-- Revenue:
-- $357.0 million for Q1 2026
-- Net income:
-- $106.3 million for Q1 2026
-- Earnings per common unit:
-- $3.64 for Q1 2026
-- Net cash from operating activities:
-- $126.6 million for Q1 2026
-- EBITDA:
-- $212.7 million for Q1 2026
-- Returning capital to unitholders:
-- 1,759,769 common units repurchased in 2024 - 2026 (through May 15)
for $83.6 million
-- 240,502 common units repurchased in 2026 (through May 15)
for $15.6 million
-- $0.06 cash distribution per unit for Q1 2026; $0.24 per unit
annualized for 2026
-- Sales and purchases in 2026 YTD:
-- $616.3 million acquisition cost of six newbuilding scrubber-fitted
vessels
-- $482.0 million for four VLCC tankers
-- $134.3 million for two capesize vessels
-- $189.3 million gross sale proceeds from the sale of five vessels;
average age of 17.0 years
-- $136.5 million from two VLCC tankers
-- $ 30.0 million from a 4,730 TEU containership
-- $ 22.8 million from two dry bulk vessels
-- Five newbuilding vessels delivered
-- $4.1 billion contracted revenue as of May 2026
PIRAEUS, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the first quarter ended March 31, 2026.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "I am pleased with the results for the first quarter of 2026 in which we reported net income of $106.3 million and EBITDA of $212.7 million. Earnings per common unit were $3.64 for the quarter, and we announced a $0.06 cash distribution per unit for the quarter."
Angeliki Frangou continued, "We are witnessing the emergence of a new world order - one in which trade is used as an instrument of national policy. National security considerations are increasingly central to the decision-making process, and governments are asserting greater control over strategic supply chains. The Iranian conflict underscores this shift. It also focused global awareness on the critical importance of the Strait of Hormuz, a vital artery for the movement of essential commodities - from LNG and crude oil to refined products and fertilizers. We expect this conflict to have lasting implications on trade, as countries and companies diversify supply routes to safer areas. It is too early to assess the long-term impact, and we are monitoring developments closely."
Common unit repurchases
Pursuant to its previously announced common unit repurchase program, as of May 15, 2026, Navios Partners had repurchased 240,502 common units in 2026 and 1,759,769 common units since the commencement of the program, for aggregate cash consideration of approximately $15.6 million and $83.6 million, respectively. As of May 15, 2026, there were 28,424,619 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2026 of $0.06 per unit. The cash distribution was paid on May 14, 2026 to unitholders of record as of May 11, 2026. The declaration and payment of any cash distributions 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.
Fleet update 2026 YTD
-- $616.3 million acquisition cost of six newbuilding scrubber-fitted
vessels
-- $482.0 million acquisition cost of four newbuilding
scrubber-fitted VLCC tankers
In May 2026, Navios Partners agreed to acquire four newbuilding scrubber-fitted VLCC tankers from an unrelated third party, for an aggregate purchase price of $482.0 million. The vessels are expected to be delivered into Navios Partners' fleet during the second half of 2028. Each vessel has been chartered-out for a firm period of approximately five years at $47,763 net per day, with charterer's option for one additional year at $52,650 net per day. Navios Partners has also secured options to acquire two plus two newbuilding VLCC tankers for future consideration without committing capital.
-- $134.3 million acquisition cost of two Japanese newbuilding
scrubber-fitted capesize vessels
As previously announced, Navios Partners agreed to acquire two Japanese newbuilding scrubber-fitted capesize vessels, from an unrelated third party, under 12-year bareboat-in contracts. Navios Partners has the option to acquire the vessels starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the 12-year period, the bareboat agreements reflect an aggregate implied purchase price of approximately $134.3 million and an implied effective interest rate of about 6.0%. The vessels are expected to be delivered into Navios Partners' fleet during the second half of 2028 and the first quarter of 2029. The vessels have been chartered-out for a period of about five years at an average floor rate of approximately $25,000 per day, with 50% profit sharing above the floor rate calculated based on C5TC 182 index plus an average fixed premium of around $3,000 per day.
-- $189.3 million gross sale proceeds from the sale of five vessels with an
average age of 17.0 years
-- $136.5 million gross sale proceeds from the sale of two VLCC
tankers
In January 2026, Navios Partners agreed to sell a 2009-built VLCC tanker of 296,945 dwt and a 2011-built VLCC tanker of 297,491 dwt, to an unrelated third party, for an aggregate gross sale price of $136.5 million. The sale of the 2011-built VLCC tanker was completed in April 2026 and the sale of the 2009-built VLCC tanker is expected to be completed in the second quarter of 2026.
-- $ 30.0 million gross sale proceeds from the sale of a 4,730 TEU
containership
In March 2026, Navios Partners completed the sale of a 2008-built 4,730 TEU containership, to an unrelated third party, for a gross sale price of $30.0 million.
-- $ 22.8 million gross sale proceeds from the sale of two dry bulk
vessels
In March and April 2026, Navios Partners agreed to sell a 2010-built post-panamax of 93,062 dwt and a 2006-built panamax of 75,356 dwt, respectively, to unrelated third parties, for an aggregate gross sale price of $22.8 million. The sale of the 2010-built post-panamax was completed in April 2026 and the sale of the 2006-built panamax is expected to be completed in the second quarter of 2026.
-- Five newbuilding vessels delivered
In May 2026, Navios Partners took delivery of a 2026-built 7,900 TEU methanol-ready and scrubber-fitted containership, which has been chartered-out at a rate of $42,463 net per day for a period of about four years.
In April 2026, Navios Partners took delivery of a 2026-built MR2 product tanker of 49,996 dwt, which has been chartered-out at a rate of $22,669 net per day for a period of about five years.
In each of February, March and April 2026, Navios Partners took delivery of one 2026-built aframax/ LR2 scrubber-fitted tanker. All three tankers have been chartered-out at an average rate of $27,428 net per day for a period of about five years.
-- $548.7 million additional contracted revenue agreed; $4.1 billion total
contracted revenue
Navios Partners has entered into additional long-term charters which are expected to generate revenue of $548.7 million.
-- Six newbuilding tankers have been chartered-out for an average
period of about five years at an average rate of $41,268 net per
day. The charters for two newbuilding aframax/ LR2 tankers are
subject to charterer's final approval.
-- Two containerships have been chartered-out for an average period
of 3.1 years at an average rate of $28,986 net per day.
-- Two tankers have been chartered-out for one year at an average
rate of $26,069 net per day.
Including the above long-term charters, Navios Partners currently has $4.1 billion contracted revenue through 2037.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 65 dry bulk vessels, 51 containerships and 57 tankers, including two newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and the first quarter of 2029, seven newbuilding containerships (three 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028 and 17 newbuilding tankers (four VLCC tankers, nine aframax/LR2 and four MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through 2028. The fleet excludes a VLCC tanker and a panamax vessel that have been agreed to be sold.
As of May 15, 2026, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight voyage agreements for its vessels with a remaining average term of 2.2 years. Navios Partners has currently fixed 73.3% and 46.0% of its available days for the last nine months of 2026 and for 2027, respectively. Navios Partners expects contracted revenue of $829.4 million and $807.4 million for the last nine months of 2026 and for 2027, respectively. The average expected daily charter-out rate for the fleet is $27,859 and $30,124 for the last nine months of 2026 and for 2027, respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods ended March 31, 2026 and 2025. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Three Month Period Three Month Period
Ended Ended
March 31, 2026 March 31, 2025
(in $'000 except
per unit data) (unaudited) (unaudited)
-------------------- ------- -----------------------
Revenue $ 357,007 $ 304,112
Net Income $ 106,344 $ 41,727
Adjusted Net Income $ 97,760 ((1) () $ 47,657 ((2) ()
Net cash provided
by operating
activities $ 126,643 $ 156,552
EBITDA $ 212,696 $ 147,608
Adjusted EBITDA $ 204,112 (1) $ 153,538 ((2)
Earnings per Common
Unit basic $ 3.64 $ 1.38
Earnings per Common
Unit diluted $ 3.64 $ 1.38
Adjusted Earnings
per Common Unit
basic $ 3.35 (1) $ 1.58 ((2) ()
Adjusted Earnings
per Common Unit
diluted $ 3.35 (1) $ 1.58 ((2) ()
(1) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
three month period ended March 31, 2026 have been
adjusted to exclude an $8.6 million gain related to
the sale of our vessels.
(2) Adjusted Net Income, Adjusted EBITDA and Adjusted
Earnings per Common Unit basic and diluted for the
three month period ended March 31, 2025 have been
adjusted to exclude a $5.9 million loss related to
the sale of our vessels.
Three month periods ended March 31, 2026 and 2025
Time charter and voyage revenues for the three month period ended March 31, 2026 increased by $52.9 million, or 17.4%, to $357.0 million, as compared to $304.1 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the Time Charter Equivalent ("TCE") rate. For the three month periods ended March 31, 2026 and 2025, time charter and voyage revenues were positively affected by $7.5 million and negatively affected by $2.6 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 20.7% to $25,679 per day, as compared to $21,271 per day for the same period in 2025. The available days of the fleet decreased by 2.6% to 13,104 days for the three month period ended March 31, 2026, as compared to 13,456 days for the same period in 2025.
EBITDA of Navios Partners for the three month periods ended March 31, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $50.6 million to $204.1 million for the three month period ended March 31, 2026, as compared to $153.5 million for the same period in 2025. The increase in Adjusted EBITDA was due to a: (i) $52.9 million increase in time charter and voyage revenues; and (ii) $0.6 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $1.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the first quarter of 2026; (ii) $0.9 million increase in time charter and voyage expenses; and (iii) $0.2 million increase in vessel operating expenses as a result of the change in the composition of our fleet and a 3.1% increase in the opex daily rate to $7,197, partially mitigated by a decrease of 2.8% in the opex days.
Net Income for the three month periods ended March 31, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $50.1 million to $97.8 million for the three month period ended March 31, 2026, as compared to $47.7 million for the same period in 2025. The increase in Adjusted Net Income was due to a: (i) $50.6 million increase in Adjusted EBITDA; and (ii) $2.9 million decrease in interest expense and finance cost, net. The above increase was partially mitigated by a: (i) $3.1 million increase in depreciation and amortization; (ii) $0.2 million decrease in amortization of unfavorable lease terms; and (iii) $0.1 million decrease in interest income.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2026 and 2025.
Three Month
Period Ended Three Month Period Ended
March 31, 2026 March 31, 2025
(unaudited) (unaudited)
----------------- ------ -------------------------
Available Days((1)
() 13,104 13,456
Operating Days((2)
() 13,037 13,349
Fleet
Utilization(3() 99.5% 99.2%
Opex Days((4) () 13,201 13,586
TCE rate Combined
(per day)(5) $ 25,679 $ 21,271
TCE rate Dry Bulk
(per day)(5) $ 17,632 $ 12,722
TCE rate
Containerships
(per day)(5) $ 31,696 $ 30,501
TCE rate Tankers
(per day)(5) $ 32,209 $ 26,082
Opex rate Combined
(per day)(6) $ 7,197 $ 6,981
Vessels operating
at period end 148 154
(1) Available days for the fleet represent total calendar
days the vessels were in Navios Partners' possession
for the relevant period after subtracting off-hire
days associated with scheduled repairs, drydockings
or special surveys and ballast days. The shipping
industry uses available days to measure the number
of days in a relevant period during which a vessel
is capable of generating revenues.
(2) Operating days are the number of available days in
the relevant period less the aggregate number of days
that the vessels were off-hire due to any reason,
including unforeseen circumstances. The shipping industry
uses operating days to measure the aggregate number
of days in a relevant period during which vessels
actually generate revenues.
(3) Fleet utilization is the percentage of time that Navios
Partners' vessels were available for generating revenue,
and is determined by dividing the number of operating
days during a relevant period by the number of available
days during that period. The shipping industry uses
fleet utilization to measure efficiency in finding
employment for vessels and minimizing the amount of
days that its vessels were off-hire for reasons other
than scheduled repairs, drydockings or special surveys.
(4) Opex days for the fleet represent total calendar days
the vessels were in Navios Partners' possession for
the relevant period after subtracting total calendar
days of Navios Partners' charter-in vessels and bareboat-out
vessels.
(5) TCE rate: TCE rate per day is defined as voyage, time
charter revenues and charter-out revenues under bareboat
contracts (grossed up by the applicable vessel operating
expenses for the respective periods) less voyage expenses
during a period divided by the number of available
days during the period. The TCE rate per day is a
customary shipping industry performance measure used
primarily to present the actual daily earnings generated
by vessels on various types of charter contracts for
the number of available days of the fleet.
(6) Opex rate: Opex rate per day is defined as vessel
operating expenses (including management fees) divided
by the number of opex days during the period.
Conference Call Details:
Navios Partners' management will host a conference call on Thursday, May 21, 2026 to discuss the results for the first quarter ended March 31, 2026.
Call Date/Time: Thursday, May 21, 2026 at 8:30 am ET
Call Title: Navios Partners Q1 2026 Financial Results Conference Call
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ126
The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.839.5247
International Replay Dial In: +1.402.220.2703
Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under "Investors". Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the "Investors" section at 8:00 am ET on the day of the call.
About Navios Maritime Partners L.P.
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