Dividend Announcements - On 8/11/25, Apple, Navios Maritime Partners, and W.W. Grainger will trade ex-dividend for their upcoming dividends, with Apple paying $0.26, Navios Maritime Partners $0.05, and W.W. Grainger $2.26 [1] - The dividends will be paid on 8/14/25 for Apple and Navios Maritime Partners, and on 9/1/25 for W.W. Grainger [1] Stock Price Adjustments - Following the ex-dividend date, Apple shares are expected to trade approximately 0.12% lower, Navios Maritime Partners 0.11% lower, and W.W. Grainger 0.24% lower, based on their respective dividend yields [2] Dividend History and Stability - Apple is a contender for the "Dividend Aristocrats" index, having increased dividends for over 14 years, while Navios Maritime Partners and W.W. Grainger have their own historical dividend records [3] - The estimated annualized yields are projected to be 0.49% for Apple, 0.44% for Navios Maritime Partners, and 0.94% for W.W. Grainger, indicating a level of stability in their dividend payments [7] Recent Stock Performance - In recent trading, Apple shares are up about 5.1%, Navios Maritime Partners shares are up about 1.7%, and W.W. Grainger shares are up about 2.6% [8]

Core Viewpoint - Navios Maritime Partners LP (NMM) is experiencing a decline in stock price, but has shown significant growth over the past month compared to the broader market and its sector [1] Financial Performance - The upcoming EPS for Navios Maritime Partners LP is projected at $1.74, indicating a 43.14% decrease from the same quarter last year [2] - Revenue is expected to be $309.58 million, reflecting a 2.47% increase compared to the corresponding quarter of the previous year [2] - Full-year earnings are estimated at $9.99 per share and revenue at $1.31 billion, representing year-over-year changes of -10.32% and +6.79%, respectively [3] Analyst Estimates - Recent revisions to analyst estimates for Navios Maritime Partners LP have shown a downward trend, with the Zacks Consensus EPS estimate decreasing by 8.1% over the last 30 days [5] - The company currently holds a Zacks Rank of 4 (Sell), indicating a negative outlook based on these revisions [5] Valuation Metrics - Navios Maritime Partners LP has a Forward P/E ratio of 4.29, which is significantly lower than the industry average Forward P/E of 9.76, suggesting it is undervalued [6] Industry Context - The Transportation - Shipping industry, to which Navios Maritime Partners LP belongs, holds a Zacks Industry Rank of 93, placing it in the top 38% of over 250 industries [6][7] - The Zacks Industry Rank indicates that the top-rated industries tend to outperform the lower-rated ones by a factor of 2 to 1 [7]

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]

[Operating and Financial Review and Prospects](index=2&type=section&id=Operating%20and%20Financial%20Review%20and%20Prospects) [Recent Developments](index=4&type=section&id=Recent%20Developments) Navios Maritime Partners L.P. reported recent fleet activities, including the delivery of a new Aframax/LR2 tanker in April 2025 and an agreement to sell a containership in May 2025, with the sale expected to complete in the second half of 2025 - Delivery of **Nave Dorado**, a **2025-built Aframax/LR2 tanker vessel**, in **April 2025**[9](index=9&type=chunk) - Agreement to sell a **2009-built 4,250 TEU Containership** for a gross sale price of **$35.5 million**, expected to be completed during the **second half of 2025**[9](index=9&type=chunk) [Overview of the Company](index=4&type=section&id=Overview) Navios Partners is an international owner and operator of dry cargo and tanker vessels, public since November 2007. The company has an active common unit repurchase program, having bought back approximately $44.0 million worth of units as of May 27, 2025 - **Navios Partners** is an international owner and operator of **dry cargo and tanker vessels**, formed in **August 2007** and public since **November 2007**[10](index=10&type=chunk) - As of **May 27, 2025**, there were **29,194,209 common units** and **622,296 general partnership units** outstanding[11](index=11&type=chunk) Common Unit Repurchase Program Status (as of May 27, 2025) | Metric | Value | | :-------------------------------- | :------------------- | | Authorized Repurchase Program | $100.0 million | | Common Units Repurchased to Date | 990,179 units | | Total Cost of Repurchases | ~$44.0 million | [Fleet Overview](index=4&type=section&id=Fleet) Navios Partners operates a diverse fleet comprising 69 dry bulk vessels, 48 containerships, and 56 tanker vessels, including significant newbuilding orders for tankers and containerships expected through 2028. Revenues are primarily generated through time charters, with some spot market operations - **Navios Partners' fleet** consists of **69 dry bulk vessels**, **48 containerships**, and **56 tanker vessels**, excluding one containership agreed to be sold[13](index=13&type=chunk) - The fleet includes **17 newbuilding tankers** (**11 Aframax/LR2** and **six MR2 product tankers**) expected to be delivered **through the first half of 2028**, and **four 7,900 TEU newbuilding containerships** expected **through the first half of 2027**[13](index=13&type=chunk) - Revenues are generated by chartering vessels under time charters (up to **12 years**) and, occasionally, in the spot market[14](index=14&type=chunk) [Chartering Activities](index=11&type=section&id=Our%20Charters) Navios Partners provides seaborne shipping services through various charter types, aiming for long-term time charters to ensure consistent revenue. The company's revenue is influenced by fleet size, operating days, and charter rates, with a notable concentration of revenue from one customer in Q1 2025. Risks include customer payment failures, charter terminations, and force majeure events - For the **three months ended March 31, 2025**, one customer accounted for **approximately 16.2% of total revenues**, compared to no single customer accounting for **10.0%** or more in the same period of **2024**[21](index=21&type=chunk)[84](index=84&type=chunk) - Revenues are driven by the number of vessels, operating days, and charter hire rates, which are affected by global economics, international events, and supply/demand dynamics[22](index=22&type=chunk) - Potential risks include customer failure to make charter payments, exercise of termination rights by customers, or termination due to vessel loss/damage, deficiencies, prolonged off-hire, or force majeure events[23](index=23&type=chunk)[26](index=26&type=chunk) [Trends and Factors Affecting Future Results of Operations](index=11&type=section&id=Trends%20and%20Factors%20Affecting%20Our%20Future%20Results%20of%20Operations) Future operational results are primarily influenced by economic, regulatory, political, and governmental conditions impacting the shipping industry. Key factors include charter duration and rates, fleet management decisions, vessel operational efficiency, global supply and demand for cargo shipping, broader economic conditions, and geopolitical events - Principal factors affecting future results include economic, regulatory, political, and governmental conditions impacting the shipping industry[24](index=24&type=chunk) - Specific factors include charter duration and market rates, vessel acquisition and disposal decisions, time spent positioning vessels, off-hire/drydock periods, vessel age/condition, supply and demand in cargo shipping, and economic conditions such as inflation, interest rates, and recession risks[25](index=25&type=chunk) - Armed conflicts (e.g., Israel/Hamas, Russia/Ukraine, Red Sea/Gulf of Aden attacks) and global epidemics/pandemics are also significant influencing factors[25](index=25&type=chunk) [Results of Operations](index=13&type=section&id=Results%20of%20Operations) Navios Partners experienced a decrease in net income and key revenue metrics for the three months ended March 31, 2025, compared to the same period in 2024. This was primarily driven by lower TCE rates and available days, alongside increased vessel operating and general and administrative expenses, partially offset by reduced time charter and voyage expenses [Key Performance Indicators](index=13&type=section&id=Key%20Performance%20Indicators) Fleet Performance Indicators (Three Months Ended March 31) | Indicator | March 31, 2025 | March 31, 2024 | | :---------------------------------- | :--------------- | :--------------- | | Available Days | 13,456 | 13,540 | | Operating Days | 13,349 | 13,445 | | Opex Days | 13,586 | 12,961 | | Fleet Utilization | 99.2% | 99.3% | | Time Charter Equivalent rate (per day) | $21,271 | $21,514 | | Opex rate (per day) | $6,981 | $6,799 | | Vessels operating at end of periods | 154 | 151 | - **TCE rate decreased by 1.1%** to **$21,271 per day** in **Q1 2025** from **$21,514 per day** in **Q1 2024**[28](index=28&type=chunk)[32](index=32&type=chunk) - **Available days** slightly **decreased by 0.6%** to **13,456 days** in **Q1 2025** from **13,540 days** in **Q1 2024**[28](index=28&type=chunk)[32](index=32&type=chunk) [Financial Highlights (Consolidated)](index=14&type=section&id=Financial%20Highlights) Consolidated Revenue and Expense Information (Three Months Ended March 31, in thousands of U.S. dollars) | Item | 2025 | 2024 | | :---------------------------------- | :------- | :------- | | Time charter and voyage revenues | $304,112 | $318,555 | | Time charter and voyage expenses | $(30,017) | $(41,911) | | Vessel operating expenses | $(94,842) | $(88,128) | | General and administrative expenses | $(21,972) | $(20,744) | | Depreciation and amortization | $(78,645) | $(69,917) | | Amortization of unfavorable lease terms | $2,880 | $3,136 | | (Loss)/ gain on sale of vessels | $(5,930) | $1,877 | | Interest expense and finance cost, net | $(33,510) | $(29,409) | | Interest income | $3,394 | $3,396 | | Other expense, net | $(3,743) | $(3,494) | | Net income | $41,727 | $73,361 | | EBITDA | $147,608 | $166,155 | | Adjusted EBITDA | $153,538 | $164,278 | | Operating Surplus | $47,088 | $66,614 | [Period over Period Comparisons](index=14&type=section&id=Period%20over%20Period%20Comparisons) [Time Charter and Voyage Revenues](index=14&type=section&id=Time%20charter%20and%20voyage%20revenues) - **Time charter and voyage revenues decreased by $14.5 million**, or **4.6%**, to **$304.1 million** for **Q1 2025**, compared to **$318.6 million** for **Q1 2024**[32](index=32&type=chunk) - The **decrease** was mainly due to a **1.1% decrease** in the **TCE rate** (**$21,271** vs **$21,514 per day**), a **0.6% decrease** in **available days**, and reduced revenue from freight voyages[32](index=32&type=chunk) [Time Charter and Voyage Expenses](index=14&type=section&id=Time%20charter%20and%20voyage%20expenses) - **Time charter and voyage expenses decreased by $11.9 million** to **$30.0 million** for **Q1 2025**, from **$41.9 million** for **Q1 2024**[33](index=33&type=chunk) - Key drivers for the **decrease** included a **$12.6 million reduction** in bunker expenses, a **$2.4 million decrease** in bareboat and charter-in hire expense for the dry bulk fleet, and a **$1.9 million decrease** in port expenses[33](index=33&type=chunk) [Vessel Operating Expenses](index=14&type=section&id=Vessel%20operating%20expenses) - **Vessel operating expenses increased by $6.7 million** to **$94.8 million** for **Q1 2025**, compared to **$88.1 million** for **Q1 2024**[34](index=34&type=chunk) - The **increase** was primarily due to a **4.8% rise** in opex days and changes in the fleet composition from vessel deliveries and sales[34](index=34&type=chunk) [General and Administrative Expenses](index=16&type=section&id=General%20and%20Administrative%20Expenses) - **General and administrative expenses increased by $1.3 million** to **$22.0 million** for **Q1 2025**, from **$20.7 million** for **Q1 2024**[35](index=35&type=chunk) - This **increase** was mainly attributed to a **$0.8 million rise** in legal, professional, and audit fees, and a **$0.5 million increase** in administrative expenses under the new Administrative Services Agreement[35](index=35&type=chunk) [Depreciation and Amortization](index=16&type=section&id=Depreciation%20and%20Amortization) - **Depreciation and amortization increased by $8.7 million** to **$78.6 million** for **Q1 2025**, compared to **$69.9 million** for **Q1 2024**[36](index=36&type=chunk) - The **increase** was mainly due to **$8.3 million** from the delivery of **20 vessels** in **2024** and **Q1 2025**, and **$3.6 million** from increased amortization of deferred drydock and special survey costs[36](index=36&type=chunk) [Amortization of Unfavorable Lease Terms](index=16&type=section&id=Amortization%20of%20Unfavorable%20Lease%20Terms) - **Amortization of unfavorable lease terms** was **$2.9 million** for **Q1 2025**, a slight **decrease** from **$3.1 million** for **Q1 2024**[37](index=37&type=chunk) [(Loss)/ Gain on Sale of Vessels](index=16&type=section&id=(Loss)%2F%20Gain%20on%20Sale%20of%20Vessels) - **Navios Partners recorded a loss on sale of vessels of $5.9 million** for **Q1 2025**, related to the sale and committed sale of **two vessels**[38](index=38&type=chunk) - In contrast, a **gain on sale of vessels of $1.9 million** was recorded for **Q1 2024** from the sale of **one vessel**[38](index=38&type=chunk) [Interest Expense and Finance Cost, Net](index=16&type=section&id=Interest%20Expense%20and%20Finance%20Cost%2C%20Net) - **Interest expense and finance cost, net, increased by $4.1 million** to **$33.5 million** for **Q1 2025**, from **$29.4 million** for **Q1 2024**[39](index=39&type=chunk) - The **increase** was mainly due to **decreased capitalized interest** related to vessel acquisition deposits and an **increase** in the discount effect of long-term assets and other finance costs[39](index=39&type=chunk) - The **weighted average interest rate decreased to 6.3%** for **Q1 2025** from **7.1%** for **Q1 2024**, while the **weighted average loan balance increased to $2,200.5 million** from **$1,888.4 million**[39](index=39&type=chunk) [Interest Income](index=16&type=section&id=Interest%20Income) - **Interest income remained stable** at **$3.4 million** for both **Q1 2025** and **Q1 2024**[40](index=40&type=chunk) [Other Expense, Net](index=16&type=section&id=Other%20Expense%2C%20Net) - **Other expense, net, increased by $0.2 million** to **$3.7 million** for **Q1 2025**, from **$3.5 million** for **Q1 2024**, mainly due to increased claims[40](index=40&type=chunk) [Net Income](index=16&type=section&id=Net%20Income) - **Net income** for **Q1 2025 amounted to $41.7 million**, a **decrease of $31.7 million** from **$73.4 million** for **Q1 2024**[41](index=41&type=chunk) [Off-Balance Sheet Arrangements](index=16&type=section&id=Off-Balance%20Sheet%20Arrangements) Navios Partners reported no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on its financial condition, results of operations, liquidity, or capital resources - **Navios Partners** has no off-balance sheet arrangements that are material to its financial condition or results of operations[42](index=42&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) Navios Partners maintains a positive working capital position and expects sufficient cash generation from operations and contracted revenues to meet short-term liquidity needs. The company's cash flow from operating activities significantly increased in Q1 2025, while investing activities decreased. Non-GAAP measures like Adjusted EBITDA and Operating Surplus saw declines. Capital expenditures remain substantial, and the company continues its common unit repurchase program [Liquidity Needs and Sources](index=16&type=section&id=Liquidity%20Needs%20and%20Sources) - Primary short-term liquidity sources include cash flows from operations, equity offerings, asset sales, and debt raisings, used for **working capital**, debt service, and distributions[43](index=43&type=chunk) - As of **March 31, 2025**, **Navios Partners** had a **positive working capital of $4.0 million** (**$443.3 million current assets** vs **$439.3 million current liabilities**)[43](index=43&type=chunk) - The company forecasts sufficient cash generation from **$3.5 billion** in contracted revenue (as of **May 23, 2025**) and vessel sales to cover financial commitments for **at least 12 months**[44](index=44&type=chunk) [Cash Flow Analysis](index=18&type=section&id=Cash%20Flow%20Analysis) Condensed Consolidated Statements of Cash Flows (Three Months Ended March 31, in thousands of U.S. dollars) | Activity | 2025 | 2024 | | :------------------------------------------ | :------- | :------- | | Net cash provided by operating activities | $156,552 | $94,436 | | Net cash used in investing activities | $(134,147) | $(168,073) | | Net cash (used in)/ provided by financing activities | $(630) | $57,292 | | Increase/ (decrease) in cash, cash equivalents and restricted cash | $21,775 | $(16,345) | - **Net cash provided by operating activities increased by $62.2 million** to **$156.6 million** for **Q1 2025**, compared to **$94.4 million** for **Q1 2024**[51](index=51&type=chunk) - **Net cash used in investing activities decreased by $33.9 million** to **$134.1 million** for **Q1 2025**, compared to **$168.1 million** for **Q1 2024**, mainly due to lower deposits for vessel acquisitions[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - **Net cash used in financing activities shifted** from a **$57.3 million inflow** in **Q1 2024** to a **$0.6 million outflow** in **Q1 2025**, primarily due to lower proceeds from new credit facilities and increased treasury unit acquisitions[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Reconciliation of Non-GAAP Measures (EBITDA, Adjusted EBITDA, Operating Surplus)](index=22&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures%20(EBITDA%2C%20Adjusted%20EBITDA%2C%20Operating%20Surplus)) EBITDA, Adjusted EBITDA, and Operating Surplus Reconciliation (Three Months Ended March 31, in thousands of U.S. dollars) | Item | 2025 | 2024 | | :-------------------------------------------------------------------------------- | :------- | :------- | | Net cash provided by operating activities | $156,552 | $94,436 | | Net (decrease)/ increase in operating assets | $(7,421) | $366 | | Net (increase)/ decrease in operating liabilities | $(23,046) | $42,983 | | Net interest cost | $30,116 | $26,013 | | Amortization and write-off of deferred finance costs | $(1,672) | $(1,676) | | Amortization of operating lease assets/liabilities | $186 | $791 | | Non-cash amortization of deferred revenue and straight-line | $(1,177) | $1,365 | | (Loss)/ gain on sale of vessels | $(5,930) | $1,877 | | **EBITDA** | **$147,608** | **$166,155** | | Loss/ (gain) on sale of vessels | $5,930 | $(1,877) | | **Adjusted EBITDA** | **$153,538** | **$164,278** | | Cash interest income | $3,878 | $2,790 | | Cash interest paid | $(33,409) | $(32,113) | | Maintenance and replacement capital expenditures | $(76,919) | $(68,341) | | **Operating Surplus** | **$47,088** | **$66,614** | - **Adjusted EBITDA decreased by $10.8 million** to **$153.5 million** for **Q1 2025**, from **$164.3 million** for **Q1 2024**, primarily due to decreased revenues and increased operating expenses[66](index=66&type=chunk) - **Operating Surplus decreased by $19.5 million** to **$47.1 million** for **Q1 2025**, from **$66.6 million** for **Q1 2024**[68](index=68&type=chunk) [Capital Expenditures](index=24&type=section&id=Capital%20Expenditures) - **Capital expenditures** for **Q1 2025 amounted to $132.5 million**, a **decrease** from **$139.1 million** for **Q1 2024**[71](index=71&type=chunk) [Maintenance and Replacement Capital Expenditures Reserve](index=24&type=section&id=Maintenance%20and%20Replacement%20Capital%20Expenditures%20Reserve) - Reserves for estimated **maintenance and replacement capital expenditures** were **$76.9 million** for **Q1 2025**, **up from $68.3 million** for **Q1 2024**[73](index=73&type=chunk) - The estimated annual replacement reserve for **2025** is **approximately $305.4 million**, based on current market prices, useful life assumptions (**25 years** for dry bulk/tanker, **30 years** for containerships), and a net investment rate[73](index=73&type=chunk)[74](index=74&type=chunk) [Limitations on Cash Distributions](index=24&type=section&id=Limitations%20on%20Cash%20Distributions) - There is no guarantee of quarterly distributions to unitholders, as the ability to make distributions depends on subsidiary performance and restrictions under existing and future indebtedness[78](index=78&type=chunk) [Quantitative and Qualitative Disclosures about Market Risks](index=26&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks) Navios Partners faces market risks primarily related to interest rate fluctuations and credit concentration. While foreign exchange risk is minimal due to U.S. dollar-denominated transactions, rising interest rates could increase expenses. The company also highlights the risk of losing significant charter revenue from a concentrated customer base [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) - The functional and reporting currency is the **U.S. dollar**, and transactions are predominantly **U.S. dollar** denominated, minimizing foreign currency risk[80](index=80&type=chunk) [Interest Rate Risk](index=26&type=section&id=Interest%20Rate%20Risk) - The company is exposed to **interest rate risk** as borrowings under credit facilities bear interest based on a premium over **Secured Overnight Financing Rate (SOFR)**[82](index=82&type=chunk) - A **1% increase in SOFR** would have **increased interest expense by $4.6 million** for **Q1 2025** and **$3.3 million** for **Q1 2024**[82](index=82&type=chunk) - The **weighted average interest rate** for outstanding debt **decreased to 6.3%** for **Q1 2025** from **7.1%** for **Q1 2024**[82](index=82&type=chunk) [Concentration of Credit Risk](index=26&type=section&id=Concentration%20of%20Credit%20Risk) - Financial instruments expose the company to credit risk, principally from cash and trade accounts receivable, with monitoring policies in place[83](index=83&type=chunk) - For **Q1 2025**, one customer accounted for **approximately 16.2% of total revenues**, posing a concentration risk[84](index=84&type=chunk) - The loss of a charter or customer, or their failure to perform obligations, could materially adversely affect business, results of operations, and financial condition[85](index=85&type=chunk)[86](index=86&type=chunk) [Recent Accounting Pronouncements](index=26&type=section&id=Recent%20Accounting%20Pronouncements) Information regarding recent accounting pronouncements is included in the accompanying notes to the unaudited condensed consolidated financial statements - Recent accounting pronouncements are detailed in the notes to the unaudited condensed consolidated financial statements[87](index=87&type=chunk) [Critical Accounting Policies](index=28&type=section&id=Critical%20Accounting%20Policies) The company's financial statements are prepared under U.S. GAAP, requiring significant management estimates and judgments. Critical accounting policies, which could lead to materially different results under varying assumptions, are detailed in Note 2 of the Annual Report and the accompanying notes - Financial statements are prepared in accordance with **U.S. GAAP**, requiring management estimates and judgments[88](index=88&type=chunk) - **Critical accounting policies**, reflecting significant judgments or uncertainties, are described in **Note 2 of the Company's Annual Report** and the accompanying notes[89](index=89&type=chunk) [Financial Statements and Notes](index=29&type=section&id=INDEX%20F-1) [Unaudited Condensed Consolidated Balance Sheets](index=30&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20AS%20AT%20MARCH%2031%2C%202025%20AND%20DECEMBER%2031%2C%202024) The balance sheet shows total assets of $5,733.1 million as of March 31, 2025, a slight increase from $5,673.2 million at December 31, 2024. Current assets remained stable, while non-current assets increased, primarily due to vessel acquisitions. Total liabilities also increased, driven by current liabilities and long-term finance lease and financial liabilities Key Balance Sheet Figures (in thousands of U.S. dollars) | Item | March 31, 2025 | December 31, 2024 | | :---------------------------------- | :--------------- | :---------------- | | Total current assets | $443,344 | $442,991 | | Total non-current assets | $5,289,711 | $5,230,249 | | **Total assets** | **$5,733,055** | **$5,673,240** | | Total current liabilities | $439,313 | $409,666 | | Total non-current liabilities | $2,158,669 | $2,156,946 | | **Total liabilities** | **$2,597,982** | **$2,566,612** | | Total partners' capital | $3,135,073 | $3,106,628 | - **Current assets remained relatively stable**, while **vessels, net, increased** from **$4,241.3 million** to **$4,500.2 million**[93](index=93&type=chunk) - **Current liabilities increased** from **$409.7 million** to **$439.3 million**, mainly due to an **increase** in amounts due to related parties[93](index=93&type=chunk) [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=31&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME%20FOR%20THE%20THREE%20MONTH%20PERIODS%20ENDED%20MARCH%2031%2C%202025%20AND%202024) Net income for the three months ended March 31, 2025, decreased to $41.7 million from $73.4 million in the prior year, primarily due to lower time charter and voyage revenues and a loss on vessel sales, despite reduced time charter and voyage expenses. Total comprehensive income also decreased significantly Key Comprehensive Income Figures (in thousands of U.S. dollars, except per unit data) | Item | March 31, 2025 | March 31, 2024 | | :------------------------------------------ | :--------------- | :--------------- | | Time charter and voyage revenues | $304,112 | $318,555 | | Net income | $41,727 | $73,361 | | Unrealized loss on cash flow hedges | $(1,771) | $— | | Total comprehensive income | $39,956 | $73,361 | | Earnings per common unit, basic | $1.38 | $2.38 | | Earnings per common unit, diluted | $1.38 | $2.38 | - **Net income decreased by $31.6 million**, from **$73.4 million** in **Q1 2024** to **$41.7 million** in **Q1 2025**[95](index=95&type=chunk) - **Total comprehensive income** for **Q1 2025** was **$39.9 million**, including an **unrealized loss on cash flow hedges of $1.8 million**, compared to **$73.4 million** in **Q1 2024**[95](index=95&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=32&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20FOR%20THE%20THREE%20MONTH%20PERIODS%20ENDED%20MARCH%2031%2C%202025%20AND%202024) Net cash provided by operating activities significantly increased to $156.6 million in Q1 2025, up from $94.4 million in Q1 2024, driven by non-cash adjustments and changes in operating assets and liabilities. Net cash used in investing activities decreased, while financing activities shifted from a net inflow to a net outflow, resulting in an overall increase in cash, cash equivalents, and restricted cash Key Cash Flow Figures (in thousands of U.S. dollars) | Activity | March 31, 2025 | March 31, 2024 | | :------------------------------------------ | :--------------- | :--------------- | | Net cash provided by operating activities | $156,552 | $94,436 | | Net cash used in investing activities | $(134,147) | $(168,073) | | Net cash (used in)/ provided by financing activities | $(630) | $57,292 | | Increase/ (decrease) in cash, cash equivalents and restricted cash | $21,775 | $(16,345) | | Cash, cash equivalents and restricted cash, end of period | $321,564 | $232,830 | - **Net cash provided by operating activities increased by $62.2 million**, mainly due to non-cash adjustments and a net cash inflow from changes in operating assets and liabilities[51](index=51&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - **Net cash used in investing activities decreased by $33.9 million**, primarily due to lower deposits for vessel acquisitions[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Financing activities shifted from a **$57.3 million inflow** in **Q1 2024** to a **$0.6 million outflow** in **Q1 2025**, reflecting lower proceeds from new credit facilities and increased treasury unit acquisitions[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Partners' Capital](index=34&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20PARTNERS%27%20CAPITAL%20FOR%20THE%20THREE%20MONTH%20PERIODS%20ENDED%20MARCH%2031%2C%202025%20AND%202024) Total partners' capital increased to $3,135.1 million as of March 31, 2025, from $3,106.6 million at December 31, 2024. This increase was driven by net income, partially offset by cash distributions paid, acquisition of treasury units, and an accumulated other comprehensive loss from unrealized losses on cash flow hedges Changes in Partners' Capital (in thousands of U.S. dollars, except unit data) | Item | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :--------------- | :---------------- | | Balance, beginning of period | $3,106,628 | $2,770,452 (Dec 31, 2023) | | Cash distribution paid | $(1,511) | $(1,540) | | Acquisition of treasury units | $(10,000) | $— | | Other comprehensive loss | $(1,771) | $— | | Net income | $41,727 | $73,361 | | **Balance, end of period** | **$3,135,073** | **$2,842,273 (March 31, 2024)** | - **Total partners' capital increased by $28.4 million** from **December 31, 2024**, to **March 31, 2025**[100](index=100&type=chunk) - The **increase** was primarily due to **net income of $41.7 million**, partially offset by **$1.5 million** in cash distributions, **$10.0 million** for treasury unit acquisitions, and a **$1.8 million unrealized loss on cash flow hedges**[100](index=100&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=35&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) [NOTE 1 – DESCRIPTION OF BUSINESS](index=35&type=section&id=NOTE%201%20%E2%80%93%20DESCRIPTION%20OF%20BUSINESS) - **Navios Maritime Partners L.P.** is an international owner and operator of **dry cargo and tanker vessels**, formed in **August 2007**[101](index=101&type=chunk) - Operations are managed by **Navios Shipmanagement Inc.** and its affiliates, entities affiliated with the Company's Chairwoman and CEO, **Angeliki Frangou**[102](index=102&type=chunk) - As of **March 31, 2025**, **Angeliki Frangou** beneficially owns **approximately 17.1% common interest** and **2.1% general partnership interest**[103](index=103&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=35&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - The interim condensed consolidated financial statements are unaudited and prepared in accordance with **U.S. GAAP**, with comparative figures reclassified to conform to current year presentation changes[104](index=104&type=chunk) - Management believes the Company has adequate financial resources to continue operations and meet commitments for at least **12 months**, adopting the **going concern basis**[105](index=105&type=chunk) - Revenue from **time chartering** and **bareboat chartering** is recognized on a straight-line basis as operating leases, while **voyage charter revenue** is recognized ratably from port of loading to cargo discharge[110](index=110&type=chunk)[111](index=111&type=chunk) [NOTE 3 – CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND OTHER INVESTMENTS](index=39&type=section&id=NOTE%203%20%E2%80%93%20CASH%20AND%20CASH%20EQUIVALENTS%20AND%20RESTRICTED%20CASH%20AND%20OTHER%20INVESTMENTS) Cash and Cash Equivalents and Restricted Cash (in thousands of U.S. dollars) | Item | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :--------------- | :---------------- | | Cash and cash equivalents | $320,968 | $270,166 | | Restricted cash | $596 | $29,623 | | **Total cash and cash equivalents and restricted cash** | **$321,564** | **$299,789** | - **Restricted cash** is held in retention accounts for debt and interest payments as required by credit facilities[119](index=119&type=chunk) - **Other investments**, consisting of time deposits with maturities between three and twelve months, amounted to **$21.4 million** as of **March 31, 2025**, **up from $12.3 million** at **December 31, 2024**[121](index=121&type=chunk) [NOTE 4 – VESSELS, NET](index=39&type=section&id=NOTE%204%20%E2%80%93%20VESSELS%2C%20NET) Vessels, Net (in thousands of U.S. dollars) | Item | December 31, 2024 | March 31, 2025 | | :------------------------------------------ | :---------------- | :--------------- | | Total Vessels, Net Book Value | $4,241,292 | $4,500,169 | | Additions/ (Depreciation) | $279,152 | $283,087 (Owned Vessels) | | Disposals/ (Impairment) | $(12,856) | $(12,856) | | Transfer to assets held for sale | $(7,419) | $(7,419) | - During **Q1 2025**, **Navios Partners** took delivery of **three new vessels** (**two containerships** and **one tanker**) for an aggregate acquisition cost of **$326.2 million**[126](index=126&type=chunk) - A **loss on sale of vessels of $5.9 million** was recognized in **Q1 2025**, related to the sale and committed sale of **two vessels**, including a **$3.8 million impairment loss**[128](index=128&type=chunk)[133](index=133&type=chunk) [NOTE 5 – INTANGIBLE ASSETS AND LIABILITIES](index=42&type=section&id=NOTE%205%20%E2%80%93%20INTANGIBLE%20ASSETS%20AND%20LIABILITIES) Intangible Assets and Liabilities (Net Book Value, in thousands of U.S. dollars) | Item | December 31, 2024 | March 31, 2025 | | :------------------------------------------ | :---------------- | :--------------- | | Favorable lease terms | $42,311 | $37,871 | | Unfavorable lease terms | $15,266 | $12,386 | - **Amortization expense** for **favorable lease terms** was **$4.4 million** for **Q1 2025**, with a weighted average useful life of **4.6 years** remaining[134](index=134&type=chunk)[137](index=137&type=chunk) - **Amortization income** for **unfavorable lease terms** was **$2.9 million** for **Q1 2025**, with a weighted average useful life of **1.1 years** remaining[138](index=138&type=chunk) [NOTE 6 – BORROWINGS](index=44&type=section&id=NOTE%206%20%E2%80%93%20BORROWINGS) Total Borrowings (in thousands of U.S. dollars) | Item | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :--------------- | :---------------- | | Credit facilities | $1,096,726 | $1,096,178 | | Financial liabilities | $747,241 | $731,206 | | Finance lease liabilities | $321,667 | $325,784 | | **Total borrowings** | **$2,165,634** | **$2,153,168** | | Long-term borrowings, net | $1,875,186 | $1,862,715 | - **Navios Partners entered into new credit facilities** with **KFW IPEX-BANK GMBH for up to $151.5 million** and **Hellenic Bank Public Company Limited for up to $30.0 million** in **Q1 2025**[140](index=140&type=chunk)[142](index=142&type=chunk) - The company was in compliance with all **financial covenants** under its credit facilities and financial liabilities as of **March 31, 2025**[151](index=151&type=chunk) - The annualized **weighted average interest rate** for **total borrowings decreased to 6.3%** for **Q1 2025** from **7.1%** for **Q1 2024**[153](index=153&type=chunk) [NOTE 7 – INTEREST EXPENSE AND FINANCE COST, NET](index=47&type=section&id=NOTE%207%20%E2%80%93%20INTEREST%20EXPENSE%20AND%20FINANCE%20COST%2C%20NET) Interest Expense and Finance Cost, Net (in thousands of U.S. dollars) | Item | March 31, 2025 | March 31, 2024 | | :------------------------------------------ | :--------------- | :--------------- | | Interest expense incurred on credit facilities and financial liabilities | $29,375 | $25,946 | | Interest expense incurred on finance lease liabilities | $5,415 | $8,034 | | Interest expense capitalized related to deposits for vessel acquisitions | $(3,879) | $(6,137) | | Amortization and write-off of deferred finance costs | $1,672 | $1,676 | | Discount effect of long-term assets and other finance costs | $927 | $(110) | | **Total interest expense and finance cost, net** | **$33,510** | **$29,409** | - **Total interest expense and finance cost, net, increased by $4.1 million** to **$33.5 million** in **Q1 2025**[156](index=156&type=chunk) [NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS](index=47&type=section&id=NOTE%208%20%E2%80%93%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS) Fair Value of Financial Instruments (in thousands of U.S. dollars) | Item | March 31, 2025 (Book Value) | March 31, 2025 (Fair Value) | December 31, 2024 (Book Value) | December 31, 2024 (Fair Value) | | :------------------------------------------ | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $320,968 | $320,968 | $270,166 | $270,166 | | Restricted cash | $596 | $596 | $29,623 | $29,623 | | Other investments | $21,386 | $21,386 | $12,289 | $12,289 | | Amounts due from related parties, short-term | $1,469 | $1,469 | $36,620 | $36,620 | | Amounts due to related parties, short-term | $(22,777) | $(22,777) | $— | $— | | Credit facilities and financial liabilities, net | $(1,819,427) | $(1,843,967) | $(1,803,153) | $(1,827,384) | | Fair value of derivatives, including current portion | $(1,771) | $(1,771) | $— | $— | - In **February 2025**, **Navios Partners entered into interest rate swaps** for a notional amount of **$87.9 million** to hedge interest rate exposure, designated as a **Cash Flow Hedge**[172](index=172&type=chunk)[173](index=173&type=chunk) - As of **March 31, 2025**, the fair value of the Swap Transaction amounted to a **$1.8 million loss**, recognized in **accumulated other comprehensive loss**[174](index=174&type=chunk) [NOTE 9 – REPURCHASES AND ISSUANCE OF UNITS](index=52&type=section&id=NOTE%209%20%E2%80%93%20REPURCHASES%20AND%20ISSUANCE%20OF%20UNITS) - The Board of Directors authorized a **common unit repurchase program** for up to **$100.0 million** in **July 2022**[178](index=178&type=chunk) - As of **March 31, 2025**, the Company repurchased **236,459 common units** in **2025** for **$10.0 million**, and a total of **990,179 common units** for **approximately $44.0 million** since the program's commencement[178](index=178&type=chunk) [NOTE 10 – INCOME TAXES](index=52&type=section&id=NOTE%2010%20%E2%80%93%20INCOME%20TAXES) - The **Republic of the Marshall Islands** does not impose tax on international shipping income[179](index=179&type=chunk) - Vessel-owning subsidiaries are subject to registration and tonnage taxes in their countries of incorporation/registration[179](index=179&type=chunk) - **Navios Partners** is treated as a corporation for **U.S. federal income tax purposes** and believes it satisfies the ownership test for **Section 883 exemption** from **U.S. income tax** on international shipping income[182](index=182&type=chunk)[184](index=184&type=chunk) [NOTE 11 – COMMITMENTS AND CONTINGENCIES](index=54&type=section&id=NOTE%2011%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) - **Navios Partners** is involved in various disputes and arbitration proceedings, with provisions recognized for probable and estimable liabilities[185](index=185&type=chunk) - The company has significant commitments for **newbuilding vessel acquisitions**, including **Aframax/LR2 tanker vessels** and **MR2 Product Tanker vessels**, with deliveries expected **through 2028**[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) Future Minimum Lease Commitments for Undelivered Bareboat-in Vessels (in thousands of U.S. dollars) | Period | Amount | | :---------------- | :------- | | 2026 | $1,781 | | 2027 | $9,725 | | 2028 | $18,666 | | 2029 | $18,615 | | 2030 | $18,615 | | 2031 and thereafter | $118,893 | | **Total** | **$186,295** | [NOTE 12 – TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES](index=56&type=section&id=NOTE%2012%20%E2%80%93%20TRANSACTIONS%20WITH%20RELATED%20PARTIES%20AND%20AFFILIATES) - **Navios Partners renewed its Master Management Agreement** and **Administrative Services Agreement** with the **Manager** (affiliated with CEO **Angeliki Frangou**) for **ten-year terms commencing January 1, 2025**[198](index=198&type=chunk)[210](index=210&type=chunk) - The **Master Management Agreement** includes a **technical management fee of $0.95 per day per owned vessel**, a **commercial management fee of 1.25% on revenues**, and a **1% S&P fee** on purchase or sales price[200](index=200&type=chunk) - Total **general and administrative expenses charged by the Manager** were **$16.3 million** for **Q1 2025**, **up from $15.8 million** for **Q1 2024**[211](index=211&type=chunk) [NOTE 13 – CASH DISTRIBUTIONS AND EARNINGS PER UNIT](index=60&type=section&id=NOTE%2013%20%E2%80%93%20CASH%20DISTRIBUTIONS%20AND%20EARNINGS%20PER%20UNIT) - The Board of Directors authorized quarterly **cash distributions of $0.05 per unit** for **Q4 2023** (paid **Feb 2024**), **Q4 2024** (paid **Feb 2025**), and **Q1 2025** (paid **May 2025**)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) Earnings Per Unit (in U.S. dollars) | Item | March 31, 2025 | March 31, 2024 | | :------------------------------------------ | :--------------- | :--------------- | | Net income | $41,727 | $73,361 | | Common unitholders' net income | $40,851 | $71,894 | | Weighted average common units outstanding basic/diluted | 29,579,770 | 30,184,388 | | Earnings per common unit, basic | $1.38 | $2.38 | | Earnings per common unit, diluted | $1.38 | $2.38 | | Earnings per unit distributed basic/diluted | $0.05 | $0.05 | - **Earnings per common unit** (**basic and diluted**) **decreased to $1.38** for **Q1 2025** from **$2.38** for **Q1 2024**[228](index=228&type=chunk) [NOTE 14 – LEASES](index=63&type=section&id=NOTE%2014%20%E2%80%93%20LEASES) - **Operating lease liability amounted to $234.4 million** as of **March 31, 2025**, with corresponding **right-of-use assets of $237.8 million**[232](index=232&type=chunk) - **Lease expense** for **operating leases** was **$9.6 million** for **Q1 2025**, and **sublease income** was **$16.1 million**[233](index=233&type=chunk)[235](index=235&type=chunk) - **Sublease income for finance leases** was **$15.5 million** for **Q1 2025**, with a weighted average useful life of **10.3 years** remaining for finance lease terms[238](index=238&type=chunk)[239](index=239&type=chunk) [NOTE 15 – SUBSEQUENT EVENTS](index=66&type=section&id=NOTE%2015%20%E2%80%93%20SUBSEQUENT%20EVENTS) - In **April 2025**, **Navios Partners took delivery of the Nave Dorado**, a **2025-built Aframax/LR2 tanker vessel**[243](index=243&type=chunk) - In **May 2025**, the company agreed to sell a **2009-built 4,250 TEU Containership for $35.5 million**, with an expected aggregate gain on sale of **approximately $18.2 million** for this and another vessel[244](index=244&type=chunk)

Financial Data and Key Metrics Changes - The company reported revenue of $304.1 million for Q1 2025, a decrease of 4.6% compared to $319 million in Q1 2024 [18] - EBITDA for the quarter was $147.6 million, with adjusted EBITDA decreasing by $11 million to $154 million compared to Q1 2024 [19][20] - Net income for Q1 2025 was $41.7 million, down from $71 million in Q1 2024, reflecting a decrease in adjusted net income by $24 million [20] - Earnings per common unit were $1.38 for the quarter [5] Business Line Data and Key Metrics Changes - The fleet time charter equivalent (TCE) rate decreased by 1.1% to $21,271 per day [19] - TCE rates for the container fleet increased by 2.2% to $30,501 per day, while TCE rates for dry bulk and tanker fleets decreased by 10.5% and 7.1% respectively [19] - The company sold three vessels with an average age of 19.1 years for approximately $35 million [10][17] Market Data and Key Metrics Changes - The global trade environment has been affected by U.S. tariffs, with 3.7% of global trade subject to declared tariffs [23] - Tariffs on Chinese imports rose to 145%, impacting container and car trades significantly [24] - The dry bulk trade is expected to decline by 1.2% in 2025, while ton miles are projected to decrease by 0.4% [29] Company Strategy and Development Direction - The company has a contract backlog of $3.4 billion, providing revenue visibility in uncertain markets [8][12] - Focus on deleveraging has reduced net loan-to-value (LTV) from 45% at the end of 2022 to 35.2% at the end of Q1 2025 [14] - The company is actively managing interest rate risk, with 30% of long-term debt fixed at an average rate of 5.5% [8][22] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns over the geopolitical environment, particularly the wars in Ukraine and the Middle East, and their impact on global trade [6][49] - Despite uncertainties, the management noted that the spot rate market has remained generally healthy [7] - The company is focused on maintaining liquidity and flexibility in its operations, with $340 million in cash on the balance sheet [49] Other Important Information - The company has a strong backlog of contracted revenue, with $1.4 billion related to the tanker fleet, $200 million for dry bulk, and $1.8 billion for containerships [12][17] - The company repurchased 423,984 common units for $16.1 million in 2025, returning a total of $17.6 million to shareholders [11] Q&A Session Summary Question: Changes in capital allocation approach - The management emphasized the importance of patience in navigating the current uncertain environment and highlighted the focus on liquidity and balance sheet optimization [46][49] Question: Opportunities for fleet renewal and acquisitions - The management noted that while long-term charter deals are currently scarce due to uncertainty, they remain open to new opportunities as the market evolves [54][55] Question: Asset values across business segments - The management indicated that tanker values remain strong, while dry bulk has shown healthy levels despite uncertainties, and the spot market has been resilient [58][60]

Financial Data and Key Metrics Changes - The company reported revenue of $304.1 million for Q1 2025, a decrease of 4.6% compared to $319 million in Q1 2024 [18] - EBITDA for the quarter was $147.6 million, with adjusted EBITDA decreasing by $11 million to $154 million compared to Q1 2024 [19][20] - Net income for Q1 2025 was $41.7 million, down from $71 million in Q1 2024, reflecting a decrease in adjusted net income by $24 million [20] - Earnings per common unit were $1.38 for the quarter [5] Business Line Data and Key Metrics Changes - The fleet time charter equivalent (TCE) rate decreased by 1.1% to $21,271 per day [19] - The TCE rate for the container fleet increased by 2.2% to $30,501 per day, while the TCE rates for dry bulk and tanker fleets decreased by 10.5% and 7.1% respectively [19] - The company sold three vessels with an average age of 19.1 years for approximately $35 million [10][17] Market Data and Key Metrics Changes - The global trade environment has been affected by U.S. tariffs, with 3.7% of global trade subject to declared tariffs [24] - Tariffs on Chinese imports rose to 145%, impacting container and car trades significantly [25] - The dry bulk trade is expected to decline by 1.2% in 2025, while ton miles are projected to decrease by 0.4% [30] Company Strategy and Development Direction - The company has a contract backlog of $3.4 billion, providing revenue stability amid market uncertainties [8][12] - Focus on modernizing the fleet and reducing carbon footprint through newer technologies [16] - The company aims to maintain flexibility in capital allocation, balancing between share repurchases and fleet renewal [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over the geopolitical environment, particularly the U.S. tariffs and ongoing wars, which create significant uncertainty [6][47] - Despite challenges, management noted that the spot rate market has remained generally healthy [7] - The company is actively managing interest rate risk, with 30% of long-term debt fixed at an average rate of 5.5% [8][22] Other Important Information - The company ended Q1 2025 with $343 million in cash on the balance sheet [9] - The net loan-to-value (LTV) ratio improved to 35.2% from 45% at the end of 2022 [14] - The company has a strong backlog of contracted revenue, with $1.4 billion related to the tanker fleet, $200 million to dry bulk, and $1.8 billion to containerships [12][17] Q&A Session Summary Question: Changes in capital allocation approach - Management emphasized the importance of patience in navigating the current uncertain environment, focusing on liquidity and contracted revenue [47][48] Question: Opportunities for fleet renewal and acquisitions - Management noted that long-term charter deals are currently scarce due to uncertainty, but they remain open to new opportunities as the market evolves [55][56] Question: Asset values across business segments - Management indicated that tanker values remain strong, while dry bulk shows healthy levels despite uncertainties, and the spot market has been resilient [59][60]

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]