New deliveries add to Navios Partners’ contracted revenue backlog
- First-quarter revenues and profits dip on lower charter rates
- So far this year, four newbuildings with long-term employment have been delivered while three have been sold
- Owner has fixed 66% capacity for remainder of this year and 43% for 2026
Angeliki Frangou sees ‘more muted than feared’ fall-out from US tariffs but can’t rule out ‘extreme outcomes’
NAVIOS Maritime Partners has been continuing to renew its diversified fleet while keeping a watchful eye on geopolitics in what the company sees as a “particularly uncertain” period.
Chief executive Angeliki Frangou noted that market sentiment had “turned bearish” in response to the “unprecedented” and oft-changing tariff proclamations by the Trump administration.
“As the US administration manoeuvres toward a tariff regime furthering its policy aspirations, a faint outline is starting to emerge,” Frangou said.
“It appears the potential impact on maritime transportation may be more muted than feared, although extreme outcomes are still possible.”
The New York Stock Exchange-listed owner, which controls a fleet of 171 vessels across the dry bulk, tanker and containership sectors, including 21 on order, has the cushion of a $3.4bn backlog of charter revenues with revenues rising slightly into next year.
It has fixed 66% of its capacity for the past nine months of 2025 and more than 43% for the 2026 calendar year.
That equated to contracted revenues of $714m for the last three-quarters of this year, at an average time charter equivalent rate per vessel per day of $25,703.
For next year, Navios has already contracted $719m of revenues, at an average day-rate of $28,407 per vessel.
New additions to the fleet are contributing to the strong revenue projections.
So far this year, the owner has taken delivery of two aframax/long range one tanker newbuildings that have been chartered out at an average net daily rate of $26,349 for five years, and two liquefied natural gas dual-fuel containerships of 7,700 teu that have been chartered out at an average of $41,753 per day for 12 years.
Meanwhile, it has sold two panamax bulkers and agreed to sell a 2,741 teu containership, for aggregate sale proceeds of $34.7m.
The average age of the outgoing vessels was 19 years.
First-quarter revenues dipped by 4.6% to $304.1m, mainly due to decreased charter rates.
Adjusted net income for the quarter amounted to $47.7m, lower by one-third than the first-quarter profit last year.
