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What is the market's earnings forecast for Navios Maritime next quarter?

Did Navios Maritime beat or miss consensus estimates last quarter?

What were the key takeaways from Navios Maritime’s earnings call?

What guidance did Navios Maritime's management provide for the next earnings period?

What is Navios Maritime's gross profit margin?

What factors drove the changes in Navios Maritime's revenue and profit?

- **Q3 Financials**: Revenue $347M, EBITDA $194M, net income $84M. 9M EBITDA down 5.5% YoY. 
- **Fleet Strength**: 34.5% net LTV, $3.7B contracted revenue, 58% 2026 days fixed at $894 breakeven. 
- **Industry Outlook**: Dry bulk +170M tons demand, tankers constrained by sanctions, containers shifting to smaller vessels. 
- **Financial Strategy**: 41% debt fixed at 6.2%, $1.2B debt-free vessels for flexibility.

**【Management Opening Remarks】**
- Q3 2025 revenue: $346.9 million (9M: $978.6M), EBITDA: $193.9 million (9M: $519.8M), net income: $56.3 million (9M: $168 million). Earnings per unit: $1.90 (9M: $5.52). 
- Fleet average age: 9.7 years vs. industry average 13.5 years. Net LTV: 34.5%, liquidity: $412 million. 
- 2026 outlook: 58% of days fixed at $894/day breakeven, $3.7 billion contracted revenue backlog. 

**【CFO Financial Commentary】**
- Q3 revenue up 1.8% YoY to $347 million, driven by 2.4% higher TCE rate ($24,167/day). 
- Adjusted EBITDA: $194 million (down $1.4 million YoY), net income: $84 million (down $13 million YoY). 
- 9M OpEx rate: $6,161/day (2.4% higher YoY). Debt profile: 41% fixed at 6.2%, $300M senior bond issued at 7.75%. 

**【COO Fleet & Operations】**
- Q4 2025: 88% days fixed at $24,871/day, generating $86M cash flow. 
- 2026: 58% days fixed at $27,088/day, $860M revenue. 
- Fleet renewal: $1.9B invested in 25 newbuilds (8 container, 17 tankers), 12 vessels sold for $275M. 
- Q3 contracted revenue additions: $745M ($595M containers, $138M tankers). 

**【Industry Overview】**
- **Dry Bulk**: 11% order book, aging fleet (39% >15 years). New projects (Simadou, Vale) to add 170M tons, needing 244 capes. 
- **Tankers**: 6% order book, 14% fleet reduction due to sanctions. Non-sanctioned vessels in demand. 
- **Containers**: 80% order book for >9,000 TEU, Navios focuses on 2,000-9,000 TEU. Non-China trade growth driving smaller vessels. 

**【Q&A Highlights】**
- **Fixing Strategy**: 50%+ dry bulk exposure on index, 92% container fleet fixed. Will maintain flexibility for upside. 
- **Smaller Containerships**: Actively monitoring, but cautious on newbuild prices and counterparty risk. 
- **Bond Proceeds**: Used to refinance floating debt, reducing interest rate risk. 41% debt now fixed at 6.2%. 
- **Debt-Free Vessels**: $1.2B vessels unencumbered, providing optionality for future opportunities.

Navios Maritime Partners L.P.(NMM)-20251118-2025 Q3 Earnings call transcript

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