Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q2 2025 Earnings Presentation
33 slides from Navios Maritime Partners Lp's earnings presentation, Aug 21, 2025
Slide 1: Navios Maritime Partners L.P. Second Quarter 2025 Earnings Presentation
DRAFT Navios Maritime Partners L.P. (NYSE:NMM) Second Quarter 2025 Earnings Presentation August 21, 2025 1 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements DRAFT This presentation 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’ e
Slide 3: Highlights
Highlights DRAFT Leading Financial Publicly Strength Listed Fleet Scale: $6.2 billion 173 vessels vessel value Diversification: $3.7 billion 3 segments net vessel equity value 15 asset classes Modern Fleet: $3.1 billion Average age = contracted revenue 10.0 years Note: See slides 5 and 6 3
Slide 4: Strength Through Diversification
Strength Through Diversification DRAFT Chartering strategy Optimizing generating consistent Profitability Cyclical opportunity Capturing allowing optimal Capital Allocation Segment specific volatility Countering creating Balance Sheet Strength A diversified platform provides stable entity-level retu
Slide 5: Fleet Snapshot – Vessels
Fleet Snapshot – 173 Vessels DRAFT 68 Dry Bulk Vessels 8.9 million dwt Average age (1): 11.6 years (industry average: 12.7 years) 35 Capesize Vessels 29 Kamsarmax/Panamax Vessels 4 Handymax Vessels 6.3 million dwt 2.4 million dwt 0.2 million dwt 47 Containerships 251,843 TEU Average age (1): 10.8 ye
Slide 6: Selected Segment Data
Selected Segment Data DRAFT Dry Bulk Container Tankers Total Fleet ships # of Vessels 68 47 58 173 Fleet Size Average age (yrs) 11.6 10.8 7.5 10.0 Capacity 8.9m dwt 251,843 TEU 6.8m dwt Vessel value ($mm)(1) 2,059 2,323 1,858 6,240 Debt and bareboat liabilities 930 861 799 2,590 ($mm)(3) A
Slide 7: Recent Developments
Recent Developments DRAFT Income Statement In $ million Q1 2025 Q2 2025 H1 2025 Revenue 304.1 327.6 631.7 Financial EBITDA 147.6 178.2 325.8 Adjusted EBITDA 153.5 172.6 326.2 Information(1) Net Income 41.7 69.9 111.7 Balance Sheet $389.0 million cash balance as of June 30, 2025 Sales $95.5 milli
Slide 8: Returning Capital to Unitholders
Returning Capital to Unitholders DRAFT Dividend Program: $0.2 per unit annual cash distribution $1.5 million – Q2 2025 Common Unit Repurchase Program – 4% of units outstanding repurchased since Q2 2024 2025 (through August 13, 2025) • $27.8 million • 716,575 common units Total Program 2024 -
Slide 9: Executing Strategy in a Challenging Environment
Executing Strategy in a Challenging Environment DRAFT Addressing Risks and Uncertainties in Current Environment… Current Challenges / Uncertainties Address Challenges / Exploit Opportunities Solid Liquidity $389 million cash balance Tariffs $60 million undrawn revolving facility USTR Fees Revenue St
Slide 10: H2 2025E: Operating Cash Flow
H2 2025E: Operating Cash Flow DRAFT Available Open / H2 2025E – 27,615 available days - 75% fixed Vessel type days Index days H2 2025E H2 2025E $56.0 million excess contracted revenue over total expenses Capesize 6,257 2,439 6,838 remaining open/index days Kamsarmax / 5,217 2,576 Panamax Ultra
Slide 11: Fleet Modernization
Fleet Modernization DRAFT Newbuilding Program(1) Sales YTD $1.4 billion investment Opportunistic replacement of older vessels Containerships: $0.4 billion for four vessels Sale of vessels tailored to segment fundamentals • Investment hedged through long-term charters Dry bulk $0.3 billio
Slide 12: $3.1 Billion Contracted Revenue
$3.1 Billion Contracted Revenue DRAFT Contracted Revenue by Segment Broad Exposure to Credit Quality Counterparties Dry Bulk $0.2 billion Tankers $1.2 billion Containerships $1.7 billion Contracted Revenue by Counterparty Contracted Revenue by Year (in $ million) 16% 28% 16% Axis Title 3% 3% 5% 9% 5
Slide 13: Earnings Highlights
Earnings Highlights DRAFT Earnings Highlights (in $‘000 ) Three Months Ended Three Months Ended Six Months Ended Six Months Ended except per unit data, TCE, Opex, June 30, 2025(1) June 30, 2024(2) June 30, 2025(3) June 30, 2024(4) active vessels and days Revenue $327,558 $342,155 $631,670 $660,710 E
Slide 14: Balance Sheet
Balance Sheet DRAFT Balance Sheet Data June 30, 2025 December 31, 2024 (amounts in $‘000 ) (unaudited) (unaudited) Cash & cash equivalents(1) 389,009 312,078 Other current assets 111,776 130,913 Vessels, net 4,552,275 4,241,292 Other non-current assets 831,493 988,957 Total Assets 5,884,553 5,673,24
Slide 15: Debt Highlights
Debt Highlights DRAFT Debt and Bareboat Liabilities(1) at June 30, 2025 Debt Update (in $ million) $1.0 billion debt(2) on newbuilding vessels $2,590 $503 million arranged $799 $187 million has no commitment fee 1.4% average margin for floating rate debt $1,425 Tankers $389.6 million refinanci
Slide 16: Industry Overview
DRAFT Industry Overview
Slide 17: Geopolitics remain in focus
Geopolitics remain in focus DRAFT Geopolitical developments result in the creation and shifting of trade patterns with longer distances Tariffs Red Sea Ukraine War USTR Initial tariff announcements Strategic maritime transit War continues for 3rd year April 17: USTR released a in April 2025
Slide 18: Dry Bulk Industry Overview
DRAFT Dry Bulk Industry Overview
Slide 19: World Dry Bulk Trade
World Dry Bulk Trade DRAFT 7 24% Billion tons World Seaborne Dry Bulk Trade Dry Bulk Growth (RHS) World GDP Growth (RHS) 6 20% China admitted to 5 Berlin wall falls the WTO 16% 4 12% 3 3.1% 8% 3.0% 2 4% 1 0.3% 0% -0.9% 0 -4% Total dry bulk trade grew 3.2% in 2024 and is expected to decrease 0.9% in
Slide 20: Dry Bulk Fleet Data
Dry Bulk Fleet Data DRAFT ■ 2024 Net fleet growth 3.0% ■ 2025 Expected net fleet growth 3.1% ■ Total orderbook of 11.0% of the fleet ■ Vessels over 20 years of age = 11.2% of the fleet (2005 = 20 yrs old) Deliveries Removals Net fleet growth % non- Fleet period Year Actual Projected Year DWT % of fl
Slide 21: Tanker Industry Overview
DRAFT Tanker Industry Overview
Slide 22: Global Oil Demand
Global Oil Demand DRAFT Global Oil Demand and GDP Growth 10 World GDP Oil Demand (IEA) 5 Percent 0 -5 -10 ■ World GDP grew by 3.3% in 2024 and is expected to grow by 3.0% in 2025 and 3.1% in 2026 (IMF’s July forecast) ~ 85% correlation of world oil demand to global GDP growth ■ 0.8% (0.8 mb/d) gro
Slide 23: Sanctions Update
Sanctions Update DRAFT OFAC continues to impose sanctions; most recent sanctions announced 7/30/25 Both China and India have said that they will not allow OFAC sanctioned vessels to discharge Total sanctioned vessels: 13% of the total fleet (by number of vessels) 14% VLCCs, 16% Suezmaxes, 25%
Slide 24: Crude Oil and Products: Trading Patterns
Crude Oil and Products: Trading Patterns DRAFT Trade patterns shifted towards longer-haul routes due to war in Ukraine EU imports adjusted Crude and product imports have increased from the US, Brazil, India and the Middle East • 100% decrease in seaborne Russian crude exports to the EU in 2024
Slide 25: VLCC Fleet Data
VLCC Fleet Data DRAFT ■ 2024 Net fleet reduction (0.0%) ■ 2025 Expected net fleet growth 0.4% ■ Current VLCC orderbook = 12.3% of fleet by DWT (112 vessels: 4 in 2025 and 30 in 2026, 78 in 2027+) ■ Vessels over 20 years of age* = 20.0% of the fleet by DWT (183 vessels) Deliveries Removals Net Fleet
Slide 26: Product Tanker Fleet Data
Product Tanker Fleet Data DRAFT ■ 2024 Net fleet growth 1.7% ■ 2025 Expected net fleet growth 5.8% ■ Current Product Tanker orderbook = 19.7% of the fleet by DWT (527 vessels) ■ Vessels over 20 years of age* = 18.3% of current fleet by DWT (670 vessels; 2005 = 20 yrs old) Deliveries Removals Net Fle
Slide 27: Container Industry Overview
DRAFT Container Industry Overview
Slide 28: World Container Trade
World Container Trade DRAFT m TEU 1996 – 2024 CAGR = 5.6% growth 220 13.7% 15% 200 6.4% 180 6.3% 3.1% 10% Million TEU 160 3.0% 140 5% 120 2.7% 6.2% 0% 100 2.6% 80 -5% 60 -3.7% 40 -10% 20 -9.6% 0 -15% 2025 F 2026 F 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2
Slide 29: Container Fleet Data
Container Fleet Data DRAFT ■ 2024 Net fleet growth 10.1% ■ 2025 Expected net fleet growth 6.7% ■ Current orderbook of 30.8% of the fleet by TEU skewed towards larger vessels (as 8/13/25): ~ 78% of containership orderbook is for vessels of 10,000+ TEU • ~71% of orderbook is for vessels of 13,000+ T
Slide 30: Appendix
DRAFT Appendix
Slide 31: Diversification in Action
Diversification in Action DRAFT Countering Segment Specific Volatility (in $ million) Vessel value(1) volatility per segment Q2 2025 vs Q4 2024 Diversification mitigates individual segment (2%) ( $38 ) $74 ( $155 ) volatility $6,359 $6,240 Dry Bulk vessels : (2%) (2%) +3% (8%) Containerships : + 3%
Slide 32: Definitions
Definitions DRAFT 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 recon
Slide 33: www.navios-mlp.com
DRAFT www.navios-mlp.com 20
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