Slides
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Third Quarter 2025 Earnings Presentation November 18, 2025 Navios Maritime Partners L.P. (NYSE:NMM)
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2 Forward-Looking Statements 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; the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets; 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.
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3 171 Vessels Fleet – Average Age of 9.7 Years vs Industry Average of 13.5 Years 65 Dry bulk 8.6 million dwt Average age (1): 11.7 years (industry average: 12.8 years) 35 Capesize vessels 26 Kamsarmax/panamax vessels 4 Handymax vessels 6.3 million dwt 2.1 million dwt 0.2 million dwt 51 Containerships 287,243 TEU Average age (1): 9.6 years (industry average: 14.1 years) 2 Vessels 10,000 TEU 10 Vessels 7,700 – 8,850 TEU 5 Vessels 6,800 TEU 10 Vessels 5,300 TEU 19 Vessels 4,250-4,730 TEU 2 Vessels 3,450 TEU 3 Vessels 2,000-3,400 TEU 20,000 TEU 82,400 TEU 34,000 TEU 53,000 TEU 82,833 TEU 6,900 TEU 8,110 TEU 55 Tankers 6.4 million dwt Average age (1): 7.2 years (industry average: 14.1 years) 9 Crude tankers 46 Product tankers 9 VLCC tankers 2.7 million dwt 18 Aframax/LR2 tankers 2.1 million dwt 8 LR1 0.6 million dwt 19 MR2 1.0 million dwt 1 MR1 <0.1 million dwt (1) Average age based on a dwt basis, basis fully delivered fleet.
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4 Navios Partners: A Leading Maritime Transportation Company Fleet - at a glance Operational highlights Financial highlights Risk management A culture of financial and operational risk management 65x Dry bulk vessels c. 8.6 million dwt 51x Containerships c. 290,000 TEU 55x Crude and product tankers c. 6.4 million dwt $6.3 billion vessel value $3.8 billion net vessel equity value $3.7 billion contracted revenue Low leverage 34.5% net LTV Q3 2025 $412 million available liquidity $382 million cash $30 million undrawn RCF $1.2 billion unencumbered assets Proforma for repayment of debt post closing of the $300 million bond Significant earnings capacity $702 million Adjusted EBITDA Q3 2025 LTM Note: See slides 3, 6 and 10. (1) Average age based on a dwt basis, basis fully delivered fleet.; (2) Industry average based on the company’s fully delivered fleet dwt.; (3) As of November 12, 2025. A leading maritime transportation company owning, operating and chartering dry bulk, container, and tanker vessels to traders and end-users globally Owns and operates a modern fleet of 171 vessels across three segments and 15 asset classes, with an average age of c. 9.7 years(1) Listed on the New York Stock Exchange since 2007, with a current market capitalization of $1.5 billion(3) Young and diversified fleet Average age of 9.7 years vs. industry average of 13.5 years(2) Strong credit ratings Ba3 / Moody’s and BB / S&P
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5 Strength Through Diversification + Strong Risk Management Culture Chartering Optimal vessel deployment ensuring consistent profitability: Securing long-term charters when the market is healthy Charters on a short-term basis when market is less robust Allocating capital Optimal capital allocation, where expected returns are favorable, by: Purchasing well cyclically; or Hedging investment risk through attractive charters Strengthening balance sheet Countering segment specific volatility creating balance sheet strength (stable fleet valuation and predictable LTV evolution) 20-25% Key balance sheet targets Net LTV target ~$2m Minimum cash per vessel Risk management culture Continuous risk assessment and monitoring in all areas Evaluating and structuring all transactions with risk management professionals Diligencing all charter and other counterparties Robust insurance coverage for liabilities and losses Implementing operational risk management systems and crew training programs
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6 Selected Segment Data Dry bulk Containerships Tankers Total Fleet size # of vessels 65 51 55 171 Average age (yrs) 11.7 9.6 7.2 9.7 Capacity 8.6m dwt 287,243 TEU 6.4m dwt Asset and market value(2) Vessel value ($m)(1) 2,115 2,277 1,919 6,311 Debt and bareboat liabilities ($m)(3) 903 843 814 2,560 Net vessel equity value ($m) 1,212 1,434 1,105 3,751 Gross LTV 42.7% 37.0% 42.4% 40.6% Net LTV(4) 34.5% Operating data(5) Contracted revenue ($m) 225 2,169 1,264 3,658 Available days Q4 2025E 5,953 4,007 3,454 13,414 % of days fixed Q4 2025E 76% 100% 95% 88% % of days open/index Q4 2025E 24% 0% 5% 12% (1) Approximate charter-free fleet values based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of November 2025. Includes vessel values of $583.0m 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 September 30, 2025. Does not include newbuilding vessels. (3) Debt and bareboat liabilities: (i) include $332.5m 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: a) $24.3m of pre-delivery financing for two 7,900 TEU containerships; and b) 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 November 12, 2025. Available days may change depending on sales and purchases of vessels or other factors.
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7 Recent Developments Financial information(1) $381.6 million cash balance as of September 30, 2025 Contracted revenue update Q3 – Q4 2025 QTD $745.3 million long-term contracted revenue $335.7 million from four newbuilding containerships $44,145 net per day for 5.2 years $259.6 million from eight containerships Average rate of $31,999 net per day for 2.8 years $138.1 million from seven tankers Average rate of $28,829 net per day for 1.9 years $ 11.9 million from two dry bulk vessels $14,531 net per day for 1.1 years Operating cash flow(2) Operating free cash Q4 2025E: $85.9 million excess contracted revenue over cash operating cost 1,594 remaining open/index days (12% of available days) FY 2026E: $894 breakeven per open/index day 23,387 remaining open/index days (42% of available days) Income statement In $ million Q2 2025 Q3 2025 9M 2025 Revenue 327.6 346.9 978.6 EBITDA 178.2 193.9 519.8 Adjusted EBITDA 172.6 194.0 520.2 Net Income 69.9 56.3 168.0 (1) See slides 14, 15 and 29.; (2) See slide 11. Balance sheet FY 2026 open/index days 76% 8% 27% 42% Dry Bulk Containerships Tankers Total
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8 Recent Developments (Cont’d) Fleet update Q3 – Q4 2025 QTD Sales $105.7 million gross sale proceeds Three dry bulk and three tanker vessels; • Average age of 18.6 years • Five vessels were delivered in Q3 and Q4 2025; One tanker vessel is expected to be delivered in Q4 2025 Acquisitions $460.4 million acquisition of four 8,850 TEU newbuilding methanol-ready and scrubber-fitted containerships Chartered at $44,145 net per day for 5.2 years; charterer’s option for one additional year at $41,579 net per day Expected delivery in H2 2027 and Q1 2028 Deliveries One previously announced newbuilding MR2 tanker Chartered at $22,669 net per day for five years Financing update Q3 – Q4 2025 QTD $300 million senior unsecured bonds Bond coupon 7.75%; five-year term (maturity November 2030) Use of proceeds: $292.3 million to repay floating-rate debt; $7.7 million to cover issuance fees and for general corporate purposes $1.2 billion value of 41 unencumbered vessels post-transaction No impact on leverage; proceeds are used to refinance existing debt Replaces floating-rate debt with a fixed interest rate, reducing exposure to interest rate volatility • Pro forma 41% of debt at a fixed average interest rate of 6.2% $314.1 million financing $150.9 million in credit facilities to refinance six vessels 1.5% weighted average margin; 6.1 years weighted average term $163.2 million in credit facility and leasing agreements to finance three newbuilding vessels 1.8% weighted average margin; 8.6 years weighted average term
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9 Returning Capital to Unitholders $100 million common unit repurchase program ~ 4.7% of units outstanding(5) repurchased $62.7 million (1,419,370 units) total $37.7 million (929,415 units) in 2025 YTD $25.0 million (489,955 units) in 2024 $4.6 per unit accretion of total units repurchased(3) $138 = Estimated(1) NAV per unit $3.1 per unit additional value(2) to unitholders from 2025 YTD repurchases $ 37.7m 2025 YTD purchases $ 25.0m 2024 purchases $ 37.3m Remaining authorizationTotal approved program of $100 million $ 111.0 $ 117.6 $ 143.2 $ 137.8 Q4 2022 Q4 2023 Q4 2024 Q3 2025(1) Analysts’ estimate of company’s NAV per unit(4) Q4 2022 – Q3 2025 $4.5 million dividend $1.5 million per quarter $0.2 per unit annual cash distribution $0.05 per unit quarterly cash distribution $37.7 million common units repurchased $37.7 million in 2025 $62.7 million since commencement (Q2 2024) $ 6.2 $ 6.2 $ 25.0 $ 43.0 2022 2023 $ 6.1 2024 $ 6.0 Q3 2025 LTM $ 31.1 $ 49.0Dividend Share buyback Return of capital to unitholders since 2022 ($m) (1) Average of analysts’ estimate of company’s NAV per unit; Arctic: $132.7 as of November 10, 2025, Jefferies: $147.3 as of October 2025, Fearnleys: $133.5 as of September 2025.; (2) Additional value is calculated as follows: (Analysts’ estimated NAV per unit for Q3 2025 x units repurchased in 2025 less price paid in 2025) / total units outstanding as of November 12, 2025 ( 28,765,018 common and 622,296 general partner units); (3) Accretion of total units repurchased is calculated as follows: (Analysts’ estimated NAV per unit for Q4 2024 x units repurchased in 2024 less price paid in 2024) / total units outstanding as of Decem ber 31, 2024 (29,694,433 common and 622,296 general partner units) plus $3.1 per unit additional value to unitholders from 2025 repurchases.; (4) Average of Arctic, Jefferies and Fearnleys’ estimates, where available.; (5) Common units outstanding at the commencement of the program in Q2 2024. $42.2 million capital returned to unitholders YTD 2025
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10 Proven Platform - Executing Strategy in a Challenging Environment Creating revenue stability Building liquidity Building NAV Deleveraging Note: All historical numbers as reported in the relevant periods. (1) Includes $30 million undrawn revolving credit facility.; (2) As of November 12, 2025. 2022 2023 2024 Q3 2025 LTM 668 748 732 702 Adjusted EBITDA, $m 175 296 312 412 2022 2023 2024 Q3 2025(1) Liquidity, $m 4,414 4,544 5,939 6,311 2022 2023 2024 Q3 2025 Vessel value, $m Net Loan-to-Value, % 45.0% 38.2% 34.8% 34.5% 2022 2023 2024 Q3 2025 Contracted revenue, $m 3,370 3,262 3,618 3,658 2022 2023 2024 Q3 2025(2) Maintaining contracted revenue Assessing risks and uncertainties Geopolitical events - conflicts Global tariffs Changing trade patterns USTR port fees New opportunities While continuously executing strategy
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11 Operating Cash Flow Q4 2025E: $85.9 million excess contracted revenue over cash operating cost FY 2026E : $894 breakeven per open / index day Q4 2025E cash operating cost comparison with contracted revenue ($m) $ 208.1 Cash operating cost $ 294.0 Contracted revenue +$ 85.9 $/day 15,511 24,871 Remaining Open / Index days 1,594 (12%) Fixed days at avg. net daily rate of $24,871 11,820 (88%) 13,414 Available days Cash operating cost Contracted revenue $ 20.9 Uncovered cost $ 879.0 $ 858.1 Remaining Open / Index days 23,387 (42%) Fixed days at avg. net daily rate of $27,088 31,678 (58%) 55,065 Available days $/day 15,963 27,088 894 FY 2026E cash operating cost comparison with contracted revenue ($m) Note: Cash flow generation assumes normal operational performance. Total cash operating cost includes opex, G&As, interest expenses (Margin plus 3M SOFR as of November 12, 2025 for floating-rate debt) and ordinary debt repayments. Excludes payment of dividends, unit repurchases and capex. All fleet data as of November 12, 2025. Available days may change depending on sales and purchases of vessels or other factors.
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12 Fleet Modernization Newbuilding program(1) $1.9 billion investment Containerships: $0.9 billion for eight vessels • Investment hedged through long-term charters • $0.6 billion contracted revenue Tankers: $1.0 billion for 17 vessels • $0.6 billion contracted revenue from 11 vessels Modernizing the fleet through planned acquisitions and dispositions… Sales YTD 2025 Opportunistic replacement of older vessels Sale of vessels tailored to segment fundamentals Dry bulk • $71.3 million gross sale proceeds from six vessels Containerships • $84.0 million gross sale proceeds from three vessels Tankers • $80.6 million gross sale proceeds from three vessels …optimizing our fleet profile 10 14 22 19 20 3 28 27 21 6 NB-5 years 5-10 years 10-15 years 15+ Years 57 46 53 1 15 Dry bulk Containerships Tankers Fleet breakdown per age group and segment (# of vessels)(1) 8 17 Newbuilding vessels 25 6 3 3 Vessels sold 12 Average age 18.2 years (1) As of November 12, 2025.
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13 $3.7 Billion Contracted Revenue 0.2 (6%) Dry bulk 2.2 (59%) Containerships 1.3 (35%) Tankers 16% 13% 13% 7%7% 5% 26% 4% 3% 3%3% ZIM PIL HMM Cosco Group Chevron ONE Unifeeder Group Petrochina PBF INEOS Other (in $ million) 294 858 693 635 468 710 Q4 2025 2026 2027 2028 2029 2030 - 2037 Contracted revenue by segment Broad exposure to credit quality counterparties Contracted revenue by counterparty Contracted revenue by year (in $ billion)
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14 Earnings Highlights Earnings highlights (in $000) except per unit data, TCE, Opex, active vessels and days Three Months Ended September 30, 2025(1) Three Months Ended September 30, 2024(2) Nine Months Ended September 30, 2025(3) Nine Months Ended September 30, 2024(4) Revenue $346,923 $340,835 $978,593 $1,001,545 EBITDA(5) $193,947 $196,621 $519,791 $559,784 Adjusted EBITDA(5) $194,040 $195,380 $520,213 $549,410 Net Income $56,332 $97,755 $168,006 $272,585 Adjusted net income(5) $83,702 $96,514 $195,705 $262,211 Earnings per common unit basic $1.90 $3.20 $5.62 $8.87 Operating highlights TCE Combined (per day) $24,167 $23,591 $22,825 $22,830 TCE Dry bulk (per day) $17,976 $18,632 $15,369 $16,920 TCE Containerships (per day) $31,832 $30,710 $31,213 $30,275 TCE Tankers (per day) $26,238 $25,788 $26,290 $27,241 Opex Combined (per day)(6) $6,798 $6,788 $6,961 $6,796 Active vessels 152 154 152 154 Available days(5) 13,443 13,552 40,287 40,590 Opex days(5) 13,994 13,538 41,283 39,480 (1) Includes $6.3 million positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis. Adjusted EBITDA excludes a $0.1 million net loss related to the sale of our vessels. Adjusted net income excludes the item referred to in Adjusted EBITDA as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. (2) Includes $2.4 million positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis. Adjusted EBITDA and Adjusted net income exclude a $1.2 million gain related to the sale of our vessels. (3) Includes $10.1 million positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis. Adjusted EBITDA excludes a $0.4 million net loss related to the sale of our vessels. Adjusted net income excludes the item referred to in Adjusted EBITDA as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. (4) Includes $4.9 million positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis. Adjusted EBITDA and Adjusted net income exclude a $10.4 million net gain related to: (i) the sale of our vessels; and (ii) the impairment loss of our vessels. (5) See slide 29. (6) Includes management fees.
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15 Balance Sheet Balance sheet data (in $000) September 30, 2025 (unaudited) December 31, 2024 (unaudited) Cash & cash equivalents(1) 381,568 312,078 Other current assets 94,757 130,913 Vessels, net 4,528,679 4,241,292 Other non-current assets 918,207 988,957 Total Assets 5,923,211 5,673,240 Other current liabilities 200,080 143,444 Long-term borrowings, including current portion, net 2,226,629 2,128,937 Other non-current liabilities 261,775 294,231 Total partners’ capital 3,234,727 3,106,628 Total liabilities & partners’ capital 5,923,211 5,673,240 Net Debt / Book Capitalization 33.8% 34.7% (1) Includes (i) restricted cash of $0.6 million as of September 30, 2025 and $29.6 million as of December 31, 2024; and (ii) time deposits over three months of $20.5 million as of September 30, 2025 and $12.3 million as of December 31, 2024.
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16 Debt Highlights Debt update $1.3 billion debt(2) on newbuilding vessels $545 million arranged • $245 million has no commitment fee • 1.5% average margin for floating-rate debt $300 million senior unsecured bonds Bond coupon 7.75%; five-year term Proceeds are used to refinance floating-rate debt • Unencumbering 41 vessels with $1.2 billion value $314.1 million financing $150.9 million in credit facilities to refinance six vessels • 1.5% weighted average margin; 6.1 years weighted average term $163.2 million in credit facility and leasing agreements to finance three newbuilding vessels • 1.8% weighted average margin; 8.6 years weighted average term Current weighted avg interest rate of total PF debt at 5.9%(3) 41% of debt at fixed average interest rate of 6.2% 59% of debt at floating average interest rate of 5.7% • 1.8% average margin for floating-rate debt Key metrics pro forma (as of September 30, 2025) 1,049 1,219 300 2,568 Bank loans Sale & leaseback Unsecured bonds Total Debt and bareboat liabilities(1) per type, $m 2,5681,506 (59%) Floating interest rate 1,062 (41%) Fixed interest rate Total debt and bareboat liabilities(1) Diversified interest rate exposure, $m Debt and bareboat liabilities maturity profile, $m 66 229104 77 291 2026 10 26 2027 2028 28 2029 11 300 2030 2031+ 36 132 388 520 Fixed interest rate Floating interest rate Unsecured bonds Note: All pro forma data reflects the issuance of $300m senior unsecured bonds. (1) Debt and bareboat liabilities pro forma: (i) include: a) $8m additional debt from the issuance of senior unsecured bonds; and b) $332.5m 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: a) $24.3m of pre-delivery financing for two 7,900 TEU containerships; and b) undrawn committed financing for newbuilding vessels.; (2) Includes $780.3m estimated debt, currently under discussion/in documentation, assuming 70% financing for 14 newbuilding vessels.; (3) Current weighted average interest rate is calculated based on: (i) the company’s $2,568m pro forma debt and bareboat liabilities as of September 30, 2025.; and (ii) the 3M SOFR as of November 12, 2025 for floating-rate debt.
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Industry Overview
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18 Geopolitical Developments Result in Trade Pattern Shifts Tariffs US gradually reached preliminary tariff agreements with major trade counterparties such as UK & EU US will reduce “new” tariffs on Chinese imports from 30% to 20% US says China agreed to buy 12 MT of soybeans this year and 25 MT annually for the next 3 years and China would remove tariffs on most US agriculture ~ 450 million MT of commodities and finished goods are expected to be affected by tariffs Major impact on containers, LPG, and car carriers Red Sea Strategic maritime transit point remains under threat July 2025: Houthi attacks resumed after 7-month pause; two vessels sunk, casualties reported; September was latest attack Suez transits down 51% in Nov 2025 vs. Nov 2023 (265 vs. 542 vessels weekly) Trade disruptions particularly impacting container, dry bulk, and tanker flows to Europe Since Oct 10 ceasefire – Houthis announced attacks on shipping have ceased, ships still avoiding Red Sea transits, several Somalia piracy incidents reported since early November Ukraine War War continues for 3rd year Current attempt from US to lead peace talks between Russia and Ukraine with EU participating seems to be paused Shift in trading patterns Oil • Russian crude diverted to Asia • Sanctions imposed on Rosneft and Lukoil • Europe diversifying supply from further away Grains • Ukraine’s limited exports replaced by Brazilian & US grains April 17: USTR Section 301 fee proposal (paused) Implementation Oct 14, 2025 – Suspended for 1 yr from Nov 10 US probe into Chinese shipbuilding paused Oct 10: China’s port fees (paused) Implementation Oct 14, 2025 – Suspended for 1 yr from Nov 10 Port Fees (1 year suspension) Source: Clarksons Research, Office of the United States Trade Representative ‘’USTR Section 301 Action on China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance’’ 4/17/25; China Ministry of Transport “Announcement on Imposing Special Port Charges on US Vessels” (Announcement No. 54 of 2025 on 10/10/25), Bloomberg
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Dry Bulk Industry Overview
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20 Dry Bulk Fundamentals Global seaborne dry bulk trade 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Bn ton miles Dry bulk fleet: Age composition and profile 13% 26% 20% 40% 11% - 20 40 60 80 100 120 <=2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Million DWT >=20yrs >=15yrs <=15yrs (non-Eco) Eco fleet Orderbook 2010 to 2013 deliveries starting to age 0 5 10 15 2005 2010 2015 2020 2025 Years Avg. age Key insights Dry bulk shipping market plays a crucial role in global trade, transporting commodities such as iron ore, coal, grain and bauxite in large quantities Dry bulk demand driven by worldwide economic growth. Overall demand growth is relatively stable, and total volumes have only contracted y-o-y on four occasions over the past 35 years On the back of rising newbuilding prices, higher interest rates, uncertainty regarding future fuels and unclear market outlook, dry bulk ordering has remained muted over several years Result is a low orderbook combined with ~39% of the sailing fleet being more than 15 years of age (2011=15yrs) Older vessels will increase significantly over coming years due to large 2010-13 vintages Source: Clarksons SIN +4%
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More Atlantic Basin Iron Ore to Drive Demand Growth From 2025 Additional iron ore volumes, m tones 60 60 15 15 20 170 0 20 40 60 80 100 120 140 160 180 WCM Simfer Vargem Capanema S11D Total Source: Clarksons SIN, Vale, Rio Tinto 105 Days RV 90 Days RV 35 Days RV 234 173 0 50 100 150 200 250 Incremental Cape Demand Curent Capesize Orderbook Key insights The Simadou project in Guinea, starting up in 2025, will add a total of 120 million tons of annual production and exports capacity. Full volumes expected in 2027 with first shipment in November 2025 In Brazil, Vale is increasing capacity at Vargem, Capanema and S11D by a total of 50 million tons by the end of 2026 Even if these volumes replace Australian volumes, the ramp-up will have a significant positive effect on ton-mile demand growth due to the longer sailing distances involved The ramp-up in Atlantic Basin iron ore volumes will absorb more than the entire Capesize orderbook Additional iron ore volumes, m tones 21
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Tanker Industry Overview
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23 Tanker Fundamentals – Orderbook Mitigated by Age Profile Tanker fleet: Age composition (25,000+ DWT, 2006 = 20yrs) Orderbook vs older fleet* (25,000+ DWT, 2006 = 20yrs) Deliveries vs replacement needs (25,000+ DWT, 2006 = 20yrs) - 10 20 30 40 50 <=2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Million DWT >=20yrs >=15yrs <=15yrs Non-Eco Eco Orderbook 24% 27% 10% 39% 16% Despite growing ordering activity, the orderbook remains muted at 16% of the sailing fleet. Furthermore, the tanker fleet is ageing rapidly on the back of several years of underinvestment 6% 6% 3% 0% 24% 28% 33% 39% 51% 56% 59% 61% 2025+2026 2027 2028 2029 Orderbook 20+ yrs 15+ yrs Orderbook is far offset by ageing fleet Large generations of vessels were delivered in the years following the financial crisis. These vessels will approach ~15-20 years over the coming 3-5 year period 20 36 43 22 -28 -23 -29 -33 -13 -9 -18 -27 2025 2026 2027 2028 Deliveries Turning 20yrs Turning 25yrs -22 Million DWT As such, the replacement need will increase substantially over the coming years. Stacked against the delivery schedule of the current tanker orderbook, it is evident that deliveries will struggle to meet replacement needs going forward Source: Clarksons Research including SIN * Current orderbook and fleet w/o removals or deliveries 3 -4 -38
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24 Tankers – Sanctions Could Result in Supply Glut Sanctioned trade has made up ~40% of volume recovery since 2020 Sanctioned tankers 6.0 6.1 6.2 5.9 6.2 5.4 5.5 5.6 5.9 5.6 2.4 2.2 1.9 1.5 1.0 0.6 0.5 0.6 0.8 0.9 1.3 2.4 2.7 2.2 1.1 0.9 1.2 1.5 1.9 2.2 61.1 62.9 64.4 64.9 63.4 57.4 57.8 61.4 62.6 61.9 0 5 10 15 20 25 30 35 40 45 50 55 60 65 0 1 2 3 4 5 6 7 8 9 10 11 12 13 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Million barrels per day Russia Venezuela Iran Global Exports +4.5mbd +1.9mbd 142 785 115 305 42 133 48 VLCC Suezmax Aframax LR1 MR2 MR1 Total Sanctioned Fleet # of vessels Share of total fleet: 11%7%11%25%17%16% 14% Since the Covid-driven slump in volumes in 2020, tanker volumes have increased by ~4.5mbd With ~1.9mbd, or ~40%, of these incremental barrels coming from sanctioned sources, the demand for dark/grey fleet vessels has surged Since the start of 2024 however, the US has intensified its efforts to reduce Russian crude flows by leveraging sanctions, including recent Lukoil and Rosneft sanctions In turn, the number of sanctioned vessels has grown substantially to a total of 785 vessels, equivalent to ~14% of the total tanker fleet Recently sanctioned oil volumes have started to trend lower – and if replaced by compliant barrels and vessels, the tanker market balance should tighten further Source: Clarksons SIN
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Container Industry Overview
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26 Container Market Significant ordering activity in larger sizes Supply growth by segment Trade growth by trade lane 38% 30% 19% 2% 7% 4% 0% 10% 20% 30% 40% 17,000+ 12-16,999 8-11,999 6-7,999 3-5,999 <3,000 3x 31x 11x 6x NMM VesselsTEU Since the market boom in the wake of the Covid pandemic, the container market has been characterized by extensive newbuild contracting. However, contracting activity has mainly been concentrated around the large size segments As such, fleet growth is mostly driven by the +10,000 TEU size segments. NMM, however, is mainly exposed to the sub 10,000 TEU size segments, which have substantially lower orderbooks and hence will see much lower fleet growth going forward Volume developments on the mainlanes have been negatively impacted by trade wars and extensive tariffs Non-mainlane trades, which are mostly served by smaller size segments, are expected to see healthier volume growth as trade shifts 2.0% 2.4% 5.4% 16.9% 5.6% 6.7% 0.5% 2.7% 4.4% 9.2% 4.6% 4.6% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% <3,000 3-7,999 8-11,999 12-16,999 17,000+ Total 2025 2026 -1.1% 6.3% 3.3% 0.3% 3.7% 2.4% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% Mainlane Non-mainlane World total 2025 2026 NMM presence Source: Clarksons SIN
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27 Appendix
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28 Diversification in Action (1) Approximate charter-free fleet values of NMM’s 152 vessels (in the water as of September 30, 2025) in Q3 2025 and Q4 2024 based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of November 2025 and January 2025, respectively. Vessel additions during the 9M 2025 assumed at same values for both periods. Does not include the newbuilding vessels. (2) All fleet data as of November 12, 2025. Available days may change depending on sales and purchases of vessels or other factors. Net rate per day represents contracted rate as per charter party agreements (net of commissions and commercial management fee) and before straight line adjustments. Dry bulk Containerships Tankers Total Capesize 76% fixed $22,309 net per day Kamsarmax / Panamax 80% fixed Total 76% fixed $18,789 net per day Ultra Handymax 46% fixed $14,576 net per day $15,495 net per day Q4 2025E available days: 5,953 5,300 – 10,000 TEU 100% fixed $34,549 net per day 4,250 TEU 100% fixed Total 100% fixed $29,776 net per day <4,000TEU 100% fixed $27,677 net per day $20,211 net per day Q4 2025E available days: 4,007 VLCC 83% fixed $43,883 net per day LR1/LR2 99% fixed Total 95% fixed $27,247 net per day MRs 100% fixed $24,135 net per day $21,512 net per day Q4 2025E available days: 3,454 13,414 total available days 11,820 (88%) available days fixed at an average rate of $24,871 net per day 1,594 (12%) available days with market exposure Countering Segment Specific Volatility 6,371 6,311 Vessel values Q4 2024 42 +2% Dry bulk 36 +2% Containerships (138) (7%) Tankers Vessel values Q3 2025 (1%) Diversification mitigates individual segment volatility Dry bulk vessels : +2% Containerships : +2% Tankers : (7%) Total Fleet : (1%) Q4 2025E Charter Coverage(2) Vessel values(1) volatility per segment, $m
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29 Definitions EBITDA represents net income before interest and finance costs, depreciation and 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 (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) (loss)/ gain on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present 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. We present Adjusted net income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted net income adjusts net income for the items described above under “Earnings highlights”. The definition of Adjusted net income used here may not be comparable to that used by other companies due to differences in methods of calculation. Available days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys and ballast days. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues. Opex days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting total calendar days of Navios Partners’ charter-in vessels and bareboat-out vessels. Our fleet data include: (i)17 newbuilding tankers (12 aframax/LR2 and five MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through the first half of 2028; and (ii) eight newbuilding containerships (four 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028. The fleet excludes one containership and one MR2 product tanker that have been agreed to be sold. For fleet employment details please visit Navios Partners website (www.navios-mlp.com/fleet/).
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