Navios Maritime Partners Q4 2025 Earnings Report

Navios Maritime Partners EPS Results

• Actual EPS: $3.40
• Consensus EPS: $2.41
• Beat/Miss: Beat by +$0.99
• One Year Ago EPS: $2.61

Navios Maritime Partners Revenue Results

• Actual Revenue: $365.55 million
• Expected Revenue: $316.00 million
• Beat/Miss: Beat by +$49.55 million
• YoY Revenue Growth: +10.00%

Navios Maritime Partners Announcement Details

• Quarter: Q4 2025
• Date: 2/19/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, February 19, 2026
• Conference Call Time: 8:30AM ET

Navios Maritime Partners (NYSE:NMM) L.P. (NYSE: NMM) is a dry bulk shipping company that owns and operates a fleet of Capesize, Panamax and Supramax vessels. The partnership charters its vessels under medium- and long-term contracts to a diverse group of charterers, providing seaborne transportation for major bulk cargoes such as iron ore, coal, grain and fertilizers. Through this asset-light model, Navios Maritime Partners seeks to generate stable cash flows while retaining flexibility to capitalize on market opportunities.

Formed in November 2007 and sponsored by Navios Maritime Holdings Inc., the partnership leverages the operating platform and commercial management capabilities of the Navios group. The fleet is deployed across key global trade routes, including Transatlantic, Pacific and Brazilian iron ore corridors. Navios Maritime Partners sources technical management and crewing expertise from established shipyards and service providers in Greece, Asia and the Americas.

The partnership’s administrative and corporate functions are supported by offices in Piraeus, Monaco and New York, connecting regional market intelligence with a global chartering network. Angeliki Frangou, founder and chairman of Navios Maritime Holdings, serves as chairman of the general partner of Navios Maritime Partners, underscoring the continuity of leadership and strategic alignment between the entities.

Since its IPO on the New York Stock Exchange, Navios Maritime Partners has focused on disciplined fleet renewal, employing selective newbuild and second-hand acquisitions alongside the sale or recycling of older tonnage. This approach is designed to maintain a modern vessel mix, improve operational efficiency and deliver consistent distributions to unitholders in varying market cycles.

Navios Maritime Partners Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Navios reported strong results with Q4 net income of $117.3 million and EBITDA of $224.8 million (FY net income $285.3M, EBITDA $744.6M) and raised its annual distribution by 20% to $0.24 per unit, funded mainly by a unit repurchase program that cut outstanding units ~5.3%.
• Positive Sentiment: Revenue visibility is high — Navios has fixed ~71% of available days and reports $3.8 billion of contracted revenue, with contracted earnings exceeding cash operating costs by about $172.7 million.
• Positive Sentiment: The fleet is materially younger than peers (average age 9.6 years vs industry 13.5) and is being modernized with 26 newbuilds through 2029 and active disposals of older tonnage, supporting operational efficiency and ESG credentials.
• Neutral Sentiment: Leverage and liquidity: net LTV improved to 30.9% (target 25%), available liquidity about $580 million, long-term borrowings ~$2.2 billion and a new $300 million bond at 7.75%, which raises fixed-rate funding but contributed to higher interest expense.
• Positive Sentiment: Industry dynamics appear supportive — constrained order books, an aging fleet and sanctions have effectively reduced tanker capacity (company cites ~822 sanctioned tankers and ~15% capacity reduction), and trade-route disruptions are increasing ton-miles, all of which could support stronger freight rates going forward.

Presentation

[Operator]

Thank you for joining us for Navios Maritime Partners' Q4 2025 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou, Chief Operating Officer, Mr. Stratos Desypris, Chief Financial Officer, Mrs. Erifili Tsironi, and Chief Trading Officer, Mr. Vincent Vandewalle. As a reminder, this conference call is being webcast. To access the webcast, please go to the investor section of Navios Partners website at www.navios-mlp.com. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. Now, I will review the safe harbor statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts.

[Operator]

Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' management and are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows: First, Ms. Frangou will offer opening remarks. Next, Mr. Desypris will give an overview of Navios Partners segment data. Next, Mrs. Tsironi will give an overview of Navios Partners' financial results. Then Mr. Vandewalle will provide an industry overview, and lastly, we'll open the call to take questions. Now, I turn the call over to Navios Partners Chairwoman and CEO, Ms.

[Operator]

Angeliki Frangou. Angeliki?

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Good morning, and thank you all for joining us on today's call. I am pleased with the results for the quarter and year-end 2025. For the quarter, we reported net income of $117.3 million and EBITDA of $224.8 million. For the full year, we reported net income of $285.3 million and EBITDA of $744.6 million. Earnings per common unit were $3.99 for the quarter and $9.59 for the full year. We are also pleased to announce a 20% increase in our distribution policy to 24 cents per unit annually, commencing for Q1 of this year.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

We are witnessing the evolution of a new world order, with new trade agreements arising out of the dust of the global institutions. At the same time, it seems trade is now a tool of national policy as governments prioritize exports and strategic control of supply chains. National security interests are now a dominant consideration in the decision-making metrics. In addition, conflicts and geopolitical tensions are rerouting trade, increasing costs and transit times. As political calculations increase, trade routes are no longer based only on efficiency considerations. As you can see on slide three, our fleet has an average age of nine point six years, compared to an industry average of 13.5 years for our three segments. Our fleet modernization program has created a fleet that is almost 30% younger than the average and more than 50% younger in comparison to the tanker fleet.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Please turn to slide four. Navios is a leading maritime transportation company, owning a fleet of 171 vessels across three segments and 15 asset classes. Our fleet is split into thirds by value, with about one-third in each of the tanker, dry bulk, and container segments. The overall value of our fleet, including our new building program, is $8.8 billion. For our fleet in the water, we have $4.1 billion in net vessel equity value. We continue to make headway in reducing our net LTV towards our target of 25%. At year-end, we had a net LTV of 30.9%. Our balance sheet is strong, with $580 million available liquidity and credit ratings of Baa3 for Moody's and BB for Standard & Poor's. Please turn to slide five.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

We believe that diversification is strength when embedded in a culture of risk management. We have a business providing significant optionality in decision making. For example, if we are unable to secure long-term charters that provide a reasonable return, we patiently wait. We allocate capital similarly, waiting for either opportunistic purchases or acquisitions that can be hedged by long-term charters. Our organization promotes a strong risk management culture. We are continuously monitoring and assessing risk. We evaluate and structure transactions with risk management professionals. We also obtain robust insurance coverage... and we have implemented many tools to manage operational risks. Please turn to slide six. At the end of 2025, our fleet gross LTV was 37.3% and net LTV was 30.9%. Our contracted revenue continues to grow and is now at $3.75 billion.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Overall, we have sufficient fixtures for the year to exceed our cash breakeven. Please turn to slide seven. Revenue visibility for 2026 demonstrates our strong execution. We secure coverage for 71% of our available days, with contracted revenue exceeding cash operating cost by $172.7 million. This provides significant earnings visibility while preserving meaningful market exposure through the remaining 29% of our available days, representing 15,565 days that are either open or indexed to spot market. Our portfolio positioning reflects a thoughtful approach across segments, as shown in the bottom right of the slide. Containers, 99% fixed coverage, we secured healthy rates. Tankers, 84% coverage, high visibility with selective spot exposure. Dry bulk, strategic market exposure through available days positioned to capture upside.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Importantly, we continue to actively pursue long-term charter opportunities that enhance our earning stability. In the Q4 of 2025 and year-to-date, we secured $261 million in new charter commitments. Please turn to slide eight, where we outline our return of capital program. As I mentioned earlier, we increased our annual distribution by 20% to $0.24 per unit annually. This increase was funded primarily through savings generated from our unit repurchase program. As you can see on the right side of the slide, we reduced units outstanding by 5.3%, deploying approximately $73 million to repurchase 1.6 million units. This provided value creation of approximately $5.20 per unit based on analyst estimates of NAV. Also, we currently have approximately $27 million of capacity under our original authorization. Please turn to slide nine.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Navios has executed its strategy through an exceptionally challenging environment. When I opened this discussion, I highlighted the unprecedented uncertainties facing our industry: geopolitical risks, regional conflicts, a shifting global tariff regime, and evolving trade patterns. Despite this complexity, we remain disciplined and focused. Over the past four years, we built a platform of excellence, growing contracted revenue by 11% to $3.8 billion, achieving an EBITDA run rate of around $750 million, and expanding our fleet value, including our new building program, to $8.8 billion. Importantly, we have not sacrificed financial discipline in achieving these goals. We reduced our net loan-to-value by 31% to 30.9%.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

We recognize that there is more work ahead, but in an uncertain world, we believe our proven platform, combining a diversified fleet with a disciplined risk management culture, position us to continue delivering value through any market condition. I now turn this presentation over to Mr. Stratos Desypris, Navios Partners Chief Operating Officer. Stratos?

[Stratos Desypris, COO at Navios Maritime Partners]

Thank you, Angeliki, and good morning, all. Please turn to slide 10, which details our operating free cash flow potential for 2026. We fixed 71% of available days at a net average rate of $26,865 per day. Contracted revenue exceeds estimated total, total cash operating costs by about $173 million, and we have 15,565 remaining open or index-linked days that should provide significant additional cash flow. Moving to slide 11, we continue to maintain a strong backlog of contracted revenue that creates visibility. During the quarter and year-to-date, we added $261 million of contracted revenue, $97 million from five containerships chartered out for a net average daily rate of $29,572 for an average duration of about two years.

[Stratos Desypris, COO at Navios Maritime Partners]

We also contracted three dry bulk vessels, providing a minimum revenue of $93 million. These vessels were chartered out at an average net daily rate of $23,974 for an average duration of three point six years. two of these vessels has also profit sharing above their base rate. Lastly, we chartered out three tanker vessels for two years at an average net daily rate of $31,944, generating $71 million in contracted revenue. Total contracted revenue amounts to $3.8 billion. $1.3 billion relates to our tanker fleet. $0.3 billion relates to our dry bulk fleet and $2.2 billion relates to our container ships. Charters are extending through 2037 with a diverse group of quality counterparties.

[Stratos Desypris, COO at Navios Maritime Partners]

Slide 12 summarizes the fleet developments for Q4 and year-to-date 2026. We acquired two new buildings, scrubber-fitted Japanese Capesize vessels for $134.3 million. These vessels have been chartered out for about five years. The charters are based on the new BCI index, with an average floor rate of about $25,000 per day, an average fixed premium over the index of about $3,000 per day, and a 50/50 profit sharing if the adjusted index and premium exceeds the floor. This structure, with floor and profit sharing mechanism, provides protection and stable return and participation on the upside. The vessels are expected to be delivered in the second half of 2028 andQ1 of 2029.

[Stratos Desypris, COO at Navios Maritime Partners]

We also sold two VLCCs with an average age of 16 years for a price of $136.5 million. The vessels are expected to be delivered in the Q2 of 2026. Finally, we took delivery of a new building Aframax LR2 vessel, which has been chartered out for five years at a net daily rate of $27,451. Please turn to slide 13. We are constantly renewing our fleet in order to maintain a young profile. We reduce our carbon footprint by modernizing our fleet, benefiting from newer technologies and advanced environmentally friendly features. We have 26 new building vessels delivering to our fleet through 2029, representing $1.9 billion of investment. Based on our financing, both agreed and in process, we have about $197 million equity remaining to be paid.

[Stratos Desypris, COO at Navios Maritime Partners]

In container ships, we have eight vessels to be delivered with a total acquisition price of about $0.9 billion. We have mitigated the residual value risk with long-term charters, with creditworthy counterparties expected to generate around $0.6 billion in aggregate revenue over a five-year average charter duration. In tankers, we have 16 vessels to be delivered for a total price of approximately $0.9 billion. We chartered out 10 of these vessels for an average period of five years, which are expected to generate aggregate contracted revenue of about $0.5 billion. In dry bulk, we have two vessels to be delivered with a total purchase price of about $0.1 billion, with a minimum contracted revenue of about $0.1 billion. We also continue to opportunistically sell older vessels.

[Stratos Desypris, COO at Navios Maritime Partners]

In 2025 and 2026 year-to-date, we sold 14 vessels with an average age of 18 years for about $372 million. Six were dry cargo vessels, five were tankers, and three were container ships. I now pass the call to Erifili Tsironi, our CFO, who will take you through the financial highlights. Eri?

[Erifili Tsironi, CFO at Navios Maritime Partners]

Thank you, Stratos, and good morning, all. I will briefly review our unaudited financial results for the Q4 and year ended 31st December 2025. The financial information is included in the press release and is summarized in a slide presentation available on the company's website. Moving to the earnings highlights on slide 14, total revenue for the Q4 of 2025 increased by 10% to $366 million, compared to $333 million for the same period in 2024, due to higher fleet combined time charter equivalent rate, despite lower available days. Our fleet TCE rate for the Q4 of 2025 increased by 10% to 25,567 per day, while our available days decreased by 2% to 13,390 days compared to Q4 2024.

[Erifili Tsironi, CFO at Navios Maritime Partners]

In terms of sector performance, our TCE rate per day was high in all three sectors as follows: 15% increase to 19,588 for our bulkers, 9% increase to 29,158 for our tankers, 31,316 for our containers. EBITDA, net income and earnings per common unit for the Q4 and full year 2025 were adjusted as explained in the slide footnote. Adjusted EBITDA for Q4 2025 increased by $25 million to $207 million compared to Q4 2024.

[Erifili Tsironi, CFO at Navios Maritime Partners]

The increase was driven primarily by a $33 million increase in revenue, partially mitigated by $4 million increase in time charter and voyage expenses, a $3 million increase in vessel operating expenses, mainly due to a 3% increase in the daily OpEx rate to 7,153 per day, and a $1 million increase in general and administrative expenses. Adjusted net income for Q4 2025 increased by $21 million to $100 million. Adjusted earnings and earnings per common unit for the Q4 of 2025 were $3.40 and $3.99, respectively. Revenue for the full year 2025 increased by $10 million to $1.3 billion. Our combined TCE rate for 2025 was 23,509 per day, 3% higher compared to 2024.

[Erifili Tsironi, CFO at Navios Maritime Partners]

In terms of sector performance, the average TCE rate for our containers increased by 3% to $31,239 per day compared to 2024. In contrast, our dry bulk average TCE rate was approximately 3% lower to $16,408 per day. The TCE rate for our tanker fleet was marginally below 2024 levels at $27,111 per day. Adjusted EBITDA for the full year 2025 decreased by $4 million to $728 million compared to last year. The decrease in adjusted EBITDA, despite higher revenue and lower time charter and voyage expenses, was mainly driven by a $22 million increase in vessel operating expenses as a result of a 3% increase in both OpEx days and OpEx daily rate to $7,009 per day.

[Erifili Tsironi, CFO at Navios Maritime Partners]

A $7 million increase in general and administrative expenses, mainly due to higher euro-dollar exchange rate prevailing during the year, as well as the expansion of our fleet, and a $4 million increase in other expenses net. Adjusted net income for 2025 decreased by $46 million to $296 million compared to 2024. The decrease was mainly driven by a $30 million increase in depreciation and amortization, and a $10 million increase in interest expense and finance cost net. Adjusted earnings and earnings per common unit for the full year 2025 were $9.94 and $9.59, respectively. Turning to Slide 15, I will briefly discuss some key balancing data. As of December 31, 2025, cash and cash equivalents, including restricted cash and time deposits in excess of three months, were $413 million.

[Erifili Tsironi, CFO at Navios Maritime Partners]

In addition, we have another $167 million available under two reducing revolver facilities. During the year, we paid $250 million under our new building program, net of debt. We concluded the sale of 11 vessels for $190 million, adding about $145 million cash after debt repayment. Long-term borrowings, including the current portion and the senior unsecured bond, net of deferred fees, increased to $2.2 billion, following the delivery of six new buildings during the year. Net debt to book capitalization improved to 32%. Slide 16 highlights our debt profile. With our recent $300 million senior unsecured bond, we further diversified our funding resources in addition to bank debt and leasing structures.

[Erifili Tsironi, CFO at Navios Maritime Partners]

The bond has a fixed interest rate of 7.75%, and following the completion of the bond, 43% of our debt is fixed at an average interest rate of 6.2%. We have also mitigated part of the increased interest rate cost by reducing the average margin for our floating rate debt and bareboat liabilities to 80%. I would like to note that the average margin for the committed floating rate debt for our new building program is 1.6%. In December 2025 and January 2026, Navios Partners completed four financings for a total amount of $325 million. The $90 million sale and leaseback facility at 2% margin relates to an asset swap under an existing facility with no penalty in order to assist our charters with the trading of the vessels in the U.S. and China.

[Erifili Tsironi, CFO at Navios Maritime Partners]

Our maturity profile is staggered, with no significant balloons due in any single year until 2030, when the bond matures. I now pass the call to Vincent Vandewalle, Navios Partners Chief Trading Officer, to take you through the industry section. Vincent?

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

Thank you, Erifili. Please turn to slide 18. Geopolitical developments continue to shift worldwide trading routes, whether due to tariffs, trade agreements, the Red Sea, or conflicts. The extradition of Maduro to the U.S. is reshaping trading patterns for Venezuelan oil, with more imports to the U.S. and the elimination of sanctioned vessels. Civil unrest in Iran has led to a volatile regional situation. The U.S. is building a significant maritime force in the region. In return, Iran attempted to board a U.S. tanker and close parts of the Strait of Hormuz. Any sustained closure of the Strait of Hormuz would have a severe impact on the oil and tanker markets. In the meantime, nuclear and other talks are ongoing between the U.S. and Iran. Sanctions decrease export from Russia.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

Prohibitions on importing Russian crude and related products are just starting to affect rates as continuous seizures of sanctioned vessels. Despite the truce in Gaza, transit through the Red Sea and the Suez Canal continues to be limited, increasing ton miles for most vessel types. In addition, the Houthis announced that they would join any retaliations against U.S. and related targets should anyone attack Iran. With this uncertainty, Maersk is allowing one of its services to transit the Red Sea with naval escorts, while CMA CGM has ceased service there entirely. The Ukraine war continues to impact trading patterns, with limiting grain exports out of the Black Sea, while benefiting exports out of Brazil and the USA. Russian crude and product exports continue to adjust to tighter sanctions on Russian oil producer Rosneft and Lukoil, elevating rates for non-sanctioned vessels.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

Please turn to slide 20 for the review of the dry bulk industry. Demand growth for dry bulk trade has been relatively stable over the last 25 years and at about 4% average annual ton-mile growth. The current order book stands at about 12% of the total fleet and will remain low due to high new building prices, uncertainty about new fuel regulations, yard availability, and general market outlook. The fleet is aging quickly, with 39% of the vessels 15 years old. With older vessels far exceeding those on order, supply should be constrained over the medium term.... Please turn to slide 21. The main driver of dry bulk demand will be strong Atlantic Basin iron ore growth over the next several years, with new projects in Guinea, Brazil, and Liberia.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

The largest new project is Simandou in Guinea, which started shipments at the end of last year and is expected to ramp up to 120 million by 2027. Vale in Brazil has three new projects totaling 50 million tons, expected to start exporting by the end of 2026. Liberia will add 10 million of exports in 2026. In total, these 180 million tons are all long-haul ton-miles trading, creating demand for an additional 249 capes. With the current order book at only 231 capes, a further tightening of supply and demand is expected over the next few years, benefiting rates. Overall, the dry bulk market looks positive based on steady long-term demand growth and constrained supply of vessels. Please turn to slide 23 to, for the review of the tanker industry.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

As to supply, we see relatively low tanker order book of 18%. About 50% of the fleet is already over 15 years old, rising quickly over the next few years. With all the vessels exceeding the order book and yards offering first deliveries in late 2028 or early 2029, supply is set to be tight for several years. Please turn to slide 24. After the U.S. capture and removal of President Maduro in early January, the U.S. is helping Venezuela move from a sanctioned exporter of crude oil to an exporter of crude oil to non-sanctioned buyers. Improvements will take time, but even raising crude exports from near-term lows of 0.8 million barrels per day to 1.8 million barrels a day, would increase demand for more crude tankers. Please turn to slide 25.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

The U.S. Office of Foreign Assets Control, OFAC, the EU, and the UK continue to sanction Russian, Venezuelan, and Iranian oil revenue, and ships delivering their crudes and products. Most recently, countries started to seize sanctioned tankers, with U.S. seizing nine, France seizing one, and India seizing three small tankers, further reducing the efficiency of the dark fleet. These tight sanctioned oil volumes from these three countries have more difficulty finding willing buyers, raising demand for compliant barrels and non-sanctioned vessels to carry that oil. Since the end of December, Russian crude export to China and India have reduced by 30% and 70% respectively. With 822 tankers now sanctioned, the fleet has already seen a significant reduction of about 15% of the total capacity.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

The tanker market also looks positive over the medium term, based on a lower order book, an aging fleet, and a reduced fleet due to sanctions. Please turn to slide 27 for a review of the container industry. After the COVID pandemic, the ordering of container ships was mainly for biggest units, with fleet expansion in large ships set to continue at high level. Currently, 78% of the order book is for ships with 9,000 TEU capacity or greater, and only 20% of the order book is for 2,000-9,000 TEU capacity, where Navios is most active. Smaller segments of the fleet are well positioned to take advantage of shifting trading patterns. As shown on the right-hand graph, growth in non-mainland trades far exceeds the traditional mainland trades to the U.S. and Europe due to tariffs and higher growth in developing countries.

[Vincent Vandewalle, Chief Trading Officer at Navios Maritime Partners]

Trading involving the southern hemisphere, mostly served by smaller-sized vessels, are expected to see continued healthy growth as this trade shift continues. Overall, Navios fleet is well positioned within the container market and continues to benefit from long-term employment with our high-quality charters. This concludes our presentation. I would now like to turn the call over to Angeliki Frangou for her final comments. Angeliki?

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Thank you, Vincent, and we open the call to the questions.

[Operator]

Thank you. And if you would like to ask a question, please press star one on your keypad. To leave the queue at any time, press star two. Once again, to ask a question, that is star and one. We'll take our first question from Kristoffer Skeie with Arctic Securities. Please go ahead. Your line is open.

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

Hello, good afternoon and good morning. Thanks for a good presentation. Just first on the quarter, have you made any changes to your accounting of depreciation, given the relatively large drop versus Q3?

[Erifili Tsironi, CFO at Navios Maritime Partners]

No. Actually, in Q3, if you recall, we have $27 million relating to the termination of certain variable charters. So this was a one-off just for Q3.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Actually, the economic rationale of the-

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

Okay.

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Actually, the economic rationale of those vessels is the ones that we got back, and we reentered in a very healthy market.

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

Sure.

[Erifili Tsironi, CFO at Navios Maritime Partners]

It was just-

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

Okay

[Erifili Tsironi, CFO at Navios Maritime Partners]

... an accounting adjustment.

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

And when it comes to the net LTV, it has dropped quite fast in recent quarters. Can you share some color on when do you expect the net LTV target to be reached? And when that happens, what can we expect in terms of buybacks and dividends?

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

It's a good question. We think we have the right balance to meet all the challenges and opportunities in this market. I mean, you have seen that we have covered our 2026, all our expenses, and we are about $170 million extra, above our, in, in extra contracted revenue above our cash operating cost, and we still have 16,000 days open. So basically, this flexibility allow us to bring, down our LTV, increase our liquidity, and, be opportunistic on, on the most profitable investment opportunities. We continue on our, buyback, and we continue, and as you see, we increased our dividend, which is primarily driven by savings from repurchased units.

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

Sure. Sure. Great. And the last question from me, I think you have exposure towards dry bulk, tankers, and container now. Are you seeing any other interesting segments that you sort of wish to invest in? How do you see that?

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Yeah, we always are looking for opportunities, but I will say that today we are sitting in a good position on with all our container exposure fixed. And we are having a dry bulk and VLCC, mainly days open, which is, I think, in a good—we are in a very good position.

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

Absolutely, I agree. Thanks a lot. Thanks a lot, Angeliki-

[Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners]

Thank you.

[Kristoffer Skeie, Equity Research Analyst at Arctic Securities]

For the comments.

Participants

Executives

• Erifili Tsironi, CFO
• Stratos Desypris, COO
• Vincent Vandewalle, Chief Trading Officer

Analysts

• Angeliki Frangou, Chairwoman and CEO at Navios Maritime Partners
• Kristoffer Skeie, Equity Research Analyst at Arctic Securities