Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the first quarter ended March 31, 2025.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the first quarter of 2025, in which we reported revenue of $304.1 million, EBITDA of $147.6 million and net income of $41.7 million. In addition, earnings per common unit were $1.38 for the quarter.”

Angeliki Frangou continued, “The economic environment over the past month has been particularly uncertain, with the global expectations being driven by the unprecedented U.S. tariff proclamation, followed by revisions, pauses, and exceptions. In response, sentiment turned bearish, and the U.S. and other financial markets experienced extraordinary volatility, with the U.S. financial markets recovering only last week to the pre-tariff announcement levels. As the U.S. administration maneuvers toward a tariff regime furthering its policy aspirations, a faint outline is starting to emerge. It appears the potential impact on maritime transportation may be more muted than feared, although extreme outcomes are still possible.”

Common unit repurchases

As of May 1, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 423,984 common units in 2025 and 913,939 common units since the commencement of the program, for aggregate cash consideration of approximately $16.1 million and $41.1 million, respectively. As of May 1, 2025, there were 29,270,449 common units outstanding.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2025 of $0.05 per unit. The cash distribution will be paid on May 14, 2025 to unitholders of record as of May 9, 2025. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

Fleet update

Sale of vessels YTD 2025

$34.7 million gross sale proceeds from sale of three vessels with average age of 19.1 years
In February and March 2025, Navios Partners agreed to sell one 2006-built panamax, one 2005-built panamax and one 2007-built 2,741 TEU containership to unrelated third parties, for aggregate gross sale proceeds of $34.7 million. The sales of the 2005-built panamax and the 2006-built panamax were completed in March and April 2025, respectively, and the sale of the 2,741 TEU containership is expected to be completed in the second quarter of 2025.

Four newbuilding vessels delivered YTD 2025

In January and April 2025, Navios Partners took delivery of two 2025-built aframax/LR2 tankers, which have been chartered-out at an average rate of $26,349 net per day for a period of five years.

In January and February 2025, Navios Partners took delivery of two 2025-built LNG dual fuel 7,700 TEU containerships, which have been chartered-out at an average rate of $41,753 net per day for a period of 12 years.

Financing update

In March 2025, Navios Partners extended the maturity of a sale and leaseback transaction with an unrelated third party, with an outstanding amount of $45.4 million for 11 containerships. The sale and leaseback transaction matures in the first quarter of 2029 and bears interest at Term Secured Overnight Financing Rate plus 175 bps per annum for the extension period.

In February 2025, Navios Partners entered into interest rate swaps with a commercial bank for a notional amount of $87.9 million (the “Swap Transaction”) to hedge the interest rate of its existing credit facility. The Swap Transaction matures in four years. Under the terms of the Swap Transaction, Navios Partners pays a fixed rate of 412 bps per annum and receives a floating rate based on the three month average of the daily Compounded Secured Overnight Financing Rate. No additional collateral is required under the terms of the Swap Transaction. Following the Swap Transaction, 30% of Navios Partners’ debt and bareboat liabilities are fixed at an average interest rate of 5.5%.

Operating Highlights

Navios Partners owns and operates a fleet comprised of 69 dry bulk vessels, 49 containerships and 56 tankers, that includes 17 newbuilding tankers (11 aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through the first half of 2028, and four 7,900 TEU newbuilding containerships, that are expected to be delivered through the first half of 2027. The fleet excludes one containership agreed to be sold.

As of April 28, 2025, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.1 years. Navios Partners has currently fixed 66.3% and 43.4% of its available days for the last nine months of 2025 and for all of 2026, respectively. Navios Partners expects contracted revenue of $714.1 million and $719.1 million for the last nine months of 2025 and for all of 2026, respectively. The average expected daily charter-out rate for the fleet is $25,703 and $28,407 for the last nine months of 2025 and for all of 2026, respectively. Navios Partners has $3.4 billion contracted revenue through 2037.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners’ results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Three month periods ended March 31, 2025 and 2024

Time charter and voyage revenues for the three month period ended March 31, 2025 decreased by $14.5 million, or 4.6%, to $304.1 million, as compared to $318.6 million for the same period in 2024. The decrease in revenue was mainly attributable to the decrease in: the Time Charter Equivalent (“TCE”) rate, the available days of our fleet and the revenue from freight voyages. For the three month periods ended March 31, 2025 and 2024, time charter and voyage revenues were negatively affected by $2.6 million and positively affected by $0.1 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate decreased by 1.1% to $21,271 per day, as compared to $21,514 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.6% to 13,456 days for the three month period ended March 31, 2025, as compared to 13,540 days for the same period in 2024.

EBITDA of Navios Partners for the three month periods ended March 31, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA decreased by $10.8 million to $153.5 million for the three month period ended March 31, 2025, as compared to $164.3 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $14.5 million decrease in time charter and voyage revenues; (ii) $6.7 million increase in vessel operating expenses mainly due to the increase in the opex days by 4.8% and the change in the composition of our fleet with deliveries and sales of vessels; (iii) $1.3 million increase in general and administrative expenses in accordance with our administrative services agreement; and (iv) $0.2 million increase in other expense, net. The above decrease was partially mitigated by an $11.9 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the first quarter of 2025.

Net Income for the three month periods ended March 31, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $23.8 million to $47.7 million for the three month period ended March 31, 2025, as compared to $71.5 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to: (i) a $10.8 million decrease in Adjusted EBITDA; (ii) an $8.9 million negative impact from the depreciation and amortization, that primarily resulted from a $5.1 million increase in depreciation and amortization of favorable lease terms, a $3.6 million increase in the amortization of deferred drydock and special survey costs and a $0.2 million decrease in the amortization of unfavorable lease terms; and (iii) a $4.1 million increase in interest expense and finance cost, net.

Source: Navios Maritime Partners