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WKN: A2PJPH | ISIN: MHY622674098 | Ticker-Symbol: 3PXA
NASDAQ
19.07.24
21:59 Uhr
49,120 US-Dollar
-0,690
-1,39 %
Branche
Logistik/Transport
Aktienmarkt
Sonstige
1-Jahres-Chart
NAVIOS MARITIME PARTNERS LP Chart 1 Jahr
5-Tage-Chart
NAVIOS MARITIME PARTNERS LP 5-Tage-Chart
GlobeNewswire (Europe)
238 Leser
Artikel bewerten:
(1)

Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2024

  • Revenue:
    • $318.6 million for Q1 2024
  • Net Income:
    • $73.4 million for Q1 2024
  • Earnings per common unit:
    • $2.38 for Q1 2024
  • Net cash from operating activities:
    • $94.4 million for Q1 2024
  • EBITDA:
    • $166.2 million for Q1 2024
  • Sales and purchases:
    • $ 92.6 million gross sale proceeds YTD 2024
      • $ 9.8 million completed in Q1 2024
      • $82.8 million to be completed in Q2 2024
    • $245.7 million acquisitions YTD 2024
      • $129.1 million acquisition of two newbuilding scrubber-fitted aframax/LR2 tankers
      • $116.6 million acquisition of four Japanese-built kamsarmaxes
    • Three newbuilding vessels delivered YTD 2024
  • $3.3 billion remaining contracted revenue
  • $0.05 per unit cash distribution for Q1 2024

MONACO, May 14, 2024 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2024.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "I am pleased with the results for the first quarter of 2024. We reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit were $2.38."

Angeliki Frangou continued, "In the first quarter of 2024, regional conflict, particularly in the Middle East, continued to drive transportation. The US and European economies were generally healthy. As a result, this was Navios Partners' strongest first quarter financial performance ever.

We remain cautious as this robust maritime environment can change quickly. As usual, we focus on things that we can control, such as reducing leverage and modernizing our energy efficient fleet. We are taking long-term cover where available, as rates are around or exceeding long-term averages. For example, we recently chartered-out a capesize vessel for 2.9 years at a net daily rate of $28,500."

Fleet update

• Sale of vessels YTD 2024
° $92.6 million gross sale proceeds from sale of four vessels
  • Completed the sale of three vessels for $75.6 million
During the first quarter of 2024, Navios Partners completed the sale of a 2004-built panamax of 76,602 dwt to an unrelated third party, for gross sale proceeds of $9.8 million.
In May 2024, Navios Partners completed the sale of a 2006-built panamax of 76,596 dwt and a 2009-built VLCC of 297,188 dwt to unrelated third parties, for aggregate gross sale proceeds of $65.8 million.
  • Agreed to sell one vessel for $17.0 million
During the first quarter of 2024, Navios Partners agreed to sell a 2007-built containership of 3,450 TEU to an unrelated third party, for gross sale proceeds of $17.0 million. The sale is expected to be completed during the second quarter of 2024.
• Acquisition of vessels YTD 2024
° $245.7 million acquisitions YTD 2024
  • Acquisition of two newbuilding scrubber-fitted aframax/LR2 tankers for $129.1 million
During the first quarter of 2024, Navios Partners agreed to acquire two newbuilding scrubber-fitted aframax/LR2 tankers of 115,000 dwt, from an unrelated third party, for a purchase price of $61.25 million each (plus $3.3 million per vessel in additional features). The vessels are expected to be delivered into Navios Partners' fleet during 2027.
  • Acquisition of four Japanese-built kamsarmaxes (previously chartered-in) for $116.6 million
In March 2024, Navios Partners declared its options to purchase a 2015-built scrubber-fitted kamsarmax of 80,994 dwt, a 2016-built kamsarmax of 84,904 dwt, a 2017-built kamsarmax of 81,626 dwt and a 2017-built kamsarmax of 81,630 dwt, for an aggregate purchase price of approximately $116.6 million based on the expected delivery date.
• Three newbuilding vessels delivered YTD 2024
In January 2024 and April 2024, Navios Partners took delivery of two 2024-built 5,300 TEU containerships, which have been chartered-out at an average rate of $37,050 net per day for a period of 5.2 years, as previously announced.
In May 2024, Navios Partners took delivery of a 2024-built aframax/LR2 tanker, which has been chartered-out at $26,366 net per day for a period of five years, as previously announced.
• $211.2 million contracted revenue agreed YTD 2024; $3.3 billion total contracted revenue
Navios Partners has entered into new long-term charters which are expected to generate revenue of $211.2 million.
° Two newbuilding aframax/LR2 tankers have been chartered-out for a period of five years at $27,776 net per day.
° One VLCC has been chartered-out for a period of 1.7 years at $45,672 net per day.
° Two 2,750 TEU containerships have been chartered-out for a period of 1.9 years at $19,009 net per day.
° One 4,250 TEU containership has been chartered-out for a period of 1.7 years at $24,440 net per day.
° One capesize has been chartered-out for a period of 2.9 years at $28,500 net per day.
° One kamsarmax has been chartered-out for a period of 1.7 years at $17,290 net per day.
Including the above long-term charters, Navios Partners has $3.3 billion contracted revenue through 2037.

Financing update

In February 2024, Navios Partners entered into a sale and leaseback agreement of $16.8 million with an unrelated third party for a 2011-built capesize of 179,169 dwt. The sale and leaseback agreement matures in the first quarter of 2030 and bears interest at Term Secured Overnight Financing Rate plus 225 bps per annum.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2024 of $0.05 per unit. The cash distribution is paid on May 14, 2024 to unitholders of record as of May 10, 2024. 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.

Operating Highlights

Navios Partners owns and operates a fleet comprised of 76 dry bulk vessels, 46 containerships and 54 tankers, including 17 newbuilding tankers (eleven aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through 2027 and nine newbuilding containerships (seven 5,300 TEU containerships and two 7,700 TEU containerships), that are expected to be delivered through 2025. The fleet excludes one containership agreed to be sold.

Navios Partners has entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.0 years. Navios Partners has currently fixed 67.2% and 40.6% of its available days for the last nine months of 2024 and for 2025, respectively. Navios Partners expects contracted revenue of $732.0 million and $684.0 million for the last nine months of 2024 and for 2025, respectively. The average expected daily charter-out rate for the fleet is $25,874 and $28,561 for the last nine months of 2024 and for 2025, 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 ended March 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
March 31, 2024 March 31, 2023
(in $'000 except per unit data)(unaudited) (unaudited)
Revenue$318,555 $309,522
Net Income$73,361 $99,165
Adjusted Net Income$71,484(1) $65,715(2)
Net cash provided by operating activities$94,436 $94,516
EBITDA$166,155 $188,836
Adjusted EBITDA$164,278(1) $155,386(2)
Earnings per Common Unit basic$2.38 $3.22
Earnings per Common Unit diluted$2.38 $3.22
Adjusted Earnings per Common Unit basic$2.32(1) $2.13(2)
Adjusted Earnings per Common Unit diluted$2.32(1) $2.13(2)

(1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2024 have been adjusted to exclude $1.9 million gain related to the sale of one of our vessels.

(2) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2023 have been adjusted to exclude a $33.5 million net gain related to the sale of nine of our vessels.

Three month periods ended March 31, 2024 and 2023

Time charter and voyage revenues for the three month period ended March 31, 2024 increased by $9.1 million, or 2.9%, to $318.6 million, as compared to $309.5 million for the same period in 2023. The increase in revenue was mainly attributable to the increase in revenue from freight voyages. For the three month periods ended March 31, 2024 and March 31, 2023, time charter and voyage revenues were positively affected by $0.1 million and negatively affected by $13.0 million, respectively, relating to the straight line effect of the containership and tanker charters with de-escalating rates. The Time Charter Equivalent ("TCE") rate increased by 3.4% to $21,514 per day, as compared to $20,811 per day for the same period in 2023. The available days of the fleet decreased by 2.6% to 13,540 days for the three month period ended March 31, 2024, as compared to 13,908 days for the same period in 2023 mainly due to the sale of vessels, partially mitigated by the deliveries of newbuilding and secondhand vessels.

EBITDA of Navios Partners for the three month periods ended March 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $8.9 million to $164.3 million for the three month period ended March 31, 2024, as compared to $155.4 million for the same period in 2023. The increase in Adjusted EBITDA was primarily due to a: (i) $9.1 million increase in time charter and voyage revenues; (ii) $2.9 million decrease in other expense, net; and (iii) $1.9 million decrease in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items). The above increase was partially mitigated by a: (i) $2.1 million increase in time charter and voyage expenses mainly due to the increase in bunker expenses arising from the increased days of freight voyages in the first quarter of 2024; (ii) $1.7 million increase in vessel operating expenses mainly due to the adjustment of the fixed daily fee in accordance with our management agreements, partially mitigated by the sale of vessels; and (iii) $1.2 million increase in general and administrative expenses in accordance with our administrative services agreement.

Net Income for the three month periods ended March 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $5.8 million to $71.5 million for the three month period ended March 31, 2024, as compared to $65.7 million for the same period in 2023. The increase in Adjusted Net Income was primarily due to: (i) an $8.9 million increase in Adjusted EBITDA; (ii) a $6.1 million decrease in interest expense and finance cost, net; and (iii) a $1.8 million increase in interest income. The above increase was partially mitigated by an $11.0 million negative impact from the depreciation and amortization, mainly due to a $5.1 million increase in the amortization of deferred drydock, special survey costs and other capitalized items, a $4.5 million decrease in the amortization of the unfavorable lease terms and a $1.4 million increase in the depreciation and amortization expense.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2024 and 2023.

Three Month Period Ended
March 31, 2024
Three Month Period Ended
March 31, 2023
(unaudited) (unaudited)
Available Days(1) 13,540 13,908
Operating Days(2) 13,445 13,749
Fleet Utilization(3) 99.3% 98.9%
TCE rate Combined (per day)(4)$21,514 $20,811
TCE rate Dry Bulk (per day)(4)$14,209 $10,998
TCE rate Containerships (per day)(4)$29,838 $34,987
TCE rate Tankers (per day)(4)$28,087 $28,477
Vessels operating at period end 151 156
(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 relating to voyages. 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 contract (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 Tuesday, May 14, 2024 to discuss the results for the first quarter ended March 31, 2024.

Call Date/Time: Tuesday, May 14, 2024 at 8:30 am ET
Call Title: Navios Partners Q1 2024 Financial Results Conference Call
US Dial In: +1.800.579.2543
International Dial In: +1.785.424.1789
Conference ID: NMMQ124

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: +1.888.269.5324
International Replay Dial In: +1.402.220.7325

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 8645
Investors@navios-mlp.com

Nicolas Bornozis
Capital Link, Inc.
+1 (212) 661 7566
naviospartners@capitallink.com

EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars)
March 31,
2024
(unaudited)
December 31,
2023
(unaudited)
ASSETS
Cash and cash equivalents, including restricted cash and time deposits over three months(1) $318,373 $296,175
Other current assets 124,959 103,573
Vessels, net 3,746,508 3,734,671
Other non-current assets 1,034,370 1,013,147
Total assets $5,224,210 $5,147,566
LIABILITIES AND PARTNERS' CAPITAL
Other current liabilities $128,634 $174,564
Total borrowings, net (including current and non-current) 1,919,465 1,861,463
Other non-current liabilities 333,838 341,087
Total partners' capital 2,842,273 2,770,452
Total liabilities and partners' capital $5,224,210 $5,147,566
(1) Includes time deposits with duration over three months of $85.5 million and $47.0 million as of March 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 Ended Three Month Period Ended
March 31, 2024March 31, 2023
(unaudited) (unaudited)
Time charter and voyage revenues$318,555 $309,522
Time charter and voyage expenses (41,911) (39,763)
Direct vessel expenses (17,553) (14,440)
Vessel operating expenses (84,922) (83,216)
General and administrative expenses (20,744) (19,499)
Depreciation and amortization of intangible assets (55,570) (54,218)
Amortization of unfavorable lease terms 3,136 7,588
Gain on sale of vessels, net 1,877 33,450
Interest expense and finance cost, net (29,409) (35,524)
Interest income 3,396 1,617
Other expense, net (3,494) (6,352)
Net income$73,361 $99,165

Earnings per unit:

Three Month Period Ended Three Month Period Ended
March 31, 2024 March 31, 2023
(unaudited) (unaudited)
Earnings per unit:
Earnings per common unit, basic$2.38 $3.22
Earnings per common unit, diluted$2.38 $3.22
NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)
Three Month Period Ended
March 31, 2024
Three Month Period Ended
March 31, 2023
(unaudited) (unaudited)
Net cash provided by operating activities $94,436 $94,516
Net cash (used in)/provided by investing activities $(168,073) $44,232
Net cash provided by/(used in) financing activities $57,292 $(100,635)
(Decrease)/Increase in cash, cash equivalents and restricted cash $(16,345) $38,113

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 La Paix Ultra-Handymax 2014 61,485
N Amalthia Panamax 2006 75,318
Navios Hope Panamax 2005 75,397
Navios Sagittarius Panamax 2006 75,756
Navios Taurus Panamax 2005 76,596
Navios Galileo 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 Avior Kamsarmax 2012 81,355
Navios Centaurus Kamsarmax 2012 81,472
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 Harmony Kamsarmax 2006 82,790
Navios Alegria Kamsarmax 2016 84,852
Navios Sphera Kamsarmax 2016 84,872
Navios Apollon I Post-Panamax 2005 87,052
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
Navios Spring(1) Containership 2007 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
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
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
Nave Orbit MR2 Product Tanker 2009 50,470
Nave Equator MR2 Product Tanker 2009 50,542
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 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 Expected
Delivery Date
Capacity
(TEU / DWT)
TBN I Containership Q2 2024 5,300
TBN V Containership Q2 2024 5,300
TBN II Containership H2 2024 5,300
TBN III Containership H2 2024 5,300
TBN IV Containership H2 2024 5,300
TBN VI Containership H2 2024 5,300
TBN VII Containership H2 2024 5,300
TBN XIII Containership H2 2024 7,700
TBN XIV Containership H1 2025 7,700
TBN XV MR2 Product Tanker H2 2025 52,000
TBN XVI MR2 Product Tanker H1 2026 52,000
TBN XVII MR2 Product Tanker H2 2026 52,000
TBN XVIII MR2 Product Tanker H1 2027 52,000
TBN XIX MR2 Product Tanker H1 2027 52,000
TBN XX MR2 Product Tanker H1 2027 52,000
TBN VIII Aframax/LR2 H2 2024 115,000
TBN IX Aframax/LR2 H2 2024 115,000
TBN X Aframax/LR2 H2 2024 115,000
TBN XI Aframax/LR2 H1 2025 115,000
TBN XII Aframax/LR2 H1 2025 115,000
TBN XXI Aframax/LR2 H1 2026 115,000
TBN XXII Aframax/LR2 H1 2026 115,000
TBN XXIII Aframax/LR2 H1 2026 115,000
TBN XXIV Aframax/LR2 H2 2026 115,000
TBN XXV Aframax/LR2 H1 2027 115,000
TBN XXVI Aframax/LR2 H2 2027 115,000
Chartered-in vessels Type Year Built Capacity
(DWT)
Purchase Option
Navios Venus Ultra-Handymax 2015 61,339 Yes
Navios Amber Kamsarmax 2015 80,994 Yes(2)
Navios Citrine Kamsarmax 2017 81,626 Yes(2)
Navios Dolphin Kamsarmax 2017 81,630 Yes(2)
Navios Gemini Kamsarmax 2018 81,704 No
Navios Coral Kamsarmax 2016 84,904 Yes(2)
(1) Vessel agreed to be sold
(2) Option to acquire the vessel has been declared.

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/(decrease) in operating assets; (ii) net decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) gain on sale of assets, net; (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) amortization of operating lease assets/ liabilities. 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 Basic 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
March 31, 2024 March 31, 2023
($ '000) ($ '000)
(unaudited) (unaudited)
Net cash provided by operating activities $94,436 $94,516
Net increase/(decrease) in operating assets 366 (21,359)
Net decrease in operating liabilities 42,983 62,023
Net interest cost 26,013 33,907
Amortization and write-off of deferred finance costs and discount (1,676) (2,031)
Amortization of operating lease assets/ liabilities 791 (2,558)
Non-cash amortization of deferred revenue and straight line 1,365 (9,111)
Stock-based compensation - (1)
Gain on sale of vessels, net 1,877 33,450
EBITDA $166,155 $188,836
Gain on sale of vessels, net (1,877) (33,450)
Adjusted EBITDA $164,278 $155,386
Three Month Period Ended Three Month Period Ended
March 31, 2024 March 31, 2023
($ '000)
(unaudited)
($ '000)
(unaudited)
Net cash provided by operating activities $94,436 $94,516
Net cash (used in)/provided by investing activities $(168,073) $44,232
Net cash provided by/(used in) financing activities $57,292 $(100,635)



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