Navios Maritime reports fourth quarter 2023 results

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated: “I am pleased with the results for the full year and fourth quarter of 2023. For the full year, we reported a revenue of US$1.3 billion and a net income of US$433.6 million. For the quarter, we reported a revenue of US$327.3 million and a net income of US$132.4 million. Earnings per common unit were US$14.08 for the full year and US$4.30 for the quarter.”

Angeliki Frangou continued: “In 2023, the world continued to experience disruption in normal trade routes. Regional conflict in Ukraine and the Middle East created inefficiency, and traffic in the Suez Canal recently shrank by over 50%. In addition, most of the top ten economies are growing, with China leveraging its export strength. This robust environment can change quickly should conflict-driven inefficiencies clear and / or economies suffer some weakness. As usual, we continue to focus on things that we can control, such as reducing leverage, modernising our energy efficient fleet and taking long-term cover where available.”

Fleet update

• Sale of vessels in 2023 and YTD 2024.
• US$327.6 million gross sale proceeds from sale of 17 vessels in 2023 and YTD 2024.
• Completed the sale of 13 vessels for US$242.2 million in nine months 2023.

During the nine month period ended 30 September 2023, Navios Partners sold 13 vessels to various unrelated third parties, for gross sale proceeds of US$242.2 million. During 4Q23, Navios Partners completed the sale of a 2004-built capesize of 180 310 DWT and a 2004-built panamax of 75 707 DWT, to unrelated third parties, for aggregate gross sale proceeds of US$22.3 million.

In January 2024, Navios Partners agreed to sell a 2009-built VLCC of 297 188 DWT and a 2004-built panamax of 76 602 DWT, to unrelated third parties, for aggregate gross sale proceeds of US$63.1 million. The sales were expected to be completed during 1H24.

In January 2024 and November 2023, Navios Partners took delivery of a 2024-built 5300 TEU containership and a 2023-built 5300 TEU containership, respectively. Both vessels have been chartered-out at an average rate of US$37 050 net per day for an average period of 5.2 years.

Overall there was US$136.9 million contracted revenue agreed in 4Q23 and the first months of 2024; US$3.3 billion total contracted revenue.

Read the article online at: https://www.drybulkmagazine.com/shipping/16022024/navios-maritime-reports-fourth-quarter-2023-results/