Navios Maritime Partners (NMM) released their Q4 2022 results on 2/21/23. The entity is now a consolidation of all ocean going vessels in Navios Group fleets after consolidating the fleets of NMCI (container vessels), NNA (tankers) and NM (dry bulk vessels). Including newbuilds, the NMM fleet has over 175 vessels.
Yes, the huge fleet adds complexity. But furthermore, one has to deal with “spin” from NMM management (primarily the CEO). For instance, about 6 months ago, to soften the impact of the acquisition of the NM fleet, the CEO claimed NMM would implement a major share buy-back. Did that happen? Nope.
Needless to say, NMM takes time to decipher.
Start with the high level Q4 numbers (slide 12)
- rev of $370.9M
- EBITDA of $206.2M
- Net income of $118.2M
- 162 active vessels
- Combined TCE of $23.84K is quite good.
- NMM sold more than a few vessels (11 vessels) during Q4
PowerPoint Presentation (navios-mlp.com)
The combined TCE looks good for Q4 2022. However, there was no change in distribution or no major share buy-back. Q1 2023 will see downward pressure of rates in both the dry bulk and container segments.
Fleet renewal is good. But NMM still has a lot of old bulker vessels and some old container vessels.
To be continued …