Navios Maritime Holdings Inc.

Thank you for joining us for Navios Maritime Partners' first quarter 2025 earnings conference call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangu, Chief Operating Officer, Mr. Stratos De Cipris, Chief Financial Officer, Ms. Zerifili Tironi, Chief Trading Officer, Mr. Vincent Vandervalle. As a reminder, this conference call is being webcast. To access the webcast, please go to the investor section of Navios Partners website at www.navios-mlp.com. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. Now I will review the safe harbor statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows. First, Ms. Frango will offer opening remarks. Next, Mr. De Cipris will give an overview of Navier's Partners segment data. Next, Mrs. Tironi will give an overview of Navier's Partners financial results. Then, Mr. Vandevale will provide an industry overview. And lastly, we'll open the call to take questions. Now I turn the call over to Navios Partners Chairwoman and CEO, Mrs. Angeliki Frangou. Angeliki?

Good morning, and thank you all for joining us on today's call. I am pleased with the results for the first quarter of 2025, in which we reported revenue of $304 million. and a BEDA of $147.6 million, and an income of $41.7 million. Earnings per common unit were $1.38 for the quarter. The economic environment over the past month has been particularly uncertain, with the global expectations being driven by the unprecedented U.S. tariff proclamation, followed by revisions, pauses, and exceptions. In response, sentiment and balance in the U.S. and other financial markets were extraordinarily volatile, recovering only last week in the U.S. to the pre-tariff announcement levels. I would add that the tariff announcements conceal an underlying worry due to the wars in Ukraine and the Middle East. I remarked last quarter that we are waiting for more information as the U.S. administration did not provide a concrete tariff roadmap. In general, this continues to be the case, as the U.S. administration tactically maneuvers towards a tariff regime, furthering its policy aspiration relating to national security and fiscal austerity. However, a faint outline is starting to emerge. While the future may be challenging, it appears the potential impact on maritime transportation may not be as severe as we initially feared. And I note that during this recent period of uncertainty, the export rate market has generally been healthy, although uneven between the maritime sectors. Prepaying for difficult periods is part of our job requirements. In prior periods, when sediment allowed, we enter into long-term charter arrangements. We currently have a contract backlog of $3.4 billion. In addition, because of this and other measures, our contracted revenue is $12.5 million per year. larger than our total cash expenses for the remaining nine months of 2025. We are also actively managing our interest rate risk. Today, through fixed-cost financing and hedging arrangements, around 30% of our long-term debt has a fixed interest rate of 5.5%. Please turn to slide 6. Navios Partners is a leading public listed shipping company with 174 vessels. These vessels have an average age of 9.9 years and are in three different segments and 16 asset classes. As you can see, the vessel value is approximately equal in each sector. We ended the first quarter with 343 million of cash On our balance sheet, our net LTV as of the end of the quarter Q1 was calculated at 35.2%, slightly up from last quarter. Please turn to slide 7. We sold three vessels with an average age of 19.1 years for around 35 million. We also received four previously announced new building vessels with employment. two Aframax LR2 tankers, which were fixed at an average rate of $26,349 net per day for five years, and two LNG dual-fueled 7,700 TEU container ships, which were fixed at an average rate of $41,753 net per day for 12 years. For the remaining nine months of 2025, contracted revenue exceeds total cash expense by $12.5 million. We have 14,117 remaining open and index days, 34% of our available days, so we have significant cash-generated opportunities. Please turn to slide 8, where we outline our return of capital program. Under our dividend program, we paid $0.20 dividend per unit annually. In the first quarter of 2025, we paid a dividend of $1.5 million, which is slightly less than the previous year's run rate because of our buyback program. In addition, so far in 2025, we repurchased 423,984 common units for $16.1 million. Including dividends, we returned a total of $17.6 million in 2025. Under the entire unit repurchase program, we invested $41.1 million in 913,939 common units, purchasing around 3% of Navier's partners' public flow, as measured when the program was launched. We estimate that we effectively returned $2.9 per unit of value through these purchases. As of May 1st, 2025, we had 58.9 million available under our unit repurchase program. The volume and time of further repurchases will be subject to general market and business conditions, working capital requirements, and other investment opportunities, among other factors. Please turn to slide 9, where we focus on how we execute our strategy in a period of increasing uncertainty. At the top left of the slide, we outline the challenges we have been addressing. I can share that we assemble our team regularly to dive into the details of emerging information in an attempt to understand how various risks are evolving. While extreme outcomes remain possible, the market has been generally adapted to this entitlement and the underlying rate market relatively healthy. On the top right part of the slide, we underline how we are addressing the uncertain market and the things we have accomplished. As noted earlier, the $3.4 billion in contracted revenue stems from our action in past markets, where sentiment allowed us to enter into long-term charters. This is not the case now, but we remain alert for future possibilities. We are also focused on our interest rate risk, and we have been hedging this risk with hedges that will never require posting additional collateral. At the bottom of the slide, we continue to provide a view of the evolution of our fleet through selected metrics. As you can see, our fleet size and age are about the same as they were on the year end 2022. However, about 26% of our fleet was acquired in the past four years. So we maximize energy efficiency by maintaining a fleet of useful vessels with the latest technology. On the financial side, we focus on the leveraging and reduced net LTV from a 45% at the end of 2022 to 35.2% at the end of the first quarter 2025. I now turn the presentation over to Mr. Stratos Desipris, Navios Partners Chief Operating Officer. Stratos?

Thank you, Angeliki, and good morning, all. Please turn to slide 10, which details our operating free cash flow potential for the remaining nine months of 2025. We fixed 66% of available days at a net average rate of $25,703 per day. Contracted revenue exceeds our total cash expense by about $12.5 million, and we have 14,117 remaining oper or index-linked days that should provide substantial additional cash flow. so that you can perform your own sensitivity analysis, on the right side of the slide, we provide our 41,901 available days per vessel type. Please turn to slide 11. We are constantly renewing our fleet in order to maintain a young profile. We reduce our carbon footprint by modernizing our fleet, benefiting from newer technologies and advanced environmental-friendly features. In 2025, we took delivery of four vessels. two LR2 Aframax vessels that have been chartered out for five years at an average of $26,349 net per day, and two 7,700 TU LNG dual-fuel container ships that have been chartered out for 12 years at an average rate of $41,753 net per day. Following these deliveries, we have 21 additional new building vessels delivering to our fleet through 2028, representing $1.4 billion of investment. In container ships, we have four vessels to be delivered with a total acquisition price of about $0.4 billion. We have mitigated this risk with long-term credit-worthy charters expected to generate about $0.3 billion in revenue over a five-year average charter duration. In tankers, we have 17 vessels to be delivered for a total price of approximately $1 billion. We charter out 13 of those vessels for an average period of five years expected to generate aggregate contracted revenue of about $0.6 billion. We have also been opportunistically replacing older vessels. In 2025, we sold three vessels with an average age of 19.1 years for about 35 million. Moving to slide 12, we have a strong backlog of contracted revenue that we built over the previous years that create visibility in an uncertain environment. Our total contracted revenue amounts to 3.4 billion. 1.4 billion relates to our tanker fleet, 0.2 billion relates to our dry bulk fleet, and 1.8 billion relates to our container ships. Charters are extending through 2037 with a diverse group of quality counterparties. I now pass the call to Eric Cironi, our CFO, who will take you through the financial highlights. Eric?