Navios Maritime Partners (NMM) Q1 2026 earnings summary

Executive summary

• Reported Q1 2026 net income of $106.3 million and EBITDA of $212.7 million, with EPS of $3.64 and a $0.06 distribution per unit.

• Owns and operates 173 vessels across dry bulk, containership, and tanker segments, with a young, diversified fleet averaging 9.1 years, below industry average.

• Fleet value, including newbuilds, stands at $9.7 billion, with $4.6 billion in net vessel equity.

• Record contracted revenue backlog of $4.1 billion, up 16% year-over-year, extending through 2037.

• Strong risk management culture, focusing on optimal chartering, capital allocation, and balance sheet strength.

Financial highlights

• Q1 2026 revenue rose 17.4% year-over-year to $357 million, driven by higher TCE rates despite 3% fewer available days.

• Adjusted EBITDA increased to $204.1 million; adjusted net income up to $98 million.

• Cash and equivalents at quarter-end were $421 million, with $593 million in available liquidity.

• Net debt to book capitalization improved to 31.2%.

• Earnings per unit (EPU) was $3.64, up from $1.38 year-over-year.

Outlook and guidance

• 73% of available days for the rest of 2026 fixed at $27,859/day; $179.2 million excess contracted revenue over cash cost.

• $4.1 billion contracted revenue backlog provides strong cash flow visibility through 2037.

• 26 newbuild vessels to be delivered through 2029, representing $2.1 billion investment.

• 10,838 open/index days in 2026 offer upside exposure to market rates.

• Continued focus on reducing net LTV to 20-25% by year-end.