Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024

Core Insights - Navios Maritime Partners reported strong financial results for the full year and fourth quarter of 2024, with total revenue of $1.33 billion and net income of$367.3 million for the year, and $332.5 million in revenue and$94.7 million in net income for the fourth quarter [2][5][19]. Financial Performance - Revenue for Q4 2024 was $332.5 million, a slight increase of 1.6$327.3 million in Q4 2023 [22]. - For FY 2024, revenue increased by 2.1% to $1.33 billion from$1.31 billion in FY 2023 [25]. - Net income for Q4 2024 was $94.7 million, down from$132.4 million in Q4 2023, while FY 2024 net income was $367.3 million compared to$433.6 million in FY 2023 [24][28]. - Earnings per common unit were $3.11 for Q4 2024 and$11.98 for FY 2024, compared to $4.30 and$14.08 for the same periods in 2023 [43]. Operational Highlights - The company repurchased a total of 1,075,375 common units for approximately $54.2 million as part of its repurchase program [3][5]. - A cash distribution of$0.05 per unit was declared for Q4 2024, with an annualized distribution of $0.20 per unit [4]. - The fleet consists of 70 dry bulk vessels, 50 containerships, and 56 tankers, with four newbuilding vessels delivered [17][18]. Fleet and Contracted Revenue - Navios Partners has$3.6 billion in contracted revenue through 2037, with $79 million in new long-term charters agreed upon [10][11]. - The average daily charter-out rate for the fleet is projected at$26,198 for 2025 and $28,392 for 2026 [18]. Market Conditions - The company noted that market conditions have been influenced by geopolitical events, particularly the conflicts in Ukraine and the Middle East, which may affect global trade and sanctions on oil-producing nations [2][5].