Navios Maritime Partners L.P.(NMM) - 2025 Q3 - Earnings Call Presentation

Financial Performance & Fleet Overview - Navios Maritime Partners L.P. reported a vessel value of $6.3 billion and net vessel equity value of $3.8 billion[7] - The company's fleet consists of 171 vessels, including 65 dry bulk vessels (8.6 million dwt), 51 containerships (287,243 TEU), and 55 tankers (6.4 million dwt)[6] - The average age of the fleet is approximately 9.7 years, which is younger than the industry average of 13.5 years[7] - Adjusted EBITDA for Q3 2025 LTM was $702 million, with available liquidity of $412 million, including $382 million in cash[7] Contracted Revenue & Chartering Strategy - The company has $3.7 billion in contracted revenue[7] - Contracted revenue is diversified across segments, with containerships accounting for 59% ($2.2 billion), tankers for 35% ($1.3 billion), and dry bulk for 6% ($0.2 billion)[43] - For Q4 2025E, 88% of available days are fixed at an average net daily rate of $24,871[107] Capital Allocation & Risk Management - The company is focused on chartering, allocating capital, and strengthening the balance sheet[9] - Key balance sheet targets include maintaining a net Loan-to-Value (LTV) and minimum cash per vessel[10] - The company has a risk management culture with continuous risk assessment and monitoring[12] Fleet Modernization & Expansion - The company is modernizing its fleet through a $1.9 billion newbuilding program, including $0.9 billion for containerships and $1.0 billion for tankers[38] - Sales YTD 2025 include $71.3 million gross proceeds from dry bulk vessels, $84.0 million from containerships, and $80.6 million from tankers[38] Return of Capital to Unitholders - The company has returned $42.2 million to unitholders YTD 2025, including $4.5 million in dividends and $37.7 million in common unit repurchases[17] - A $100 million common unit repurchase program is in place[18] Industry Outlook - The dry bulk shipping market plays a crucial role in global trade, with demand driven by worldwide economic growth[74] - The tanker fleet is aging rapidly, with the orderbook remaining muted at 16% of the sailing fleet[82] - The container market has seen significant ordering activity in larger sizes, while Navios is mainly exposed to sub 10,000 TEU size segments with lower orderbooks[101]