Company Performance - Navios Maritime Partners LP closed at $37.60, down 2.67% from the previous trading session, underperforming the S&P 500's gain of 0.61% [1] - The company is expected to report an EPS of $1.86, reflecting a decline of 39.22% year-over-year, while revenue is forecasted at $309.58 million, indicating a growth of 2.47% compared to the same quarter last year [2] - For the full year, analysts expect earnings of $10.87 per share and revenue of $1.31 billion, representing changes of -2.42% and +6.79% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for Navios Maritime Partners LP are being monitored, as upward revisions indicate positive sentiment regarding the company's business operations and profit generation capabilities [4] - The Zacks Rank system, which reflects these estimate changes, currently rates Navios Maritime Partners LP as 3 (Hold), with the consensus EPS projection remaining stagnant over the past 30 days [6] Valuation Metrics - Navios Maritime Partners LP is trading at a Forward P/E ratio of 3.55, which is significantly lower than the industry average Forward P/E of 8.99 [7] - The Transportation - Shipping industry, to which the company belongs, has a Zacks Industry Rank of 24, placing it in the top 10% of over 250 industries [7][8]

Navios Maritime Partners (NMM) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Angeliki Frangou - Chairwoman, CEO & DirectorEfstratios Desypris - COOErifili Tsironi - CFOVincent Vandewalle - Chief Trading officerOmar Nokta - Managing Director Operator Thank you for joining us for Navios Maritime Partners First Quarter twenty twenty five Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou Chief Operating Officer, Mr. Stratos Desypris Chief ...

Navios Maritime Partners (NMM) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Speaker0 Thank you for joining us for Navios Maritime Partners First Quarter twenty twenty five Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou Chief Operating Officer, Mr. Stratos Desypris Chief Financial Officer, Ms. Zerifili Tironi Chief Trading Officer, Mr. Vincent van der Valle. As a reminder, this conference call is being webcast. To access the webcast, please go to the I ...

Company Overview - Navios Maritime Partners has a diversified fleet of 174 vessels across 3 segments and 16 asset classes[9, 15] - The company's modern fleet has an average age of 99 years and a vessel value of $61 billion[9, 15] - Navios Maritime Partners has secured $34 billion in contracted revenue[9] Financial Highlights - The company reported adjusted EBITDA of $1535 million and net income of $417 million for the first quarter of 2025[19] - Navios Maritime Partners has a cash balance of $343 million as of March 31, 2025[19] - The company's contracted revenue exceeds total cash expenses by $125 million for the 9 months of 2025E[26] Fleet and Operations - The company's fleet includes 69 dry bulk vessels with 89 million dwt, 49 containerships with 260823 TEU, and 56 tankers with 66 million dwt[13, 15] - Navios Maritime Partners has 41901 available days for 9M 2025E, with 66% fixed[15, 29] - The company has a newbuilding program with $14 billion investment in containerships and tankers[35] Market and Strategy - The company is addressing risks and uncertainties in the current environment by securing liquidity, ensuring revenue stability, and mitigating interest rate risk[26] - Navios Maritime Partners is executing its strategy by deleveraging, renewing and modernizing its fleet, and building net asset value[28] - The company is implementing a dividend program and a common unit repurchase program[20]

Financial Performance - Navios Maritime Partners reported revenue of $304.1 million for Q1 2025, a decrease of 4.6% from $318.6 million in Q1 2024 [16][14] - EBITDA for Q1 2025 was $147.6 million, down from $166.2 million in Q1 2024 [15][17] - Net income for Q1 2025 was $41.7 million, compared to $73.4 million in Q1 2024 [14][18] - Earnings per common unit were $1.38 for Q1 2025, down from $2.38 in Q1 2024 [37] Operational Highlights - The fleet consisted of 69 dry bulk vessels, 49 containerships, and 56 tankers, with a total of 154 vessels operating at the end of the period [11][22] - The average Time Charter Equivalent (TCE) rate decreased by 1.1% to $21,271 per day [16][22] - Available days for the fleet slightly decreased by 0.6% to 13,456 days [16][22] Cash Management - The company declared a cash distribution of $0.05 per unit for Q1 2025, with an annualized rate of $0.20 [4] - As of May 1, 2025, Navios Partners repurchased 423,984 common units for approximately $16.1 million [3] Fleet Transactions - Navios Partners sold three vessels for gross proceeds of $34.7 million, with an average age of 19.1 years [5][6] - Four newbuilding vessels were delivered in 2025, including two aframax/LR2 tankers and two LNG dual fuel containerships [8] Financing Activities - The company extended the maturity of a sale and leaseback transaction for $45.4 million, maturing in Q1 2029 [9] - Interest rate swaps were entered into for a notional amount of $87.9 million to hedge interest rates on existing credit facilities [10] Future Outlook - Navios Partners has contracted revenue of $3.4 billion as of April 2025, with expected revenues of $714.1 million and $719.1 million for the last nine months of 2025 and for all of 2026, respectively [12]

Core Viewpoint - Navios Maritime Partners L.P. will host a conference call to discuss its Q1 2025 earnings results on May 7, 2025, at 8:30 am ET [1][2]. Group 1: Conference Call Details - The conference call will take place on May 7, 2025, at 8:30 am ET, where senior management will provide highlights and commentary on the earnings results for the first quarter ended March 31, 2025 [1]. - A supplemental slide presentation will be available on the Navios Partners website at 8:00 am ET on the day of the call [2]. - The US dial-in number for the call is +1.800.445.7795, and the international dial-in number is +1.785.424.1699, with a conference ID of NMMQ125 [2]. Group 2: Replay and Webcast Information - The conference call replay will be available two hours after the live call and will remain accessible for one week [2]. - The US replay dial-in number is +1.800.839.8292, and the international replay dial-in number is +1.402.220.6069 [2]. - The call will be simultaneously webcast and archived on the Navios Partners website for two weeks following the call [2]. Group 3: Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [3].

Company Performance - Navios Maritime Partners LP (NMM) closed at $39.38, with a daily gain of +0.41%, outperforming the S&P 500's gain of 0.38% [1] - Over the last month, the company's shares decreased by 0.96%, which is better than the Transportation sector's loss of 7.25% and the S&P 500's loss of 5.59% [1] Earnings Forecast - The Zacks Consensus Estimates predict earnings of $12.64 per share and revenue of $1.37 billion for the year, reflecting increases of +13.46% and +11.35% respectively compared to the previous year [2] Analyst Estimates - Recent modifications to analyst estimates for Navios Maritime Partners LP indicate changing near-term business trends, with positive revisions suggesting analysts' confidence in the company's performance [3] Valuation Metrics - Navios Maritime Partners LP is currently trading at a Forward P/E ratio of 3.1, significantly lower than the industry average of 8.76, indicating a discount compared to its peers [6] Industry Ranking - The Transportation - Shipping industry, to which Navios Maritime Partners LP belongs, has a Zacks Industry Rank of 156, placing it in the bottom 38% of over 250 industries [6][7]

Group 1 - Navios Maritime Partners L.P. has filed its Annual Report on Form 20-F for the year ended December 31, 2024 with the SEC, which is accessible on its website [1] - Unitholders can request a hard copy of the complete audited financial statements free of charge by contacting Navios Partners [1] - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [2]

[PART I](index=8&type=section&id=PART%20I) [Key Information](index=8&type=section&id=Item%203.%20Key%20Information) This section outlines the principal risks affecting Navios Partners' business, categorized into industry-specific, indebtedness-related, organizational, and tax-related risks [Risk Factors](index=8&type=section&id=D.%20Risk%20factors) The company faces significant risks from the cyclical nature of the shipping industry, volatile charter rates, and dependence on global trade, especially with China, alongside regulatory, financial, and structural challenges - The international shipping industry is cyclical, leading to volatile charter hire rates. The Baltic Dry Index (BDI) fluctuated from a low of **530 in February 2023** to a high of **3,346 in December 2023**, indicating significant market volatility[40](index=40&type=chunk) - The company's growth is highly dependent on demand from China, which accounted for approximately **76% of global seaborne iron ore trade**, **31% of seaborne coal movements**, and **26% of global seaborne crude oil trade in 2024**[53](index=53&type=chunk) - As of January 2024, vessels trading within the EU/EEA must comply with the EU Emissions Trading System (ETS), requiring the surrender of emission allowances for CO2 emissions, which could increase operational costs if not covered by charterers[97](index=97&type=chunk) - The company is exposed to interest rate volatility, particularly SOFR, as loans are advanced at floating rates. A **1% increase in SOFR** would have increased interest expense by **$14.8 million** for the year ended December 31, 2024[178](index=178&type=chunk)[763](index=763&type=chunk) - Credit facilities contain restrictive covenants, including maintaining a minimum net worth of **$135.0 million**, a ratio of EBITDA to interest expense of at least **2.00:1.00**, and limitations on the ratio of total liabilities to total assets[184](index=184&type=chunk)[551](index=551&type=chunk) - There is a risk of being treated as a Passive Foreign Investment Company (PFIC) for U.S. tax purposes, which could have adverse tax consequences for U.S. unitholders. The company believes it was not a PFIC for the **2024 taxable year**[217](index=217&type=chunk)[218](index=218&type=chunk) [Information on the Partnership](index=76&type=section&id=Item%204.%20Information%20on%20the%20Partnership) Navios Partners is an international owner and operator of a diversified fleet of 174 vessels, focusing on sustainability and stable cash flows - As of March 20, 2025, Navios Partners' fleet consists of **69 dry bulk vessels**, **49 containerships**, and **56 tanker vessels**, including **22 newbuildings** expected for delivery through the first half of 2028[280](index=280&type=chunk) - The company is committed to achieving **net-zero carbon emissions by 2050** and has joined the Global Maritime Forum's Getting to Zero Coalition, investing in emission reduction technologies and installing Ballast Water Treatment Systems (BWTS) on **100% of its fleet**[265](index=265&type=chunk)[270](index=270&type=chunk) - The fleet has an average age of **9.8 years as of March 20, 2025**, which is younger than industry averages for drybulk (**12.6 years**), containerships (**13.9 years**), and tankers (**14.0 years**)[294](index=294&type=chunk) - For 2025, the company has fixed **99.3% of available containership days**, **45.3% of available drybulk days** (excluding index-linked), and **84.2% of available tanker days** (excluding index-linked) to secure stable cash flows[291](index=291&type=chunk) - For the year ended December 31, 2024, one customer accounted for **11.3% of total revenues**. No single customer accounted for **10% or more of revenues in 2023 or 2022**[297](index=297&type=chunk)[765](index=765&type=chunk) [History and Development of the Partnership](index=76&type=section&id=A.%20History%20and%20Development%20of%20the%20Partnership) Navios Partners, a Marshall Islands limited partnership formed in 2007, operates a diverse fleet with total borrowings of $2,153.2 million as of December 31, 2024 - Navios Partners was formed on **August 7, 2007**, under the laws of the Republic of the Marshall Islands[254](index=254&type=chunk) - As of December 31, 2024, the company's total borrowings amounted to **$2,153.2 million**[174](index=174&type=chunk) [Business Overview](index=78&type=section&id=B.%20Business%20Overview) The company operates a diversified fleet of dry cargo and tanker vessels, focusing on sustainability, stable cash flows, and active fleet management under extensive regulation Fleet Composition as of March 20, 2025 | Vessel Type | Count | | :--- | :--- | | Dry Bulk Vessels | 69 | | Containerships | 49 | | Tanker Vessels | 56 | | **Total Fleet** | **174** | - The company's business strategy includes strategically managing sector exposure, pursuing stable cash flows through long-term charters, actively managing the fleet to maximize return on capital, and maintaining a competitive cost structure through its relationship with the Manager[296](index=296&type=chunk)[301](index=301&type=chunk) - The company is subject to extensive regulation, including MARPOL for pollution prevention, the BWM Convention for ballast water, SOLAS for safety, and the ISPS Code for security, also impacted by regional rules like the EU ETS and US regulations under OPA and the Clean Air Act[330](index=330&type=chunk)[333](index=333&type=chunk)[344](index=344&type=chunk)[356](index=356&type=chunk)[361](index=361&type=chunk) [Operating and Financial Review and Prospects](index=83&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes Navios Partners' financial performance, liquidity, capital expenditures, and critical accounting estimates for fiscal year 2024 [Operating Results](index=149&type=section&id=A.%20Operating%20results) For FY2024, revenues increased to $1,334.1 million due to higher TCE rates, but net income decreased to $367.3 million primarily due to lower 'Other income' Consolidated Revenue and Expense (FY2024 vs. FY2023) | (In thousands of U.S. dollars) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Time charter and voyage revenues | $ 1,334,066 | $ 1,306,889 | | Vessel operating expenses | $ (349,160) | $ (331,653) | | Depreciation and amortization | $ (228,472) | $ (217,823) | | Interest expense and finance cost, net | $ (124,529) | $ (133,642) | | **Net income** | **$ 367,308** | **$ 433,645** | Key Fleet Performance Indicators (FY2024 vs. FY2023) | Indicator | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Available Days | 54,261 | 54,766 | | Fleet Utilization | 98.9% | 99.1% | | TCE Rate (per day) | $ 22,924 | $ 22,337 | - Adjusted EBITDA decreased by **$16.0 million** to **$731.6 million** for FY2024, compared to **$747.6 million** for FY2023[572](index=572&type=chunk) - The decrease in net income was mainly due to a **$53.1 million decrease in 'Other income'**, as 2023 included compensation for early termination of charter parties for two containerships[540](index=540&type=chunk)[572](index=572&type=chunk) [Liquidity and Capital Resources](index=152&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Navios Partners maintained a positive working capital of $33.3 million as of December 31, 2024, with strong liquidity from operations and financing activities Cash Flow Summary (FY2024 vs. FY2023) | (In thousands of U.S. dollars) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $ 483,478 | $ 560,317 | | Net cash used in investing activities | $ (782,126) | $ (253,015) | | Net cash provided by/ (used in) financing activities | $ 349,262 | $ (233,225) | - As of December 31, 2024, total borrowings, net of deferred finance costs, were **$2,128.9 million**, an increase from **$1,861.5 million** at year-end 2023[549](index=549&type=chunk)[577](index=577&type=chunk) - Capital expenditures totaled **$1,007.1 million in FY2024**, primarily for vessel acquisitions (**$747.0 million**) and deposits for newbuildings (**$260.1 million**)[578](index=578&type=chunk)[580](index=580&type=chunk) - The company was in compliance with all financial covenants in its credit facilities as of December 31, 2024[552](index=552&type=chunk)[1110](index=1110&type=chunk) [Critical Accounting Estimates](index=162&type=section&id=E.%20Critical%20Accounting%20Estimates) Critical accounting estimates involve significant judgment, particularly for impairment of long-lived assets and revenue recognition, impacting financial reporting - The company reviews its long-lived assets for impairment whenever events indicate the carrying amount may not be recoverable, comparing carrying value to undiscounted projected net operating cash flows[594](index=594&type=chunk)[916](index=916&type=chunk) - The impairment analysis uses assumptions for future charter rates, utilizing a one-year historical average for the first year and a ten-year historical average for the remaining period, along with estimates for operating expenses, scrap values, and utilization[598](index=598&type=chunk)[918](index=918&type=chunk) - In FY2024, an impairment loss of **$17.1 million** was recognized for four vessels as their undiscounted projected cash flows did not exceed their carrying value[599](index=599&type=chunk)[1010](index=1010&type=chunk) - Revenue from time charters is recognized on a straight-line basis as an operating lease, while revenue from voyage charters is recognized ratably from the port of loading to discharge[602](index=602&type=chunk)[605](index=605&type=chunk)[931](index=931&type=chunk)[934](index=934&type=chunk) [Directors, Senior Management and Employees](index=96&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's leadership, compensation structure, and board practices, highlighting experienced management and independent committees - The senior management team includes Angeliki Frangou (Chairwoman & CEO), Ted C. Petrone (Vice Chairman), and Shunji Sasada (President), all with extensive experience in Navios and the shipping industry[610](index=610&type=chunk)[613](index=613&type=chunk)[614](index=614&type=chunk)[615](index=615&type=chunk) - Officers are employees of the Manager, and Navios Partners reimburses the Manager for their services; for FY2024, reimbursement for administrative services was **$63.8 million**[630](index=630&type=chunk) - In December 2024, the Compensation Committee approved a cash payment of **$5.9 million** to officers and directors, with an additional **$5.9 million** subject to service conditions in 2025[633](index=633&type=chunk) - The Board of Directors consists of **seven members**: three appointed by the General Partner and four elected by common unitholders on a staggered basis[638](index=638&type=chunk) - The company has an Audit Committee, a Conflicts Committee, and a Compensation Committee, each composed of independent directors[640](index=640&type=chunk)[641](index=641&type=chunk)[642](index=642&type=chunk)[643](index=643&type=chunk) [Major Unitholders and Related Party Transactions](index=102&type=section&id=Item%207.%20Major%20Unitholders%20and%20Related%20Party%20Transaction) Key major unitholders include Angeliki Frangou and Pilgrim Global Advisors, with significant related party transactions through management agreements with the Manager Major Unitholders as of March 20, 2025 | Name of Beneficial Owner | Common Units Beneficially Owned | Percentage | | :--- | :--- | :--- | | Angeliki Frangou | 5,039,090 | 17.1% | | Pilgrim Global Advisors LLC | 4,908,105 | 16.6% | | Ned L. Sherwood | 2,157,445 | 7.3% | | George O. Sertl, Jr. | 1,510,013 | 5.1% | - In August 2024, Navios Partners renewed its Master Management Agreement and Administrative Services Agreement with the Manager for a **ten-year term**, commencing January 1, 2025[663](index=663&type=chunk)[668](index=668&type=chunk)[1172](index=1172&type=chunk) - The new Master Management Agreement includes a technical management fee of **$950/day per vessel**, a commercial management fee of **1.25% on revenues**, and an S&P fee of **1% on transactions**[663](index=663&type=chunk) - The Administrative Services Agreement provides for reimbursement of allocable general and administrative costs incurred by the Manager on behalf of the company[670](index=670&type=chunk)[1180](index=1180&type=chunk) [Financial Information](index=105&type=section&id=Item%208.%20Financial%20Information) The company is not involved in material legal proceedings and maintains a quarterly cash distribution policy of $0.05 per unit, subject to board discretion - The company is not involved in any legal proceedings that are expected to have a material adverse effect on its business or financial position[673](index=673&type=chunk) - The current distribution policy, amended in July 2020, is to pay a quarterly cash distribution of **$0.05 per unit**. The payment of distributions is at the discretion of the Board of Directors[678](index=678&type=chunk) Quarterly Cash Distributions Declared in FY2024 | Quarter Ended | Amount per Unit | Total Amount (in thousands) | | :--- | :--- | :--- | | Dec 31, 2023 | $0.05 | $1,540 | | Mar 31, 2024 | $0.05 | $1,540 | | Jun 30, 2024 | $0.05 | $1,531 | | Sep 30, 2024 | $0.05 | $1,521 | [Additional Information](index=108&type=section&id=Item%2010.%20Additional%20Information) This section covers corporate and legal matters, including material contracts, exchange controls, and taxation, detailing U.S. federal income tax considerations and Greek tonnage tax - The company has numerous material contracts, including a Master Management Agreement and an Administrative Services Agreement with the Manager, and various credit facilities and sale-leaseback agreements for its vessels[694](index=694&type=chunk)[695](index=695&type=chunk)[696](index=696&type=chunk) - The company is not aware of any governmental laws or exchange controls in the Marshall Islands that restrict the export of capital or remittance of dividends to non-resident holders[701](index=701&type=chunk) - The company has elected to be treated as a corporation for U.S. federal income tax purposes and believes it qualifies for the Section 883 exemption, which exempts U.S. Source International Transportation Income from U.S. federal income tax[480](index=480&type=chunk)[484](index=484&type=chunk)[485](index=485&type=chunk) - In Greece, foreign-flagged vessels managed from a Greek office are subject to a tonnage tax, which exhausts the tax liability on income from the exploitation of the vessel outside Greece[216](index=216&type=chunk)[498](index=498&type=chunk)[1139](index=1139&type=chunk) [Quantitative and Qualitative Disclosures about Market Risks](index=121&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks) The company is exposed to foreign exchange, interest rate, credit, and inflation risks, with interest rate volatility and customer concentration being key concerns - The company's primary market risks are foreign exchange, interest rate, credit, and inflation[760](index=760&type=chunk)[762](index=762&type=chunk)[764](index=764&type=chunk)[768](index=768&type=chunk) - A **1% increase in SOFR** would have increased interest expense by **$14.8 million** for the year ended December 31, 2024[763](index=763&type=chunk) - For FY2024, one customer accounted for **11.3% of total revenues**, representing a concentration of credit risk[765](index=765&type=chunk) [PART II](index=122&type=section&id=PART%20II) [Controls and Procedures](index=122&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with an unqualified audit report - Management concluded that disclosure controls and procedures were effective as of December 31, 2024[772](index=772&type=chunk) - Management's assessment, based on the COSO 2013 framework, concluded that internal control over financial reporting was effective as of December 31, 2024[776](index=776&type=chunk) - The company's independent registered public accounting firm issued an unqualified audit report on the internal control over financial reporting[778](index=778&type=chunk) [Other Information](index=123&type=section&id=Item%2016.%20Other%20Information) This section covers governance, principal accountant fees, unit repurchase program, and cybersecurity risk management, with no material incidents reported - The Board of Directors has determined that Serafeim Kriempardis qualifies as an "audit committee financial expert"[780](index=780&type=chunk) Principal Accountant Fees (FY2024) | Fee Type | Amount (in millions) | | :--- | :--- | | Audit Fees | $0.7 | | Tax Fees | $0.2 | | **Total** | **$0.9** | - Under its **$100.0 million unit repurchase program**, Navios Partners repurchased **489,955 common units** for approximately **$25.0 million** during 2024[789](index=789&type=chunk)[790](index=790&type=chunk) - The company has a cybersecurity risk management program overseen by the board, and no material cybersecurity incidents were reported for the year ended December 31, 2024[796](index=796&type=chunk)[799](index=799&type=chunk)[800](index=800&type=chunk) [PART III](index=125&type=section&id=PART%20III) [Financial Statements](index=126&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for FY2024, with an unqualified opinion from Ernst & Young, highlighting vessel recoverability as a critical audit matter - The financial statements were audited by Ernst & Young (Hellas) Certified Auditors Accountants S.A., who issued an unqualified opinion[816](index=816&type=chunk)[817](index=817&type=chunk) - The auditor identified the 'Recoverability assessment of vessels' as a Critical Audit Matter due to the significant judgment and estimation uncertainty involved in forecasting future charter rates for non-contracted revenue days[821](index=821&type=chunk)[822](index=822&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, 2024) | (In thousands of U.S. dollars) | Amount | | :--- | :--- | | Total Assets | $ 5,673,240 | | Total Liabilities | $ 2,566,612 | | Total Partners' Capital | $ 3,106,628 | Consolidated Statement of Operations Highlights (Year ended Dec 31, 2024) | (In thousands of U.S. dollars) | Amount | | :--- | :--- | | Time charter and voyage revenues | $ 1,334,066 | | Net income | $ 367,308 | | Earnings per common unit, basic | $ 11.98 | [Exhibits](index=126&type=section&id=Item%2019.%20Exhibits) This section lists all exhibits filed with the annual report, including partnership agreements, management contracts, and various financing agreements - Key exhibits include the Fourth Amended and Restated Agreement of Limited Partnership[805](index=805&type=chunk) - Includes the Master Management Agreement and Administrative Services Agreement with Navios Shipmanagement Inc., effective January 1, 2025[706](index=706&type=chunk)[810](index=810&type=chunk) - A comprehensive list of financing agreements, including numerous term loan facilities and bareboat charter/sale-leaseback agreements, are filed as exhibits[806](index=806&type=chunk)[807](index=807&type=chunk)[808](index=808&type=chunk)[809](index=809&type=chunk)[810](index=810&type=chunk)

Company Performance - Navios Maritime Partners LP (NMM) closed at $40.08, reflecting a +0.43% change from the previous day's closing price, which is lower than the S&P 500's daily gain of 1.08% [1] - Over the past month, shares of Navios Maritime Partners LP have decreased by 11.8%, underperforming the Transportation sector's loss of 7.24% and the S&P 500's loss of 8.26% [1] Earnings Forecast - The Zacks Consensus Estimates predict earnings of $12.64 per share and revenue of $1.37 billion for the year, representing increases of +13.46% and +11.35% compared to the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Navios Maritime Partners LP are crucial as they reflect the evolving nature of near-term business trends, with positive revisions indicating analysts' confidence in the company's performance [3] Valuation Metrics - Navios Maritime Partners LP currently has a Forward P/E ratio of 3.16, which is significantly lower than the industry's average Forward P/E of 9.33 [6] - The Transportation - Shipping industry, to which the company belongs, has a Zacks Industry Rank of 194, placing it in the bottom 23% of over 250 industries [6] Zacks Rank - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Navios Maritime Partners LP as 5 (Strong Sell), indicating a negative outlook [5]