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]

Navios Maritime Partners L.P. Common Units (NYSE:NMM) Q4 2024 Earnings Conference Call February 13, 2025 8:30 AM ET Company Participants Angeliki Frangou - Chairwoman and CEO Stratos Desypris - COO Eri Tsironi - CFO Ted Petrone - Vice Chairman Conference Call Participants Omar Nokta - Jefferies Operator Thank you for joining us for Navios Maritime Partners Fourth Quarter 2024 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. . Angeliki Frangou; Chief Operating Officer, Mr. ...

Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $1.33 billion, with $332.5 million in the fourth quarter. Net income was $367.3 million for the year and $94.7 million for the fourth quarter. Earnings per common unit were $11.98 for the year and $3.11 for the fourth quarter [7][31][34] - The fleet time charter equivalent (TCE) rate for Q4 2024 increased by 2.6% to $23,205 per day compared to Q4 2023, while available days increased by 1.1% to 13,671 days [29] - Adjusted EBITDA for Q4 2024 decreased by $45 million to $182 million compared to Q4 2023, primarily due to the prepayment of charter hire received in 2023 [30] Business Line Data and Key Metrics Changes - The TCE rate for the dry bulk fleet increased by approximately 1% to $17,079 per day, while the container fleet's TCE rate increased to $30,623 per day. In contrast, the tanker TCE rate decreased by approximately 3% to $26,646 per day [29][32] - The company generated $79 million in additional contracted revenue in Q4 and year-to-date 2025, with $59.4 million from tankers and $19.6 million from container ships [26] Market Data and Key Metrics Changes - The company ended 2024 with a contracted revenue of $3.6 billion and $312.1 million in cash on the balance sheet. As of February 7, 2025, 63% of available days for 2025 were fixed, with an estimated breakeven of $425 per open index day [10][12] - The Red Sea entrance to the Suez Canal continues to operate at restricted transit levels, affecting shipping routes and costs [43] Company Strategy and Development Direction - The company is focused on fleet renewal and modernization, having purchased 46 newbuildings since Q1 2021, with 23 vessels delivered. The fleet age remains stable, and the company aims to maximize energy efficiency [16][22] - The company has a diversified fleet, which serves as a pillar of stability amid geopolitical uncertainties, with $3.6 billion in contracted revenue providing a buffer against market volatility [70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events, such as the conflicts in Ukraine and the Middle East, on global trade and the shipping market. The resolution of these conflicts could significantly affect market dynamics [8][70] - The management expressed confidence in the company's ability to navigate uncertainties due to its diversified fleet and strong contracted revenue [70] Other Important Information - The company paid $0.20 per unit in dividends for 2024 and repurchased 489,955 common units for $25 million under its unit repurchase program [11] - The company has $70.8 million available under its unit repurchase program as of February 7, 2025 [12] Q&A Session Summary Question: How have geopolitical uncertainties affected the company's operations and capital deployment? - Management acknowledged the uncertainties in the market due to geopolitical events and tariffs but emphasized the solid results for 2024 and the company's diversified fleet as a stabilizing factor [66][70] Question: What is the current appetite for vessel capacity among customers? - Management noted that there is still an appetite for tonnage among major liner companies, despite the uncertainties surrounding the Red Sea and Suez Canal [72][74]

Forward-Looking Statements This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, po ...

Core Insights - Navios Maritime Partners reported strong financial results for the full year and fourth quarter of 2024, with total revenue of $1.33 billion and net income of $367.3 million for the year, and $332.5 million in revenue and $94.7 million in net income for the fourth quarter [2][5][27]. Financial Performance - Revenue for Q4 2024 was $332.5 million, a slight increase from $327.3 million in Q4 2023, representing a 1.6% growth [22]. - For the full year 2024, revenue increased by 2.1% to $1.33 billion compared to $1.31 billion in 2023 [27]. - Net income for Q4 2024 was $94.7 million, down from $132.4 million in Q4 2023, while full-year net income decreased to $367.3 million from $433.6 million in 2023 [24][29]. - Earnings per common unit were $3.11 for Q4 2024 and $11.98 for the full year, compared to $4.30 and $14.08 in the respective periods of 2023 [45]. Operational Highlights - The company repurchased a total of 489,955 common units for approximately $25 million in 2024 and an additional 585,420 units for about $29.2 million by February 7, 2025 [3][5]. - A cash distribution of $0.05 per unit for Q4 2024 was declared, with an annualized distribution of $0.20 per unit [4]. - The fleet consists of 70 dry bulk vessels, 50 containerships, and 56 tankers, with four newbuilding vessels delivered recently [17][18]. Market Context - The markets have been influenced by geopolitical events, particularly the conflicts in Ukraine and the Middle East, which may lead to significant sanctions affecting oil-producing nations and global trade [2]. - The U.S. administration's new tariff scheme remains uncertain, impacting the understanding of global trade dynamics [2]. Fleet and Revenue Contracts - As of February 2025, Navios Partners has $3.6 billion in contracted revenue through 2037, with new long-term charters expected to generate an additional $79 million [10][11]. - The average expected daily charter-out rate for the fleet is projected at $26,198 for 2025 and $28,392 for 2026 [18]. Financial Position - As of December 31, 2024, total assets were reported at $5.67 billion, with total liabilities of $2.57 billion, resulting in total partners' capital of $3.11 billion [42]. - Cash and cash equivalents increased to $312.1 million from $296.2 million in 2023 [42].

Core Insights - Navios Maritime Partners reported strong financial results for the full year and fourth quarter of 2024, with total revenue of $1.33 billion and net income of $367.3 million for the year, and $332.5 million in revenue and $94.7 million in net income for the fourth quarter [2][5][19]. Financial Performance - Revenue for Q4 2024 was $332.5 million, a slight increase of 1.6% from $327.3 million in Q4 2023 [22]. - For FY 2024, revenue increased by 2.1% to $1.33 billion from $1.31 billion in FY 2023 [25]. - Net income for Q4 2024 was $94.7 million, down from $132.4 million in Q4 2023, while FY 2024 net income was $367.3 million compared to $433.6 million in FY 2023 [24][28]. - Earnings per common unit were $3.11 for Q4 2024 and $11.98 for FY 2024, compared to $4.30 and $14.08 for the same periods in 2023 [43]. Operational Highlights - The company repurchased a total of 1,075,375 common units for approximately $54.2 million as part of its repurchase program [3][5]. - A cash distribution of $0.05 per unit was declared for Q4 2024, with an annualized distribution of $0.20 per unit [4]. - The fleet consists of 70 dry bulk vessels, 50 containerships, and 56 tankers, with four newbuilding vessels delivered [17][18]. Fleet and Contracted Revenue - Navios Partners has $3.6 billion in contracted revenue through 2037, with $79 million in new long-term charters agreed upon [10][11]. - The average daily charter-out rate for the fleet is projected at $26,198 for 2025 and $28,392 for 2026 [18]. Market Conditions - The company noted that market conditions have been influenced by geopolitical events, particularly the conflicts in Ukraine and the Middle East, which may affect global trade and sanctions on oil-producing nations [2][5].

Core Viewpoint - Navios Maritime Partners L.P. will host a conference call to discuss its fourth quarter and full year earnings results for 2024 on February 13, 2025 [1][2]. Group 1: Conference Call Details - The conference call is scheduled for February 13, 2025, at 8:30 am ET [1][2]. - A supplemental slide presentation will be available on the company's website at 8:00 am ET on the day of the call [2]. - The call can be accessed via US Dial In: +1.800.343.4136 and International Dial In: +1.203.518.9843, with Conference ID: NMMQ424 [2]. Group 2: Replay and Webcast Information - A replay of the conference call will be available two hours after the live call and will remain accessible for one week [2]. - The Webcast will be available on the Navios Partners website and archived 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].

Core Viewpoint - Navios Maritime Partners L.P. has declared a cash distribution of $0.05 per unit for the quarter ended December 31, 2024, which annualizes to $0.20 per unit [1] Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [2] Financial Information - The cash distribution will be payable on February 13, 2025, to unit holders of record as of February 10, 2025 [1]