Navios Maritime Partners has reported a dip in net income in a second quarter that came in stronger than analysts on Wall Street had forecast.
The New York-listed owner of bulkers, container ships and tankers reported $101m in bottom-line net income, down from just over $112m earned in the same period of 2023.
The results translated into $3.06 in adjusted earnings per share, which was better than the average analyst estimate of $2.77, according to data from Fearnley Securities.
Second-quarter revenue decreased to $342m from $346m in the same quarter of last year.
Navios pointed to reduced rates from its tankers and container ships as the reason for the drop.
The quarterly results brought first-half profit to $174m, down from just over the $211m earned in the opening six months of 2023. Revenue reached $660m, against $656m at this stage in 2023.
The Piraeus-headquartered company finished the quarter with $318m in cash equivalents on its balance sheet out of $5.3bn in total assets.
Total borrowings amounted to $1.9bn.
