Navios Maritime Partners Q1: Earnings Miss, 31% Revenue Growth, Modernizing Fleet & More

Navios Maritime Partners L.P. NMM reported Q1 2023 revenue growth of 30.8% Y/Y to $309.5 million, missing the consensus of $312.00 million.
The company attributed higher revenue to the increase in the size of its fleet and Time Charter Equivalent (TCE) rate.
The TCE rate increased by 2.1% Y/Y to $20,811 per day, and the available days of the fleet increased by 23.9% Y/Y to 13,908 days.
Adjusted EPS was $2.13, missing the consensus of $3.16.
Adjusted EBITDA increased to $155.4 million from $126.1 million a year ago, led by higher time charter and voyage revenues (+30.8% Y/Y).
Operating cash flow stood at $94.5 million, compared to $5.2 million a year ago.
The company held $213.2 million in cash and cash equivalents as of March 31, 2023.
YTD, NMM had $161 million worth of revenue contracted and currently has around $3.4 billion of contracted revenue through 2036.
In Q1, NMM concluded the sale of eight vessels for $160.3 million. The company expects to close the sale of five vessels for $81.9 million in Q2 2023.
Dividend: NMM declared a cash distribution for Q1 of $0.05 per unit, payable on May 12, to all unitholders of record as of May 9, 2023.
"We are focused on reducing our leverage rate. We are modernizing our fleet by selling old vessels and acquiring new vessels and managed our net LTV down to about 42% in the first quarter of 2023 from about 45% in the fourth quarter of 2022, measured for vessels in the water. Our stated goal is to continue to reduce leverage so that our net LTV falls within the range of 20% to 25%," said Angeliki Frangou, Chairwoman and CEO.
Price Action: NMM shares are trading higher by 0.71% at $22.75 premarket on the last check Tuesday.

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