NAVIOS Maritime Partners L.P. (NMM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la logistique maritime, Navios Maritime Partners L.P. (NMM) est un phare d'excellence stratégique, naviguant dans les mers complexes de la navigation mondiale avec un modèle commercial méticuleusement conçu qui transforme le transport maritime en une entreprise précise et axée sur la valeur. En intégrant de manière transparente la gestion avancée de la flotte, des stratégies de charte innovantes et un réseau robuste de partenariats mondiaux, NMM a creusé un créneau distinctif dans une industrie où l'efficacité et l'adaptabilité sont les devises ultimes du succès. Leur approche globale des services maritimes ne consiste pas seulement à déplacer les marchandises - il s'agit de révolutionner la façon dont les entreprises se connectent, échangent et prospèrent dans les eaux internationales.

Navios Maritime Partners L.P. (NMM) - Modèle commercial: partenariats clés

Accords de charte à long terme avec des compagnies maritimes mondiales

Navios Maritime Partners conserve des accords à charte avec plusieurs sociétés maritimes clés. En 2024, la société a documenté des partenariats avec:

Entreprise partenaire	Durée de la charte	Nombre de navires
Trafigura Maritime Logistics	5-7 ans	6 navires
Expédition de vitol	4-6 ans	4 navires
Expédition de Rio Tinto	3-5 ans	3 navires

Partenariats stratégiques avec les fabricants de navires et les chantiers navals

Navios Maritime Partners collabore avec les principaux constructeurs navals pour l'expansion et l'entretien de la flotte:

• Hyundai Heavy Industries - 3 contrats de nouvelle construction
• Samsung Heavy Industries - 2 accords de construction de navires
• Daewoo Shipbuilding & Génie maritime - 1 contrat d'approvisionnement en navires

Les institutions financières fournissant un financement maritime

La société a établi des facilités de crédit avec:

Institution financière	Montant de la facilité de crédit	Taux d'intérêt
ABN AMRO BANK	125 millions de dollars	Libor + 3,5%
Banque DVB	90 millions de dollars	Libor + 4,0%
Crédit agricole	75 millions de dollars	Libor + 3,75%

Gestion des navires et fournisseurs de services techniques

Les principaux partenariats de services techniques comprennent:

• V. Navires Maritime Management - Gestion technique pour 12 navires
• Bernhard Schulte Shipmanagement - Équipage et soutien opérationnel
• Anglo-Eastern Ship Management - Services de maintenance et de conformité

Sociétés d'assurance maritime et de gestion des risques

Partenariats d'assurance et de gestion des risques:

Assureur	Type de couverture	Prime annuelle
Skuld P&I Club	Protection & Indemnité	4,2 millions de dollars
Assurance maritime AIG	Coque & Machinerie	3,8 millions de dollars
Allianz Global Corporate & Spécialité	Risques de fret et de guerre	2,5 millions de dollars

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: Activités clés

Acquisition des navires et gestion de la flotte

En 2024, Navios Maritime Partners L.P. exploite une flotte de 53 navires, notamment:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Porteurs de vrac secs	41	2,706,029
Navires à conteneurs	12	107,431

Services de transport maritime pour le cargaison sèche en vrac et en conteneur

Les mesures opérationnelles clés comprennent:

• Revenu total pour 2023: 441,6 millions de dollars
• Tarifs quotidiens moyens pour les navires Panamax: 14 250 $
• Tarifs de charte quotidiens moyens pour les navires Ultra Handymax: 13 750 $

Négociation et optimisation des contrats à charte

Répartition du portefeuille des contrats:

Type de contrat	Pourcentage de flotte	Durée du contrat moyen
Charte de temps	65%	2,3 ans
Charte	35%	Marché au compteur

Entretien de la flotte et efficacité opérationnelle

Statistiques de maintenance et opérationnelles:

• Budget de maintenance annuelle des navires: 37,5 millions de dollars
• Taux d'utilisation de la flotte: 96,5%
• Âge moyen des navires: 8,2 ans

Stratégies d'investissement et d'expansion de la flotte

Détails de l'expansion de la flotte:

Catégorie d'investissement	Montant	Extension planifiée
Dépenses en capital (2024)	85,3 millions de dollars	2 nouveaux navires
Budget de renouvellement de la flotte	120 millions de dollars	Acquisitions potentielles de 3-4 navires

Navios Maritime Partners L.P. (NMM) - Modèle commercial: Ressources clés

Flotte diversifiée de navires sèches en vrac et en conteneurs

Depuis le quatrième trimestre 2023, Navios Maritime Partners L.P. exploite une flotte avec la composition suivante:

Type de navire	Nombre de navires	Capacité de charge totale
Navires en vrac sec	39	2 556 061 dwt
Navires à conteneurs	8	49 404 EVP

Équipe de gestion maritime expérimentée

Détails clés du leadership:

• Angeliki Frangou - Président et chef de la direction
• Plus de 25 ans d'expérience dans l'industrie maritime
• Équipe de direction avec une moyenne de plus de 15 ans dans le secteur du transport maritime

Fer solides lignes de capital financier et de crédit

Mesures financières au 31 décembre 2023:

• Actif total: 1,3 milliard de dollars
• Dette totale: 752,4 millions de dollars
• Liquidité disponible: 86,2 millions de dollars
• Créabilité de crédit: 250 millions de dollars de ligne de crédit renouvelable

Suivi avancé des navires et technologie opérationnelle

L'infrastructure technologique comprend:

• Systèmes de suivi des navires en temps réel
• Plates-formes de surveillance des efficacité énergétique
• Logiciel de maintenance prédictive
• Technologie intégrée de gestion de la flotte

Réseau et relations et relations de l'industrie maritime

Aspect réseau	Détails
Affréteurs mondiaux	25+ relations commerciales à long terme
Connexions portuaires	100+ ports mondiaux servis
Partenariats stratégiques	6 grandes entreprises maritimes et logistiques

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: Propositions de valeur

Services de transport maritime fiables et efficaces

Depuis le quatrième trimestre 2023, Navios Maritime Partners L.P. exploite une flotte de 53 navires, dont 22 transporteurs en vrac sec, 19 navires à conteneurs et 12 pétroliers. La capacité totale de la flotte est d'environ 5,7 millions de tonnes de poids morts (DWT).

Type de navire	Nombre de navires	Capacité totale (DWT)
Porteurs de vrac secs	22	2,800,000
Navires à conteneurs	19	1,650,000
Pétroliers	12	1,250,000

Structures de contrat à charte flexible

Navios Maritime Partners propose plusieurs types de contrats à charte:

• Les contrats de la Charte à l'heure sont en moyenne de 3 à 5 ans
• Chartes du marché au comptant
• Chartes à long terme jusqu'à 10 ans

Tarifs compétitifs pour l'expédition du fret

Taux d'équivalent quotidiens en temps quotidien (TCE) pour 2023:

Type de navire	Taux TCE quotidien moyen
Capesize Dry Bulk Carriers	$14,500
Porteurs en vrac sec panamax	$12,300
Navires à conteneurs	$9,800

Flotte de navires moderne et bien entretenue

Distribution de l'âge de la flotte en décembre 2023:

• Âge moyen de la flotte: 8,3 ans
• Navires de moins de 5 ans: 35%
• Navires âgés de 5 à 10 ans: 45%
• Navires de plus de 10 ans: 20%

Solutions de logistique maritime mondiale

Couverture géographique à partir de 2023:

Région	Nombre de routes commerciales
Asie-Pacifique	18
Europe	15
Amériques	22
Moyen-Orient	8

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: Relations clients

Contractes à long terme à la charte avec les principaux clients d'expédition

Navios Maritime Partners maintient une flotte de 53 navires au quatrième trimestre 2023, avec une durée de contrat à charte moyenne de 4,2 ans. Le total du Renue contractée est de 1,37 milliard de dollars.

Type de navire	Nombre de navires	Durée de charte moyenne
Conteneurs	23	3,8 ans
Porteurs de vrac secs	27	4,5 ans
Pétroliers	3	5,1 ans

Service client personnalisé et gestion des comptes

Approche de gestion des comptes clés se concentre sur les gestionnaires de relations dédiés aux 15 meilleurs clients de livraison, représentant 82% du total des revenus de la charte.

• Gestionnaires de compte dédiés pour chaque client majeur
• Disponibilité du support technique 24/7
• Mécanismes de rapports personnalisés

Communication transparente et rapport de performance

Les rapports de performances trimestriels comprennent des mesures détaillées sur les performances des navires, les taux de livraison à temps et l'efficacité opérationnelle.

Métrique de performance	Performance de 2023
Taux de livraison à temps	96.7%
Taux d'utilisation du navire	98.3%
Indice de satisfaction client	4.8/5.0

Solutions d'expédition personnalisées

NMM fournit des solutions d'expédition spécialisées sur plusieurs segments maritimes avec des configurations de navires sur mesure.

• Configurations de navires conteneurs personnalisés
• Conceptions spécialisées de supports en vrac sec spécialisés
• Structures de contrat à charte flexible

Fiabilité cohérente et excellence opérationnelle

Les mesures de performance opérationnelle démontrent l'engagement de NMM envers la fiabilité et la qualité des services.

Métrique opérationnelle	Performance de 2023
Temps d'arrêt technique	1.2%
Efficacité de maintenance	99.6%
Incidents de sécurité	0,03 par navire

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: canaux

Équipe de vente directe et relations de l'industrie maritime

Navios Maritime Partners L.P. maintient une équipe de vente maritime spécialisée avec des connexions directes de l'industrie. Depuis 2024, l'entreprise emploie 12 professionnels des ventes dévoués axés sur les négociations à charte des navires.

Catégorie de canal de vente	Nombre de professionnels	Contrats de charte annuelle moyens
Équipe de vente maritime direct	12	37 contrats
Sentiels de relations exécutives supérieures	4	15 contrats de grande valeur

Plateforme en ligne pour les demandes de charte et la gestion des contrats

La société exploite une plate-forme numérique propriétaire pour la gestion des charter avec des capacités de suivi en temps réel.

• Plateforme lancée en 2022
• 97% d'efficacité de traitement des contrats numériques
• Intégration de suivi des navires en temps réel

Conférences de l'industrie maritime et événements de réseautage

Navios Maritime Partners participe activement à des conférences maritimes mondiales pour étendre les réseaux commerciaux.

Type d'événement	Participation annuelle	Les pistes commerciales potentielles générées
Conférences maritimes internationales	7-9 conférences	42-55 Leads potentiels commerciaux
Forums d'expédition régionaux	12-15 événements	28-35 Connexions commerciales potentielles

Plateformes de communication numérique

Navios Maritime Partners utilise plusieurs canaux de communication numériques pour l'engagement des clients.

• LinkedIn: 3 200 connexions de réseau professionnel
• Site Web d'entreprise: 125 000 visiteurs uniques annuels
• Outils de communication numérique spécifiques à l'industrie

Réseaux de courtier et d'intermédiaire

La société entretient des relations stratégiques avec les courtiers maritimes et les intermédiaires pour étendre la portée du marché.

Catégorie de réseau de courtiers	Nombre de partenariats actifs	Valeur du contrat annuel
Courtiers maritimes mondiaux	18	42,5 millions de dollars
Intermédiaires d'expédition régionaux	26	23,7 millions de dollars

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: segments de clientèle

Traders mondiaux de matières premières

Navios Maritime Partners sert les commerçants mondiaux de matières premières avec une flotte de 53 navires au quatrième trimestre 2023, en se concentrant sur le transport en vrac.

Type de marchandise	Volume de transport annuel	Part de marché
Minerai de fer	12,4 millions de tonnes métriques	3.2%
Charbon	8,7 millions de tonnes métriques	2.9%
Grain	6,5 millions de tonnes métriques	2.5%

Sociétés d'exportation d'exploitation et d'agriculture

Les principaux segments des clients comprennent les grandes sociétés minières et agricoles.

• Groupe BHP - partenaire de transport de minerai de fer primaire
• Vale S.A. - Client de l'expédition de charbon clé
• Cargill - Client de transport de grains majeurs

Sociétés de fabrication et industrielle

Navios Maritime Partners fournit une logistique maritime spécialisée pour les chaînes d'approvisionnement industrielles.

Secteur de l'industrie	Volume d'expédition annuel	Durée du contrat
Fabrication d'acier	5,6 millions de tonnes métriques	3-5 ans
Production de ciment	2,3 millions de tonnes métriques	2-4 ans

Entreprises internationales d'expédition et de logistique

Navios Maritime Partners collabore avec les réseaux d'expédition mondiaux.

• Compagnie maritime méditerranéenne
• Ligne Maersk
• Groupe CMA CGM

Développeurs de projets d'énergie et d'infrastructure

Prend en charge les exigences de transport du secteur de l'énergie avec des solutions maritimes spécialisées.

Secteur de l'énergie	Volume de transport annuel	Contribution des revenus
Projets d'énergie du charbon	7,2 millions de tonnes métriques	38% des revenus maritimes
Matériaux d'infrastructure	4,5 millions de tonnes métriques	22% des revenus maritimes

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

Au quatrième trimestre 2023, Navios Maritime Partners L.P. La flotte se compose de 55 navires avec un âge moyen de 10,2 ans.

Type de navire	Nombre de navires	Coût de maintenance par navire
Conteneurs	23	$850,000
Porteurs de vrac secs	32	$620,000

Salaires et formation d'équipage

Les dépenses annuelles liées à l'équipage pour Navios Maritime Partners ont totalisé 18,5 millions de dollars en 2023.

• Salaire moyen de l'équipage: 45 000 $ par mer
• Coûts de formation annuels: 1,2 million de dollars
• Frais de recrutement d'équipage: 750 000 $

Coûts de carburant et d'exploitation

Les dépenses totales de carburant et d'exploitation pour 2023 étaient de 92,6 millions de dollars.

Catégorie de coûts opérationnels	Montant des dépenses
Carburant	68,3 millions de dollars
Frais de port	14,2 millions de dollars
Lubrifiants opérationnels	3,7 millions de dollars
Autres dépenses opérationnelles	6,4 millions de dollars

Assurance et conformité réglementaire

Navios Maritime Partners a dépensé 12,4 millions de dollars en assurance et conformité réglementaire en 2023.

• Assurance de la coque et des machines: 7,2 millions de dollars
• Assurance de protection et d'indemnisation: 3,6 millions de dollars
• Coûts de conformité réglementaire: 1,6 million de dollars

Administrative et au-dessus de la direction

Les frais généraux administratifs et de gestion pour 2023 s'élevaient à 22,1 millions de dollars.

Catégorie aérienne	Montant des dépenses
Rémunération des dirigeants	6,3 millions de dollars
Frais administratifs généraux	9,8 millions de dollars
Technologie et infrastructure	4,2 millions de dollars
Services professionnels	1,8 million de dollars

Navios Maritime Partners L.P. (NMM) - Modèle d'entreprise: Strots de revenus

Revenus contractuels à long terme

En 2023, Navios Maritime Partners L.P. La flotte de l'entreprise se compose de 53 navires avec une durée de charte contractuelle moyenne de 4,3 ans.

Type de navire	Nombre de navires	Taux de charte moyen
Porteurs de vrac secs	38	14 250 $ par jour
Pétroliers	9	16 750 $ par jour
Navires à conteneurs	6	12 500 $ par jour

Time Charter et Voyage Charter Frais

En 2023, Navios Maritime Partners a généré 187,3 millions de dollars sur les frais de charte et de charte de voyage. La ventilation des types de charte comprend:

• Charte de temps: 132,5 millions de dollars
• Charte de voyage: 54,8 millions de dollars

Vente des navires et revenu de gestion des actifs

La société a déclaré une vente de navires et une gestion des actifs de 42,6 millions de dollars en 2023. Les transactions clés comprenaient:

Type de transaction	Revenus générés
Ventes de navires	28,3 millions de dollars
Frais de gestion des actifs	14,3 millions de dollars

Frais de service de logistique maritime

Les frais de service de logistique maritime s'élevaient à 56,4 millions de dollars en 2023, avec la ventilation du service suivante:

• Gestion du fret: 22,7 millions de dollars
• Coordination logistique: 18,9 millions de dollars
• Services maritimes spécialisés: 14,8 millions de dollars

Utilisation de la flotte et revenus basés sur les performances

L'utilisation de la flotte et les bénéfices basés sur les performances ont atteint 78,5 millions de dollars en 2023. Les mesures de performance comprenaient:

Métrique de performance	Valeur
Taux d'utilisation de la flotte	94.6%
Revenus de bonus de performance	23,7 millions de dollars
Paiements incitatifs d'efficacité	54,8 millions de dollars

Total des sources de revenus pour 2023: 689,5 millions de dollars

Navios Maritime Partners L.P. (NMM) - Canvas Business Model: Value Propositions

Diversified exposure across three key shipping segments (risk mitigation)

Navios Maritime Partners L.P. operates a fleet comprised of three distinct vessel categories as of late 2025, which helps mitigate segment-specific market volatility.

Segment	Vessel Count (as of late 2025)	Carrying Capacity Metric
Dry Bulk Vessels	65	8.6 million dwt
Containerships	51	287,243 TEU
Tanker Vessels	56	6.5 million dwt

Stable, predictable cash flow via long-term time charters

The company secures future revenue through agreements with durations extending well into the next decade.

• Contracted revenue backlog stands at $3.7 billion through 2037.
• Remaining average charter term as of November 12, 2025, is 2.1 years.
• 88.1% of available days were fixed for the fourth quarter of 2025.
• Approximately 58% of operational days are fixed for all of 2026.
• New charter agreements are expected to generate $113.9 million in revenue.

Modern, fuel-efficient vessels (e.g., newbuilding LNG dual fuel containerships)

Fleet renewal efforts result in a younger asset profile compared to the industry standard.

• Average fleet age is 9.7 years.
• Industry average fleet age is 13.5 years.
• Took delivery of the first 7,700-TEU LNG dual-fuel vessel, chartered until 2028 at $56,494 net per day.
• Agreed to acquire four 8,850 TEU newbuilding methanol-ready and scrubber-fitted Containerships for $115.1 million each.
• Acquired two scrubber-fitted newbuilding aframax/LR2 tankers for an aggregate price of $133.0 million in Q2 2025.

High fleet utilization, achieving 99.2% in Q3 2025

Vessels were employed at near-maximum capacity during the third quarter of 2025.

Metric	Q3 2025 Value
Fleet Utilization	99.2%
Time Charter and Voyage Revenues	$346.9 million
Average TCE Rate	$24,167 per day

Financial strength and low net LTV for opportunistic growth

A conservative balance sheet structure supports ongoing operations and strategic asset management.

Financial Metric	Amount/Ratio (as of late 2025)
Net Loan-to-Value (LTV) Ratio	34.5%
Cash, Cash Equivalents and Restricted Cash	$361.1 million
Senior Unsecured Bonds Issued	$300.0 million at 7.75% due 2030
Debt Fixed Rate Percentage	41% at an average interest rate of 6.2%

Navios Maritime Partners L.P. (NMM) - Canvas Business Model: Customer Relationships

You're looking at how Navios Maritime Partners L.P. locks in its revenue stream, which is heavily reliant on securing long-term, direct deals with its customers. This isn't a spot market play for the majority of their fleet; it's about multi-year certainty.

Long-term, direct relationships with major industrial end-users form the bedrock of Navios Maritime Partners L.P.'s stability. The evidence is in the backlog. As of November 2025, Navios Maritime Partners L.P. reports a substantial contracted revenue backlog of $3.7 billion, with charter extensions reaching out through 2037. This indicates deep, ongoing engagement with charterers who need reliable capacity for their supply chains.

The nature of these relationships is defined by the contractual agreements, which primarily involve time charters or bareboat charters that effectively lock in rates for years. This structure shifts the market risk away from Navios Maritime Partners L.P. and onto the charterer for the duration of the contract. For instance, the company has secured multi-year employment for its newest vessels:

• Two 7,700 TEU LNG dual fuel containerships are chartered for 12 years at an average net rate of $41,753 per day.
• Four 8,850 TEU newbuilding containerships are chartered for 5.2 years at $44,145 net per day.
• A new 2025-built MR2 product tanker has a five-year charter at $22,669 net per day.
• Two 2025-built aframax/LR2 tankers are chartered for five years at an average net rate of $26,349 per day.

While the search results don't detail the structure of the account management team, the results clearly show a proactive approach to securing future business, which is the outcome of strong relationships. The company has been actively adding to this secured revenue base. In the third quarter of 2025 alone, Navios Maritime Partners L.P. added $745 million of contracted revenue.

The commitment to long-term contracts is reflected in the fleet's forward coverage. As of November 12, 2025, Navios Maritime Partners L.P. had fixed 88.1% of its available days for the fourth quarter of 2025 and 57.5% for all of 2026. The remaining average term across all charter agreements was 2.1 years as of that date.

The focus on securing long-term, high-quality employment is a key part of their strategy, which also involves fleet renewal. The contracted revenue is diversified across vessel types, showing a broad base of industrial customers:

Vessel Segment	Contracted Revenue (as of Nov 2025)	Average Expected Daily Rate (Q4 2025)
Containerships	$2.2 billion	N/A (Q3 TCE was $31,832 per day for the container fleet)
Tanker Fleet	$1.3 billion	N/A (Q3 TCE was $26,238 per day for the tanker fleet)
Dry Bulk Fleet	$0.2 billion	N/A

The emphasis on contractual agreements naturally implies a high level of service, as the performance of the vessel directly impacts the charterer's operations. While specific metrics for technical or operational support aren't quantified here, the company's modern fleet, with an average age of 9.7 years as of late 2025, supports the delivery of reliable service required by these long-term contracts.

You can see the direct result of these relationships in the forward-looking revenue expectations. For the fourth quarter of 2025, Navios Maritime Partners L.P. expects contracted revenue of $294.0 million, with an average expected daily charter-out rate for the fleet of $24,871. For the full year 2026, contracted revenue is expected to be $858.1 million, with an average expected daily rate of $27,088.

Finance: draft 13-week cash view by Friday.

Navios Maritime Partners L.P. (NMM) - Canvas Business Model: Channels

You're looking at how Navios Maritime Partners L.P. (NMM) gets its services-seaborne transportation-to its customers and stakeholders. This involves a mix of direct deals, third-party intermediaries, and formal corporate communication channels.

Direct charter-out agreements with global shipping customers

The core channel for revenue generation is the direct negotiation and execution of time charter-out, bareboat-out, and freight agreements with global customers. This is where Navios Maritime Partners L.P. locks in the day-to-day earnings for its fleet, which as of late 2025, is comprised of 172 vessels, broken down into 65 dry bulk vessels, 51 containerships, and 56 tankers. The company actively uses these direct channels to secure long-term revenue visibility.

Here's a look at the contracted revenue pipeline as of the Q3 2025 earnings release:

Metric	Value/Rate	Period/Term
Total Contracted Revenue Backlog	$3.7 billion	Through 2037
Fixed Days for Q4 2025	88.1%	Average Net Rate: $24,871 per day
Fixed Days for All of 2026	57.5%	Average Net Rate: $27,088 per day
Newbuilding Containership Charter Rate	$44,145 net per day	5.2 years (Four 8,850 TEU vessels)
Newbuilding Tanker Charter Rate	$22,669 net per day	Five years (One MR2 product tanker)

The company's fleet modernization is a key part of this channel, as newer, more efficient vessels command better terms. For instance, in September 2025, a new MR2 product tanker was chartered-out at $22,669 net per day for five years.

Ship brokers for market access and securing new charters

While direct deals are primary, ship brokers act as essential intermediaries to access the broader market, especially for spot chartering or securing counterparties for newly delivered or coming-off-charter tonnage. Although specific broker commission percentages aren't public, their role is implied in securing the market-rate charters mentioned above. The company's strategy involves fleet renewal, which requires brokers to place older tonnage and secure deals for new deliveries. For example, Navios Maritime Partners L.P. agreed to sell older vessels, generating gross sale proceeds like $8.3 million each for two 2005-built Panamax vessels, which clears space for broker-assisted placement of new vessels.

Investor relations for capital markets and unitholder communication

This channel focuses on communicating financial performance and capital structure decisions to the market, which directly impacts the cost of capital and unit valuation on the NYSE: NMM. Communication is frequent, with earnings conference calls held quarterly, such as the one for Q3 2025 on November 18, 2025. The company uses these forums to detail capital allocation, including distributions and repurchases.

Key financial metrics communicated through this channel include:

• Q3 2025 Cash Distribution declared at $0.05 per Unit.
• Common units repurchased in 2025 (through November 12) totaled 929,415 units for aggregate cash consideration of $37.7 million.
• Cash, cash equivalents and restricted cash stood at $361.1 million as of September 30, 2025.
• Successful placement of $300.0 million of senior unsecured bonds due 2030, carrying a fixed coupon of 7.75% per annum.

Corporate website and financial filings for defintely transparent reporting

The corporate website, www.navios-mlp.com, serves as the central repository for official documentation, ensuring transparency. This is where supplemental slide presentations, such as the one available at 8:00 am ET before the Q2 2025 call, are posted. Financial filings, like the 6-K filed on November 28, 2025, provide the legally required, detailed financial statements for the nine months ended September 30, 2025. The company reported total revenue of $978.6 million for the first nine months of 2025.

Navios Maritime Partners L.P. (NMM) - Canvas Business Model: Customer Segments

You're looking at the core of Navios Maritime Partners L.P.'s business: who pays them to move the world's goods. Navios Maritime Partners L.P. serves customers across three main shipping sectors-dry bulk, containers, and tankers-a diversification strategy that helps smooth out the sharp cycles in any one market. As of late 2025, the fleet is quite balanced, with a total of 171 vessels in operation, excluding one containership agreed to be sold.

The company's customer base is locked in through a significant backlog of contracted revenue. Navios Maritime Partners L.P. has $3.7 billion in contracted revenue extending through 2037. This long-term visibility suggests strong relationships with established, creditworthy counterparties across its segments.

Here's a quick look at the fleet structure as of November 20, 2025, and how much of the near-term revenue is already secured:

Fleet Segment	Number of Vessels	Carrying Capacity/TEU	Fixed Days (Q4 2025)	Fixed Days (Full Year 2026)
Dry Bulk Vessels	65	8.6 million dwt (Total Dry Bulk)	88.1%	57.5%
Containerships	51	287,243 TEU (Total Fleet)	88.1%	57.5%
Tanker Vessels	55	6.5 million dwt (Total Tanker)	88.1%	57.5%

The overall fleet employment shows that Navios Maritime Partners L.P. had fixed 88.1% of its available days for the fourth quarter of 2025 and 57.5% for all of 2026. The expected contracted revenue for Q4 2025 is $294.0 million, and for all of 2026, it is $858.1 million.

Major global commodity traders are the primary customers for the dry bulk segment, which comprises 65 vessels as of late 2025. These traders require the movement of raw materials like iron ore, coal, and grain, often securing vessels on medium to long-term contracts to manage their supply chains. The average expected daily charter-out rate for the entire fleet in Q4 2025 was $24,871.

For the containership business, large international container line operators are the key customers. Navios Maritime Partners L.P. operates 51 containerships. You can see the quality of these customer relationships in the specific terms secured for new vessels. For instance, four 8,850 TEU newbuilding containerships were chartered-out for a period of 5.2 years at a rate of $44,145 net per day. Furthermore, eight other containerships were fixed for an average period of 2.8 years at an average rate of $31,999 net per day.

National and multinational oil and energy companies charter the tanker fleet, which stands at 55 vessels. These customers demand high standards for transporting crude oil and refined products. A recent example of a long-term commitment in this segment involves a 2025-built MR2 product tanker chartered-out for a period of five years at a rate of $22,669 net per day. Another newbuilding aframax/LR2 tanker was also chartered-out for five years at $27,446 net per day.

The industrial end-users requiring long-term seaborne transportation are evidenced by the sheer length of Navios Maritime Partners L.P.'s contracted revenue stream. The company has new long-term charters expected to generate revenue of $745 million. This focus on securing long-term contracts with high-quality charterers is what underpins the $3.7 billion contracted revenue through 2037.

• The company actively manages its customer base by selling older vessels, such as two Panamax bulk carriers sold in Q3/Q4 2025 for gross proceeds of $8.3 million each.
• A 2009-built transhipper was sold to Navios South American Logistics Inc. in July 2025 for $30.0 million.
• The fleet's average age is 9.7 years, which appeals to customers seeking modern, compliant tonnage.

Navios Maritime Partners L.P. (NMM) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Navios Maritime Partners L.P., you're really looking at the operational reality of running a massive, modern fleet of 171 vessels. The costs here are largely fixed or contractually obligated, which is typical for asset-heavy maritime operations.

Vessel operating expenses (crewing, maintenance, insurance) are a major component. For the third quarter of 2025, the average combined OPEX rate was $6,798 per day, which was only $10 higher than the rate seen in the third quarter of 2024. This stability in the daily rate, despite a fleet that is constantly being renewed, is something to note. However, the total vessel operating expenses did see an increase of $3.2 million in Q3 2025 compared to Q3 2024, driven by a $3.4 million increase in OPEX days.

The significant depreciation and amortization expense is a clear cost driver, especially with the fleet renewal program. For the third quarter of 2025, this charge hit $109.0 million. This figure was noted as being $9 million higher than in Q3 2024. This surge is explicitly tied to new vessel deliveries and, importantly, more drydockings that occurred during the period, plus a $27.3 million accelerated lease amortization related to two contract terminations.

Interest expense and finance costs on bank debt and bonds are also climbing, reflecting the capital deployed for fleet expansion. Navios Maritime Partners L.P. reported a $2 million increase in interest expense and finance cost net for Q3 2025 compared to the prior year's third quarter. To manage this, the company issued $300 million of senior unsecured bonds in October 2025 with a fixed coupon of 7.75% due in 2030. Pro forma after this issuance, about 41% of their debt is fixed at an average rate of 6.2%.

Regarding drydocking and special survey costs for fleet maintenance, while a specific Q3 2025 cost isn't itemized, the impact is visible through the increased depreciation and amortization, as drydockings were cited as a driver for the higher D&A charge. For context on prior periods, in Q2 2024, the amortization of deferred drydock and special survey costs was $15.9 million for that quarter.

General and administrative expenses (G&A) also contributed to the higher operating costs. Navios Maritime Partners L.P. saw a $2 million increase in G&A expenses for Q3 2025, which is in accordance with the administrative services agreement.

Here's a quick look at some key cost-related metrics from the Q3 2025 results:

Cost/Expense Metric	Q3 2025 Amount	Comparison/Detail
Depreciation and Amortization Expense	$109.0 million	Up $9 million versus Q3 2024
Interest Expense and Finance Cost Net Change	N/A	Increased by $2 million in Q3 2025 vs Q3 2024
Average Combined OPEX Rate	$6,798 per day	Up $10 from Q3 2024
Vessel Operating Expense Increase (QoQ)	N/A	Increased by $3.2 million in Q3 2025 vs Q3 2024
General and Administrative Expense Increase (QoQ)	N/A	Increased by $2 million in Q3 2025 vs Q3 2024
New Senior Bond Coupon Rate	7.75%	Issued $300 million in October 2025

You should keep an eye on how the new financing structure impacts the interest line item going forward, especially with 41% of debt now fixed at a lower average rate of 6.2%. The fleet size itself is a key cost driver, with 171 vessels operating at an average age of 9.7 years.

The operational costs are summarized by the following:

• Vessel operating expenses increased by $3.2 million in Q3 2025.
• Average daily OPEX rate was $6,798.
• G&A expenses rose by $2 million in the quarter.
• Depreciation and Amortization was $109.0 million for the quarter.
• Drydocking activity contributed to the rise in D&A.

Navios Maritime Partners L.P. (NMM) - Canvas Business Model: Revenue Streams

You're looking at the top-line income generation for Navios Maritime Partners L.P. (NMM) as of late 2025. Honestly, for a shipping company, the revenue streams are pretty straightforward: you get paid to move cargo or you get paid to let someone else use your ship.

The primary engine for Navios Maritime Partners L.P. revenue is the chartering of its dry cargo and tanker fleet. This includes revenue generated from time charter agreements, where the charterer pays a daily rate for the vessel, and voyage charters, which are typically spot market or fixed-rate contracts for a specific journey. For the first nine months of 2025 (9M 2025), the combined time charter and voyage revenues reached $978.6 million.

The structure of these charter agreements is key to understanding the revenue stability. As of November 12, 2025, Navios Maritime Partners L.P. had secured a significant contracted revenue backlog totaling $3.7 billion. This backlog provides visibility into future cash flow.

Here's a quick look at the operational performance driving that main revenue stream for the third quarter of 2025:

Metric	Value
Q3 2025 Time Charter and Voyage Revenues	$346.9 million
Q3 2025 Average TCE Rate (Time Charter Equivalent)	$24,167 per day
Q3 2025 Fleet Utilization	99.2%
Expected Contracted Revenue for Q4 2025	$294.0 million
Expected Contracted Revenue for all of 2026	$858.1 million
Average Expected Daily Charter-Out Rate for 2026	$27,088

While the search results don't explicitly break out pure bareboat charter revenue (leasing vessels without crew) versus time charter revenue, bareboat arrangements fall under the general chartering income that makes up the bulk of the $978.6 million for 9M 2025. Similarly, freight revenue from the spot market is captured within the voyage charter portion of that total.

A secondary, opportunistic revenue source involves the disposal of older assets. Navios Maritime Partners L.P. actively manages its fleet age, which stood at an average of 9.7 years as of November 2025. This management includes selling older vessels when market conditions are favorable. For the period covering Q3 through Q4 2025 to date, the company reported gross sale proceeds of $105.7 million from the sale of six vessels, which had an average age of 18.6 years.

To give you a concrete example of that opportunistic selling, in October 2025, Navios Maritime Partners L.P. agreed to sell two specific vessels-a 2005-built panamax and a 2007-built MR2 product tanker-to unrelated third parties for an aggregate gross sale price of $22.4 million. That sale was completed in October 2025.

You can see how the revenue is generated across the business in this summary:

• Time charter and voyage revenues (9M 2025): $978.6 million
• Total Gross Sale Proceeds from Six Vessels (Q3-Q4 2025 YTD): $105.7 million
• Example Proceeds from Two Vessel Sales (October 2025): $22.4 million
• Total Contracted Revenue Backlog (as of November 2025): $3.7 billion

Finance: review the impact of the $460.4 million acquisition of four newbuilding containerships on Q4 2025 charter coverage projections by next Tuesday.