NMM Q1 2023 earnings

Though I have a NMM position, this one slipped past my radar about 10 days ago (05/23). There typically is promising items in the report, but also the customary - NMM have declared a quarterly dividend (really distribution) of 5c/unit this quarter.

  • Rev of $309.5M
  • Net income of $99.2M
  • $160,3M in vessel sales in Q1 2023 (and additional vessel sales in Q2 2023)
  • Fair amount of newbuild financing and existing vessel refinancing (abt $440M)
  • Very nice LR1 charter rate
  • Given the charter length, nice MR2 charter rate
  • In the current container sector environment, charter length for the 7 container vessels seem to stand out.

Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2023 | Navios Maritime Partners (navios-mlp.com)

Container fleet and tanker fleet contract coverage means that NMM is more than covered for the rest of 2023. The optionality is on much of the dry bulk fleet, and some of the tanker vessels.