Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, has reported its financial results for the fourth quarter and year ended December 31, 2024.
Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the full year and fourth quarter of 2024. For the full year, we reported revenue of $1.33 billion, and for the quarter, we reported revenue of $332.5 million. We also reported net income of $367.3 million for the full year and $94.7 million for the fourth quarter. Earnings per common unit were $11.98 for the full year and $3.11 for the fourth quarter.”
Angeliki Frangou continued, “Since the pandemic, our markets have been driven primarily by geopolitical events and conflicts in Ukraine and the Middle East. We don’t know how these conflicts will be resolved. We also don't know the extent to which nations will be subject to continuing or even expanded sanctions. In our view, the resolution of the conflicts in Ukraine and the Middle East may involve significant sanctions on oil-producing nations, materially impacting world trade. In addition, the U.S. administration has been vocal about its new tariff scheme but has not yet provided a complete roadmap. We cannot now fully understand the impact on global trade until this develops further.”
Common unit repurchases
As of December 31, 2024 and February 7, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners repurchased 489,955 and 585,420 common units, respectively, for aggregate cash consideration of approximately $25.0 million and $29.2 million, respectively. As of February 7, 2025, there were 29,598,968 common units outstanding.
Cash distribution
The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2024 of $0.05 per unit. The cash distribution will be paid on February 13, 2025 to unitholders of record as of February 10, 2025. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.
