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Revenue:
$346.9 million for Q3 2025
$978.6 million for 9M 2025
Net income:
$ 56.3 million for Q3 2025
$168.0 million for 9M 2025
Earnings per common unit:
$1.90 for Q3 2025
$5.62 for 9M 2025
Net cash from operating activities:
$103.1 million for Q3 2025
$381.3 million for 9M 2025
EBITDA:
$193.9 million for Q3 2025
$519.8 million for 9M 2025
Returning capital to unitholders:
929,415 common units repurchased in 2025 (through November 12) for $37.7 million
$0.05 per unit cash distribution for Q3 2025; $0.20 per unit annualized
Sales and purchases in Q3 – Q4 2025 QTD:
$460.4 million acquisition of four 8,850 TEU newbuilding containerships
$105.7 million gross sale proceeds from sale of six vessels; average age of 18.6 years
One newbuilding MR2 product tanker delivered
$3.7 billion contracted revenue as of November 2025
PIRAEUS, Greece, Nov. 18, 2025 (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, 2025.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with our results, as we reported for the third quarter and the first nine months of 2025, respectively, EBITDA of $193.9 million and $519.8 million and net income of $56.3 million and $168.0 million. Earnings per common unit were $1.90 for the quarter and $5.62 for the nine-month period.”
Angeliki Frangou continued, “For the past five years, we have been addressing constant change in our operating environment. Yet, we have remained laser focused on our business, modernizing our fleet, to an average age of 9.7 years, increasing our book of contracted revenue to $3.7 billion and decreasing our net LTV to 34.5%. We believe that our diversified platform coupled with a strong risk management culture will continue proving itself in challenging environments.”
Senior unsecured bonds
In October 2025, Navios Partners successfully placed $300.0 million of senior unsecured bonds in the Nordic bond market. The net proceeds from the bond issue are intended to be used for the repayment of certain outstanding secured debt facilities, thereby unencumbering 41 vessels, and for general corporate purposes. The bonds are due to mature in November 2030 and will pay a fixed coupon of 7.75% per annum, payable semi-annually in arrears. An application is expected to be made for the bonds to be listed on the Oslo Stock Exchange.
Common unit repurchases
As of November 12, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 929,415 common units in 2025 and 1,419,370 common units since the commencement of the program, for aggregate cash consideration of approximately $37.7 million and $62.7 million, respectively. As of November 12, 2025, there were 28,765,018 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2025 of $0.05 per unit. The cash distribution was paid on November 14, 2025 to unitholders of record as of November 10, 2025. 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.
Fleet update Q3 – Q4 2025 QTD
Acquisition of vessels
$460.4 million acquisition of four 8,850 TEU newbuilding methanol-ready and scrubber-fitted containerships
In September 2025, Navios Partners agreed to acquire four 8,850 TEU newbuilding methanol-ready and scrubber-fitted containerships, from an unrelated third party, for an aggregate purchase price of $460.4 million. The vessels have been chartered-out for a period of 5.2 years at $44,145 net per day, with charterer’s option for one additional year at $41,579 net per day, and are expected to be delivered into Navios Partners’ fleet during the second half of 2027 and the first quarter of 2028.
Sale of vessels
$105.7 million gross sale proceeds from sale of six vessels with average age of 18.6 years
During the third quarter of 2025, Navios Partners agreed to sell a 2005-built panamax of 75,397 dwt, a 2007-built MR2 product tanker of 50,922 dwt, a 2005-built panamax of 77,075 dwt and a 2010-built VLCC tanker of 296,988 dwt, to unrelated third parties, for an aggregate gross sale price of $83.3 million. The sales were completed in September and October 2025.
In October 2025, Navios Partners agreed to sell a 2005-built panamax of 76,619 dwt and a 2007-built MR2 product tanker of 50,922 dwt, to unrelated third parties, for an aggregate gross sale price of $22.4 million. The sale of the panamax was completed in October 2025 and the sale of the MR2 product tanker is expected to be completed during the fourth quarter of 2025.
One newbuilding vessel delivered
In September 2025, Navios Partners took delivery of a 2025-built MR2 product tanker, which has been chartered-out at a rate of $22,669 net per day for a period of five years.
$745 million contracted revenue agreed; $3.7 billion total contracted revenue
Navios Partners has entered into new long-term charters which are expected to generate revenue of $745 million.
Four 8,850 TEU newbuilding containerships have been chartered-out for a period of 5.2 years at $44,145 net per day.
Eight containerships have been chartered-out for an average period of 2.8 years at an average rate of $31,999 net per day.
Seven tankers have been chartered-out for an average period of 1.9 years at an average rate of $28,829 net per day.
Two dry bulk vessels have been chartered-out for a period of 1.1 years at $14,531 net per day.
Including the above long-term charters, Navios Partners has $3.7 billion contracted revenue through 2037.
Financing update
In September 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $74.2 million in order to finance part of the acquisition cost of one 7,900 TEU newbuilding containership, currently under construction. As of September 30, 2025 the full amount remained undrawn. The facility matures seven years after the vessel’s delivery date and bears interest at Compounded Secured Overnight Financing Rate (“Compounded SOFR”) plus 150 bps per annum.
In September 2025, Navios Partners entered into sale and leaseback agreements of $89.0 million with an unrelated third party in order to finance part of the acquisition cost of two newbuilding aframax/LR2 tankers, currently under construction. As of September 30, 2025 the full amount remained undrawn. The sale and leaseback agreements mature ten years after each vessel’s delivery date and bear interest at Term Secured Overnight Financing Rate (“Term SOFR”) plus 210 bps per annum.
In September 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $82.9 million in order to refinance the existing indebtedness of two of its vessels. In September 2025, the full amount was drawn. The facility matures seven years after the drawdown date and bears interest at Term SOFR plus 150 bps per annum.
In October 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $68.0 million (divided into four tranches) to refinance the existing indebtedness of four of its vessels. In October 2025, the amount of $41.0 million in relation to the first two tranches was drawn and the second two tranches remained undrawn. The facility matures five years after each drawdown date and bears interest at Compounded SOFR plus 150 bps per annum.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 65 dry bulk vessels, 51 containerships and 55 tankers, including 17 newbuilding tankers (12 aframax/LR2 and five MR2 product tanker chartered-in vessels under bareboat contracts) and eight newbuilding containerships (four 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028. The fleet excludes one containership and one MR2 product tanker that have been agreed to be sold.
As of November 12, 2025, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.1 years. Navios Partners has currently fixed 88.1% and 57.5% of its available days for the fourth quarter of 2025 and for all of 2026, respectively. Navios Partners expects contracted revenue of $294.0 million and $858.1 million for the fourth quarter of 2025 and for all of 2026, respectively. The average expected daily charter-out rate for the fleet is $24,871 and $27,088 for the fourth quarter of 2025 and for all of 2026, respectively. Navios Partners has $3.7 billion contracted revenue through 2037.
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, 2025 and 2024. 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 |
| Three Month |
| Nine Month |
| Nine Month | ||||||||
| September 30, |
| September 30, |
| September 30, |
| September 30, | ||||||||
(in $‘000 except per unit data) | (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Revenue | $ | 346,923 |
|
| $ | 340,835 |
|
| $ | 978,593 |
|
| $ | 1,001,545 |
|
Net Income | $ | 56,332 |
|
| $ | 97,755 |
|
| $ | 168,006 |
|
| $ | 272,585 |
|
Adjusted Net Income | $ | 83,702 | (2) |
| $ | 96,514 | (3) |
| $ | 195,705 | (5) |
| $ | 262,211 | (6) |
Net cash provided by operating activities | $ | 103,077 |
|
| $ | 142,639 |
|
| $ | 381,257 |
|
| $ | 368,554 |
|
EBITDA | $ | 193,947 |
|
| $ | 196,621 |
|
| $ | 519,791 |
|
| $ | 559,784 |
|
Adjusted EBITDA | $ | 194,040 | (1) |
| $ | 195,380 | (3) |
| $ | 520,213 | (4) |
| $ | 549,410 | (6) |
Earnings per Common Unit basic | $ | 1.90 |
|
| $ | 3.20 |
|
| $ | 5.62 |
|
| $ | 8.87 |
|
Earnings per Common Unit diluted | $ | 1.90 |
|
| $ | 3.20 |
|
| $ | 5.62 |
|
| $ | 8.87 |
|
Adjusted Earnings per Common Unit basic | $ | 2.83 | (2) |
| $ | 3.15 | (3) |
| $ | 6.56 | (5) |
| $ | 8.53 | (6) |
Adjusted Earnings per Common Unit diluted | $ | 2.83 | (2) |
| $ | 3.15 | (3) |
| $ | 6.56 | (5) |
| $ | 8.53 | (6) |
(1) |
| 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. |
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(2) |
| 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 (1) above, as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. |
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(3) |
| Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2024 have been adjusted to exclude a $1.2 million gain related to the sale of our vessels. |
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(4) |
| 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. |
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(5) |
| 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 (4) above, as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. |
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(6) |
| Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2024 have been adjusted to exclude a $10.4 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels. |
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(7) |
| Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current periods. Navios Partners has changed its classification of “Direct vessel expenses” to reallocate these amounts between “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. Management has assessed the impact of this change as immaterial to the financial statements. For the three month period ended September 30, 2024, this resulted in the reclassification of $2.9 million and $15.2 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $18.1 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the three month period ended September 30, 2024. For the nine month period ended September 30, 2024, this resulted in the reclassification of $9.2 million and $45.4 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $54.6 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the nine month period ended September 30, 2024. |
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Three month periods ended September 30, 2025 and 2024
Time charter and voyage revenues for the three month period ended September 30, 2025 increased by $6.1 million, or 1.8%, to $346.9 million, as compared to $340.8 million for the same period in 2024. 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, 2025 and 2024, time charter and voyage revenues were positively affected by $6.3 million and $2.4 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 2.4% to $24,167 per day, as compared to $23,591 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.8% to 13,443 days for the three month period ended September 30, 2025, as compared to 13,552 days for the same period in 2024.
EBITDA of Navios Partners for the three month periods ended September 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $1.4 million to $194.0 million for the three month period ended September 30, 2025, as compared to $195.4 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $4.5 million decrease in other income, net, mainly due to the decrease in foreign exchange gains; (ii) $3.2 million increase in vessel operating expenses due to a 3.4% increase in the opex days and a 0.1% increase in the opex daily rate to $6,798 also as a result of the change in the composition of our fleet; and (iii) $2.0 million increase in general and administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by a: (i) $6.1 million increase in time charter and voyage revenues; and (ii) $2.2 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the third quarter of 2025.
Net Income for the three month periods ended September 30, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $12.8 million to $83.7 million for the three month period ended September 30, 2025, as compared to $96.5 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to : (i) an $8.8 million increase in depreciation and amortization; (ii) a $2.1 million increase in interest expense and finance cost, net; (iii) a $1.4 million decrease in Adjusted EBITDA; (iv) a $0.3 million decrease in amortization of unfavorable lease terms; and (v) a $0.2 million decrease in interest income.
Nine month periods ended September 30, 2025 and 2024
Time charter and voyage revenues for the nine month period ended September 30, 2025 decreased by $22.9 million, or 2.3%, to $978.6 million, as compared to $1,001.5 million for the same period in 2024. The decrease in revenue was mainly attributable to the decrease in the available days of our fleet and the revenue from freight voyages. For the nine month periods ended September 30, 2025 and 2024, time charter and voyage revenues were positively affected by $10.1 million and $4.9 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate was marginally lower at $22,825 per day, compared with $22,830 per day in the same period in 2024. The available days of the fleet slightly decreased by 0.7% to 40,287 days for the nine month period ended September 30, 2025, as compared to 40,590 days for the same period in 2024.
EBITDA of Navios Partners for the nine month periods ended September 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $29.2 million to $520.2 million for the nine month period ended September 30, 2025, as compared to $549.4 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $22.9 million decrease in time charter and voyage revenues; (ii) $19.1 million increase in vessel operating expenses due to a 4.6% increase in the opex days and a 2.4% increase in the opex daily rate to $6,961 also as a result of the change in the composition of our fleet; (iii) $6.1 million increase in general and administrative expenses in accordance with our administrative services agreement; and (iv) $4.1 million increase in other expense, net. The above decrease was partially mitigated by a $23.0 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the nine month period ended September 30, 2025.
Net Income for the nine month periods ended September 30, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $66.5 million to $195.7 million for the nine month period ended September 30, 2025, as compared to $262.2 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to a: (i) $29.2 million decrease in Adjusted EBITDA; (ii) $26.2 million increase in depreciation and amortization; (iii) $9.6 million increase in interest expense and finance cost, net; (iv) $0.8 million decrease in amortization of unfavorable lease terms; and (v) $0.7 million decrease in interest income.
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, 2025 and 2024.
| Three Month |
| Three Month |
| Nine Month |
| Nine Month | ||||||||
| September 30, |
| September 30, |
| September 30, |
| September 30, | ||||||||
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Available Days(1) |
| 13,443 |
|
|
| 13,552 |
|
|
| 40,287 |
|
|
| 40,590 |
|
Operating Days(2) |
| 13,331 |
|
|
| 13,371 |
|
|
| 39,976 |
|
|
| 40,122 |
|
Fleet Utilization(3) |
| 99.2% |
|
|
| 98.7% |
|
|
| 99.2% |
|
|
| 98.8% |
|
Opex Days(4) |
| 13,994 |
|
|
| 13,538 |
|
|
| 41,283 |
|
|
| 39,480 |
|
TCE rate Combined (per day)(5) | $ | 24,167 |
|
| $ | 23,591 |
|
| $ | 22,825 |
|
| $ | 22,830 |
|
TCE rate Dry Bulk (per day)(5) | $ | 17,976 |
|
| $ | 18,632 |
|
| $ | 15,369 |
|
| $ | 16,920 |
|
TCE rate Containerships (per day)(5) | $ | 31,832 |
|
| $ | 30,710 |
|
| $ | 31,213 |
|
| $ | 30,275 |
|
TCE rate Tankers (per day)(5) | $ | 26,238 |
|
| $ | 25,788 |
|
| $ | 26,290 |
|
| $ | 27,241 |
|
Opex rate Combined (per day)(6) | $ | 6,798 |
|
| $ | 6,788 |
|
| $ | 6,961 |
|
| $ | 6,796 |
|
Vessels operating at period end |
| 152 |
|
|
| 154 |
|
|
| 152 |
|
|
| 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. |
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(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. |
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(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. |
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(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. |
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(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. |
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(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. |
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Conference Call Details:
Navios Partners' management will host a conference call on Tuesday, November 18, 2025 to discuss the results for the third quarter and nine months ended September 30, 2025.
Call Date/Time: Tuesday, November 18, 2025 at 8:30 am ET
Call Title: Navios Partners Q3 2025 Financial Results Conference Call
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ325
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: +1.800.753.8831
International Replay Dial In: +1.402.220.0687
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, 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 and continuing issues related to seaborne volume and ton miles, 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, fluctuation 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-Fs and Form 6-Ks. 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
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NAVIOS MARITIME PARTNERS L.P. | ||||||||
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| September 30, |
| December 31, | ||||
ASSETS |
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|
Cash and cash equivalents, including restricted cash and time deposits over three months(1) |
| $ | 381,568 |
|
| $ | 312,078 |
|
Other current assets |
|
| 94,757 |
|
|
| 130,913 |
|
Total current assets |
|
| 476,325 |
|
|
| 442,991 |
|
Vessels, net |
|
| 4,528,679 |
|
|
| 4,241,292 |
|
Other non-current assets |
|
| 918,207 |
|
|
| 988,957 |
|
Total non-current assets |
|
| 5,446,886 |
|
|
| 5,230,249 |
|
Total assets |
| $ | 5,923,211 |
|
| $ | 5,673,240 |
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|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
Other current liabilities |
| $ | 200,080 |
|
| $ | 143,444 |
|
Current portion of borrowings, net |
|
| 262,937 |
|
|
| 266,222 |
|
Total current liabilities |
|
| 463,017 |
|
|
| 409,666 |
|
Non-current portion of borrowings, net |
|
| 1,963,692 |
|
|
| 1,862,715 |
|
Other non-current liabilities |
|
| 261,775 |
|
|
| 294,231 |
|
Total non-current liabilities |
|
| 2,225,467 |
|
|
| 2,156,946 |
|
Total liabilities |
| $ | 2,688,484 |
|
| $ | 2,566,612 |
|
Total partners’ capital |
|
| 3,234,727 |
|
|
| 3,106,628 |
|
Total liabilities and partners’ capital |
| $ | 5,923,211 |
|
| $ | 5,673,240 |
|
|
|
|
|
|
|
|
|
|
(1) Includes time deposits with duration over three months of $20.5 million and $12.3 million as of September 30, 2025 and December 31, 2024, respectively.
| ||||||||||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| Three Month |
| Three Month |
| Nine Month |
| Nine Month | ||||||||
|
| September 30, |
| September 30, |
| September 30, |
| September 30, | ||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Time charter and voyage revenues |
| $ | 346,923 |
|
| $ | 340,835 |
|
| $ | 978,593 |
|
| $ | 1,001,545 |
|
Time charter and voyage expenses |
|
| (32,652 | ) |
|
| (34,941 | ) |
|
| (93,884 | ) |
|
| (116,896 | ) |
Vessel operating expenses (including management fees) |
|
| (95,135 | ) |
|
| (91,894 | ) |
|
| (287,381 | ) |
|
| (268,304 | ) |
General and administrative expenses |
|
| (23,059 | ) |
|
| (21,102 | ) |
|
| (68,453 | ) |
|
| (62,430 | ) |
Depreciation and amortization |
|
| (109,041 | ) |
|
| (72,858 | ) |
|
| (268,471 | ) |
|
| (214,994 | ) |
Amortization of unfavorable lease terms |
|
| 2,944 |
|
|
| 3,206 |
|
|
| 8,736 |
|
|
| 9,513 |
|
(Loss)/ gain on sale of vessels, net |
|
| (93 | ) |
|
| 1,241 |
|
|
| (422 | ) |
|
| 10,374 |
|
Interest expense and finance cost, net |
|
| (34,732 | ) |
|
| (32,608 | ) |
|
| (101,727 | ) |
|
| (92,104 | ) |
Interest income |
|
| 3,214 |
|
|
| 3,394 |
|
|
| 9,677 |
|
|
| 10,386 |
|
Other (expense)/ income, net |
|
| (2,037 | ) |
|
| 2,482 |
|
|
| (8,662 | ) |
|
| (4,505 | ) |
Net income |
| $ | 56,332 |
|
| $ | 97,755 |
|
| $ | 168,006 |
|
| $ | 272,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See footnote 7 under “Earnings Highlights”.
| ||||||||||||||||
Earnings per unit: | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||
|
| Three Month |
| Three Month |
| Nine Month |
| Nine Month | ||||||||
| September 30, |
| September 30, |
| September 30, |
| September 30, | |||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common unit, basic |
| $ | 1.90 |
|
| $ | 3.20 |
|
| $ | 5.62 |
|
| $ | 8.87 |
|
Earnings per common unit, diluted |
| $ | 1.90 |
|
| $ | 3.20 |
|
| $ | 5.62 |
|
| $ | 8.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||
|
|
|
|
| ||||
|
| Nine Month |
| Nine Month | ||||
|
| September 30, |
| September 30, | ||||
|
| (unaudited) |
| (unaudited) | ||||
Net cash provided by operating activities |
| $ | 381,257 |
|
| $ | 368,554 |
|
Net cash used in investing activities |
| $ | (338,660 | ) |
| $ | (613,964 | ) |
Net cash provided by financing activities |
| $ | 18,699 |
|
| $ | 290,193 |
|
Increase in cash, cash equivalents and restricted cash |
| $ | 61,296 |
|
| $ | 44,783 |
|
|
|
|
|
|
|
|
|
|
EXHIBIT 2
Owned Dry Bulk Vessels |
| Type |
| Built |
| Capacity |
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 |
N Amalthia |
| Panamax |
| 2006 |
| 75,356 |
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 |
Copernicus N |
| Post-Panamax |
| 2010 |
| 93,062 |
Navios Stellar |
| Capesize |
| 2009 |
| 168,818 |
Navios Aurora II |
| Capesize |
| 2009 |
| 169,031 |
Navios Antares |
| Capesize |
| 2010 |
| 169,059 |
Navios Symphony |
| Capesize |
| 2010 |
| 177,960 |
Navios Ace |
| Capesize |
| 2011 |
| 178,929 |
Navios Aster |
| Capesize |
| 2010 |
| 178,978 |
Navios Melodia |
| Capesize |
| 2010 |
| 178,982 |
Navios Buena Ventura |
| Capesize |
| 2010 |
| 179,109 |
Navios Luz |
| Capesize |
| 2010 |
| 179,144 |
Navios Altamira |
| Capesize |
| 2011 |
| 179,165 |
Navios Azimuth |
| Capesize |
| 2011 |
| 179,169 |
Navios Bonheur |
| Capesize |
| 2010 |
| 179,204 |
Navios Etoile |
| Capesize |
| 2010 |
| 179,234 |
Navios Fulvia |
| Capesize |
| 2010 |
| 179,263 |
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 Pollux |
| Capesize |
| 2009 |
| 180,727 |
Navios Gem |
| Capesize |
| 2014 |
| 181,206 |
Navios Joy |
| Capesize |
| 2013 |
| 181,215 |
Navios Felix |
| Capesize |
| 2016 |
| 181,221 |
Navios Corali |
| Capesize |
| 2015 |
| 181,249 |
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 |
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 Magnolia(1) |
| Containership |
| 2008 |
| 4,730 |
Navios Jasmine |
| 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 |
Zim 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 Unison |
| Containership |
| 2010 |
| 10,000 |
Navios Constellation |
| Containership |
| 2011 |
| 10,000 |
Owned Tanker Vessels |
| Type |
| Built |
| Capacity |
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 Alderamin |
| MR2 Product Tanker |
| 2013 |
| 49,998 |
Nave Pyxis |
| MR2 Product Tanker |
| 2014 |
| 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 Equinox(1) |
| MR2 Product Tanker |
| 2007 |
| 50,922 |
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 Galactic |
| VLCC |
| 2009 |
| 296,945 |
Nave Universe |
| VLCC |
| 2011 |
| 297,066 |
Nave Quasar |
| VLCC |
| 2010 |
| 297,376 |
Nave Buena Suerte |
| VLCC |
| 2011 |
| 297,491 |
Nave Synergy |
| VLCC |
| 2010 |
| 309,483 |
Bareboat-in vessels |
| Type |
| Built |
| Capacity |
| 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 |
| Capacity |
TBN XVI |
| Containership |
| H1 2026 |
| 7,900 |
TBN XVII |
| Containership |
| H2 2026 |
| 7,900 |
TBN XVIII |
| Containership |
| H2 2026 |
| 7,900 |
TBN XIX |
| Containership |
| H1 2027 |
| 7,900 |
TBN XXII |
| Containership |
| H2 2027 |
| 8,850 |
TBN XXIII |
| Containership |
| H2 2027 |
| 8,850 |
TBN XXIV |
| Containership |
| H2 2027 |
| 8,850 |
TBN XXV |
| Containership |
| H1 2028 |
| 8,850 |
TBN I |
| MR2 Product Tanker |
| H1 2026 |
| 52,000 |
TBN II |
| MR2 Product Tanker |
| H2 2026 |
| 52,000 |
TBN III |
| MR2 Product Tanker |
| H2 2026 |
| 52,000 |
TBN IV |
| MR2 Product Tanker |
| H1 2027 |
| 52,000 |
TBN V |
| MR2 Product Tanker |
| H1 2027 |
| 52,000 |
TBN VI |
| Aframax/LR2 |
| H1 2026 |
| 115,000 |
TBN VII |
| Aframax/LR2 |
| H1 2026 |
| 115,000 |
TBN VIII |
| Aframax/LR2 |
| H1 2026 |
| 115,000 |
TBN IX |
| Aframax/LR2 |
| H2 2026 |
| 115,000 |
TBN X |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XI |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XII |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XX |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XXI |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XIII |
| Aframax/LR2 |
| H2 2027 |
| 115,000 |
TBN XIV |
| Aframax/LR2 |
| H2 2027 |
| 115,000 |
TBN XV |
| Aframax/LR2 |
| H1 2028 |
| 115,000 |
|
|
|
|
|
|
|
(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)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) (loss)/ gain 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 |
| Three Month |
| Nine Month |
| Nine Month | ||||||||
|
| September 30, |
| September 30, |
| September 30, |
| September 30, | ||||||||
|
| ($ ‘000) |
| ($ ‘000) |
| ($ ‘000) |
| ($ ‘000) | ||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Net cash provided by operating activities |
| $ | 103,077 |
|
| $ | 142,639 |
|
| $ | 381,257 |
|
| $ | 368,554 |
|
Net increase in operating assets |
|
| 71,558 |
|
|
| 30,449 |
|
|
| 99,533 |
|
|
| 56,013 |
|
Net (increase)/ decrease in operating liabilities |
|
| (14,897 | ) |
|
| (8,581 | ) |
|
| (56,649 | ) |
|
| 37,524 |
|
Net interest cost |
|
| 31,518 |
|
|
| 29,214 |
|
|
| 92,050 |
|
|
| 81,718 |
|
Amortization and write-off of deferred finance costs |
|
| (2,405 | ) |
|
| (2,191 | ) |
|
| (6,304 | ) |
|
| (5,900 | ) |
Amortization of operating lease assets/ liabilities |
|
| 189 |
|
|
| 190 |
|
|
| 562 |
|
|
| 2,784 |
|
Other non-cash adjustments |
|
| 5,000 |
|
|
| 3,660 |
|
|
| 9,764 |
|
|
| 8,717 |
|
(Loss)/ gain on sale of vessels, net |
|
| (93 | ) |
|
| 1,241 |
|
|
| (422 | ) |
|
| 10,374 |
|
EBITDA |
| $ | 193,947 |
|
| $ | 196,621 |
|
| $ | 519,791 |
|
| $ | 559,784 |
|
Loss/ (gain) on sale of vessels, net |
|
| 93 |
|
|
| (1,241 | ) |
|
| 422 |
|
|
| (10,374 | ) |
Adjusted EBITDA |
| $ | 194,040 |
|
| $ | 195,380 |
|
| $ | 520,213 |
|
| $ | 549,410 |
|
|
| Three Month |
| Three Month |
| Nine Month |
| Nine Month | ||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Net cash provided by operating activities |
| $ | 103,077 |
|
| $ | 142,639 |
|
| $ | 381,257 |
|
| $ | 368,554 |
|
Net cash used in investing activities |
| $ | (70,010 | ) |
| $ | (320,007 | ) |
| $ | (338,660 | ) |
| $ | (613,964 | ) |
Net cash (used in)/ provided by financing activities |
| $ | (49,605 | ) |
| $ | 191,482 |
|
| $ | 18,699 |
|
| $ | 290,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
