Navios Maritime Partners reports Q1 adjusted EPS $2.32 vs. $2.13 last year

Reports Q1 revenue $318.6M vs. $309.5M last year. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the first quarter of 2024. We reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit were $2.38. In the first quarter of 2024, regional conflict, particularly in the Middle East, continued to drive transportation. The US and European economies were generally healthy. As a result, this was Navios Partners’ strongest first quarter financial performance ever. We remain cautious as this robust maritime environment can change quickly. As usual, we focus on things that we can control, such as reducing leverage and modernizing our energy efficient fleet. We are taking long-term cover where available, as rates are around or exceeding long-term averages. For example, we recently chartered-out a capesize vessel for 2.9 years at a net daily rate of $28,500.”