Navios Maritime Partners, a US-listed shipping giant with nearly 180 bulkers, tankers and container ships, reported improved year-on-year results for the third quarter, on the back of higher revenue.
Net income reached $97.8m from $89.8m in the same period of 2023.
Chief executive Angeliki Frangou said on Tuesday: “This past 18 months has been surprisingly positive for shipping, given sputtering growth from China, weak European economies and two armed conflicts.”
The year-on-year increase was underpinned by a 5.5% revenue rise to $340.8m driven by the company’s 73 bulkers. Their time charter equivalent revenue climbed to $18,632 per day from $14,139 per day a year earlier.
Quarter on quarter, however, results deteriorated slightly. Net income dropped by 3.7% from the $101.5m earned in the three months to the end of June.
Profit for the nine months to September declined as well, at an annual pace of 9.5% to $301m.
Frangou nevertheless maintained the dividend steady for an 18th consecutive quarter at $0.05 per share.
Citing the Ukraine war and conflict in the Middle East, Frangou said she and her team are monitoring these intensifying risks.
She said the company had continued to maintain a youthful fleet, increased contracted revenue to $3.9bn, cut debt and returned capital to investors.
The company said on Tuesday that it has secured long-term charters for 12 boxships and four tankers in the third quarter, which will generate $422m in revenue.
Navios also confirmed news previously reported by TradeWinds and brokers about exercising options for a further pair of 7,900-teu newbuildings worth $212m in total.
At the same time, it confirmed the sale to Asian buyers of two of its oldest bulkers — the 82,800-dwt Navios Harmony (renamed New Harmony 8, built 2006) and 76,600-dwt Navios Taurus (renamed Chola Serenity, built 2005) —for total gross proceeds of $25.9m.
