Angeliki Frangou-led Navios Maritime Partners L.P. has confirmed the delivery of four newbuilding vessels during the second and third quarter of the year. Meanwhile, the shipowner reported in its financial results net income $101.5m for the Q2 2024, and $174.8m for the H1 2024.
The company’s revenue stood at $342.2m for the Q2 2024 and at $660.7m for H1 2024. Its Ebitda was $197m for Q2 2024 and $363.2m for H1 2024.
This month Navios Maritime Partners said that it took delivery of one 2024-built aframax/LR2 tanker newbuilding, which has been chartered-out at $26,366 net per day for a period of five years.
In June 2024 and July 2024 Navios Partners also took delivery of three 2024-built 5,300 teu newbuild containerships, which have been chartered-out at an average rate of $37,050 net per day for a period of 5.2 years.
The New York-listed owner of bulkers, container ships and tankers reported that as of August 12 had entered into short, medium and long-term time charter-out, bareboat-out and freight deals for its vessels with a remaining average term of 2.1 years.
Navios Partners has currently fixed 73.5% and 45.7 % of its available days for the last six months of 2024 and for all of 2025, respectively.
Now the company expects contracted revenue of $537.6m and $759.2m for the last six months of 2024 and for all of 2025, respectively. The average expected daily charter-out rate for the fleet is $26,245 and $28,509 for the last six months of 2024 and for all of 2025, respectively.
In the sales and purchase sector, the shipowner in the second and third quarter of 2024 reported $501.1 million acquisitions of seven vessels, and $64.6 million gross sale proceeds from sale of three vessels.
Specifically, during the second quarter of 2024, Navios Partners agreed to acquire four newbuilding scrubber-fitted aframax/LR2 tankers of 115,000 dwt for aggregate purchase price of $263.7m. The vessels are expected to be delivered into Navios Partners’ fleet during the second half of 2027 and the first half of 2028.
At the same period, it agreed to acquire two newbuilding methanol-ready and scrubber-fitted 7,900 TEU containerships, for aggregate purchase price of $212.0m. The vessels are expected to be delivered into the fleet during the second half of 2026.
In June 2024, the shipowner declared its option to acquire a 2015-built ultra-handymax of 61,339 dwt, which was previously chartered-in, for a purchase price of approximately $25.4m and is expected to be delivered in the fourth quarter of 2024.
Furthermore, it also agreed in July to sell two 2009-built MR2 product tankers and one 2005-built post-panamax, for aggregate gross sale proceeds of $64.6m. The sales are expected to be completed during the second half of 2024.
Angeliki Frangou, chairwoman and chief executive officer of Navios Partners said, “I am pleased with the results for the second quarter of 2024. Navios reported revenue of $342.2 million and net income of $101.5 million. Earnings per common unit were $3.30 and our net loan to value was 31.6%.”
Angeliki Frangou continued, “We are continuing to invest in our business by purchasing attractive assets. With substantial improvement in net LTV since the end of 2023, we have also been repurchasing units under our $100 million common unit repurchase program.
“Through August 12, 2024, we repurchased 197,148 units for approximately $9.7 million. When added to dividends, we have returned a total of approximately $12.8 million to our unitholders YTD 2024.
“Around $90 million remains available under the program. Further repurchases will be subject to a number of conditions, including general market and business conditions, working capital requirements, and other investment opportunities.”
