Navios Maritime Partners L.P. announced its financial results for the third quarter ended September 30, 2024, reporting revenues of $340.8 million, a 5.4% increase from the same period in 2023. Net income for the quarter reached $97.8 million, with earnings per common unit at $3.20. Adjusted EBITDA also saw a significant rise, increasing by $21.7 million to $195.4 million compared to the prior year.
The company continued its fleet modernization strategy by agreeing to acquire two methanol-ready and scrubber-fitted 7,900 TEU newbuilding containerships for $212.0 million, expected for delivery in the first half of 2027. Additionally, Navios Partners took delivery of two 2024-built 5,300 TEU containerships and one 2024-built aframax/LR2 tanker, all secured with long-term charters. These new additions contribute to a robust contracted revenue backlog of $3.9 billion through 2037.
Financially, Navios Partners entered into two new credit facilities in September 2024, totaling up to $178.0 million, to refinance existing debt and finance newbuilding acquisitions, with $111.2 million drawn in the third quarter. The company also repurchased 351,125 common units for $18.3 million as of October 29, 2024, demonstrating its commitment to returning capital to unitholders. For the fourth quarter of 2024, 80.7% of available days are fixed, with an expected average daily charter-out rate of $26,052.
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