sourcing Capital Link
The partnership has authorized a new $200m unit repurchase program and holds $4.4bn of contracted revenue
Navios Maritime Partners L.P. (NYSE: NMM) reported net income of $167.9 million for the second quarter of 2026, up from $69.9 million in the same quarter of 2025. Revenue rose 25.2% to $410.2 million. Earnings came to $5.78 per common unit, compared with $2.34 a year earlier.
The combined TCE rate for the fleet rose 23.8% to $28,512 per day. Dry bulk vessels earned $23,682 per day, up from $15,470. Tankers earned $33,159 per day, up from $26,537. Containerships held near their level of a year ago at $31,191 per day. Available days fell 1.8% to 13,152, with fleet utilization at 99.4%.
For the first half, revenue reached $767.2 million and net income $274.3 million, or $9.42 per unit. Adjusted EBITDA, which strips out a $41.5 million net gain on vessel sales, was $446.3 million.
Capital returns
The board authorized a new common unit repurchase program of up to $200 million, expected to take effect in Q3. Under the existing $100 million program, Navios Partners has bought back 1,880,880 units for $92.6 million, including 135,846 units during the second quarter for $9.8 million. The quarterly cash distribution holds at $0.06 per unit, or $0.24 annualized, and was paid on August 13.
Fleet moves
The partnership committed $431.6 million to 4 newbuilding scrubber fitted vessels during Q2 and Q3 to date. Three are VLCC tankers bought for an aggregate $361.5 million, due for delivery in the second half of 2028 and in 2029. The fourth is a Japanese capesize taken under a ten-year bareboat in contract with a purchase option from the end of year four, at an implied price of $70.1 million and an implied interest rate of 6%.
Total investment in newbuilding VLCCs now stands at $843.5 million for seven vessels, chartered out for an average firm period of 6.1 years at $45,224 net per day. Navios Maritime also agreed to sell a 2008 built 4,730 teu containership for a gross $34.5 million, and took delivery of an aframax/LR2 tanker fixed at $27,420 net per day for five years.
New long-term charters added $606.3 million of contracted revenue, lifting the total to $4.4 billion through 2037. Coverage stands at 77.1% of available days for the last six months of 2026 and 50.9% for 2027, at average expected charter out rates of $28,100 and $29,808 per day.
The backdrop
Chairwoman and Chief Executive Officer Angeliki Frangou noted:
“We continue to operate in an environment characterized by heightened uncertainty and geopolitical conflict. The war between Russia and Ukraine remains unresolved, while persistent attacks in the Strait of Hormuz and more recent strikes in the Red Sea have disrupted global trade flows.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit their website at www.navios-mlp.com.
Capital Link Editorial https://www.linkedin.com/pulse/navios-maritime-profit-more-than-doubles-stronger-tanker-ju6sf/
