Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, 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.