Navios Maritime Partners (NMM) Q3 2026 earnings summary

Executive summary

• Q3 2026 net income was $185.7m and earnings per common unit were $6.42; 9M net income was $459.9m and earnings per common unit were $15.83.

• Q3 revenue rose 24.5% YoY to $432.0m; 9M revenue increased 22.5% to $1.20bn, mainly on higher TCE rates.

• Operated 182 vessels across dry bulk, containerships and tankers, with an 8.5-year average fleet age and $5.0bn contracted revenue backlog through 2037.

• Q3 cash distribution was $0.06 per unit; cash flow supported fleet additions and accelerated debt repayment.

• Management cited geopolitical uncertainty and changing trade patterns, emphasizing diversification, disciplined capital allocation and risk management.

Financial highlights

• Q3 revenue was $432.0m versus $346.9m; EBITDA was $293.9m versus $193.9m, including a $21.9m vessel-sale gain; adjusted EBITDA was $272.0m.

• Q3 net income was $185.7m versus $56.3m; adjusted net income was $163.7m versus $83.7m. Basic EPS was $6.42 versus $1.90.

• 9M revenue was $1.20bn versus $978.6m; net income was $459.9m versus $168.0m and adjusted net income was $396.5m versus $195.7m.

• Combined TCE increased 25.7% YoY to $30,371/day in Q3 and 23.6% to $28,209/day for 9M; fleet utilization was 99.3% and 99.4%, respectively.

• Combined vessel OPEX was $7,320/day in Q3, up from $6,798; the 9M rate was $7,223/day versus $6,961.

Outlook and guidance

• Q4 2026 contracted revenue exceeded estimated cash operating costs by $133.6m, with 10,972 fixed days and 2,713 open or index-linked days; 80.2% of available days were fixed at $31,837/day net.

• For 2027, contracted revenue exceeded estimated cash operating costs by $4.0m; 56.5% of available days were fixed at $29,605/day net, with 25,220 open or index-linked days.

• Each additional $1,000/day earned on 2027 open or index-linked days would generate over $25m of additional free cash.

• Contracted revenue backlog was $5.0bn through 2037: $2.6bn from containerships, $2.1bn from tankers and $0.3bn from dry bulk.

• Thirty-four newbuildings are scheduled for delivery through 2029, representing $3.1bn of investment; long-term charters are expected to generate $2.3bn in contracted revenue over a five-year average duration.