Navios Maritime Partners (NMM) Q4 2023 earnings summary

Executive summary

• Fleet of 176 vessels across dry bulk, containerships and tankers; average age 9.7 years, vessel value $4.5B and net vessel equity value $2.5B.

• Contracted revenue totaled $3.3B through 2037, supported by charters across segments and counterparties.

• FY 2023 priorities included deleveraging, fleet renewal with energy-efficient vessels, revenue backlog and consistent profitability.

Financial highlights

• FY 2023 revenue was $1,306.9M, up 8.0% YoY; net income was $433.6M vs. $579.2M in 2022.

• Q4 2023 revenue was $327.3M, down 11.8% YoY; net income was $132.4M vs. $118.3M in Q4 2022.

• FY adjusted net income was $383.4M vs. $429.9M; Q4 adjusted net income was $132.9M vs. $112.7M.

• FY EBITDA and adjusted EBITDA were $797.8M and $747.6M; Q4 EBITDA and adjusted EBITDA were $226.5M and $227.1M.

• Basic EPS was $14.08 for FY and $4.30 for Q4; adjusted EPS was $12.45 and $4.32, respectively.

Outlook and guidance

• 2024 available days: 56,058, with 63.4% fixed; contracted revenue is $885.8M, with $20,497 open/index days and a $491 breakeven per open day.

• 2025 coverage was 37.3%, with contracted revenue of $628.1M; expected average fleet charter-out rates were $24,910/day in 2024 and $28,865/day in 2025.

• FY 2024E cash expenses of $895.9M exceed contracted revenue of $885.8M by $10.1M before dividends and capex.

• Contracted revenue scheduled: $886M in 2024, $628M in 2025, $485M in 2026, $416M in 2027 and $847M in 2028–2037.

• Nine newbuildings were expected in 2024; two 5,300 TEU containerships delivered from November 2023 to January 2024 have 5.2-year charters at average net $37,050/day.