Navios Maritime Partners L.P. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2026

• Revenue:
  • $410.2 million for Q2 2026
  • $767.2 million for H1 2026
• Net income:
  • $167.9 million for Q2 2026
  • $274.3 million for H1 2026
• Earnings per common unit:
  • $5.78 for Q2 2026
  • $9.42 for H1 2026
• Net cash from operating activities:
  • $186.6 million for Q2 2026
  • $313.3 million for H1 2026
• EBITDA:
  • $275.2 million for Q2 2026
  • $487.8 million for H1 2026
• Returning capital to unitholders:
  • $200.0 million new common unit repurchase program
  • 1,880,880 common units repurchased in 2024 - 2026 (through August 12) for $92.6 million  
    • 135,846 common units repurchased in Q2 2026 for $9.8 million
  • $0.06 cash distribution per unit for Q2 2026; $0.24 per unit annualized for 2026
• Sales and purchases in Q2 – Q3 2026 QTD:  
  • $431.6 million acquisition cost of four newbuilding scrubber-fitted vessels
    • $361.5 million for three VLCC tankers
    • $70.1 million for a capesize vessel
  • $  34.5 million gross sale price for one 4,730 TEU containership; age of 19.2 years
  • One newbuilding vessel delivered
• $4.4 billion contracted revenue as of August 2026
  
  

PIRAEUS, Greece, Aug. 20, 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 second quarter and six month period ended June 30, 2026.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with our results. For the second quarter and first six months of 2026, we reported net income of $167.9 million and $274.3 million, respectively, representing earnings per common unit of $5.78 and $9.42, respectively. We also declared a quarterly cash distribution of $0.06 per unit.”

Angeliki Frangou continued, “We continue to operate in an environment characterized by heightened uncertainty and geopolitical conflict. The war between Russia and Ukraine remains unresolved, while persistent attacks in the Strait of Hormuz and more recent strikes in the Red Sea have disrupted global trade flows. Against this backdrop, trade has proven surprisingly resilient, and energy prices, though volatile, have remained relatively subdued. These conflicts are likely to have lasting implications for global trade patterns as countries and companies reassess their dependence on maritime choke points for critical resources. Over time, these shifts may result in longer-haul trade routes.”

Common unit repurchases

The Board of Directors of Navios Partners has authorized a new common unit repurchase program for up to $200.0 million. The new program is expected to become effective in the third quarter of 2026. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in Navios Partners’ discretion and without notice. The Board of Directors will review the program periodically.

Pursuant to its current $100.0 million common unit repurchase program, as of August 12, 2026, Navios Partners had repurchased 1,880,880 common units since the commencement of the program of which 135,846 common units during the second quarter of 2026, for aggregate cash consideration of approximately $92.6 million and $9.8 million, respectively. As of August 12, 2026, there were 28,303,508 common units outstanding.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2026 of $0.06 per unit. The cash distribution was paid on August 13, 2026 to unitholders of record as of August 10, 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 Q2 – Q3 2026 QTD

• $431.6 million acquisition cost of four newbuilding scrubber-fitted vessels

• • $361.5 million acquisition cost of three newbuilding scrubber-fitted VLCC tankers

In June and July 2026, Navios Partners agreed to acquire three newbuilding scrubber-fitted VLCC tankers from an unrelated third party for an aggregate purchase price of $361.5 million. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2028 and in 2029. The closing of the transactions is subject to completion of customary documentation.

Navios Partners’ total investment in newbuilding VLCC tankers amounts to $843.5 million, including four vessels previously announced. The seven vessels (including one vessel that is currently under advanced discussions with a charterer) have been chartered-out for an average firm period of 6.1 years at an average rate of $45,224 net per day, expected to generate $700.2 million of contracted revenue.

• • $70.1 million acquisition cost of a Japanese newbuilding scrubber-fitted capesize vessel

In July 2026, Navios Partners agreed to acquire a Japanese newbuilding scrubber-fitted capesize vessel from an unrelated third party under a ten-year bareboat-in contract. Navios Partners has the option to acquire the vessel 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 ten-year period, the bareboat agreement reflects an implied purchase price of approximately $70.1 million and an implied effective interest rate of about 6.0%. The vessel is expected to be delivered into Navios Partners’ fleet during the second half of 2029.

• $34.5 million gross sale price for one 4,730 TEU containership

In August 2026, Navios Partners agreed to sell a 2008-built 4,730 TEU containership with an age of 19.2 years (based on the estimated delivery date) to an unrelated third party for a gross sale price of $34.5 million. The sale is expected to be completed in the second half of 2027.

• One newbuilding vessel delivered

In August 2026, Navios Partners took delivery of a 2026-built aframax/LR2 scrubber-fitted tanker, which has been chartered-out at a rate of $27,420 net per day for a period of about five years.

• $606.3 million additional contracted revenue agreed; $4.4 billion total contracted revenue

Navios Partners has entered into additional long-term charters which are expected to generate revenue of $606.3 million.

• • Six tankers have been chartered-out for an average period of 5.5 years at an average rate of $36,422 net per day.
  • Four containerships have been chartered-out for an average period of 2.9 years at an average rate of $30,132 net per day.
  • Two capesize vessels have been chartered-out for an average period of two years at an average rate of $26,309 net per day.

Including the above long-term charters, Navios Partners currently has $4.4 billion contracted revenue through 2037.

Financing update

As previously announced, Navios Partners successfully completed a $30.0 million tap issue of its outstanding senior unsecured bond due November 7, 2030. The tap issue was priced at 102.75% of par and was initiated by a reverse inquiry. The net proceeds from the tap issue were applied towards general corporate purposes.

As discussed above, Navios Partners agreed to enter into a bareboat-in agreement for a Japanese newbuilding scrubber-fitted capesize vessel. The implied financing amount for the vessel is approximately $64.6 million and the implied effective interest rate is about 6.0%. The closing of the transaction is subject to completion of customary documentation.

Operating highlights

Navios Partners owns and operates a fleet consisting of 66 dry bulk vessels, 50 containerships and 60 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, 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 19 newbuilding tankers (seven VLCC tankers, eight aframax/LR2 and four MR2 product tanker 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 August 12, 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 2.3 years. Navios Partners has fixed 77.1% and 50.9% of its available days for the last six months of 2026 and for 2027, respectively. Navios Partners expects contracted revenue of $591.2 million and $884.8 million for the last six months of 2026 and for 2027, respectively. The average expected daily charter-out rate for the fleet is $28,100 and $29,808 for the last six 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 and six month periods ended June 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”).

(in $‘000 except per unit data)Three Month Period Ended June 30, 2026
(unaudited) Three Month Period Ended June 30, 2025
(unaudited) Six Month Period Ended June 30, 2026
(unaudited)
 Six Month Period Ended June 30, 2025
(unaudited) Revenue$410,166 $327,558 $767,173 $631,670 Net Income$167,919 $69,947 $274,263 $111,674 Adjusted Net Income$134,967(1)$64,346(2)$232,727(3)$112,003(4)Net cash provided by operating activities$186,646 $121,628 $313,289 $278,180 EBITDA$275,151 $178,236 $487,847 $325,844 Adjusted EBITDA$242,199(1)$172,635(2)$446,311(3)$326,173(4)Earnings per Common Unit basic$5.78 $2.34 $9.42 $3.72 Earnings per Common Unit diluted$5.78 $2.34 $9.42 $3.72 Adjusted Earnings per Common Unit basic$4.65(1)$2.15(2)$8.00(3)$3.73(4)Adjusted Earnings per Common Unit diluted$4.65(1)$2.15(2)$8.00(3)$3.73(4)

(1)Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended June 30, 2026 have been adjusted to exclude a $33.0 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 June 30, 2025 have been adjusted to exclude a $5.6 million net gain related to the sale of our vessels.(3)Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2026 have been adjusted to exclude a $41.5 million net gain related to the sale of our vessels.(4)Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2025 have been adjusted to exclude a $0.3 million net loss related to the sale of our vessels.  

Three month periods ended June 30, 2026 and 2025

Time charter and voyage revenues for the three month period ended June 30, 2026 increased by $82.6 million, or 25.2%, to $410.2 million, as compared to $327.6 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 June 30, 2026 and 2025, time charter and voyage revenues were positively affected by $2.7 million and $6.5 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 23.8% to $28,512 per day, as compared to $23,040 per day for the same period in 2025. The available days of the fleet decreased by 1.8% to 13,152 days for the three month period ended June 30, 2026, as compared to 13,388 days for the same period in 2025.

EBITDA of Navios Partners for the three month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $69.6 million to $242.2 million for the three month period ended June 30, 2026, as compared to $172.6 million for the same period in 2025. The increase in Adjusted EBITDA was due to: (i) an $82.6 million increase in time charter and voyage revenues; (ii) a $1.9 million decrease in vessel operating expenses due to a 2.5% decrease in the opex days, partially mitigated by an increase of 0.6% in the opex daily rate to $7,152; and (iii) a $0.5 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $14.4 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; and (ii) $1.0 million increase in general and administrative expenses.

Net Income for the three month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $70.7 million to $135.0 million for the three month period ended June 30, 2026, as compared to $64.3 million for the same period in 2025. The increase in Adjusted Net Income was due to a: (i) $69.6 million increase in Adjusted EBITDA; (ii) $4.2 million decrease in interest expense and finance cost, net; and (iii) $1.0 million increase in interest income. The above increase was partially mitigated by a: (i) $2.2 million increase in depreciation and amortization; and (ii) $1.9 million decrease in amortization of unfavorable lease terms.

Six month periods ended June 30, 2026 and 2025

Time charter and voyage revenues for the six month period ended June 30, 2026 increased by $135.5 million, or 21.5%, to $767.2 million, as compared to $631.7 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the TCE rate. For the six month periods ended June 30, 2026 and 2025, time charter and voyage revenues were positively affected by $10.2 million and $3.9 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 22.3% to $27,098 per day, as compared to $22,154 per day for the same period in 2025. The available days of the fleet decreased by 2.2% to 26,256 days for the six month period ended June 30, 2026, as compared to 26,844 days for the same period in 2025.

EBITDA of Navios Partners for the six month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $120.1 million to $446.3 million for the six month period ended June 30, 2026, as compared to $326.2 million for the same period in 2025. The increase in Adjusted EBITDA was due to a: (i) $135.5 million increase in time charter and voyage revenues; (ii) $1.7 million decrease in vessel operating expenses due to a 2.7% decrease in the opex days, partially mitigated by a 1.8% increase in the opex daily rate to $7,174; and (iii) $1.1 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $15.4 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums, reimbursed by charterers; and (ii) $2.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the first half of 2026.

Net Income for the six month periods ended June 30, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $120.7 million to $232.7 million for the six month period ended June 30, 2026, as compared to $112.0 million for the same period in 2025. The increase in Adjusted Net Income was primarily due to a: (i) $120.1 million increase in Adjusted EBITDA; (ii) $7.1 million decrease in interest expense and finance cost, net; and (iii) $0.9 million increase in interest income. The above increase was partially mitigated by a: (i) $5.2 million increase in depreciation and amortization; and (ii) $2.2 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 six month periods ended June 30, 2026 and 2025.

 Three Month Period Ended June 30, 2026 (unaudited) Three Month Period Ended June 30, 2025 (unaudited) Six Month Period Ended June 30, 2026 (unaudited) Six Month Period Ended June 30, 2025 (unaudited)Available Days (1) 13,152  13,388  26,256  26,844Operating Days (2) 13,067  13,296  26,104  26,645Fleet Utilization (3) 99.4%  99.3%  99.4%  99.3%Opex Days (4) 13,359  13,703  26,560  27,289TCE rate Combined (per day) (5)$28,512 $23,040 $27,098 $22,154TCE rate Dry Bulk (per day) (5)$23,682 $15,470 $20,632 $14,070TCE rate Containerships (per day) (5)$31,191 $31,316 $31,444 $30,906TCE rate Tankers (per day) (5)$33,159 $26,537 $32,694 $26,316Opex rate Combined (per day) (6)$7,152 $7,108 $7,174 $7,045Vessels operating at period end 148  154  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 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 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, August 20, 2026 to discuss the results for the second quarter and six months ended June 30, 2026.

Call Date/Time: Thursday, August 20, 2026 at 8:30 am ET
Call Title: Navios Partners Q2 2026 Financial Results Conference Call 
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ226

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: +1.800.839.1320
International Replay Dial In: +1.402.220.0488

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)  June 30,
2026
(unaudited) December 31,
2025
(unaudited)ASSETS     Cash and cash equivalents, including restricted cash and time deposits over three months (1)$469,293 $413,452Other current assets 133,034  98,600Total current assets 602,327   512,052 Vessels, net 4,575,031  4,389,868Other non-current assets 1,086,775  1,027,066Total non-current assets 5,661,806   5,416,934 Total assets$6,264,133  $5,928,986       LIABILITIES AND PARTNERS’ CAPITAL     Other current liabilities$177,226 $177,781Current portion of borrowings, net 216,266  277,365Total current liabilities 393,492   455,146 Senior unsecured bonds, net 324,906  294,392Non-current portion of borrowings, net 1,721,641  1,587,829Other non-current liabilities 230,593  250,873Total non-current liabilities 2,277,140   2,133,094 Total liabilities$2,670,632  $2,588,240 Total partners’ capital 3,593,501  3,340,746Total liabilities and partners’ capital$6,264,133  $5,928,986

(1)Includes time deposits with duration over three months of $116.5 million and $10.5 million as of June 30, 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 Period Ended June 30, 2026
(unaudited) Three Month Period Ended June 30, 2025
(unaudited) Six Month Period Ended June 30, 2026
(unaudited) Six Month Period Ended June 30, 2025
(unaudited)Time charter and voyage revenues$410,166 $327,558 $767,173 $631,670Time charter and voyage expenses (45,633)  (31,215)  (76,551)  (61,232)Vessel operating expenses (including management fees) (95,544)  (97,404)  (190,546)  (192,246)General and administrative expenses (24,400)  (23,422)  (48,232)  (45,394)Depreciation and amortization (82,955)  (80,785)  (164,612)  (159,430)Amortization of unfavorable lease terms 941  2,912  3,586  5,792Gain/ (loss) on sale of vessels, net 32,952  5,601  41,536  (329)Interest expense and finance cost, net (29,321)  (33,485)  (59,920)  (66,995)Interest income 4,103  3,069  7,362  6,463Other expense, net (2,390)  (2,882)  (5,533)  (6,625)Net income$167,919 $69,947 $274,263 $111,674            

Earnings per unit:

 Three Month Period Ended
June 30, 2026
(unaudited) Three Month Period Ended
June 30, 2025
(unaudited) Six Month Period Ended
June 30, 2026
(unaudited) Six Month Period Ended
June 30, 2025
(unaudited)Earnings per unit:           Earnings per common unit, basic$5.78 $2.34 $9.42 $3.72Earnings per common unit, diluted$5.78 $2.34 $9.42 $3.72            

 

NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)     Six Month Period Ended June 30, 2026 Six Month Period Ended June 30, 2025 (unaudited) (unaudited)Net cash provided by operating activities$313,289 $278,180Net cash used in investing activities$(451,167) $(268,650)Net cash provided by financing activities$87,722 $68,304(Decrease)/ increase in cash, cash equivalents and restricted cash$(50,156) $77,834      

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 61,485Navios 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 Antares Capesize 2010 168,876Navios Aurora II Capesize 2009 169,031Navios Symphony Capesize 2010 177,960Navios Ace Capesize 2011 178,929Navios Buena Ventura Capesize 2010 178,953Navios Aster Capesize 2010 178,978Navios Melodia Capesize 2010 178,982Navios Luz Capesize 2010 178,989Navios Azimuth Capesize 2011 179,013Navios Etoile Capesize 2010 179,048Navios Bonheur Capesize 2010 179,049Navios Fulvia Capesize 2010 179,077Navios Altamira Capesize 2011 179,145Navios 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 Corali Capesize 2015 181,088Navios Gem Capesize 2014 181,206Navios Joy Capesize 2013 181,215Navios Felix Capesize 2016 181,221Navios 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(1) 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 Orbit Aframax/LR2 2026 117,012Nave Equator Aframax/LR2 2026 117,059Nave 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 XI Containership H2 2026 7,900TBN XII Containership H2 2026 7,900TBN XIII Containership H1 2027 7,900TBN XVI Containership H2 2027 8,850TBN XVII Containership H2 2027 8,850TBN XVIII Containership H2 2027 8,850TBN XIX 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 H1 2027 115,000TBN VI Aframax/LR2 H1 2027 115,000TBN VII Aframax/LR2 H1 2027 115,000TBN XIV Aframax/LR2 H1 2027 115,000TBN XV Aframax/LR2 H1 2027 115,000TBN VIII Aframax/LR2 H2 2027 115,000TBN IX Aframax/LR2 H2 2027 115,000TBN X Aframax/LR2 H1 2028 115,000TBN XXII VLCC H1 2028 319,000TBN XXIII VLCC H2 2028 319,000TBN XXIV VLCC H2 2028 319,000TBN XXV VLCC H2 2028 319,000TBN XXVI VLCC H2 2028 319,000TBN XXVII VLCC H1 2029 319,000TBN XXIX VLCC H2 2029 319,000TBN XX Capesize H2 2028 181,500TBN XXI Capesize H1 2029 181,500TBN XXVIII Capesize H2 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 in operating assets; (ii) net increase in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and bond premium; (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 June 30, 2026
($ ‘000)
(unaudited) Three Month Period Ended June 30, 2025
($ ‘000)
(unaudited) Six Month Period Ended June 30, 2026
($ ‘000)
(unaudited) Six Month Period Ended June 30, 2025
($ ‘000)
(unaudited)Net cash provided by operating activities$186,646 $121,628 $313,289 $278,180Net increase in operating assets 46,736  35,396  76,767  27,975Net increase in operating liabilities (12,494)  (18,706)  (5,335)  (41,752)Net interest cost 25,218  30,416  52,558  60,532Amortization and write-off of deferred finance costs and bond premium (1,965)  (2,227)  (3,771)  (3,899)Amortization of operating lease assets/ liabilities 188  187  373  373Other non-cash adjustments (2,130)  5,941  12,430  4,764Gain/ (loss) on sale of vessels, net 32,952  5,601  41,536  (329)EBITDA$275,151 $178,236 $487,847 $325,844(Gain)/ loss on sale of vessels, net (32,952)  (5,601)  (41,536)  329Adjusted EBITDA$242,199  $172,635 $446,311  $326,173

 Three Month Period Ended June 30, 2026
($ ‘000)
(unaudited) Three Month Period Ended June 30, 2025
($ ‘000)
(unaudited) Six Month Period Ended June 30, 2026
($ ‘000)
(unaudited) Six Month Period Ended June 30, 2025
($ ‘000)
(unaudited)Net cash provided by operating activities$186,646 $121,628 $313,289 $278,180Net cash used in investing activities$ (288,734) $ (134,503) $ (451,167) $ (268,650)Net cash provided by financing activities$43,742 $68,934 $87,722 $68,304