Navios Maritime Partners (NMM) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $327.6 million, EBITDA $178.2 million, and net income $69.9 million, with EPS of $2.34 per unit.

• Operates a diversified fleet of 173 vessels across dry bulk, containership, and tanker segments, with an average fleet age of 10 years and $6.2 billion in vessel value.

• Ended Q2 with $389 million in cash and a $60 million undrawn revolving facility.

• Sold three older vessels for $95.5 million and acquired two Aframax LR2 tankers for $133 million, with one delivered in June 2025 and another due in 2027.

• Terminated two VLCC charters due to OFAC sanctions and redeployed vessels into the spot market.

Financial highlights

• Q2 2025 revenue decreased 4.3% year-over-year to $327.6 million; H1 2025 revenue was $631.7 million, both down from 2024.

• Adjusted EBITDA for Q2 2025 was $172.6 million, down from $189.8 million in Q2 2024.

• Adjusted net income for Q2 2025 was $64.3 million, compared to $94.2 million in Q2 2024.

• Q2 2025 earnings per unit were $2.34, down from $3.30 in Q2 2024.

• Net cash from operating activities was $121.6 million in Q2 and $278.2 million in H1 2025.

Outlook and guidance

• $3.1 billion in contracted revenue as of August 2025, with 75% of H2 2025 available days fixed at $24,989 per day and 6,838 open/indexed days remaining.

• Contracted revenue for the remainder of 2025 exceeds estimated total cash expense by $56 million.

• Fleet renewal ongoing, with newbuildings scheduled for delivery through H1 2028 and 38 vessels sold since Q3 2022.