Navios Maritime Partners LP

Thank you for joining us for Nadia's Maritime Partners Third Quarter 2025 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou, Chief Operating Officer, Mr. Stratos De Cipris, Chief Financial Officer, Mrs. Eri Cironi, and Chief Trading Officer, Mr. Vincent Vandervalle. As a reminder, this conference call has been 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 State Harbor Statement. This conference call could contain forward-looking statements within the meaning of the Pilot Securities Litigation Reform Act of 1995 about Navi's partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Novice 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 not fully discussed in Novice Partners filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navier's 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. Frankel will offer opening remarks. Next, Mr. DeCibis 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. Vandervalle will provide an industry overview. And lastly, we'll open the call to take questions. Now I turn the call over to Navya's partner, Chairwoman and CEO, Ms. Angeliki Prandu. Angeliki?

Good morning and thank you all for joining us on today's call. I am pleased with the results for the third quarter and first nine months of 2025 in which we reported revenue of $346.9 million and $978.6 million respectively. We also reported a breakdown of $193.9 million and $519.8 million, respectively, and net income of $56.3 million and $168 million, respectively. Earnings per common unit were $1.90 for the quarter and $5.62 for the nine-month period. For the past five years, it seems as if we have been addressing constant change in our operating environment driven by geopolitical and other events. Yet, we have remained laser-focused on our business, modernizing our fleet. As you can see on slide 3, our fleet has an average age of 9.7 years compared to an industry average of 13.5 years for our three segments. Our reinvestment program puts us in a fortunate position of having a fleet that is almost 30% younger than the average and almost half when you look at our tanker fleet. Please turn to slide 4. Navios is a leading maritime transportation company, owning, operating, and chartering a modern fleet of 171 vessels across three segments and 15 asset classes. Our fleet is split about one-third in each category by vessel number and vessel value. Vessel values are $6.3 billion in gross value and $3.8 billion in net equity. We also enjoy a low net LTV of 34.5% and have $412 million available liquidity and strong credit ratings of BL3 by Moody's and BB by S&P. Please turn to slide 5. We believe that diversification is strength. When embedded in a culture of risk management, we have a business providing significant optionality in a decision-making process. For example, when chartering, if we are unable to secure long-term charters that provide a reasonable return on our investment, we limit our exposure to short-term, waiting for sectoral opportunity to return. We approach the allocation of capital similarly. patiently observing the market for either opportunistic purchases or acquisitions that can be had by long-term charters with a credit-worthy counterparty. These activities are accompanied by a de-leveraging course which maintains a strong balance sheet and a target net LTV of 20-25%. I would offer that all this works because of our strong risk management culture. We are continuously monitoring and assessing risk. We evaluate and structure our transactions with risk management professionals who are equal partners in all our activities. We also obtain robust insurance coverage for liability and losses. And we have implemented many tools to manage operational risk and crew training. Please turn to slide six. Our fleet gross LTV was 40.6% at the end of the third quarter. Net LTV was 34.5% and we aim to continue to drive net LTV lower. We added 745 million of long-term contracted revenue during the quarter. And our revenue backlog is 3.7 billion dollars. Currently, virtually all of the fleet is covered for the fourth quarter of 2025. Please turn to slide 7. I would like to focus on the prospects for 2026, which are shaping up nicely. We are covered 58% of our days and reduced the cash break-even to $894 per day for the remaining $23,000 387 open and index days. You can see the breakdown of each segment on the right part of the slide. 92% of our container days and 73% of our tanker days are fixed, with dry bulk days representing most of our market exposure by number of days. Please turn to slide 8. A few weeks ago, we took the opportunity to offer a $300 million senior as a pure bond in the Norwegian market. We priced the bond up at a coupon of 775% with a five-year term. The proceeds are used to repay $292.3 million of floating rate debt and the balance for insurance fees and for general corporate purposes. This transaction has no impact on our leverage rate because the proceeds are used to refinance existing debt. But we believe opportunistic financing reduces interest rate risk by replacing floating rate debt with a fixed interest rate. It also releases collateral and we have around $1.2 billion of debt-free assets. performer for this transaction, we have 41% of our debt fixed at an average interest rate of 6.2%. The bond also introduces to the Norwegian market, providing an alternative source of financing. Please turn to slide nine. where we outline a return of capital program. As you can see here today, we have returned $42.2 million under the dividend and unit repurchase programs. Today, we purchased almost 5% of the number of units outstanding determined as of the date we launched the program. We have $37.3 million purchase power remaining. These purchases have resulted in a $4.6 per unit value accretion, assuming the analyst estimate of an AV of around $138 per unit. Please turn to slide 10. Navios is a proven platform that has been executing its strategy in a challenging environment. I refer to the many uncertainties when I started this discussion. Certainly the geopolitical risk, regional conflict, changing global tariff regime, and evolving trade patterns are unprecedented in recent history. We have remained focused and over the past four years we have built a platform with an EBITDA run rate of about 750 million while increasing our book of contracted revenue to $3.7 billion and adversarial value to $6.3 billion. At the same time, we have decreased our net NPV by 23% to 34.5%. We have more to do, but we believe that this proven platform containing a diversified fleet with a risk management culture is the way to do it. I now turn the presentation over to Mr. Stratos Desipris, Navier-Spartan, Chief Operating Officer. Stratos.

Thank you, Angeliki, and good morning all. Please turn to slide 11, which details our operating free cash flow potential for Q4 of 2025 and 2026. For Q4 2025, we fixed 88% of our available days at a net average rate of $24,871 per day. Contracted revenue exceeds estimated total cash operating cost by about $86 million, and we have 1,594 remaining open or index-linked days that should provide additional cash flow. For 2026, we have fixed about 58% of our available days at a net average rate of $27,088 per day, generating about $860 million in revenue. This almost covers our total estimated cash operating cost for the year, resulting in a break-even of $894 per day on our 23,387 open index days. Please turn to slide 12. 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. During Q3, we acquired four new building, 8,850 PEU container ships for a total price of 460 million. These vessels have already been chartered out for a fair period of over five years at a net rate of $44,145 per day, generating revenues of 336 million. We have 25 new building vessels delivering to our fleet through 2028, representing $1.9 billion of investment. Based on our financing, both agreed and in process, we have about $230 million of equity remaining to be paid. In container ships, we have eight vessels to be delivered with a total acquisition price of about $0.9 billion. We have mitigated residual value risk with long-term credit-worthy charters expected to generate about $0.6 billion in revenue over a five-year average started duration. In tankers, we have 17 vessels to be delivered for a total price of approximately $1 billion. We charter out 11 of these vessels for an average period of five years, expected to generate aggregate contracted revenue of about $0.6 billion. We also continue to opportunistically sell all the vessels. In 2025, we sold 12 vessels, six dry bulk, three tankers, and three container ships with an average age of over 18 years for a total of about $235 million. Moving to slide 17, we continue to maintain a strong backlog of contracted revenue that creates visibility in an uncertain environment. During the quarter, we added 745 million of contracted revenue, 595 million from container ships, including the 336 million on the four new building vessels, 138 million on tankers, and 12 million on dry bulk vessels. Total contracted revenue amounts to 3.7 billion. 1.3 billion relates to our tanker fleet, 0.2 billion relates to our dry bulk fleet, and 2.2 billion relates to our container ships. Charters are extending through 2037 with a diverse group of quality counterparts. I now pass the call to Eric Cironi, our CFO, who will take you through the financial highlights. Eric?