Core Points - Navios Maritime Partners L.P. will host a conference call on November 18, 2025, at 8:30 am ET to discuss earnings results for Q3 and the nine months ended September 30, 2025 [1][2] - The company will report its financial results prior to the conference call [1] - A supplemental slide presentation will be available on the company's website at 8:00 am ET on the day of the call [2] Conference Call Details - Call Date/Time: November 18, 2025, at 8:30 am ET [2] - US Dial In: +1.800.267.6316; International Dial In: +1.203.518.9783; Conference ID: NMMQ325 [2] - Replay of the conference call will be available two hours after the live call for one week [2] Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [3]

Core Viewpoint - The increase in global oil supply and sanctions have led to a surge in demand for "unaffected" tankers, resulting in the highest tanker earnings since the peak of the COVID-19 pandemic [1] Group 1: Oil Tanker Earnings - The daily rental rate for tankers transporting 2 million barrels of crude oil from the Middle East to China has risen by 40% to $125,000, marking the highest level since April 2020 [1] - The Baltic Exchange reports that this increase is driven by the need for alternative sources due to recent U.S. sanctions on two major Russian oil companies [1] Group 2: Market Dynamics - Lars Barstad, CEO of Frontline, noted that sanctioned crude oil transportation is hindered, leading to longer waiting times for vessels [1] - There has been an increase in shipping volume from the Atlantic Basin to Asia, contributing to a rise in ton-miles [1] - More OPEC crude oil is entering the market, further influencing tanker demand [1] Group 3: Related Stocks - Relevant stocks in the tanker industry include Frontline, Teekay, Teekay Tankers, CMB.Tech, Scorpio Tankers, DHT Holdings, Tsakos Energy Navigation, Navios Maritime Holdings, International Seaways, Nordic American Tankers, and SFL Corp [1]

Core Viewpoint - Navios Maritime Partners L.P. has successfully issued USD 300 million in new senior unsecured bonds with a fixed coupon of 7.75% per annum, maturing in November 2030, aimed at refinancing existing debt and supporting general corporate purposes [1][2]. Group 1: Bond Issuance Details - The new bonds are set to mature in November 2030 and will pay a fixed coupon of 7.75% per annum, with interest payable semi-annually in arrears [1]. - The net proceeds from the bond issuance will be utilized for repaying certain outstanding secured debt facilities and for general corporate purposes [2]. - Arctic Securities AS acted as the Sole Global Coordinator and Bookrunner for the bond issue, with Fearnley Securities AS and Skandinaviska Enskilda Banken AB (publ) Oslofilialen serving as Joint Bookrunners [3]. Group 2: Regulatory and Market Context - The bonds are being sold in the United States only to qualified institutional buyers as defined under Rule 144A of the U.S. Securities Act, and have not been registered under the U.S. Securities Act or any state securities laws [4]. - An application will be made for the bonds to be listed on the Oslo Stock Exchange [1]. Group 3: Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [5].

Core Viewpoint - Navios Maritime Partners L.P. is planning to initiate a series of fixed income investor calls starting on October 20, 2025, with the potential issuance of a five-year USD denominated senior unsecured bond, contingent on market conditions [1]. Group 1: Bond Issuance Details - The net proceeds from the proposed bond issue are intended for the repayment of certain outstanding debt facilities and for general corporate purposes [2]. - The senior unsecured bonds will be offered only to qualified institutional buyers in the United States under Rule 144A of the U.S. Securities Act [3]. Group 2: Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [4].

Core Viewpoint - Navios Maritime Partners L.P. has engaged in significant vessel transactions, including sales and charters, which are expected to enhance its revenue and operational capacity in the maritime sector [1][2][4]. Vessel Sales & Deliveries - Navios Partners has sold two dry bulk vessels and agreed to sell one tanker vessel, generating expected gross sale proceeds of $69.1 million [2][8]. - The company took delivery of a 2025-built MR2 product tanker, which has been chartered out at a rate of $22,669 net per day for approximately five years [2][3]. Fleet Composition - Following recent transactions, Navios Partners operates a fleet of 172 vessels, including 65 dry bulk vessels, 51 containerships, and 56 tankers, with a total carrying capacity of 15.1 million dwt [3]. - The fleet's average age is 9.7 years, and it includes 17 newbuilding tankers and eight newbuilding containerships expected to be delivered through the first half of 2028 [3]. Vessel Charters - New long-term charters are anticipated to generate revenue of $113.9 million [4]. - As of October 10, 2025, Navios Partners has fixed 88.1% of its available days for the last six months of 2025 and 48.1% for 2026, with expected contracted revenue of $580.4 million and $749.9 million for these periods, respectively [5]. Charter Rates - The average expected daily charter-out rate for the fleet is projected to be $24,399 for the last six months of 2025 and $28,092 for 2026 [5].

Company Performance - Navios Maritime Partners LP (NMM) closed at $48.35, down 1.47% from the previous trading session, underperforming the S&P 500's daily loss of 0.13% [1] - Over the past month, shares of Navios Maritime Partners LP gained 11.98%, outperforming the Transportation sector's loss of 0.76% and the S&P 500's gain of 2.71% [1] Upcoming Earnings - The company is expected to report an EPS of $2.95, reflecting a 6.35% decrease from the same quarter last year [2] - Revenue is projected at $353.75 million, indicating a 15.65% increase from the equivalent quarter last year [2] Full Year Estimates - For the full year, earnings are projected at $9.99 per share, showing a decline of 10.32% from the previous year [3] - Revenue for the full year is estimated at $1.31 billion, representing a growth of 6.79% compared to the prior year [3] Analyst Forecasts - Recent revisions to analyst forecasts for Navios Maritime Partners LP are important as they reflect changes in short-term business dynamics [4] - Positive estimate revisions are seen as a sign of optimism regarding the business outlook [4] Zacks Rank and Valuation - The Zacks Rank system currently rates Navios Maritime Partners LP at 4 (Sell), with the consensus EPS estimate remaining unchanged over the last 30 days [6] - The company has a Forward P/E ratio of 4.91, which is significantly lower than the industry average Forward P/E of 11.34, suggesting it is trading at a discount [7] Industry Context - The Transportation - Shipping industry, to which Navios Maritime Partners LP belongs, holds a Zacks Industry Rank of 167, placing it in the bottom 33% of over 250 industries [7] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks within those groups [8]

Financial Performance - For the six-month period ended June 30, 2025, net income was $111,674, down 36.1% from $174,830 for the same period in 2024[106]. - Earnings per common unit, basic, for the three months ended June 30, 2025, were $2.34, compared to $3.30 for the same period in 2024, representing a decline of 29.1%[106]. - The total comprehensive income for the three months ended June 30, 2025, was $69,404, down 31.6% from $101,469 for the same period in 2024[106]. - For the three and six month periods ended June 30, 2025, net income was $69,947 and $111,674 respectively, compared to $101,469 and $174,830 for the same periods in 2024, indicating a decrease of approximately 31% and 36% year-over-year[241]. - Basic earnings per common unit for the three and six month periods ended June 30, 2025 were $2.34 and $3.72 respectively, down from $3.30 and $5.68 in 2024, reflecting a decline of about 29% and 35% year-over-year[241]. Revenue and Expenses - Time charter and voyage revenues for the three months ended June 30, 2025, were $327,558, a decrease of 4.7% from $342,155 for the same period in 2024[106]. - Revenue from time chartering and bareboat chartering of vessels for Q2 2025 was $315,290, up from $301,435 in Q2 2024, representing a 0.3% increase[122]. - Revenue from voyage contracts for Q2 2025 was $3,568, down from $32,729 in Q2 2024, indicating a significant decline[123]. - Revenue from pooling arrangements for Q2 2025 was $8,700, compared to $7,991 in Q2 2024, reflecting an increase of 8.8%[124]. - General and administrative expenses charged by the Manager for the three and six month periods ended June 30, 2025 were $18,454 and $34,790 respectively, compared to $15,770 and $31,549 for the same periods in 2024, showing an increase of approximately 17% and 10% year-over-year[228]. - The company reported a loss on the sale of vessels, net, of $329 for the six months ended June 30, 2025, compared to a gain of $9,133 for the same period in 2024[109]. Assets and Liabilities - As of June 30, 2025, total assets amounted to $5.88 billion, an increase from $5.67 billion as of December 31, 2024[104]. - Total liabilities as of June 30, 2025, were $2.69 billion, up from $2.57 billion at the end of 2024[104]. - The company’s total partners' capital increased to $3.19 billion as of June 30, 2025, from $3.11 billion at the end of 2024[104]. - As of June 30, 2025, total borrowings amounted to $2,252,747, an increase of 4.6% from $2,153,168 on December 31, 2024[148]. - Long-term borrowings, net of deferred finance costs, were $1,957,295 as of June 30, 2025, compared to $1,862,715 at the end of 2024, reflecting a growth of 5.1%[148]. Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2025, was $278,180, an increase of 23.1% from $225,915 for the same period in 2024[109]. - Net cash used in investing activities for the six months ended June 30, 2025, was $268,650, a decrease of 8.6% from $293,957 for the same period in 2024[109]. - The company experienced a net cash inflow from financing activities of $68,304 for the six months ended June 30, 2025, compared to $98,711 for the same period in 2024, a decrease of 30.7%[109]. Debt and Financing - The company entered into a reducing revolving credit facility with National Bank of Greece S.A. for up to $100,000, with $40,000 drawn as of June 30, 2025[149]. - A credit facility with BNP Paribas for up to $227,070 was established, with $62,500 drawn as of June 30, 2025[152]. - The outstanding balance under a sale and leaseback agreement was $170,380 as of June 30, 2025, related to the acquisition of two newbuilding containerships and two Aframax/LR2 tanker vessels[163]. - The total outstanding balance of the credit facilities was $2,226,991, net of deferred finance costs[148]. - The company has drawn a total of $119,434 from an export agency-backed facility for the acquisition of newbuilding containerships, with an outstanding balance of $165,638 as of June 30, 2025[158]. Vessel Operations - The company may face challenges in re-deploying vessels if charters are lost, which could adversely affect revenues and operational performance[96]. - The company has a purchase obligation to acquire vessels at the end of lease terms under ASC 842-40, indicating ongoing investment in fleet expansion[162]. - The company initiated a process to sell a 2009-built transhipper vessel, which was classified as held for sale as of June 30, 2025, with the sale completed on July 30, 2025[142]. - During the six-month period ended June 30, 2025, Navios Partners acquired five vessels for an aggregate cost of $464,612, including $49,934 in capitalized expenses[135]. - In the same period, the company sold three vessels for a net sales price of $33,717, resulting in a loss of $329, which included an impairment loss of $2,992[139]. Risk Management - The company has significant exposure to foreign exchange risk, although most transactions are predominantly U.S. dollar denominated[91]. - The company closely monitors credit risk, with policies in place to ensure trading with customers that have appropriate credit histories[94]. - Navios Partners believes it has adequate financial resources to meet its commitments for at least 12 months from the issuance date of the financial statements[117]. Lease and Regulatory Costs - The company capitalized $16,134 in regulatory-related costs for vessel improvements during the six-month period ended June 30, 2025, compared to $10,284 in the same period of 2024[134]. - Costs related to vessels' regulatory requirements amounted to $7,014 and $16,134 for the three and six-month periods ended June 30, 2025, respectively[217]. - Lease expense for the three and six month periods ended June 30, 2025 amounted to $9,741 and $19,374, respectively, compared to $10,936 and $22,982 for the same periods in 2024, indicating a decrease of approximately 10.9% and 15.5%[248].

Group 1 - Navios Maritime Partners (NYSE: NMM) is considered a strong buy and a low-risk investment based on previous analysis [1] - The company operates in cyclical industries, which have the potential for significant returns during economic recovery and growth [1] - A diversified investment strategy is employed, including bonds, commodities, and forex, to balance risk [1]

Financial Data and Key Metrics Changes - The company reported revenue of $327.6 million for Q2 2025, a decrease of 4.3% compared to $342 million in Q2 2024 [18] - EBITDA for Q2 2025 was $178.2 million, with adjusted EBITDA decreasing by $17 million to $173 million compared to Q2 2024 [19][20] - Net income for Q2 2025 was $69.9 million, down from $94 million in Q2 2024, with earnings per common unit at $2.34 [5][20] Business Line Data and Key Metrics Changes - The combined time charter equivalent (TCE) rate decreased by 1.5% to $23,040 per day, with available days down by 0.8% to 13,388 days compared to Q2 2024 [19] - TCE rates for the container fleet increased by 3.6% to $31,316 per day, while dry bulk and tanker TCE rates decreased by 12.6% and 9.4% respectively [19][21] - The company sold three vessels for $96 million and purchased two Aframax LR2 tankers for $133 million, expected to be delivered in 2027 [7][15] Market Data and Key Metrics Changes - The geopolitical environment, including the war in Ukraine and tariff changes, has reshaped global trade patterns, benefiting the shipping market [5][27] - The Baltic Dry Index average declined by 30% in the first half of 2025 compared to the same period in 2024, but has risen 37% since June [28] - The tanker market is expected to benefit from increased crude exports and a reduction in fleet size due to sanctions [30][34] Company Strategy and Development Direction - The company is focused on renewing its fleet to maintain a younger profile and reduce its carbon footprint through modern technologies [15] - A significant backlog of contracted revenue of $3.1 billion provides visibility in an uncertain market [12][17] - The company aims to enter long-term charters for vessels at the appropriate time, while also exploring cash-generative opportunities [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the shipping market's health and the potential for Q4 2025, while remaining open to longer-term charter opportunities [5][44] - The company is actively managing risks, including interest rate risks, through fixed-rate financing arrangements [12][24] - The overall outlook for the tanker market remains positive due to geopolitical factors and reduced fleet availability [30][34] Other Important Information - The company ended Q2 2025 with $389 million in cash and a net loan-to-value (LTV) ratio of 35.3%, unchanged from the previous quarter [6][23] - The company has repurchased 1.2 million common units, returning a total of $30.8 million to unitholders in 2025 [10][11] Q&A Session Summary Question: Regarding the two VLCCs that were on charter to a sanctioned entity - Management confirmed that contracts were terminated and vessels are now available for trading in a healthy spot market, with plans to consider long-term charters at the right time [42][44] Question: On the LR2s ordered and their chartering plans - Management indicated that they are comfortable holding the new LR2s without immediate charters, while remaining open to future long-term deals [50] Question: Concerning the sale of older vessels and future charter renewals - Management noted the strong container market and the strategy of selling older vessels to redeploy cash into newer assets, while evaluating options for vessels rolling off charters [49][50]

Financial Highlights - Navios Maritime Partners L P reported revenue of $327 6 million for Q2 2025[19], and $631 7 million for H1 2025[19] - The company's EBITDA was $178 2 million in Q2 2025[19], and $325 8 million in H1 2025[19] - Adjusted EBITDA reached $172 6 million in Q2 2025[19], and $326 2 million in H1 2025[19] - Net income was $69 9 million for Q2 2025[19], and $111 7 million for H1 2025[19] - As of June 30, 2025, the company held a cash balance of $389 0 million[19] Fleet and Operations - The company's fleet consists of 173 vessels with an average age of 10 0 years[9] - The fleet includes 68 dry bulk vessels with 8 9 million dwt, 47 containerships with 251,843 TEU, and 58 tankers with 6 8 million dwt[13] - The company has $3 1 billion in contracted revenue[9] - For H2 2025E, 75% of available days are fixed[15], with 27,615 total available days[15] and 6,838 open/index days[15] - The estimated excess contracted revenue over total cash expense for H2 2025E is $56 0 million[19] Strategic Initiatives - The company repurchased 4% of its outstanding units since Q2 2024[20] - The company is executing a fleet renewal and modernization program, including 48 newbuilding vessels since Q1 2021 and 38 vessels sold since Q3 2022[29] - The company has invested $1 4 billion in newbuilding vessels, including $0 4 billion for containerships and $1 0 billion for tankers[40] - The company is addressing risks and uncertainties in the current environment, including tariffs, geopolitical events, and changes in trade patterns[26] Industry Overview - The dry bulk industry is expected to see a 0 9% decrease in trade in 2025[70] - The tanker industry is experiencing trade pattern shifts towards longer-haul routes due to the war in Ukraine[92] - The container industry is facing slowing demand and spending on goods driven by inflation[108]