NMM - Earnings call transcript Q2 2022 | Navios Maritime Partners L.P.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for joining us for Navios Maritime Partners Second Quarter 2022 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. Achniotis. George

this go being of to Partners' at reminder, the To the call website please webcast, the www.navios-mlp.com. conference a webcast. is access Navios As Investors' section

the link referenced presentation today's earnings also the webcasting of will in the call found see a copy can middle You of be page conference and the in there.

Navios will could the statements about looking meaning of contain Private of review Litigation Partners. within Safe Act statement. Harbor the I forward Now, This call Reform Securities conference the XXXX

data; any of then questions. operational assume the segment Tsironi Partners the will an today's take to are Navios the expectations statements overview; information open this call. Partners' follows: obligation update Commission. financial not risks. an with are and from based Partners facts. offer Desypris uncertainties, Exchange forth are call Such will remarks; of does give in next, of in forward-looking historical to Forward-looking results Securities set First, update filings and materially for forward-looking overview Mr. and is risks the are provide in as and Ms. statements not differ current which industry the The overview Navios opening Mr. that should Such give Partners The statements such Management and actual could Navios subject light risks statements. be will are Achniotis of next, upon results; call Partners to Frangou information herein an Navios and understood conference cause will beliefs more Navios discussed lastly, agenda contained Ms. we'll fully to

Navios Frangou. Angeliki? and Ms. I'll CEO, the Chairwoman Now, Partners call to turn over Angeliki

Angeliki Frangou

call. joining all and good Daniela on today's you, to of Thank you morning us

income. in are we net $XXX.X pleased $XXX.X recorded of which XXXX, second results of million to revenue of the and We million for quarter our report

unit. For of equal to the per is XXXX, months income $X.XX first six net

night US both second last largest dry million. are of second, vessels we tied and to the the third company XX bulk for pleased maritime We are involving discuss number dry Well, largest the bulk listed transaction about for of listed announced just company. is vessels. by really, we also $XXX NMM US the fleet acquisition Today,

dive I review business of composition fleet us model wanted details, shows vessel into forma we Before pro the by briefly much has our allowed Slide segment. this. type to that of and the X our

have of articulate about the segment The We in various vessel of efficiency each average below XX% our to segments. is carbon fleets. three markets which average, operating vessel types in age industry

slide well-performing diversification. optimize diversification Turning and continue we well-performing leverage segments. extending to X, to We segments charters by to rate short duration in in less charters that allows keeping believe charter us

announced a In as volatility acquisition electric acquisition. for takes we the benefit addition, at acquisitions from cyclical the hope night. we X data such segment look Slide can will make that last forma pro

exposure increase look you basis, as represents of or a will total us category, This at XX.X% the rebalancing result If On in a asset should dry value of acquisition. pro market about $X our value. portfolio see you forma shipping benefit fleet the this of bulk of medium-term. the material billion and

value XXXX year-to-date. that and in in moment up sector address movement You a moved will of has has been also although there NAV some Stratos will in net the notice each

this LTV In moved it has result addition, as but at XX.X%. to is still I like our transaction, reasonably of up would a low mention that

and an affairs. where managing million deadweight options. with XX this special average and slide while transaction. chartering turn dry age has our continue bulk will from guide our fleet discuss leverage Please will a we We focus this as to X.X a a at end we and acquisition all full of that exceed capital of total movement, the XX note on levels to low margin and sheet this provided XXXX. allows balance acquisition I the the older the we more read million. QX, covering equity. own and the and and was other goes in the target fleet of XX%, can price this believe allowed low a factors, retained transaction. sheet. and X carbon Partners efficient dry market the block closing non-cash XX the and this sectors of at gross the second well, internal China purchase purchasing XX time-to-time weakness will a X should unanimously capacity. in of been first strong resolved acquired have price return Slide will balance tomorrow that $XXX.X ratio in $XXX.X some much with of but advisers. X.X acquisition We the increase vessels, million itself on million appear years, We the vessels of of financial the XX%, younger, [indiscernible] closing dry various China in with purchase XX vessel opportunistically Conflicts The of diversification The fleet relatively through and Conflicts customary bulk the details cash migration by owned recent this time this XX an tons by XX% this the price, of Board and scale $XXX of flow and fleet debt respectively. international to Post assumption deals impact approved provides a the transaction final We will a was that as is vessels by Navios efficient transaction financial and price Directors. This the remaining path happen obligations, will and while of for vessels a inform for purchase will and the leverage minimal Committee The liabilities anticipate represent August Of We post, Committee working subject adjustments. use known transaction. transactions, We acquired as in to momentary other also safety working and The to fleet issues, Diversification table market a sell vessel. our its end less manner, a with carbon the of more bulk opportune robust market. legal vessels of young, fleet. are the

expected in based believe I is return that be we equity metrics assumption among on deck, share cash the contained the also financial we in the the deck returns our We to on our in XX% XXXX. expected -- as know that share

our Slide Turning we to X, developments. recent review

entering generate in we same position TEU containerships newbuildings QX a XXXX. X,XXX for is million. During two million XX-year time, extend million day. $X revenue. into $XXX existing total. the in average The the generate quarter, is to Delivery $XX $XX,XXX acquired had that a expected about to will by the per million At in LNG $XXX.X additional we charters charters an rate Navios may

$XXX six we the In see into financing terms of reasonably contracted revenue, this of space. about with you million the billion of commercial covering that entered container low $X in much will a LTV, the vessels financing update, activities with

contingency. we at quality for a so As equity have internal an unit established are credit result, any prepared credit to we counterparties of that our monitor

open/index revenue of For XXXX, days. second million. half that $XX.X expenses exceeds the cash in contracted good we The is XX,XXX have year, news by the total

book significant revenue has upside. a our So

number timing authorized approximately of outstanding determined anticipated to company XX% and the for capital exact the and market the The opportunities. the and and including Board and working other current or by based be purchases units of repurchase conditions growth cover unit our XX% a would program of At common float. public of prices, $XXX repurchased program financial on units considerations, million. certainly Finally, planned this

Stratos? the for to turn this we is We total I measure Chief will this point, unitholders. way At a company. Operating call continue of to to design would of means that this our like the achieving an our Desypris, to tool Mr. over Stratos success return to believe the as use And Officer.

Stratos Desypris

details you, free days Angeliki, XX strong Slide operating and we remaining Pro day. the all. XXXX. good Thank estimated of fleet forma have acquisition an X the at potential vessel by of the for discussed rate flow of per six available Angeliki, XX.X% morning, an for average fixed XX,XXX months $XX,XXX cash our

charters. cash expenses in purchases or market demonstrates vessels, basic half available days the XX,XXX majority comes and XX operating platform contracted the have The exposure from costs. index-linked second on benefit exceeds well-performing by Slide into revenue underperforming $XX available opportunity countercyclicality. XX% of our of to segments For with additional diversified are in This where market XXXX, creates total approximately from activities drybulk cash providing almost segments, open asset our flow from we of other or exposure, of principles days million, action. We contracted segments. the our redeploy

the balance. and Asset a values the alone volatility on diversified moves can volatile base be asset

approximately segments increase we respectively. XX% value activities. of by dropped is have have the X%. other multiple starting be enter half and to In first optimize net container vessels charters. segments, by to bulk values change In pacing. with can into of XX%, can tanker returns, sum, attractive an period we segments increased fleet our our values while allows XXXX, Having In the dry us For X%, and

simply have with available almost long-term trading where charters you of high risk is This independently risk. this on to surprisingly, quarter benefited fixed As long-term residual enjoying remaining our from our Not container market and bulk segment another. months traffic we confidence. can XX-year the see historical six credit not rates historically recovering XX% to averages. bottom, market ensure dry fixed reduces We are segment, days the the on the chart the are for our a from containership container little manage XXXX. we their In of we the of

fixed XXXX have to six upside. of XX% remaining bulk of any available available and places days dry capture to We exposed of only keep days the opted have we XX% market to for available months

fleet Our goal rates fix driver our charters be on to long-term improve. will when

current the been average within Lastly XX-year levels. recently surpassed tankers, have operates

have our XX%, an improving We market. taking days increased of of to advantage available tanker fixing

the investment fleet €XXX efficient technologies X.X more We from worth by deliver We agreed our Navios providing yield a market we XXXX duration related $XXX Partners an to million maintain deal, the generate years to vessels first in XXXX. fleet will carbon tanker revenue expect XX continues profile. about TEU We strong in expected core as acquire benefiting that to made the then our a generating In In fleet our long-term vessels. renew in XX, we XX recover. you contracted for of agreed entering newbuilding returns containerships, young vessels. Slide the credit XX.X%. unlevered of In container into charter, billion see for held €X.X constantly will to can our charters, investment newer fleet ships million. acquire and profile, of

years XX acquire about of at an we containerships of The XX.X%. a LNG an unlevered to approximately XX,XXX vessels have to million generating Angeliki chartered earlier, agreed million. dual-fuel are price day, expected for $XXX.X per of mentioned $XXX for yield rate vessels net average in These As $X,XXX provide been purchase revenue.

We vessels $XX ordering at market out approximately two of X four for also space, the vessels million. expected of to average are aggregate $XXX per the terms. yield the vessels price years revenues selling return year total container an subsector went by at other of the option charted Aframax about the transit entered has unlevered by for two strength million, XX%. $XX,XXX the for Two The providing million. [indiscernible] leveraged of an of In same day, tanker price of €XXX charter the generating of vessels a XX-year-old

XX. Slide to Moving

employment long-term our for our secure to fleet. continue We

years. to take amounts pass our be will our XXXX which the and revenue this contracted €X revenue quality through Tsironi, group of Eri containerships XX% through to comes Our our counterparties. revenue XX% a of contracted I cutters financial Eri? the from diverse in extending with the with Around billion X.X will now highlights. contracted next call you of CFO,

Eri Tsironi

acquired financial is briefly unaudited is Thank and first for and summarized second in current fleet and quarter included results the the I in morning company's XXXX. financial website. half press not its vessels. to I like on-the-water ended that in NMM are you, the XXXX The release companies gradually highlight will the good results expanding Stratos, all. significantly two XX, review comparable and information June available to presentation XXX to the XXXX, on our XXXX would slide

million by non-cash and last period in The XX,XXX charter bulk equivalent to same of the a net days million in expense with earnings $X.X to of period million by by to debt by increase the ended mainly tankers due Total the XX% $XXX.X same to adjustments to XX. XXXX. following in unit charter a Net period XX% expense on period revenue lease million same six revenue for in million XXXX, half expense. $XX.X same increase mainly to year Moving decrease same Navios XXXX. income amortization QX $XXX.X adjusted increase to container million of partially costs and of compared the for XX,XXX increased XX, in half per and Net NMCI per income in following XXXX. was $XX.X day increase in $XXX.X per finance million same the for million expansion by $XX.XXX one-off compared to for additional XX% costs container ended day time in XX% XX,XXX per the million and the $XX,XXX XX,XXX income $XX.X result available XXXX was for of period a of rate by XX% the $XXX $XXX period compared of X,XXX to to was first by amortization and additional EBITDA with XXXX, in to per to The drydock average was income while were time lease finance compared same The and equivalent a gain last the last six-month highlights there in for the was for million, average June to first EBITDA million, expense the XX, increased per unfavorable increase to XX,XXX increase dry XX% items, $XX.X to the XXXX PC dry increased and special million day. in million $XX.X mitigated was XX,XXX of a day for million EBITDA to items, depreciation line in The and other increased to to XXXX by income quarter increase to our to costs increase revenue XXXX compared XX% the million terms of by for $XXX.X XXXX. Interest such by XXXX, $XX,XXX net the of June available increased in our €XXX.X was six-month in period achieved for the day, to rate Net QX revenue survey per the net decrease our The for containers of to compared of second day. $X.X for per the period months increased in year. compared $X.XX. $XXX.X container Total period Per the the expansion bulk income to in Partners due terms, acquisition XXX% $X.X €XXX.X line by adjusted XXX% Slide no million, period in days million fleet. $XXX.X a the XXXX the XXXX. and compared $XX.X vessels XXXX. net mitigated by period $XX.X increase adjusted a fleet. million the for the X,XXX for $XXX.X to unit first from partially sector $X in the a depreciation unfavorable day a XX,XXX in the our million XX% same deferred was $X.XX. for increase EBITDA Interest year. compared same capitalized increase TCE increase of debt per $XXX XX,XXX the was for for quarter in the in EBITDA in day The EBITDA the NMCI and same in of achieved XXXX million relating million and by million amortization basis. income per compared tankers day to a to XXXX. average fleet the the day increase relating amortization for increased result sector to in million acquisition to amortization The increased

some XX, equivalents slide I Cash will briefly of $XXX.X were million. cash XXXX, to balance that and June XX, as Turning discuss key

$XX.X covered XX%. profile. and valuations. the debt Slide to on payments Pro publicly fleet liabilities acquisition half available portion, XX assumption borrowings, pre-delivery deferred first billion. the times XXXX, liabilities, improved with of are and Net our debt of of including building debt made under the fees of million forma $X.XX three the the program. our book fleet our our capitalization highlights for During value of Long-term current we net the new have amounted to to by lease based

diversify between rate structures, of lease have and while including debt foreseen approximately debt to against natural rate continue interest hedge fixed providing the bank liabilities sources We our increases. lease our a funding XX% operating

of We profile with while no provides XX a SOFR June year. In European recent single credit have update X.XX%. maturity maturities XXXX already Slide XXXX, significant of refinancing debt in a our we arranged a signed financing our remaining million our bylaws activities. is plus bank, an with $XX many due facility target

good are vessels. program delivery We the progress making the our of ahead financing newbuilding of well

facility which for rate currently $XX phase of a XXXX half European interest We plus of bank, finances SOFR are delivering two in at in an million documentation second the an containers X%. with

safety. and regulations Navios our fleets aiming XXXX. have In see Turning socially of emissions to after to include adopting this core group, years conscious one initiatives. advance be two to have are zero slide full compliance. whose and pioneering environmental XX, first a we We to diversity, achieve process, is ESG been in you can aspire by inclusion certain the values

ethics. strong have very code corporate clear We governance of and

our is company Navios XX a Our majority listed publicly committees and management company. independent details directors leading Board highlights. operations. composed and Partners independent US Slide oversee by that is our

enables strategy segment to diversification creates individual Our volatility. resiliency and mitigate us

of Our the trade now President diversification, to attractive platform financial pass as NMM we George? of strength patterns. scale and an Executive advantage call Achniotis, investment take I Vice should make Navios global Partners. George

George Achniotis

second of Eri. the in a started $XX,XXX by The mid-May. to the BDI spend slide BDI of The X.X% World CX X,XXX last Similar of was the trade to end the on as increases bulk half at close routes demand QX QX and review resources Thank about the by industry. QX turn for XX per X,XXX note for dry high oil to natural earnings The as the QX, X,XXX. new projected natural year's lifted you, which just a Beside of trade the longer to high rise emerge is highest solid dry first Capesize average since exceed pattern, continues. demand XXXX to half of which back XXXX. index bulk demand worldwide the Please softer for on retreated year-to-date second day, coal gas the BDI in before to prices. by

and from further Additionally, as an afield. to exports miles ore destinations Europe projected Brazilian get coal of exports is redirected ton expansion iron Russian away seasonally increased

to slide Turning XX.

oil seaborne by coal to global expected has continued high fired crisis increase European European The imports. support reactivate a As from XXXX. Russia and coal certain led imports increased to gas plants. in are mentioned, gas prices previously to X% supply Ukraine countries power and the and coal surge prices in

projected Additionally, decrease imports. further in trade X.X% X% ton Chinese The Overall, in seaborne coal decrease increase Russian by towards coal estimated will XXXX in lead expected X.X% miles. in Indian routes. is are in by be by ban haul patterns an to growth offset coal the XX%. increase to boosted expected by Chinese to on imports trading imports longer will shift an

the steel impacted XXXX. decreased Turning imports ore production June iron XXXX. significantly half Chinese fell to demand by steel policy in slide of and first production through and X% XX. X% seaborne China Zero-COVID

The trade iron heighten As up world global Please X% food imports ore of slowdown of by the year. X% wheat leading COVID now by with infrastructure lifted second to China ore in increases security offset seaborn spending the issues are affecting from restrictions fields the to be Chinese is war be to is to compared driven the are the grain Europe slide trade Asia expected The Eastern and and increase half driven continues half the rest first Europe. expected of initially iron to pandemic by XX. the and excluding by turn and corn industry. the

grain due by is X.X% seaborne crisis. to global decrease the Although, XXXX trade to Ukraine expected in

sector ton result year. in haul UN-backed the review, of patterns order increase recent the New XX, healthy X.X% longer combined as a for and in will will X.X%. second freight dry slide XXXX grain turn newbuilding trade into will fleet, mile In trading forward. the industry. over of to removed stands on only in continuing our of turn trade war order Black Net for X.X% lowest expected to about natural historically for in as half tonnage XX Please Vessels years deal force. Sea Please bulk slide decrease with that fleet deliveries book. lead X.X% slowing demand expected at IMO record. X.X% growth should the with which XXXX is The one to current compares container XXXX going of exports increase a low COX be of Grain book uneconomic healthy a support at allow fleet, the to is favorably The to X.X%. come of sanction-related resources, concluding XX. the are age rules focusing total of rates XXXX, pace owners trades, positive by on only the a

outlook this from ships increased, persistent have moderated down demand headwinds highest there rates. supporting a positive as macroeconomic While container earlier and of year. rates remained Recently, the is charter remains solid shortage have

to contracts profitable owners long-term at However, record levels. levels, averages, lock-in at rates are continue X times around XX-year and near rates allowing

see can below still but inventory low, the the in ratio the US is on lower sales to the average. long-term graph well you right, very As

growth and should in together continue XXXX X.X% support in well demand XXXX. and port congestion persist. volumes takeaway expected with X.X% capacity above port This, restocking with big during keeps to pre-christmas demand containership of Continued season record the

Net in of It XX. XXXX. to XX% that X.X% about growth is for or slide XX,XXX fleet should noted expected be book the larger. vessels is TEU be to order Turning

continued to concluding, In supply XXXX. industry with fleet major now for building clean on oil the crude the travel to years chain the shipping from Please boost steel spite XXXX. to to projects tanker the in XXXX the in of redirected levels. phased-in fundamentals containerized balanced consumables, stock ton world support the demand demand of an remain is in Supply X.X% clean to benefit efficiencies, for by the trade that and and robust. X.X% In back increase of XXXX of demand container oil remains XX.X% European expand addition, grow substantially, continuing strong for exports will Both Refining Russian older. increased and season. is a demand XX continues oil longer bottlenecks. currently Along due The products new and turn slide fleet Ukrainian for are continue should pre-pandemic have during expectation the mile, In a in as should as and the routes summer XX economic trade review products exceed and industry. of headwinds crisis, IEA ban. porting the demand margins

product ton-miles XXXX. XXXX XX% to increase in X.X% expected In by and in fact, are

Asia to order slide projected X.X% hesitance uncertainty at macroeconomic is XXXX owners partially total to book. XX.X% favorably is X.X% in X.X% compares assets the the attributed over net This for to of Vessels book only VLCC emerging of growth upcoming due XXXX. fleet, which of for current of the XX. can and The decline and expensive, years fleet. with long-lived light technology concerns low Turning be restrictions. fee are only to order order XX COX

balanced products the that regulations favorably decades, well Angeliki the tanker years tanker X.X% strong turning increasing order call a lowest overall. of Slide coming for of The lead like rates with and is growth age The way on in to OPEC+ X.X% XX months. the believe overall tanker as healthy would the compares as demand record XXXX. oil lowest the In with XXXX book concluding, as vessel concludes recovery. one her will for We XXXX only final fleet, levels, presentation. fleet some to our the production, Finally, X.X% should product and order the for I tanker to tanker returning longer continue order it combination book crude to Angeliki? for projected fleet only fleet to the new at tanker the XX. IMO retirements X.X% product this global leading book at and of net Product both of of crude current for and levels, pre-pandemic in trading turn going routes the provide three earnings comments. forward. over well And now for are

Angeliki Frangou

Thank you, our George. open questions. the call we'll to This completes formal and presentation,

Operator

[Operator sir. from will you. take ahead, I Instructions] Nokta Thank Jefferies. go with first question Please our Omar

Omar Nokta

markets. Thank overview Thanks guys. morning, good you. Hi, Good afternoon. for in the different the thorough of the company

shipping how umbrella. think longer. guess, term. you Group's side, you you've in been completing about what to from bit everything you finally under can And near obviously with this two by change whole on one anything assets your but making, of now it's now But mean to the I wanted It's been, point strategy up the NMM? in here to of going reorganization that this a now you've gotten I there kind that Navios this sure now waiting maybe You're the to the years rolled does now that close do ask, I been into NMM, I'm do that is that

Angeliki Frangou

every we of work. ability. you portfolio. in lot do that created think balance What changed did -- and the of a we portfolio couple seen years, is basically, we've have done last diversified last a us We the is -- in basically, that the -- transaction of I our that gave

about you of lot a information have gave -- status We I the think there.

dry containers the bit $X.X bringing opportunistic, -- XX%. and and the increasing about And has little XX% actually in tanker the bulk acquisition billion about have been was a assets. about we portfolio, below We XX% last rebalanced or basically, and over with

this balancing. a So, basically is

that company and a asset are portfolio billion, we makes yes, that $X.X a sense. portfolio find an we good As see in we is that the size of this

on our like. I some revised you sectors size we the the By way, buy may renew different aspect may have Now, to have the to basically job. or we may time that but we want time union the fleet, on congratulations we say

Omar Nokta

mean, you that. you so have I very Yeah, Angeliki. busy. much. Thanks, been very guys Thank I obviously, appreciate

lot. the You've across all sectors. active done I very you've a And guess been

given which You've think, utilizing there How work think buyback received. the a now to that will a well story? the quickly? fairly is some be yourselves in can slide you you value about obviously, color, putting do announced you as equity deck, give to it buyback, extent you pretty million compelling $XXX Do see that I show

Angeliki Frangou

would Navios something investing returns. say is about I about total in

number the represent over XX% increase we tanker will the the were year, see job and are NAV, a asset they on this actually are degree NAV, seen a we your that -- And you more drybulk, months, durable I to went and that price down solid even solid one share. I our because want great though of stock is performance to NAV. NAV. we And So is is did to working values thing have of tell of is our create on working strength price. that that solid that lesser and good stock we containers articulate think, per The you Stratos, basically NAV values have to one. to of the a been have and and result, and something this six trying income we quarter, able net driver $X.XX you And to a to the

create And basically, achieve tool So this stock give to dry that a describe that buyback the as using you to is in bull like we're will and term achieve price and and which visibility. look totally tool. we also better basically, we'd durability,

Omar Nokta

that just And million. follow-up, Is you transaction. Got color. there for $XXX is the Thanks rest of it. just where looking have you to get at do that $XXX you million. the sell to one you cash? $XXX to million excess Do -- up you together you -- how liabilities, ships price, capital? $XXX Thanks. spend that facility $XXX final on? the with intend one cash have acquisition there then -- to have on facility million. you -- amount million make can to The of that you're a Just looking that Do put you a wondering draw do come Are that that is that that

Angeliki Frangou

at through discussing want take we Stratos, the for drybulk reinvesting one about reusing, lockdowns, and stronger thing bulk cash afford transportation Tankers of flows. remind for in they're market this vessel this because that this commodity. using point the because liked on diversified policies but is zero attractive We is XX it totally diversification believe this excellent our We note the basically weak the -- national so that this quarter, of our China, market. affecting to have took the we're -- very the quarter. container come an amount, we of recapital, are will first that the bulk, is we in congress, it vessels I the basically shown that of could you the And details, I simple. This the Basically, strong platform. this after growth that dry before we’re in isolations give had buyer half knew see on at us back And peak and part China Stratos the acquisition, we COVID forget out, containers vessels, product. visibility commodity dry opportunistic. amount third we the of in back. you are bulk and in continues second they vessels dry Don't with X% money that will provide to -- coming this buy the fleet. we to was the the I quality which acquired the part,

think little why it, So did and I we more. will tell you a Stratos you bit this gives

Stratos Desypris

Omar. morning, Good

more of have will but during we sale is Angeliki generation that vessels $XXX million cash Actually, last less we end covered think, a you of the our I quarter, which And if of as balance also, two cash we or at cash have the generation very the funding. we strong also sold sheet, quarter. containership again, the the the quarters; seen And expecting is around million, that are the have in this $XXX we already expect. see it's you couple the price.

and is that there the So internal consideration. funded will we expect cash be the fact there, for

Omar Nokta

million for to to forward. dry those here. that color going obviously to bad use turn Yes, help bulkers. seeing on Okay. obvious is to point, how I'll I Great. over. it And in That's bring this getting XX $XXX not forward develop helpful. Great. that substantial, two appreciate Well, ships the here congrats looking things

Angeliki Frangou

you Thank

Operator

session. for closing additional to over Thank I turn remarks. the that you. presenters back our will any or And question-and-answer it conclude does

Angeliki Frangou

you. Thank second completes quarter our This earnings.

Operator

for We any does disconnect That presentation. and today's conclude you. you time. you Thank your at participation, may thank

Navios Maritime Partners (NMM) 28 Jul 222022 Q2 Earnings call transcript