Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, reported its financial results for the first quarter ended March 31, 2026.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the first quarter of 2026 in which we reported net income of $106.3 million and EBITDA of $212.7 million. Earnings per common unit were $3.64 for the quarter, and we announced a $0.06 cash distribution per unit for the quarter.”
Angeliki Frangou continued, “We are witnessing the emergence of a new world order – one in which trade is used as an instrument of national policy. National security considerations are increasingly central to the decision-making process, and governments are asserting greater control over strategic supply chains. The Iranian conflict underscores this shift. It also focused global awareness on the critical importance of the Strait of Hormuz, a vital artery for the movement of essential commodities – from LNG and crude oil to refined products and fertilizers. We expect this conflict to have lasting implications on trade, as countries and companies diversify supply routes to safer areas. It is too early to assess the long-term impact, and we are monitoring developments closely.”
Common unit repurchases
Pursuant to its previously announced common unit repurchase program, as of May 15, 2026, Navios Partners had repurchased 240,502 common units in 2026 and 1,759,769 common units since the commencement of the program, for aggregate cash consideration of approximately $15.6 million and $83.6 million, respectively. As of May 15, 2026, there were 28,424,619 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2026 of $0.06 per unit. The cash distribution was paid on May 14, 2026 to unitholders of record as of May 11, 2026. The declaration and payment of any cash distributions 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 2026 YTD
$616.3 million acquisition cost of six newbuilding scrubber-fitted vessels
$482.0 million acquisition cost of four newbuilding scrubber-fitted VLCC tankers
In May 2026, Navios Partners agreed to acquire four newbuilding scrubber-fitted VLCC tankers from an unrelated third party, for an aggregate purchase price of $482.0 million. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2028. Each vessel has been chartered-out for a firm period of approximately five years at $47,763 net per day, with charterer’s option for one additional year at $52,650 net per day. Navios Partners has also secured options to acquire two plus two newbuilding VLCC tankers for future consideration without committing capital.
$134.3 million acquisition cost of two Japanese newbuilding scrubber-fitted capesize vessels
As previously announced, 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 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.
$189.3 million gross sale proceeds from the sale of five vessels with an average age of 17.0 years
$136.5 million gross sale proceeds from the sale of two VLCC tankers
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 sale of the 2011-built VLCC tanker was completed in April 2026 and the sale of the 2009-built VLCC tanker is expected to be completed in the second quarter of 2026.
$ 30.0 million gross sale proceeds from the sale of a 4,730 TEU containership
In March 2026, Navios Partners completed the sale of a 2008-built 4,730 TEU containership, to an unrelated third party, for a gross sale price of $30.0 million.
$ 22.8 million gross sale proceeds from the sale of two dry bulk vessels
In March and April 2026, Navios Partners agreed to sell a 2010-built post-panamax of 93,062 dwt and a 2006-built panamax of 75,356 DWT, respectively, to unrelated third parties, for an aggregate gross sale price of $22.8 million. The sale of the 2010-built post-panamax was completed in April 2026 and the sale of the 2006-built panamax is expected to be completed in the second quarter of 2026.
Five newbuilding vessels delivered
In May 2026, Navios Partners took delivery of a 2026-built 7,900 TEU methanol-ready and scrubber-fitted containership, which has been chartered-out at a rate of $42,463 net per day for a period of about four years.
In April 2026, Navios Partners took delivery of a 2026-built MR2 product tanker of 49,996 DWT, which has been chartered-outat a rate of $22,669 net per day for a period of about five years.
In each of February, March and April 2026, Navios Partners took delivery of one 2026-built aframax/ LR2 scrubber-fitted tanker. All three tankers have been chartered-out at an average rate of $27,428 net per day for a period of about five years.
$548.7 million additional contracted revenue agreed; $4.1 billion total contracted revenue
Navios Partners has entered into additional long-term charters which are expected to generate revenue of $548.7 million.
Six newbuilding tankers have been chartered-out for an average period of about five years at an average rate of $41,268 net per day. The charters for two newbuilding aframax/ LR2 tankers are subject to charterer’s final approval.
Two containerships have been chartered-out for an average period of 3.1 years at an average rate of $28,986 net per day.
Two tankers have been chartered-out for one year at an average rate of $26,069 net per day.
Including the above long-term charters, Navios Partners currently has $4.1 billion contracted revenue through 2037.
Operating Highlights
Navios Partners owns and operates a fleet comprised of 65 dry bulk vessels, 51 containerships and 57 tankers, including 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, seven newbuilding containerships (three 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028 and 17 newbuilding tankers (four VLCC tankers, nine aframax/LR2 and four MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through 2028. The fleet excludes a VLCC tanker and a panamax vessel that have been agreed to be sold.
As of May 15, 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 2.2 years. Navios Partners has currently fixed 73.3% and 46.0% of its available days for the last nine months of 2026 and for 2027, respectively. Navios Partners expects contracted revenue of $829.4 million and $807.4 million for the last nine months of 2026 and for 2027, respectively. The average expected daily charter-out rate for the fleet is $27,859 and $30,124 for the last nine months of 2026 and for 2027, respectively.
Three-month periods ended March 31, 2026 and 2025
Time charter and voyage revenues for the three-month period ended March 31, 2026 increased by $52.9 million, or 17.4%, to $357.0 million, as compared to $304.1 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the Time Charter Equivalent (“TCE”) rate. For the three-month periods ended March 31, 2026 and 2025, time charter and voyage revenues were positively affected by $7.5 million and negatively affected by $2.6 million, respectively, relating to the straight-line effect of the charters with de-escalating rates. The TCE rate increased by 20.7% to $25,679 per day, as compared to $21,271 per day for the same period in 2025. The available days of the fleet decreased by 2.6% to 13,104 days for the three-month period ended March 31, 2026, as compared to 13,456 days for the same period in 2025.
EBITDA of Navios Partners for the three-month periods ended March 31, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $50.6 million to $204.1 million for the three-month period ended March 31, 2026, as compared to $153.5 million for the same period in 2025. The increase in Adjusted EBITDA was due to a: (i) $52.9 million increase in time charter and voyage revenues; and (ii) $0.6 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $1.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the first quarter of 2026; (ii) $0.9 million increase in time charter and voyage expenses; and (iii) $0.2 million increase in vessel operating expenses as a result of the change in the composition of our fleet and a 3.1% increase in the opex daily rate to $7,197, partially mitigated by a decrease of 2.8% in the opex days.
Net Income for the three month periods ended March 31, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $50.1 million to $97.8 million for the three month period ended March 31, 2026, as compared to $47.7 million for the same period in 2025. The increase in Adjusted Net Income was due to a:
(i) $50.6 million increase in Adjusted EBITDA; and (ii) $2.9 million decrease in interest expense and finance cost, net. The above increase was partially mitigated by a: (i) $3.1 million increase in depreciation and amortization; (ii) $0.2 million decrease in amortization of unfavorable lease terms; and (iii) $0.1 million decrease in interest income.
Source: Navios Maritime Partners L.P.
