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 fourth quarter and
year ended December 31, 2024.
Angeliki Frangou, Chairwoman and Chief Executive Officer of
Navios Partners stated, “I am pleased with the results for the full
year and fourth quarter of 2024. For the full year, we reported
revenue of $1.33 billion, and for the quarter, we reported revenue
of $332.5 million. We also reported net income of $367.3 million
for the full year and $94.7 million for the fourth quarter.
Earnings per common unit were $11.98 for the full year and $3.11
for the fourth quarter.”
Angeliki Frangou continued, “Since the pandemic, our
markets have been driven primarily by geopolitical events and
conflicts in Ukraine and the Middle East. We don’t know how these
conflicts will be resolved. We also don't know the extent to which
nations will be subject to continuing or even expanded sanctions.
In our view, the resolution of the conflicts in Ukraine and the
Middle East may involve significant sanctions on oil-producing
nations, materially impacting world trade. In addition, the U.S.
administration has been vocal about its new tariff scheme but has
not yet provided a complete roadmap. We cannot now fully understand
the impact on global trade until this develops further.”
Common unit repurchases
As of December 31, 2024 and February 7, 2025, pursuant to its
previously announced common unit repurchase program, Navios
Partners repurchased 489,955 and 585,420 common units,
respectively, for aggregate cash consideration of approximately
$25.0 million and $29.2 million, respectively. As of February 7,
2025, there were 29,598,968 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash
distribution for the fourth quarter of 2024 of $0.05 per unit. The
cash distribution will be paid on February 13, 2025 to unitholders
of record as of February 10, 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 Q4 2024 – 2025
YTD |
| |
|
| |
|
•
$18.8 million gross sale proceeds from sale of two dry bulk vessels
with average age of 18.7 years |
| |
|
|
| In November 2024 and February 2025, Navios Partners
agreed to sell two 2006-built panamaxes to unrelated third parties,
for aggregate gross sale proceeds of $18.8 million. The sale of one
vessel was completed in December 2024 and the sale of the remaining
vessel is expected to be completed in the first half of 2025. |
| |
| |
• $25.4 million effective price upon
the exercise of an option on one Japanese-built
ultra-handymax |
| |
|
| In December 2024, Navios Partners took delivery of
a 2015-built ultra-handymax of 61,339 dwt, which was previously
chartered-in, for an effective price of $25.4 million. |
| |
| |
• Four newbuilding vessels delivered Q4
2024 – 2025 YTD |
| |
|
| In November 2024 and December 2024, Navios Partners
took delivery of two 2024-built 5,300 TEU containerships, which
have been chartered-out at an average rate of $36,818 net per day
for an average period of 5.3 years.In January 2025, Navios Partners
took delivery of a 2025-built aframax/LR2 tanker, which has been
chartered-out at $25,253 net per day for a period of five years.In
January 2025, Navios Partners took delivery of a 2025-built LNG
dual fuel 7,700 TEU containership, which has been chartered-out at
an average rate of $41,753 net per day for a period of 12
years. |
| |
| |
• $79.0 million contracted revenue agreed
Q4 2024 – 2025 YTD; $3.6 billion total contracted
revenue |
| |
|
| Navios Partners has entered into new long-term
charters which are expected to generate revenue of $79.0
million. |
| |
| |
|
• Two VLCC tankers have been chartered-out for a period of
one year at an average rate of $36,143 net per day. |
| |
|
• One 2,546 TEU containership has been chartered-out for a
period of 2.2 years at $24,375 net per day. |
| |
|
• One LR1 tanker has been chartered-out for a period of
two years at $24,225 net per day. |
| |
|
• One MR2 tanker has been chartered-out for a period of
two years at $19,475 net per day. |
| |
|
|
| Including the above long-term charters, Navios
Partners has $3.6 billion contracted revenue through 2037. |
| |
|
Financing update
In November 2024, Navios Partners entered into a
sale and leaseback agreement of $16.0 million with an unrelated
third party for a 2009-built capesize of 180,661 dwt. The sale and
leaseback agreement matures in the fourth quarter of 2028 and bears
interest at Term Secured Overnight Financing Rate (“Term SOFR”)
plus 241 bps per annum.
In December 2024, Navios Partners entered into a
new credit facility with a commercial bank for a total amount up to
$30.0 million in order to refinance the existing indebtedness of
four of its vessels. The facility matures five years after the
drawdown date and bears interest at Term SOFR plus 175 bps per
annum.
In December 2024, Navios Partners entered into a
new credit facility with a commercial bank for a total amount up to
$90.0 million in order to refinance the existing indebtedness of
seven of its vessels. The facility matures four years after the
drawdown date and bears interest at Compounded Secured Overnight
Financing Rate (“Compounded SOFR”) plus 180 bps per annum.
During the first quarter of 2025, Navios
Partners agreed to enter into an export credit agency-backed
facility for a total amount up to $148.4 million in order to
finance part of the acquisition cost of two newbuilding 7,900 TEU
containerships, currently under construction. The facility matures
12 years after the delivery date of each vessel and bears interest
at Compounded SOFR plus 125 bps per annum. The facility remains
subject to completion of definitive documentation and is expected
to close in the first quarter of 2025.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 70 dry
bulk vessels, 50 containerships and 56 tankers, that includes 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 five
newbuilding containerships (one 7,700 TEU containership and four
7,900 TEU containerships), that are expected to be delivered
through the first half of 2027. The fleet excludes one panamax
agreed to be sold.
As of February 7, 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 62.7% and 42.2% of its
available days for 2025 and 2026, respectively. Navios Partners
expects contracted revenue of $926.6 million and $707.7 million for
2025 and 2026, respectively. The average expected daily charter-out
rate for the fleet is $26,198 and $28,392 for 2025 and 2026,
respectively.
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 and years ended December 31, 2024 and 2023. 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 Period Ended |
|
|
Three Month Period Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
| (in $‘000 except per
unit data) |
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
Revenue |
$ |
332,521 |
|
|
$ |
327,253 |
|
|
$ |
1,334,066 |
|
|
$ |
1,306,889 |
|
| Net Income |
$ |
94,723 |
|
|
$ |
132,391 |
(2) |
|
$ |
367,308 |
|
|
$ |
433,645 |
(2) |
| Adjusted Net Income |
$ |
79,337 |
(1) |
|
$ |
132,914 |
(3) |
|
$ |
341,548 |
(4) |
|
$ |
383,397 |
(5) |
| Net cash provided by operating
activities |
$ |
114,924 |
|
|
$ |
211,704 |
|
|
$ |
483,478 |
|
|
$ |
560,317 |
|
| EBITDA |
$ |
197,609 |
|
|
$ |
226,535 |
(2) |
|
$ |
757,393 |
|
|
$ |
797,810 |
(2) |
| Adjusted EBITDA |
$ |
182,223 |
(1) |
|
$ |
227,058 |
(3) |
|
$ |
731,633 |
(4) |
|
$ |
747,562 |
(5) |
| Earnings per Common Unit
basic |
$ |
3.11 |
|
|
$ |
4.30 |
(2) |
|
$ |
11.98 |
|
|
$ |
14.08 |
(2) |
| Earnings per Common Unit
diluted |
$ |
3.11 |
|
|
$ |
4.30 |
(2) |
|
$ |
11.98 |
|
|
$ |
14.08 |
(2) |
| Adjusted Earnings per Common
Unit basic |
$ |
2.61 |
(1) |
|
$ |
4.32 |
(3) |
|
$ |
11.14 |
(4) |
|
$ |
12.45 |
(5) |
| Adjusted Earnings per Common
Unit diluted |
$ |
2.61 |
(1) |
|
$ |
4.32 |
(3) |
|
$ |
11.14 |
(4) |
|
$ |
12.45 |
(5) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per
Common Unit basic and diluted for the three month period ended
December 31, 2024 have been adjusted to exclude a $15.4 million net
gain related to: (a) the sale of our vessels; and (b) the
impairment loss on two of our vessels. |
| (2) |
Net Income, EBITDA and Earnings
per Common Unit basic and diluted for the three month period and
year ended December 31, 2023 include $47.0 million prepayment of
charter hire received for the period relating to January 2024 and
onwards. |
| (3) |
Adjusted Net Income, Adjusted
EBITDA and Adjusted Earnings per Common Unit basic and diluted for
the three month period ended December 31, 2023 have been adjusted
to exclude a $0.5 million net loss related to: (a) the gain on the
sale of our vessels; and (b) the impairment loss on one of our
vessels. |
| (4) |
Adjusted Net Income, Adjusted
EBITDA and Adjusted Earnings per Common Unit basic and diluted for
the year ended December 31, 2024 have been adjusted to exclude a
$25.8 million net gain related to: (a) the sale of our vessels; and
(b) the impairment loss on four of our vessels. |
| (5) |
Adjusted Net Income, Adjusted
EBITDA and Adjusted Earnings per Common Unit basic and diluted for
the year ended December 31, 2023 have been adjusted to exclude a
$50.2 million net gain related to: (a) the sale of our vessels; and
(b) the impairment loss on one of our vessels. |
| |
|
Three month periods ended December 31,
2024 and 2023
Time charter and voyage revenues for the three month period
ended December 31, 2024 increased by $5.2 million, or 1.6%, to
$332.5 million, as compared to $327.3 million for the same period
in 2023. The increase in revenue was mainly attributable to the
increase in Time Charter Equivalent (“TCE”) rate and the increase
in the available days of our fleet. For the three month periods
ended December 31, 2024 and 2023, time charter and voyage revenues
were negatively affected by $3.0 million and $10.5 million,
respectively, relating to the straight line effect of the
containership and tanker charters with de-escalating rates. The TCE
rate increased by 2.6% to $23,205 per day, as compared to $22,625
per day for the same period in 2023. The available days of the
fleet increased by 1.1% to 13,671 days for the three month period
ended December 31, 2024, as compared to 13,527 days for the same
period in 2023 mainly due to the deliveries of newbuilding vessels,
partially mitigated by the sale of vessels.
EBITDA of Navios Partners for the three month periods ended
December 31, 2024 and 2023 was affected by the items described in
the table above. Excluding these items, Adjusted EBITDA decreased
by $44.9 million to $182.2 million for the three month period ended
December 31, 2024, as compared to $227.1 million for the same
period in 2023. The decrease in Adjusted EBITDA was primarily due
to a: (i) $54.5 million decrease in other income mainly due to the
prepayment of hire received in the three month period ended
December 31, 2023 for the early termination of the charter parties
of two containerships; (ii) $7.0 million increase in vessel
operating expenses mainly due to the change in the composition of
our fleet with deliveries and sales of vessels and the adjustment
of the fixed daily fee in accordance with our management
agreements; and (iii) $1.7 million increase in general and
administrative expenses in accordance with our administrative
services agreement. The above decrease was partially mitigated by
a: (i) $9.1 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 fourth quarter of 2024 and
the decrease in bareboat and charter-in hire expenses of the dry
bulk fleet; (ii) $5.2 million increase in time charter and voyage
revenues; and (iii) $4.0 million decrease in direct vessel expenses
(excluding the amortization of deferred drydock, special survey
costs and other capitalized items).
Net Income for the three month periods ended December 31, 2024
and 2023 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income decreased by $53.6
million to $79.3 million for the three month period ended December
31, 2024, as compared to $132.9 million for the same period in
2023. The decrease in Adjusted Net Income was primarily due to a:
(i) $44.9 million decrease in Adjusted EBITDA; and (ii) $9.3
million negative impact from the depreciation and amortization,
that primarily resulted from a $5.2 million increase in the
amortization of deferred drydock, special survey costs and other
capitalized items, a $3.8 million increase in the depreciation and
amortization of intangible assets and a $0.3 million decrease in
the amortization of unfavorable lease terms. The above decrease was
partially mitigated by a: (i) $0.5 million decrease in interest
expense and finance cost, net and; and (ii) $0.1 million increase
in interest income.
Years ended December 31, 2024 and 2023
Time charter and voyage revenues for the year ended December 31,
2024 increased by $27.2 million, or 2.1%, to $1,334.1 million, as
compared to $1,306.9 million for the same period in 2023. The
increase in revenue was mainly attributable to the increase in TCE
rate, partially mitigated by the decrease in the available days of
our fleet. For the years ended December 31, 2024 and 2023, time
charter and voyage revenues were positively affected by $1.9
million and negatively affected by $40.7 million, respectively,
relating to the straight line effect of the containership and
tanker charters with de-escalating rates. The TCE rate increased by
2.6% to $22,924 per day, as compared to $22,337 per day for the
same period in 2023. The available days of the fleet slightly
decreased by 0.9% to 54,261 days for the year ended December 31,
2024, as compared to 54,766 days for the same period in 2023 mainly
due to the sale of vessels, partially mitigated by the deliveries
of newbuilding vessels.
EBITDA of Navios Partners for the years ended December 31, 2024
and 2023 was affected by the items described in the table above.
Excluding these items, Adjusted EBITDA decreased by $16.0 million
to $731.6 million for the year ended December 31, 2024, as compared
to $747.6 million for the same period in 2023. The decrease in
Adjusted EBITDA was primarily due to a: (i) $47.4 million decrease
in other income mainly due to the prepayment of hire received in
the year ended December 31, 2023 for the early termination of the
charter parties of two containerships; (ii) $17.5 million increase
in vessel operating expenses mainly due to the change in the
composition of our fleet with deliveries and sales of vessels and
the adjustment of the fixed daily fee in accordance with our
management agreements; and (iii) $4.6 million increase in general
and administrative expenses in accordance with our administrative
services agreement. The above decrease was partially mitigated by
a: (i) $27.2 million increase in time charter and voyage revenues;
(ii) $13.8 million decrease in time charter and voyage expenses,
mainly due to the decrease in bareboat and charter-in hire expenses
of the dry bulk fleet and the decrease in bunker expenses arising
from the decreased days of freight voyages in 2024; and (iii) $12.5
million decrease in direct vessel expenses (excluding the
amortization of deferred drydock, special survey costs and other
capitalized items).
Net Income for the years ended December 31, 2024 and 2023 was
affected by the items described in the table above. Excluding these
items, Adjusted Net Income decreased by $41.9 million to $341.5
million for the year ended December 31, 2024, as compared to $383.4
million for the same period in 2023. The decrease in Adjusted Net
Income was primarily due to a: (i) $38.1 million negative impact
from the depreciation and amortization, that primarily resulted
from a $20.2 million increase in the amortization of deferred
drydock, special survey costs and other capitalized items, a $10.7
million increase in the depreciation and amortization of intangible
assets and a $7.2 million decrease in the amortization of
unfavorable lease terms; and (ii) $16.0 million decrease in
Adjusted EBITDA. The above decrease was partially mitigated by a:
(i) $9.1 million decrease in interest expense and finance cost,
net; and (ii) $3.1 million increase in interest income.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Partners’ core fleet performance for the three
month periods and years ended December 31, 2024 and 2023.
| |
Three Month Period EndedDecember 31,
2024 |
|
Three Month Period EndedDecember 31,
2023 |
|
Year EndedDecember 31, 2024 |
|
Year EndedDecember 31, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Available Days (1) |
|
13,671 |
|
|
|
13,527 |
|
|
|
54,261 |
|
|
|
54,766 |
|
| Operating Days (2) |
|
13,534 |
|
|
|
13,425 |
|
|
|
53,656 |
|
|
|
54,294 |
|
| Fleet Utilization (3) |
|
99.0 |
% |
|
|
99.2 |
% |
|
|
98.9 |
% |
|
|
99.1 |
% |
| TCE rate Combined (per day)
(4) |
$ |
23,205 |
|
|
$ |
22,625 |
|
|
$ |
22,924 |
|
|
$ |
22,337 |
|
| TCE rate Dry Bulk (per day)
(4) |
$ |
17,079 |
|
|
$ |
16,902 |
|
|
$ |
16,959 |
|
|
$ |
14,422 |
|
| TCE rate Containerships (per
day) (4) |
$ |
30,623 |
|
|
$ |
30,356 |
|
|
$ |
30,370 |
|
|
$ |
33,770 |
|
| TCE rate Tankers (per day)
(4) |
$ |
26,646 |
|
|
$ |
27,562 |
|
|
$ |
27,093 |
|
|
$ |
28,662 |
|
| Vessels operating at period
end |
|
152 |
|
|
|
151 |
|
|
|
152 |
|
|
|
151 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Available days for the fleet represent total calendar days the
vessels were in Navios Partners’ possession for the relevant period
after subtracting off-hire days associated with scheduled repairs,
drydockings or special surveys and ballast days. The shipping
industry uses available days to measure the number of days in a
relevant period during which a vessel is capable of generating
revenues. |
|
(2) |
Operating days are the number of
available days in the relevant period less the aggregate number of
days that the vessels are off-hire due to any reason, including
unforeseen circumstances. The shipping industry uses operating days
to measure the aggregate number of days in a relevant period during
which vessels actually generate revenues. |
|
(3) |
Fleet utilization is the
percentage of time that Navios Partners’ vessels were available for
generating revenue, and is determined by dividing the number of
operating days during a relevant period by the number of available
days during that period. The shipping industry uses fleet
utilization to measure efficiency in finding employment for vessels
and minimizing the amount of days that its vessels are off-hire for
reasons other than scheduled repairs, drydockings or special
surveys. |
|
(4) |
TCE rate: TCE rate per day is
defined as voyage, time charter revenues and charter-out revenues
under bareboat contracts (grossed up by the applicable fixed vessel
operating expenses for the respective periods) less voyage expenses
during a period divided by the number of available days during the
period. The TCE rate per day is a customary shipping industry
performance measure used primarily to present the actual daily
earnings generated by vessels on various types of charter contracts
for the number of available days of the fleet. |
Conference Call Details:
Navios Partners' management will host a conference call on
Thursday, February 13, 2025 to discuss the results for the fourth
quarter and year ended December 31, 2024.
Call Date/Time: Thursday, February 13, 2025 at 8:30 am ETCall
Title: Navios Partners Q4 2024 Financial Results Conference
Call US Dial In: +1.800.343.4136International Dial In:
+1.203.518.9843 Conference ID: NMMQ424
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.800.753.9146International Replay Dial In:
+1.402.220.2705
Slides and audio webcast:
There will also be a live webcast of the conference call,
through the Navios Partners website (www.navios-mlp.com) under
“Investors”. Participants to the live webcast should register on
the website approximately 10 minutes prior to the start of the
webcast.
A supplemental slide presentation will be available on the
Navios Partners website at www.navios-mlp.com under the
“Investors” section at 8:00 am ET on the day of the
call.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an international
owner and operator of dry cargo and tanker vessels. For more
information, please visit our website at www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events, TCE rates and Navios
Partners’ expected cash flow generation, future contracted
revenues, future distributions and its ability to make
distributions going forward, opportunities to reinvest cash
accretively in a fleet renewal program or otherwise, potential
capital gains, its ability to take advantage of dislocation in the
market and Navios Partners’ growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters and Navios Partners’ ability to
refinance its debt on attractive terms, or at all. Words such as
“may,” “expects,” “intends,” “plans,” “believes,” “anticipates,”
“hopes,” “estimates,” and variations of such words and similar
expressions are intended to identify forward-looking
statements.
These forward-looking statements are based on the information
available to, and the expectations and assumptions deemed
reasonable by Navios Partners at the time these statements were
made. Although Navios Partners believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Partners. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Factors that could cause actual results to differ materially
include, but are not limited to, risks relating to: global and
regional economic and political conditions including global
economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates, the
economic condition of the markets in which we operate, shipyards
performing scrubber installations, construction of newbuilding
vessels, drydocking and repairs, changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, wars, sanctions, diseases, pandemics, political
events, piracy or acts by terrorists; uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term time charters, our
ability to maximize the use of our vessels, expected demand in the
dry and liquid cargo shipping sectors in general and the demand for
our dry bulk, containerships and tanker vessels in particular,
fluctuations in charter rates for dry bulk, containerships and
tanker vessels, the aging of our fleet and resultant increases in
operations costs, the loss of any customer or charter or vessel,
the financial condition of our customers, changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors, fluctuation in interest
rates and foreign exchange rates, increases in costs and expenses,
including but not limited to: crew, insurance, provisions, port
expenses, lube oil, bunkers, repairs, maintenance and general and
administrative expenses, the expected cost of, and our ability to
comply with, governmental regulations and maritime self-regulatory
organization standards, as well as standard regulations imposed by
our charterers applicable to our business, general domestic and
international political conditions, competitive factors in the
market in which Navios Partners operates; risks associated with
operations outside the United States; and other factors listed from
time to time in Navios Partners’ filings with the Securities and
Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios
Partners expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Navios
Partners’ expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based. Navios Partners makes no prediction or statement about the
performance of its common units.
Contacts
Navios Maritime Partners L.P.+1 (212) 906
8645Investors@navios-mlp.com
Nicolas BornozisCapital Link, Inc.+1 (212) 661
7566naviospartners@capitallink.com
| |
|
|
|
| EXHIBIT
1 |
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS L.P. SELECTED
BALANCE SHEET DATA(Expressed in thousands of U.S.
Dollars) |
| |
|
|
|
| |
December 31,2024(unaudited) |
|
December 31,2023(unaudited) |
|
ASSETS |
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash and time deposits over three months
(1) |
$ |
312,078 |
|
$ |
296,175 |
| Other current assets |
|
130,913 |
|
|
103,573 |
| Total current
assets |
|
442,991 |
|
|
399,748 |
| Vessels, net |
|
4,241,292 |
|
|
3,734,671 |
| Other non-current assets |
|
988,957 |
|
|
1,013,147 |
| Total non-current
assets |
|
5,230,249 |
|
|
4,747,818 |
| Total
assets |
$ |
5,673,240 |
|
$ |
5,147,566 |
| |
|
|
|
|
|
| LIABILITIES AND
PARTNERS’ CAPITAL |
|
|
|
|
|
| Other current liabilities |
$ |
143,444 |
|
$ |
174,564 |
| Current portion of borrowings,
net |
|
266,222 |
|
|
285,036 |
| Total current
liabilities |
|
409,666 |
|
|
459,600 |
| Non-current portion of
borrowings, net |
|
1,862,715 |
|
|
1,576,427 |
| Other non-current
liabilities |
|
294,231 |
|
|
341,087 |
| Total non-current
liabilities |
|
2,156,946 |
|
|
1,917,514 |
| Total
liabilities |
$ |
2,566,612 |
|
$ |
2,377,114 |
| Total partners’ capital |
|
3,106,628 |
|
|
2,770,452 |
| Total liabilities and
partners’ capital |
$ |
5,673,240 |
|
$ |
5,147,566 |
| |
|
|
|
|
|
|
(1) |
Includes time deposits with duration over three months of $12.3
million and $47.0 million as of December 31, 2024 and December 31,
2023, respectively. |
| |
|
| |
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS L.P.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in
thousands of U.S. Dollars except unit and per unit data) |
| |
|
|
|
|
|
|
|
| |
Three Month Period EndedDecember 31,
2024 |
|
Three Month Period EndedDecember 31,
2023 |
|
Year EndedDecember 31, 2024 |
|
Year EndedDecember 31, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Time charter and voyage revenues |
$ |
332,521 |
|
|
$ |
327,253 |
|
|
$ |
1,334,066 |
|
|
$ |
1,306,889 |
|
| Time charter and voyage
expenses |
|
(29,533 |
) |
|
|
(38,635 |
) |
|
|
(146,429 |
) |
|
|
(160,231 |
) |
| Direct vessel expenses |
|
(22,585 |
) |
|
|
(21,304 |
) |
|
|
(77,169 |
) |
|
|
(69,449 |
) |
| Vessel operating expenses |
|
(90,004 |
) |
|
|
(83,031 |
) |
|
|
(349,160 |
) |
|
|
(331,653 |
) |
| General and administrative
expenses |
|
(22,735 |
) |
|
|
(21,000 |
) |
|
|
(85,165 |
) |
|
|
(80,559 |
) |
| Depreciation and amortization
of intangible assets |
|
(58,914 |
) |
|
|
(55,055 |
) |
|
|
(228,472 |
) |
|
|
(217,823 |
) |
| Amortization of unfavorable
lease terms |
|
3,205 |
|
|
|
3,491 |
|
|
|
12,718 |
|
|
|
19,922 |
|
| Gain/ (Loss) on sale of
vessels, net |
|
15,386 |
|
|
|
(523 |
) |
|
|
25,760 |
|
|
|
50,248 |
|
| Interest expense and finance
cost, net |
|
(32,425 |
) |
|
|
(32,939 |
) |
|
|
(124,529 |
) |
|
|
(133,642 |
) |
| Interest income |
|
3,417 |
|
|
|
3,285 |
|
|
|
13,803 |
|
|
|
10,699 |
|
| Other (expense)/ income,
net |
|
(3,610 |
) |
|
|
50,849 |
|
|
|
(8,115 |
) |
|
|
39,244 |
|
| Net
income |
$ |
94,723 |
|
|
$ |
132,391 |
|
|
$ |
367,308 |
|
|
$ |
433,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Earnings per unit: |
| |
|
|
|
|
|
|
|
| |
Three Month Period Ended |
|
Three Month Period Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common unit,
basic |
$ |
3.11 |
|
$ |
4.30 |
|
$ |
11.98 |
|
$ |
14.08 |
| Earnings per common unit,
diluted |
$ |
3.11 |
|
$ |
4.30 |
|
$ |
11.98 |
|
$ |
14.08 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME PARTNERS L.P.Other
Financial Information(Expressed in thousands of U.S.
Dollars) |
|
|
|
|
|
|
|
Year EndedDecember 31,
2024 |
|
Year EndedDecember 31,
2023 |
|
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
483,478 |
|
|
$ |
560,317 |
|
| Net cash used in investing
activities |
$ |
(782,126 |
) |
|
$ |
(253,015 |
) |
| Net cash provided by/ (used
in) financing activities |
$ |
349,262 |
|
|
$ |
(233,225 |
) |
| Increase in cash, cash
equivalents and restricted cash |
$ |
50,614 |
|
|
$ |
74,077 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| EXHIBIT
2 |
|
|
|
|
|
|
|
|
| Owned Dry Bulk
Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Navios Vega |
|
Transhipper |
|
2009 |
|
57,573 |
| Navios Christine B |
|
Ultra-Handymax |
|
2009 |
|
58,058 |
| Navios Celestial |
|
Ultra-Handymax |
|
2009 |
|
58,063 |
| Navios Venus |
|
Ultra-Handymax |
|
2015 |
|
61,339 |
| Navios La Paix |
|
Ultra-Handymax |
|
2014 |
|
61,485 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Hope |
|
Panamax |
|
2005 |
|
75,397 |
| Navios Galileo (1) |
|
Panamax |
|
2006 |
|
76,596 |
| Navios Sun |
|
Panamax |
|
2005 |
|
76,619 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| Navios Helios |
|
Panamax |
|
2005 |
|
77,075 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Unity N |
|
Panamax |
|
2011 |
|
79,642 |
| Odysseus N |
|
Panamax |
|
2011 |
|
79,642 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Navios Amber |
|
Kamsarmax |
|
2015 |
|
80,994 |
| Navios Avior |
|
Kamsarmax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Kamsarmax |
|
2012 |
|
81,472 |
| Navios Citrine |
|
Kamsarmax |
|
2017 |
|
81,626 |
| Navios Dolphin |
|
Kamsarmax |
|
2017 |
|
81,630 |
| Navios Horizon I |
|
Kamsarmax |
|
2019 |
|
81,692 |
| Navios Galaxy II |
|
Kamsarmax |
|
2020 |
|
81,789 |
| Navios Uranus |
|
Kamsarmax |
|
2019 |
|
81,821 |
| Navios Felicity I |
|
Kamsarmax |
|
2020 |
|
81,962 |
| Navios Primavera |
|
Kamsarmax |
|
2022 |
|
82,003 |
| Navios Meridian |
|
Kamsarmax |
|
2023 |
|
82,010 |
| Navios Herakles I |
|
Kamsarmax |
|
2019 |
|
82,036 |
| Navios Magellan II |
|
Kamsarmax |
|
2020 |
|
82,037 |
| Navios Sky |
|
Kamsarmax |
|
2015 |
|
82,056 |
| Navios Alegria |
|
Kamsarmax |
|
2016 |
|
84,852 |
| Navios Sphera |
|
Kamsarmax |
|
2016 |
|
84,872 |
| Navios Coral |
|
Kamsarmax |
|
2016 |
|
84,904 |
| Copernicus N |
|
Post-Panamax |
|
2010 |
|
93,062 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios Aurora II |
|
Capesize |
|
2009 |
|
169,031 |
| Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
| Navios Symphony |
|
Capesize |
|
2010 |
|
178,132 |
| Navios Ace |
|
Capesize |
|
2011 |
|
179,016 |
| Navios Melodia |
|
Capesize |
|
2010 |
|
179,132 |
| Navios Luz |
|
Capesize |
|
2010 |
|
179,144 |
| Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
| Navios Buena Ventura |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Fulvia |
|
Capesize |
|
2010 |
|
179,263 |
| Navios Aster |
|
Capesize |
|
2010 |
|
179,314 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
| Navios Fantastiks |
|
Capesize |
|
2005 |
|
180,265 |
| Navios Sol |
|
Capesize |
|
2009 |
|
180,274 |
| Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
| Navios Pollux |
|
Capesize |
|
2009 |
|
180,727 |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
| Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
| Navios Joy |
|
Capesize |
|
2013 |
|
181,389 |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
| Navios Azalea |
|
Capesize |
|
2022 |
|
182,064 |
| Navios Armonia |
|
Capesize |
|
2022 |
|
182,079 |
| Navios Altair |
|
Capesize |
|
2023 |
|
182,115 |
| Navios Sakura |
|
Capesize |
|
2023 |
|
182,169 |
| Navios Amethyst |
|
Capesize |
|
2023 |
|
182,212 |
| Navios Astra |
|
Capesize |
|
2022 |
|
182,393 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned Containerships |
|
Type |
|
Built |
|
Capacity(TEU) |
| Spectrum N |
|
Containership |
|
2009 |
|
2,546 |
| Protostar N |
|
Containership |
|
2007 |
|
2,741 |
| Fleur N |
|
Containership |
|
2012 |
|
2,782 |
| Ete N |
|
Containership |
|
2012 |
|
2,782 |
| Navios Summer |
|
Containership |
|
2006 |
|
3,450 |
| Navios Verano |
|
Containership |
|
2006 |
|
3,450 |
| Matson Lanai |
|
Containership |
|
2007 |
|
4,250 |
| Navios Verde |
|
Containership |
|
2007 |
|
4,250 |
| Navios Amarillo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Vermilion |
|
Containership |
|
2007 |
|
4,250 |
| Navios Azure |
|
Containership |
|
2007 |
|
4,250 |
| Navios Indigo |
|
Containership |
|
2007 |
|
4,250 |
| Navios Domino |
|
Containership |
|
2008 |
|
4,250 |
| Matson Oahu |
|
Containership |
|
2008 |
|
4,250 |
| Navios Tempo |
|
Containership |
|
2009 |
|
4,250 |
| Navios Destiny |
|
Containership |
|
2009 |
|
4,250 |
| Navios Devotion |
|
Containership |
|
2009 |
|
4,250 |
| Navios Lapis |
|
Containership |
|
2009 |
|
4,250 |
| Navios Dorado |
|
Containership |
|
2010 |
|
4,250 |
| Carmel I |
|
Containership |
|
2010 |
|
4,360 |
| Zim Baltimore |
|
Containership |
|
2010 |
|
4,360 |
| Navios Bahamas |
|
Containership |
|
2010 |
|
4,360 |
| Navios Miami |
|
Containership |
|
2009 |
|
4,563 |
| Navios Magnolia |
|
Containership |
|
2008 |
|
4,730 |
| Navios Jasmine |
|
Containership |
|
2008 |
|
4,730 |
| Navios Chrysalis |
|
Containership |
|
2008 |
|
4,730 |
| Navios Nerine |
|
Containership |
|
2008 |
|
4,730 |
| Sparrow |
|
Containership |
|
2023 |
|
5,300 |
| Zim Eagle |
|
Containership |
|
2024 |
|
5,300 |
| Zim Condor |
|
Containership |
|
2024 |
|
5,300 |
| Hawk Ι (ex Zim Hawk) |
|
Containership |
|
2024 |
|
5,300 |
| Zim Falcon |
|
Containership |
|
2024 |
|
5,300 |
| Zim Pelican |
|
Containership |
|
2024 |
|
5,300 |
| Zim Seagull |
|
Containership |
|
2024 |
|
5,300 |
| Navios Utmost |
|
Containership |
|
2024 |
|
5,300 |
| Navios Unite |
|
Containership |
|
2024 |
|
5,300 |
| Zim Albatross |
|
Containership |
|
2024 |
|
5,300 |
| Hyundai Shanghai |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Tokyo |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Hongkong |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Singapore |
|
Containership |
|
2006 |
|
6,800 |
| Hyundai Busan |
|
Containership |
|
2006 |
|
6,800 |
| HMM Ocean |
|
Containership |
|
2025 |
|
7,700 |
| Navios Unison |
|
Containership |
|
2010 |
|
10,000 |
| Navios Constellation |
|
Containership |
|
2011 |
|
10,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned Tanker Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
| Hector N |
|
MR1 Product Tanker |
|
2008 |
|
38,402 |
| Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
| Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
| Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
| Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
| Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
| Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| Nave Velocity |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
| Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
| Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
| Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
| Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
| Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
| Nave Cosmos |
|
Aframax/LR2 |
|
2024 |
|
115,651 |
| Nave Polaris |
|
Aframax/LR2 |
|
2024 |
|
115,699 |
| Nave Photon |
|
Aframax/LR2 |
|
2024 |
|
115,752 |
| Nave Neutrino |
|
Aframax/LR2 |
|
2025 |
|
115,807 |
| Nave Constellation |
|
VLCC |
|
2010 |
|
296,988 |
| Nave Universe |
|
VLCC |
|
2011 |
|
297,066 |
| Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
| Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bareboat-in vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Purchase Option |
| Navios Star |
|
Kamsarmax |
|
2021 |
|
81,994 |
|
Yes |
| Navios Amitie |
|
Kamsarmax |
|
2021 |
|
82,002 |
|
Yes |
| Navios Libra |
|
Kamsarmax |
|
2019 |
|
82,011 |
|
Yes |
| Nave Electron |
|
VLCC |
|
2021 |
|
313,239 |
|
Yes |
| Nave Celeste |
|
VLCC |
|
2022 |
|
313,418 |
|
Yes |
| Baghdad |
|
VLCC |
|
2020 |
|
313,433 |
|
Yes |
| Erbil |
|
VLCC |
|
2021 |
|
313,486 |
|
Yes |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newbuildings to be delivered |
|
Type |
|
ExpectedDelivery Date |
|
Capacity(TEU / DWT) |
| TBN III |
|
Containership |
|
H1 2025 |
|
7,700 |
| TBN XX |
|
Containership |
|
H1 2026 |
|
7,900 |
| TBN XXI |
|
Containership |
|
H2 2026 |
|
7,900 |
| TBN XXII |
|
Containership |
|
H2 2026 |
|
7,900 |
| TBN XXIII |
|
Containership |
|
H1 2027 |
|
7,900 |
| TBN IV |
|
MR2 Product Tanker |
|
H2 2025 |
|
52,000 |
| TBN V |
|
MR2 Product Tanker |
|
H1 2026 |
|
52,000 |
| TBN VI |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN VII |
|
MR2 Product Tanker |
|
H2 2026 |
|
52,000 |
| TBN VIII |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN IX |
|
MR2 Product Tanker |
|
H1 2027 |
|
52,000 |
| TBN I |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN II |
|
Aframax/LR2 |
|
H1 2025 |
|
115,000 |
| TBN X |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XI |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XII |
|
Aframax/LR2 |
|
H1 2026 |
|
115,000 |
| TBN XIII |
|
Aframax/LR2 |
|
H2 2026 |
|
115,000 |
| TBN XIV |
|
Aframax/LR2 |
|
H1 2027 |
|
115,000 |
| TBN XVΙ |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XV |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XVII |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XVIII |
|
Aframax/LR2 |
|
H2 2027 |
|
115,000 |
| TBN XIX |
|
Aframax/LR2 |
|
H1 2028 |
|
115,000 |
| |
|
|
|
|
|
|
|
(1) |
Vessel agreed to be sold. |
| |
|
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings per Common Unit, basic and diluted are “non-U.S.
GAAP financial measures” and should not be used in isolation or
considered substitutes for net income/ (loss), cash flow from
operating activities and other operations or cash flow statement
data prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income before interest and
finance costs, depreciation and amortization (including intangible
accelerated amortization) and income taxes. Adjusted EBITDA
represents EBITDA excluding certain items, as described under
“Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a
liquidity measure and reconciles EBITDA and Adjusted EBITDA to net
cash provided by operating activities, the most comparable U.S.
GAAP liquidity measure. EBITDA in this document is calculated as
follows: net cash provided by operating activities adding back,
when applicable and as the case may be, the effect of: (i) net
increase in operating assets; (ii) net decrease/ (increase) in
operating liabilities; (iii) net interest cost;
(iv) amortization and write-off of deferred finance costs and
discount; (v) amortization of operating lease assets/ liabilities;
(vi) non-cash amortization of deferred revenue and straight
line effect of the containership and tanker charters with
de-escalating rates; (vii) stock-based compensation expense;
and (viii) gain/ (loss) on sale of vessels, net. Navios
Partners believes that EBITDA and Adjusted EBITDA are each the
basis upon which liquidity can be assessed and presents useful
information to investors regarding Navios Partners’ ability to
service and/or incur indebtedness, pay capital expenditures, meet
working capital requirements and make cash distributions. Navios
Partners also believes that EBITDA and Adjusted EBITDA are used:
(i) by potential lenders to evaluate potential transactions;
(ii) to evaluate and price potential acquisition candidates;
and (iii) by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
Each of EBITDA and Adjusted EBITDA have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for the analysis of Navios Partners’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, EBITDA and Adjusted EBITDA should not be
considered as a principal indicator of Navios Partners’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
We present Adjusted Net Income by excluding
items that we do not believe are indicative of our core operating
performance. Our presentation of Adjusted Net Income adjusts net
income for the items described above under “Earnings Highlights”.
The definition of Adjusted Net Income used here may not be
comparable to that used by other companies due to differences in
methods of calculation. Adjusted Earnings per Common Unit is
defined as Adjusted Net Income divided by the weighted average
number of common units outstanding for each of the periods
presented, basic and diluted.
| |
| EXHIBIT
4 |
| |
|
|
|
|
|
|
|
| Navios
Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA
to Cash from Operations |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Three Month Period Ended |
|
Three Month Period Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
|
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
($ ‘000) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
114,924 |
|
|
$ |
211,704 |
|
|
$ |
483,478 |
|
|
$ |
560,317 |
|
| Net increase in operating
assets |
|
41,672 |
|
|
|
37,441 |
|
|
|
97,685 |
|
|
|
59,729 |
|
| Net decrease/ (increase) in
operating liabilities |
|
82 |
|
|
|
(39,472 |
) |
|
|
37,606 |
|
|
|
75,079 |
|
| Net interest cost |
|
29,008 |
|
|
|
29,654 |
|
|
|
110,726 |
|
|
|
122,943 |
|
| Amortization and write-off of
deferred finance costs and discount |
|
(1,941 |
) |
|
|
(1,945 |
) |
|
|
(7,841 |
) |
|
|
(7,188 |
) |
| Amortization of operating
lease assets/ liabilities |
|
189 |
|
|
|
(1,149 |
) |
|
|
2,973 |
|
|
|
(8,918 |
) |
| Non-cash amortization of
deferred revenue and straight line |
|
(1,711 |
) |
|
|
(9,174 |
) |
|
|
7,006 |
|
|
|
(54,396 |
) |
| Stock-based compensation |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(4 |
) |
| Gain/ (loss) on sale of
vessels, net |
|
15,386 |
|
|
|
(523 |
) |
|
|
25,760 |
|
|
|
50,248 |
|
| EBITDA |
$ |
197,609 |
|
|
$ |
226,535 |
|
|
$ |
757,393 |
|
|
$ |
797,810 |
|
| (Gain)/ loss on sale of
vessels, net |
|
(15,386 |
) |
|
|
523 |
|
|
|
(25,760 |
) |
|
|
(50,248 |
) |
| Adjusted
EBITDA |
$ |
182,223 |
|
|
$ |
227,058 |
|
|
$ |
731,633 |
|
|
$ |
747,562 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Three Month Period Ended |
|
Three Month Period Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2024($
‘000) |
December 31, 2023($
‘000) |
December 31, 2024($
‘000) |
December 31, 2023($
‘000) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
114,924 |
|
|
$ |
211,704 |
|
|
$ |
483,478 |
|
|
$ |
560,317 |
|
| Net cash used in investing
activities |
$ |
(168,162 |
) |
|
$ |
(180,592 |
) |
|
$ |
(782,126 |
) |
|
$ |
(253,015 |
) |
| Net cash provided by/ (used
in) financing activities |
$ |
59,069 |
|
|
$ |
(51,110 |
) |
|
$ |
349,262 |
|
|
$ |
(233,225 |
) |
Grafico Azioni Navios Maritime Partners (NYSE:NMM)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Navios Maritime Partners (NYSE:NMM)
Storico
Da Mar 2024 a Mar 2025
