Navios Partners report Q4 2023

Navios Maritime Partners (NMM) reported Q4 2023 results, including

  • Rev of $327.3M
  • Adj EBITDA of $227.1M
  • Net income of $132.4M
  • Two 5300-TEU container newbuilds delivered between Nov 2023 & Jan 2024. Also, an older bulk vessel was sold
  • 5c distribution declared about two weeks ago.

What is annoying about NMM is the way the company reports some data.

  • If vessels have not delivered yet, said vessels should not count in the fleet. 176 is a proforma fleet figure, actual is probably 151 or 152. One has to dig deeper for the newbuild data. Some of the newbuilds don’t even deliver in 2024.
  • Likewise the vessel valuation. I notice the presentation deck omits NMM’s Balance Sheet, and Slide 6 adds a few footnotes.
  • On a positive note, contract coverage (Slide 9) is very good for the container & tanker fleets.
  • [edit] NMM still has a lot of older dry bulk vessels (10 -13 vessels) and container vessels (about 20 vessels, mostly still contracted). I expect to see sales on some dry bulk vessels in 2024