Financial Performance - CMB.TECH reported a net loss of $7.6 million in Q2 2025 [32, 122] - EBITDA for Q2 2025 was $224.1 million [32] - The company has a contract backlog of $2.93 billion [7, 23, 32, 122] Fleet and Operations - The merger with Golden Ocean was completed [32, 122], adding 89 dry-bulk vessels to the fleet [28, 31] - The company has 206 modern eco vessels on the water and 44 newbuilding vessels [7, 122] - The average age of the fleet is 5.8 years [7] - The fair market value of the fleet is $10.8 billion [7] Market Outlook and Strategy - The company is listed on NYSE (CMBT), EURONEXT Brussels (CMBT), and EURONEXT Oslo (CMBTO) [32, 122] - The company declared an interim dividend of $0.05 per share, payable around October 9 [32, 122] - The company is focused on decarbonization, with the first dual-fuel NH3 Newcastlemax to be delivered by Q1 2026 [122] - The company has a large exposure to favorable tanker and dry bulk fundamentals [122]

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]

Financial Data and Key Metrics Changes - The company reported revenues of $194 million for the quarter, with an EBITDA equivalent cash flow of $112 million [5][24] - The EBITDA equivalent over the last twelve months was $526 million [5] - The net profit for the second quarter was approximately SEK 1.5 million or $0.01 per share, compared to a net loss of approximately SEK 32 million or $0.02 per share in the previous quarter [26] Business Line Data and Key Metrics Changes - The container vessel segment generated approximately $2 million in revenue, while the car carrier fleet generated approximately NOK 26 million, slightly up from the last quarter [21][22] - The tanker fleet's gross charter hire decreased to approximately NOK 41 million from NOK 45 million in the previous quarter due to scheduled dry dockings [22] - The overall utilization across the shipping fleet was 98.1%, with an adjusted utilization of 99.9% [15] Market Data and Key Metrics Changes - The charter backlog currently stands at $4.2 billion, with two-thirds of this backlog from customers with investment-grade ratings [10][29] - The company has a diversified fleet consisting of 60 maritime assets, including 30 containerships, 16 large tankers, and two drilling rigs [12] Company Strategy and Development Direction - The company is focused on strengthening its charter backlog by securing agreements with strong counterparties and investing in cargo handling and fuel efficiency upgrades [6][10] - The company has divested older, less efficient vessels and is committed to fleet renewal and new technology, with 11 vessels now capable of operating on LNG fuel [7][12] - The company aims to enhance its fleet to position itself for organic growth and comply with strict regulatory demands aimed at reducing shipping emissions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding new employment for the idle drilling rig Hercules, despite current market volatility and oil price fluctuations [8][9] - The decision to adjust the dividend to $0.20 per share was made to ensure that distributions are not subsidized by idle assets, particularly the Hercules rig [10][36] - The company has a strong liquidity position, including undrawn credit lines and unencumbered vessels, which will enable continued investment in new assets [11][27] Other Important Information - The company has returned nearly $2.9 billion to shareholders over 86 consecutive quarters [10] - The average age of the vessels sold was about 18 years, reducing the fleet average by about two years [12] Q&A Session Summary Question: What’s the status with the lawsuit with Seadrill? - The company is involved in two lawsuits, with the larger one regarding the redelivery of the Hercules scheduled for 2026, and a guarantee for an adjustment amounting to approximately $45 million to $50 million has been received from Seadrill [30] Question: Can you walk us through your thought process on the decision to lower the dividend? - Management acknowledged disappointment regarding the dividend adjustment, attributing it to the idle status of the Hercules rig and the need to ensure that distributions are not subsidized by non-operational assets [34][36] Question: What are the expected costs for dry docking in the second half of the year? - Management expects dry docking costs to be significantly lower in Q3 and Q4 compared to Q2, with estimates around $3 million to $3.5 million for Q3 and $1 million to $2 million for Q4 [42][44] Question: How is the company viewing opportunities for potential acquisitions? - The company continues to look for acquisition opportunities, although the market has been slower due to general uncertainty. They have significant investment capacity following recent divestitures [46][47] Question: What should be expected for the organic EBITDA contribution from the energy side? - The energy segment is expected to have a negative drag going forward, but the shipping fleet is generating solid contributions and cash flow [50][54]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenues of $32.1 million, a 22.5% increase from Q4 2024, and net income of $11.3 million, which is a 190% increase compared to the previous quarter [6][20][25] - The average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year [5][21] - The company ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [6][22] Business Line Data and Key Metrics Changes - Seven out of the company's 13 ships are currently under time charter employment, with four product tankers having charter expiration dates between May 25 and August 27 [6][7] - The company reported a decrease in voyage costs to $10.5 million, which is $3.1 million lower than Q1 2024, attributed to increased time charter activity [21][22] Market Data and Key Metrics Changes - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] - The OPEC announcement to increase output by 500,000 barrels per day positively affected tanker rates [13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven ships by Q3 2025, which will increase its fleet size by 60% [16][17] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and minimizing operational costs [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter began with a low pace but gained momentum, indicating a positive outlook despite market softness [20][25] - The company remains confident in its diversified fleet and expects to continue generating profits without debt [25][26] Other Important Information - The company has maintained recurring profitability since Q4 2021 and has a debt-free balance sheet [22][25] - The daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - In Q1 2025, Imperial Petroleum generated revenues of $32.1 million and net income of $11.3 million, marking a 22.5% increase in revenue and a 190% increase in net income compared to Q4 2024 [6][21][25] - The company has maintained profitability since Q4 2021 and ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [5][22][25] Business Line Data and Key Metrics Changes - The performance of product tankers improved in Q1 2025, with the company benefiting from increased time charter coverage, as seven out of thirteen ships are currently under time charter employment [6][19] - Voyage costs decreased to $10.5 million, down $3.1 million from Q1 2024, attributed to increased time charter activity and reduced spot days [21] Market Data and Key Metrics Changes - Average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year, reflecting broader market softness [5][21] - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven new ships by Q3 2025, which will increase its fleet size by 60% [16][18] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and reducing volatility, as dry bulk carriers typically have a less volatile market cycle than tankers [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the positive momentum in Q1 2025 despite a soft market [25] - The company remains optimistic about the tanker market in the short to medium term due to OPEC's production increases and ongoing sanctions on Russian oil [13][24] Other Important Information - The company reported a basic earnings per share of $0.32 for Q1 2025 and noted a 10% increase in available cash during the quarter [22][23] - Imperial Petroleum's daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary Question: What are the expectations for the tanker market moving forward? - Management indicated that the tanker market outlook is positive in the short to medium term, primarily due to OPEC's decision to increase output and the ongoing sanctions on Russian oil [13][24] Question: How is the company managing its fleet expansion? - The company is strategically adding dry bulk carriers to diversify its fleet and reduce operational volatility, with plans to increase its fleet size significantly by Q3 2025 [16][17]

Financial Data and Key Metrics Changes - The company reported revenues of $193 million for the quarter, with an EBITDA equivalent cash flow of $116 million. The EBITDA equivalent over the last twelve months was $545 million [4] - A net loss of $32 million was recorded for the quarter, translating to $0.24 per share, compared to a net profit of approximately $20.2 million or $0.15 per share in the previous quarter [4][23] - The company has returned over $2.8 billion to shareholders through dividends over 85 consecutive quarters, with the latest dividend yielding approximately 13% based on the share price [4][25] Business Line Data and Key Metrics Changes - The container fleet generated approximately $85 million in gross charter hire, while the car carrier fleet contributed about $25 million, and the tanker fleet generated approximately $43 million [19] - The seven dry bulk vessels employed in the spot market contributed approximately $4.4 million in net charter revenue, down from $7.2 million in the previous quarter [19] - The overall utilization of the shipping fleet was 98.6%, with adjusted utilization at 99.8% when excluding unscheduled technical off-hire [12][13] Market Data and Key Metrics Changes - The charter backlog stands at $4.2 billion, with more than two-thirds of this backlog attributed to customers with investment-grade ratings, providing cash flow visibility [8][25] - The company has identified that approximately 27 vessels in its fleet will be affected by new U.S. tariffs on Chinese-built vessels, primarily impacting car carriers and tankers [14][15][86] Company Strategy and Development Direction - The company aims to enhance its fleet through investments in new technology and vessel upgrades, focusing on organic growth and compliance with stricter regulatory demands [11] - The strategy includes maintaining long-term charters with strong industrial players, which provides stability amid market volatility [42] - The company is exploring strategic opportunities for its rigs while remaining optimistic about future employment for the Hercules rig [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted that recent market volatility and recession fears have made it challenging to trade vessels profitably in the spot market [5][7] - The company remains cautious about the current economic environment but is optimistic about finding new employment opportunities for its rigs [7][33] - Discussions with customers have resumed, indicating a potential increase in business transactions as market stability improves [42] Other Important Information - The company has been active in share repurchases, acquiring $10 million worth of shares below $8 per share [5][25] - The company has a strong liquidity position, with approximately $174 million in cash and cash equivalents and undrawn credit lines of about $48 million [23][25] Q&A Session Summary Question: Inquiry about vessel and rig operating expenses - Management confirmed a decrease in operating expenses, attributing it to cost savings at Hercules and noted that 17 vessels are scheduled for dry docking this year, which is higher than usual [27][28] Question: Update on Hercules rig - The Hercules rig remains warm stacked in Norway, with ongoing discussions for new contracts, but no specific timeline can be provided [32][33] Question: Asset acquisition opportunities - Management indicated that market uncertainty has slowed decision-making processes, but discussions for long-term charters with strong industrial players are picking up again [42] Question: Long-term distribution potential and share repurchases - The company maintains a sustainable dividend level based on cash flow from owned assets, balancing capital allocation between investments, debt repayments, share buybacks, and dividends [64][65] Question: Impact of new U.S. tariffs on vessels - Approximately 27 vessels will be affected by the new tariffs, primarily impacting car carriers and tankers, but the company expects charterers to absorb these costs [14][15][86]

Financial Data and Key Metrics Changes - The company reported revenues of $193 million for Q1 2025, with an EBITDA equivalent cash flow of $116 million. The EBITDA equivalent over the last twelve months was $545 million [4][20] - A net loss of $32 million was recorded for the quarter, translating to $0.24 per share, compared to a net profit of approximately $20.2 million or $0.15 per share in the previous quarter [4][24] - The company has returned over $2.8 billion to shareholders through dividends over 85 consecutive quarters, with the latest dividend yielding approximately 13% based on the share price [4][27] Business Line Data and Key Metrics Changes - The container fleet generated approximately $85 million in gross charter hire, while the car carrier fleet contributed about $25 million, and the tanker fleet generated approximately $43 million [20] - The seven dry bulk vessels employed in the spot market contributed approximately $4.4 million in net charter revenue, down from $7.2 million in the previous quarter [20] - The overall utilization of the shipping fleet was 98.6%, with adjusted utilization at 99.8% when excluding unscheduled technical off-hire [12][13] Market Data and Key Metrics Changes - The charter backlog stands at $4.2 billion, with more than two-thirds of this backlog attributed to customers with investment-grade ratings, providing cash flow visibility [7][27] - The company anticipates that approximately 27 vessels in its fleet will be affected by new U.S. tariffs on Chinese-built vessels, primarily impacting car carriers and tankers [14][15][87] Company Strategy and Development Direction - The company aims to enhance its fleet through investments in new technology and vessel upgrades, focusing on organic growth and compliance with stricter regulatory demands [11] - The strategy includes maintaining long-term charters with strong industrial players, which provides resilience against market volatility [47] - The company is exploring strategic opportunities for its rigs while remaining cautious due to recent market volatility and oil price fluctuations [6][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding new employment for the Hercules rig despite current market challenges, emphasizing the rig's capabilities in harsh environments [6][36] - The management noted that recent market volatility has led to longer decision-making processes among customers, but discussions for long-term charters are picking up again [47] - The company is well-positioned with strong liquidity and a diversified fleet, allowing it to pursue new investment opportunities [27] Other Important Information - The company has been active in share repurchases, buying back $10 million worth of shares below $8 per share [5][27] - The company has approximately $174 million in cash and cash equivalents, along with undrawn credit lines of about $48 million [24] Q&A Session Summary Question: Inquiry about vessel and rig operating expenses - Management indicated that this year is a busy dry docking year, with up to 17 vessels scheduled for dry docking, which is above the average of 10 [30] Question: Update on Hercules rig - The Hercules rig remains warm stacked in Norway, with ongoing discussions for new contracts, but no specific timeline can be provided [36] Question: Long-term distribution potential and share repurchases - The dividend is set quarterly based on long-term sustainable cash flow, and the board aims to maximize long-term distribution per share through a combination of investments, debt repayments, share buybacks, and dividends [68] Question: Impact of new tariffs on vessels - Approximately 27 vessels are estimated to be affected by new U.S. tariffs, primarily impacting car carriers and tankers, but the costs will likely be passed on to charterers [15][90]

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 Data and Key Metrics Changes - The company reported an adjusted EBITDA of approximately $132 million for Q4, down from $167 million in the previous quarter [33] - Net income for the quarter was around $20 million, or $0.15 per share, compared to approximately $44.5 million, or $0.34 per share, in the previous quarter [36] - The fixed-rate backlog stands at approximately $4.3 billion, with 2/3 of this backlog attributed to customers with investment-grade ratings [101][40] Business Line Data and Key Metrics Changes - The container fleet generated approximately $85 million in gross charter hire during Q4, down from the previous quarter due to scheduled dry dockings and efficiency upgrades [27] - The tanker fleet generated approximately $42 million in gross charter hire, an increase from approximately $37 million in the previous quarter [29] - The energy assets generated approximately $55 million in contract revenues, down from approximately $86 million in the previous quarter [32] Market Data and Key Metrics Changes - The overall utilization across the shipping fleet in Q4 was 98.3%, primarily affected by 108 days spent in dry dock [114] - The rig market index rate increased by 2.3% in Q4, with the Hercules rig recording revenue of $34 million and costs of approximately $26 million [116][24] - The company has a diversified fleet with 15 dry bulk vessels, 38 containerships, 18 tankers, 2 drilling rigs, and 7 car carriers [110] Company Strategy and Development Direction - The company has transformed its operating model over the last 10 years to focus on long-term charters with large end users [10] - There is a strong emphasis on investing in vessel maintenance and upgrades to meet tightening regulatory requirements and improve customer partnerships [112] - The company is segment agnostic and seeks to pursue the right deals with strong counterparties across various shipping segments [69] Management's Comments on Operating Environment and Future Outlook - Management expects a slow market for the Hercules rig in the first half of 2025, with more prospects anticipated in the second half [45] - The company believes that the dividend stability is tied to long-term prospects, with a focus on maintaining a strong cash flow foundation [50][52] - Management does not foresee a significant impact on profitability from the large delivery backlog of container ships due to the current long-term charters in place [92] Other Important Information - The company raised approximately $1.3 billion in financing, including $220 million in senior unsecured bonds in 2024 [104] - A recent court ruling ordered Seadrill to pay approximately $48 million in compensation, which is subject to appeal [105][76] - The company has a strong balance sheet with approximately $135 million in cash and cash equivalents at quarter-end [36] Q&A Session Summary Question: What are the operational expenses for the Hercules rig while warm stacked? - Management indicated that the Hercules rig is currently warm stacked and is being upgraded to enhance its attractiveness for future contracts [46][47] Question: How stable is the dividend payout? - The dividend is set on a quarter-over-quarter basis, with discussions focused on long-term prospects and cash flow stability [50][52] Question: What is the company's view on tariffs and their impact on shipping? - Management believes that strong counterparties like Volkswagen Group can absorb tariff impacts, and the company is not directly exposed to these risks [61][64] Question: What are the plans for redeploying proceeds from the sale of Capesize vessels? - The company is open to various segments and will focus on finding the right deals with strong structures and counterparties [68][72] Question: What is the expected timeline for the Seadrill appeal ruling? - The appeal period ends on March 5, and if appealed, it could take up to 12 months for a new ruling [76]