Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2026

• Revenue:
  • $357.0 million for Q1 2026
• Net income:
  • $106.3 million for Q1 2026
• Earnings per common unit:
  • $3.64 for Q1 2026
• Net cash from operating activities:
  • $126.6 million for Q1 2026
• EBITDA:
  • $212.7 million for Q1 2026
• Returning capital to unitholders:
  • 1,759,769 common units repurchased in 2024 - 2026 (through May 15) for $83.6 million
    • 240,502 common units repurchased in 2026 (through May 15) for $15.6 million
  • $0.06 cash distribution per unit for Q1 2026; $0.24 per unit annualized for 2026
• Sales and purchases in 2026 YTD:
  • $616.3 million acquisition cost of six newbuilding scrubber-fitted vessels
    • $482.0 million for four VLCC tankers
    • $134.3 million for two capesize vessels
  • $189.3 million gross sale proceeds from the sale of five vessels; average age of 17.0 years
    • $136.5 million from two VLCC tankers
    • $  30.0 million from a 4,730 TEU containership
    • $  22.8 million from two dry bulk vessels
  • Five newbuilding vessels delivered
• $4.1 billion contracted revenue as of May 2026
  
  

PIRAEUS, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM), an international owner and operator of dry cargo and tanker vessels, today 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-out at 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.

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 month periods ended March 31, 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 Period  Three Month PeriodEnded
  Ended
March 31, 2026  March 31, 2025(in $‘000 except per unit data)(unaudited)  (unaudited)Revenue$357,007  $304,112 Net Income$106,344  $41,727 Adjusted Net Income$97,760(1)  $47,657(2)Net cash provided by operating activities$126,643  $156,552 EBITDA$212,696  $147,608 Adjusted EBITDA$204,112(1) $153,538(2)Earnings per Common Unit basic$3.64  $1.38 Earnings per Common Unit diluted$3.64  $1.38 Adjusted Earnings per Common Unit basic$3.35(1)  $1.58(2)Adjusted Earnings per Common Unit diluted$3.35(1)  $1.58(2)

(1)Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2026 have been adjusted to exclude an $8.6 million gain related to the sale of our vessels.(2)Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2025 have been adjusted to exclude a $5.9 million loss related to the sale of our vessels.  

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.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods ended March 31, 2026 and 2025.

 Three Month Period Ended  Three Month Period Ended March 31, 2026  March 31, 2025 (unaudited)  (unaudited)Available Days(1) 13,104   13,456 Operating Days(2) 13,037   13,349 Fleet Utilization(3) 99.5%   99.2% Opex Days(4) 13,201   13,586 TCE rate Combined (per day)(5)$25,679  $21,271 TCE rate Dry Bulk (per day)(5)$17,632  $12,722 TCE rate Containerships (per day)(5)$31,696  $30,501 TCE rate Tankers (per day)(5)$32,209  $26,082 Opex rate Combined (per day)(6)$7,197  $6,981 Vessels operating at period end 148   154 

(1)Available days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys and ballast days. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.(2)Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels were off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.(3)Fleet utilization is the percentage of time that Navios Partners’ vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels were off-hire for reasons other than scheduled repairs, drydockings or special surveys.(4)Opex days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting total calendar days of Navios Partners’ charter-in vessels and bareboat-out vessels.(5)TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.(6)Opex rate: Opex rate per day is defined as vessel operating expenses (including management fees) divided by the number of opex days during the period.  

Conference Call Details:

Navios Partners' management will host a conference call on Thursday, May 21, 2026 to discuss the results for the first quarter ended March 31, 2026.

Call Date/Time: Thursday, May 21, 2026 at 8:30 am ET
Call Title: Navios Partners Q1 2026 Financial Results Conference Call 
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ126

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.839.5247
International Replay Dial In: +1.402.220.2703

Slides and audio webcast:

There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the “Investors” section at 8:00 am ET on the day of the call. 

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing, potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists, uncertainty relating to global trade, including prices of seaborne commodities, continuing issues related to seaborne volume and ton miles and the impact of tariffs, the adequacy of our insurance arrangements and our ability to obtain insurance and required certifications, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, the repayment of debt and servicing of our bonds, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates, risks associated with operations outside the United States, the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets, and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.

Contacts

Navios Maritime Partners L.P.
+1.212.906.8645
[email protected] 

Nicolas Bornozis
Capital Link, Inc.
[email protected]

EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.
 SELECTED BALANCE SHEET DATA
 (Expressed in thousands of U.S. Dollars)
     March 31,
2026
(unaudited)  December 31,
2025
(unaudited) ASSETS        Cash and cash equivalents, including restricted cash and time deposits over three months(1) $421,190  $413,452 Other current assets  111,870   98,600 Total current assets  533,060   512,052 Vessels, net  4,454,147   4,389,868 Other non-current assets  1,020,179   1,027,066 Total non-current assets  5,474,326   5,416,934 Total assets $6,007,386  $5,928,986          LIABILITIES AND PARTNERS’ CAPITAL        Other current liabilities $163,946  $177,781 Current portion of borrowings, net  203,513   277,365 Total current liabilities  367,459   455,146 Senior unsecured bond, net  294,433   294,392 Non-current portion of borrowings, net  1,673,217   1,587,829 Other non-current liabilities  236,162   250,873 Total non-current liabilities  2,203,812   2,133,094 Total liabilities $2,571,271  $2,588,240 Total partners’ capital  3,436,115   3,340,746 Total liabilities and partners’ capital $6,007,386  $5,928,986 

(1)Includes time deposits with duration over three months of $10.0 million and $10.5 million as of March 31, 2026 and December 31, 2025, respectively.  

NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except per unit data)
   Three Month Three Month  Period Ended
 Period Ended
  March 31, 2026 March 31, 2025  (unaudited) (unaudited)Time charter and voyage revenues $357,007  $304,112 Time charter and voyage expenses  (30,918)   (30,017) Vessel operating expenses (including management fees)  (95,002)   (94,842) General and administrative expenses  (23,832)   (21,972) Depreciation and amortization  (81,657)   (78,645) Amortization of unfavorable lease terms  2,645   2,880 Gain/ (loss) on sale of vessels, net  8,584   (5,930) Interest expense and finance cost, net  (30,599)   (33,510) Interest income  3,259   3,394 Other expense, net  (3,143)   (3,743) Net income $106,344  $41,727          

Earnings per unit:

  Three Month  Three Month Period Ended
  Period Ended
March 31, 2026  March 31, 2025  (unaudited)  (unaudited) Earnings per unit:        Earnings per common unit, basic $3.64  $1.38 Earnings per common unit, diluted $3.64  $1.38          

NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)
   Three Month
Period Ended
March 31, 2026 Three Month
Period Ended
March 31, 2025  (unaudited) (unaudited)Net cash provided by operating activities $126,643  $156,552 Net cash used in investing activities $(162,433)  $(134,147) Net cash provided by/ (used in) financing activities $43,980  $(630) Increase in cash, cash equivalents and restricted cash $8,190  $21,775          

EXHIBIT 2

Owned Dry Bulk Vessels Type Built Capacity
(DWT)Navios Christine B Ultra-Handymax 2009 58,058Navios Celestial Ultra-Handymax 2009 58,063Navios Venus Ultra-Handymax 2015 61,339Navios La Paix Ultra-Handymax 2014 61,485N Amalthia(1) Panamax 2006 75,356Navios Victory Panamax 2014 77,095Rainbow N Panamax 2011 79,602Unity N Panamax 2011 79,642Odysseus N Panamax 2011 79,642Navios Amber Kamsarmax 2015 80,909Navios Avior Kamsarmax 2012 81,355Navios Centaurus Kamsarmax 2012 81,472Navios Citrine Kamsarmax 2017 81,626Navios Dolphin Kamsarmax 2017 81,630Navios Horizon I Kamsarmax 2019 81,692Navios Galaxy II Kamsarmax 2020 81,789Navios Uranus Kamsarmax 2019 81,821Navios Felicity I Kamsarmax 2020 81,962Navios Primavera Kamsarmax 2022 82,003Navios Meridian Kamsarmax 2023 82,010Navios Herakles I Kamsarmax 2019 82,036Navios Magellan II Kamsarmax 2020 82,037Navios Sky Kamsarmax 2015 82,056Navios Alegria Kamsarmax 2016 84,852Navios Sphera Kamsarmax 2016 84,872Navios Coral Kamsarmax 2016 84,904Navios Stellar Capesize 2009 168,818Navios Aurora II Capesize 2009 169,031Navios Antares Capesize 2010 169,059Navios Symphony Capesize 2010 177,960Navios Ace Capesize 2011 178,929Navios Aster Capesize 2010 178,978Navios Melodia Capesize 2010 178,982Navios Buena Ventura Capesize 2010 179,109Navios Luz Capesize 2010 179,144Navios Altamira Capesize 2011 179,165Navios Azimuth Capesize 2011 179,169Navios Bonheur Capesize 2010 179,204Navios Etoile Capesize 2010 179,234Navios Fulvia Capesize 2010 179,263Navios Ray Capesize 2012 179,515Navios Happiness Capesize 2009 180,022Navios Bonavis Capesize 2009 180,022Navios Fantastiks Capesize 2005 180,055Navios Phoenix Capesize 2009 180,060Navios Sol Capesize 2009 180,274Navios Lumen Capesize 2009 180,493Navios Canary Capesize 2015 180,528Navios Pollux Capesize 2009 180,727Navios Gem Capesize 2014 181,206Navios Joy Capesize 2013 181,215Navios Felix Capesize 2016 181,221Navios Corali Capesize 2015 181,249Navios Mars Capesize 2016 181,259Navios Koyo Capesize 2011 181,415Navios Azalea Capesize 2022 182,064Navios Armonia Capesize 2022 182,079Navios Altair Capesize 2023 182,115Navios Sakura Capesize 2023 182,169Navios Amethyst Capesize 2023 182,212Navios Astra Capesize 2022 182,393

Owned Containerships Type Built Capacity
(TEU)Spectrum N Containership 2009 2,546Fleur N Containership 2012 2,782Ete N Containership 2012 2,782Navios Summer Containership 2006 3,450Navios Verano Containership 2006 3,450Matson Lanai Containership 2007 4,250Navios Verde Containership 2007 4,250Navios Amarillo Containership 2007 4,250Navios Vermilion Containership 2007 4,250Navios Azure Containership 2007 4,250Navios Indigo Containership 2007 4,250Navios Domino Containership 2008 4,250Matson Oahu Containership 2008 4,250Navios Destiny Containership 2009 4,250Navios Devotion Containership 2009 4,250Navios Lapis Containership 2009 4,250Navios Dorado Containership 2010 4,250Carmel I Containership 2010 4,360Zim Baltimore Containership 2010 4,360Navios Bahamas Containership 2010 4,360Navios Miami Containership 2009 4,563Navios Jasmine Containership 2008 4,730Navios Chrysalis Containership 2008 4,730Navios Nerine Containership 2008 4,730Sparrow Containership 2023 5,300Zim Eagle Containership 2024 5,300Condor Containership 2024 5,300Hawk Ι Containership 2024 5,300Zim Falcon Containership 2024 5,300Pelican I Containership 2024 5,300Seagull Containership 2024 5,300Zim Albatross Containership 2024 5,300DP World Jeddah Containership 2024 5,300DP World Jebel Ali Containership 2024 5,300Hyundai Shanghai Containership 2006 6,800Hyundai Tokyo Containership 2006 6,800Hyundai Hongkong Containership 2006 6,800Hyundai Singapore Containership 2006 6,800Hyundai Busan Containership 2006 6,800HMM Ocean Containership 2025 7,700HMM Sky Containership 2025 7,700Navios Cyan Containership 2026 7,900Navios Unison Containership 2010 10,000Navios Constellation Containership 2011 10,000

Owned Tanker Vessels Type Built Capacity
(DWT)Hector N MR1 Product Tanker 2008 38,402Nave Aquila MR2 Product Tanker 2012 49,991Nave Atria MR2 Product Tanker 2012 49,992Nave Ohana MR2 Product Tanker 2025 49,994Nave Capella MR2 Product Tanker 2013 49,995Nave Hina MR2 Product Tanker 2026 49,996Nave Alderamin MR2 Product Tanker 2013 49,998Nave Pyxis MR2 Product Tanker 2014 49,998Nave Bellatrix MR2 Product Tanker 2013 49,999Nave Orion MR2 Product Tanker 2013 49,999Nave Titan MR2 Product Tanker 2013 49,999Nave Jupiter MR2 Product Tanker 2014 49,999Nave Velocity MR2 Product Tanker 2015 49,999Nave Sextans MR2 Product Tanker 2015 49,999Nave Luminosity MR2 Product Tanker 2014 50,240Bougainville MR2 Product Tanker 2013 50,626Nave Cetus LR1 Product Tanker 2012 74,581Nave Ariadne LR1 Product Tanker 2007 74,671Nave Rigel LR1 Product Tanker 2013 74,673Nave Atropos LR1 Product Tanker 2013 74,695Nave Cassiopeia LR1 Product Tanker 2012 74,711Nave Cielo LR1 Product Tanker 2007 74,896Nave Andromeda LR1 Product Tanker 2011 75,000Nave Estella LR1 Product Tanker 2012 75,000Nave Cosmos Aframax/LR2 2024 115,651Nave Polaris Aframax/LR2 2024 115,699Nave Photon Aframax/LR2 2024 115,752Nave Dorado Aframax/LR2 2025 115,762Nave Neutrino Aframax/LR2 2025 115,807Nave Perseus Aframax/LR2 2025 115,812Nave Amaryllis Aframax/LR2 2026 116,934Nave Anthos Aframax/LR2 2026 116,998Nave Equator Aframax/LR2 2026 117,059Nave Galactic(1) VLCC 2009 296,945Nave Universe VLCC 2011 297,066Nave Quasar VLCC 2010 297,376Nave Synergy VLCC 2010 309,483

Bareboat-in vessels Type Built Capacity
(DWT) Purchase OptionNavios Star Kamsarmax 2021 81,994 YesNavios Amitie Kamsarmax 2021 82,002 YesNavios Libra Kamsarmax 2019 82,011 YesNave Electron VLCC 2021 313,239 YesNave Celeste VLCC 2022 313,418 YesNave Allegro VLCC 2020 313,433 YesNave Tempo VLCC 2021 313,486 Yes

Newbuildings to be delivered Type Expected
Delivery Date Capacity
(TEU / DWT)TBN XII Containership H2 2026 7,900TBN XIII Containership H2 2026 7,900TBN XIV Containership H1 2027 7,900TBN XVII Containership H2 2027 8,850TBN XVIII Containership H2 2027 8,850TBN XIX Containership H2 2027 8,850TBN XX Containership H1 2028 8,850TBN I MR2 Product Tanker H2 2026 52,000TBN II MR2 Product Tanker H2 2026 52,000TBN III MR2 Product Tanker H1 2027 52,000TBN IV MR2 Product Tanker H1 2027 52,000TBN V Aframax/LR2 H2 2026 115,000TBN VI Aframax/LR2 H1 2027 115,000TBN VII Aframax/LR2 H1 2027 115,000TBN VIII Aframax/LR2 H1 2027 115,000TBN XV Aframax/LR2 H1 2027 115,000TBN XVI Aframax/LR2 H1 2027 115,000TBN IX Aframax/LR2 H2 2027 115,000TBN X Aframax/LR2 H2 2027 115,000TBN XI Aframax/LR2 H1 2028 115,000TBN XXIII VLCC H2 2028 319,000TBN XXIV VLCC H2 2028 319,000TBN XXV VLCC H2 2028 319,000TBN XXVI VLCC H2 2028 319,000TBN XXI Capesize H2 2028 181,500TBN XXII Capesize Q1 2029 181,500

(1)Vessel agreed to be sold.  

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.

EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase/ (decrease) in operating assets; (ii) net decrease/ (increase) in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) gain/ (loss) on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.

EXHIBIT 4

Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

  Three Month
Period Ended Three Month
Period Ended March 31, 2026 March 31, 2025  ($ ‘000) ($ ‘000) (unaudited) (unaudited)Net cash provided by operating activities $126,643  $156,552 Net increase/ (decrease) in operating assets  30,031   (7,421) Net decrease/ (increase) in operating liabilities  7,159   (23,046) Net interest cost  27,340   30,116 Amortization and write-off of deferred finance costs  (1,806)   (1,672) Amortization of operating lease assets/ liabilities  185   186 Other non-cash adjustments  14,560   (1,177) Gain/ (loss) on sale of vessels, net  8,584   (5,930) EBITDA $212,696  $147,608 (Gain)/ loss on sale of vessels, net  (8,584)   5,930 Adjusted EBITDA $204,112  $153,538          

  Three Month
Period Ended Three Month
Period EndedMarch 31, 2026
($ ‘000)March 31, 2025
($ ‘000)  (unaudited) (unaudited)Net cash provided by operating activities $126,643  $156,552 Net cash used in investing activities $(162,433)  $(134,147) Net cash provided by/ (used in) financing activities $43,980  $(630)