NAVIOS Maritime Partners chief executive Angeliki Frangou has underlined her faith in the US-listed partnership’s diversification strategy and commercial management culture against a background of geopolitical turmoil.

“For the past five years, we have been addressing constant change in our operating environment,” Frangou said.

“Yet, we have remained laser-focused on our business, modernising our fleet to an average age of 9.7 years, increasing our book of contracted revenue to $3.7bn and decreasing our net loan-to-value to 34.5%,” she said.

“We believe that our diversified platform coupled with a strong risk management culture will continue proving itself in challenging environments.”

Frangou added that she was pleased with the partnership’s latest results.

On Tuesday, the Greece-based owner posted third-quarter net income of $83.7m, a dip of 13% compared with the corresponding quarter last year.

The decrease was attributed mainly to increases in depreciation and amortisation, as well as increased interest expenses and financing costs.

Charter revenues for the quarter increased by 1.8% to $346.9m.

Navios’ fleet renewal process was evident in the third quarter with the sale of six vessels and since then a further two sales — of a panamax bulker and a medium range two product tanker — have been agreed.

Altogether, disposal of the six vessels of an average age of nearly 19 years is expected to yield $105.7m in gross proceeds.

Meanwhile the owner in September added to its orderbook by acquiring four 8,850 teu containerships that have been chartered out for a period of 5.2 years at a net rate of $44,145 per day.

The fleet currently numbers about 170 vessels including 65 bulkers, 51 containerships and 55 tankers.

During the latest quarter, Navios added $745m in secured charter revenues to its backlog.

The partnership has declared a $0.05 per unit cash distribution for the third quarter.