Navios Maritime Partners (NYSE:NMM) reported higher revenue, earnings and adjusted EBITDA for the second quarter of 2026, citing stronger time-charter equivalent rates across its shipping segments. The company also expanded its unit repurchase authorization, continued fleet-renewal investments and increased its contracted revenue backlog to a record $4.4 billion.
Chairwoman and Chief Executive Officer Angeliki Frangou said second-quarter net income was $167.9 million, EBITDA was $275.2 million and earnings per common unit were $5.78. For the first six months of 2026, Navios reported net income of $274.3 million, EBITDA of $487.8 million and earnings per common unit of $9.42. The company declared a quarterly distribution of $0.06 per unit.
Revenue and Earnings Rise on Higher Charter Rates
Bulk carrier TCE rates climbed 53% to $23,682 per day, while tanker rates increased 25% to $33,159 per day. Containership TCE rates were essentially unchanged from the prior-year quarter at $31,191 per day.
Adjusted EBITDA increased by $70 million to $242 million, while adjusted net income rose by $71 million to $135 million. Tsironi said the results benefited from higher revenue and a $2 million reduction in vessel operating expenses, partly offset by a $14 million increase in time-charter and voyage expenses, primarily associated with insurance premiums reimbursed by charterers.
For the first half, revenue increased 21% to $767 million, while adjusted EBITDA rose $120 million to $446 million and adjusted net income increased $121 million to $233 million. The company’s first-half combined TCE rate rose 22% to $27,098 per day.
Fleet Renewal, Long-Term Charters and Backlog
Navios said it is selling older ships and adding newer vessels across its tanker and dry bulk fleets. Frangou said the company sold two 16-year-old VLCCs for a combined $136.5 million and agreed to acquire seven newbuilding VLCCs for $844 million, including one vessel still subject to ongoing discussions.
The VLCC newbuildings have been placed on period charters averaging 6.1 years at an average net daily rate of $45,224, according to Frangou. The related charter arrangements are expected to produce about $700 million in revenue.
In dry bulk, the company sold two Panamax vessels with an average age of 18 years for $22.8 million and acquired three newbuilding Capesize vessels for $204 million. Two of those Capesize vessels have five-year charters that provide at least $86 million of contracted revenue, plus potential profit-sharing.
Navios also sold two 4,730-TEU containerships with an average age of 19 years for $64.5 million. Its remaining containership fleet had $194 million of contracted revenue across six vessels, with an average remaining charter period of about three years.
Chief Operating Officer Efstratios Desypris said Navios added approximately $666 million of contracted revenue during the second quarter and early third quarter, including $439 million from six tankers, $38 million from two dry bulk vessels and $129 million from four containerships. The total backlog reached $4.4 billion and extends through 2037.
The company has 29 newbuilding vessels scheduled for delivery through 2029, representing $2.5 billion of investment. Based on financing that has been agreed or is in process, Navios expects about $290 million of remaining equity payments. The newbuilding program is expected to generate about $1.8 billion in contracted revenue over an average charter duration of five years.
Balance Sheet and Repurchases
As of June 30, Navios had $469 million in cash, cash equivalents, restricted cash and certain time deposits, as well as $156 million available under two revolving credit facilities. Available liquidity totaled $625 million.
Long-term borrowings increased by $103 million during the first half to $2.26 billion following delivery of five newbuildings. Net loan-to-value stood at 27.9%, compared with the company’s stated target range of 20% to 25%. Frangou said the company was continuing to work toward that target while funding its fleet-renewal program and maintaining financial flexibility.
Navios announced a new $200 million common-unit repurchase authorization, which Frangou said is in addition to the unused amount under the prior $100 million program. Since the earlier program began in the second quarter of 2024, the company repurchased 1.9 million units for $92.6 million, including $9.8 million in the second quarter of 2026.
Common units outstanding declined about 6%, to 28.3 million as of Aug. 12 from 30.2 million before the repurchase program began, the company said.
Market Outlook
Chief Trading Officer Vincent Vandewalle said disruptions involving the Strait of Hormuz and the Red Sea have affected shipping routes and vessel availability. He said VLCC rates reached $602,000 per day and remained elevated, while alternative crude flows from the U.S., Brazil, Venezuela and Guyana have added ton-miles.
Vandewalle said the dry bulk market could benefit from constrained vessel supply and anticipated long-haul iron ore exports from Guinea, Brazil and Liberia. He also pointed to an aging tanker fleet, a tanker order book of 26%, and sanctions affecting 875 mostly older tankers as factors supporting tanker-market conditions.
During the question-and-answer session, Frangou and Desypris said Navios expects to retain some dry bulk exposure to index-linked rates while securing longer-term charters when rates are attractive. Desypris said approximately 25% of second-half dry bulk days are index-linked, allowing the company to participate in current spot-market strength.
About Navios Maritime Partners (NYSE:NMM)
Navios Maritime Partners L.P. (NYSE: NMM) is a dry bulk shipping company that owns and operates a fleet of Capesize, Panamax and Supramax vessels. The partnership charters its vessels under medium- and long-term contracts to a diverse group of charterers, providing seaborne transportation for major bulk cargoes such as iron ore, coal, grain and fertilizers. Through this asset-light model, Navios Maritime Partners seeks to generate stable cash flows while retaining flexibility to capitalize on market opportunities.
Formed in November 2007 and sponsored by Navios Maritime Holdings Inc, the partnership leverages the operating platform and commercial management capabilities of the Navios group.
