The following is a summary of the Navios Maritime Partners L.P. Common Units (NMM) Q1 2024 Earnings Call Transcript:
Financial Performance:
Navios Maritime Partners reported Q1 revenue of $318.6 million, an increase of 3% year-on-year.
The company's net income for Q1 2024 was $73.4 million, and earnings per common unit stood at $2.38.
The company's adjusted EBITDA for Q1 2024 increased to $164 million, and adjusted net income increased by 8% YoY to $71 million.
Navios Maritime Partners sold four vessels in 2024 generating $92.6 million in gross sale proceeds, and their current cash balance is $318.4 million.
Business Progress:
The company managed to charter out a Capesize vessel for 2.9 years at a daily net rate of $26,500.
Despite conflicts impacting transportation through the Red Sea and Suez Canal, the company estimates to have $53.3 million of contracted revenue in excess of cash cost for the last nine months of 2024.
The company increased its cash reserves, reduced leverage, and continues to modernize its fleet by acquiring six ships worth $245.7 million.
Navios Maritime has set a long-term goal to reduce its leverage to 20%-25% and continues to invest in new energy-efficient vessels to this end.
More details: Navios Maritime IR
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