NMM report Q3 2023 results

Earlier today, Navios Maritime Partners (NMM) reported their Q3 2023 results, including

  • Revenue of $323.2M
  • EBITDA of $180.8M
  • Net income of $89.8M
  • Modified an Ultra-Handymax to serve as a transshipment vessel for NSALI
  • Added $257.9M in contracted backlog (from 9 vessels)
  • Charter amendments on 4 container vessels
  • With 83.36% of Q4 days already fixed, NMM has ~$52M excess cash already.
  • Decent cash position of $269.2M (but that means nothing to shareholders)


With a combination of some decent unrealized gains and unrealized losses, need to do some careful thinking about this holding.

Late last week, I did end up trimming my NMM stake.

NMM is a frustrating holding. A lot of it has to do with CEO Angeliki Frangou’s management style. I will give her credit for some of her moves

  • Selling the two mid-size/large container vessels for $220M
  • Cultivating the business with ZIM - newbuilds and existing vessels (though going forward, that contract coverage might represent some risk)
  • Cultivating the business with HMM
  • The tanker newbuilds - coverage on 10 of 16 newbuilds, each with 5-year charters, provides a good cushion.
  • The vessel modified for transshipment. Though, in this case, this is a self-interest deal, and that’s where the problem with AF lie. Since NSALI is now a private entity that she runs, IMHO, the deal is more about her than NMM.