Navios Maritime Partners Q2 2025 Earnings Report

Navios Maritime Partners EPS Results

• Actual EPS: $2.15
• Consensus EPS: $1.74
• Beat/Miss: Beat by +$0.41
• One Year Ago EPS: $3.06

Navios Maritime Partners Revenue Results

• Actual Revenue: $327.56 million
• Expected Revenue: $309.58 million
• Beat/Miss: Beat by +$17.98 million
• YoY Revenue Growth: -4.30%

Navios Maritime Partners Announcement Details

• Quarter: Q2 2025
• Date: 8/21/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, August 21, 2025
• Conference Call Time: 8:30AM ET

Navios Maritime Partners (NYSE:NMM) L.P. owns and operates dry cargo vessels in Asia, Europe, North America, and Australia. The company offers seaborne transportation services for a range of liquid and dry cargo commodities, including crude oil, refined petroleum, chemicals, iron ore, coal, grain, fertilizer, and containers, as well as charters its vessels under short, medium, and longer-term charters. Navios Maritime Partners L.P. was founded in 2007 and is based in Monaco.

Navios Maritime Partners Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Navios reported robust Q2 2025 results with $327.6M in revenue, $178.2M EBITDA and net income of $69.9M, yielding earnings per common unit of $2.34.
• Positive Sentiment: The company ended the quarter with $389M in cash and maintained a net LTV of 35.3%, supporting balance sheet strength and liquidity.
• Positive Sentiment: Navios generated $96M from selling three older vessels, acquired two new Aframax LR2 tankers for $133M and took delivery of another fixed for five years at $27,446/day.
• Positive Sentiment: After OFAC sanctioned a counterparty, the company swiftly terminated two related VLCC charters, redeploying them into the healthy spot market and preserving future charter optionality.
• Negative Sentiment: Time charter equivalent rates for drybulk and tankers fell by 13.9% and 4.6% respectively, contributing to a $17M drop in adjusted EBITDA and lower year-over-year net income.

Presentation

[Operator]

Thank you for joining us for Navios Maritime Partners Second Quarter twenty twenty five Earnings Conference Call. With us today from the company are Chairwoman and CEO, Mrs. Angeliki Frangou Chief Operating Officer, Mr. Stratos de Cypris Chief Financial Officer, Mrs. Eric Ceronni and Chief Trading Officer, Mr. Vincent Van de Valle. As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors section of Navios Partners' website at www.naviosmlp.com. You'll see the webcasting link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. Now I will review the Safe Harbor statement.

[Operator]

This conference call could contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward looking statements are statements that are not historical facts. Such forward looking statements are based upon the current beliefs and expectations of Navios Partners' management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks.

[Operator]

Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows: First, Ms. Francois will offer opening remarks Next, Mr. Decibis will give an overview of Navios Partners segment data. Next, Ms. Tieroni will give an overview of Navios Partners financial results. Then Mr. Vandervallo will provide an industry overview. And lastly, we'll open the call to take questions. Now, I turn the call over to Navios Partners' Chairwoman and CEO, Mrs. Angeliki Frangou. Angeliki?

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Good morning all and thank you for joining us on today's call.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

I am pleased with results for the 2025 in which we reported revenue of $327,600,000 and an EBITDA of $178,200,000 and net income of $69,900,000 Earnings per common unit were $2.34 for the quarter. Global economies have been surprisingly robust given their certain macro environment. In addition, we are witnessing the creation and reshaping of new trade patterns with longer distances due to the war in Ukraine and Russia, continued attacks in the Red Sea and a new and evolving world tariff regime. As a result, the shipping market generally is healthy. Please turn to Slide six.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Navios Partners is a leading publicly listed shipping company with 173 vessels. These vessels have an average age of ten years and are in three different segments and 15 asset classes. As you can see, the vessel value is approximately equal in each sector. We ended the second quarter with $389,000,000 of cash on our balance sheet. Our net LTV as of the end of the second quarter was calculated at 35.3%, essentially unchanged from the last quarter.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Please turn to Slide seven. We generated $96,000,000 in gross sales proceeds from the sale of three vessels with an average age of sixteen point five years. We purchased two Aframax LR2 tankers for $133,000,000 and we expect delivery of these vessels in 2027. We also took delivery of one newbuilding Aframax LR2 target fixed for twenty seven thousand four hundred and forty six dollars net per day for the next five years. We recently took swift action in response to OFAC sanctions on one of our counterparties.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

On 07/03/2025, the U. S. Department of Treasury's Office of Foreign Assets Control added a counterparty of Navios to its sanction list. The following day, we terminated contracts for two related VLCCs, billed 2020 and 2021, that were bareboat charter out each at a daily net rate of $27,456 ending in October 2030 and February 2031. Swift action allowed us to redeploy these vessels into a healthy spot market.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

We anticipate entering into long term charters for these vessels at an appropriate time. For the remaining six months of 2025, contracted revenue exceeds estimated total cash expense by $56,000,000 We have six thousand eight hundred and thirty eight remaining open and index days, about 25% of our available days, so we have significant cash generative opportunities. Please turn to Slide eight, where we outlined our return of capital program. Under our dividend program, we paid $0.20 dividend per unit annually. In the 2025, we paid a dividend of $1,000,000 In addition, so far this year through 08/13/2025, we repurchased 716,575 common units for $27,800,000 Including dividends, we returned a total of $30,800,000 in 2025.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Under the entire unit repurchase program, we invested $52,800,000 through 08/13/2025, and repurchased 1,206,530 units or about 4% of our common units outstanding at the time we commence the program. As we show on the slide, we estimate that we effectively returned an additional $3.8 per unit of value of NAV to unitholders through these purchases. As of 08/13/2025, we had $47,200,000 available under our unit repurchase program. The volume and timing of further repurchases will be subject to general market and business conditions, working capital requirements and other investment opportunities among other factors. Please turn to Slide nine.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

We outline the challenges we have been addressing. We assemble our team regularly to dive into the details of emerging information in an attempt to understand how various risks are evolving. On the top right part of the slide, we outline how we are addressing the uncertain market and the things we have accomplished. The $3,100,000,000 in contracted revenue stems from our action in past markets, where sentiment allow us to enter into long term charters. We are also focused on our interest rate risk.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

We have been hedging this risk either by entering into fixed rate financing arrangements or through hedges that do not require posting additional collateral. At the bottom of the slide, we show how our fleet has evolved through selected metrics. As you can see, our fleet size and age are about the same as they were in the year end 2022. However, about 28% of our fleet was acquired in the past four point five years, so we maximize energy efficiency by maintaining a fleet of used useful vessels with the latest technology. On the financial side, we focus on deleveraging and reduced net LTV from 45% at the 2022 to 35.3% at the end of the second quarter twenty twenty five.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

I now turn the presentation over to Mr. Stratos Desyplis, Navios Partners' Chief Operating Officer. Stratos?

[Efstratios Desypris, Chief Operating Officer at Navios Maritime Partners]

Thank you, Angeliki and good morning all. Please turn to slide 10 which details our operating free cash flow potential for the 2025. We fixed 75% of available days at a net average rate of $24,908 per day. Contracted revenue exceeds estimated total cash expense by about $56,000,000 and we have 6,838 remaining open or index linked days that should provide substantial additional cash flow. So that you can perform your own sensitivity analysis, on the right side of the slide we provide our twenty seven thousand six hundred and fifteen available days by vessel type.

[Efstratios Desypris, Chief Operating Officer at Navios Maritime Partners]

Please turn to slide 11. We are constantly renewing our fleet in order to maintain the young profile. We reduce our carbon footprint by modernizing our fleet benefiting from new technologies and advanced environmentally friendly features. During the second quarter, we acquired two new building Aframax LR2 vessels for 133,000,000 Vessels are expected to be delivered in the 2027. In June 2025, we took delivery of one Aframax LR2 vessel that has been chartered out for five years at an average net daily rate of $27,446 We have 22 additional new building vessels delivering to our fleet through 2028 representing $1,400,000,000 of investment.

[Efstratios Desypris, Chief Operating Officer at Navios Maritime Partners]

Based on our financing both agreed and in process we have about $150,000,000 of equity remaining to be paid. In containerships, have four vessels to be delivered with a total acquisition price of about $400,000,000 We have mitigated residual value risk with long term credit worth charters expected to generate about $300,000,000 in revenue over a five year average charter duration. In tankers, we have 18 vessels to be delivered for a total price of approximately $1,000,000,000 We charter out 12 of these vessels for an average period of five years expected to generate aggregate contracted revenue of about $600,000,000 We have also been opportunistically selling older vessels. In 2025, we sold six vessels, three dry bulk and three containerships with an average age of 18 years for a total of about $130,000,000 Moving to slide 12, we have a strong backlog of contracted revenue that we beat over the previous years that creates visibility in an uncertain environment. Contracted revenue was reduced by about $150,000,000 due to the sale of one transshipment vessel and the termination of the contracts on two VLCC vessels which are currently employed in a healthy spot market.

[Efstratios Desypris, Chief Operating Officer at Navios Maritime Partners]

Post these events, our total contracted revenue amounts to $3,100,000,000 $1,200,000,000 relates to our tanker fleet, 200,000,000 relates to our drybulk fleet and $1,700,000,000 relates to our containerships. Chapters are extending through 2037 with a diverse group of quality counterparties. I now pass the call to Eric Cironi, our CFO, who will take you through the financial highlights. Eric?

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

Thank you, Stratos, good morning all. I will briefly review our unaudited financial results for the second quarter and the first half ended 06/30/2025. The financial information is included in the press release and is summarized in the slide presentation available on the company's website. Moving to the earnings highlights on Slide 13. Total revenue for the 2025 decreased by 4.3% to $328,000,000 compared to $342,000,000 for the same period in 2024 due to lower fleet combined time charter equivalent rate, available days and revenue from freight voyages.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

Our combined TCE rate for the 2025 decreased by 1.5% to $23,040 per day and our available days decreased by 0.8% to thirteen thousand three hundred and eighty eight days compared to Q2 twenty twenty four. In terms of sector performance, the TCE rate for our container fleet increased by 3.6% to $31,316 per day. In contrast, the TCE rate for our drybulk and tanker fleet was 13.94.6% lower respectively at $15,470 per day for drybulk and $26,537 per day for tankers. EBITDA for the second quarter and the 2025 was adjusted as explained in the slide footnote. Adjusted EBITDA for Q2 twenty twenty five decreased by $17,000,000 to $173,000,000 compared to Q2 twenty twenty four.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

The decrease is driven primarily by $15,000,000 decrease in time charter and voyage revenues, a $3,000,000 increase in general and administrative expenses and a $9,000,000 increase in vessel operating expenses as a result of a 5.6% increase in OpEx sales and a 4.5% increase in our combined OpEx rate to $7,108 per day, also as a result of the change in the composition of our fleet. Adjusted EBITDA was positively affected by a $9,000,000 decrease in time charter and voyage expenses due to less freight voyage days in the 2025. Adjusted net income for Q2 twenty twenty five was $64,000,000 compared to $94,000,000 in Q2 twenty twenty four. The decrease is mainly due to a $17,000,000 decrease in adjusted EBITDA, a $9,000,000 increase in depreciation and amortization and a $3,000,000 increase in interest expense and finance cost net. Adjusted earnings and earnings per common unit for Q2 twenty twenty five were $2.15 and $2.34 respectively.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

Total revenue for the 2025 decreased by $29,000,000 to $632,000,000 compared to the same period in 2024. The decrease was mainly a result of lower combined TCE rate, available days and revenue from Our combined TCE rate for the 2025 was 22,154 per day. In terms of sector performance, TCE rate for our containers increased by 2.9% to $30,906 per day compared to the same period in 2024. In contrast, our drybulk and tanker TCE rates were approximately 12.65.9% lower, respectively. TCE rates for our drybulk vessels stood at $14,070 per day and for our tankers $26,316 per day for the 2025.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

Adjusted EBITDA for the 2025 decreased by $28,000,000 to $326,000,000 The decrease was primarily due to $29,000,000 decrease in time charter and voyage expenses, a $4,000,000 increase in general and administrative expenses and a $16,000,000 increase in vessel operating expenses, mainly as a result of a 5.2% decrease in OpEx days and a 3.6% increase in our combined OpEx rate to $7,045 per day, also as a result of the change in the composition of our fleet. Adjusted EBITDA was positively affected by $21,000,000 decrease in time charter and voyage expenses due to less freight voyage days in the 2025. Adjusted net income for the 2025 was $112,000,000 $54,000,000 lower than the 2024. The decrease is mainly due to a $28,000,000 decrease in adjusted EBITDA, a $17,000,000 increase in depreciation and amortization and a 7,500,000 increase in interest expense and finance cost net. Adjusted earnings and earnings per common unit for the 2025 were $3.73 and $3.72 respectively.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

Turning to Slide 14, I will briefly discuss some key balance sheet data. As of 06/30/2025, cash and cash equivalents, including restricted cash and time deposits in excess of three months were $389,000,000 During the 2025, we paid $107,000,000 under our new building program net of debt. We concluded the sale of three vessels for $34,000,000 adding about $22,000,000 cash after debt repayment. Long term borrowings, including the current portion, net of deferred fees increased to $2,200,000,000 following the delivery of five vessels during the first half of the year. Net debt to book capitalization improved to 33.9%.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

Slide 15 highlights our debt profile. We continue to diversify our funding sources between bank debt and leasing structures. Following our $88,000,000 interest rate hedge in Q1 twenty twenty five, 29% of our debt and bareboat liabilities have fixed interest rate at a no lien rate of 5.5%. The hedge mechanism was part of the original loan agreement and does not require additional collateral. We also have mitigated part of the increased interest rate cost by reducing the average margin for our drawn floating rate debt and bareboat liabilities to 1.9%.

[Erifili Tsironi, Chief Financial Officer at Navios Maritime Partners]

I would like to note that the average margin for the committed undrawn floating rate debt of our new building program is 1.4%. Our maturity profile is staggered with no significant balloons due in any single year. In Q2 twenty twenty five, Navios Partners completed three facilities for a total amount of $390,000,000 I'll now pass the call to Vincent Guantewale, Navios Partners' Chief Trading Officer, to take you through the industry section. Vincent?

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Thank you, Eiry. Please turn to Slide 17. Geopolitical developments continue to shift worldwide trading routes caused by the tariff war, restricted Suez Canal passages, Ukraine war and implementation of the USTR. Announced tariffs are not expected to have a significant effect on tankers and dry bulk trade, a part of grain and steel. The heaviest tariff impacts will be on container ships and car carriers.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

The Red Sea entrance leading to the Suez Canal continues to operate at the restricted transit levels, particularly since the sinking of two ships transiting the waterway in July. The Ukraine war is shifting trading patterns with limited grain export out of the Black Sea and benefiting export out of Brazil and USA. And Russian crude export diverted to Asia due to tighter sanctions. On April 17, USTR released revised Section three zero one fee proposal targeting Chinese vessel operators and Chinese built ships with extra port fees when calling The U. S.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Ports. These fees are to take effect from October 25. Please turn to Slide 19 for the review of the dry bulk industry. Dry bulk trade softened in first half twenty twenty five due to weather patterns, typical seasonality, increased domestic coal production in China and India and slower Chinese grain imports. As a result, the Baltic Dry Index average declined 30% in first half twenty twenty five versus first half twenty twenty four, but has risen 37% since the June, standing at 2,044 on August 15.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Continued recovery is expected through Q3, driven by Capes due to seasonally higher volumes of iron ore and bauxite. Please turn to Slide 20. The current order book stands at 11% of the fleet. Net fleet growth is expected to be 3.1 in 2025 and vessels over 20 years of age are about 11% of the total fleet, which is slightly higher than the order book. In concluding our dry bulk sector review, slowing demand growth for natural resources may be balanced by restrictions in transiting the Red Sea, long haul trades of bauxite and iron ore from West Africa to Asia and a low pace of newbuilding deliveries.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

This should support higher freight rates as the freight future market currently indicates, particularly for Capes. Please turn to Slide 22 for the review of the tanker industry. World GDP is expected to grow by 3% in 2025 based on the IMF July forecast. The IEA projects a 700,000 barrels per day increase in global old amount in '25. Crude tankers earnings have risen as OPEC unwinds its 2,200,000 barrels per day voluntarily production cuts.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

More crude is exported from Brazil, The USA and as Asian refineries replace Russian and iron barrels with non sanctioned imports. Overall, the political environment along with reduction of the fleet due to sanctioned vessels, low global oil inventories and additional production from OPEC and Atlantic basic suppliers should support crude freight rates. Please turn to Slide 23. The U. S.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Office of Foreign Asset Control, OFAC, continues to issue new sanctions targeting Russia and Iran's oil revenue. The total number of sanctioned vessels is now about 13% of the tanker fleet. Both China and India have said that they will not allow OFAC sanctioned vessels to discharge. Please turn to Slide 24. Seaborne crude and products trades continues to be affected by the war in Ukraine.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Both the crude and the product market rates remains at healthy levels. Please turn to Slide 25. The VLCC fleet had a zero fleet growth in 2024 and is expected to grow 0.4 in 2025. The current order book is 12.3% of the fleet following a record ordering spree in 2024. Vessels over 20 years of age are about 20% of the total fleet.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Turning to Slide '26. Production tanker net fleet growth was 1.7% for 2024 and is expected to increase by 5.8% in 2025. The current product tanker order book is 19.7 of the fleet compared to 18.3 of the fleet, which is twenty plus years of age. Concluding the tanker market overview, tankers rates continue at healthy levels. The combination of a moderate growth in global hold amount, sanctions reducing the numbers of available vessels, new longer trading routes for both crude and products and the IMO 2023 regulations should provide a healthy tanker earnings going forward.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Please turn to Slide 28 for a review of the container industry. Container ships rates remain firm because of the Red Sea. TEU miles increased by about 19% in 2024. The continuous Red Sea disruption will lead to an expected TEU mile increase of 2.7% this year, providing healthy time charter rates while ships avoid the waterway. However, continuing record newbuilding ordering and record fleet growth should eventually modifies these gains.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

Tariffs, particularly the outcome negotiations on U. S. Imports of Chinese goods, will have a significant effect on demand and trade should they remain at recent announced levels. Turning to Slide '29. The current order book stands at 31% compared to 13.5% of the fleet 20 years of age or older.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

About 80% of the order book is for 10 ks TEU vessels or larger. Although trade is expected to grow by 2.6% in 2025, net fleet growth is expected to grow by 6.7% in 2025 following a 10% net fleet growth in 2024. Concluding the container market overview, if the contemplated tariffs between U. S. And China remain in place, this may have a negative effect on demand and trade.

[Vincent Vandewalle, Chief Trading officer at Navios Maritime Partners]

However, the expected world GDP growth of 3% for 2025 provides a somewhat positive counterpoint. This concludes our presentation. I would now like to turn the call over to Angeliki for her final comments. Angeliki?

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Thank you, Vincent. This completes our formal presentation and we open the call to questions.

[Operator]

We'll take our first question from Omar Nokta with Jefferies. Please go ahead. Your line is open.

[Omar Nokta, Managing Director at Jefferies]

Thank you. Hi, Angeliki. Hi, everyone. Good afternoon Good morning.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Thanks, everyone.

[Omar Nokta, Managing Director at Jefferies]

Yes, thanks for the update. Obviously, very good amount of detail and it looks like a good amount of stuff has taken place for an obvious. And maybe just a couple of questions from my side, perhaps first on those two VLCCs that were on charter to Versus Tankers, that entity now being sanctioned, you've been able to terminate those contracts, looks like it's going to perhaps work out nicely given the setup for the sector. I just wanted to ask, you're planning to trade those on the spot market. You mentioned looking to put them on charter at some point down the line.

[Omar Nokta, Managing Director at Jefferies]

Just wanted to ask in terms of timing of that, when would you want to put those away on charter? And then also, if for any reason that entity were to be removed from that list, the OFAC list, would that in some way would that compel you to have to give them back to that company and resume those leases?

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Excellent. Let's start with the VLCCs. I will say one thing, Omar. First of all, I have to give a big congratulation on this to our risk management team. So to be able to terminate immediately practically that is a work that has done well in advance with a team that was organized that gave us the opportunity immediately to terminate, take the vessels back and be able to charter them in a healthy spot market.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

And this is also the team that monitors all this time, all the trade, every loading, every discharging, every movement and I am very proud of the team. The reality is that this is a healthy market and we will be open to trade in this market and I think Q4 will be it looks to be shaping very well. But always we look at opportunities at the right time to put vessels on longer durations. I mean, year over 50,000 and longer duration is let's see, we are monitoring and we'll take the opportunity to the right time.

[Omar Nokta, Managing Director at Jefferies]

Okay. Thank you. And then just out of just to make sure that those you're free and clear those contracts now, so you can do what you want with Yes. These two

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

I'm sorry, because you asked another question. The other question is that there is at the moment you cancel the contract, that's it. You have zero, even though I don't see that easily that counterparty will be back, But it cannot claim or come after because it's a clear contract and that cancellation is a termination of the contract is irreversible.

[Omar Nokta, Managing Director at Jefferies]

Okay, very good. Thank you. Yes, so that looks very unique and perhaps compelling opportunity here. And then obviously just in terms of the fleet, you continue to fine tune it, which as you've said, is part of the core strategy of Navios selling older and investing in newer capacity. The two I guess two questions on that.

[Omar Nokta, Managing Director at Jefferies]

The LR2s you've ordered, those are not chartered. It doesn't look like, although the previous LR2s have been, is it expectation that you will fix those out ahead of delivery? That's one. And then two, given that the two older Panamax container ships you sold, those look to be very good prices. I would think at least relative to what's in people's models.

[Omar Nokta, Managing Director at Jefferies]

How do you think about the other ships that roll off charter in that vessel class? Do those are those effectively sales candidates or do you intend to renew those contracts or extend them on new charters if you can?

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Thank you. Mean, Omar, I will say the truth. I mean, we are very surprised with the strength of the container market given the order book and everything and I've been very articulate. And to be honest, we are taking we are here to take advantage of the opportunities. If you see the sale of the two container ships, the significance is also that you are selling vessels almost a year forward at and with surveys due at that time.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

So for us, this is a beautiful forward basically selling 18 year old almost vessels is a great idea and redeploying cash in a different asset. In today's market, we will not buy a container without a charter. On the tanker sector, I will say because we have not really had a lot of exposure on basically almost everything is fixed. We felt that the market made sense and we do not exclude that we can do a longer term deal, but we feel comfortable on that vessel to be in that portfolio today without the charter. We are always investigating and we may fix it on a longer term, but we feel comfortable on that position.

[Omar Nokta, Managing Director at Jefferies]

Okay. Very good. Thank you, Angeliki. I'll turn it over.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Thank you. And

[Operator]

there are no further questions on the line at this time. I'll turn the program back to Angeliki for any additional or closing remarks.

[Angeliki Frangou, Chairwoman, CEO & Director at Navios Maritime Partners]

Thank you. This completes our quarterly results and questions.

[Operator]

Thank you. And this concludes the Navios Maritime Partners earnings call. Thank you again for your participation and you may now disconnect.

Participants

Executives

• Angeliki Frangou, Chairwoman, CEO & Director
• Efstratios Desypris, Chief Operating Officer
• Erifili Tsironi, Chief Financial Officer
• Vincent Vandewalle, Chief Trading officer

Analysts

• Omar Nokta, Managing Director at Jefferies