Navios Maritime Partners reports Q3 net income of $56.3m

Adjusted EBITDA for the third quarter was $194 million, slightly down from $195.4 million in the prior-year period. The decrease was primarily due to lower other income and higher operating expenses, partially offset by increased revenue and lower voyage expenses. Earnings per common unit were $1.90 for the quarter.

Angeliki Frangou, Chairwoman and CEO, stated, “I am pleased with our results...For the past five years, we have been addressing constant change in our operating environment. Yet, we have remained laser focused on our business, modernising our fleet, to an average age of 9.7 years, increasing our book of contracted revenue to $3.7 billion and decreasing our net LTV to 34.5 per cent.”