Navios Maritime Partners L.P. Q3 FY2025 earnings call

Opening Remarks

• Q3 2025 revenue $346.9M, EBITDA $193.9M, net income $56.3M; 9-month revenue $978.6M, EBITDA $519.8M, net income $168M. Earnings per common unit: $1.90 Q3, $5.52 9-month.
• Fleet average age 9.7 years vs industry 13.5 years. Reinvestment program keeps fleet modern.

Segment Data

• Fleet of 171 vessels across 3 segments, 15 asset classes. Gross value $6.3B, net equity $3.8B. Net LTV 34.5%, liquidity $412M. Credit ratings Ba3 (Moody's) and BB (S&P).

Financial Results

• Q3 2025 revenue $347M (1.8% increase), EBITDA $194M (decrease due to other income and expenses), net income $84M. 9-month revenue $979M, EBITDA $520M, net income $196M.

Fleet Renewal

• Acquired 4 new building container ships in Q3 2025, generating $336M revenue. 25 new building vessels delivered since 2028. Sold 12 rent vessels in 2025 for ~$275M.

Financing

• Issued $300M senior secured bond, refinanced floating rate debt to fixed rate. 41% of debt fixed at 6.2% average rate.

For the third quarter and first 9 months of 2025, Navios Maritime Partners reported revenue of $346.9 million and $978.6 million respectively. EBITDA was $193.9 million and $519.8 million, and net income was $56.3 million and $168 million. By segment: Container ships had a TCE rate increase in Q3 2025 and 92% of container base fixed for the first 9 months. Tankers had a TCE rate of $26,290 per day for the first 9 months and 7[indiscernible] of tankers fixed. Dry bulk had a 3.5% lower TCE rate in Q3 2025. Total contracted revenue was $3.7 billion, with tankers contributing ~$1.3 billion, dry bulk ~$0.2 billion, and containerships ~$2.2 billion.

2026 Prospects

• Covered 58% of days induced to cash breakeven at $894 per day for remaining 23,387 open and index days.
• 92% of container base and 7[indiscernible] of tankers fixed. Added $745M contracted revenue in Q3. Net revenue backlog $3.7B. Virtually all fleet covered for Q4 2025.

Risks

• Geopolitical: Shifting trade routes, tariffs, Suez Canal issues, Ukraine war, port fee impositions.
• Interest Rate: Impact of floating rate debt, but mitigated by refinancing to fixed rate.
• Market: Uncertainties in dry bulk, container, and tanker markets; vessel residual value risks.

Q: Slide 11 has a summary of 2026 days open to spot market and breakeven at $894. How does this shape vessel fixing going forward, especially in 2026?

A: We use maximum flexibility. Majority of open vessels in 2026 are dry bulk, index-based with premiums. Container vessels mostly fixed, dry bulk has healthy rates and forward curves.

Q: Follow-up on containership market shift to feeder size. Is there opportunity in smaller ships?

A: There are opportunities, but important to focus on counterparty and duration. Smaller vessels offer flexibility for changing trading patterns.

Q: About $300M bond issue, how will proceeds be employed?

A: Refinanced floating rate debt to fixed, 41% of debt fixed at 6.2% average rate, providing optionality and diversifying funding sources.