Navios Maritime Partners L.P. (NYSE:NMM) traded higher on Tuesday after the shipping group delivered third-quarter earnings that topped market forecasts, bolstered by firm charter rates and continued progress on its fleet renewal strategy. Shares were up 2.72% in pre-market action as investors welcomed the update.
The operator of dry bulk and tanker vessels reported adjusted earnings per unit of $2.83, comfortably ahead of analysts’ expectations of $2.60. Quarterly revenue reached $346.9 million, surpassing the consensus estimate of $309.14 million and improving slightly from $340.8 million a year earlier.
Net income for the quarter totaled $56.3 million, while EBITDA came in at $193.9 million. Navios also saw its Time Charter Equivalent (TCE) rate edge up 2.4% year-over-year to $24,167 per day, offsetting a small 0.8% reduction in available fleet days.
“I am pleased with our results,” said Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners. “For the past five years, we have been addressing constant change in our operating environment. Yet, we have remained laser focused on our business, modernizing our fleet, to an average age of 9.7 years, increasing our book of contracted revenue to $3.7 billion and decreasing our net LTV to 34.5%.”
Navios continued to reposition its fleet during the quarter, purchasing four 8,850-TEU newbuild containerships for $460.4 million, while divesting six older vessels—with an average age of 18.6 years—for $105.7 million. Both transactions are part of its long-term modernisation plan.
The company paid a $0.05 per unit quarterly cash distribution on November 14 and remained active in its repurchase program, having bought back 929,415 common units so far in 2025 for approximately $37.7 million.
Looking forward, Navios Partners highlighted $745 million in newly secured long-term charters and a contracted revenue backlog of $3.7 billion stretching through 2037. The company has already fixed 88.1% of its available days for the fourth quarter of 2025 and 57.5% for the full year 2026.