Navios Partners Earnings Solid in Healthy Charter Market

Navios Lumen bulk carrier; Source: Flickr - under the CC BY-NC-SA 2.0 license; Image by: Kees Torn

Owner and operator of dry cargo vessels Navios Partners has reported a net income of USD 16.9 million for the third quarter of 2019.

The results were achieved on the back of an increase in the time charter equivalent rate and steady vessel employment.

“Navios Partners has a strong balance sheet and is competitively positioned in a healthy charter market,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said.

“Navios Partners earned a TCE rate of USD 18,778 per day for the third quarter, and virtually all of our 37 vessels are on the water generating revenue.”

Time charter and voyage revenues for the three month period ended September 30, 2019 increased by USD 1 million, or 1.6%, to USD 63.5 million, as compared to USD 62.6 million for the same period in 2018.

That increase was partially mitigated by the decrease in revenue due to the sale of the Navios Felicity and the Navios Libra II in December 2018 and the Navios Galaxy I in April 2019, the company said.

The available days of the fleet decreased to 3,240 days for the third quarter of this year, as compared to 3,428 days for the same period a year before, mainly due to the decrease of the size of the fleet.

The company further revealed in its third quarter earnings report that it is negotiating a potential acquisition of two Kamsarmax vessels on bareboat charters. As disclosed, the purchase price would be USD 29.1 million per vessel.

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