General News

Performance Record for Angeliki Frangou’s Navios Maritime Partners

ATHENS – Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, on May 14 reported its financial results for the first quarter which ended on March 31, 2024. With sales of its older ships, acquisitions of more modern used ships and new ones, the company, led by Chairwoman and Chief Executive Officer Angeliki Frangou, continues its renewal and achieved the best first quarter performance since its establishment, Mononews.gr reported.

Frangou stated in a Navios news release, “I am pleased with the results for the first quarter of 2024. We reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit were $2.38.”

Frangou continued: “In the first quarter of 2024, regional conflict, particularly in the Middle East, continued to drive transportation. The U.S. and European economies were generally healthy. As a result, this was Navios Partners’ strongest first quarter financial performance ever.”

“We remain cautious as this robust maritime environment can change quickly,” she said. “As usual, we focus on things that we can control, such as reducing leverage and modernizing our energy efficient fleet. We are taking long-term cover where available, as rates are around or exceeding long-term averages. For example, we recently chartered-out a capesize vessel for 2.9 years at a net daily rate of $28,500.”

The company has invested $247.5 million in ship acquisitions since the beginning of the year. During the first quarter of 2024, Navios Partners agreed to acquire two newbuilding scrubber-fitted aframax/LR2 tankers of 115,000 dwt [deadweight tonnage], from an unrelated third party, for a purchase price of $61.25 million each (plus $3.3 million per vessel in additional features). The vessels are expected to be delivered into Navios Partners’ fleet during 2027.

Also in March 2024, it exercised options to acquire four Japanese-built kamsarmaxes (previously chartered), at a total cost of $116.6 million.

These are one scrubber bulker of 81,000 dwt capacity, built in 2015, two vessels of 81,600 dwt capacity, built in 2017, and one of 84,900 dwt capacity built in 2016.

Newly built

At the same time, the shipping company received in January and April 2024 two newly built containerships with a capacity of 5,300 TEU [unit of cargo capacity], which it chartered for a period of 5.2 years at an average rate of $37,050 net per day. In May, it took delivery of a new-build aframax/LR2 tanker, which it chartered for five years at $26,366 per day.

Navios has secured $3.3 billion in contract revenue through 2037.


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