Navios Maritime Partners L.P. (NYSE: NMM) reported second-quarter results that exceeded analyst expectations, driven by stronger shipping rates and higher revenue. The dry bulk operator posted adjusted earnings per unit of $4.65, compared with a consensus estimate of $4.31, while revenue increased 25.2% year-over-year to $410.2 million, surpassing the $361.32 million forecast.
Net income for the quarter totaled $167.9 million, up from $121.8 million in the same period last year. Earnings per common unit reached $5.78, while revenue growth reflected a 23.8% increase in the time charter equivalent rate to $28,512 per day, compared with $23,040 per day in Q2 2025.
For the first six months of 2026, net income rose to $274.3 million, with earnings per common unit at $9.42. The company maintained a strong contracted revenue backlog of $4.4 billion through 2037, with 77.1% of available days already fixed for the second half of 2026 and 50.9% for 2027.
Navios declared a quarterly cash distribution of $0.06 per unit, payable on August 13, 2026. Shares rose 1.57% in pre-market trading following the earnings release. The board also authorized a new $200 million common unit repurchase program, expected to take effect in Q3 2026.
In fleet actions, Navios agreed to acquire three newbuilding scrubber-fitted very large crude carriers for $361.5 million and a Japanese newbuilding capesize vessel under a ten-year bareboat contract with an implied purchase price of $70.1 million. The company also moved to sell a 2008-built containership for $34.5 million.
Chairwoman and CEO Angeliki Frangou noted that the results reflected "strong operational performance" and highlighted the earnings growth across the quarter and first half of the year.
