05/07
Navios Maritime Partners (NMM) is yet another shipping entity that reported this week. NMM reports data (with some spin). It does require a little more parsing than the average shipping company.
- Revenue of $304.1M
- EBITDA of $147.6M
- Net Income of $41.7M (Adjusted NI $47.6M)
- Distribution of 5c/sh
- NMM has completed additional buyback of units.
- Fleet size is ~ 154 vessels + 21 newbuilds (17 tanker newbuilds, 4 container newbuilds)
- Slide 13 is useful. The breakout by category is telling. The Open days are generally on the dry bulk segment > 11,800 days of 14,117 days.
- Do I trust the analysts’ NAV estimates? Not really. I would say, for 2025, more like ($110 - $115) per unit. And subject to deterioration as the year progresses.
- The contract backlog is decent. $3.4B might seem like a good number But $3.1B of the total is from 105 vessels (20% of which have not delivered yet)