# NMM report Q3 2023 results

**URL:** <https://discussion.fool.com/t/nmm-report-q3-2023-results/97965>\
**Category:** Shipping News\
**Created:** [November 3, 2023, 5:25am UTC](https://discussion.fool.com/t/nmm-report-q3-2023-results/97965 "2023-11-03T05:25:47Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\
**Post date:** [November 3, 2023, 5:25am UTC](https://discussion.fool.com/t/nmm-report-q3-2023-results/97965/1 "2023-11-03T05:25:47Z")

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11/02  
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)

[https://ir.navios-mlp.com/static-files/e08d32e0-bd5d-48ba-bae0-97c5186b240e](https://ir.navios-mlp.com/static-files/e08d32e0-bd5d-48ba-bae0-97c5186b240e)

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

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<div class="post-metadata">

**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\
**Post date:** [November 7, 2023, 4:40am UTC](https://discussion.fool.com/t/nmm-report-q3-2023-results/97965/2 "2023-11-07T04:40:55Z")

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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.