- Net income:
- $185.7 million for Q3 2026
- $459.9 million for 9M 2026
- Earnings per common unit:
- $6.42 for Q3 2026
- $15.83 for 9M 2026
- Net cash from operating activities:
- $235.4 million for Q3 2026
- $548.7 million for 9M 2026
- EBITDA:
- $293.9 million for Q3 2026
- $781.7 million for 9M 2026
- Returning capital to unitholders:
- 141,392 common units repurchased in Q3 2026 for $12.0 million
- $0.06 cash distribution per unit for Q3 2026; $0.24 per unit annualized for 2026
- Sales and purchases in Q3 – Q4 2026 QTD:
- $703.2 million acquisition cost of seven newbuilding vessels
- $30.8 million gross sale price for one capesize vessel; age of 17 years
- Two newbuilding vessels delivered
- $5.0 billion contracted revenue as of October 2026
PIRAEUS, Greece, Nov. 04, 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 third quarter and nine month period ended September 30, 2026.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “For the third quarter, we reported net income of $185.7 million and earnings per common unit of $6.42. For the first nine months, we reported net income of $459.9 million and earnings per common unit of $15.83. We also announced a $0.06 distribution per unit for the quarter.”
Angeliki Frangou continued, “We are operating in a complex global environment, characterized by geopolitical uncertainty, conflict and changing trade patterns. Our financial and operating performance demonstrates the strength of our diversified business and the benefits of our disciplined approach to capital allocation and risk management. We have used our strong cash flow not only to add vessels to our fleet in an accretive manner, but also to accelerate repayment of debt while returning capital to our unitholders through unit repurchases and distributions.”
Common unit repurchases
Since the commencement of its initial common unit repurchase program in 2024, Navios Partners has repurchased, through October 26, 2026, an aggregate of 2,009,616 common units for cash consideration of approximately $104.4 million, of which 141,392 common units were repurchased during the third quarter of 2026 for $12.0 million. As of October 26, 2026, there were 28,174,772 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2026 of $0.06 per unit. The cash distribution will be paid on November 12, 2026 to unitholders of record as of November 9, 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 Q3 – Q4 2026 QTD
- $703.2 million acquisition cost of seven newbuilding vessels
- $488.0 million acquisition cost of four newbuilding scrubber/shore-power-fitted 10,100 TEU containerships
In September 2026, Navios Partners agreed to acquire four newbuilding scrubber/shore-power-fitted 10,100 TEU containerships from an unrelated third party for an aggregate purchase price of $488.0 million. The vessels have been chartered-out for a period of 5.6 years at an average rate of $48,263 net per day and are expected to be delivered into Navios Partners’ fleet during the second half of 2028 and the first half of 2029. The closing of the transaction is subject to completion of customary documentation.
-
- $124.0 million acquisition cost of one newbuilding scrubber-fitted VLCC tanker
In October 2026, Navios Partners agreed to acquire one newbuilding scrubber-fitted VLCC tanker from an unrelated third party for a purchase price of $124.0 million. The vessel is expected to be delivered into Navios Partners’ fleet during the second half of 2029. The closing of the transaction is subject to completion of customary documentation.
-
- $91.2 million acquisition cost of two newbuilding scrubber-fitted MR2 product tankers
In September 2026, Navios Partners agreed to acquire two newbuilding scrubber-fitted MR2 product tankers from an unrelated third party for an aggregate purchase price of $91.2 million. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2029. The closing of the transaction is subject to completion of customary documentation.
- $30.8 million gross sale price for one capesize vessel
In August 2026, Navios Partners agreed to sell one 2009-built capesize vessel of 180,727 dwt with an age of 17 years to an unrelated third party for a gross sale price of $30.8 million. The sale was completed in October 2026.
- Two newbuilding vessels delivered
In September 2026, Navios Partners took delivery of a 2026-built methanol-ready MR2 product tanker of 49,998 dwt, which has been chartered-out at a rate of $23,400 net per day for a period of about five years.
In September 2026, Navios Partners took delivery of a 2026-built methanol-ready and scrubber-fitted 7,900 TEU containership, which has been chartered-out at a rate of $42,463 net per day for a period of about four years.
- $735.1 million additional contracted revenue agreed; $5.0 billion total contracted revenue
Navios Partners has entered into additional long-term charters which are expected to generate revenue of $735.1 million.
-
- Eight containerships have been chartered-out for an average period of 4.2 years at an average rate of $43,457 net per day.
- Four tankers have been chartered-out for an average period of 3.5 years at an average rate of $28,050 net per day.
- Two dry bulk vessels have been chartered-out for an average period of 3.1 years at an average rate of $23,412 net per day (assuming floor rate on one newbuilding vessel).
Including the above long-term charters, Navios Partners currently has $5.0 billion contracted revenue through 2037.
Financing update
In October 2026, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to $90.4 million in order to finance part of the acquisition cost of two newbuilding aframax/LR2 tankers, currently under construction. The facility matures seven years after the delivery date of each vessel and bears interest at Term Secured Overnight Financing Rate (“Term SOFR”) plus 40 bps per annum for any part of the loan secured by cash collateral and 130 bps per annum for the remaining loan amount.
In September 2026, Navios Partners completed a $45.9 million sale and leaseback agreement with an unrelated third party in order to finance part of the acquisition cost of one newbuilding aframax/LR2 tanker, currently under construction. The sale and leaseback agreement matures seven years after the delivery date of the vessel and bears interest at Term SOFR plus 150 bps per annum.
During the third quarter of 2026, Navios Partners made approximately $90.2 million of voluntary prepayments of credit facilities maturing from 2028 through 2030, resulting in seven debt-free vessels.
Operating highlights
Navios Partners owns and operates a fleet consisting of 65 dry bulk vessels, 54 containerships and 63 tankers, including three newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and during 2029, ten newbuilding containerships (two 7,900 TEU containerships, four 8,850 TEU containerships and four 10,100 TEU containerships) that are expected to be delivered through the first half of 2029 and 21 newbuilding tankers (eight VLCC tankers, eight aframax/LR2 and five MR2 product tanker vessels, of which three are chartered-in vessels under bareboat contracts) that are expected to be delivered through 2029. The fleet excludes a 4,730 TEU containership that has been agreed to be sold.
As of October 26, 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 2.5 years. Navios Partners has fixed 80.2% and 56.5% of its available days for the fourth quarter of 2026 and for all of 2027, respectively. Navios Partners expects contracted revenue of $349.3 million and $968.9 million for the fourth quarter of 2026 and for all of 2027, respectively. The average expected daily charter-out rate for the fleet is $31,837 and $29,605 for the fourth quarter of 2026 and for all of 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 and nine month periods ended September 30, 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”).
| (in $‘000 except per unit data) | Three Month Period Ended | Three Month Period Ended | Nine Month Period Ended | Nine Month Period Ended | ||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
| Revenue | $ | 431,964 | $ | 346,923 | $ | 1,199,137 | $ | 978,593 | ||||
| Net Income | $ | 185,658 | $ | 56,332 | $ | 459,921 | $ | 168,006 | ||||
| Adjusted Net Income | $ | 163,745 | (1) | $ | 83,702 | (3) | $ | 396,472 | (4) | $ | 195,705 | (6) |
| Net cash provided by operating activities | $ | 235,393 | $ | 103,077 | $ | 548,682 | $ | 381,257 | ||||
| EBITDA | $ | 293,870 | $ | 193,947 | $ | 781,717 | $ | 519,791 | ||||
| Adjusted EBITDA | $ | 271,957 | (1) | $ | 194,040 | (2) | $ | 718,268 | (4) | $ | 520,213 | (5) |
| Earnings per Common Unit basic | $ | 6.42 | $ | 1.90 | $ | 15.83 | $ | 5.62 | ||||
| Earnings per Common Unit diluted | $ | 6.42 | $ | 1.90 | $ | 15.83 | $ | 5.62 | ||||
| Adjusted Earnings per Common Unit basic | $ | 5.66 | (1) | $ | 2.83 | (3) | $ | 13.64 | (4) | $ | 6.56 | (6) |
| Adjusted Earnings per Common Unit diluted | $ | 5.66 | (1) | $ | 2.83 | (3) | $ | 13.64 | (4) | $ | 6.56 | (6) |
| (1) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2026 have been adjusted to exclude a $21.9 million gain related to the sale of our vessels. |
| (2) | Adjusted EBITDA for the three month period ended September 30, 2025 has been adjusted to exclude a $0.1 million net loss related to the sale of our vessels. |
| (3) | Adjusted Net Income and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2025 have been adjusted to exclude the item referred to in footnote (2) above, as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. |
| (4) | Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2026 have been adjusted to exclude a $63.4 million net gain related to the sale of our vessels. |
| (5) | Adjusted EBITDA for the nine month period ended September 30, 2025 has been adjusted to exclude a $0.4 million net loss related to the sale of our vessels. |
| (6) | Adjusted Net Income and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2025 have been adjusted to exclude the item referred to in footnote (5) above, as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. |
Three month periods ended September 30, 2026 and 2025
Time charter and voyage revenues for the three month period ended September 30, 2026 increased by $85.1 million, or 24.5%, to $432.0 million, as compared to $346.9 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 September 30, 2026 and 2025, time charter and voyage revenues were positively affected by $2.2 million and $6.3 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 25.7% to $30,371 per day, as compared to $24,167 per day for the same period in 2025. The available days of the fleet slightly increased by 0.3% to 13,479 days for the three month period ended September 30, 2026, as compared to 13,443 days for the same period in 2025.
EBITDA of Navios Partners for the three month periods ended September 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $78.0 million to $272.0 million for the three month period ended September 30, 2026, as compared to $194.0 million for the same period in 2025. The increase in Adjusted EBITDA was due to an $85.1 million increase in time charter and voyage revenues. The above increase was partially mitigated by a: (i) $3.4 million increase in vessel operating expenses due to a 7.7% increase in the opex daily rate to $7,320, primarily attributable to higher maintenance, repair and spares expenses, partially mitigated by a 3.8% decrease in the opex days; (ii) $1.3 million increase in time charter and voyage expenses; (iii) $1.2 million increase in other expense, net; and (iv) $1.2 million increase in general and administrative expenses.
Net Income for the three month periods ended September 30, 2026 and 2025 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $80.0 million to $163.7 million for the three month period ended September 30, 2026, as compared to $83.7 million for the same period in 2025. The increase in Adjusted Net Income was due to a: (i) $78.0 million increase in Adjusted EBITDA; (ii) $4.8 million decrease in interest expense and finance cost, net; and (iii) $1.6 million increase in interest income. The above increase was partially mitigated by a: (i) $2.9 million decrease in amortization of unfavorable lease terms; and (ii) $1.5 million increase in depreciation and amortization.
Nine month periods ended September 30, 2026 and 2025
Time charter and voyage revenues for the nine month period ended September 30, 2026 increased by $220.5 million, or 22.5%, to $1,199.1 million, as compared to $978.6 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the TCE rate. For the nine month periods ended September 30, 2026 and 2025, time charter and voyage revenues were positively affected by $12.5 million and $10.1 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 23.6% to $28,209 per day, as compared to $22,825 per day for the same period in 2025. The available days of the fleet decreased by 1.4% to 39,735 days for the nine month period ended September 30, 2026, as compared to 40,287 days for the same period in 2025.
EBITDA of Navios Partners for the nine month periods ended September 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $198.1 million to $718.3 million for the nine month period ended September 30, 2026, as compared to $520.2 million for the same period in 2025. The increase in Adjusted EBITDA was due to a $220.5 million increase in time charter and voyage revenues. The above increase was partially mitigated by a: (i) $16.6 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; (ii) $4.0 million increase in general and administrative expenses, mainly due to the higher euro-dollar exchange rate prevailing during the nine month period ended September 30, 2026, as well as the increase in legal and professional fees, audit fees and other administrative expenses; (iii) $1.7 million increase in vessel operating expenses due to a 3.8% increase in the opex daily rate to $7,223, primarily attributable to higher maintenance, repair and spares expenses, partially mitigated by a 3.1% decrease in the opex days; and (iv) $0.1 million increase in other expense, net.
Net Income for the nine month periods ended September 30, 2026 and 2025 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $200.8 million to $396.5 million for the nine month period ended September 30, 2026, as compared to $195.7 million for the same period in 2025. The increase in Adjusted Net Income was primarily due to: (i) a $198.1 million increase in Adjusted EBITDA; (ii) an $11.8 million decrease in interest expense and finance cost, net; and (iii) a $2.6 million increase in interest income. The above increase was partially mitigated by a: (i) $6.6 million increase in depreciation and amortization; and (ii) $5.1 million decrease in amortization of unfavorable lease terms.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three and nine month periods ended September 30, 2026 and 2025.
| Three Month Period Ended | Three Month Period Ended | Nine Month Period Ended | Nine Month Period Ended | ||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Available Days(1) | 13,479 | 13,443 | 39,735 | 40,287 | |||||||||||
| Operating Days(2) | 13,380 | 13,331 | 39,484 | 39,976 | |||||||||||
| Fleet Utilization(3) | 99.3 | % | 99.2 | % | 99.4 | % | 99.2 | % | |||||||
| Opex Days(4) | 13,458 | 13,994 | 40,018 | 41,283 | |||||||||||
| TCE rate Combined (per day)(5) | $ | 30,371 | $ | 24,167 | $ | 28,209 | $ | 22,825 | |||||||
| TCE rate Dry Bulk (per day)(5) | $ | 25,708 | $ | 17,976 | $ | 22,332 | $ | 15,369 | |||||||
| TCE rate Containerships (per day)(5) | $ | 31,619 | $ | 31,832 | $ | 31,504 | $ | 31,213 | |||||||
| TCE rate Tankers (per day)(5) | $ | 36,183 | $ | 26,238 | $ | 33,897 | $ | 26,290 | |||||||
| Opex rate Combined (per day)(6) | $ | 7,320 | $ | 6,798 | $ | 7,223 | $ | 6,961 | |||||||
| Vessels operating at period end | 150 | 152 | 150 | 152 | |||||||||||
| (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 number 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 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 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 Wednesday, November 4, 2026 to discuss the results for the third quarter and nine months ended September 30, 2026.
Call Date/Time: Wednesday, November 4, 2026 at 8:30 am ET
Call Title: Navios Partners Q3 2026 Financial Results Conference Call
US Dial In: +1.800.445.7795
International Dial In: +1.785.424.1699
Conference ID: NMMQ326
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: +1.800.695.2533
International Replay Dial In: +1.402.530.9029
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.
Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.
Forward-Looking Statements
This press release contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, the common unit repurchase program, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing, potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists, uncertainty relating to global trade, including prices of seaborne commodities, continuing issues related to seaborne volume and ton miles and the impact of tariffs, the adequacy of our insurance arrangements and our ability to obtain insurance and required certifications, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, the repayment of debt and servicing of our bonds, fluctuations in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates, risks associated with operations outside the United States, the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets, and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-F and Form 6-K. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.
Contacts
Navios Maritime Partners L.P.
+1.212.906.8645
Investors@navios-mlp.com
Nicolas Bornozis
Capital Link, Inc.
naviospartners@capitallink.com
| EXHIBIT 1 | ||||||
| NAVIOS MARITIME PARTNERS L.P. SELECTED BALANCE SHEET DATA (Expressed in thousands of U.S. Dollars) |
||||||
| September 30, 2026 (unaudited) |
December 31, 2025 (unaudited) |
|||||
| ASSETS | ||||||
| Cash and cash equivalents, including restricted cash and time deposits over three months(1) | $ | 508,353 | $ | 413,452 | ||
| Other current assets | 132,280 | 98,600 | ||||
| Total current assets | 640,633 | 512,052 | ||||
| Vessels, net | 4,714,760 | 4,389,868 | ||||
| Other non-current assets | 1,064,932 | 1,027,066 | ||||
| Total non-current assets | 5,779,692 | 5,416,934 | ||||
| Total assets | $ | 6,420,325 | $ | 5,928,986 | ||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||
| Other current liabilities | $ | 188,905 | $ | 177,781 | ||
| Current portion of borrowings, net | 207,084 | 277,365 | ||||
| Total current liabilities | 395,989 | 455,146 | ||||
| Senior unsecured bonds, net | 325,168 | 294,392 | ||||
| Non-current portion of borrowings, net | 1,714,592 | 1,587,829 | ||||
| Other non-current liabilities | 217,521 | 250,873 | ||||
| Total non-current liabilities | 2,257,281 | 2,133,094 | ||||
| Total liabilities | $ | 2,653,270 | $ | 2,588,240 | ||
| Total partners’ capital | 3,767,055 | 3,340,746 | ||||
| Total liabilities and partners’ capital | $ | 6,420,325 | $ | 5,928,986 | ||
| (1) | Includes time deposits with duration over three months of $145.0 million and $10.5 million as of September 30, 2026 and December 31, 2025, respectively. |
| NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of U.S. Dollars except per unit data) |
||||||||||||||||
| Three Month Period Ended | Three Month Period Ended | Nine Month Period Ended | Nine Month Period Ended | |||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Time charter and voyage revenues | $ | 431,964 | $ | 346,923 | $ | 1,199,137 | $ | 978,593 | ||||||||
| Time charter and voyage expenses | (33,965 | ) | (32,652 | ) | (110,516 | ) | (93,884 | ) | ||||||||
| Vessel operating expenses (including management fees) | (98,514 | ) | (95,135 | ) | (289,060 | ) | (287,381 | ) | ||||||||
| General and administrative expenses | (24,250 | ) | (23,059 | ) | (72,482 | ) | (68,453 | ) | ||||||||
| Depreciation and amortization | (83,155 | ) | (109,041 | ) | (247,767 | ) | (268,471 | ) | ||||||||
| Amortization of unfavorable lease terms | — | 2,944 | 3,586 | 8,736 | ||||||||||||
| Gain/ (loss) on sale of vessels, net | 21,913 | (93 | ) | 63,449 | (422 | ) | ||||||||||
| Interest expense and finance cost, net | (29,949 | ) | (34,732 | ) | (89,869 | ) | (101,727 | ) | ||||||||
| Interest income | 4,892 | 3,214 | 12,254 | 9,677 | ||||||||||||
| Other expense, net | (3,278 | ) | (2,037 | ) | (8,811 | ) | (8,662 | ) | ||||||||
| Net income | $ | 185,658 | $ | 56,332 | $ | 459,921 | $ | 168,006 | ||||||||
| Earnings per unit: |
||||||||||||
| Three Month Period Ended | Three Month Period Ended | Nine Month Period Ended | Nine Month Period Ended | |||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
| Earnings per unit: | ||||||||||||
| Earnings per common unit, basic | $ | 6.42 | $ | 1.90 | $ | 15.83 | $ | 5.62 | ||||
| Earnings per common unit, diluted | $ | 6.42 | $ | 1.90 | $ | 15.83 | $ | 5.62 | ||||
| NAVIOS MARITIME PARTNERS L.P. Other Financial Information (Expressed in thousands of U.S. Dollars) |
||||||||
| Nine Month Period Ended September 30, 2026 |
Nine Month Period Ended September 30, 2025 |
|||||||
| (unaudited) | (unaudited) | |||||||
| Net cash provided by operating activities | $ | 548,682 | $ | 381,257 | ||||
| Net cash used in investing activities | $ | (613,575 | ) | $ | (338,660 | ) | ||
| Net cash provided by financing activities | $ | 25,277 | $ | 18,699 | ||||
| (Decrease)/ increase in cash, cash equivalents and restricted cash | $ | (39,616 | ) | $ | 61,296 | |||
| EXHIBIT 2 |
||||||
| Owned Dry Bulk Vessels | Type | Built | Capacity (DWT) |
|||
| Navios Christine B | Ultra-Handymax | 2009 | 58,058 | |||
| Navios Celestial | Ultra-Handymax | 2009 | 58,063 | |||
| Navios Venus | Ultra-Handymax | 2015 | 61,339 | |||
| Navios La Paix | Ultra-Handymax | 2014 | 61,485 | |||
| Navios Victory | Panamax | 2014 | 77,095 | |||
| Rainbow N | Panamax | 2011 | 79,602 | |||
| Unity N | Panamax | 2011 | 79,642 | |||
| Odysseus N | Panamax | 2011 | 79,642 | |||
| Navios Amber | Kamsarmax | 2015 | 80,909 | |||
| Navios Avior | Kamsarmax | 2012 | 81,355 | |||
| Navios Centaurus | Kamsarmax | 2012 | 81,472 | |||
| Navios Citrine | Kamsarmax | 2017 | 81,626 | |||
| Navios Dolphin | Kamsarmax | 2017 | 81,630 | |||
| Navios Horizon I | Kamsarmax | 2019 | 81,692 | |||
| Navios Galaxy II | Kamsarmax | 2020 | 81,789 | |||
| Navios Uranus | Kamsarmax | 2019 | 81,821 | |||
| Navios Felicity I | Kamsarmax | 2020 | 81,962 | |||
| Navios Primavera | Kamsarmax | 2022 | 82,003 | |||
| Navios Meridian | Kamsarmax | 2023 | 82,010 | |||
| Navios Herakles I | Kamsarmax | 2019 | 82,036 | |||
| Navios Magellan II | Kamsarmax | 2020 | 82,037 | |||
| Navios Sky | Kamsarmax | 2015 | 82,056 | |||
| Navios Alegria | Kamsarmax | 2016 | 84,852 | |||
| Navios Sphera | Kamsarmax | 2016 | 84,872 | |||
| Navios Coral | Kamsarmax | 2016 | 84,904 | |||
| Navios Stellar | Capesize | 2009 | 168,818 | |||
| Navios Antares | Capesize | 2010 | 168,876 | |||
| Navios Aurora II | Capesize | 2009 | 169,031 | |||
| Navios Symphony | Capesize | 2010 | 177,960 | |||
| Navios Ace | Capesize | 2011 | 178,929 | |||
| Navios Buena Ventura | Capesize | 2010 | 178,953 | |||
| Navios Aster | Capesize | 2010 | 178,978 | |||
| Navios Melodia | Capesize | 2010 | 178,982 | |||
| Navios Luz | Capesize | 2010 | 178,989 | |||
| Navios Azimuth | Capesize | 2011 | 179,013 | |||
| Navios Etoile | Capesize | 2010 | 179,048 | |||
| Navios Bonheur | Capesize | 2010 | 179,049 | |||
| Navios Fulvia | Capesize | 2010 | 179,077 | |||
| Navios Altamira | Capesize | 2011 | 179,145 | |||
| Navios Ray | Capesize | 2012 | 179,515 | |||
| Navios Happiness | Capesize | 2009 | 180,022 | |||
| Navios Bonavis | Capesize | 2009 | 180,022 | |||
| Navios Fantastiks | Capesize | 2005 | 180,055 | |||
| Navios Phoenix | Capesize | 2009 | 180,060 | |||
| Navios Sol | Capesize | 2009 | 180,274 | |||
| Navios Lumen | Capesize | 2009 | 180,493 | |||
| Navios Canary | Capesize | 2015 | 180,528 | |||
| Navios Corali | Capesize | 2015 | 181,088 | |||
| Navios Gem | Capesize | 2014 | 181,206 | |||
| Navios Joy | Capesize | 2013 | 181,215 | |||
| Navios Felix | Capesize | 2016 | 181,221 | |||
| Navios Mars | Capesize | 2016 | 181,259 | |||
| Navios Koyo | Capesize | 2011 | 181,415 | |||
| Navios Azalea | Capesize | 2022 | 182,064 | |||
| Navios Armonia | Capesize | 2022 | 182,079 | |||
| Navios Altair | Capesize | 2023 | 182,115 | |||
| Navios Sakura | Capesize | 2023 | 182,169 | |||
| Navios Amethyst | Capesize | 2023 | 182,212 | |||
| Navios Astra | Capesize | 2022 | 182,393 |
| Owned Containerships | Type | Built | Capacity (TEU) |
|||
| Spectrum N | Containership | 2009 | 2,546 | |||
| Fleur N | Containership | 2012 | 2,782 | |||
| Ete N | Containership | 2012 | 2,782 | |||
| Navios Summer | Containership | 2006 | 3,450 | |||
| Navios Verano | Containership | 2006 | 3,450 | |||
| Matson Lanai | Containership | 2007 | 4,250 | |||
| Navios Verde | Containership | 2007 | 4,250 | |||
| Navios Amarillo | Containership | 2007 | 4,250 | |||
| Navios Vermilion | Containership | 2007 | 4,250 | |||
| Navios Azure | Containership | 2007 | 4,250 | |||
| Navios Indigo | Containership | 2007 | 4,250 | |||
| Navios Domino | Containership | 2008 | 4,250 | |||
| Matson Oahu | Containership | 2008 | 4,250 | |||
| Navios Destiny | Containership | 2009 | 4,250 | |||
| Navios Devotion | Containership | 2009 | 4,250 | |||
| Navios Lapis | Containership | 2009 | 4,250 | |||
| Navios Dorado | Containership | 2010 | 4,250 | |||
| Carmel I | Containership | 2010 | 4,360 | |||
| Zim Baltimore | Containership | 2010 | 4,360 | |||
| Navios Bahamas | Containership | 2010 | 4,360 | |||
| Navios Miami | Containership | 2009 | 4,563 | |||
| Navios Jasmine(1) | Containership | 2008 | 4,730 | |||
| Navios Chrysalis | Containership | 2008 | 4,730 | |||
| Navios Nerine | Containership | 2008 | 4,730 | |||
| Sparrow | Containership | 2023 | 5,300 | |||
| Zim Eagle | Containership | 2024 | 5,300 | |||
| Condor | Containership | 2024 | 5,300 | |||
| Hawk Ι | Containership | 2024 | 5,300 | |||
| Zim Falcon | Containership | 2024 | 5,300 | |||
| Pelican I | Containership | 2024 | 5,300 | |||
| Seagull | Containership | 2024 | 5,300 | |||
| Zim Albatross | Containership | 2024 | 5,300 | |||
| DP World Jeddah | Containership | 2024 | 5,300 | |||
| DP World Jebel Ali | Containership | 2024 | 5,300 | |||
| Hyundai Shanghai | Containership | 2006 | 6,800 | |||
| Hyundai Tokyo | Containership | 2006 | 6,800 | |||
| Hyundai Hongkong | Containership | 2006 | 6,800 | |||
| Hyundai Singapore | Containership | 2006 | 6,800 | |||
| Hyundai Busan | Containership | 2006 | 6,800 | |||
| HMM Ocean | Containership | 2025 | 7,700 | |||
| HMM Sky | Containership | 2025 | 7,700 | |||
| Navios Cyan | Containership | 2026 | 7,900 | |||
| Navios Turquoise | Containership | 2026 | 7,900 | |||
| Navios Unison | Containership | 2010 | 10,000 | |||
| Navios Constellation | Containership | 2011 | 10,000 |
| Owned Tanker Vessels | Type | Built | Capacity (DWT) |
|||
| Hector N | MR1 Product Tanker | 2008 | 38,402 | |||
| Nave Aquila | MR2 Product Tanker | 2012 | 49,991 | |||
| Nave Atria | MR2 Product Tanker | 2012 | 49,992 | |||
| Nave Ohana | MR2 Product Tanker | 2025 | 49,994 | |||
| Nave Capella | MR2 Product Tanker | 2013 | 49,995 | |||
| Nave Hina | MR2 Product Tanker | 2026 | 49,996 | |||
| Nave Alderamin | MR2 Product Tanker | 2013 | 49,998 | |||
| Nave Pyxis | MR2 Product Tanker | 2014 | 49,998 | |||
| Nave Harmony | MR2 Product Tanker | 2026 | 49,998 | |||
| Nave Bellatrix | MR2 Product Tanker | 2013 | 49,999 | |||
| Nave Orion | MR2 Product Tanker | 2013 | 49,999 | |||
| Nave Titan | MR2 Product Tanker | 2013 | 49,999 | |||
| Nave Jupiter | MR2 Product Tanker | 2014 | 49,999 | |||
| Nave Velocity | MR2 Product Tanker | 2015 | 49,999 | |||
| Nave Sextans | MR2 Product Tanker | 2015 | 49,999 | |||
| Nave Luminosity | MR2 Product Tanker | 2014 | 50,240 | |||
| Bougainville | MR2 Product Tanker | 2013 | 50,626 | |||
| Nave Cetus | LR1 Product Tanker | 2012 | 74,581 | |||
| Nave Ariadne | LR1 Product Tanker | 2007 | 74,671 | |||
| Nave Rigel | LR1 Product Tanker | 2013 | 74,673 | |||
| Nave Atropos | LR1 Product Tanker | 2013 | 74,695 | |||
| Nave Cassiopeia | LR1 Product Tanker | 2012 | 74,711 | |||
| Nave Cielo | LR1 Product Tanker | 2007 | 74,896 | |||
| Nave Andromeda | LR1 Product Tanker | 2011 | 75,000 | |||
| Nave Estella | LR1 Product Tanker | 2012 | 75,000 | |||
| Nave Cosmos | Aframax/LR2 | 2024 | 115,651 | |||
| Nave Polaris | Aframax/LR2 | 2024 | 115,699 | |||
| Nave Photon | Aframax/LR2 | 2024 | 115,752 | |||
| Nave Dorado | Aframax/LR2 | 2025 | 115,762 | |||
| Nave Neutrino | Aframax/LR2 | 2025 | 115,807 | |||
| Nave Perseus | Aframax/LR2 | 2025 | 115,812 | |||
| Nave Amaryllis | Aframax/LR2 | 2026 | 116,934 | |||
| Nave Anthos | Aframax/LR2 | 2026 | 116,998 | |||
| Nave Orbit | Aframax/LR2 | 2026 | 117,012 | |||
| Nave Equator | Aframax/LR2 | 2026 | 117,059 | |||
| Nave Universe | VLCC | 2011 | 297,066 | |||
| Nave Quasar | VLCC | 2010 | 297,376 | |||
| Nave Synergy | VLCC | 2010 | 309,483 |
| Bareboat-in vessels | Type | Built | Capacity (DWT) |
Purchase Option | ||||
| Navios Star | Kamsarmax | 2021 | 81,994 | Yes | ||||
| Navios Amitie | Kamsarmax | 2021 | 82,002 | Yes | ||||
| Navios Libra | Kamsarmax | 2019 | 82,011 | Yes | ||||
| Nave Electron | VLCC | 2021 | 313,239 | Yes | ||||
| Nave Celeste | VLCC | 2022 | 313,418 | Yes | ||||
| Nave Allegro | VLCC | 2020 | 313,433 | Yes | ||||
| Nave Tempo | VLCC | 2021 | 313,486 | Yes |
| Newbuildings to be delivered | Type | Expected Delivery Date |
Capacity (TEU / DWT) |
|||
| TBN X | Containership | H1 2027 | 7,900 | |||
| TBN XI | Containership | H1 2027 | 7,900 | |||
| TBN XIV | Containership | H2 2027 | 8,850 | |||
| TBN XV | Containership | H2 2027 | 8,850 | |||
| TBN XVI | Containership | H2 2027 | 8,850 | |||
| TBN XVII | Containership | H1 2028 | 8,850 | |||
| TBN XXVIII | Containership | H2 2028 | 10,100 | |||
| TBN XXIX | Containership | H2 2028 | 10,100 | |||
| TBN XXX | Containership | H1 2029 | 10,100 | |||
| TBN XXXI | Containership | H1 2029 | 10,100 | |||
| TBN I | MR2 Product Tanker | Q4 2026 | 52,000 | |||
| TBN II | MR2 Product Tanker | H1 2027 | 52,000 | |||
| TBN III | MR2 Product Tanker | H1 2027 | 52,000 | |||
| TBN XXXII | MR2 Product Tanker | H2 2029 | 50,000 | |||
| TBN XXXIII | MR2 Product Tanker | H2 2029 | 50,000 | |||
| TBN IV | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN V | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN VI | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XII | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN XIII | Aframax/LR2 | H1 2027 | 115,000 | |||
| TBN VII | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN VIII | Aframax/LR2 | H2 2027 | 115,000 | |||
| TBN IX | Aframax/LR2 | H1 2028 | 115,000 | |||
| TBN XX | VLCC | H1 2028 | 319,000 | |||
| TBN XXI | VLCC | H2 2028 | 319,000 | |||
| TBN XXII | VLCC | H2 2028 | 319,000 | |||
| TBN XXIII | VLCC | H2 2028 | 319,000 | |||
| TBN XXIV | VLCC | H1 2029 | 319,000 | |||
| TBN XXV | VLCC | H1 2029 | 319,000 | |||
| TBN XXVII | VLCC | H2 2029 | 319,000 | |||
| TBN XXXIV | VLCC | H2 2029 | 319,000 | |||
| TBN XVIII | Capesize | H2 2028 | 181,500 | |||
| TBN XIX | Capesize | H1 2029 | 181,500 | |||
| TBN XXVI | Capesize | H2 2029 | 181,500 |
(1) Vessel agreed to be sold.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.
EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase in operating assets; (ii) net increase in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and bond premium; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) gain/ (loss) on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.
EXHIBIT 4
Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
| Three Month Period Ended | Three Month Period Ended | Nine Month Period Ended | Nine Month Period Ended | |||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| ($ ‘000) | ($ ‘000) | ($ ‘000) | ($ ‘000) | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net cash provided by operating activities | $ | 235,393 | $ | 103,077 | $ | 548,682 | $ | 381,257 | ||||||||
| Net increase in operating assets | 30,643 | 71,558 | 107,410 | 99,533 | ||||||||||||
| Net increase in operating liabilities | (21,285 | ) | (14,897 | ) | (26,620 | ) | (56,649 | ) | ||||||||
| Net interest cost | 25,057 | 31,518 | 77,615 | 92,050 | ||||||||||||
| Amortization and write-off of deferred finance costs and bond premium | (2,164 | ) | (2,405 | ) | (5,935 | ) | (6,304 | ) | ||||||||
| Amortization of operating lease assets/ liabilities | 167 | 189 | 540 | 562 | ||||||||||||
| Other non-cash adjustments | 4,146 | 5,000 | 16,576 | 9,764 | ||||||||||||
| Gain/ (loss) on sale of vessels, net | 21,913 | (93 | ) | 63,449 | (422 | ) | ||||||||||
| EBITDA | $ | 293,870 | $ | 193,947 | $ | 781,717 | $ | 519,791 | ||||||||
| (Gain)/ loss on sale of vessels, net | (21,913 | ) | 93 | (63,449 | ) | 422 | ||||||||||
| Adjusted EBITDA | $ | 271,957 | $ | 194,040 | $ | 718,268 | $ | 520,213 | ||||||||
| Three Month Period Ended |
Three Month Period Ended |
Nine Month Period Ended |
Nine Month Period Ended |
|||||||||||||
| September 30, 2026 ($ ‘000) |
September 30, 2025 ($ ‘000) |
September 30, 2026 ($ ‘000) |
September 30, 2025 ($ ‘000) |
|||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net cash provided by operating activities | $ | 235,393 | $ | 103,077 | $ | 548,682 | $ | 381,257 | ||||||||
| Net cash used in investing activities | $ | (162,408 | ) | $ | (70,010 | ) | $ | (613,575 | ) | $ | (338,660 | ) | ||||
| Net cash (used in)/ provided by financing activities | $ | (62,445 | ) | $ | (49,605 | ) | $ | 25,277 | $ | 18,699 | ||||||
