containerships; and (iii) a relative net investment rate.
15
The amount for estimated maintenance capital expenditures attributable to future vessel drydocking and special survey was based on certain assumptions including the remaining useful life of the owned vessels of our fleet, market costs of drydocking and special survey and a relative net investment rate.
Our board of directors, with the approval of the Conflicts Committee, may determine that one or more of our assumptions should be revised, which could cause our board of directors to increase or decrease the amount of estimated maintenance and replacement capital expenditures. The actual cost of replacing the vessels in our fleet will depend on a number of factors, including prevailing market conditions, charter hire rates and the availability and cost of financing at the time of replacement. We may elect to finance some or all of our maintenance and replacement capital expenditures through the issuance of additional common units, which could be dilutive to existing unitholders.
Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy
There is no guarantee that unitholders will receive quarterly distributions from us on the common units on any quarter.
Our ability to make distributions to our unitholders depends on the performance of our subsidiaries and their ability to distribute funds to us. The ability of our subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing and future indebtedness, applicable partnership and limited liability company laws and other laws and regulations.
See Note 13 – Cash distributions and earnings per unit to the unaudited condensed consolidated financial statements included elsewhere in this report.
Quantitative and Qualitative Disclosures about Market Risks
Foreign Exchange Risk
Our functional and reporting currency is the U.S. dollar. We engage in worldwide commerce with a variety of entities. Although our operations may expose us to certain levels of foreign currency risk, our transactions are predominantly U.S. dollar denominated. Transactions in currencies other than the U.S. dollar are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates are recognized during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated.
Interest Rate Risk
We finance a portion of our vessel investments through long-term floating-rate credit facilities and financial liabilities linked to Secured Overnight Financing Rate (“SOFR”). As a result, increases in prevailing interest rates would increase our cost of capital.
Borrowings under certain of our credit facilities and financial liabilities bear interest at a rate based on a premium over SOFR. Therefore, we are exposed to the risk that our interest expense may increase if interest rates rise. For the six month periods ended June 30, 2026 and 2025, we paid interest on our outstanding debt at a weighted average interest rate of 5.7% and 6.3%, respectively. A 1% increase in SOFR would have increased our interest expense for the six month periods ended June 30, 2026 and 2025 by $7.4 million and $9.4 million, respectively.
Concentration of Credit Risk
Financial instruments, which potentially subject us to significant concentrations of credit risk, consist principally of cash, other investments and trade accounts receivable. We closely monitor our exposure to customers for credit risk. We have policies in place to ensure that we trade with customers with an appropriate credit history.
For the six month periods ended June 30, 2026 and 2025, only one customer accounted for 10.0% or more of our total revenues and represented approximately 12.8% and 15.5%, respectively, of our total revenues.
If we lose a charter, we may be unable to re-deploy the related vessel on terms as favorable to us due to the long-term nature of most charters and the cyclical nature of the industry or we may be forced to charter the vessel on the spot market at then market rates which may be less favorable than the charter that has been terminated. If we are unable to re-deploy a vessel for which the charter has been terminated, we will not receive any revenues from that vessel, but we may be required to pay expenses necessary to maintain the vessel in proper operating condition. If we lose a vessel, any replacement or newbuilding would not generate revenues during its construction or acquisition period, and we may be unable to charter any replacement vessel on terms as favorable to us as those of the terminated charter.
16
Even if we successfully charter our vessels in the future, our charterers may go bankrupt or fail to perform their obligations under the charter agreements, they may delay payments or suspend payments altogether, they may terminate the charter agreements prior to the agreed-upon expiration date or they may attempt to renegotiate the terms of the charters. The permanent loss of a customer, time charter or vessel, or a decline in payments under our charters, could have a material adverse effect on our business, results of operations and financial condition and our ability to make cash distributions or payments in the event we are unable to replace such customer, time charter or vessel. For further details, please read “Risk Factors” in our Annual Report.
Recent Accounting Pronouncements
The Company’s recent accounting pronouncements are included in the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this report.
Critical Accounting Policies
Our financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates in the application of our accounting policies based on the best assumptions, judgments and opinions of management. Actual results may differ from these estimates under different assumptions or conditions.
Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. All significant accounting policies are as described in Note 2 – Summary of significant accounting policies to the notes to the consolidated financial statements included in the Company’s Annual Report and in Note 2 – Summary of significant accounting policies included in the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this report.
17
Exhibit List
Exhibit No. |
Description |
99.1* |
Tap Issue Addendum, dated June 2, 2026, between Navios Maritime Partners L.P., as Issuer, and Nordic Trustee AS, as Bond Trustee under the Bond Terms dated November 5, 2025, relating to Navios Maritime Partners L.P.'s 7.75% Senior Unsecured Bonds 2025/2030 for up to USD 500,000,000. |
*Filed herewith
18
INDEX
NAVIOS MARITIME PARTNERS L.P. |
|
Page |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT JUNE 30, 2026 AND DECEMBER 31, 2025 |
|
F-2 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025 |
|
F-3 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025 |
|
F-4 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025 |
|
F-5 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
|
F-6 |
F-1
NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars except unit data)
|
|
Notes |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
3 |
|
$ |
|
|
$ |
|
||
Restricted cash |
|
3 |
|
|
|
|
|
|
||
Other investments |
|
3 |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
|
|
|
|
|
|
||
Prepaid expenses and other current assets |
|
|
|
|
|
|
|
|
||
Amounts due from related parties |
|
12 |
|
|
|
|
|
|
||
Total current assets |
|
|
|
|
|
|
|
|
||
Vessels, net |
|
4 |
|
|
|
|
|
|
||
Deposits for vessel acquisitions |
|
11 |
|
|
|
|
|
|
||
Other long-term assets |
|
11, 14 |
|
|
|
|
|
|
||
Deferred drydock and special survey costs, net |
|
12 |
|
|
|
|
|
|
||
Amounts due from related parties |
|
12 |
|
|
|
|
|
|
||
Intangible assets |
|
5 |
|
|
|
|
|
|
||
Operating lease assets |
|
14 |
|
|
|
|
|
|
||
Total non-current assets |
|
|
|
|
|
|
|
|
||
Total assets |
|
|
|
$ |
|
|
$ |
|
||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
|
|
||
Accounts payable |
|
|
|
$ |
|
|
$ |
|
||
Accrued expenses |
|
|
|
|
|
|
|
|
||
Deferred revenue |
|
|
|
|
|
|
|
|
||
Operating lease liabilities, current portion |
|
14 |
|
|
|
|
|
|
||
Amounts due to related parties |
|
12 |
|
|
|
|
|
|
||
Current portion of finance lease and financial liabilities, net |
|
6 |
|
|
|
|
|
|
||
Current portion of long-term debt, net |
|
6 |
|
|
|
|
|
|
||
Fair value of derivatives, current |
|
8 |
|
|
|
|
|
|
||
Total current liabilities |
|
|
|
|
|
|
|
|
||
Operating lease liabilities, net |
|
14 |
|
|
|
|
|
|
||
Unfavorable lease terms |
|
5 |
|
|
|
|
|
|
||
Long-term finance lease and financial liabilities, net |
|
6 |
|
|
|
|
|
|
||
Long-term debt, net |
|
6 |
|
|
|
|
|
|
||
Senior unsecured bonds, net |
|
6 |
|
|
|
|
|
|
||
Deferred revenue |
|
|
|
|
|
|
|
|
||
Other long-term liabilities |
|
|
|
|
|
|
|
|
||
Fair value of derivatives, non-current |
|
8 |
|
|
|
|
|
|
||
Total non-current liabilities |
|
|
|
|
|
|
|
|
||
Total liabilities |
|
|
|
$ |
|
|
$ |
|
||
Commitments and contingencies |
|
11 |
|
|
— |
|
|
|
— |
|
Partners’ capital: |
|
|
|
|
|
|
|
|
||
Common Unitholders ( |
|
1, 9 |
|
|
|
|
|
|
||
General Partner ( |
|
1 |
|
|
|
|
|
|
||
Accumulated Other Comprehensive Loss |
|
8 |
|
|
( |
) |
|
|
( |
) |
Total partners’ capital |
|
|
|
|
|
|
|
|
||
Total liabilities and partners’ capital |
|
|
|
$ |
|
|
$ |
|
||
See unaudited notes to the condensed consolidated financial statements
F-2
NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thousands of U.S. Dollars except per unit data)
|
|
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
|
|
Notes |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
Time charter and voyage revenues |
|
2, 14 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Time charter and voyage expenses |
|
12, 14 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Vessel operating expenses |
|
12 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
General and administrative expenses |
|
12 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Depreciation and amortization |
|
4, 5 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Amortization of unfavorable lease terms |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain/ (loss) on sale of vessels, net |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Interest expense and finance cost, net |
|
7 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other expense, net |
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net income |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other comprehensive income/ (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized gain/ (loss) on cash flow hedges |
|
8 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Total other comprehensive income/ (loss) |
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total comprehensive income |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Net income |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
Common Unitholders |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
General Partner |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Earnings per unit (see Note 13): |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
Earnings per common unit, basic |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Earnings per common unit, diluted |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
See unaudited notes to the condensed consolidated financial statements
F-3
NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
|
|
|
|
Six Month |
|
|
Six Month |
|
||
|
|
Notes |
|
(unaudited) |
|
|
(unaudited) |
|
||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
||
Net income |
|
|
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
4, 5 |
|
|
|
|
|
|
||
Amortization of unfavorable lease terms |
|
5 |
|
|
( |
) |
|
|
( |
) |
Other non-cash adjustments |
|
|
|
|
( |
) |
|
|
( |
) |
Amortization of operating lease assets/ liabilities |
|
14 |
|
|
( |
) |
|
|
( |
) |
Amortization and write-off of deferred finance costs and bond premium |
|
7 |
|
|
|
|
|
|
||
(Gain)/ loss on sale of vessels, net |
|
4 |
|
|
( |
) |
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
||
(Increase)/ decrease in accounts receivable |
|
|
|
|
( |
) |
|
|
|
|
(Increase)/ decrease in prepaid expenses and other current assets |
|
|
|
|
( |
) |
|
|
|
|
Decrease in amounts due from related parties (including current and non-current portion) |
|
12 |
|
|
|
|
|
|
||
Payments for drydock and special survey costs |
|
|
|
|
( |
) |
|
|
( |
) |
(Decrease)/ increase in accounts payable |
|
|
|
|
( |
) |
|
|
|
|
Increase in accrued expenses |
|
|
|
|
|
|
|
|
||
Decrease in deferred revenue |
|
|
|
|
( |
) |
|
|
( |
) |
Increase in amounts due to related parties |
|
12 |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
||
Net cash proceeds from sale of vessels |
|
4 |
|
|
|
|
|
|
||
Other investments |
|
3 |
|
|
( |
) |
|
|
|
|
Deposits for acquisition/ option to acquire vessel |
|
11, 12 |
|
|
( |
) |
|
|
( |
) |
Acquisition of/ additions to vessels |
|
4 |
|
|
( |
) |
|
|
( |
) |
Net cash used in investing activities |
|
|
|
|
( |
) |
|
|
( |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
||
Cash distributions paid |
|
13 |
|
|
( |
) |
|
|
( |
) |
Repayment of long-term debt, finance lease and financial liabilities |
|
6 |
|
|
( |
) |
|
|
( |
) |
Payments of deferred finance costs |
|
6 |
|
|
( |
) |
|
|
( |
) |
Proceeds from long-term debt, finance lease and financial liabilities |
|
6 |
|
|
|
|
|
|
||
Proceeds from issuance of senior unsecured bonds |
|
6 |
|
|
|
|
|
|||
Acquisition of treasury units |
|
9 |
|
|
( |
) |
|
|
( |
) |
Net cash provided by financing activities |
|
|
|
|
|
|
|
|
||
(Decrease)/ increase in cash, cash equivalents and restricted cash |
|
|
|
|
( |
) |
|
|
|
|
Cash, cash equivalents and restricted cash, beginning of period |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, end of period |
|
|
|
$ |
|
|
$ |
|
||
|
|
Six Month |
|
|
Six Month |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
||
Cash interest paid |
|
$ |
|
|
$ |
|
||
Non-cash financing activities |
|
|
|
|
|
|
||
Financial and finance lease liabilities |
|
$ |
|
|
$ |
|
||
Non-cash investing activities |
|
|
|
|
|
|
||
Deposits for acquisition/ option to acquire vessel |
|
$ |
|
|
$ |
|
||
Acquisition of/ additions to vessels |
|
$ |
( |
) |
|
$ |
( |
) |
See unaudited notes to the condensed consolidated financial statements
F-4
NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
(Expressed in thousands of U.S. Dollars except unit and per unit data)
|
|
Limited Partners |
|
|
Accumulated |
|
|
Total |
|
|||||||||||||||
|
|
General Partner |
|
|
Common Unitholders |
|
|
Other Comprehensive |
|
|
Partners’ |
|
||||||||||||
|
|
Units |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Loss |
|
|
Capital |
|
||||||
Balance December 31, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Cash distribution paid ($ |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Acquisition of treasury units (see Note 9) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other comprehensive income (see Note 8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net income |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
Balance March 31, 2026 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Cash distribution paid ($ |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Acquisition of treasury units (see Note 9) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other comprehensive income (see Note 8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net income |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
Balance June 30, 2026 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
|
|
Limited Partners |
|
|
Accumulated |
|
|
Total |
|
|||||||||||||||
|
|
General Partner |
|
|
Common Unitholders |
|
|
Other Comprehensive |
|
|
Partners’ |
|
||||||||||||
|
|
Units |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Loss |
|
|
Capital |
|
||||||
Balance December 31, 2024 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|||||
Cash distribution paid ($ |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Acquisition of treasury units (see Note 9) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other comprehensive loss (see Note 8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Net income |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
Balance March 31, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Cash distribution paid ($ |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Acquisition of treasury units (see Note 9) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other comprehensive loss (see Note 8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Net income |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
Balance June 30, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
See unaudited notes to the condensed consolidated financial statements
F-5
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
NOTE 1 – DESCRIPTION OF BUSINESS
Navios Maritime Partners L.P. (“Navios Partners” or the “Company”), is an international owner and operator of dry cargo and tanker vessels, formed on
Navios Partners is engaged in the seaborne transportation services of a wide range of liquid and dry cargo commodities including crude oil, refined petroleum products, iron ore, coal, grain, fertilizer and containers, chartering its vessels under short-term, medium-term and longer-term charters. The operations of Navios Partners are managed by Navios Shipmanagement Inc. and its affiliates (the “Manager”), which are entities affiliated with the Company’s Chairwoman and Chief Executive Officer (see Note 12 – Transactions with related parties and affiliates).
As of June 30, 2026, there were outstanding
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Based on internal forecasts and projections that take into account reasonably possible changes in the Company’s trading performance, management believes that the Company has adequate financial resources, including cash from sale of vessels (see Note 4 – Vessels, net and Note 15 – Subsequent events) and undrawn amounts available under credit facilities, to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least 12 months from the date of issuance of these condensed consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.
Navios Partners also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if it determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, (ii) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.
Subsidiaries: Subsidiaries are those entities in which Navios Partners has an interest of more than one half of the voting rights.
A discussion of the Company’s significant accounting policies can be found in Note 2 – Summary of significant accounting policies to the Company’s consolidated financial statements included in the Annual Report. There were no material changes to these policies in the six month period ended June 30, 2026.
F-6
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
Revenue from time chartering and bareboat chartering
Revenues from time chartering and bareboat chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average lease revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers’ disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease components will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Revenue from time chartering and bareboat chartering of vessels amounted to $
Revenue from voyage charters
Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. In accordance with ASC 606, the Company recognizes revenue ratably from port of loading to when the charterer’s cargo is discharged as well as defers costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract. Revenue from voyage contracts amounted to $
Revenue from pooling arrangements
For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for as variable-rate operating leases under the scope of ASC 842 and is recognized for the applicable period when collectability is reasonably assured. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material. The Company recognizes net pool revenue on a monthly and quarterly basis, when the vessel has participated in a pool during the period and the amount of pool revenue can be estimated reliably based on the pool report. Revenue from vessels operating in pooling arrangements amounted to $
Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.
Recent Accounting Pronouncements:
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in Navios Partners’ Annual Report.
In May 2026, the FASB issued ASU 2026-02, “Environmental Credits and Environmental Credit Obligations” (Topic 818). The standard establishes recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. This ASU is required to be adopted by the Company in the first quarter of 2028 on a retrospective basis. The Company is currently assessing the impact this standard will have on its consolidated financial statements.
F-7
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
NOTE 3 – CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND OTHER INVESTMENTS
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
||
Restricted cash |
|
|
|
|
|
|
||
Total cash and cash equivalents and restricted cash |
|
$ |
|
|
$ |
|
||
Restricted cash relates to amounts held in retention accounts in order to service debt and interest payments, as required by certain of the Company’s credit facilities and financial liabilities.
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Partners does maintain cash deposits and cash equivalents in excess of government-provided insurance limits. Navios Partners also mitigates exposure to credit risk by dealing with a diversified group of major financial institutions.
Other investments consist of time deposits with original maturities of greater than three months and less than 12 months. As of June 30, 2026 and December 31, 2025, other investments amounted to $
NOTE 4 – VESSELS, NET
Total Vessels |
|
Cost |
|
|
Accumulated |
|
|
Net |
|
|||
Balance December 31, 2025 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Additions/ (Depreciation) |
|
|
|
|
|
( |
) |
|
|
|
||
Disposals/ Impairment/ Transfers to owned vessels |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Balance June 30, 2026 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
The above balances as of June 30, 2026 are analyzed in the following tables:
Owned Vessels |
|
Cost |
|
|
Accumulated |
|
|
Net |
|
|||
Balance December 31, 2025 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Additions/ (Depreciation) |
|
|
|
|
|
( |
) |
|
|
|
||
Disposals/ Impairment |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Balance June 30, 2026 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Right-of-use assets under finance lease |
|
Cost |
|
|
Accumulated |
|
|
Net |
|
|||
Balance December 31, 2025 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Additions/ (Depreciation) |
|
|
|
|
|
( |
) |
|
|
|
||
Transfers to owned vessels |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Balance June 30, 2026 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
During the six month periods ended June 30, 2026 and 2025, the Company capitalized certain fees and costs related to vessels’ regulatory requirements, including ballast water treatment system installation, exhaust gas cleaning system installation and other improvements, that amounted to $
Acquisition of Vessels
2026
During the six month period ended June 30, 2026, Navios Partners took delivery of
F-8
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
During the six month period ended June 30, 2026, Navios Partners took delivery of a
During the six month period ended June 30, 2026, Navios Partners paid an aggregate amount of $
2025
During the six month period ended June 30, 2025, Navios Partners took delivery of
Sale of Vessels
2026
During the six month period ended June 30, 2026, Navios Partners sold four vessels to unrelated third parties for an aggregate net sale price of $
2025
During the six month period ended June 30, 2025, Navios Partners sold three vessels to unrelated third parties for an aggregate net sale price of $
Vessels “agreed to be sold”
2026
During the six month period ended June 30, 2026, Navios Partners agreed to sell a
2025
During the six month period ended June 30, 2025, Navios Partners agreed to sell a
F-9
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
In addition, as of June 30, 2025, the Company had initiated a process to sell a
Vessels impairment loss
2026
As at June 30, 2026, Navios Partners assessed whether impairment indicators for any of its long-lived assets existed and concluded that no such indicators were present.
As at March 31, 2026, Navios Partners assessed whether impairment indicators for any of its long-lived assets existed and concluded that such indicators were present for a
2025
As at June 30, 2025, Navios Partners assessed whether impairment indicators for any of its long-lived assets existed and concluded that no such indicators were present. During the second quarter of 2025, an impairment loss of $
As at March 31, 2025, Navios Partners assessed whether impairment indicators for any of its long-lived assets existed and concluded that no such indicators were present. During the three month period ended March 31, 2025, an impairment loss of $
NOTE 5 – INTANGIBLE ASSETS AND LIABILITIES
Intangible assets as of June 30, 2026 and December 31, 2025 consisted of the following:
|
|
Cost |
|
|
Accumulated |
|
|
Net Book Value |
|
|||
Favorable lease terms December 31, 2025 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Amortization |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Favorable lease terms June 30, 2026 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Amortization expense of favorable lease terms for each of the periods ended June 30, 2026 and 2025 is presented in the following table:
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Amortization |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Total |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
F-10
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
Intangible assets subject to amortization are amortized using the straight-line method over their estimated useful lives to their estimated residual value of zero. As of June 30, 2026, the weighted average useful life of the remaining favorable lease term was
Intangible liabilities as of June 30, 2026 and December 31, 2025 consisted of the following:
|
|
Cost |
|
|
Accumulated |
|
|
Net Book Value |
|
|||
Unfavorable lease terms December 31, 2025 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Amortization |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Unfavorable lease terms June 30, 2026 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Amortization income of unfavorable lease terms for each of the periods ended June 30, 2026 and 2025 is presented in the following table:
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Unfavorable lease terms |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Intangible liabilities subject to amortization are amortized using the straight-line method over their useful lives to their residual value of zero. The net book value of the intangible liabilities was fully amortized during the three month period ended June 30, 2026.
NOTE 6 – BORROWINGS
Borrowings as of June 30, 2026 and December 31, 2025 consisted of the following:
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Credit facilities |
|
$ |
|
|
$ |
|
||
Financial liabilities |
|
|
|
|
|
|
||
Finance lease liabilities |
|
|
|
|
|
|
||
Senior unsecured bonds |
|
|
|
|
|
|
||
Total borrowings |
|
$ |
|
|
$ |
|
||
Add: Bond premium |
|
|
|
|
— |
|
||
Less: Current portion of long-term borrowings, net |
|
|
( |
) |
|
|
( |
) |
Less: Deferred finance costs, net |
|
|
( |
) |
|
|
( |
) |
Long-term borrowings, net |
|
$ |
|
|
$ |
|
||
As of June 30, 2026, the total borrowings, net of deferred finance costs and bond premium were $
Senior Unsecured Bonds
During the fourth quarter of 2025, Navios Partners successfully placed $
F-11
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
net proceeds from the tap issue were applied towards general corporate purposes. As of June 30, 2026, the outstanding balance was $
Credit Facilities
NORDEA BANK ABP: On
BNP PARIBAS: On
KFW IPEX-BANK GMBH: On
NATIONAL BANK OF GREECE S.A.: On
FIRST-CITIZENS BANK & TRUST COMPANY: On
Financial Liabilities
In
F-12
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
as a financial liability. In January 2026, the full amount was drawn. The sale and leaseback agreements mature in the
In
In
In
In
In
F-13
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
not derecognize the respective vessel from its balance sheet and accounted for the liability assumed under the sale and leaseback agreement as a financial liability. Following the successful placement of the 2030 Bonds, during the
In
On
Finance Lease Liabilities
On April 28, 2026, Navios Partners took delivery of the Nave Hina, a
On July 29, 2022, Navios Partners took delivery of the Navios Magellan II, a
On July 29, 2022, Navios Partners took delivery of the Navios Uranus, a
F-14
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
On July 29, 2022, Navios Partners took delivery of the Navios Felicity I, a
Based on management estimates and market conditions, the lease term of the leases is being assessed at each balance sheet date. At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in charter-in contracts that could be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.
For the six month periods ended June 30, 2026 and 2025, payments related to the finance lease liabilities amounted to $
Covenants and Other Terms of Credit Facilities, Bonds and Financial Liabilities
The credit facilities, certain financial liabilities and the 2030 Bonds contain a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners’ vessels; changing the commercial and technical management of Navios Partners’ vessels; selling or changing the beneficial ownership or control of Navios Partners’ vessels; not maintaining Angeliki Frangou’s or her affiliates’ ownership in Navios Partners of at least 5.0%; and subordinating the obligations under the credit facilities to any general and administrative costs related to the vessels and the payables under the Master Management Agreement (as defined herein).
It is an event of default under the credit facilities, the 2030 Bonds and certain financial liabilities if such covenants are not complied with in accordance with the terms and subject to the prepayments or cure provisions of the financing agreements.
The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2026, were
The maturity table below reflects the principal payments for the next five 12-month periods and thereafter of all borrowings of Navios Partners outstanding as of June 30, 2026, based on the repayment schedules of the respective credit facilities, the 2030 Bonds, financial liabilities and finance lease liabilities.
F-15
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
Period |
|
Amount |
|
|
2027 |
|
$ |
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030 |
|
|
|
|
2031 |
|
|
|
|
2032 and thereafter |
|
|
|
|
Total |
|
$ |
|
|
NOTE 7 – INTEREST EXPENSE AND FINANCE COST, NET
Interest expense and finance cost, net for the three and six month periods ended June 30, 2026 and 2025 consisted of the following:
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Interest expense incurred on credit facilities and financial liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Interest expense incurred on finance lease liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense incurred on senior unsecured bonds |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense capitalized related to deposits for vessel acquisitions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Amortization and write-off of deferred finance costs and bond premium |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Discount effect of long-term assets and other finance costs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total interest expense and finance cost, net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Interest expense incurred on deposits for vessel acquisitions was initially capitalized under the caption “Deposits for vessel acquisitions” in the condensed Consolidated Balance Sheets.
NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts of many of Navios Partners’ financial instruments, including accounts receivable and accounts payable approximate their fair value due primarily to the short-term maturity of the related instruments.
Fair value of financial instruments
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Cash and cash equivalents: The carrying amounts reported in the condensed Consolidated Balance Sheets for interest bearing deposits approximate their fair value because of the short maturity of these deposits.
Restricted cash: The carrying amounts reported in the condensed Consolidated Balance Sheets for interest bearing deposits approximate their fair value because of the short maturity of these deposits.
Other investments: The carrying amounts reported in the condensed Consolidated Balance Sheets for interest bearing deposits approximate their fair value because of the short maturity of these deposits.
Amounts due from related parties, short-term: The carrying amount of due from related parties, short-term reported in the condensed Consolidated Balance Sheets approximates its fair value due to the short-term nature of these receivables.
Amounts due from related parties, long-term: The carrying amount of due from related parties, long-term reported in the condensed Consolidated Balance Sheets approximates its fair value as it represents the net present value of the related receivable.
F-16
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
Amounts due to related parties, short-term: The carrying amount of due to related parties, short-term reported in the condensed Consolidated Balance Sheets approximates its fair value due to the short-term nature of these payables.
Senior unsecured bonds, net: The book value has been adjusted to reflect the net presentation of deferred finance costs and bond premium. The 2030 Bonds are a fixed-rate borrowing and its carrying value approximates its fair value.
Credit facilities and financial liabilities, including current portion, net: The book value has been adjusted to reflect the net presentation of deferred finance costs. The outstanding balance of the floating rate credit facilities and financial liabilities continues to approximate its fair value, excluding the effect of any deferred finance costs.
Fair value of derivatives, including current portion: The carrying amounts reported in the condensed Consolidated Balance Sheets for interest rate swap agreements represent their fair value.
The estimated fair values of the Navios Partners’ financial instruments are as follows:
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||||||||||
|
|
Book |
|
|
Fair |
|
|
Book |
|
|
Fair |
|
||||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Other investments |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due from related parties, short-term |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due from related parties, long-term |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due to related parties, short-term |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Senior unsecured bonds, net |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Credit facilities and financial liabilities, including current portion, net |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Fair value of derivatives, including current portion |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Fair Value Measurements
The estimated fair value of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:
Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.
Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
Level III: Inputs that are unobservable. The Company did not use any Level III inputs as of June 30, 2026 and December 31, 2025.
|
|
Fair Value Measurements as at June 30, 2026 |
|
|||||||||||||
|
|
Total |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
||||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Other investments |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due from related parties, short-term |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due from related parties, long-term |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due to related parties, short-term |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Senior unsecured bonds, net |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||
Credit facilities and financial liabilities, including current portion, net (1) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
F-17
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
|
|
Fair Value Measurements as at December 31, 2025 |
|
|||||||||||||
|
|
Total |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
||||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Other investments |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due from related parties, short-term |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due from related parties, long-term |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Amounts due to related parties, short-term |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Senior unsecured bonds, net |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||
Credit facilities and financial liabilities, including current portion, net (1) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
As at March 31, 2026, the estimated fair value of the Company’s vessel measured at fair value on a non-recurring basis, was based on the concluded sale price and was categorized based upon the fair value hierarchy as follows:
|
|
Fair Value Measurements as at March 31, 2026 |
|
|||||||||||||
|
|
Total |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
||||
Vessels, net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
As at June 30 and March 31, 2025, the estimated fair value of the Company’s vessels measured at fair value on a non-recurring basis was categorized based upon the applicable fair value hierarchy. The fair value as at June 30, 2025 was determined based on a third party valuation report and the fair value as at March 31, 2025 was determined based on the concluded sale price.
|
|
Fair Value Measurements as at June 30, 2025 |
|
|||||||||||||
|
|
Total |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
||||
Vessel held for sale |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fair Value Measurements as at March 31, 2025 |
|
|||||||||||||
|
|
Total |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
||||
Vessel held for sale |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Derivative Instruments
In February 2025, Navios Partners entered into interest rate swaps with a commercial bank for a notional amount of $
The Swap Transaction is designated as an accounting hedge of the variability in cash flows associated with a forecasted transaction (cash flow hedge) to address the Company’s exposure to variability in expected future cash flows arising from interest rate fluctuations. In accordance with ASC 815, the Company completed the required formal hedge documentation at the inception of the hedging relationship. As a result, the Swap Transaction qualifies for hedge accounting. Changes in the fair value of the Swap Transaction that are determined to be effective are presented under the caption “Accumulated Other Comprehensive Loss” in the condensed Consolidated Balance Sheets and condensed Consolidated Statements of Changes in Partners’ Capital.
As of June 30, 2026 and December 31, 2025, the fair value of the Swap Transaction amounted to an accumulated loss of $
F-18
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
The following table presents the terms of the Swap Transaction and the respective fair value amount as of June 30, 2026 and December 31, 2025. The fair value of the Swap Transaction is measured using level II inputs of the fair value hierarchy and is derived principally from, or corroborated by, observable market data, such as interest rate and yield curves.
Derivative liabilities:
Effective date |
|
Termination date |
|
Notional amount |
|
|
Fixed rate |
|
|
Fair value |
|
|
Fair value |
|
||||
|
|
$ |
|
|
|
% |
|
$ |
|
|
$ |
|
||||||
Total fair value of derivatives, including current portion |
$ |
|
|
$ |
|
|||||||||||||
|
|
Amount recognized in |
|
|||||||||||||
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Unrealized gain/ (loss) on cash flow hedges |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Total other comprehensive income/ (loss) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
As of June 30, 2026 and December 31, 2025, the Company did not hold any interest rate swaps that do not qualify for hedge accounting.
NOTE 9 – REPURCHASES AND ISSUANCE OF UNITS
In July 2022, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $
NOTE 10 – INCOME TAXES
The Republic of the Marshall Islands does not impose a tax on international shipping income. Under the laws of the countries of the vessel-owning subsidiaries’ incorporation and/or redomiciliation and/or vessels’ registration, the vessel-owning subsidiaries are subject to registration and tonnage taxes, which have been included in vessel expenses in the accompanying condensed Consolidated Statements of Comprehensive Income.
In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece on the basis of the applicable licensing regime are subject to tax liability towards the Greek state, which is calculated on the basis of the relevant vessel’s tonnage. A tax credit is recognized for tonnage tax (or similar tax) paid abroad, up to the amount of the tax due in Greece.
The owner, the manager and the bareboat charterer or the financial lessee (where applicable) are liable to pay the tax due to the Greek state. The payment of said tax exhausts the tax liability of the foreign ship owning company, the bareboat charterer, the financial lessee (as applicable) and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel outside Greece.
F-19
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
The Company has elected to be treated and is currently treated as a corporation for U.S. federal income tax purposes. As such, the Company is not subject to section 1446 as that section only applies to entities that for U.S. federal income tax purposes are characterized as partnerships.
Pursuant to Section 883 of the Internal Revenue Code of the United States, U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company operating the ships meets certain incorporation and ownership requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country, which grants an equivalent exemption from income taxes to U.S. corporations. All the vessel-owning subsidiaries satisfy these initial criteria.
In addition, these companies must meet an ownership test. The management of Navios Partners believes that this ownership test was satisfied prior to the IPO by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company. Although not free from doubt, management also believes that the ownership test will be satisfied based on the trading volume and ownership of Navios Partners’ units, but no assurance can be given that this will remain so in the future.
NOTE 11 – COMMITMENTS AND CONTINGENCIES
Navios Partners is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where Navios Partners believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date the financial statements were prepared. Management believes the ultimate disposition of these matters will be immaterial individually and in the aggregate to Navios Partners’ financial position, results of operations or liquidity.
During the second quarter of 2023, Navios Partners agreed to acquire two newbuilding Japanese MR2 Product Tanker vessels, from an unrelated third party, under bareboat contracts. Each vessel is being bareboat-in for
In August 2023, Navios Partners agreed to acquire two newbuilding Japanese MR2 product tanker vessels, from an unrelated third party, under bareboat contracts. Each vessel is being bareboat-in for
During the third quarter of 2023, Navios Partners agreed to acquire
During the first quarter of 2024, Navios Partners agreed to acquire
F-20
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
During the second quarter of 2024, Navios Partners agreed to acquire
During the second quarter of 2024, Navios Partners agreed to acquire
During the third quarter of 2024, Navios Partners agreed to acquire
During the second quarter of 2025, Navios Partners agreed to acquire
During the third quarter of 2025, Navios Partners agreed to acquire
During the fourth quarter of 2025, Navios Partners agreed to acquire
During the second quarter of 2026, Navios Partners agreed to acquire
F-21
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
acquisitions” in the condensed Consolidated Balance Sheets. The closings of the transactions are subject to completion of customary documentation.
As of June 30, 2026, an amount of $
The Company’s future minimum lease commitments under the Company’s bareboat-in contracts for undelivered vessels for the next five 12-month periods ending June 30, 2026, are as follows:
Period |
|
Amount |
|
|
2027 |
|
$ |
|
|
2028 |
|
$ |
|
|
2029 |
|
$ |
|
|
2030 |
|
$ |
|
|
2031 |
|
$ |
|
|
2032 and thereafter |
|
$ |
|
|
Total |
|
$ |
|
|
NOTE 12 – TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES
Since the closing of Navios Partners’ IPO in 2007, the Company entered into management agreements, as amended from time to time.
In August 2024, Navios Partners renewed its management agreements with the Manager commencing on January 1, 2025, for a term of ten years, renewing annually (the “Master Management Agreement” and together with the management agreements the “Management Agreements”). At the same time, Navios Partners renewed for a term of ten years its Administrative Services Agreement (as defined herein and together with the Master Management Agreement the “Agreements”). The conflicts committee of the Board of Directors, consisting of independent directors, negotiated and approved the Agreements with the advice of independent legal and financial advisors.
The Master Management Agreement provides for technical and commercial management and related specialized services based on fee structure, including: (i) a fixed technical management fee of initially $
Vessel operating expenses - Fixed technical management fee
During the three and six month periods ended June 30, 2026, fixed technical management fees amounted to $
During the three and six month periods ended June 30, 2025, fixed technical management fees amounted to $
Commercial management and specialized services fees
During the three and six month periods ended June 30, 2026, commercial management fee on revenues amounted to $
F-22
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
During the three and six month periods ended June 30, 2025, commercial management fee on revenues amounted to $
During the three and six month periods ended June 30, 2026, fee on sales amounted to $
During the three and six month periods ended June 30, 2025, fee on sales amounted to $
During the three and six month periods ended June 30, 2026, fee on purchases amounted to $
During the three and six month periods ended June 30, 2025, fee on purchases amounted to $
During the three and six month periods ended June 30, 2026, fees for supervision, pre-delivery and delivery of newbuilding vessels initially presented under the captions “Deposits for vessel acquisitions” and “Other long-term assets” in the condensed Consolidated Balance Sheets amounted to $
During the three and six month periods ended June 30, 2025, fees for supervision, pre-delivery and delivery of newbuilding vessels initially presented under the captions “Deposits for vessel acquisitions” and “Other long-term assets” in the condensed Consolidated Balance Sheets amounted to $
General and administrative expenses
The Manager also provides administrative services to Navios Partners, which include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other. The Manager is reimbursed for reasonable allocable general and administrative costs and expenses incurred in connection with the provision of these services.
In August 2024, Navios Partners renewed its administrative services agreement commencing on January 1, 2025, for a term of
Total general and administrative expenses charged by the Manager for the three and six month periods ended June 30, 2026 amounted to $
Balance due (to)/ from related parties
Balance due to Manager, short-term as of June 30, 2026 and December 31, 2025 amounted to $
F-23
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
In October 2023, Navios Partners entered into a time charter agreement with a subsidiary of its affiliate NSAL for the Navios Vega, a 2009-built transhipper vessel. The vessel was delivered during the
In July 2025, Navios Partners sold the Navios Vega to NSAL for a sale price of $
As of June 30, 2026 and December 31, 2025, balance due from the abovementioned related party company, short-term amounted to $
Others
Navios Partners has entered into an omnibus agreement with Navios Holdings (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Holdings generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without consent as required under such agreement.
General partner
Olympos Maritime Ltd., an entity affiliated to the Company’s Chairwoman and Chief Executive Officer, Angeliki Frangou, is the holder of Navios Partners’ general partner interest.
NOTE 13 – CASH DISTRIBUTIONS AND EARNINGS PER UNIT
The amount of distributions paid by Navios Partners and the decision to make any distribution is determined by the Company’s 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. There is no guarantee that the Company will pay the quarterly distribution on the common units in any quarter. The Company is prohibited from making any distributions to unitholders if it would cause an event of default, or an event of default exists, under its existing credit agreements and other debt obligations.
There are incentive distribution rights held by Navios GP L.L.C., which are analyzed as follows:
|
|
|
|
Marginal Percentage Interest in Distributions |
|
|||||||||
|
|
Total Quarterly Distribution Target Amount |
|
Common Unitholders |
|
|
Incentive Distribution Right Holder |
|
|
General Partner |
|
|||
Minimum Quarterly Distribution |
|
up to $ |
|
|
% |
|
|
— |
|
|
|
% |
||
First Target Distribution |
|
up to $ |
|
|
% |
|
|
— |
|
|
|
% |
||
Second Target Distribution |
|
above $ |
|
|
% |
|
|
% |
|
|
% |
|||
Third Target Distribution |
|
above $ |
|
|
% |
|
|
% |
|
|
% |
|||
Thereafter |
|
above $ |
|
|
% |
|
|
% |
|
|
% |
|||
F-24
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
The first
The authorized quarterly cash distributions paid during the six month periods ended June 30, 2026 and 2025, as well as the quarterly cash distribution paid with respect to the quarter ended June 30, 2026 are presented below:
Date |
Authorized |
Date of record |
Payment of |
|
$/ Unit |
|
|
Amount of |
|
||
January 2025 |
|
$ |
|
|
$ |
|
|||||
April 2025 |
|
$ |
|
|
$ |
|
|||||
January 2026 |
|
$ |
|
|
$ |
|
|||||
April 2026 |
|
$ |
|
|
$ |
|
|||||
July 2026 |
|
$ |
|
|
$ |
|
|||||
Navios Partners calculates earnings/ (losses) per unit by allocating reported net income/ (loss) for each period to each class of units based on the distribution waterfall for available cash specified in Navios Partners’ partnership agreement, net of the unallocated earnings/ (losses). Basic earnings/ (losses) per common unit is determined by dividing net income/ (loss) by the weighted average number of common units outstanding during the period. Diluted earnings per unit is calculated in the same manner as basic earnings per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units. Net earnings/ (losses) per unit undistributed is determined by taking the distributions in excess of net income/ (loss) and allocating between common units and general partnership units on a
The calculations of the basic and diluted earnings per unit are presented below.
|
|
Three Month Period Ended June 30, 2026 |
|
|
Three Month Period Ended June 30, 2025 |
|
|
Six Month |
|
|
Six Month |
|
||||
Net income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Weighted average units outstanding basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per unit basic: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Weighted average units outstanding diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per unit diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Earnings per unit distributed basic: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Earnings per unit distributed diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common unitholders |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
NOTE 14 – LEASES
Time charter out contracts and pooling arrangements
The Company’s contract revenues from time chartering, bareboat chartering and pooling arrangements are governed by ASC 842.
F-25
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
Operating Leases
A discussion of the Company’s operating leases can be found in Note 20 – Leases to the Company’s consolidated financial statements included in the Annual Report.
Based on management estimates and market conditions, the lease term of the leases is being assessed at each balance sheet date. At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in charter-in contracts that could be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company then applies the respective incremental borrowing rate based on the remaining lease term of the specific lease. Navios Partners’ incremental borrowing rates were approximately
As of June 30, 2026 and December 31, 2025, the outstanding balance of the operating lease liability amounted to $
The Company recognizes the lease payments for its operating leases as charter hire expenses on a straight-line basis over the lease term. Lease expense incurred and paid for the three and six month periods ended June 30, 2026 amounted to $
For the three and six month periods ended June 30, 2026, the sublease income (net of commissions) for vessels where the Company is a lessee amounted to $
As of June 30, 2026, the weighted average useful life of the remaining operating lease terms was
The table below provides the total amount of lease payments for the next five 12-month periods on an undiscounted basis on the Company’s chartered-in contracts as of June 30, 2026:
Period |
|
Amount |
|
|
2027 |
|
$ |
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030 |
|
|
|
|
2031 |
|
|
|
|
2032 and thereafter |
|
|
|
|
Total |
|
$ |
|
|
Operating lease liabilities, including current portion |
|
$ |
|
|
Discount based on incremental borrowing rate |
|
$ |
|
|
Finance Leases
For a detailed description of the finance lease liabilities and right-of-use assets for vessels under finance leases, refer to Note 6 – Borrowings and Note 4 – Vessels, net, respectively, and Note 10 – Borrowings and Note 6 – Vessels, net, respectively, to the Company’s consolidated financial statements included in the Annual Report.
For the three and six month periods ended June 30, 2026, the sublease income (net of commissions) for vessels where the Company is a lessee amounted to $
F-26
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
respectively. Sublease income is presented under the caption “Time charter and voyage revenues” in the condensed Consolidated Statements of Comprehensive Income.
As of June 30, 2026, the weighted average useful life of the remaining finance lease terms was
The table below provides the total amount of lease payments and options to acquire vessels for the next five 12-month periods on an undiscounted basis under the Company’s finance leases as of June 30, 2026:
Period |
|
Amount |
|
|
2027 |
|
$ |
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030 |
|
|
|
|
2031 |
|
|
|
|
2032 and thereafter |
|
|
|
|
Total |
|
$ |
|
|
Finance lease liabilities, including current portion (see Note 6 – Borrowings) |
|
$ |
|
|
Discount based on incremental borrowing rate |
|
$ |
|
|
Bareboat charter-out contract
Subsequently to the bareboat charter-in agreement, the Company entered into
In June 2026, the Company entered into a new bareboat charter-out agreement for one VLCC, for a firm charter period of about
The Company recognizes in relation to the operating leases for the bareboat charter-out agreements the bareboat charter-out hire income in the condensed Consolidated Statements of Comprehensive Income on a straight-line basis. For the three and six month periods ended June 30, 2026, the charter hire income (net of commissions) amounted to $
NOTE 15 – SUBSEQUENT EVENTS
The Board of Directors of Navios Partners has authorized a new common unit repurchase program for up to $
In July 2026, Navios Partners agreed to acquire a newbuilding scrubber-fitted VLCC tanker from an unrelated third party for a purchase price of $
In July 2026, Navios Partners agreed to acquire a Japanese newbuilding scrubber-fitted capesize vessel from an unrelated third party under a
F-27
NAVIOS MARITIME PARTNERS L.P.
UNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars except unit and per unit data)
option to acquire the vessel after the end of the fourth year. The vessel is expected to be delivered into Navios Partners’ fleet during the
In August 2026, Navios Partners took delivery of the Nave Orbit, a
In August 2026, Navios Partners agreed to sell a
F-28
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NAVIOS MARITIME PARTNERS L.P. |
||
|
|
|
By: |
/s/ Angeliki Frangou |
|
|
Angeliki Frangou |
|
|
Chief Executive Officer |
|
Date: August 27, 2026
47
Exhibit 99.1
Tap Issue Addendum
Issuer: |
Navios Maritime Partners L.P. |
Bond Trustee: |
Nordic Trustee AS |
ISIN for the Bonds: |
NO0013685115 |
Maximum Issue Amount: |
USD 500,000,000 |
Amount of Additional Bonds: |
USD 30,000,000 |
Amount of Outstanding Bonds after the increase: |
USD 330,000,000 |
Date of Addendum: |
2 June 2026 |
Tap Issue Date: |
4 June 2026 |
The Bond Trustee may (at its sole discretion and in each case) waive or postpone the delivery of certain conditions precedent.
----000----
[separate signature page to follow]
2
SIGNATURES:
THE ISSUER
Navios Maritime Partners L.P.
By: /s/ Georgios Panagakis
Title: Attorney-in-fact
[Signature page - Tap lssue Addendum - Project Epta]
THE BOND TRUSTEE
Nordic Trustee AS
By:/s/ Olav Slagsvold Title:Authorised signatory
[Signature page - Tap lssue Addendum - Project Epta]