Navios Maritime Partners L.P. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2025
Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the second quarter and six month period ended June 30, 2025. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the second quarter of 2025, in which we reported revenue of $327.6 million, EBITDA of $178.2 million and net income of $69.9 million.
Earnings per common unit were $2.34 for the quarter.” Angeliki Frangou continued, “Global economies have been surprisingly robust given the uncertain macro-environment. In addition, we are witnessing the creation and reshaping of trade patterns with longer distances due to the war between Ukraine and Russia, continued attacks in the Red Sea, and new and evolving world tariff regime. As a result, the shipping market generally is healthy.” Common unit repurchases As of August 13, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 716,575 common units in 2025 and 1,206,530 common units since the commencement of the program, for aggregate cash consideration of approximately $27.8 million and $52.8 million, respectively. As of August 13, 2025, there were 28,977,858 common units outstanding. Cash distribution The Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2025 of $0.05 per unit. The cash distribution was paid on August 14, 2025 to unitholders of record as of August 11, 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 Q2 – Q3 2025 QTD
Acquisition of vessels Acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers for $133.0 million In June 2025, Navios Partners agreed to acquire two scrubber-fitted newbuilding aframax/LR2 tankers of 115,000 dwt, from unrelated third parties, for an aggregate purchase price of $133.0 million. The vessels are expected to be delivered into Navios Partners’ fleet during the first half of 2027. Sale of vessels $ 95.5 million gross sale proceeds from sale of three vessels with average age of 16.5 years During the second quarter of 2025,
Navios Partners agreed to sell a 2009-built 4,250 TEU containership and a 2008-built 4,730 TEU containership, to unrelated third parties, for an aggregate gross sale price of $65.5 million. The sales are expected to be completed in the fourth quarter of 2025 and the first quarter of 2026, respectively. In July 2025, Navios Partners agreed to sell a 2009-built transhipper vessel of 57,573 dwt to Navios South American Logistics Inc. for a gross sale price of $30.0 million. The sale was completed in July 2025. The transaction was negotiated and approved by the Conflicts Committee of Navios Partners.
One newbuilding vessel delivered In June 2025, Navios Partners took delivery of a 2025-built aframax/LR2 tanker, which has been chartered-out at a rate of $27,446 net per day for a period of five years. Termination of Contracts On July 3, 2025, the U.S. Department of Treasury’s Office of Foreign Assets Control added, amongst others, VS Tankers FZE (“VS Tankers”) to the Specially Designated Nationals list after being determined by the State Department to meet the criteria for the imposition of sanctions under Executive Order 13902. Navios Partners had two VLCCs built in 2020 and 2021, which were bareboat chartered to VS Tankers. On July 4, 2025,
Navios Partners terminated the contracts for these vessels, which were bareboat chartered-out through October 2030 and February 2031, respectively, each at a rate of $27,456 net per day. Both vessels are now employed in a healthy spot market. Financing update In June 2025, Navios Partners entered into a new reducing revolving credit facility with a commercial bank for a total amount up to $100.0 million in order to refinance the existing indebtedness of 13 of its vessels.
The facility matures five years after the drawdown date and bears interest at Term Secured Overnight Financing Rate (“Term SOFR”) plus 170 bps per annum.
As of June 30, 2025, the amount of $40.0 million was drawn and the amount of $60.0 million remained undrawn and available.
In June 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $62.5 million in order to refinance the existing indebtedness of six of its vessels. In June 2025, the full amount was drawn. The facility matures five years after the drawdown date and bears interest at Term SOFR plus 175 bps per annum. In June 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $227.1 million in order to refinance the existing indebtedness of six of its vessels (tranche A) and finance part of the acquisition cost of one 7,900 TEU newbuilding containership and two newbuilding aframax/LR2 tankers, currently under construction (tranches B, C and D). In June 2025, the amount of $62.5 million in relation to tranche A was drawn and tranches B, C and D remained undrawn. The credit facility: (i) matures five years after the drawdown date and bears interest at Compounded Secured Overnight Financing Rate (“Compounded SOFR”) plus 175 bps per annum for the drawn amount of tranche A; and (ii) matures seven years after each drawdown date and bears interest at Compounded SOFR plus 150 bps per annum for the drawn amounts of tranches B, C and D. Operating Highlights Navios Partners owns and operates a fleet comprised of 68 dry bulk vessels, 47 containerships and 58 tankers, including 18 newbuilding tankers (12 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 two containerships agreed to be sold.
As of August 13, 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 1.9 years. Navios Partners has currently fixed 75.2% and 43.2% of its available days for the last six months of 2025 and for all of 2026, respectively. Navios Partners expects contracted revenue of $519.2 million and $706.4 million for the last six months of 2025 and for all of 2026, respectively. The average expected daily charter-out rate for the fleet is $24,989 and $28,523 for the last six months of 2025 and for all of 2026, respectively. Navios Partners has $3.1 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 and six month periods ended June 30, 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”).
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2025 have been adjusted to exclude a $5.6 million net gain related to the sale of our vessels. (2) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2024 have been adjusted to exclude a $7.3 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. (3) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2025 have been adjusted to exclude a $0.3 million net loss related to the sale of our vessels. (4) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2024 have been adjusted to exclude a $9.1 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. (5) Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current periods. Navios Partners has changed its classification of “Direct vessel expenses” to reallocate these amounts between “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. Management has assessed the impact of this change as immaterial to the financial statements. For the three month period ended June 30, 2024, this resulted in the reclassification of $3.0 million and $15.9 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations.
The aggregate amount of $18.9 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the three month period ended June 30, 2024. For the six month period ended June 30, 2024, this resulted in the reclassification of $6.2 million and $30.3 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $36.5 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the six month period ended June 30, 2024.
Three month periods ended June 30, 2025 and 2024 Time charter and voyage revenues for the three month period ended June 30, 2025 decreased by $14.6 million, or 4.3%, to $327.6 million, as compared to $342.2 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 June 30, 2025 and 2024, time charter and voyage revenues were positively affected by $6.5 million and $2.4 million, respectively, relating to the straight line effect of the charters with de-escalating rates.
The TCE rate decreased by 1.5% to $23,040 per day, as compared to $23,384 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.8% to 13,388 days for the three month period ended June 30, 2025, as compared to 13,498 days for the same period in 2024. EBITDA of Navios Partners for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item,
Adjusted EBITDA decreased by $17.2 million to $172.6 million for the three month period ended June 30, 2025, as compared to $189.8 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $14.6 million decrease in time charter and voyage revenues; (ii) $9.1 million increase in vessel operating expenses due to a 5.6% increase in the opex days and a 4.5% increase in the opex daily rate to $7,108 also as a result of the change in the composition of our fleet; and (iii) $2.8 million increase in general and administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by: (i) an $8.8 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 second quarter of 2025; and (ii) a $0.5 million decrease in other expense, net. Net Income for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income decreased by $29.9 million to $64.3 million for the three month period ended June 30, 2025, as compared to $94.2 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to: (i) a $17.2 million decrease in Adjusted EBITDA; (ii) an $8.6 million increase in depreciation and amortization; (iii) a $3.4 million increase in interest expense and finance cost, net; (iv) a $0.5 million decrease in interest income; and (v) a $0.2 million decrease in amortization of unfavorable lease terms. Six month periods ended June 30, 2025 and 2024 Time charter and voyage revenues for the six month period ended June 30, 2025 decreased by $29.0 million, or 4.4%, to $631.7 million, as compared (1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2025 have been adjusted to exclude a $5.6 million net gain related to the sale of our vessels. (2) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2024 have been adjusted to exclude a $7.3 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. (3) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2025 have been adjusted to exclude a $0.3 million net loss related to the sale of our vessels. (4) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2024 have been adjusted to exclude a $9.1 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. (5) Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current periods.
Navios Partners has changed its classification of “Direct vessel expenses” to reallocate these amounts between “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. Management has assessed the impact of this change as immaterial to the financial statements.
For the three month period ended June 30, 2024, this resulted in the reclassification of $3.0 million and $15.9 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $18.9 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the three month period ended June 30, 2024.
For the six month period ended June 30, 2024, this resulted in the reclassification of $6.2 million and $30.3 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $36.5 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the six month period ended June 30, 2024. Three month periods ended June 30, 2025 and 2024 Time charter and voyage revenues for the three month period ended June 30, 2025 decreased by $14.6 million, or 4.3%, to $327.6 million, as compared to $342.2 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 June 30, 2025 and 2024, time charter and voyage revenues were positively affected by $6.5 million and $2.4 million, respectively, relating to the straight line effect of the charters with de-escalating rates.
The TCE rate decreased by 1.5% to $23,040 per day, as compared to $23,384 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.8% to 13,388 days for the three month period ended June 30, 2025, as compared to 13,498 days for the same period in 2024. EBITDA of Navios Partners for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $17.2 million to $172.6 million for the three month period ended June 30, 2025, as compared to $189.8 million for the same period in 2024.
The decrease in Adjusted EBITDA was primarily due to a: (i) $14.6 million decrease in time charter and voyage revenues; (ii) $9.1 million increase in vessel operating expenses due to a 5.6% increase in the opex days and a 4.5% increase in the opex daily rate to $7,108 also as a result of the change in the composition of our fleet; and (iii) $2.8 million increase in general and administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by: (i) an $8.8 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 second quarter of 2025; and (ii) a $0.5 million decrease in other expense, net. Net Income for the three month periods ended June 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income decreased by $29.9 million to $64.3 million for the three month period ended June 30, 2025, as compared to $94.2 million for the same period in 2024.
The decrease in Adjusted Net Income was primarily due to: (i) a $17.2 million decrease in Adjusted EBITDA; (ii) an $8.6 million increase in depreciation and amortization; (iii) a $3.4 million increase in interest expense and finance cost, net; (iv) a $0.5 million decrease in interest income; and (v) a $0.2 million decrease in amortization of unfavorable lease terms. Six month periods ended June 30, 2025 and 2024 Time charter and voyage revenues for the six month period ended June 30, 2025 decreased by $29.0 million, or 4.4%, to $631.7 million, as compared
Source: Navios Maritime Partners L.P.
