The following is a summary of the Navios Maritime Partners L.P. Common Units (NMM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Navios Maritime Partners reported Q1 revenue of $318.6 million, an increase of 3% year-on-year.

• The company's net income for Q1 2024 was $73.4 million, and earnings per common unit stood at $2.38.

• The company's adjusted EBITDA for Q1 2024 increased to $164 million, and adjusted net income increased by 8% YoY to $71 million.

• Navios Maritime Partners sold four vessels in 2024 generating $92.6 million in gross sale proceeds, and their current cash balance is $318.4 million.

Business Progress:

• The company managed to charter out a Capesize vessel for 2.9 years at a daily net rate of $26,500.

• Despite conflicts impacting transportation through the Red Sea and Suez Canal, the company estimates to have $53.3 million of contracted revenue in excess of cash cost for the last nine months of 2024.

• The company increased its cash reserves, reduced leverage, and continues to modernize its fleet by acquiring six ships worth $245.7 million.

• Navios Maritime has set a long-term goal to reduce its leverage to 20%-25% and continues to invest in new energy-efficient vessels to this end.

More details: Navios Maritime IR

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