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].

Financial Performance - Navios Maritime Partners reported revenue of $327.6 million for Q2 2025, a decrease of 4.3% from $342.2 million in Q2 2024 [5][23] - EBITDA for Q2 2025 was $178.2 million, down from $197.0 million in Q2 2024 [5][24] - Net income for Q2 2025 was $69.9 million, compared to $101.5 million in Q2 2024 [5][25] - Earnings per common unit were $2.34 for Q2 2025, down from $3.30 in Q2 2024 [5][47] Operational Highlights - The fleet consists of 68 dry bulk vessels, 47 containerships, and 58 tankers, including 18 newbuilding tankers expected to be delivered through the first half of 2028 [15] - The average Time Charter Equivalent (TCE) rate decreased by 1.5% to $23,040 per day in Q2 2025 [23] - Fleet utilization was 99.3% for both Q2 2025 and Q2 2024 [31] Cash Distribution and Share Repurchase - The Board declared a cash distribution of $0.05 per unit for Q2 2025, with an annualized rate of $0.20 per unit [4] - As of August 13, 2025, Navios Partners repurchased 716,575 common units in 2025 for approximately $27.8 million [3] Acquisition and Sale of Vessels - Navios Partners agreed to acquire two scrubber-fitted newbuilding aframax/LR2 tankers for $133.0 million, expected to be delivered in the first half of 2027 [6] - The company sold three vessels with an average age of 16.5 years for gross proceeds of $95.5 million [7][8] Financing Activities - In June 2025, Navios Partners entered into a new reducing revolving credit facility for up to $100.0 million, with $40.0 million drawn as of June 30, 2025 [11] - The company also secured a new credit facility for $62.5 million, fully drawn to refinance existing vessel indebtedness [12] Market Environment - The global shipping market remains healthy, influenced by changing trade patterns due to geopolitical events, including the war between Ukraine and Russia [2]

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]