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Visual21 Nov 2025
Data center suppliers
Navios Maritime Partners (NMM) investor relations material
Navios Maritime Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Reported Q3 2025 revenue of $346.9 million and nine-month revenue of $978.6 million, with EBITDA of $193.9 million and $519.8 million, and net income of $56.3 million and $168 million, respectively; earnings per common unit were $1.90 for Q3 and $5.62 for the nine months.
Operates a diversified fleet of 171 vessels across dry bulk, containership, and tanker segments, with an average age of 9.7 years, younger than industry averages.
Gross vessel value is $6.3 billion, net equity $3.8 billion, and market capitalization $1.5 billion as of November 2025.
Emphasizes risk management, low leverage, and strong liquidity, with $412 million available liquidity and $1.2 billion in unencumbered assets.
Strong risk management and capital allocation strategies, focusing on flexibility and opportunistic investments.
Financial highlights
Q3 2025 revenue increased by 1.8% year-over-year to $347 million, driven by higher combined TCE rates despite fewer available days.
Adjusted EBITDA for Q3 2025 was $194 million, down $1.4 million year-over-year; adjusted net income for Q3 2025 was $84 million, down from $97 million in Q3 2024.
For the first nine months, revenue was $979 million, adjusted EBITDA $520 million, and adjusted net income $196 million.
Cash and cash equivalents stood at $381.6 million as of September 30, 2025.
Net cash from operating activities was $103.1 million for Q3 and $381.3 million for the nine months.
Outlook and guidance
For Q4 2025, 88% of available days are fixed at a net average rate of $24,871 per day, with contracted revenue exceeding estimated cash operating costs by $86 million.
For 2026, 58% of available days are fixed at $27,088 per day, with a break-even of $894 per day on open/index days.
Contracted revenue backlog of $3.7 billion, with $745 million in new long-term contracted revenue as of Q3/Q4 2025.
92% of container days and 73% of tanker days are fixed for 2026; dry bulk days represent most market exposure.
Strong dry bulk market expected, with healthy rates and forward caps.
Red Sea disruptions: NMM's operational adjustments?
Implications of FY26 breakeven per open day?
Rationale for methanol-ready containerships?
Nordic bond issue: impact on fleet flexibility
New containerships: future revenue contribution
Capital allocation: repurchases vs. distributions
2026 open days: How to leverage low breakeven?
Feeder containerships: Explore newbuilding strategy?
Debt-free vessels: How to utilize $1.2B optionality?
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Next Navios Maritime Partners earnings date
Q4 202510 Feb, 2026
Next Navios Maritime Partners earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Navios Maritime Partners L.P. (Navios Partners) is a prominent international owner and operator of dry cargo and tanker vessels. The company's operations span across the globe, offering seaborne transportation services for a variety of liquid and dry cargo commodities. These include crude oil, refined petroleum, chemicals, iron ore, coal, grain, fertilizer, and containers. Navios Partners is recognized for its diversified fleet and customer base, operating under short, medium, and longer-term charters. The company's fleet comprises roughly 170 vessels, including Ultra-Handymax, Panamax, Capesize Vessels, Containerships, Crude, and Product Tankers, showcasing a broad range of capabilities in seaborne shipping. The company is headquartered in Monaco, and its shares are listed on the NYSE.
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