Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the third quarter and nine month period ended September 30, 2024.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the third quarter of 2024 and the nine month period ended September 30, 2024. For the quarter, we reported revenue and net income of $340.8 million and $97.
8 million, respectively. For the first nine months, we reported revenue and net income of $1.0 billion and $272.
6 million, respectively. Earnings per common unit were $3.20 for the quarter and $8.
87 for the first nine months.” Angeliki Frangou continued, “This past 18 months has been surprisingly positive for shipping given sputtering growth from China, weak European economies and two armed conflicts. The Ukrainian conflict, now in its third year, is evolving dangerously while the war in Israel, now in its second year, has expanded to Lebanon and includes the direct exchange of fire between Iran and Israel.
We are monitoring these intensifying risks and calibrating our business activity by continuing to maintain a youthful fleet, increasing contracted revenue, now at $3.9 billion, and targeting net leverage in the range of 20-25%, while also returning capital to our unitholders.” As of October 29, 2024, pursuant to its previously announced common unit repurchase program, Navios Partners repurcha.
