Navios Maritime Partners L.P. (NMM): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of Navios Maritime Partners L.P. (NMM) to see exactly how they are locking in value in this choppy shipping market, and honestly, the numbers from late 2025 tell a compelling story. Forget the jargon; this company is built on a foundation of $3.7 billion in contracted revenue backlog stretching to 2037 and a modern fleet of about 171 vessels running at 99.2% utilization in Q3 2025, all while keeping their net Loan-to-Value (LTV) tight at 34.5%. That strong balance sheet, boasting $361.1 million in cash as of Q3 2025, lets them play offense while others are stuck defending, especially after generating $978.6 million in revenue over the first nine months of the year. If you want the precise, nine-part map showing how Angeliki Frangou's team turns charter contracts into predictable cash flow, dive into the Business Model Canvas below.

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

You're looking at the critical external relationships that keep Navios Maritime Partners L.P. running smoothly, especially as they manage a large, modern fleet and significant capital structure changes in late 2025. These partnerships are essential for fleet operations, financing, and growth.

Technical and commercial management services from the Navios group

Navios Maritime Partners L.P. relies heavily on its related-party management structure. The Management Agreement and Administrative Services Agreement with Navios Shipmanagement Inc. and its affiliates (the Manager) were renewed in August 2024, starting January 1, 2025, for a ten-year term, renewing annually.

The fee structure for these essential services is detailed:

• Technical and commercial management fee: $0.05 per day per vessel.
• Management fee for a specialized transhipper vessel: $0.55 per day.
• An annual increase of 3% applies to the fixed daily fee after January 1, 2022.
• An amendment effective February 20, 2024, added a daily management fee of $550 for 'Specialized Owned Vessels'.
• The Administrative Services Agreement covers the reimbursement of allocable general and administrative costs.

These management fees are included in the reported Opex rate per day.

Global financial institutions for debt and bond financing

Securing capital is a major partnership area, evidenced by recent large transactions. Navios Maritime Partners L.P. completed a significant bond placement in October 2025, which is a key action to manage their debt profile. This move helps unencumber vessels and provides general corporate flexibility.

Here's a look at the recent financing activities and the institutions involved:

The company ended Q3 2025 with a Net LTV (Loan-to-Value) of 34.5%. The maturity profile is staggered, with no significant debt balloons due until the 2030 bond maturity.

International shipyards for newbuilding vessel orders and delivery

Navios Maritime Partners L.P. is actively modernizing its fleet through newbuilding acquisitions, which requires strong relationships with international shipyards. The company has 25 newbuilds on order, representing a $1.9 billion investment for vessels delivered since 2028.

Recent newbuilding commitments include:

• Acquisition of four 8,850 TEU newbuilding methanol-ready and scrubber-fitted Containerships in September 2025 for $115.1 million each (aggregate $460.4 million).
• These four containerships are chartered-out for an average period of 5.2 years at $44,145 net per day.
• Acquisition of two scrubber-fitted newbuilding aframax/LR2 tankers (115,000 dwt) in June 2025 for an aggregate price of $133.0 million.
• The fleet is expected to include eight newbuilding containerships (four 7,900 TEU and four 8,850 TEU) expected by the first half of 2028.

The average age of the fleet as of late 2025 stands at 9.7 years.

Ship brokers and agents for chartering and sale & purchase transactions

Brokers and agents facilitate the movement of the fleet, both through securing employment (charters) and optimizing the fleet composition (Sale & Purchase, S&P). The investment banks listed above also act as agents for the bond issuance.

Key S&P activities in the second half of 2025 involved selling older tonnage:

• Agreed to sell three vessels (two Panamax, one VLCC) for expected gross sale proceeds of $69.1 million.
• One sale involved a 2009-built transhipper for $30.0 million in July 2025.
• Agreed to sell a Panamax and an MR2 Product Tanker in August 2025 for an aggregate of $22.6 million.

For chartering, as of November 12, 2025, Navios Maritime Partners had fixed 88.1% of its available days for the fourth quarter of 2025 and 57.5% for all of 2026. The company has $3.7 billion in contracted revenue through 2037.

Insurance and protection & indemnity (P&I) clubs

Navios Maritime Partners L.P. partners with various insurance and P&I clubs to cover operational and liability risks across its diversified fleet of dry cargo and tanker vessels. While specific partner names or financial amounts for insurance premiums or coverage levels are not publicly detailed in the latest reports, this partnership category is fundamental for mitigating catastrophic loss and ensuring compliance with charter party requirements.

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

You're looking at the core actions Navios Maritime Partners L.P. takes to keep its business running and growing, which is the right way to analyze a shipping company. It's all about moving steel and locking in cash flow.

Strategic vessel acquisition, disposal, and fleet modernization

Navios Maritime Partners L.P. actively manages its asset base to maintain a modern, efficient fleet. As of November 20, 2025, the total fleet stands at 171 vessels, comprising 65 dry bulk vessels, 51 containerships, and 55 tanker vessels. The focus on modernization is clear, with the fleet's average age sitting at 9.7 years.

The activity of renewal was aggressive through the first three quarters of 2025. Key transactions include:

• Acquisition of four newbuilding containerships for $460.4 million.
• Gross sale proceeds of $105.7 million from the sale of six older vessels, which had an average age of 18.6 years.
• An agreed sale in October 2025 for two vessels (one Panamax, one MR2 tanker) for an aggregate price of $22.4 million.

This constant turnover is designed to keep the asset value high and operational costs lower. Here's a snapshot of the fleet composition and associated financial metrics as of the Q3 2025 report:

The goal here is to shift the mix toward newer, more fuel-efficient assets, which directly impacts operational costs and future charter appeal.

Securing long-term time charter and bareboat charter contracts

The primary way Navios Maritime Partners L.P. converts its physical assets into predictable revenue is through long-term contracts. This is the bedrock of stability in a volatile sector. The company has locked in a massive amount of future revenue, reported as $3.7 billion in contracted revenue extending through 2037.

The focus on securing future employment is evident in the forward-looking booking percentages:

• 88% of available days were fixed for the fourth quarter of 2025.
• 57.5% of available days were fixed for all of 2026.

Furthermore, the company announced securing $745 million in new long-term charters recently. The Q3 2025 performance itself showed strong employment, with fleet utilization at 99.2%.

Global fleet operations, maintenance, and regulatory compliance

Keeping 171 vessels running globally requires intense operational focus. For the third quarter of 2025, the fleet achieved a Time Charter Equivalent (TCE) rate of $24,167 per day. This rate was achieved on an available day count of 13,443 days for the quarter.

Operational costs are also tightly managed. The average combined OPEX rate for Q3 2025 was $6,798 per day. Compliance with global maritime regulations, including emissions standards and safety protocols, is embedded in the maintenance schedule, evidenced by the high number of drydockings contributing to the surge in depreciation and amortization in Q3 2025.

Capital structure management and debt refinancing

Managing leverage is a non-negotiable key activity, especially given the capital-intensive nature of vessel ownership. Navios Maritime Partners L.P. has successfully driven down its leverage, reporting a Net LTV at 34.5% as of November 2025. Total debt and bareboat liabilities stood at $2,560 million at the end of Q3 2025.

Recent financing actions directly support this deleveraging and modernization strategy:

• Issued $300.0 million of 7.75% senior unsecured bonds due in November 2030, partly to refinance secured debt on 41 vessels.
• Arranged a new credit facility in October 2025 for up to $68.0 million, drawing $41.0 million to refinance indebtedness on four vessels.
• Repurchased 929,415 common units in 2025 for approximately $37.7 million through November 12, 2025.

The company also declared a quarterly cash distribution of $0.05 per unit for Q3 2025.

Proactive risk management, including sanctions compliance and redeployment

The operational environment requires constant risk assessment, particularly concerning geopolitical shifts like the war in Ukraine and attacks in the Red Sea, which reshape trade routes. The key activity here is using the diversified fleet to capture opportunities arising from these changes. The company's strategy involves fixing vessels on longer-term charters to mitigate exposure to the volatile spot market, as seen in the high percentage of days already fixed for 2026. The focus on a modern fleet (average age 9.7 years) also inherently reduces regulatory and operational risk compared to older tonnage. This proactive stance is what management points to as key to navigating challenging environments.

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

You're looking at the core assets that power Navios Maritime Partners L.P.'s operations right now, late in 2025. These aren't just ships; they're the long-term contracts and the leadership that make the whole structure work.

The physical assets are definitely the most visible part of the Key Resources. Navios Maritime Partners L.P. operates a large, diversified fleet. This mix across dry bulk, containers, and tankers is a deliberate strategy to manage market volatility. As of the latest reports, the fleet size is cited around 171 vessels, excluding those agreed to be sold.

Here's the breakdown of that operational fleet, showing the diversification you're interested in:

The fleet is kept relatively modern, which helps with operational efficiency and charter appeal. The average age across the entire fleet stands at 9.7 years.

Beyond the physical assets, the contracted revenue stream provides significant financial stability. This backlog locks in future income, which is crucial when spot rates fluctuate. Navios Maritime Partners L.P. has a substantial contracted revenue backlog of $3.7 billion extending through 2037.

Financially, the balance sheet supports these large asset purchases and operations. As of the third quarter of 2025, the company reported holding $361.1 million in cash, cash equivalents and restricted cash.

Finally, the human capital is a key resource, especially in a complex sector like shipping. The experienced management team is led by Angeliki Frangou, who serves as Chairwoman and Chief Executive Officer. Her tenure as CEO started in August 2007, giving her over 18.33 years leading the firm. The Board of Directors also shows deep experience, with an average tenure of 16 years.

To summarize the key non-fleet resource metrics:

• Contracted Revenue Backlog: $3.7 billion through 2037.
• Cash Position (Q3 2025): $361.1 million.
• CEO Tenure (Angeliki Frangou): Over 18.33 years.
• Board Average Tenure: 16 years.

Finance: draft 13-week cash view by Friday.

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.

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.

Financial strength and low net LTV for opportunistic growth

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

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:

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:

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:

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:

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:

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.