Navios Maritime Partners (NYSE:NMM) reported higher quarterly revenue and year-end profitability for 2025 and announced an increase to its distribution policy, as management emphasized a diversified fleet strategy amid shifting trade patterns and geopolitical uncertainty.
Quarter and full-year results
Chairwoman and CEO Angeliki Frangou said the partnership delivered net income of $117.3 million for the fourth quarter of 2025 and EBITDA of $224.8 million. For the full year, Navios 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 year.
By segment, Tsironi said fourth-quarter TCE performance was “high in all three sectors,” including:
- Dry bulk: up 15% to $19,588 per day
- Tankers: up 9% to $29,158 per day
- Containers: $31,316 per day
On an adjusted basis, the company reported fourth-quarter adjusted EBITDA of $207 million, up $25 million from the prior-year quarter, driven primarily by higher revenue. Tsironi cited increases in time charter and voyage expenses, vessel operating expenses, and general and administrative expenses as partial offsets. Adjusted net income for the quarter was $100 million, up $21 million year over year, with adjusted earnings per common unit of $3.99.
For the full year 2025, Tsironi said revenue increased by $10 million to $1.3 billion, and the combined TCE rate rose 3% to $23,509 per day. Segment trends were mixed: container average TCE increased 3% to $31,239 per day, while dry bulk average TCE declined about 3% to $16,408 per day and tankers were “marginally below” 2024 levels at $27,111 per day. Full-year adjusted EBITDA decreased $4 million to $728 million, which Tsironi attributed mainly to higher vessel operating expenses, higher G&A expenses (including the impact of the euro-dollar exchange rate and fleet expansion), and higher other expenses net. Adjusted net income for 2025 decreased $46 million to $296 million, driven by higher depreciation and amortization and higher interest expense and finance costs.
Distribution increase and unit repurchases
Frangou announced a 20% increase in Navios’ distribution policy to $0.24 per unit annually, beginning with the first quarter of 2026. She said the increase was funded “primarily through savings generated from our unit repurchase program.”
According to Frangou, Navios reduced units outstanding by 5.3% by deploying about $73 million to repurchase 1.6 million units, which she said provided value creation of about $5.20 per unit based on analyst estimates of net asset value. She added that about $27 million of capacity remains under the original authorization.
Fleet profile, contracted revenue, and 2026 coverage
Management highlighted fleet age and diversification as key themes. Frangou said Navios’ fleet has an average age of 9.6 years versus an industry average of 13.5 years across its three segments, describing the fleet as “almost 30% younger than the average.” She also said the company owns 171 vessels across three segments and 15 asset classes, with fleet value (including the newbuilding program) of $8.8 billion and net vessel equity value of $4.1 billion for vessels “in the water.”
On earnings visibility, Frangou said contracted revenue has grown to about $3.75 billion and that the partnership had “sufficient fixtures for the year to exceed our cash breakeven.” For 2026, she said Navios has secured 71% coverage of available days, with contracted revenue exceeding cash operating cost by $172.7 million. The remaining 29% of days—15,565 days—are either open or indexed to spot market, which she said preserves market exposure.
Chief Operating Officer Stratos Desypris added that the 71% coverage is fixed at a net average rate of $26,865 per day and similarly estimated contracted revenue above total cash operating costs at about $173 million, with the remaining open or index-linked days expected to generate additional cash flow.
Desypris said Navios added $261 million in contracted revenue during the quarter and year-to-date, including:
- $97 million from five containerships at a net average daily rate of $29,572 for about two years
- $93 million minimum revenue from three dry bulk vessels at an average net daily rate of $23,974 for about 3.6 years, with two vessels also featuring profit sharing above base rates
- $71 million from three tanker vessels chartered for two years at an average net daily rate of $31,944
Total contracted revenue was described as about $3.8 billion, with $2.2 billion related to container ships, $1.3 billion to tankers, and $0.3 billion to dry bulk. Desypris said charters extend through 2037 with a “diverse group of quality counterparties.”
Balance sheet, leverage, and financing
Frangou said the company is working toward a 25% net loan-to-value (LTV) target and reported year-end 2025 net LTV of 30.9% (gross LTV of 37.3%). She also cited available liquidity of $580 million and credit ratings of Baa3 from Moody’s and BB from Standard & Poor’s.
Tsironi reported that as of December 31, 2025, cash and cash equivalents (including restricted cash and time deposits over three months) were $413 million, with an additional $167 million available under two reducing revolver facilities. She said long-term borrowings increased to $2.2 billion following delivery of six newbuildings during the year, while net debt to book capitalization improved to 32%.
Regarding funding, Tsironi said Navios issued a $300 million senior unsecured bond with a fixed interest rate of 7.75%, increasing the portion of debt that is fixed to 43% at an average interest rate of 6.2%. She also said the company reduced the average margin on floating-rate debt and bareboat liabilities to 80 basis points, and noted the average margin for committed floating-rate debt tied to the newbuilding program is 1.6%.
Tsironi added that in December 2025 and January 2026, the company completed four financings totaling $325 million, including a $90 million sale-and-leaseback facility at a 2% margin related to an asset swap under an existing facility. She said maturities are staggered with “no significant balloons due in any single year until 2030,” when the bond matures.
Industry outlook and fleet actions
Chief Trading Officer Vincent Vandewalle said geopolitical developments—including tariffs, the Red Sea situation, conflicts, and sanctions—continue to reshape global trading routes, increasing ton-miles and affecting rates across vessel types. He discussed risks around the Strait of Hormuz and ongoing sanctions and seizures of sanctioned tankers, which he said reduce the efficiency of the “dark fleet.”
Vandewalle characterized the dry bulk outlook as positive due to steady demand growth and constrained supply, citing an order book around 12% and an aging fleet. He also outlined expected Atlantic Basin iron ore growth tied to new projects in Guinea, Brazil, and Liberia. For tankers, he pointed to a relatively low order book (18%), an aging fleet, and delayed shipyard availability as supportive of a tight supply environment, while noting sanctions-related developments that reduce effective capacity. In containers, Vandewalle said ordering has skewed heavily toward larger ships, while smaller segments—where Navios is most active—could benefit from shifting trade patterns and growth in non-mainland trades.
On fleet activity, Desypris said the company acquired two scrubber-fitted Japanese Capesize newbuildings for $134.3 million, chartered for about five years with a structure based on the new BCI index that includes a floor rate, a fixed premium over the index, and a 50/50 profit-sharing feature above the floor. He said the ships are expected to be delivered in the second half of 2028 and the first quarter of 2029. Navios also sold two VLCCs with an average age of 16 years for $136.5 million, expected to be delivered in the second quarter of 2026, and took delivery of a newbuild Aframax LR2 vessel chartered for five years at a net daily rate of $27,451.
Desypris said Navios has 26 newbuildings scheduled for delivery through 2029, representing $1.9 billion of investment, with about $197 million of equity remaining to be paid based on financing “agreed and in process.” He also said that in 2025 and 2026 year-to-date, the company sold 14 vessels with an average age of 18 years for about $372 million.
During the question-and-answer session, Frangou said a quarter-to-quarter change referenced by an analyst was related to a $27 million one-off accounting adjustment in the third quarter tied to the termination of certain variable charters. Asked about reaching the net LTV target and potential capital returns, Frangou emphasized flexibility from contracted coverage and open days, and said the company would continue its buyback program while noting the dividend increase was driven primarily by savings from repurchased units. Asked about interest in other shipping segments, Frangou said the company is always looking for opportunities but views its current positioning—fixed container exposure with more open dry bulk and mainly VLCC days—as favorable.
About Navios Maritime Partners (NYSE:NMM)
Navios Maritime Partners 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.
