Slides
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DRAFT 1 Fourth Quarter 2024 Earnings Presentation February 13, 2025 Navios Maritime Partners L.P. (NYSE:NMM) 1
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DRAFT 2 This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units. Forward-Looking Statements
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DRAFT Diversification: 3 segments 16 asset classes Modern Fleet: Average age = 9.8 years $5.9 billion vessel value $3.6 billion net vessel equity value $3.6 billion contracted revenue Leading Publicly Listed Fleet Scale: 176 vessels Financial Strength Highlights 3Note: See slides 5 and 6
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DRAFT A diversified platform provides stable entity-level returns 4 Optimizing Chartering strategy generating consistent Profitability Capturing Cyclical opportunity allowing optimal Capital Allocation Countering Segment specific volatility creating Balance Sheet Strength Strength Through Diversification
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DRAFT Fleet Snapshot – 176 Vessels 50 Containerships 263,564 TEU Average age (1): 10.6 years (industry average: 13.8 years) 2 Vessels 10,000 TEU 6 Vessels 7,700 – 7,900 TEU 5 Vessels 6,800 TEU 10 Vessels 5,300 TEU 21 Vessels 4,250-4,730 TEU 2 Vessels 3,450 TEU 4 Vessels 2,000-3,400 TEU 20,000 TEU 47,000 TEU 34,000 TEU 53,000 TEU 91,813 TEU 6,900 TEU 10,851 TEU 70 Dry Bulk Vessels 9.0 million dwt Average age (1): 11.2 years (industry average: 12.5 years) 35 Capesize Vessels 30 Kamsarmax/Panamax Vessels 4 Handymax and 1 Transhipper Vessel 6.3 million dwt 2.4 million dwt 0.3 million dwt 56 Tankers 6.6 million dwt Average age (1): 7.4 years (industry average: 13.8 years) 10 Crude Tankers 46 Product Tankers 10 VLCC tankers 280,000 – 320,000 dwt 16 Aframax/LR2 tankers 115,000 dwt 8 LR1 60,000 – 85,000 dwt 21 MR2 47,000 – 52,000 dwt 1 MR1 35,000 – 45,000 dwt (1) Average age based on a dwt basis, basis fully delivered fleet. 5
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DRAFT Dry Bulk Fleet Container ships Tankers Total Fleet Size # of Vessels 70 50 56 176 Average age (yrs) 11.2 10.6 7.4 9.8 Capacity 9.0 mdwt 263,564 TEU 6.6 mdwt Asset and Market Value(2) Vessel value ($mm)(1) 2,115 2,040 1,784 5,939 Debt and bareboat liabilities ($mm)(3) 981 684 715 2,380 Net vessel equity value ($mm) 1,134 1,356 1,069 3,559 Gross LTV 46.4% 33.5% 40.1% 40.1% Net LTV(4) 34.8% Operating Data(5) Contracted revenue ($mm) 252 1,955 1,411 3,618 Available days 2025E 25,375 16,698 14,314 56,387 % of days fixed 2025E 30% 99% 78% 63% % of days open/index 2025E 70% 1% 22% 37% Selected Segment Data 6 (1) Approximate charter-free fleet values based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of January 2025. Includes vessel values of $590.9 mm for three Kamsarmaxes and four VLCCs under bareboat-in agreements that have been classified as Operating leases in Company’s balance sheet. (2) Vessels in the water as of December 31, 2024. Does not include newbuilding vessels. (3) Debt and bareboat liabilities (i) include $346.5 mm of implied loans for seven vessels under bareboat -in agreements that have been classified as operating lease liabilities in Company’s balance sheet; and (ii) exclude $119.4 mm pre-delivery financing for two containerships and undrawn committed financing for newbuilding vessels. (4) Net LTV is defined as debt and bareboat liabilities less cash balance divided by vessel values. (5) All data as of February 7, 2025. Available days may change depending on sales and purchases of vessels or other factors.
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DRAFT Recent Developments Financial Information(1) $312.1 million cash balance as of December 31, 2024 Returning Capital to Unitholders Dividend Program: $0.2 per unit annual cash distribution $6.1 million - FY 2024 Common Unit Repurchase Program 2024 • $25.0 million • 489,955 common units Total Program (through February 7, 2025) • $29.2 million • 585,420 common units - 1.9% of the original float Additional Benefit: Accretion of Units Repurchased $143 = Estimated(2) NAV per unit 585,420 common units repurchased $1.8 per unit additional value(3) to unitholders (1) See slides 13, 14 and 34, (2) Average of analysts’ estimate of Company’s NAV per unit; Jefferies: $156 as of December 2024, Fearnleys: $131 as of December 2024 (3) Additional value is calculated as follows: (Estimated NAV per unit x units repurchased less price paid) / total units outstan ding post repurchase. Income Statement Balance Sheet 7 In $ million Q4 2024 Q3 2024 FY 2024 Revenue 332.5 340.8 1,334.1 EBITDA 197.6 196.6 757.4 Adjusted EBITDA 182.2 195.4 731.6 Net Income 94.7 97.8 367.3
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DRAFT Update: Fleet & Contracted Revenue S&P Update Q4 2024 – 2025 YTD Sales $18.8 million gross sale proceeds from two panamaxes Average age 18.7 years; One vessel delivered in Q4 2024; second vessel expected to be delivered in H1 2025 Acquisitions $25.4 million effective price upon the exercise of an option on one 2015-built ultra-handymax Deliveries Four previously announced newbuilding vessels with employment One LNG dual fuel 7,700 TEU containership • fixed at an average rate of $41,753 net per day for 12 years Two 5,300 TEU containerships • fixed at an average rate of $36,818 net per day for 5.3 years One aframax/LR2 tanker • fixed at $25,253 net per day for five years Contracted Revenue Update Q4 2024 – 2025 YTD $79.0 million contracted revenue $27.5 million - two VLCC tankers ($36,143 average net per day for one year) $17.7 million - one LR1 tanker ($24,225 net per day for two years) $14.2 million - one MR2 tanker ($19,475 net per day for two years) $19.6 million - one 2,546 TEU containership ($24,375 net per day for 2.2 years) Operating Cash Flow(1) Breakeven 2025E: $425 per open/index day 21,018 remaining open/index days (37% of available days) (1) See slide 10. 8
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DRAFT Q4 2022 Q4 2023 Q4 2024 $111.0 YE 2024(2) YE 2023(2) YE 2022(2) Vessels(3) 176 176 176 Average age(3) 9.8 years 9.7 years 9.5 years Cash(4) $312 million $296 million $175 million Contracted revenue(5) $3.6 billion $3.3 billion $3.4 billion Vessel value(3) $5.9 billion $4.5 billion $4.4 billion Debt and bareboat liabilities(3) $2.4 billion $2.0 billion $2.2 billion Net LTV(3) 34.8% 38.2% 45.0% Net Income(4) $367 million $434 million $579 million Adjusted EBITDA(4) $732 million $748 million $668 million 9 Deleveraging: 23% decrease in Net LTV since YE 2022 Fleet renewal and modernization: 46 vessels newbuilding program since Q1 2021 (23 vessels delivered(1)) 33 vessels sold since Q3 2022 Revenue backlog: $3.6 billion contracted revenue Building NAV Executing Our Strategy 9 (1) As of February 7, 2025, (2) As reported in Earnings presentations and Press Releases of the relevant periods, (3) See slides 5 and 6 (4) See slides 13, 14 and 34, (5) See slide 12, (6) Average of Jefferies and Fearnleys’ estimates, where available. Analysts’ estimate of Company’s NAV per unit(6) Q4 2022 – Q4 2024 $117.6 $143.2
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DRAFT 2025E: Operating Cash Flow (in $‘000) except for days 2025E Total contracted revenue $926,605 Total cash expense (excl. dividend, unit repurchases and capex) ($935,528) Difference ($8,923) Open/Index days 21,018 Note: Cash flow generation assumes normal operational performance. Total cash expense includes opex, G&As, interest expenses (Margin plus 3M SOFR as of February 7, 2025 for floating debt) and debt repayments. Excludes payment of dividends, unit repurchases and capex. All fleet data as of February 7, 2025. 2025E – 56,387 available days - 63% fixed $425 breakeven per open/index day 21,018 remaining open/index days $26,198 daily average net rate for fixed days 10 Vessel type Available days 2025E Open / Index days 2025E Capesize 12,725 8,154 Kamsarmax / Panamax 10,875 8,273 Ultra- Handymax/ Transhipper 1,775 1,273 10,000 TEU 730 - 7,700 TEU 663 - 6,800 TEU 1,825 - 5,300 TEU 3,650 - 4,250 TEU 7,640 107 3,450 TEU 730 - 2,750 TEU 1,460 124 VLCC 3,650 668 LR2 1,902 - LR1 2,920 1,265 MR2 5,477 1,154 MR1 365 - Total 56,387 21,018
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DRAFT Newbuilding Program(1) $1.6 billion investment Containerships: $0.6 billion for five vessels • Investment hedged through long-term charters $0.5 billion contracted revenue • One vessel expected to be delivered in 2025 Tankers: $1.0 billion for 18 vessels • $0.7 billion contracted revenue from 14 vessels • Three vessels expected to be delivered in 2025 5 18 Newbuilding vessels Fleet Modernization 23 Current Fleet Profile (1) Sales and Purchases 2024 – 2025 YTD Opportunistic replacement of older vessels Purchase and sale of vessels tailored to segment fundamentals Sales • $201.8 million gross sale proceeds from 11 vessels Purchases • $142.0 million acquisition of five Japanese-built dry bulk vessels (previously chartered-in) Average age 17.8 years (1) As of February 7, 2025. (Number of vessels) (Number of vessels) 11 7 1 3 Vessels sold 12 16 24 18 16 6 28 26 1 22 7 NB-5 years 5-10 years 10-15 years 15-20 Years Dry bulk Containerships Tankers 54 17 52 53 (Number of vessels) Average age 8.0 years (Number of vessels) 5 Vessels acquired
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DRAFT $3.6 Billion Contracted Revenue $927 $708 $584 $495 $904 2025 2026 2027 2028 2029-2037 Axis Title (in $ million) Contracted Revenue by Segment 16% 15% 9% 8% 6%5% 4% 3% 3% 31% ZIM HMM Cosco Group Chevron ONE Unifeeder Group PIL AMPTC Saudi Aramco Other Broad Exposure to Credit Quality Counterparties 12 Containerships $2.0 billion Tankers $1.4 billion Dry Bulk $0.2 billion Contracted Revenue by Year Contracted Revenue by Counterparty
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DRAFT Earnings Highlights 13 Earnings Highlights (in $‘000 ) except per unit data, TCE, active vessels and available days Three Months Ended December 31, 2024(1) Three Months Ended December 31, 2023(2) Year Ended December 31, 2024(3) Year Ended December 31, 2023(4) Revenue 332,521 327,253 1,334,066 1,306,889 EBITDA 197,609 226,535 757,393 797,810 Adjusted EBITDA 182,223 227,058 731,633 747,562 Net Income 94,723 132,391 367,308 433,645 Earnings per Common Unit basic 3.11 4.30 11.98 14.08 Operating Highlights TCE Combined (per day) $23,205 $22,625 $22,924 $22,337 TCE Dry bulk (per day) $17,079 $16,902 $16,959 $14,422 TCE Containerships (per day) $30,623 $30,356 $30,370 $33,770 TCE Tankers (per day) $26,646 $27,562 $27,093 $28,662 Active Vessels 152 151 152 151 Available Days 13,671 13,527 54,261 54,766 (1) Includes $3.0 million negative adjustment relating to the impact of accounting for variable rate charters on a straight line basis ($3.3 million negative effect from containership charters and $0.3 million positive effect from tanker charters). Adjusted EBITDA excludes a $15.4 million net gain related to: (i) the sale of our vessels; and (ii) the impairment loss on two of our vessels. (2) Includes $10.5 million negative adjustment relating to the impact of accounting for variable rate charters on a straight line basis ($10.6 million negative effect from containership charters and $0.1 million positive effect from tanker charters). Net Income, EBITDA and Earnings per Common Unit basic include $47.0 million prepayment of charter hire received for the period relating to January 2024 and onwards. Adjusted EBITDA excludes a $0.5 million net loss related to: (i) the gain on the sale of our vessels; and (ii) the impairment loss on one of our vessels. (3) Includes $1.9 million positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis ($1.3 million positive effect from containership charters and $0.6 million positive effect from tanker charters). Adjusted EBITDA excludes a $25.8 million net gain related to: (i) the sale of our vessels; and (ii) the impairment loss on four of our vessels. (4) Includes $40.7 million negative adjustment relating to the impact of accounting for variable rate charters on a straight line basis ($44.9 million negative effect from containership charters and $4.2 million positive effect from tanker charters). Net Income, EBITDA and Earnings per Common Unit basic include $47.0 million prepayment of charter hire received for the period relating to January 2024 and onwards. Adjusted EBITDA excludes a $50.2 million net gain related to: (i) the sale of our vessels; and (ii) the impairment loss on one of our vessels.
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DRAFT Balance Sheet 14 (1) Includes (i) restricted cash of $29.6 million as of December 31, 2024 and $8.8 million as of December 31, 2023; and (ii) time deposits with duration over three months of $12.3 million as of December 31, 2024 and $47.0 million as of December 31, 2023. Balance Sheet Data (amounts in $‘000 ) December 31, 2024 (unaudited) December 31, 2023 (unaudited) Cash & cash equivalents(1) 312,078 296,175 Other current assets 130,913 103,573 Vessels, net 4,241,292 3,734,671 Other non-current assets 988,957 1,013,147 Total Assets 5,673,240 5,147,566 Other current liabilities 143,444 174,564 Long-term borrowings, including current portion, net 2,128,937 1,861,463 Other non-current liabilities 294,231 341,087 Total partners’ capital 3,106,628 2,770,452 Total Liabilities & Partners’ capital 5,673,240 5,147,566 Net Debt / Book Capitalization 34.7% 33.8%
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DRAFT Debt Highlights (in $ million) Staggered Debt and Bareboat Liabilities(1) Maturity Profile 15 Dry bulk Containers Tankers Debt and Bareboat Liabilities(1) at December 31, 2024 $297 $684 $981$419 $265 $684 $261 $454 $715 Bank Loans Sale & Leaseback Total Axis Title $977 $1,403 (in $ million) $2,380 $1,703 $2,380 $677 Floating interest rate Fixed interest rate Total debt and bareboat liabilities Mitigating Interest Rate Risk 6.3% weighted average interest rate(2) in Q4 2024 6.1% = current weighted average interest rate of total debt(3) 28% of debt at fixed average interest rate of 5.5% 72% of debt at floating average interest rate of 6.3% • 2.0% average margin for floating rate debt (1) Debt and bareboat liabilities (i) include $346.5 mm of implied loans for seven vessels under bareboat -in agreements that have been classified as operating lease liabilities in Company’s balance sheet; and (ii) exclude $119.4 mm pre -delivery financing for two containerships and undrawn committed financing for newbuilding vessels. (2) Weighted average interest rate for Q4 2024 includes the implied interest rate for seven vessels under bareboat -in agreements that have been classified as operating lease liabilities in Company’s balance sheet. (3) Current weighted average interest rate is calculated based on (i) the Company’s $2,380 mm debt and bareboat liabilities as of December 31, 2024; and (ii) the 3M SOFR as of February 7, 2025 for floating rate debt. (4) Includes (i) $604.1 million estimated debt, currently under discussion, assuming 70% financing for 12 newbuilding vessels; and (ii) $126 .7 million loans for one 7,700 TEU newbuilding containership and one aframax/LR2 newbuilding tanker delivered in January 2025. (5) Subject to completion of definitive documentation. (in $ million) Debt Update $12 $251 $99 $72 $120 $395 2025 2026 2027 2028 2029+ Fixed interest rate Floating interest rate $99 $646 $120 $84 $1.2 billion debt(4) on newbuilding vessels $636 million arranged / in documentation $277 million has no commitment fee 1.5% average margin for floating rate debt $284.4 million financing in Q4 2024 – 2025 YTD $148.4(5) million credit facility to finance the acquisition of two newbuilding 7,900 TEU containerships Compounded SOFR + 1.25%; 12-year term $ 30.0 million credit facility to refinance four vessels Term SOFR + 1.75% margin; 5-year average term $ 90.0 million credit facility to refinance seven vessels Compounded SOFR + 1.80% margin; 4-year term $ 16.0 million leasing facility to refinance one vessel 1M Term SOFR + 2.41% margin; 4-year term
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DRAFT Industry Overview
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DRAFT Tariffs Overview Source: Clarksons Research ‘’ US Policy: Maritime Impact Assessment (Update No.4) 2/5/25’’, FT ‘’China Imposes tariffs on $14bn worth of US goods’’ 175 million tons is the total trade between US and China 1.4% of global seaborne trade 1.0% of drybulk 4.0% of containerized goods 0.3% of oil Seaborne Trade 2024f,mt China US Imports from China US Exports to China Total US- China Trade % Global Total Dry Bulk 1.1 58.8 59.9 1.0% Containerized Goods 62.7 15.6 78.3 4.0% Total Oil - 8.8 8.8 0.3% Total Gas - 26.9 26.9 4.8% Chemicals 2.4 2.4 4.8 1.2% Cars 0.1 0.2 0.3 1.0% TOTAL 67.4 112.6 175.2 1.4% Seaborne Trade 2024f,mt Europe US Imports from Europe US Exports to the EU Total US- Europe Trade % Global Total Dry Bulk 15.0 39.1 54.1 0.9% Containerized Goods 31.3 12.3 43.6 2.2% Total Oil 14.7 82.1 96.8 3.2% Total Gas - 46.6 46.6 8.3% Chemicals 4.2 8.1 12.3 3.2% Cars 1.9 0.4 2.3 6.6% TOTAL 67.1 196.4 263.5 2.1% US / China seaborne trade 17 US / EU seaborne trade 263 million tons total trade between US and EU 2.1% of global seaborne trade 0.9% of drybulk 2.2% of containerized goods 3.2% of oil February 9, 2025, US announced 25% tariffs on steel and aluminum imports US announced 10% tariffs on China on about $450 billion worth of imports China responded with targeted tariffs between 10% and 15% on about $14 billion worth of imports No direct tariffs have been announced for EU yet 3.5% of global seaborne trade is done between US and China and US and EU 1.9% of drybulk trade 6.2% of containerized goods 3.5% of oil trade
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DRAFT Source: Bloomberg, Clarksons CIM, OTTO, DBTO Jan 25 Ships Passing Red Sea Entrance (Bab el-Mandeb) Disruptions in the Red Sea continues Since November 2023, more than 120 attacks against commercial ships reported in the Red Sea and the Gulf of Aden No confirmed attacks since November 18, 2024 First week of February 2025, Suez canal registered 173 transits, the lowest transits on record since 2016 51% reduction of weekly transits of commercial vessels through Gulf of Aden as of 2/7/25 compared to 12/8/23 55% reduction of containerships 45% reduction of tankers vessels (50% crude tankers and 35% product tankers) 63% reduction of bulk carriers 91% reduction of gas carriers, including LNG and LPG Gulf of Aden Transits (week ending)Bab el-Mandeb (Gulf of Aden) Transits - 100 200 300 400 500 600 07-Jul-2023 08-Dec-2023 12-Jan-2024 07-Feb-2025 Tanker (crude/prod/chem) Bulk Container Gas Car Other 18
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DRAFT Tanker Industry Overview
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DRAFT Global Oil Demand Source: Clarksons, IEA OMR Jan 2025, EIA STEO report, GDP projections based on IMF Jan 2025 98.6 100.1100.7 91.7 97.4 99.9100.5 101.9 103.0102.5 101.4 102.6 103.6 104.0 102.7 103.7 104.7104.7 80 85 90 95 100 105 110 Global Oil Demand (2017-2025) (mb/d) Global Oil Demand and GDP Growth -10 -5 0 5 10Percent World GDP Oil Demand (IEA) OECD Total Oil Industry Stocks (MB) vs 5 yr avg ■ World GDP grew by 3.2% in 2024 and is expected to grow by 3.3% in 2025 (IMF’s January forecast) ~ 85% correlation of world oil demand to global GDP growth ■ 0.9% (0.9 mb/d) growth in oil demand in 2024 to 102.9 mb/d and expected 2025 growth is 1.0% to 104.0 mb/d ■ OECD oil inventories stocks decreased sharply from Aug 2020 to Mar 2022; withdrawal rate has slowed since then but stocks continue to be withdrawn: US SPR withdrawals will lead to refilling inventories in the future -13 -50 37 182 263258257248 206 150 129 5361 -8 -59-61 -40 -96 -121 -149 -196 -197-213 -297-288 -308-315 -257 -239-245 -179-172 -143-117 -93 -104 -55-70 -123 -59-67 -90 -62-57 -53 -87-92-100-99-98 -104 -36-24-24 -41 -21 -54-60 -71 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 20
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DRAFT Update on Sanctioned Tanker Fleet Source: US Office of Foreign Asset Control, Clarksons Research, Clarksons Securities AS *Includes vessel sanctions on lists by US (OFAC), UK, EU and UN Security Council Sanctioned Vessels Fleet= only those types of vessels subject to sanctions Jan 10, 2025, US Office of Foreign Asset Control (OFAC – a US Treasury Dept) sanctioned 183 additional vessels as well as traders, oilfield servicer providers and others involved in exporting Russian oil by sea Both China and India have said that they will not allow OFAC sanctioned vessels to discharge Total sanctioned vessels: 9% of the total fleet (by number of vessels) o 10% VLCCs, 11% Suezmaxes, 21% Aframaxes Spot VLCC rate MEG to China (TD3C) has increased 41% since the day before OFAC sanctions (1/9/25 to 2/11/25) 21 Sanctioned Tankers # of vessels VLCC Suez Afmax LR2 LR1 MR2 MR1 Total Total Fleet 905 668 701 463 380 1,771 428 5,316 Sanctioned* 95 72 150 41 20 80 1 459 % of the fleet 10% 11% 21% 9% 5% 5% 0% 9% 95 459 72 150 41 20 80 1 VLCC Suezmax Aframax LR2 LR1 MR2 MR1 Total Sanctioned Fleet 24,997 9th Jan 35,346 11th Feb 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 VLCC Spot Rate TCE (TD3C $/day)
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DRAFT Source: Clarksons (including OTTO Jan 2025), FT, Bloomberg Increased routes Decreased routes Crude Oil: Trading pattern Products: Trading pattern Seaborne crude and product trades were affected by the war in Ukraine - trade patterns shifted towards longer-haul routes EU imports adjusted Crude and product imports have increased from the US, Brazil, India and the Middle East • 100% decrease in seaborne Russian crude exports to the EU in 2024 vs beginning of 2022 • EU product imports estimated to travel 3x longer from US, Arabian Gulf and India Russian Baltic crude is estimated to travel 3x longer to China and India Expected ton mile growth for 2025: 1.0% crude oil ton mile growth 0.5% product ton mile decline Crude Oil and Products: Trading Patterns 22
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DRAFT 6.7 0.3 0.6 0.6 1.5 7.5 12.7 4.3 0 2 4 6 8 10 12 14 2023 2024 2025 2026 2027 2028+ 8% VLCC Fleet Data Deliveries Total Removals Net Fleet Growth Year Actual Projected % Non- Delivery Year DWT % of Fleet Year DWT % of Fleet Fleet Period End # Vsls 2025 Jan 0.3 M 0.3 M 0% 2025* 0.6 M 0.1% 2025* (0.3) M (0.1%) 278.8 M 905 2024P 0.3 M 0.9 M 67% 2024P 0.9 M 0.3% 2024P (0.6) M (0.2%) 279.1 M 906 2023 6.7 M 7.3 M 8% 2023 0.6 M 0.2% 2023 6.1 M 2.2% 279.7 M 908 2022 12.7 M 14.0 M 9% 2022 1.2 M 0.5% 2022 11.5 M 4.4% 273.7 M 888 2021 10.8 M 12.1 M 10% 2021 4.5 M 1.8% 2021 6.3 M 2.5% 262.1 M 850 2020 11.3 M 13.2 M 14% 2020 2.4 M 1.0% 2020 8.8 M 3.6% 255.9 M 830 Source: Clarksons; *Fleet through 2/10/25: 278.8 M DWT includes 0.3 M DWT delivered; 0.6 M DWT removed (Total Removals include scrap) 2019 fleet includes one VLCC added; 2021 removal incl one FPSO conversion; 2022 one VLCC removed; 2023 two VLCCs removed, 2025 one removed *2005 = 20yr old; through 2/10/25 Orderbook Jan 1, 2025 19.8% 9.4% 0% 5% 10% 15% 20% 25% 30% 35% Product Fleet Age Profile (% DWT) 20 yrs + 17-19 yrs VLCC Fleet Age Profile 19.8% of VLCCs over 20 years of age* ■ 2024 Provisional net fleet reduction (0.2%) ■ 2025 Expected net fleet reduction (0.1%) ■ Current VLCC orderbook = 9.6% of fleet by DWT (87 vessels: 4 in 2025 and 26 in 2026, 57 in 2027+) ■ Vessels over 20 years of age* = 19.8% of the fleet by DWT (181 vessels) % dwt Million Dwt 2005 = 20 yr old 85 vessels 181 vessels Non-deliveries 8% 23 67%
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DRAFT 4.0 3.3 6.0 14.6 0.9 1.3 0.9 4.2 4.9 9.9 0.2 0.4 0 5 10 15 20 25 30 2023 2024 2025 2026+ Deliveries Total Removals Net Fleet Growth Year Actual Projected % non- delivery Year DWT % of fleet Year DWT % of Fleet Fleet period end 2025 Jan 1.2 M 1.2 M 0% 2025 0.0 M 0.0% 2025 1.2 M 0.7% 185.7 M 2024P 3.3 M 4.6 M 29% 2024P 0.2 M 0.1% 2024P 3.2 M 1.7% 184.4 M 2023 4.0 M 4.9 M 19% 2023 0.3 M 0.2% 2023 3.7 M 2.1% 181.3 M 2022 4.9 M 5.7 M 13% 2022 1.8 M 1.0% 2022 3.1 M 1.8% 177.6 M 2021 7.0 M 8.2 M 14% 2021 3.6 M 2.1% 2021 3.4 M 2.0% 174.5 M 2020 5.0 M 7.7 M 35% 2020 1.0 M 0.6% 2020 3.8 M 2.3% 171.1 M Source: Clarksons – through Jan 2025 Product tankers defined as all coated tankers above 25k dwt plus uncoated 25-85k dwt tankers including IMO 2/3 with avg tank size > 3k cbm, excluding stainless steel and specialized tankers *2005 = 20 yr old; Total Removals include scrap Product Tanker Fleet Data Orderbook Jan 1, 2025 Product Tanker Fleet Age Profile 19.1% 18.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% Product Tanker Fleet Age Profile (% DWT) 20+ yrs 17-19 yrs 19.1% of product tankers over 20 years of age* ■ 2024 Provisional net fleet growth 1.7% ■ 2025 Expected net fleet growth 4.3% ■ Current Product Tanker orderbook = 21.3% of the fleet by DWT (544 vessels) ■ Vessels over 20 years of age* = 19.1% of current fleet by DWT (680 vessels; 2005 = 20 yrs old) % dwt Million Dwt 2005 = 20 yr old 29% 608 vessels 680 vessels 19% 24
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DRAFT Dry Bulk Industry Overview
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DRAFT Source: Clarksons Research, IMF Jan 2025, World Bank, GDP projections based on IMF IMF GDP Growth (%) 2023 2024 2025 World GDP January 2025 3.3 3.2 3.3 Advanced Economies GDP January 2025 1.7 1.7 1.9 Emerging Market and Developing Economies GDP January 2025 4.4 4.2 4.2 Emerging and Developing Asia GDP January 2025 5.7 5.2 5.1 World Dry Bulk Trade World GDP growth Total dry bulk trade grew 3.3% in 2024 and is expected to grow a further 0.6% in 2025 Dry bulk demand increased by 3.3% in 2024 and is expected to rise by 0.6% in 2025 Ton miles increased by 5.0% in 2024 and are expected to increase by 0.9% in 2025 2H25 demand forecast to grow 3.0% over 1H25 (5.3% Ton mile growth) Orderbook at 10.5% 26 3.9 4.3 5.7 6.5 2.0 0.6 5.3 3.93.94.1 1.91.9 0.4 2.4 4.5 3.7 3.4 3.7 4.6 3.7 2.9 1.4 1.81.5 3.0 3.0 3.43.5 2.6 3.2 4.4 2.02.2 3.0 4.4 3.9 4.44.3 1.9 -1.7 4.3 3.1 2.52.72.92.92.6 3.3 3.0 2.4 -3.1 6.2 3.53.33.23.3 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
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DRAFT 35.3 33.8 38.4 37.7 23.2 10.0 1.9 2.2 0 10 20 30 40 50 60 On 4/23/2024 M DWT 2023 2024 2025 2026 2027 2028+ Non-deliveries 5% 6% Orderbook Jan 1, 2025 Dry Bulk Fleet Data Dry Bulk Fleet Age Profile Deliveries Total Removals Net fleet growth Year Actual Projected % non- delivery Year DWT % of fleet Year DWT % of Fleet Fleet period end # Vsls 2025 Jan 4.1 M 4.1 M 0% 2025(1) 0.5 M 0.1% 2025(1) 3.8 M 0.3% 1,038.4 M 14,159 2024P 33.8 M 36.1 M 6% 2024P 4.1 M 0.4% 2024P 29.8 M 3.0% 1,034.6 M 14,102 2023 35.3 M 37.2 M 5% 2023 5.5 M 0.6% 2023 29.9 M 3.1% 1,004.8 M 13,683 2022 31.9 M 31.9 M 0% 2022 4.5 M 0.5% 2022 27.4 M 2.9% 974.9 M 13,282 2021 38.8 M 38.8 M 0% 2021 5.4 M 0.6% 2021 33.5 M 3.7% 947.5 M 12,857 2020 49.3 M 55.6 M 11% 2020 15.8 M 1.9% 2020 33.5 M 3.8% 914.0 M 12,435 *Preliminary data; Clarksons DBTO Jan 2025 Expected net fleet growth 2025: 37.5 MDWT delivered (2% non-del), 6.5 MDWT removed, fleet end 2025: 1,065.2 MDWT (1) Fleet through 2/10/25: 1,038.4 M includes 4.3 M Delivered and 0.5 M Removed; Total Removals include scrap 105.5 M DWT 1,463 vessels 40.0 81.2 0 20 40 60 80 100 120 140 Age Profile M DWT 25+ years 20-24 years 121.2 M DWT, 11.7% of the fleet, 2,176 vessels 2005 = 20 yrs 3.9% of the fleet 958 vessels 7.8% of the fleet 1,218 vessels ■ 2024 Provisional net fleet growth 3.0% ■ 2025 Expected net fleet growth 3.0% ■ Current orderbook of 10.5% of the fleet ■ Vessels over 20 years of age = 11.7% of the fleet (2005 = 20 yrs old) 27
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DRAFT Container Industry Overview
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DRAFT Source: Clarkson Research Services, IMF Jan 2025, St. Louis Federal Reserve Bank (Fed Res Econ Data) World Container Trade 1996-2025 Slowing demand and spending on goods driven by inflation – US durable/nondurable goods stabilizing – US inventories increasing World Seaborne Container Trade Growth • 2023P: 0.7% • 2024P: 5.6% • 2025F: 2.8% Million TEU Surge in US Goods Spending Continues PCE Durable, Non Durable, Services (Jan 19=100 seas+infl adj) US Retail Inventory to Sales Ratio Off recent lows but still lowest since 1992 (seas adj) Nov ‘24 1.32 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 Financial Crisis Covid Dec ‘24 144 Dec ‘24 119 Dec ‘24 116 80 90 100 110 120 130 140 150 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Durable Goods Non Durable Goods Services 29 -9.6% 13.7% 7.4% 3.3% 4.9% 5.0% 1.9% 4.4% 5.7% 4.4% 2.2% -1.6% 6.4% -3.6% 0.7% 5.6% 2.8% -15% -10% -5% 0% 5% 10% 15% 0 20 40 60 80 100 120 140 160 180 200 220 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 P 2024 P 2025 F growthm TEU World Trade Trade Growth % World GDP Growth % (RHS) 1996 – 2023 CAGR = 5.6%
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DRAFT 2,297 2,910 2,138 1,403 2,208 2,578 204 263 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2023 2024 2025 2026 2027 2028+ 8% 4.2% 9.7% 21.6% 0% 5% 10% 15% 20% 25% 30% 35% 40% Container Fleet Age Profile (% TEU) 25+ yrs 20-24 yrs 15-19 yrs 1,840 vessels 931 vessels 789 vessels Deliveries Total Removals Net fleet growth Year Actual Projected % Non- Delivery Year TEU % of Fleet Year TEU % of Fleet Fleet Period End 2025 Jan 250 K 250 K 0% 2025 0.7 K 0.0% 2025(1) 273 K 0.9% 31,132 K 2024P 2,910 K 3,173 K 8% 2024P 83 K 0.3% 2024P 2,827 K 10.1% 30,859 K 2023 2,297 K 2,501 K 8% 2023 159 K 0.6% 2023 2,138 K 8.3% 28,031 K 2022 1,022 K 1,022 K 0% 2022 17 K 0.1% 2022 1,005 K 4.0% 25,894 K 2021 1,091 K 1,180 K 8% 2021 18 K 0.1% 2021 1,073 K 4.5% 24,889 K 2020 869 K 1,139 K 24% 2020 189 K 0.8% 2020 682 K 2.9% 23,815 K Container Fleet Data Orderbook Jan 1, 2025 Containership Fleet Age Profile* 13.9% of containerships over 20 years of age* ■ 2024 Provisional net fleet growth 10.1% ■ 2025 Expected net fleet growth 5.9% ■ Current orderbook of 26.8% of the fleet by TEU skewed towards larger vessels (as of 2/10/25): • ~ 80% of containership orderbook is for vessels of 10,000+ TEU – ~74% of orderbook is for vessels of 13,000+ TEU; – ~ 6% of orderbook is for vessels of 10,000 – 13,000 TEU ■ Vessel over 20 years of age = 13.9% of the fleet (15+ years old = 35.5% - both as of 2/10/25; 2005 = 20 yrs old) Source: Clarksons, 2024, 2025 Non-deliveries are preliminary; Clarksons Expected net fleet growth based on 1.97M TEU deliveries for 2025 (8% non delivery rate) and 0.17M TEU removals Orderbook was 26.8%, below 1996-2024 average of 28.3% of fleet (min 8.4% - max 61.4%) * 2005 = 20 yr old (as of 2/10/25) (1) Fleet 2025 through 2/10/25: 274K TEU delivered; 0.7K TEU removed; Total Removals include scrap Thousand TEU % TEU 2005 = 20 yr old* Non-deliveries 30 8%
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DRAFT Appendix
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DRAFT ESG – Sustainability Through Sea Transport Aspirational Goal: Net Zero by 2050 Shipping represents ~90% of world trade and about ~3% of man-made GHG emissions Comprehensive strategy towards environmentally sustainable operations: Adherence to applicable environmental regulations through verification processes • Advocate for environmentally sound regulations Carbon foot printing through monitoring systems • Measure and reduce emissions and waste in a systematic manner Technological approach to enhancing energy efficiency and vessel performance: Reduce emissions through energy-saving devices and efficient vessel operations Invest in renewed, energy-efficient fleet Review alternative fuel and carbon capture technologies to prepare for the future Social Responsibility Diversity, Inclusion and Safety Navios is a leading company as measured by diversity and related policies Navios understands that discrimination limits its talent pool and promotes diversity and gender equality within the organization Merit-based environment with employees that reflect society Women are represented throughout organization and in governing positions Mentorships and training focused on developing all employees Accessible medical care and mental health resources support employee health and welfare Safety at work – a basic human right Giving back to the communities in which Navios operates is fundamental: Company’s corporate ethos: Prioritize local empowerment and invest in its development Initiatives Navios is one of the founding members of the global Maritime Emissions Reduction Centre in collaboration with the Lloyd’s Register (LR) Maritime Decarbonisation Hub that focuses on optimising the efficiency of the existing global fleet. Corporate Governance Code of Ethics and Whistleblowing policies, including anonymous reporting Gender, Sex, Color Equality & Non-Discrimination and Anti-Harassment policies Robust Anti-corruption policies Majority of Independent Directors in the composition of the Board and Committees Cybersecurity 32
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DRAFT $5,464 $5,939 ( $23 ) $608 ( $110 ) Vessel Value Q4 2023 Drybulk Vessels Containerships Tanker Vessels Vessel Value Q4 2024Axis Title Diversification in Action Countering Segment Specific Volatility (6%)+42% Diversification mitigates individual segment volatility Dry Bulk vessels : (1%) Containerships : + 42% Tankers : (6%) Total Fleet : + 9% (1) Approximate charter-free fleet values of NMM’s 152 vessels (in the water as of December 31, 2024) in Q4 2024 and Q4 2023 based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of January 2025 and February 2024, respectively. Vessel additions during the FY 2024 assumed at same values for both periods. Does not include the newbuilding vessels. (2) All fleet data as of February 7, 2025. Net rate per day represents contracted rate as per charter party agreements (net of commissions) and before straight line adjustments. Vessel value(1) volatility per segment Q4 2024 vs Q4 2023 +9% (in $ million) (1%) Q1 2025E Charter Coverage(2) • 13,494 total available days • 11,017 (82%) available days fixed at an average rate of $23,713 net per day • 2,477 (18%) available days with market exposure Dry Bulk Capesize 68% fixed $16,240 net per day Kamsarmax/ Panamax 59% fixed Total 63% fixed $13,623 net per day Ultra Handymax/ Trashipper 57% fixed $9,938 net per day $14,628 net per day Q1 2025E Available days: 6,115 Containerships 5,300 – 10,000 TEU 100% fixed $34,681 net per day 4,250 TEU 100% fixed Total 100% fixed $31,569 net per day <4,000TEU 100% fixed $31,524 net per day $22,254 net per day Q1 2025E Available days: 4,048 Tankers VLCC 87% fixed $34,206 net per day LR1/LR2 94% fixed Total 93% fixed $26,081 net per day MRs 96% fixed $25,481 net per day $21,671 net per day Q1 2025E Available days: 3,331 Total Fleet 33
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DRAFT EBITDA represents net income before interest and finance costs, depreciation and amortization (including intangible accelerated amortization) and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase in operating assets; (ii) net decrease/ (increase) in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) amortization of operating lease assets/ liabilities; (vi) non-cash amortization of deferred revenue and straight line effect of the containership and tanker charters with de-escalating rates; (vii) stock- based compensation expense; and (viii) gain/ (loss) on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation. Our fleet data include: (i)18 newbuilding tankers (12 aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through the first half of 2028; and (ii) five newbuilding containerships (one 7,700 TEU containership and four 7,900 TEU containerships), that are expected to be delivered through the first half of 2027. The fleet excludes one panamax agreed to be sold. For fleet employment details please visit Navios Partners website (www.navios-mlp.com/fleet/) Definitions 34
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DRAFT www.navios-mlp.com 20