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, 2026.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “For the third quarter, we reported net income of $185.7 million and earnings per common unit of $6.42. For the first nine months, we reported net income of $459.9 million and earnings per common unit of $15.83. We also announced a $0.06 distribution per unit for the quarter.”
Angeliki Frangou continued, “We are operating in a complex global environment, characterized by geopolitical uncertainty, conflict and changing trade patterns. Our financial and operating performance demonstrates the strength of our diversified business and the benefits of our disciplined approach to capital allocation and risk management. We have used our strong cash flow not only to add vessels to our fleet in an accretive manner, but also to accelerate repayment of debt while returning capital to our unitholders through unit repurchases and distributions.”
Common unit repurchases
Since the commencement of its initial common unit repurchase program in 2024, Navios Partners has repurchased, through October 26, 2026, an aggregate of 2,009,616 common units for cash consideration of approximately $104.4 million, of which 141,392 common units were repurchased during the third quarter of 2026 for $12.0 million. As of October 26, 2026, there were 28,174,772 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2026 of $0.06 per unit. The cash distribution will be paid on November 12, 2026 to unitholders of record as of November 9, 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 Q3 – Q4 2026 QTD
• $703.2 million acquisition cost of seven newbuilding vessels
- $488.0 million acquisition cost of four newbuilding scrubber/shore-power-fitted 10,100 TEU containerships
In September 2026, Navios Partners agreed to acquire four newbuilding scrubber/shore-power-fitted 10,100 TEU containerships from an unrelated third party for an aggregate purchase price of $488.0 million. The vessels have been chartered-out for a period of 5.6 years at an average rate of $48,263 net per day and are expected to be delivered into Navios Partners’ fleet during the second half of 2028 and the first half of 2029. The closing of the transaction is subject to completion of customary documentation. - $124.0 million acquisition cost of one newbuilding scrubber-fitted VLCC tanker
In October 2026, Navios Partners agreed to acquire one newbuilding scrubber-fitted VLCC tanker from an unrelated third party for a purchase price of $124.0 million. The vessel is expected to be delivered into Navios Partners’ fleet during the second half of 2029. The closing of the transaction is subject to completion of customary documentation. - $91.2 million acquisition cost of two newbuilding scrubber-fitted MR2 product tankers. In September 2026, Navios Partners agreed to acquire two newbuilding scrubber-fitted MR2 product tankers from an unrelated third party for an aggregate purchase price of $91.2 million. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2029. The closing of the transaction is subject to completion of customary documentation.
- • $30.8 million gross sale price for one capesize vessel
In August 2026, Navios Partners agreed to sell one 2009-built capesize vessel of 180,727 dwt with an age of 17 years to an unrelated third party for a gross sale price of $30.8 million. The sale was completed in October 2026.
- Two newbuilding vessels delivered, in September 2026, Navios Partners took delivery of a 2026-built methanol-ready MR2 product tanker of 49,998 dwt, which has been chartered-out at a rate of $23,400 net per day for a period of about five years.
In September 2026, Navios Partners took delivery of a 2026-built methanol-ready and scrubber-fitted 7,900 TEU containership, which has been chartered-out at a rate of $42,463 net per day for a period of about four years.
- $735.1 million additional contracted revenue agreed; $5.0 billion total contracted revenue
Navios Partners has entered into additional long-term charters which are expected to generate revenue of $735.1 million.
- Eight containerships have been chartered-out for an average period of 4.2 years at an average rate of $43,457 net per day.
- Four tankers have been chartered-out for an average period of 3.5 years at an average rate of $28,050 net per day.
- Two dry bulk vessels have been chartered-out for an average period of 3.1 years at an average rate of $23,412 net per day (assuming floor rate on one newbuilding vessel).
Including the above long-term charters, Navios Partners currently has $5.0 billion contracted revenue through 2037.
Financing update
In October 2026, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to $90.4 million in order to finance part of the acquisition cost of two newbuilding aframax/LR2 tankers, currently under construction. The facility matures seven years after the delivery date of each vessel and bears interest at Term Secured Overnight Financing Rate (“Term SOFR”) plus 40 bps per annum for any part of the loan secured by cash collateral and 130 bps per annum for the remaining loan amount.
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In September 2026, Navios Partners completed a $45.9 million sale and leaseback agreement with an unrelated third party in order to finance part of the acquisition cost of one newbuilding aframax/LR2 tanker, currently under construction. The sale and leaseback agreement matures seven years after the delivery date of the vessel and bears interest at Term SOFR plus 150 bps per annum.
During the third quarter of 2026, Navios Partners made approximately $90.2 million of voluntary prepayments of credit facilities maturing from 2028 through 2030, resulting in seven debt-free vessels.
Operating highlights
Navios Partners owns and operates a fleet consisting of 65 dry bulk vessels, 54 containerships and 63 tankers, including three newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and during 2029, ten newbuilding containerships (two 7,900 TEU containerships, four 8,850 TEU containerships and four 10,100 TEU containerships) that are expected to be delivered through the first half of 2029 and 21 newbuilding tankers (eight VLCC tankers, eight aframax/LR2 and five MR2 product tanker vessels, of which three are chartered-in vessels under bareboat contracts) that are expected to be delivered through 2029. The fleet excludes a 4,730 TEU containership that has been agreed to be sold.
As of October 26, 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 2.5 years. Navios Partners has fixed 80.2% and 56.5% of its available days for the fourth quarter of 2026 and for all of 2027, respectively. Navios Partners expects contracted revenue of $349.3 million and $968.9 million for the fourth quarter of 2026 and for all of 2027, respectively. The average expected daily charter-out rate for the fleet is $31,837 and $29,605 for the fourth quarter of 2026 and for all of 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 and nine month periods ended September 30, 2026 and 2025. 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 periods ended September 30, 2026 and 2025
Time charter and voyage revenues for the three month period ended September 30, 2026 increased by $85.1 million, or 24.5%, to $432.0 million, as compared to $346.9 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 September 30, 2026 and 2025, time charter and voyage revenues were positively affected by $2.2 million and $6.3 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 25.7% to $30,371 per day, as compared to $24,167 per day for the same period in 2025. The available days of the fleet slightly increased by 0.3% to 13,479 days for the three month period ended September 30, 2026, as compared to 13,443 days for the same period in 2025.
EBITDA of Navios Partners for the three month periods ended September 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $78.0 million to $272.0 million for the three month period ended September 30, 2026, as compared to $194.0 million for the same period in 2025. The increase in Adjusted EBITDA was due to an $85.1 million increase in time charter and voyage revenues. The above increase was partially mitigated by a: (i) $3.4 million increase in vessel operating expenses due to a 7.7% increase in the opex daily rate to $7,320, primarily attributable to higher maintenance, repair and spares expenses, partially mitigated by a 3.8% decrease in the opex days; (ii) $1.3 million increase in time charter and voyage expenses; (iii) $1.2 million increase in other expense, net; and (iv) $1.2 million increase in general and administrative expenses.
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Net Income for the three month periods ended September 30, 2026 and 2025 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $80.0 million to $163.7 million for the three month period ended September 30, 2026, as compared to $83.7 million for the same period in 2025. The increase in Adjusted Net Income was due to a: (i) $78.0 million increase in Adjusted EBITDA; (ii) $4.8 million decrease in interest expense and finance cost, net; and (iii) $1.6 million increase in interest income. The above increase was partially mitigated by a: (i) $2.9 million decrease in amortization of unfavorable lease terms; and (ii) $1.5 million increase in depreciation and amortization.
Nine month periods ended September 30, 2026 and 2025
Time charter and voyage revenues for the nine month period ended September 30, 2026 increased by $220.5 million, or 22.5%, to $1,199.1 million, as compared to $978.6 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the TCE rate. For the nine month periods ended September 30, 2026 and 2025, time charter and voyage revenues were positively affected by $12.5 million and $10.1 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 23.6% to $28,209 per day, as compared to $22,825 per day for the same period in 2025. The available days of the fleet decreased by 1.4% to 39,735 days for the nine month period ended September 30, 2026, as compared to 40,287 days for the same period in 2025.
EBITDA of Navios Partners for the nine month periods ended September 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $198.1 million to $718.3 million for the nine month period ended September 30, 2026, as compared to $520.2 million for the same period in 2025. The increase in Adjusted EBITDA was due to a $220.5 million increase in time charter and voyage revenues. The above increase was partially mitigated by a: (i) $16.6 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; (ii) $4.0 million increase in general and administrative expenses, mainly due to the higher euro-dollar exchange rate prevailing during the nine month period ended September 30, 2026, as well as the increase in legal and professional fees, audit fees and other administrative expenses; (iii) $1.7 million increase in vessel operating expenses due to a 3.8% increase in the opex daily rate to $7,223, primarily attributable to higher maintenance, repair and spares expenses, partially mitigated by a 3.1% decrease in the opex days; and (iv) $0.1 million increase in other expense, net.
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Net Income for the nine month periods ended September 30, 2026 and 2025 was affected by the items described in the table above.
Excluding these items, Adjusted Net Income increased by $200.8 million to $396.5 million for the nine month period ended September 30, 2026, as compared to $195.7 million for the same period in 2025. The increase in Adjusted Net Income was primarily due to: (i) a $198.1 million increase in Adjusted EBITDA; (ii) an $11.8 million decrease in interest expense and finance cost, net; and (iii) a $2.6 million increase in interest income. The above increase was partially mitigated by a: (i) $6.6 million increase in depreciation and amortization; and (ii) $5.1 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- and nine-month periods ended September 30, 2026 and 2025.
