Navios Maritime Partners LP Q4 FY2024 earnings call

• Angeliki Frangou noted strong full-year and fourth-quarter results, discussed geopolitical uncertainties, and highlighted contracted revenue of $3.6 billion and cash on balance sheet. - Stratos Desypris provided an overview of fleet segments, newbuilding deliveries, sales and purchases of vessels, and secured long-term employment with additional contracted revenue. - Eri Tsironi reviewed financial highlights including revenue, EBITDA, balance sheet data, and debt profile. - Ted Petrone discussed industry conditions, including tariffs, trade disruptions, and sector-specific outlooks for tankers, dry bulk, and containers.

Navios Maritime Partners reported revenue of $1.33 billion for the full year 2024, with $332.5 million in the fourth quarter. Net income was $367.3 million for the full year and $94.7 million for the fourth quarter. Earnings per common unit were $11.98 for the full year and $3.11 for the fourth quarter. The company's contracted revenue is $3.6 billion. Segment-wise, tanker fleet has $1.4 billion contracted revenue, dry bulk fleet $0.2 billion, and container ships $2 billion. Fourth quarter fleet TCE rate for dry bulk was $17,079 per day, container $30,623 per day, and tanker $26,646 per day. Full year TCE rates: dry bulk $16,959 per day, container $30,370 per day, tanker $27,093 per day.

• 2025 breakeven estimated at $425 per open index day with 63% of 2025 available days fixed. - Contracted revenue stands at $3.6 billion. - 23 newbuilding vessels to be delivered through 2028, with investments in container ships and tankers, and long-term charters securing revenue. - Sold 11 vessels in 2024-2025 and exercised purchase options on dry bulk vessels.

• Geopolitical events such as conflicts in Ukraine and the Middle East, and U.S.-China tariffs, which could impact global trade. - Red Sea disruptions causing rerouting of ships and increased costs. - Interest rate changes and debt profile risks, including net debt to book capitalization and maturity profile.

Q: How has uncertainty from geopolitical events, tariffs, and sanctions affected the business, and how does diversification help?

A: Geopolitical events can significantly impact sectors, but Navios' diversified fleet with $3.6 billion contracted revenue provides stability. Diversification allows the company to be resilient as different sectors can be affected differently by such events.

Q: Characterize the customer base in container shipping in 2025 and chartering habits.

A: Liner companies still have an appetite for tonnage and duration due to Red Sea uncertainties, with no quick change expected unless there's a stable environment ensuring security of crew, cargo, and vessels.