Navios Maritime Partners L.P.(US:NMM)2024-02-13 13:06Fleet Overview - Navios Partners has a diversified fleet of 176 vessels across dry bulk, containership, and tanker segments[8, 23] - The average age of the fleet is 97 years, which is younger than the industry average[18, 23] - The company's fleet has a total vessel value of $45 billion[18] Financial Highlights - Navios Partners reported revenue of $13 billion for FY 2023[47] - The company's Adjusted EBITDA for FY 2023 was $748 million, an increase of 119% compared to the previous year[47] - Navios Partners has a contracted revenue backlog of $33 billion[18] - The company's cash balance as of December 31, 2023, was $296 million, a 692% increase from the previous year[47] Strategic Initiatives - Navios Partners is executing a fleet renewal and modernization strategy, including a $16 billion investment in newbuilding vessels[30] - The company has secured $09 billion in contracted revenue from its newbuilding program[30] - Navios Partners sold 17 vessels in 2023 and YTD 2024, generating $3276 million in gross proceeds[31] Market Outlook - The report highlights disruptions in global trade due to the Red Sea situation and Panama Canal transits, which are expected to increase ton miles on all shipping segments[63] - Global oil demand is expected to grow by 12% in 2024 to 1030 million barrels per day[95] - The product tanker fleet is expected to grow by 14% in 2024[104]