U.S.-listed Greek dry cargo vessel owner and operator Navios Maritime Partners reported Q3 revenue and net income of $340.8 million and $97.8 million, respectively. Revenue for the quarter came in at $340.8 million versus the consensus estimate of $355 million.
For the first nine months, it reported revenue and net income of $1.0 billion and $272.6 million, respectively. Earnings per common unit were $3.20 for the quarter and $8.87 for the first nine months.
“This past 18 months has been surprisingly positive for shipping given sputtering growth from China, weak European economies and two armed conflicts. The Ukrainian conflict, now in its third year, is evolving dangerously while the war in Israel, now in its second year, has expanded to Lebanon and includes the direct exchange of fire between Iran and Israel.
We are monitoring these intensifying risks and calibrating our business activity by continuing to maintain a youthful fleet, increasing contracted revenue, now at $3.9 billion, and targeting net leverage in the range of 20-25%, while also returning capital to our unitholders” Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners (pictured) stated.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners
The Board of Directors of the Monaco-based company declared a cash distribution for the third quarter of 2024 of $0.05 per unit. The cash distribution will be paid on November 15, 2024 to unitholders of record as of November 12, 2024. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.
In the previous quarter of June 30, 2024, Navios Maritime Partners LP’s actual revenue was $342.16 million, which beat analysts’ revenue expectations of $332.27 million by 2.97%. Net income stood at $101.5 million. Earnings per common unit were $3.30 and our net loan to value was 31.6%.
Navios Partners’ fleet consists of 73 dry bulk vessels, 50 containerships and 56 tankers, including 19 newbuilding tankers (13 aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through the first half of 2028, and eight newbuilding containerships (two 5,300 TEU containerships, two 7,700 TEU containerships and four 7,900 TEU containerships), that are expected to be delivered through the first half of 2027.
Navios Maritime Holdings Inc. (NYSE: NM) owns a controlling equity stake in Navios South American Logistics Inc., a leading infrastructure and logistics company in the Hidrovia region of South America and a passive equity interest in Navios Maritime Partners L.P.
