Slides
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Third Quarter 2026 Earnings Presentation November 4, 2026 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, the common unit repurchase program, 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, continuing issues related to seaborne volume and ton miles and the impact of tariffs, the adequacy of our insurance arrangements and our ability to obtain insurance and required certifications, 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, the repayment of debt and servicing of our bonds, fluctuations 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-F and Form 6-K. 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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3 182-Vessel Fleet 182 Vessels Full fleet Across 3 segments / 15 asset classes 17.3m DWT Dry bulk & Tankers 323k TEU Containerships 8.5 yrs vs industry 13.8 yrs Average age DWT-weighted, full fleet Dry bulk 65 Vessels 8.8m DWT 11.7 yrs vs industry 13.1 yrs 37 Capesize 6.6m DWT 24 Kamsarmax/panamax 2.0m DWT 4 Handymax 0.2m DWT Containerships 54 Vessels 322,913 TEU 9.0 yrs vs industry 14.6 yrs 6 ≥10,000 TEU 60,400 TEU 10 7,700–8,850 TEU 82,400 TEU 5 6,800 TEU 34,000 TEU 10 5,300 TEU 53,000 TEU 18 4,250–4,730 TEU 78,103 TEU 2 3,450 TEU 6,900 TEU 3 ≤3,400 TEU 8,110 TEU Tankers 63 Vessels 8.5m DWT 4.9 yrs vs industry 14.2 yrs 15 VLCC (crude) 4.7m DWT Aframax/LR2 2.1m DWT 8 LR1 0.6m DWT 21 MR2 1.1m DWT 1 MR1 <0.1m DWT18
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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. 9.0m dwt 54x Containerships c. 323,000 TEU 63x Crude and product tankers c. 8.5m dwt $12.4bn value (full fleet) $8.7bn value (in the water fleet) $6.2bn (in the water fleet) net vessel equity value(3) $5.0bn contracted revenue Low leverage 23.1% net LTV Q3 2026 $2.5bn of debt(5) $657m available liquidity $508m cash $149m undrawn revolvers $2.4bn value of debt-free vessels 62 vessels Significant earnings capacity $1,006m EBITDA LTM Note: Net LTV and net vessel equity value refer to in the water fleet as of September 30, 2026 (1) Average age based on a dwt basis, basis fully delivered fleet; (2) As of October 26, 2026; (3) Net vessel equity value is defined as vessel value for the in the water fleet less debt (as of September 30, 2026); (4) Industry average based on the company’s fully delivered fleet dwt; (5) Debt refers to bank loans, leases and senior unsecured bond as of September 30, 2026: (i) includes $312.8m 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) excludes: a) $74.2m of pre-delivery financing for two newbuilding vessels; and b) undrawn committed financing for newbuilding vessels 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 182 vessels across three segments and 15 asset classes, with an average age of c. 8.5 years(1) Listed on the New York Stock Exchange since 2007, with current market capitalization of $2.5bn(2) Young and diversified fleet Average age of 8.5 years vs. industry average of 13.8 years(4) 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 ◼ Implementing operational risk management systems and crew training programs
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Financial performance Q3 2026 | Earnings stability Debt & financing Q3 2026 | Mitigate risk, maximum flexibility $2.4bn value of 62 debt-free vessels(2) Cash flow & liquidity Q3–Q4 2026 QTD & FY 2027 | Visibility & upside exposure $657m available liquidity ($508m cash + $149m undrawn revolvers) Q4 2026E: $133.6m excess contracted revenue over cash operating cost • 10,972 fixed days • 2,713 open / index days $5.0bn contracted revenue backlog through 2037 FY 2027E: $4.0m excess contracted revenue over cash operating cost • 32,727 fixed days • 25,220 open / index days 23.1% Net LTV(1) 44% of debt at fixed interest rates — protected from interest rate rises $293.9m EBITDA $6.42 EPU Solid financial results and operating performance $432.0m Revenue $185.7m Net Income Fleet update Q3–Q4 2026 QTD | De-risking fleet modernization Two NB delivered • One MR2 vessel – fixed at $23,400 net per day for about five years • One 7,900 TEU containership – fixed at $42,463 net per day for about four years Continuously modernizing fleet by leveraging market strength $30.8m sales One capesize vessel – age of 17 years 6 Staggered maturity profile — no near-term refinancing cliff Strong liquidity base creates optionality Note: See slides 9, 13, 14, 15 and 28 (1) Net LTV is defined as debt less cash divided by vessel values for in the water fleet; (2) 44 unencumbered vessels and 18 vessels under unutilized revolvers as of September 30, 2026; (3) Assuming floor rate on one NB Capesize vessel Recent Developments 52% of debt carry no LTV covenants $735m Long-term contracted revenue • $537m from eight containerships • $145m from four tanker vessels • $ 53m minimum(3) from two dry bulkers $703m acquisitions Seven NB vessels • $488m for four 10,100 TEU containerships • $124m for one VLCC • $ 91m for two MR2s (3)
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30.2 28.2 Q2 2024(2) Current Q4 2026(3) 7 (1) Average of analysts’ estimate of company’s NAV per unit: Clarksons: $191.2, Fearnleys: $185; DNB: $200, Arctic: $193; Jefferies: $181.2; ABG: $172; (2) Commencement of the initial $100m program; (3) As of October 26, 2026; (4) Average of Arctic, Fearnleys, Jefferies, Clarksons, ABG and DNB’s estimates, where available; (5) NAV accretion is calculated as the sum of: ($187.1 NAV per unit for Q3 2026 x units repurchased in 2026 YTD less price paid in 2026 YTD) plus ($140.3 NAV per unit for Q4 2025 x units repurchased in 2025 less price paid in 2025) plus ($143.2 NAV per unit for Q4 2024 x units repurchased in 2024 less price paid in 2024). Accretion per unit is calculated by dividing each of these amounts by total units outstanding (common and general partner units) as of the relevant date – October 26, 2026 (28,797,068 units), December 31, 2025 (29,287,417 units) and December 31, 2024 (30,316,729 units) – and summing the results $200m Additional to the completed $100m 2024-program $187 Up 108% since Q4 2021 $104.4m Repurchases since Q2 2024(2) ▪ $12.0m in Q3 2026 2.0m Common units repurchased since Q2 2024(2) ▪ 141,392 in Q3 2026 $48m Total capital returned in Q3 2026 LTM ▪ Incl. $6m cash distributions $202m NAV accretion (2024 - 2026 YTD)(5) Common units outstanding (m) 89.9 111.0 117.6 143.2 140.3 187.1 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q3 2026 Analysts’ estimated NAV per unit ($)(4) Returning capital to unitholders – Track record Compounding value for unitholders Cumulative 2024-2026 YTD $6.9 Common unit repurchase program authorized in 2026 Analysts’ estimated NAV per unit(1) Accretion per unit(5)
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Executing in a Dynamic Environment Building liquidity(2) Building NAV Deleveraging Note: All historical numbers as reported in the relevant periods (1) As of October 26, 2026; (2) Includes undrawn amounts under revolving credit facilities; (3) Vessel value pro forma for the NB vessels, based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research 175 296 312 580 657 2022 2023 2024 2025 Q3 2026 Liquidity, $m 4.4 4.5 5.9 6.6 8.7 2.2 3.7 2022 2023 2024 2025(3) Q3 2026(3) 8.8 12.4 Vessel value, $bn Net Loan-to-Value, % 45.0% 38.2% 34.8% 30.9% 23.1% 2022 2023 2024 2025 Q3 2026 Contracted revenue, $bn 3.4 3.3 3.6 3.8 5.0 2022 2023 2024 2025 Q3 2026(1) Maintaining contracted revenue Assessing risks and uncertainties ◼ Mercantilism ◼ Tariffs ◼ Changing trade patterns ◼ Conflicts ◼ New opportunities While continuously executing strategy 8 Creating revenue stability 2022 2023 2024 2025 Q3 2026 LTM 817 798 757 745 1,006 EBITDA, $m
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Q4 2026E: $133.6m contracted revenue in excess of cash operating cost Operating Cash Flow Q4 2026E – 2027E Remaining Open / index days 2,713 (20%) Fixed days at avg. net daily rate of $31,837 10,972 (80%) 13,685 Available days $/day 15,764 31,837 Cash operating cost comparison with contracted revenue ($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 October 26, 2026 for floating-rate debt) and ordinary debt repayments. Excludes payment of distributions, unit repurchases and capex; All fleet data as of October 26, 2026; Available days may change depending on sales and purchases of vessels or other factors 215.7 349.3 Cash operating cost Contracted revenue +133.6 9 FY 2027E : $4.0m contracted revenue in excess of cash operating cost Remaining Open / index days 25,220 (44%) Fixed days at avg. net daily rate of $29,605 32,727 (56%) 57,947 Available days $/day 16,651 29,605 Cash operating cost comparison with contracted revenue ($m) 964.9 968.9 Cash operating cost Contracted revenue +4.0
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$5.0bn Contracted Revenue 0.3 (6%) Dry bulk 2.6 (52%) Containerships2.1 (42%) Tankers 349 969 914 829 629 472 797 Q4 2026 2027 2028 2029 2030 2031 2032- 2037 Contracted revenue by segment, $bn Broad exposure to credit quality counterparties Contracted revenue by counterparty, % 10 Contracted revenue update Q3 – Q4 2026 QTD $735.1m - ▪ $536.6m — eight containerships ➢ $393.4m — four NB containerships • $48,263 average net/day for about 5.6 years ➢ $143.2m — four 4,250 TEU • $34,125 net/day for about three years ▪ $145.1m — four tankers ➢ $84.0m — two NB MR2s • $23,400 net/day for about five years ➢ $39.2m — one LR1 • $47,694 net/day for about two years ➢ $21.9m — one MR2 • $28,763 net/day for about two years ▪ $53.4m minimum(1) — two dry bulk vessels ➢ $44.1m minimum(1) — one NB capesize • Floor rate of ~ $26,000 per day for a period of about five years plus profit sharing ➢ $9.3m — one panamax • $16,500 net/day for about 1.5 years Contracted revenue by year, $m (1) Assuming floor rate on one NB capesize vessel 16% 14% 10% 8% 30% 5% 4% 3% 3% 2% 5% Cosco PIL HMM Chevron Centalion Maersk ONE Mercuria P66 Other ZIM
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Fleet Update Note: All data as of October 26, 2026 11 S&P Q3–Q4 2026 QTD Newbuilding program Fleet profile Acquisitions $703.2m ■ $488.0m acquisition of four newbuilding scrubber/shore-power-fitted 10,100 TEU containerships ➢ Expected delivery in H2 2028 and H1 2029 ■ $124.0m acquisition of one newbuilding scrubber-fitted VLCC ➢ Expected delivery in Q4 2029 ■ $91.2m acquisition of two newbuilding scrubber-fitted MR2s ➢ Expected delivery in H2 2029 Investment & contracted revenue by segment ($bn) 182 vessels Full fleet Fleet breakdown by age group and segment (# vessels) Sales $30.8m ■ Gross sale price ➢ $30.8m for one capesize vessel – age of 17 years Deliveries Two NB vessels ■ Delivery of two newbuilding vessels ➢ One MR2 vessel chartered-out for about five years at $23,400 net daily rate ➢ One 7,900 TEU containership chartered- out for about four years at $42,463 net daily rate 11 11 19 24 24 3 28 35 19 6 NB-5 years 5-10 years 210-15 years 15+ Years 70 14 40 58 Dry bulk Containerships Tankers $0.2 $1.2 $1.7 $0.1 $0.9 $1.3 Dry bulk (3 vessels) Containerships (10 vessels) Tankers (21 vessels) Investment Contracted revenue 34 Newbuilding vessels $3.1bn Total investment $2.3bn Contracted revenue
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Selected Segment Data A diversified fleet with revenue visibility and measured market exposure Full fleet 182 vessels across three segments Average age 8.5 years 38% below industry average Contracted revenue $5.0bn backlog through 2037 Dry bulk 65 vessels 11.7 average age 8.8m dwt Vessel value(2) In the water fleet $2.5bn Contracted revenue $283m Available days FY 2027E 22,630 Fixed days FY 2027E 13% Open / index days FY 2027E 87% Open days provide upside to stronger rates Containerships 54 vessels 9.0 average age 323k TEU $2.6bn $2.6bn Available days FY 2027E 17,295 Fixed days FY 2027E 98% Open / index days FY 2027E 2% Fixed book supports cash-flow visibility Tankers 63 vessels 4.9 average age 8.5m dwt $3.6bn $2.1bn Available days FY 2027E 18,022 Fixed days FY 2027E 72% Open / index days FY 2027E 28% Youngest fleet with contracted base and upside 44% 25,220 Open / index days FY 2027E Note: All operating data as of October 26, 2026; available days may change depending on sales and purchases of vessels or oth er factors (1) Approximate charter-free fleet values pro forma for the NB vessels, based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of October 2026; (2) Approximate charter-free fleet values based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of October 2026 for in the water fleet as of September 30, 2026 (excludes newbuildings); includes $1,031.1m for three kamsarmaxes and four VLCCs under bareboat-in agreements that have been classified as operating leases in company’s balance sheet Vessel value $12.4bn charter-free vessel value, full fleet(1) 57,947 Available days FY 2027E 56% 32,727 Fixed days FY 2027E Scale – visibility + upside 12 Contracted revenue Contracted revenue Vessel value(2) In the water fleet Vessel value(2) In the water fleet
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Earnings Highlights Earnings highlights ($th) except per unit data, TCE, Opex, active vessels and days Three Months Ended September 30, 2026(1) Three Months Ended September 30, 2025(2) Nine Months Ended September 30, 2026(3) Nine Months Ended September 30, 2025(4) Revenue $431,964 $346,923 $1,199,137 $978,593 EBITDA(5) $293,870 $193,947 $781,717 $519,791 Adjusted EBITDA(5) $271,957 $194,040 $718,268 $520,213 Net income $185,658 $56,332 $459,921 $168,006 Adjusted net income(5) $163,745 $83,702 $396,472 $195,705 Earnings per common unit basic $6.42 $1.90 $15.83 $5.62 Operating highlights TCE Combined (per day) $30,371 $24,167 $28,209 $22,825 TCE Dry bulk (per day) $25,708 $17,976 $22,332 $15,369 TCE Containerships (per day) $31,619 $31,832 $31,504 $31,213 TCE Tankers (per day) $36,183 $26,238 $33,897 $26,290 Opex Combined (per day)(6) $7,320 $6,798 $7,223 $6,961 Active vessels 150 152 150 152 Available days(5) 13,479 13,443 39,735 40,287 Opex days(5) 13,458 13,994 40,018 41,283 (1) Includes $2.2m 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 $21.9m gain related to the sale of our vessels. (2) Includes $6.3m positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis. Adjusted EBITDA excludes a $0.1m net loss related to the sale of our vessels. Adjusted net income excludes the item referred to in Adjusted EBITDA as well as a $27.3m accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. (3) Includes $12.5m 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 $63.4m net gain related to the sale of our vessels. (4) Includes $10.1m positive adjustment relating to the impact of accounting for variable rate charters on a straight line basis. Adjusted EBITDA excludes a $0.4m net loss related to the sale of our vessels. Adjusted net income excludes the item referred to in Adjusted EBITDA as well as a $27.3m accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels. (5) See slide 28 (6) Includes management fees 13
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Balance Sheet ($th) September 30, 2026 (unaudited) December 31, 2025 (unaudited) Cash & cash equivalents(1) 508,353 413,452 Other current assets 132,280 98,600 Vessels, net 4,714,760 4,389,868 Other non-current assets 1,064,932 1,027,066 Total assets 6,420,325 5,928,986 Other current liabilities 188,905 177,781 Senior unsecured bonds, net 325,168 294,392 Long-term borrowings, including current portion, net 1,921,676 1,865,194 Other non-current liabilities 217,521 250,873 Total partners’ capital 3,767,055 3,340,746 Total liabilities & partners’ capital 6,420,325 5,928,986 Net debt / book Capitalization 28.9% 31.7% 14(1) Includes: (i) restricted cash of $0 and $0.2m as of September 30, 2026 and December 31, 2025, respectively; and (ii) time deposits over three months of $145.0m and $10.5m as of September 30, 2026 and December 31, 2025, respectively
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Debt Highlights Debt update ◼ $2.4bn aggregate value of debt-free vessels ➢ 62 debt-free vessels • $1.6bn from 44 unencumbered vessels • $0.8bn from 18 vessels under unutilized revolvers ◼ $90m voluntary bank debt prepayments in Q3 2026 ➢ Resulting in seven debt-free vessels ◼ Current weighted average interest rate of total debt = 6.0% (2) ➢ 44% of debt at fixed average interest rate of 6.3% ➢ 56% of debt at floating average interest rate of 5.8% • 1.7% average margin for floating-rate debt ◼ $2.2bn debt(3) on newbuilding vessels ➢ $568m arranged • $329m without any commitment fee • 1.4% average margin for floating-rate debt ◼ $136.3m financing Q3 – Q4 2026 QTD ➢ $45.9m – financing for the acquisition of one NB Aframax/LR2 • 1.5% margin; seven years term ➢ $90.4m – financing for the acquisition of two NB Aframax/LR2s • 0.4% margin for cash-collateralized part & 1.30% for the remaining; seven years term (1) Debt: (i) includes $312.8m 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) excludes: a) $74.2m of pre-delivery financing for two newbuilding vessels; and b) undrawn committed financing for newbuilding vessels; (2) Current weighted average interest rate is calculated based on the 3M SOFR as of October 26, 2026 for floating-rate debt; (3) Includes $1,640.2m estimated debt, currently under discussion/in documentation, assuming 70% financing for 23 newbuilding vessels; (4) Includes operating leases, finance leases and sale and leaseback agreements as of September 30, 2026 Key metrics (as of September 30, 2026) Debt(1) per type, $m Diversified interest rate exposure, $m Pro forma debt maturity profile, $m 15 5 33 265 423 2026 2027 2028 28 28 2029 11 38 330 2030 2031+ 56 379 688 Fixed interest rate Floating interest rate Senior unsecured bond 996 1,185 330 2,511 Bank loans Leases(4) Senior unsecured bond Total 2,511 1,405 (56%) Floating interest rate 1,106 (44%) Fixed interest rate Debt(1)
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Industry Overview
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Dry Bulk Industry Overview
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Global seaborne dry bulk trade Bn ton miles Dry bulk fleet: Age composition and profile 13% 26% 19% 42% 15% 0 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 ◼ Global seaborne dry bulk trade reached a record high 6.0 billion metric tons in 2025, (+1.5% YoY). 2026 forecast is for 2.6% growth. ◼ 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 of about 15% combined with about 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 ◼ The fleet is forecast to grow 3.8% in 2026 with ~167 new bulk carriers due for delivery in the rest of the year, led by Panamaxes and Supramaxes Source: Clarksons SIN Fleet as of 10/19/26 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 2028 +4% CAGR Dry Bulk Fundamentals 18
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60 60 15 15 20 10 180 0 20 40 60 80 100 120 140 160 180 200 Additional iron ore volumes, m tons Source: Clarksons SIN, Vale, Rio Tinto, Arcelor Mittal, cape orderbook as of 10/19/26 (366 total; 228 due through 2028) 105 Days RV 90 Days RV 35 Days RV 249 228 200 210 220 230 240 250 260 Incremental Cape Demand Capesize Orderbook '26- '28 Key insights ◼ Simandou project in Guinea, starting up in 2025, will add a total of 120 million tons of annual export capacity. Project is now ramping up after late 2025 start; exports exceeded 20.0 mt Oct 20 YTD ◼ In Brazil, Vale is increasing capacity at Vargem, Capanema and S11D by a total of 50 million tons by the end of 2026 ◼ Arcelor Mittal signed an agreement on 1/30/26 to expand iron ore production in Liberia to 20 million tons in 2026 from about 10 million tons last year ◼ Even if these volumes replace Australian volumes, ramp-up will have a significant positive effect on ton-mile demand growth due to the longer sailing distances involved ◼ Ramp-up in Atlantic Basin iron ore volumes will absorb more than the expected Capesize deliveries during that period. ◼ Other new W African iron ore projects have recently been announced but are pending final investment decisions Additional iron ore volumes, m tons More Atlantic Basin Iron Ore to Drive Demand Growth 19
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Tanker Industry Overview
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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 60 70 <=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 22% 26% 10% 42% 26% ◼ Despite growing ordering activity, the orderbook at 26% of the sailing fleet is about the same as the overage fleet (20+ yrs). Furthermore, the tanker fleet is ageing rapidly on the back of several years of underinvestment 1% 7% 9% 8% 22% 26% 31% 37% 48% 53% 56% 58% 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 18 41 49 61 -28 -23 -29 -33 -13 -8 -18 -26 2025 2026 2027 2028 Deliveries Turning 20yrs Turning 25yrs -23 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 as of 10/19/26 and fleet w/o removals or deliveries 10 1 2 Tanker Fundamentals – Orderbook Mitigated by Age Profile 21
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Operational VLCC Fleet – 28% of the fleet in STS or restricted trading leading to high rates Source: Kpler (10/9/26), Clarksons * STS defined as VLCC performing short (GoO) or long (WCI or Malaysia) shuttle trips ** Total VLCC attacked from 3/1/26 to 10/19/26 = 33 (Excludes NITC VLCCs) ▪ Crude volumes at sea have now almost recovered to pre war volumes, particularly ex Arabian Gulf ▪ VLCCs now being used in shuttle service from inside the Arabian Gulf to ship to ship (STS) transfer operations in the Gulf of Oman and off West Coast India ▪ VLCC rate reached an all time high on the TD3C route of over $1.4 million per day ➢ VLCC rates also elevated due to the shortage of ships generally and the inefficiencies involved in STS operations ▪ Some cargo splitting and utilization of smaller ships to move cargo that the VLCC fleet cannot transport, raising rates for Suezmaxes and Afras ▪ IEA coordinating release of 100 MBbls crude and diesel over next 4 months will continue to support crude tanker rates ▪ Even after war ends and disruptions disappear, Aramco CEO said inventories are “scarily thin” and will take 2 years to rebuild which will support VLCC rates 22 Total VLCC Fleet No. Vsls Pct 938 100% STS* 63 7% NITC (Iranian fleet not trading/damaged) 38 4% Sanctioned (170 – 38 excl NITC) 132 14% Damaged since 1 August** 17 2% Dedicated Storage 14 1% Trading 674 72% VLCC Fleet by Vessel Number 7% 4% 14% 2% 1% 72% STS* NITC (not trading/damaged) Sanctioned (excl Iran) Damaged since 8/1 Dedicated Storage Trading VLCC Fleet Utilization by Percent
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Middle East Crude Flows Source: Kpler, Middle East Regional Flows Dashboard; * Loaded outside the Gulf = Fujairah + Oman terminal loadings + Red Sea loadings ▪ Total Middle East crude flows including direct to end users, via ship-to-ship (STS) or via export pipelines to the Red Sea, UAE or Oman are at pre war volumes ▪ Volumes exclude any Iranian crude due to the US blockade on trade into or out of Iran ▪ STS capacity is constrained with operations moving further into the Gulf of Oman and to the West Coast of India ▪ TD3C (MEG–China) averaged $1,347,264/day up to 23 Oct and TD34 (Gulf of Oman–China) $833,981/day. On 8 Oct 2026, TD3C-TCE reached an all time high of $1,412,594/day ▪ About 63 VLCCs are engaged in shuttling crude out of the Middle East Gulf, leaving fewer VLCCs to transport cargoes to final destinations, raising all crude tanker rates 1,347,264 833,981 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 Jan-2026 Mar-2026 May-2026 Jul-2026 Sep-2026 $/Day TD3C TCE TD34 TCE BDTI TD3C-TCE & BDTI TD34 TCE (Monthly Average) 14.2 14.4 0.2 1.0 1.7 5.1 4.9 4.5 8.4 9.8 0.3 0.6 0.7 0.8 1.5 2.0 1.4 2.6 2.9 5.8 6.9 6.2 7.2 6.7 5.5 6.7 6.0 16.9 17.3 6.0 8.2 8.5 13.1 12.5 11.5 17.1 17.2 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 1–23 Oct 2026 Mbpd Hormuz transits STS off Oman (net) Loaded outside the Gulf Total Middle East Crude Oil Flows – Back to Pre Conflict levels TD3C: MEG to China TD34: Gulf of Oman to China 23
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Container Industry Overview
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37% 23% 17% 6% 10% 7% 3% 1% 31% 52% 59% 49% 0% 20% 40% 60% 80% 17,000+ 12-16,999 8-11,999 6-7,999 3-5,999 <3,000 20+ yrs in 2029 % fleet Obook % fleet Significant large size ordering Age problem for small sizes Supply growth by segment Trade growth by trade lane 3x 30x 11x 10x 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 0.4% 9.0% 4.6%4.4% -0.8% 4.1% 2.2% 6.2% 3.9% -2% 0% 2% 4% 6% 8% 10% Mainlane Non-mainlane World total 2025 2026 2027 NMM presence Source: Clarksons SIN Container Market 2.1% 2.3% 6.1% 17.5% 6.1% 7.1% 2.4% 3.3% 4.8% 7.8% 3.8% 4.7% 7.1% 7.3% 7.5% 10.7% 15.6% 9.5% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% <3,000 3-7,999 8-11,999 12-16,999 17,000+ Total 2025 2026 2027 25
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Appendix
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Diversification in Action (1) Approximate charter-free fleet values of NMM’s 150 vessels (in the water as of September 30, 2026) based upon average publicly available valuations derived from VesselsValue and Clarksons’ Research as of October 2026 for Q3 2026 and February 2026 for Q4 2025. Vessel additions during the 9M 2026 assumed at same values for both periods. Does not include newbuilding vessels; (2) All fleet data as of October 26, 2026; 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 67% fixed $26,320 net per day Kamsarmax/ Panamax 48% fixed Total 57% fixed $24,048 net per day Ultra Handymax 26% fixed $19,774 net per day $21,157 net per day Q4 2026E available days: 5,710 5,300 – 10,000 TEU 100% fixed $34,742 net per day 4,250 TEU 100% fixed Total 100% fixed $32,053 net per day <4,000TEU 100% fixed $30,160 net per day $27,839 net per day Q4 2026E available days: 4,112 VLCC 72% fixed $126,080 net per day LR1/LR2 95% fixed Total 93% fixed $38,644 net per day MRs 100% fixed $28,600 net per day $23,170 net per day Q4 2026E available days: 3,863 ◼ 13,685 total available days ◼ 10,972 (80%) available days fixed at an average rate of $31,837 net per day ◼ 2,713 (20%) available days with market exposure Countering Segment Specific Volatility 7,164 8,654 Vessel values Q4 2025 315 +14% Dry bulk 75 +3% Containerships 1,100 +44% Tankers Vessel values Q3 2026 +21% Diversification mitigates individual segment volatility Dry bulk vessels : +14% Containerships : +3% Tankers : +44% Total Fleet : +21% Q4 2026E Charter Coverage(2) Vessel values(1) volatility per segment, $m Dry bulk Containerships 27
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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 in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and bond premium; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii) 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 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) three newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and during 2029; (ii) ten newbuilding containerships (two 7,900 TEU containerships, four 8,850 TEU containerships and four 10,100 TEU containerships) that are expected to be delivered through the first half of 2029; and (iii) 21 newbuilding tankers (eight VLCC tankers, eight aframax/LR2 and five MR2 product tanker vessels, of which three are chartered-in vessels under bareboat contracts) that are expected to be delivered through 2029. The fleet excludes a 4,730 TEU containership that has been agreed to be sold. For fleet employment details please visit Navios Partners website (www.navios-mlp.com/fleet/). Definitions 28
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