Navios Maritime Partners L.P. reports strong financial results for Q2 2024

From GlobeNewswire: 2024-08-20 07:29:00

Navios Maritime Partners L.P reported revenue of $342.2 million and net income of $101.5 million for Q2 2024. Earnings per common unit were $3.30 and net cash from operating activities was $131.5 million. EBITDA was $197.0 million for the same period. They repurchased 197,148 common units through August 12, 2024.

Navios Partners declared a cash distribution of $0.05 per unit for Q2 2024 and repurchased 197,148 common units for $9.7 million. They have returned $12.8 million to unitholders YTD 2024 and around $90 million remains available under the repurchase program. Further repurchases are subject to market conditions and investment opportunities.

In Q2 – Q3 2024, Navios Partners acquired vessels worth $501.1 million, including four newbuilding scrubber-fitted aframax/LR2 tankers for $263.7 million. They also acquired two methanol-ready and scrubber-fitted 7,900 TEU containerships for $212.0 million. Additionally, they acquired one Japanese-built ultra-handymax for $25.4 million.

During the same period, Navios Partners sold three vessels with average age of 16.4 years for $64.6 million gross proceeds. They also took delivery of four newbuilding vessels, including 5,300 TEU containerships and an aframax/LR2 tanker. They secured $561.0 million in contracted revenue and have a total contracted revenue of $3.7 billion through 2037.

Navios Partners entered into a $95.0 million revolving credit facility in June 2024. They drew $79.2 million in June and August, with the remainder expected to be drawn in Q3 2024. The management and administrative services agreements were renewed with Navios Shipmanagement Inc and its affiliates for a term of ten years starting January 1, 2025.



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