Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2026

• Revenue:
  • $357.0 million for Q1 2026
• Net income:
  • $106.3 million for Q1 2026
• Earnings per common unit:
  • $3.64 for Q1 2026
• Net cash from operating activities:
  • $126.6 million for Q1 2026
• EBITDA:
  • $212.7 million for Q1 2026
• Returning capital to unitholders:
  • 1,759,769 common units repurchased in 2024 - 2026 (through May 15) for $83.6 million
    • 240,502 common units repurchased in 2026 (through May 15) for $15.6 million
  • $0.06 cash distribution per unit for Q1 2026; $0.24 per unit annualized for 2026
• Sales and purchases in 2026 YTD:
  • $616.3 million acquisition cost of six newbuilding scrubber-fitted vessels
    • $482.0 million for four VLCC tankers
    • $134.3 million for two capesize vessels
  • $189.3 million gross sale proceeds from the sale of five vessels; average age of 17.0 years
    • $136.5 million from two VLCC tankers
    • $  30.0 million from a 4,730 TEU containership
    • $  22.8 million from two dry bulk vessels
  • Five newbuilding vessels delivered
• $4.1 billion contracted revenue as of May 2026
  
  
  
  

PIRAEUS, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the first quarter ended March 31, 2026.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "I am pleased with the results for the first quarter of 2026 in which we reported net income of $106.3 million and EBITDA of $212.7 million. Earnings per common unit were $3.64 for the quarter, and we announced a $0.06 cash distribution per unit for the quarter."

Angeliki Frangou continued, "We are witnessing the emergence of a new world order - one in which trade is used as an instrument of national policy. National security considerations are increasingly central to the decision-making process, and governments are asserting greater control over strategic supply chains. The Iranian conflict underscores this shift. It also focused global awareness on the critical importance of the Strait of Hormuz, a vital artery for the movement of essential commodities - from LNG and crude oil to refined products and fertilizers. We expect this conflict to have lasting implications on trade, as countries and companies diversify supply routes to safer areas. It is too early to assess the long-term impact, and we are monitoring developments closely."

Common unit repurchases

Pursuant to its previously announced common unit repurchase program, as of May 15, 2026, Navios Partners had repurchased 240,502 common units in 2026 and 1,759,769 common units since the commencement of the program, for aggregate cash consideration of approximately $15.6 million and $83.6 million, respectively. As of May 15, 2026, there were 28,424,619 common units outstanding.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2026 of $0.06 per unit. The cash distribution was paid on May 14, 2026 to unitholders of record as of May 11, 2026. The declaration and payment of any cash distributions remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners' cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

Fleet update 2026 YTD

• $616.3 million acquisition cost of six newbuilding scrubber-fitted vessels
  
  
  
  
  • $482.0 million acquisition cost of four newbuilding scrubber-fitted VLCC tankers
    
    

In May 2026, Navios Partners agreed to acquire four newbuilding scrubber-fitted VLCC tankers from an unrelated third party, for an aggregate purchase price of $482.0 million. The vessels are expected to be delivered into Navios Partners' fleet during the second half of 2028. Each vessel has been chartered-out for a firm period of approximately five years at $47,763 net per day, with charterer's option for one additional year at $52,650 net per day. Navios Partners has also secured options to acquire two plus two newbuilding VLCC tankers for future consideration without committing capital.

• • $134.3 million acquisition cost of two Japanese newbuilding scrubber-fitted capesize vessels
    
    

As previously announced, Navios Partners agreed to acquire two Japanese newbuilding scrubber-fitted capesize vessels, from an unrelated third party, under 12-year bareboat-in contracts. Navios Partners has the option to acquire the vessels starting at the end of year four until the end of the charter period. Assuming the exercise of the option at the end of the 12-year period, the bareboat agreements reflect an aggregate implied purchase price of approximately $134.3 million and an implied effective interest rate of about 6.0%. The vessels are expected to be delivered into Navios Partners' fleet during the second half of 2028 and the first quarter of 2029. The vessels have been chartered-out for a period of about five years at an average floor rate of approximately $25,000 per day, with 50% profit sharing above the floor rate calculated based on C5TC 182 index plus an average fixed premium of around $3,000 per day.

• $189.3 million gross sale proceeds from the sale of five vessels with an average age of 17.0 years
  
   
  • $136.5 million gross sale proceeds from the sale of two VLCC tankers
    
    

In January 2026, Navios Partners agreed to sell a 2009-built VLCC tanker of 296,945 dwt and a 2011-built VLCC tanker of 297,491 dwt, to an unrelated third party, for an aggregate gross sale price of $136.5 million. The sale of the 2011-built VLCC tanker was completed in April 2026 and the sale of the 2009-built VLCC tanker is expected to be completed in the second quarter of 2026.

• • $ 30.0 million gross sale proceeds from the sale of a 4,730 TEU containership
    
    

In March 2026, Navios Partners completed the sale of a 2008-built 4,730 TEU containership, to an unrelated third party, for a gross sale price of $30.0 million.

• • $ 22.8 million gross sale proceeds from the sale of two dry bulk vessels
    
    

In March and April 2026, Navios Partners agreed to sell a 2010-built post-panamax of 93,062 dwt and a 2006-built panamax of 75,356 dwt, respectively, to unrelated third parties, for an aggregate gross sale price of $22.8 million. The sale of the 2010-built post-panamax was completed in April 2026 and the sale of the 2006-built panamax is expected to be completed in the second quarter of 2026.

• Five newbuilding vessels delivered
  
  

In May 2026, Navios Partners took delivery of a 2026-built 7,900 TEU methanol-ready and scrubber-fitted containership, which has been chartered-out at a rate of $42,463 net per day for a period of about four years.

In April 2026, Navios Partners took delivery of a 2026-built MR2 product tanker of 49,996 dwt, which has been chartered-out at a rate of $22,669 net per day for a period of about five years.

In each of February, March and April 2026, Navios Partners took delivery of one 2026-built aframax/ LR2 scrubber-fitted tanker. All three tankers have been chartered-out at an average rate of $27,428 net per day for a period of about five years.

• $548.7 million additional contracted revenue agreed; $4.1 billion total contracted revenue
  
  
  
  

Navios Partners has entered into additional long-term charters which are expected to generate revenue of $548.7 million.

• • Six newbuilding tankers have been chartered-out for an average period of about five years at an average rate of $41,268 net per day. The charters for two newbuilding aframax/ LR2 tankers are subject to charterer's final approval.
  • Two containerships have been chartered-out for an average period of 3.1 years at an average rate of $28,986 net per day.
  • Two tankers have been chartered-out for one year at an average rate of $26,069 net per day.
    
    
    
    

Including the above long-term charters, Navios Partners currently has $4.1 billion contracted revenue through 2037.

Operating Highlights

Navios Partners owns and operates a fleet comprised of 65 dry bulk vessels, 51 containerships and 57 tankers, including two newbuilding capesize vessels (chartered-in vessels under bareboat contracts) that are expected to be delivered in the second half of 2028 and the first quarter of 2029, seven newbuilding containerships (three 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028 and 17 newbuilding tankers (four VLCC tankers, nine aframax/LR2 and four MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through 2028. The fleet excludes a VLCC tanker and a panamax vessel that have been agreed to be sold.

As of May 15, 2026, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight voyage agreements for its vessels with a remaining average term of 2.2 years. Navios Partners has currently fixed 73.3% and 46.0% of its available days for the last nine months of 2026 and for 2027, respectively. Navios Partners expects contracted revenue of $829.4 million and $807.4 million for the last nine months of 2026 and for 2027, respectively. The average expected daily charter-out rate for the fleet is $27,859 and $30,124 for the last nine months of 2026 and for 2027, respectively.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods ended March 31, 2026 and 2025. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

	Three Month Period				Three Month Period
	Ended				Ended
	March 31, 2026				March 31, 2025
(in $‘000 except per unit data)	(unaudited)				(unaudited)
Revenue	$	357,007				$	304,112
Net Income	$	106,344				$	41,727
Adjusted Net Income	$	97,760	(1)			$	47,657	(2)
Net cash provided by operating activities	$	126,643				$	156,552
EBITDA	$	212,696				$	147,608
Adjusted EBITDA	$	204,112	(1)			$	153,538	(2)
Earnings per Common Unit basic	$	3.64				$	1.38
Earnings per Common Unit diluted	$	3.64				$	1.38
Adjusted Earnings per Common Unit basic	$	3.35	(1)			$	1.58	(2)
Adjusted Earnings per Common Unit diluted	$	3.35	(1)			$	1.58	(2)

(1)	Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2026 have been adjusted to exclude an $8.6 million gain related to the sale of our vessels.
(2)	Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2025 have been adjusted to exclude a $5.9 million loss related to the sale of our vessels.

Three month periods ended March 31, 2026 and 2025

Time charter and voyage revenues for the three month period ended March 31, 2026 increased by $52.9 million, or 17.4%, to $357.0 million, as compared to $304.1 million for the same period in 2025. The increase in revenue was mainly attributable to the increase in the Time Charter Equivalent ("TCE") rate. For the three month periods ended March 31, 2026 and 2025, time charter and voyage revenues were positively affected by $7.5 million and negatively affected by $2.6 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 20.7% to $25,679 per day, as compared to $21,271 per day for the same period in 2025. The available days of the fleet decreased by 2.6% to 13,104 days for the three month period ended March 31, 2026, as compared to 13,456 days for the same period in 2025.

EBITDA of Navios Partners for the three month periods ended March 31, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA increased by $50.6 million to $204.1 million for the three month period ended March 31, 2026, as compared to $153.5 million for the same period in 2025. The increase in Adjusted EBITDA was due to a: (i) $52.9 million increase in time charter and voyage revenues; and (ii) $0.6 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $1.8 million increase in general and administrative expenses mainly due to higher euro-dollar exchange rate prevailing during the first quarter of 2026; (ii) $0.9 million increase in time charter and voyage expenses; and (iii) $0.2 million increase in vessel operating expenses as a result of the change in the composition of our fleet and a 3.1% increase in the opex daily rate to $7,197, partially mitigated by a decrease of 2.8% in the opex days.

Net Income for the three month periods ended March 31, 2026 and 2025 was affected by the item described in the table above. Excluding this item, Adjusted Net Income increased by $50.1 million to $97.8 million for the three month period ended March 31, 2026, as compared to $47.7 million for the same period in 2025. The increase in Adjusted Net Income was due to a: (i) $50.6 million increase in Adjusted EBITDA; and (ii) $2.9 million decrease in interest expense and finance cost, net. The above increase was partially mitigated by a: (i) $3.1 million increase in depreciation and amortization; (ii) $0.2 million decrease in amortization of unfavorable lease terms; and (iii) $0.1 million decrease in interest income.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2026 and 2025.

	Three Month Period Ended					Three Month Period Ended
	March 31, 2026					March 31, 2025
	(unaudited)					(unaudited)
Available Days(1)		13,104					13,456
Operating Days(2)		13,037					13,349
Fleet Utilization(3)		99.5%					99.2%
Opex Days(4)		13,201					13,586
TCE rate Combined (per day)(5)	$	25,679				$	21,271
TCE rate Dry Bulk (per day)(5)	$	17,632				$	12,722
TCE rate Containerships (per day)(5)	$	31,696				$	30,501
TCE rate Tankers (per day)(5)	$	32,209				$	26,082
Opex rate Combined (per day)(6)	$	7,197				$	6,981
Vessels operating at period end		148					154

(1)	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.
(2)	Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels were off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
(3)	Fleet utilization is the percentage of time that Navios Partners' vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels were off-hire for reasons other than scheduled repairs, drydockings or special surveys.
(4)	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.
(5)	TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.
(6)	Opex rate: Opex rate per day is defined as vessel operating expenses (including management fees) divided by the number of opex days during the period.

Conference Call Details:

Navios Partners' management will host a conference call on Thursday, May 21, 2026 to discuss the results for the first quarter ended March 31, 2026.

Call Date/Time: Thursday, May 21, 2026 at 8:30 am ET

Call Title: Navios Partners Q1 2026 Financial Results Conference Call 

US Dial In: +1.800.267.6316

International Dial In: +1.203.518.9783

Conference ID: NMMQ126

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.839.5247

International Replay Dial In: +1.402.220.2703



Slides and audio webcast:

There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under "Investors". Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the "Investors" section at 8:00 am ET on the day of the call. 

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE:NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release 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, 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, 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.

Contacts

Navios Maritime Partners L.P.

+1.212.906.8645

Investors@navios-mlp.com 

Nicolas Bornozis

Capital Link, Inc.

naviospartners@capitallink.com



EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars)
		March 31, 2026 (unaudited)				December 31, 2025 (unaudited)
ASSETS
Cash and cash equivalents, including restricted cash and time deposits over three months(1)		$	421,190			$	413,452
Other current assets			111,870				98,600
Total current assets			533,060				512,052
Vessels, net			4,454,147				4,389,868
Other non-current assets			1,020,179				1,027,066
Total non-current assets			5,474,326				5,416,934
Total assets		$	6,007,386			$	5,928,986
LIABILITIES AND PARTNERS' CAPITAL
Other current liabilities		$	163,946			$	177,781
Current portion of borrowings, net			203,513				277,365
Total current liabilities			367,459				455,146
Senior unsecured bond, net			294,433				294,392
Non-current portion of borrowings, net			1,673,217				1,587,829
Other non-current liabilities			236,162				250,873
Total non-current liabilities			2,203,812				2,133,094
Total liabilities		$	2,571,271			$	2,588,240
Total partners' capital			3,436,115				3,340,746
Total liabilities and partners' capital		$	6,007,386			$	5,928,986

(1)	Includes time deposits with duration over three months of $10.0 million and $10.5 million as of March 31, 2026 and December 31, 2025, respectively.

NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except per unit data)
		Three Month				Three Month
		Period Ended				Period Ended
		March 31, 2026				March 31, 2025
		(unaudited)				(unaudited)
Time charter and voyage revenues		$	357,007			$	304,112
Time charter and voyage expenses			(30,918)				(30,017)
Vessel operating expenses (including management fees)			(95,002)				(94,842)
General and administrative expenses			(23,832)				(21,972)
Depreciation and amortization			(81,657)				(78,645)
Amortization of unfavorable lease terms			2,645				2,880
Gain/ (loss) on sale of vessels, net			8,584				(5,930)
Interest expense and finance cost, net			(30,599)				(33,510)
Interest income			3,259				3,394
Other expense, net			(3,143)				(3,743)
Net income		$	106,344			$	41,727

Earnings per unit:

		Three Month				Three Month
		Period Ended				Period Ended
		March 31, 2026				March 31, 2025
		(unaudited)				(unaudited)
Earnings per unit:
Earnings per common unit, basic		$	3.64			$	1.38
Earnings per common unit, diluted		$	3.64			$	1.38

NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)
		Three Month Period Ended March 31, 2026				Three Month Period Ended March 31, 2025
		(unaudited)				(unaudited)
Net cash provided by operating activities		$	126,643			$	156,552
Net cash used in investing activities		$	(162,433)			$	(134,147)
Net cash provided by/ (used in) financing activities		$	43,980			$	(630)
Increase in cash, cash equivalents and restricted cash		$	8,190			$	21,775

EXHIBIT 2

Owned Dry Bulk Vessels		Type		Built		Capacity (DWT)
Navios Christine B		Ultra-Handymax		2009		58,058
Navios Celestial		Ultra-Handymax		2009		58,063
Navios Venus		Ultra-Handymax		2015		61,339
Navios La Paix		Ultra-Handymax		2014		61,485
N Amalthia(1)		Panamax		2006		75,356
Navios Victory		Panamax		2014		77,095
Rainbow N		Panamax		2011		79,602
Unity N		Panamax		2011		79,642
Odysseus N		Panamax		2011		79,642
Navios Amber		Kamsarmax		2015		80,909
Navios Avior		Kamsarmax		2012		81,355
Navios Centaurus		Kamsarmax		2012		81,472
Navios Citrine		Kamsarmax		2017		81,626
Navios Dolphin		Kamsarmax		2017		81,630
Navios Horizon I		Kamsarmax		2019		81,692
Navios Galaxy II		Kamsarmax		2020		81,789
Navios Uranus		Kamsarmax		2019		81,821
Navios Felicity I		Kamsarmax		2020		81,962
Navios Primavera		Kamsarmax		2022		82,003
Navios Meridian		Kamsarmax		2023		82,010
Navios Herakles I		Kamsarmax		2019		82,036
Navios Magellan II		Kamsarmax		2020		82,037
Navios Sky		Kamsarmax		2015		82,056
Navios Alegria		Kamsarmax		2016		84,852
Navios Sphera		Kamsarmax		2016		84,872
Navios Coral		Kamsarmax		2016		84,904
Navios Stellar		Capesize		2009		168,818
Navios Aurora II		Capesize		2009		169,031
Navios Antares		Capesize		2010		169,059
Navios Symphony		Capesize		2010		177,960
Navios Ace		Capesize		2011		178,929
Navios Aster		Capesize		2010		178,978
Navios Melodia		Capesize		2010		178,982
Navios Buena Ventura		Capesize		2010		179,109
Navios Luz		Capesize		2010		179,144
Navios Altamira		Capesize		2011		179,165
Navios Azimuth		Capesize		2011		179,169
Navios Bonheur		Capesize		2010		179,204
Navios Etoile		Capesize		2010		179,234
Navios Fulvia		Capesize		2010		179,263
Navios Ray		Capesize		2012		179,515
Navios Happiness		Capesize		2009		180,022
Navios Bonavis		Capesize		2009		180,022
Navios Fantastiks		Capesize		2005		180,055
Navios Phoenix		Capesize		2009		180,060
Navios Sol		Capesize		2009		180,274
Navios Lumen		Capesize		2009		180,493
Navios Canary		Capesize		2015		180,528
Navios Pollux		Capesize		2009		180,727
Navios Gem		Capesize		2014		181,206
Navios Joy		Capesize		2013		181,215
Navios Felix		Capesize		2016		181,221
Navios Corali		Capesize		2015		181,249
Navios Mars		Capesize		2016		181,259
Navios Koyo		Capesize		2011		181,415
Navios Azalea		Capesize		2022		182,064
Navios Armonia		Capesize		2022		182,079
Navios Altair		Capesize		2023		182,115
Navios Sakura		Capesize		2023		182,169
Navios Amethyst		Capesize		2023		182,212
Navios Astra		Capesize		2022		182,393

Owned Containerships		Type		Built		Capacity (TEU)
Spectrum N		Containership		2009		2,546
Fleur N		Containership		2012		2,782
Ete N		Containership		2012		2,782
Navios Summer		Containership		2006		3,450
Navios Verano		Containership		2006		3,450
Matson Lanai		Containership		2007		4,250
Navios Verde		Containership		2007		4,250
Navios Amarillo		Containership		2007		4,250
Navios Vermilion		Containership		2007		4,250
Navios Azure		Containership		2007		4,250
Navios Indigo		Containership		2007		4,250
Navios Domino		Containership		2008		4,250
Matson Oahu		Containership		2008		4,250
Navios Destiny		Containership		2009		4,250
Navios Devotion		Containership		2009		4,250
Navios Lapis		Containership		2009		4,250
Navios Dorado		Containership		2010		4,250
Carmel I		Containership		2010		4,360
Zim Baltimore		Containership		2010		4,360
Navios Bahamas		Containership		2010		4,360
Navios Miami		Containership		2009		4,563
Navios Jasmine		Containership		2008		4,730
Navios Chrysalis		Containership		2008		4,730
Navios Nerine		Containership		2008		4,730
Sparrow		Containership		2023		5,300
Zim Eagle		Containership		2024		5,300
Condor		Containership		2024		5,300
Hawk Ι		Containership		2024		5,300
Zim Falcon		Containership		2024		5,300
Pelican I		Containership		2024		5,300
Seagull		Containership		2024		5,300
Zim Albatross		Containership		2024		5,300
DP World Jeddah		Containership		2024		5,300
DP World Jebel Ali		Containership		2024		5,300
Hyundai Shanghai		Containership		2006		6,800
Hyundai Tokyo		Containership		2006		6,800
Hyundai Hongkong		Containership		2006		6,800
Hyundai Singapore		Containership		2006		6,800
Hyundai Busan		Containership		2006		6,800
HMM Ocean		Containership		2025		7,700
HMM Sky		Containership		2025		7,700
Navios Cyan		Containership		2026		7,900
Navios Unison		Containership		2010		10,000
Navios Constellation		Containership		2011		10,000

Owned Tanker Vessels		Type		Built		Capacity (DWT)
Hector N		MR1 Product Tanker		2008		38,402
Nave Aquila		MR2 Product Tanker		2012		49,991
Nave Atria		MR2 Product Tanker		2012		49,992
Nave Ohana		MR2 Product Tanker		2025		49,994
Nave Capella		MR2 Product Tanker		2013		49,995
Nave Hina		MR2 Product Tanker		2026		49,996
Nave Alderamin		MR2 Product Tanker		2013		49,998
Nave Pyxis		MR2 Product Tanker		2014		49,998
Nave Bellatrix		MR2 Product Tanker		2013		49,999
Nave Orion		MR2 Product Tanker		2013		49,999
Nave Titan		MR2 Product Tanker		2013		49,999
Nave Jupiter		MR2 Product Tanker		2014		49,999
Nave Velocity		MR2 Product Tanker		2015		49,999
Nave Sextans		MR2 Product Tanker		2015		49,999
Nave Luminosity		MR2 Product Tanker		2014		50,240
Bougainville		MR2 Product Tanker		2013		50,626
Nave Cetus		LR1 Product Tanker		2012		74,581
Nave Ariadne		LR1 Product Tanker		2007		74,671
Nave Rigel		LR1 Product Tanker		2013		74,673
Nave Atropos		LR1 Product Tanker		2013		74,695
Nave Cassiopeia		LR1 Product Tanker		2012		74,711
Nave Cielo		LR1 Product Tanker		2007		74,896
Nave Andromeda		LR1 Product Tanker		2011		75,000
Nave Estella		LR1 Product Tanker		2012		75,000
Nave Cosmos		Aframax/LR2		2024		115,651
Nave Polaris		Aframax/LR2		2024		115,699
Nave Photon		Aframax/LR2		2024		115,752
Nave Dorado		Aframax/LR2		2025		115,762
Nave Neutrino		Aframax/LR2		2025		115,807
Nave Perseus		Aframax/LR2		2025		115,812
Nave Amaryllis		Aframax/LR2		2026		116,934
Nave Anthos		Aframax/LR2		2026		116,998
Nave Equator		Aframax/LR2		2026		117,059
Nave Galactic(1)		VLCC		2009		296,945
Nave Universe		VLCC		2011		297,066
Nave Quasar		VLCC		2010		297,376
Nave Synergy		VLCC		2010		309,483

Bareboat-in vessels		Type		Built		Capacity (DWT)		Purchase Option
Navios Star		Kamsarmax		2021		81,994		Yes
Navios Amitie		Kamsarmax		2021		82,002		Yes
Navios Libra		Kamsarmax		2019		82,011		Yes
Nave Electron		VLCC		2021		313,239		Yes
Nave Celeste		VLCC		2022		313,418		Yes
Nave Allegro		VLCC		2020		313,433		Yes
Nave Tempo		VLCC		2021		313,486		Yes

Newbuildings to be delivered		Type		Expected Delivery Date		Capacity (TEU / DWT)
TBN XII		Containership		H2 2026		7,900
TBN XIII		Containership		H2 2026		7,900
TBN XIV		Containership		H1 2027		7,900
TBN XVII		Containership		H2 2027		8,850
TBN XVIII		Containership		H2 2027		8,850
TBN XIX		Containership		H2 2027		8,850
TBN XX		Containership		H1 2028		8,850
TBN I		MR2 Product Tanker		H2 2026		52,000
TBN II		MR2 Product Tanker		H2 2026		52,000
TBN III		MR2 Product Tanker		H1 2027		52,000
TBN IV		MR2 Product Tanker		H1 2027		52,000
TBN V		Aframax/LR2		H2 2026		115,000
TBN VI		Aframax/LR2		H1 2027		115,000
TBN VII		Aframax/LR2		H1 2027		115,000
TBN VIII		Aframax/LR2		H1 2027		115,000
TBN XV		Aframax/LR2		H1 2027		115,000
TBN XVI		Aframax/LR2		H1 2027		115,000
TBN IX		Aframax/LR2		H2 2027		115,000
TBN X		Aframax/LR2		H2 2027		115,000
TBN XI		Aframax/LR2		H1 2028		115,000
TBN XXIII		VLCC		H2 2028		319,000
TBN XXIV		VLCC		H2 2028		319,000
TBN XXV		VLCC		H2 2028		319,000
TBN XXVI		VLCC		H2 2028		319,000
TBN XXI		Capesize		H2 2028		181,500
TBN XXII		Capesize		Q1 2029		181,500

(1)	Vessel agreed to be sold.

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are "non-U.S. GAAP financial measures" and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.

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/ (decrease) in operating assets; (ii) net decrease/ (increase) 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) 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. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.

EXHIBIT 4

Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

		Three Month Period Ended				Three Month Period Ended
		March 31, 2026				March 31, 2025
		($ ‘000)				($ ‘000)
		(unaudited)				(unaudited)
Net cash provided by operating activities		$	126,643			$	156,552
Net increase/ (decrease) in operating assets			30,031				(7,421)
Net decrease/ (increase) in operating liabilities			7,159				(23,046)
Net interest cost			27,340				30,116
Amortization and write-off of deferred finance costs			(1,806)				(1,672)
Amortization of operating lease assets/ liabilities			185				186
Other non-cash adjustments			14,560				(1,177)
Gain/ (loss) on sale of vessels, net			8,584				(5,930)
EBITDA		$	212,696			$	147,608
(Gain)/ loss on sale of vessels, net			(8,584)				5,930
Adjusted EBITDA		$	204,112			$	153,538

		Three Month Period Ended				Three Month Period Ended
		March 31, 2026 ($ ‘000)				March 31, 2025 ($ ‘000)
		(unaudited)				(unaudited)
Net cash provided by operating activities		$	126,643			$	156,552
Net cash used in investing activities		$	(162,433)			$	(134,147)
Net cash provided by/ (used in) financing activities		$	43,980			$	(630)