Navios Maritime Partners L.P.
- Open
- 88.35
- Day high
- 89.55
- Day low
- 88.35
- Prev close
- 88.33
- Volume
- 41K
- Mkt cap
- $2.5B
- P/E (TTM)
- 5.8
- EPS (TTM)
- $15.31
- P/B
- 0.7
- P/S
- 1.7
- Yield
- 0.25%
- Per share
- $0.22
- ▲Insiders net buying $850.0M over the last 3 months (48 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Navios Maritime Partners L.P. (NMM) is a Industrials company listed on NYSE. The stock is up 88% over the past year. Over the trailing 3 months, insiders filed 48 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering NMM.
Navios Maritime Partners L.P. (NMM) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NMM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 20, 2026 | $4.35 | $4.65 | +6.9% | $410M | +13.7% |
| May 21, 2026 | $2.77 | $3.35 | +20.9% | $357M | +12.3% |
| Feb 19, 2026 | $1.96 | $3.40 | +73.5% | $366M | +15.7% |
| Nov 18, 2025 | $2.54 | $2.83 | +11.4% | $347M | +10.0% |
| Aug 21, 2025 | $1.74 | $2.15 | +23.6% | $328M | +1.3% |
| Feb 13, 2025 | $4.54 | $2.61 | -42.5% | $333M | +30.9% |
| Aug 20, 2024 | $2.84 | $3.06 | +7.7% | $342M | +1.4% |
| Feb 13, 2024 | $2.62 | $4.32 | +64.9% | $327M | +1.5% |
| Nov 2, 2023 | $2.68 | $2.68 | +0.0% | $323M | +3.2% |
| Aug 23, 2023 | $2.88 | $3.32 | +15.3% | $347M | +9.1% |
| May 23, 2023 | $1.75 | $2.13 | +21.7% | $310M | -0.8% |
| Feb 21, 2023 | $5.34 | $3.66 | -31.5% | $371M | +2.5% |
NMM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 12, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,062 | $79.16 |
| Aug 12, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,057 | $78.40 |
| Aug 12, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,050 | $79.09 |
| Aug 7, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,064 | $78.41 |
| Aug 7, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,054 | $78.94 |
| Aug 7, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,063 | $79.53 |
| Aug 4, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 653 | $79.91 |
| Aug 4, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,041 | $78.94 |
| Aug 4, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 830 | $80.00 |
| Jul 30, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,051 | $78.55 |
| Jul 30, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,068 | $78.37 |
| Jul 30, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,072 | $78.59 |
| Jul 27, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,084 | $79.02 |
| Jul 27, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,053 | $77.64 |
| Jul 27, 2026 | Frangou Angelikidirector, 10 percent owner, officer: See Remarks | Buy | 1,131 | $748119.00 |
Source: NMM SEC Form 4 filings, latest Aug 12, 2026. For informational purposes only — not investment advice.
See the full NMM insider & 13F page →Navios Maritime Partners L.P. company profile
Overview
Navios Maritime Partners L.P. (NYSE:NMM) is a publicly traded master limited partnership that owns and operates a diversified fleet of commercial vessels. Founded in 2007 and based in Monaco, the company has grown from its initial public offering to become a significant player in the global shipping industry. The partnership operates through Olympos Maritime Ltd. as its general partner and has built a substantial maritime portfolio spanning multiple vessel types and trade routes across Asia, Europe, North America, and Australia.
Business
Navios Maritime Partners operates in the marine shipping industry, which forms the backbone of global trade by transporting commodities and goods across the world's oceans. The shipping industry is capital-intensive and cyclical, with vessel rates fluctuating based on supply and demand dynamics, seasonal patterns, and global economic conditions. The company operates a diversified fleet of 176 vessels across three primary segments: Container Shipping (approximately 50% of fleet value): The company operates 47 containerships that transport standardized shipping containers filled with manufactured goods, consumer products, and other cargo. Container shipping is essential for global trade, moving everything from electronics to clothing between major ports worldwide. These vessels typically operate on scheduled liner services or are chartered to major shipping lines. Tanker Operations (approximately 23% of fleet value): The fleet includes 45 tanker vessels that transport liquid cargoes including crude oil, refined petroleum products, and chemicals. Tankers are specialized vessels with segregated cargo holds designed to safely transport various liquid commodities. The tanker market is influenced by global energy demand, refinery operations, and geopolitical factors affecting oil trade routes. Dry Bulk Shipping (approximately 32.5% of fleet value): This segment consists of 54 vessels (26 Panamax, 24 Capesize, and 4 Ultra-Handymax vessels) that transport dry commodities such as iron ore, coal, grain, and fertilizer. Dry bulk vessels are categorized by size, with Capesize being the largest (typically 150,000+ deadweight tons), followed by Panamax vessels that can transit the Panama Canal, and smaller Handymax vessels that offer greater port accessibility. The company's fleet has an average age of 9.8 years, which is relatively young for the shipping industry and indicates modern, fuel-efficient vessels that meet current environmental regulations.
Revenue model
Navios Maritime Partners generates revenue primarily through vessel chartering arrangements where shipowners lease their vessels to cargo owners, traders, or other shipping companies. The company employs multiple charter types: Time Charter Equivalent (TCE) Revenue: Most vessels operate under time charters where the charterer pays a daily rate for use of the vessel over a specified period, typically ranging from months to several years. In 2024, the company achieved TCE rates of $17,079 per day for dry bulk vessels, $30,623 per day for container ships, and $26,646 per day for tankers. Contracted Revenue Base: The company has built substantial revenue visibility with $3.6 billion in total contracted revenue extending through 2037. This contracted backlog provides cash flow stability and reduces exposure to volatile spot market rates. Approximately 63% of the company's 2025 available vessel days are already contracted at fixed rates. Revenue Mix and Customer Base: The company's customers include major commodity traders, oil companies, container shipping lines, and industrial users who need reliable transportation for their cargo. The diversified customer base spans different industries and geographies, reducing concentration risk. Several factors influence the company's profitability margins. Positive margin drivers include geopolitical disruptions that create longer shipping routes (such as Red Sea conflicts forcing vessels around Africa), supply chain bottlenecks, strong commodity demand, and fleet supply constraints. Negative margin factors include economic slowdowns reducing cargo demand, new vessel deliveries increasing fleet supply, rising fuel costs, higher interest rates affecting financing costs, and port congestion reducing vessel utilization. The company's breakeven point is estimated at $425 per open index day, indicating the minimum daily rate needed to cover operating expenses for uncontracted vessels.
Competitive moat
Navios Maritime Partners operates in the highly competitive and cyclical shipping industry, where sustainable competitive advantages are limited. The company's primary defensive characteristics include its diversified fleet composition across three shipping segments, which provides some protection against downturns in any single market. The relatively young average fleet age of 9.8 years offers operational efficiency advantages and regulatory compliance benefits compared to older vessels. The company's $3.6 billion contracted revenue backlog extending through 2037 provides significant cash flow visibility and reduces exposure to volatile spot market rates. This contracted base, combined with strong customer relationships built over years of operations, offers some stability in an otherwise commodity-like business. However, the shipping industry fundamentally lacks strong moats. Barriers to entry are moderate - while vessel acquisition requires substantial capital, the industry is fragmented with numerous competitors globally. Vessels are largely commoditized assets, and switching costs for customers are minimal. The company faces competition from hundreds of other shipowners globally, including both public companies and private operators. Disruption risks include technological changes such as autonomous vessels, alternative transportation modes, shifts in global trade patterns, and environmental regulations that could obsolete older vessel designs. The cyclical nature of shipping markets means that periods of strong profitability inevitably attract new capacity, leading to oversupply and margin compression. Additionally, the company's partnership structure and dependence on external management through related entities creates potential governance concerns that could affect long-term value creation.
Risks & safety
The company demonstrates moderate financial stability with some leverage concerns but adequate liquidity. • Liquidity Position: Strong cash position of $300 million provides operational flexibility and debt service coverage • Debt Metrics: Total debt of $2.1 billion with net debt-to-book capitalization of 34.7%, above management's target range of 20-25% • Current Ratio: 1.08 indicates tight short-term liquidity, though this is common in capital-intensive shipping • Interest Coverage: 28% of debt carries fixed rates at 5.5%, providing some protection against rising rates • Valuation Metrics: Trading at 3.4x P/E ratio and 4.8x EV/EBITDA, suggesting potential undervaluation • Cash Flow: Positive operating cash flow of $115 million in Q4 2024, though negative free cash flow of -$165 million due to fleet expansion investments • Dividend Coverage: Annual dividend of $0.20 per unit appears sustainable given earnings levels • Asset Coverage: $5.7 billion in total assets provides substantial collateral for debt obligations
Recent development
Over the past few years, Navios Maritime Partners has executed a comprehensive fleet modernization and diversification strategy. Since Q1 2021, the company has purchased 46 newbuilding vessels while selling 33 older vessels, systematically refreshing its fleet with more efficient, environmentally compliant tonnage. This renewal program includes 23 additional newbuilding vessels scheduled for delivery through 2028, representing continued investment in modern assets. The company has significantly enhanced its contracted revenue base, growing from approximately $3.3 billion in early 2024 to $3.6 billion by year-end. This growth reflects successful charter negotiations and the addition of newly delivered vessels with long-term contracts, providing greater cash flow predictability in volatile shipping markets. Capital allocation strategy has evolved to include shareholder returns alongside fleet investment. The company initiated a unit repurchase program, spending $25 million in 2024 to retire 1.9% of the outstanding units. Combined with the annual dividend of $0.20 per unit, total shareholder returns reached $31.1 million in 2024, representing a shift toward returning capital to investors while maintaining fleet expansion. The partnership has also focused on deleveraging efforts, targeting a reduction in net leverage from current levels of 34.7% to a range of 20-25%. This deleveraging is being achieved through strong cash flow generation, selective asset sales, and the delivery of contracted newbuilding vessels that immediately contribute to earnings. ESG initiatives have gained prominence, with investments in energy-efficient vessels and collaboration on maritime emissions reduction. The company is positioning itself for the industry's transition toward lower-carbon shipping solutions, which is becoming increasingly important for securing long-term charter contracts with environmentally conscious customers.
NMM company profile · for informational purposes only — not investment advice.
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