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Revenue:
$ 365.6 million for Q4 2025
$1,344.1 million for FY 2025
Net income:
$ 117.3 million for Q4 2025
$ 285.3 million for FY 2025
Earnings per common unit:
$3.99 for Q4 2025
$9.59 for FY 2025
Net cash from operating activities:
$ 123.7 million for Q4 2025
$ 505.0 million for FY 2025
EBITDA:
$ 224.8 million for Q4 2025
$ 744.6 million for FY 2025
Returning capital to unitholders:
20% increase in dividend distributions effective from Q1 2026
New distribution levels: $0.24 per unit annually; $0.06 per unit quarterly
1,603,713 common units repurchased in 2024 - 2026 (through February 12) for $72.9 million
$0.05 per unit cash distribution for Q4 2025; $0.20 per unit annualized for 2025
Sales and purchases in Q4 2025 – 2026 YTD:
$ 134.3 million acquisition of two Japanese newbuilding capesize vessels (with scrubbers)
$ 136.5 million gross sale proceeds from the sale of two VLCC tankers; average age of 16.0 years
One newbuilding aframax/LR2 tanker delivered
$3.8 billion contracted revenue as of February 2026
PIRAEUS, Greece, Feb. 19, 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 fourth quarter and year ended December 31, 2025.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “We are pleased with our results for the quarter and year ended 2025. For the quarter, we reported net income of $117.3 million and EBITDA of $224.8 million. For the full year, we 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 full year. We are also pleased to announce a 20% increase in our distribution policy to $0.24 per unit annually, commencing from the first quarter of 2026.”
Angeliki Frangou continued, “We are witnessing the evolution of a new world order, with new trade agreements emerging from the dust of decaying institutions. At the same time, trade has become an instrument of national policy, as governments prioritize exports, industrial policy, and strategic control of supply chains, with national security considerations increasingly at the forefront of decision‑making. Conflicts and geopolitical tensions are rerouting trade, increasing voyage distances, costs, and transit times. As political considerations grow in importance, trade routes are no longer determined solely by efficiency. In this changing environment, we believe our proven platform—combining a diversified fleet with a disciplined risk‑management culture—positions us to continue delivering value through a wide range of market conditions.”
Common unit repurchases
Pursuant to its previously announced common unit repurchase program, during the year ended December 31, 2025 and as of February 12, 2026 since the commencement of the program, Navios Partners had repurchased 1,029,312 and 1,603,713 common units, respectively, for aggregate cash consideration of approximately $43.0 million and $72.9 million, respectively. As of February 12, 2026, there were 28,580,675 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2025 of $0.05 per unit. The cash distribution was paid on February 12, 2026 to unitholders of record as of February 9, 2026. The Board of Directors of Navios Partners has approved a 20% increase in the quarterly distribution to $0.06 per unit, effective from the first quarter of 2026, funded primarily through savings generated from our common unit repurchase program. The declaration and payment of any 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 Q4 2025 – 2026 YTD
Acquisition of vessels
$134.3 million acquisition of two Japanese newbuilding capesize vessels (with scrubbers)
In December 2025, Navios Partners agreed to acquire two Japanese newbuilding scrubber-fitted capesize vessels, from an unrelated third party, under 12-year bareboat-in contracts. Navios Partners has the option to acquire the vessels starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the 12-year period, the bareboat agreements reflect an aggregate implied purchase price of approximately $134.3 million and an implied effective interest rate of about 6.0%. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2028 and the first quarter of 2029. The closing of the transaction is subject to completion of customary documentation. The vessels have been chartered-out for a period of about five years at an average floor rate of approximately $25,000 per day, with 50% profit sharing above the floor rate calculated based on C5TC 182 index plus an average fixed premium of around $3,000 per day.
Sale of vessels
$136.5 million gross sale proceeds from the sale of two VLCC tankers with an average age of 16.0 years
In January 2026, Navios Partners agreed to sell a 2009-built VLCC tanker of 296,945 dwt and a 2011-built VLCC tanker of 297,491 dwt, to an unrelated third party, for an aggregate gross sale price of $136.5 million. The sales are expected to be completed in the second quarter of 2026.
One newbuilding aframax/LR2 tanker delivered
In February 2026, Navios Partners took delivery of a 2026-built aframax/ LR2 scrubber-fitted tanker of 116,998 dwt, which has been chartered-out at a rate of $27,431 net per day for a period of approximately five years.
$261 million contracted revenue agreed; $3.8 billion total contracted revenue
Navios Partners has entered into new long-term charters which are expected to generate revenue of $261 million.
Five containerships have been chartered-out for an average period of 1.8 years at an average rate of $29,572 net per day.
Three dry bulk vessels have been chartered-out for an average period of 3.6 years at an average rate of $23,974 net per day (assuming floor rate on two newbuilding vessels).
Three tankers have been chartered-out for an average period of two years at an average rate of $31,944 net per day.
Including the above long-term charters, Navios Partners has $3.8 billion contracted revenue through 2037.
Financing update
As discussed above, in December 2025, Navios Partners agreed to enter into a bareboat-in agreement for two Japanese newbuilding scrubber-fitted capesize vessels. The total implied financing amount for the two vessels is approximately $124.3 million and the implied effective interest rate is about 6.0%. The closing of the transaction is subject to completion of customary documentation.
In December 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to $75.0 million in order to refinance the existing indebtedness of four of its vessels. In December 2025, the full amount was drawn. The facility matures seven years after the drawdown date and bears interest at Term Secured Overnight Financing Rate (“Term SOFR”) with an option to switch to Compounded Secured Overnight Financing Rate plus 145 bps per annum.
In January 2026, Navios Partners completed a $36.0 million sale and leaseback agreement with an unrelated third party for three of its vessels. The sale and leaseback agreement matures five years after each drawdown date and bears interest at Term SOFR plus 190 bps per annum.
In January 2026, Navios Partners completed a $90.0 million sale and leaseback agreement with an unrelated third party, in order to finance the acquisition of two newbuilding aframax/LR2 tankers. The sale and leaseback agreement matures nine years after each drawdown date and bears interest at Term SOFR plus 200 bps per annum.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 67 dry bulk vessels, 51 containerships and 53 tankers, including 16 newbuilding tankers (11 aframax/LR2 and five MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through the first half of 2028, 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 and two newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and the first quarter of 2029. The fleet excludes one containership and two VLCC tankers that have been agreed to be sold.
As of February 12, 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 2.1 years. Navios Partners has currently fixed 71.4% and 43.2% of its available days for 2026 and 2027, respectively. Navios Partners expects contracted revenue of $1,043.1 million and $760.4 million for 2026 and 2027, respectively. The average expected daily charter-out rate for the fleet is $26,865 and $29,898 for 2026 and 2027, respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods and years ended December 31, 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 Period Ended |
| Three Month Period Ended |
| Year Ended |
| Year Ended | ||||||||
| December 31, |
| December 31, |
| December 31, |
| December 31, | ||||||||
(in $‘000 except per unit data) | (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Revenue | $ | 365,550 |
|
| $ | 332,521 |
|
| $ | 1,344,143 |
|
| $ | 1,334,066 |
|
Net Income | $ | 117,328 |
|
| $ | 94,723 |
|
| $ | 285,334 |
|
| $ | 367,308 |
|
Adjusted Net Income | $ | 99,980 | (1) |
| $ | 79,337 | (2) |
| $ | 295,685 | (4) |
| $ | 341,548 | (5) |
Net cash provided by operating activities | $ | 123,732 |
|
| $ | 114,924 |
|
| $ | 504,989 |
|
| $ | 483,478 |
|
EBITDA | $ | 224,772 |
|
| $ | 197,609 |
|
| $ | 744,563 |
|
| $ | 757,393 |
|
Adjusted EBITDA | $ | 207,424 | (1) |
| $ | 182,223 | (2) |
| $ | 727,637 | (3) |
| $ | 731,633 | (5) |
Earnings per Common Unit basic | $ | 3.99 |
|
| $ | 3.11 |
|
| $ | 9.59 |
|
| $ | 11.98 |
|
Earnings per Common Unit diluted | $ | 3.99 |
|
| $ | 3.11 |
|
| $ | 9.59 |
|
| $ | 11.98 |
|
Adjusted Earnings per Common Unit basic | $ | 3.40 | (1) |
| $ | 2.61 | (2) |
| $ | 9.94 | (4) |
| $ | 11.14 | (5) |
Adjusted Earnings per Common Unit diluted | $ | 3.40 | (1) |
| $ | 2.61 | (2) |
| $ | 9.94 | (4) |
| $ | 11.14 | (5) |
(1) |
| Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended December 31, 2025 have been adjusted to exclude a $17.3 million gain related to the sale of our vessels. |
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|
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(2) |
| Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended December 31, 2024 have been adjusted to exclude a $15.4 million net gain related to: (a) the sale of our vessels; and (b) the impairment loss of our vessels. |
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(3) |
| Adjusted EBITDA for the year ended December 31, 2025 has been adjusted to exclude a $16.9 million gain related to the sale of our vessels. |
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(4) |
| Adjusted Net Income and Adjusted Earnings per Common Unit basic and diluted for the year ended December 31, 2025 have been adjusted to exclude the item referred to in footnote (3) 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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|
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(5) |
| Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the year ended December 31, 2024 have been adjusted to exclude a $25.8 million net gain related to: (a) the sale of our vessels; and (b) the impairment loss of our vessels. |
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(6) |
| 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 December 31, 2024, this resulted in the reclassification of $4.4 million and $18.2 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 $22.6 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the three month period ended December 31, 2024. For the year ended December 31, 2024, this resulted in the reclassification of $13.6 million and $63.6 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 $77.2 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the year ended December 31, 2024. |
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Three month periods ended December 31, 2025 and 2024
Time charter and voyage revenues for the three month period ended December 31, 2025 increased by $33.1 million, or 10.0%, to $365.6 million, as compared to $332.5 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 December 31, 2025 and 2024, time charter and voyage revenues were positively affected by $6.7 million and negatively affected by $3.0 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 10.2% to $25,567 per day, as compared to $23,205 per day for the same period in 2024. The available days of the fleet decreased by 2.1% to 13,390 days for the three month period ended December 31, 2025, as compared to 13,671 days for the same period in 2024.
EBITDA of Navios Partners for the three month periods ended December 31, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $25.2 million to $207.4 million for the three month period ended December 31, 2025, as compared to $182.2 million for the same period in 2024. The increase in Adjusted EBITDA was primarily due to a $33.1 million increase in time charter and voyage revenues. The above increase was partially mitigated by a: (i) $4.4 million increase in time charter and voyage expenses; (ii) $2.6 million increase in vessel operating expenses due to a 3.3% increase in the opex daily rate to $7,153 also as a result of the change in the composition of our fleet; partially mitigated by a slight decrease of 0.5% in the opex days; and (iii) $0.9 million increase in general and administrative expenses in accordance with our administrative services agreement.
Net Income for the three month periods ended December 31, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $20.7 million to $100.0 million for the three month period ended December 31, 2025, as compared to $79.3 million for the same period in 2024. The increase in Adjusted Net Income was primarily due to a $25.2 million increase in Adjusted EBITDA. The above increase was partially mitigated by a: (i) $3.3 million increase in depreciation and amortization; (ii) $0.7 million increase in interest expense and finance cost, net; (iii) $0.3 million decrease in interest income; and (iv) $0.2 million decrease in amortization of unfavorable lease terms.
Years ended December 31, 2025 and 2024
Time charter and voyage revenues for the year ended December 31, 2025 increased by $10.0 million, or 0.7%, to $1,344.1 million, as compared to $1,334.1 million for the same period in 2024. The increase in revenue was mainly attributable to the increase in the TCE rate, partially mitigated by the decrease in the available days of our fleet and the decrease in revenue from freight voyages. For the years ended December 31, 2025 and 2024, time charter and voyage revenues were positively affected by $16.8 million and $1.9 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 2.6% to $23,509 per day, as compared to $22,924 per day for the same period in 2024. The available days of the fleet decreased by 1.1% to 53,677 days for the year ended December 31, 2025, as compared to 54,261 days for the same period in 2024.
EBITDA of Navios Partners for the years ended December 31, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $4.0 million to $727.6 million for the year ended December 31, 2025, as compared to $731.6 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $21.7 million increase in vessel operating expenses due to a 3.3% increase in the opex days and a 2.6% increase in the opex daily rate to $7,009 also as a result of the change in the composition of our fleet; (ii) $6.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the year as well as the expansion of our fleet; and (iii) $4.1 million increase in other expense, net. The above decrease was partially mitigated by: (i) an $18.6 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from fewer days of freight voyages in the year ended December 31, 2025; and (ii) a $10.0 million increase in time charter and voyage revenues.
Net Income for the years ended December 31, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $45.8 million to $295.7 million for the year ended December 31, 2025, as compared to $341.5 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to a: (i) $29.5 million increase in depreciation and amortization; (ii) $10.3 million increase in interest expense and finance cost, net; (iii) $4.0 million decrease in Adjusted EBITDA; (iv) $1.0 million decrease in interest income; and (v) $1.0 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 month periods and years ended December 31, 2025 and 2024.
| Three Month Period Ended |
| Three Month Period Ended |
| Year Ended |
| Year Ended | |||||||||
| December 31, |
| December 31, |
| December 31, |
| December 31, | |||||||||
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | |||||||||
Available Days(1) |
| 13,390 |
|
|
| 13,671 |
|
|
| 53,677 |
|
|
| 54,261 |
| |
Operating Days(2) |
| 13,298 |
|
|
| 13,534 |
|
|
| 53,274 |
|
|
| 53,656 |
| |
Fleet Utilization(3) |
| 99.3% |
|
|
| 99.0% |
|
|
| 99.2% |
|
|
| 98.9% |
| |
Opex Days(4) |
| 13,560 |
|
|
| 13,633 |
|
|
| 54,843 |
|
|
| 53,113 |
| |
TCE rate Combined (per day)(5) | $ | 25,567 |
|
| $ | 23,205 |
|
| $ | 23,509 |
|
| $ | 22,924 |
| |
TCE rate Dry Bulk (per day)(5) | $ | 19,588 |
|
| $ | 17,079 |
|
| $ | 16,408 |
|
| $ | 16,959 |
| |
TCE rate Containerships (per day)(5) | $ | 31,315 |
|
| $ | 30,623 |
|
| $ | 31,239 |
|
| $ | 30,370 |
| |
TCE rate Tankers (per day)(5) | $ | 29,158 |
|
| $ | 26,646 |
|
| $ | 27,011 |
|
| $ | 27,093 |
| |
Opex rate Combined (per day)(6) | $ | 7,153 |
|
| $ | 6,926 |
|
| $ | 7,009 |
|
| $ | 6,829 |
| |
Vessels operating at period end |
| 147 |
|
|
| 152 |
|
|
| 147 |
|
|
| 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 amount of days that its vessels were off-hire for reasons other than scheduled repairs, drydockings or special surveys. |
(4) |
| Opex days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting total calendar days of Navios Partners’ charter-in vessels and bareboat-out vessels. |
(5) |
| TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet. |
(6) |
| Opex rate: Opex rate per day is defined as vessel operating expenses (including management fees) divided by the number of opex days during the period. |
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Conference Call Details:
Navios Partners' management will host a conference call on Thursday, February 19, 2026 to discuss the results for the fourth quarter and year ended December 31, 2025.
Call Date/Time: Thursday, February 19, 2026 at 8:30 am ET
Call Title: Navios Partners Q4 2025 Financial Results Conference Call
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ425
The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.839.8318
International Replay Dial In: +1.402.220.6071
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, continuing issues related to seaborne volume and ton miles and the impact of tariffs, 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
[email protected]
Nicolas Bornozis
Capital Link, Inc.
[email protected]
EXHIBIT 1
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NAVIOS MARITIME PARTNERS L.P. | ||||||||
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| December 31, |
| December 31, | ||||
ASSETS |
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Cash and cash equivalents, including restricted cash and time deposits over three months(1) |
| $ | 413,452 |
|
| $ | 312,078 |
|
Other current assets |
|
| 98,600 |
|
|
| 130,913 |
|
Total current assets |
|
| 512,052 |
|
|
| 442,991 |
|
Vessels, net |
|
| 4,389,868 |
|
|
| 4,241,292 |
|
Other non-current assets |
|
| 1,027,066 |
|
|
| 988,957 |
|
Total non-current assets |
|
| 5,416,934 |
|
|
| 5,230,249 |
|
Total assets |
| $ | 5,928,986 |
|
| $ | 5,673,240 |
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LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
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Other current liabilities |
| $ | 177,781 |
|
| $ | 143,444 |
|
Current portion of borrowings, net |
|
| 277,365 |
|
|
| 266,222 |
|
Total current liabilities |
|
| 455,146 |
|
|
| 409,666 |
|
Senior unsecured bond, net |
|
| 294,392 |
|
|
| — |
|
Non-current portion of borrowings, net |
|
| 1,587,829 |
|
|
| 1,862,715 |
|
Other non-current liabilities |
|
| 250,873 |
|
|
| 294,231 |
|
Total non-current liabilities |
|
| 2,133,094 |
|
|
| 2,156,946 |
|
Total liabilities |
| $ | 2,588,240 |
|
| $ | 2,566,612 |
|
Total partners’ capital |
|
| 3,340,746 |
|
|
| 3,106,628 |
|
Total liabilities and partners’ capital |
| $ | 5,928,986 |
|
| $ | 5,673,240 |
|
|
|
|
|
|
|
|
|
|
(1) Includes time deposits with duration over three months of $10.5 million and $12.3 million as of December 31, 2025 and December 31, 2024, respectively.
| ||||||||||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| Three Month Period Ended |
| Three Month Period Ended |
| Year Ended |
| Year Ended | ||||||||
|
| December 31, |
| December 31, |
| December 31, |
| December 31, | ||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Time charter and voyage revenues |
| $ | 365,550 |
|
| $ | 332,521 |
|
| $ | 1,344,143 |
|
| $ | 1,334,066 |
|
Time charter and voyage expenses |
|
| (33,874 | ) |
|
| (29,533 | ) |
|
| (127,758 | ) |
|
| (146,429 | ) |
Vessel operating expenses (including management fees) |
|
| (96,995 | ) |
|
| (94,420 | ) |
|
| (384,376 | ) |
|
| (362,724 | ) |
General and administrative expenses |
|
| (23,580 | ) |
|
| (22,735 | ) |
|
| (92,033 | ) |
|
| (85,165 | ) |
Depreciation and amortization |
|
| (80,462 | ) |
|
| (77,083 | ) |
|
| (348,933 | ) |
|
| (292,077 | ) |
Amortization of unfavorable lease terms |
|
| 2,944 |
|
|
| 3,205 |
|
|
| 11,680 |
|
|
| 12,718 |
|
Gain on sale of vessels, net |
|
| 17,348 |
|
|
| 15,386 |
|
|
| 16,926 |
|
|
| 25,760 |
|
Interest expense and finance cost, net |
|
| (33,055 | ) |
|
| (32,425 | ) |
|
| (134,782 | ) |
|
| (124,529 | ) |
Interest income |
|
| 3,129 |
|
|
| 3,417 |
|
|
| 12,806 |
|
|
| 13,803 |
|
Other expense, net |
|
| (3,677 | ) |
|
| (3,610 | ) |
|
| (12,339 | ) |
|
| (8,115 | ) |
Net income |
| $ | 117,328 |
|
| $ | 94,723 |
|
| $ | 285,334 |
|
| $ | 367,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See footnote 6 under “Earnings Highlights”.
| ||||||||||||||||
Earnings per unit: | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| Three Month Period Ended |
| Three Month Period Ended |
| Year Ended |
| Year Ended | ||||||||
| December 31, |
| December 31, |
| December 31, |
| December 31, | |||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common unit, basic |
| $ | 3.99 |
|
| $ | 3.11 |
|
| $ | 9.59 |
|
| $ | 11.98 |
|
Earnings per common unit, diluted |
| $ | 3.99 |
|
| $ | 3.11 |
|
| $ | 9.59 |
|
| $ | 11.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NAVIOS MARITIME PARTNERS L.P. | ||||||||
|
|
|
|
| ||||
|
| Year Ended |
| Year Ended | ||||
|
| (unaudited) |
| (unaudited) | ||||
Net cash provided by operating activities |
| $ | 504,989 |
|
| $ | 483,478 |
|
Net cash used in investing activities |
| $ | (348,048 | ) |
| $ | (782,126 | ) |
Net cash (used in)/ provided by financing activities |
| $ | (53,761 | ) |
| $ | 349,262 |
|
Increase in cash, cash equivalents and restricted cash |
| $ | 103,180 |
|
| $ | 50,614 |
|
|
|
|
|
|
|
|
|
|
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 |
Condor (ex 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 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 Anthos |
| Aframax/LR2 |
| 2026 |
| 116,998 |
Nave Galactic (1) |
| VLCC |
| 2009 |
| 296,945 |
Nave Universe |
| VLCC |
| 2011 |
| 297,066 |
Nave Quasar |
| VLCC |
| 2010 |
| 297,376 |
Nave Buena Suerte (1) |
| 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 XV |
| Containership |
| H1 2026 |
| 7,900 |
TBN XVI |
| Containership |
| H2 2026 |
| 7,900 |
TBN XVII |
| Containership |
| H2 2026 |
| 7,900 |
TBN XVIII |
| Containership |
| H1 2027 |
| 7,900 |
TBN XXI |
| Containership |
| H2 2027 |
| 8,850 |
TBN XXII |
| Containership |
| H2 2027 |
| 8,850 |
TBN XXIII |
| Containership |
| H2 2027 |
| 8,850 |
TBN XXIV |
| 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 |
| H2 2026 |
| 115,000 |
TBN IX |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN X |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XI |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XIX |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XX |
| Aframax/LR2 |
| H1 2027 |
| 115,000 |
TBN XII |
| Aframax/LR2 |
| H2 2027 |
| 115,000 |
TBN XIII |
| Aframax/LR2 |
| H2 2027 |
| 115,000 |
TBN XIV |
| Aframax/LR2 |
| H1 2028 |
| 115,000 |
TBN XXV |
| Capesize |
| H2 2028 |
| 181,500 |
TBN XXVI |
| Capesize |
| H1 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 decrease/ (increase) 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) 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 |
| Year Ended |
| Year Ended | ||||||||
|
| December 31, |
| December 31, |
| December 31, |
| December 31, | ||||||||
|
| ($ ‘000) |
| ($ ‘000) |
| ($ ‘000) |
| ($ ‘000) | ||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Net cash provided by operating activities |
| $ | 123,732 |
|
| $ | 114,924 |
|
| $ | 504,989 |
|
| $ | 483,478 |
|
Net increase in operating assets |
|
| 30,139 |
|
|
| 41,672 |
|
|
| 129,672 |
|
|
| 97,685 |
|
Net decrease/ (increase) in operating liabilities |
|
| 22,933 |
|
|
| 82 |
|
|
| (33,716 | ) |
|
| 37,606 |
|
Net interest cost |
|
| 29,926 |
|
|
| 29,008 |
|
|
| 121,976 |
|
|
| 110,726 |
|
Amortization and write-off of deferred finance costs |
|
| (4,401 | ) |
|
| (1,941 | ) |
|
| (10,705 | ) |
|
| (7,841 | ) |
Amortization of operating lease assets/ liabilities |
|
| 190 |
|
|
| 189 |
|
|
| 752 |
|
|
| 2,973 |
|
Other non-cash adjustments |
|
| 4,905 |
|
|
| (1,711 | ) |
|
| 14,669 |
|
|
| 7,006 |
|
Gain on sale of vessels, net |
|
| 17,348 |
|
|
| 15,386 |
|
|
| 16,926 |
|
|
| 25,760 |
|
EBITDA |
| $ | 224,772 |
|
| $ | 197,609 |
|
| $ | 744,563 |
|
| $ | 757,393 |
|
Gain on sale of vessels, net |
|
| (17,348 | ) |
|
| (15,386 | ) |
|
| (16,926 | ) |
|
| (25,760 | ) |
Adjusted EBITDA |
| $ | 207,424 |
|
| $ | 182,223 |
|
| $ | 727,637 |
|
| $ | 731,633 |
|
|
| Three Month Period Ended |
| Three Month Period Ended |
| Year Ended |
| Year Ended | ||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||
|
| (unaudited) |
| (unaudited) |
| (unaudited) |
| (unaudited) | ||||||||
Net cash provided by operating activities |
| $ | 123,732 |
|
| $ | 114,924 |
|
| $ | 504,989 |
|
| $ | 483,478 |
|
Net cash used in investing activities |
| $ | (9,388 | ) |
| $ | (168,162 | ) |
| $ | (348,048 | ) |
| $ | (782,126 | ) |
Net cash (used in)/ provided by financing activities |
| $ | (72,460 | ) |
| $ | 59,069 |
|
| $ | (53,761 | ) |
| $ | 349,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
