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NEW YORK - On Tuesday, Navios Maritime Partners L.P. (NYSE:NMM) reported third-quarter earnings that exceeded analyst expectations, with investors responding positively to the company’s financial performance and fleet modernization efforts.
The company’s shares were up 2.72% in pre-market trading after the results.
The international owner and operator of dry cargo and tanker vessels reported adjusted earnings per unit of $2.83 for the third quarter, beating analyst estimates of $2.60. Revenue came in at $346.9 million, significantly above the consensus estimate of $309.14 million and up 1.8% from $340.8 million in the same period last year. The company’s stock rose 2.72% following the announcement.
Navios reported a net income of $56.3 million for the quarter, with EBITDA reaching $193.9 million. The company’s Time Charter Equivalent (TCE) rate increased by 2.4% to $24,167 per day compared to $23,591 per day in the same quarter last year, contributing to the revenue growth despite a slight 0.8% decrease in available fleet days.
"I am pleased with our results," said Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners. "For the past five years, we have been addressing constant change in our operating environment. Yet, we have remained laser focused on our business, modernizing our fleet, to an average age of 9.7 years, increasing our book of contracted revenue to $3.7 billion and decreasing our net LTV to 34.5%."
The company has been actively managing its fleet, acquiring four 8,850 TEU newbuilding containerships for $460.4 million while selling six older vessels with an average age of 18.6 years for $105.7 million. These strategic moves align with Navios’ fleet modernization efforts.
Navios Partners declared a quarterly cash distribution of $0.05 per unit for the third quarter, which was paid on November 14. The company also continued its unit repurchase program, buying back 929,415 common units in 2025 for approximately $37.7 million.
Looking ahead, Navios Partners has secured $745 million in new long-term charters and reports $3.7 billion in total contracted revenue through 2037. The company has fixed 88.1% of its available days for the fourth quarter of 2025 and 57.5% for all of 2026.
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