- Earnings call transcript Q3 2022

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Operator

Thank you for joining us for Navios Maritime Partners Third 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 Vice Chairman, Mr. Petrone. Ted

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.

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

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

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

Angeliki Frangou

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

income report recorded million Net are our XXXX, of to which third revenue in for $X.XX we of net unit. of and $XXX.X income. million amounts per results pleased the $XXX.X quarter to We

macro of events. caught are unprecedented in the crossroads We

central time, the environment, and to liquidity are system banks increasing turn At rates are general enduring the financial banks terms they in economic as same in existing central reducing [ph] inflation. balances. First, the of capitalizing interest the normalize to

Second, as has slow materials and COVID produces experiences much and economic of appetite focuses world reduced of to policies. major the the it on China, growth of consumer raw zero [indiscernible]

Finally, disturbed the commodities. Ukraine conflict of oil as grains creating has mineral side scarcity has helped and trading normal while sales in In for these of patterns the a stakeholders gas, face well. are the and approach challenges also

The age have containerships strength each market different for sector, two average We XX about operating advantage take in industry $XXX XX year In selling average. by of segment able is vessels vessel below we the three segments. the of container in types to million. were old the

ownership and the Given investor. risk for new able charting were a containerships, out reasonable the appetite period vessels long to hedging for order on ensuring the a by them we return

material has with monitor risk, we a average. below Slide we continue opportunity. We balance balancing sheet age an selected at have segment or segment seeking have have by class, to events on in them, average industry the takes a X.X an long-term strength because the X fleet new constrained tanker data. closely our issues. also as the of well XXX other managing were the at six as on companies of Aframax Each years. enter look the legacy we new Today, four vessels time used average Today, charters to we another tanker eight

revenue sectors. that by $XXX we have work contracted various from of In third You done the developing can the a million revenue. generated quarter contracted alone, good see we long-term our

development. recent Slide We X. review to Turning

because Our LTV values. has primarily compression of picked up containership of

like is a year to from $X.X is the billion fourth also would of which the XXXX. by containerships. $X.X focus billion contracted and break-even quarter XXXX However, of in fiscal revenue mitigated of for I this the

of in expense can for million revenue $XX.X XXXX. the total cash contracted fourth have that see we You nexus quarter of

So will profitable. any X,XXX and revenue be open index a days from

have for day low initiatives. XXXX, day $X,XXX. break-even a November our X, per balance breakeven X less XXXX open interest phase likely about our risk, rate on interest rate very rate. was of also interest our Slide X.X% reviews as rate per open their In has than who working rate sheet and average of has to interest XX% rising an of fixed have mitigate been with balance XX% debt floating We

actively We debt. been reduce our to working average our floating rate have margin on

margin about XXXX, X.X% been X.X% reduce compared able have to by we in to XX% as to far, this XXXX. So in

in better the less new program than even X%. margin done have slightly building average where We a is

debt to $X.X either the program million annual in or approved approval. We have been of finance has process $XXX building. billion in is

in We serious discussion $XXX remaining million. are a on the

program. We building annual have secure been delivery. able of on paid only terms to XX% price on must favorable purchase be the

new debt would commitment no fee. call I Stratos? building At to the the point, this In Stratos turn to over Mr. like addition, of has $XXX Desypris. million

Stratos Desypris

cash fixed operating Thank days the you, of Angeliki, flow our XX.X% X Slide and good fourth available morning, at average day. an quarter net for free of potential of details $XX,XXX rate all. strong per XXXX. We

$XX For contracted already QX cash revenue over expenses exceeds total XXXX million. by

underperforming XX We are available for profitability flow redeploy from exposure. available and days action. X,XXX in that we these counter which – additional in market segments the once creates segments. diversified principles approximately XX,XXX benefit we to XX% days into of from opportunity XXXX, have cash performing days of cyclicality, platform demonstrates well our Slide with basic We have provide activities will

bulk base We diversified QX this volatility. XXXX be dropped asset a dynamic decrease fleet change, approximately balanced dry asset volatile values X% can by values as XX%. vessel increased some Asset in by of the our XX% dropped container and tanker In now see of by can base a net XX%. moves while the values values

into period addition, charter rates. enter optimize can us with to In can multiple we allows segments, we in attractive In segments segments other be pacing. starting, returns

XX% the the days the high segment, bottom, risk our to taking charters of historically This available for the another. the charter independently peaks with we In long-term of our rates days market. from for are fixed XXXX, can reduced container of We are XXXX. on current manage in this fixed our chart residual tanker risk on simply ensure the enjoying to for was average fleet rates. segment and risk, one containers you almost not container charter we market surprisingly, increase we Not advantage charter available long-term trading tanker credit As levels. almost XX% surpassing see XX-year

generate fleet We will tanker expect strong returns. our

by so as only X% fixing segments, available charters rates, you pacing we drybulk available rates whereby will below days. slide entering recovers. are now short-term exposed historical Lastly, the market XX% In can be are of long-term our the activities. of XX, market Over see fleet which fixed to averages, remain renewal days

so Starting client XX XX duration technologies always charter a price $XXX to revenue vessels tanker long-term profile option of newer fleet entering benefiting sub that charter five the additional XXXX. we for efficient In vessels $XX.X $XXX renewing at more fleet into to of deliver the new through field we activities. made that Four two we Slide rate Aframax a by the for from vessels agreed are update has are $X.X an will XX LRX Q, charters We the sector of plus vessels. in our features. average about by the building The ordering charted we tankers, worth space, six total million means vessel two hazed to In years Aframax the of investment the contract acquire maintain years with million. million. vessels. carbon investment acquiring $XXX gives are $XX,XXX, and during of after for million. credit per X.X an daily Partners rate total related billion billion vessels in generating LRX approximately revenues our out the of charters. entered of our the Navios other for the We $X.X containerships, X.X for net vessels generating

at The QX charter $XX,XXX net for given an one is grade per year a in the have rates. option options five plus of XXXX. to rate day, to increased We counterparty vessels five additional option the declarable at years investment

two net almost $XX daily in vessels generating of contracted contracted revenue. Aframax the also $XX,XXX LRX million at rate We a years for five of

on strength of rate of daily capitalized the and of average net $XXX $XX,XXX chartering average an also for tanker of We the tankers X.X market million. duration eight contracted an revenue product providing years

we open of $XXX the fixed our $X,XXX. rate months On net X,XXX the remaining XXXX for we vessel containerships Also, million. completed six the in only containerships QX, TEU sale two of at for daily for

of same four XX vessel, time including acquired Finally, drybulk new vessels vessels an average for with on age at vessels, a million. we while $XX the sold we the building years cape size XX

at three On of revenue we $XXX.X rate average new vessels million created five of contracted chartering our size $XX,XXX. cape the years net an building daily front, chartering by for

Slide secure to continue XX, for Moving our we fleet. employment long-term to

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

Eri Tsironi

are is and available like ended for that good the September XXXX. financial all. presentation slide XXXX month XXXX. I and morning, financial to to on highlight website. results I the company’s press the information will XX, results review is and in the included the release summarized Stratos, you, briefly The Thank our comparable quarter unaudited third nine in not would

recently acquired and NMM two XX XXXX, its in As bases expanding companies significantly fleet.

XX% container to earnings Slide third in million the results period due $XX.X by of understated increased overall rates. of accounting deescalating charters last adjustment $XXX.X the $XXX revenue for straight Moving increased revenue days is effect to million, XXXX. from for X,XXX quarter charter compared to Time revenue same quarter with for million XX,XXX to to because year. a a of required highlights purposes compared total the the for available increase in line same The XXXX XX% XX, in the to

decreased per XX,XXX charter for day to the XXXX. X% to XX,XXX by time Our per compared same day, in equivalent period rate

containers XXXX of EBITDA lower that tankers. In sector same $XXX.X performance, In QX $XXX.X our and for increased fleet period to containers compared the by rate both over and million XX,XXX to XX% for XX,XXX terms for XX% period enjoyed last rates XX% $XX,XXX. at by million increased tankers drybulk to year. contrast, period

unit million are per was million, XXXX. of of in $XX.X $XXX.X EBITDA items the adjusted the income Total of the million income items XXXX detailed months increased release, described by $XXX.X XXXX. period one in Net net to one press increased period Per net to income by to revenue net for in $XXX.X was compared price our release $XXX.X for as million $X.X. to nine by increased to XXXX. $XXX.X same the unit XX% million. adjusted excluding Excluding QX same $XXX, compared million compared XXXX million XX% in $XXX income in first to $XXX.X million Adjusted for was for

rate a XX, increase compared a of month a accounting day requires in average XXXX. nine line per same the compared XXXX, days the day is the for XX,XXX the $XX.X period The of For period due increase TCE for because per XX,XXX $XX,XXX with in to million in was understated to rates. straight adjustment revenue de-escalating an effect revenue containerships the result to X% XX% and ended of increase XXXX available September to in period purposes overall same to charters in for fleet $XX,XXX

containers XX% for line the month million to same In to $XX,XXX. for nine last $XX,XXX Drybulk TCE same year. for the terms period increased with tankers $XXX rates performance, period compared period for million by for ended $XXX.X increased to sector at to in XXXX XX% the September rates XXXX XX, were of EBITDA rates $XX,XXX. and XX%

$XX. adjusted described compared the $XXX.X year. has for items period increased to $XXX.X list, to income for by unit ended one-off per price last $XXX million increased XXXX September XX, to income million Excluding million. EBITDA $XXX.X million month in Net was Net period the nine same XX% our by

release, items in Adjusted million $XXX.X million one-off was $XXX.X adjusted to the income net compared detailing in $XX.XX. described income per amounts Excluding press to unit net XXXX.

to I balances Slide Turning will discuss data. XX, briefly some key

equivalents cash and cash XXXX, XX, September million. of $XXX.X were As

our first paid million the XXXX, under nine months program. of installments of During we pre-delivery newbuilding $XX.X

million to second XX hand four vessels. We also $XXX.X newbuilding and paid acquire

for $XXX.X sold containers we two million Finally, net.

the period, facilities. million highlights stood current $X.X our the $XXX net deferred Net to had fees at scheduled XX repayments debt under of XX.X%. bonds, we billion. including credit our to During amounted Long-term profile. book debt capitalization Slide portion,

based X.X on of times our the at and valuations. available liabilities fleet publicly covered lease value Our debt by

rate liabilities increases. We X.X%, our approximately including leasing lease continue and hit resources an average providing have to diversify between rate bank debt, of at fixed natural operating interest our while debt against rate funding XX% a structures current of

SOFR no building facility million facilities the $XX.X facility at credit end Capesize X.X%. of average delivery in average an bareboat effective in activities. rate the Currently, for at margin is margin decrease X.X%. with + X.X% year. European at we of we’re a two September leasing the Slide of SOFR for we October, of an XXXX at $XXX Our and XXXX fixed in four on the + financing new million X.X% to built XX at $XXX.X update financing any delivery completed containers export In agreement maturity financing is facilities In for agency our profile XX an X.X% and target completing at X%. for refinancing + undrawn a signed significant for facility Kamsarmax our million, containers we due Libor of financing single credit our volumes for XXXX. The one XXXX + X%, we recent X.X% from bank our containers XXXX. provides delivery XXXX XXXX, with the newbuilding financing and first SOFR concluded Furthermore,

Turn heads conscious environmental represents are million of We values process, aggregate in one newbuilding group, have amount advance, Slide newbuilding be $XXX to diversity, by XX% under our and no signed to representing inclusion two in fleet financing ESG years first achieve have requirements. can zero Navios Of you to or documentation the of and initiatives. $XXX is our phase commitment financing the an to our Including for to million up financing compliance. XXXX. this financing this are emissions of process, million, whose certain our XX, of amount progressing facilities regulations we pioneering adopting $XXX to core our lease. approximately see socially We of we we approval arrangements aspire safety. and with In close program been full have aiming three the are a include fee.

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

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

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

take strength we investment to trade financial and call NMM now Petrone scale take make pass an section. global I the diversification, Our you attractive to Ted the as should patterns. platform industry advantage of through Ted?

Ted Petrone

has world industry. the affected the QX Thank XX the you, Slide tankers. rates consumer Tanker in in crude for Eri. vessels. today tanker the activity has Please purchasing What both positively economic negatively turn to for grow exceeding projects increase container The increasing will clean in product sizes rates and expectation in sharply oil by of all demand oil spite barrels has travel from per IEA is affected XXX.X to That X% firm and rose is Ukraine of trade and switched goods review In to in pre-pandemic continue industry XXXX. two-thirds that services. X.X% About still demand Seaborne the the XXXX crisis, million of day XXXX is levels. a transportation. uncertainties related for

and invasion clean to Slide combined risen new the products redirected supply continue routes. rates tanker fundamentals and with solid which Russian and and the Turning to Ukraine, XX, has longer the crude across have of board due to demand

the crude rates begin Russian This as also to sanctions ton increasing crude crude into exported aided effect on X.X% products respectively. to Atlantic returning product. east, add increase East a price should miles and and as mile strong product the in trade far the new Additional Middle Incremental European EU clean support, to refineries and and expected cap the X. Product and are discounted by replacing on by Russian already December X.X% efficiencies. come could from Gulf pressure crude be upward is supply ton rates. with should tankers XXXX and U.S. further tanker growth

COX Turning owner’s only to of order This attributed – X.X% to XXXX. can VLCC in is for engine fleet to of decline projected partially fleet, hesitance X% macroeconomic and growth net book years. long-lived X.X% is Slide assets the technology and at the XX.X% uncertainty concerns upcoming net Vessels only lowest years expensive vessel for the light are order over due which restrictions. compares be XX fleet in XXXX total XX, to book. fleet, age of current XX order of the very with favorably The low

believe recorded, at favorably order the fleet is sailings. dramatically X.X% Turning above weakened of current back coming product for remain to rates to averages. XXXX compares net Slide combination they projected in to consumer XXXX macroeconomic moderated the only is rates Tumbling goods, the IMO overall over oil order tanker both fleet, The retirements the the new of We trade, that some is to stands turn on fleet, years the fleet led longer for levels. board historical and of back months. and SCFI to growth decades at demand switching earnings at at healthy book container recently, Please strong Container X% the the tanker the uncertain low of and the age tanker well-balanced blank tanker concluding, the XX, inventories currently tanker is across well on port at Shanghai XX services XX, beginning pandemic lowest returning three as regulations X.X% pre-COVID of product XXXX. are one of as older. will Slide and book year, which the order the container vessel for trading global decrease just lead review, as should going of sector routes book topping continue forward. or which congestion which free out lowest Index, for X.X% with tanker The with the to it X,XXX, in spending In below provide however, is in combined product industry X,XXX focusing and easing the have crude Freight since levels, conditions on

chain graph goods is of in related which to China’s of helped the supply BDI Please of a will economy of average. have the and Net both throughput experienced environment slowing expected X,XXX XXX easing previous Chinese same congestion, The the back averaging fundamentals against growth increased slowed well container Capesize exports. X,XXX over the due XX% demand low count graph goods Turn for high to Overall, for XX but day not book Panamax ending current at a supply is and to then, and review some in TEU export and moderating XXXX year. takeaway COVID remain the sector the lower of quarter continues zero soft a low, decline Since U.S. a slowed disruptions, last left to on the years XX. note ratio economic import below the drybulk the In the BDI higher Brazil, on last policy, recent strong and up uncertainties X.X% as As about you demand the demand goods, port to approximately the right, age lower is bottlenecks finished The remain on the September Slide seasonally About the book X.X% still a the The so earnings. XX and have the remain. intact weather of combination concluding by due larger. Slide off or and from purchases challenged the below to to evolve fleet bottlenecks. in started industry. of QX long-term and and period for order fleet the QX, the a using X.X% U.S. AAU turn inventory of which be or Australia, before and supply imports to stands Guinea. of at the for strengthening consumables fundamentals microeconomic BDI X,XXX shows sales port QX, uncertainty, XXXX. for exports on the August been After order XX,XXX older. XX% is the of vessels of review, cooling pullback BDI XX.X% has

further Slide historical global the crisis order positive led reactivate tightened in XXXX, factor. coal European as regulations to imports countries supply coal coal turn persist. XXXX. to plants. and increase a book For Ukraine fire XX% remain seaborne continues low European imports European a This XX, in by concerning concerns X% has Please increased the admissions are power to coal, GHD to expected XXXX and support

EU X.X% but flat coal to roots. Overall, expected trading ban toward seaborne estimated Russian supported in on shifting lead in be patterns the an ton trade will longer is XXXX, by haul Additionally, to coal miles. growth

freight from decrease expected by initially food estimates. X.X% grain by issues drought grain grain reduced continues Sea. grain increase in export September side, security X.X% through same fell XXXX. concerns driven by These of a a and Global by in period. and severe Expectations as iron eased in X% be significantly the the ore through of that Ukraine moderated estate XXXX, harvest growth has On pandemic. restrictions heightened XXXX. X% is exports global Hemisphere increases an to policy is patterns of affecting Black new X.X% impacted demand expected seaborne issues followed production trade real negatively are With driven trade China’s ton resulting regard imports Northern to to book the spending XX X.X% years XXXX COX stands steel healthy The by fleet, tonnage the XXXX. only to XX. The X% age the will XXXX X.X% IMO about record. removed X.X% Vessels over review, compares demand slowing historically as low uneconomic the with longer be with the In pace combined at her trades drybulk when Net are comments. one book. continuing building expected haul in infrastructure related resources, war Chinese I’d growth fleet, of in with final total of Angeliki? deliveries, bolster forward. that support call order owners at presentation. sector going rates now is our rules the like to turn will natural the the force. Angeliki in and Currently, come concludes which mile XXXX concluding iron This on steel and XXXX. Chinese trading decreased into sanction lowest COVID for of zero fleet favorably with along in order for of ore, in in by should all for our the COVID the seaborne Please be of turn new a in the production Slide imports war current

Angeliki Frangou

This Thank open call you, Ted. completes and our questions. the to will presentation

Operator

from you. Thank take Instructions] question Nokta [Operator We’ll Jefferies. first our Omar with

Omar Nokta

Hey Hi you. Thank afternoon. there. guys. Good morning. Good

Angeliki Frangou

Good morning. morning. Good

Omar Nokta

Morning. today of a Yes, to sell your just drybulkers. – we’ve handful agreements older seen

ones. added forward. we’ll We’ve You’re younger a newbuildings, I given this bringing platform. in be guess guess, more seeing lot I two LRX your two going diversified frequently more also

containers, market solid generally, Navios in advantage and at cash do see then the weakness from Are in secondhand a you exposure, Just platform the more you of flows approach the especially in prices obviously here to how where could secondhand take pressure starting tanker the opportunities there some or a softness the coming market? in bit today? the of drybulk. this wait maybe and you looking taking coming container now develop strong here with from earnings see Got we under with have the

Angeliki Frangou

– both the drybulk. Actually, the a fleet question, seen have an on that We Omar, a the show vessels we on of good done we very have but already it you acquisition. have is

China an have saw that sport quality vessels, give water a them will vessels And was we position have the how the us waiting which restriction taken will opportunity be. and the in will for with We develop, opportunity where the how market. Japanese zero on that COVID we

that also newbuildings we more have vessel. provide some us a course, Of efficient

the see with the we we fleet at sold taken we time. contracted we our have and appropriate earlier grid, fleet On we approach directions container of an saw

on container now enjoy we where positioned we in So flows. are have it sector, the cash we – a situation more

enjoying we the revenue, from containers, about are $X of We billion billion have and is flow. this $X cash about contracted

sector, a tanker spot while a are same did we have opportunity, we enter the and very time cash the well said, actually some On as in flows you we there. position built the in we we enjoying where market – at very nice sector

So opportunistic. it is totally

of we on – see the and We are move and disposing assets on we opportunity forward acquisition. also

we all drybulk they in overall and our moving one vessels, we very it CapEx fuel fleet more be and the be better selling younger – move footprint. thing see all will will technology to better portfolio, the that the need often, inevitably will carbon from will On you that consumption,

have So be – doing why That’s all we They consume you constantly it. us less They this aggressive are size trade is doing carbon that with about a see saw tank the will we’ll vessels. younger and and less fuel. XX% we substitute about our better they XX% emissions.

Omar Nokta

of to six So just Is make be now four original today, contracted the saw are chartered? six months orders double that those from And your are latest now it Thanks, now Angeliki. efficiency I contracted and chartered? ago? wanted that are two check. there, then And the out that taken officially four charter. by orders Those the ships, maybe to up just six Does point maybe the LRX on the sense? were you’ve the option under to

Angeliki Frangou

Yes, you’re absolutely right.

Omar Nokta

you. Thank Okay.

We’ve just now? a I fleet, very cash? now with to about that the the of drybulk, does want $XXX in you’re getting think fleet with Sorry. you’ve there? a in Navios you the check how obviously that been past. and bit do million you you about Holdings, use buying think now how gotten double the bit seen, fully in probably pause dynamic buyback though delivered then pullback into back And you this you containers, as of of the even or you’ve some but be contracted, you the in maybe using in you’ll but does does a the excess how pullback final But this free your question Do Or – place? are do September, got softness more NMM Does significantly give that. it’s just drybulk share?

Angeliki Frangou

buyback is of saw about thing wanted is we total of and that the how put and to we Yes, our consideration not But sheet decision are – a is shareholders, the something returns. the yet, but – certainties Navios the wanted it’s in are it because we considerations, sheet flexibility. it. it value. because adopted because have very to return concentrating we of we that to use This is that we depends adopted this balance We on on flexibility the macro the we important that course, something that we balance looking. This have

Omar Nokta

Okay. over. Thanks, Angeliki. I’ll turn that

Angeliki Frangou

you. Thank

Operator

Thank our Citi. question next you. take [indiscernible] of We’ll from

Unidentified Analyst

Hello. Good morning.

Angeliki Frangou

Good morning. morning. Good

Unidentified Analyst

you bit So could were touch you market about on that now. a see potentially longer-term points you also little the hedging half if XXXX. on only And right of XQ, wouldn’t in container out where the but the of first softness in addition if in light And to more Not the charters. also that that, some shed going? the wondering just if new you risk build mind on with we could really touching

those little talk be would If very could bit more just two that points a on you helpful.

Angeliki Frangou

Everyone period we to the saw saw about are and honest be opportunity all with of market. everyone a is – purchases where is the will from that I This of people going services. traveling, moved to we the container products COVID start products to market restaurant. we is that

about And contracted one million, was of a also very maximizing and So $XXX it XXXX loaded, billion the have things we’re is of of position you we – a in have $XXX vessels, market completed And have that’s possible took some billion years. container hedged – sector, and buildings. $X earn ways is going why saw billion $X.X we we returns. container which did revenue. of built care and softer transaction we our short contracted $X that of a the September inevitable million contracted within the sale our The as the we two is we we and as we vessels. first in to about get that that front new was

very a we good earning are that So now money. loaded, companies see it’s very because the well front

as this very So balances possible want we soon as the earn are and good amount. to

head have we measures we the – graded very beginning, and this, the have but front-loaded all a So exposure. that from we committee also taken monitor we are

Unidentified Analyst

so supply softening on for Yes. issues, market, consideration just bit you the you’re next the and one remains the of what puts market don’t put a it into break to demand the winter takes giving hand, Thank first but that. on if into dynamic, down going bulk you And remains likely this let’s and strong, then half bulk detail, to move. heading would it’s year? taking on you see very How little much pressure able more your on mind

Angeliki Frangou

give energy thing you depends let will on today very this, the to Europe. which I’ll but is crisis call, all a level. one I you in speak say I Ted macro basically that is have

and that policy is made that, will demand Ted give more with zero-COVID always, have a think story, drybulk this. is an commodities. of I in And can create issue you you a I At easier strategy, moment China. on is commodities The see China the you will the market. opportunity there. that have You’ll an the of all be be will end the the big know, on advertise larger the the on other And the will better XX% this driver don’t details larger of COVID buyer vessel an

Ted Petrone

Angeliki. you, Thank Sure.

that growth taking be just step order going X%. next the back on under X.X%. to is year macro, Just Net book let’s remember the is

haven’t seeing, that rates were some will as a and good Coal’s you’re They really I rates, actual You bit, to because have the the starting now of but in you’ll going the rates here a almost are as couple S&P of there’s the winter, softness may policy, or have not, zero-COVID the a confidence back. next fix values increases eventually down move up much of bit ton would be China will spring, the come months. market’s why come whether lot from to seeing mile some have be actually I bounce grain to off into the a year And going the That’s X%. say. think X%.

majors as the spring You’re not and a the hole mile, come the next back policy projects coal for it and should goes or grain. hold a longer ore China in take will year away. Iron roots COVID-zero two infrastructure seeing three the three, have but out ton

have you front So, in optimism, may I right think a but lot a of now. there’s touch soft us of

Unidentified Analyst

then quarter? would much. specifically able within tanker finishing for up, just days container be very the break helpful. And Thank the and you That’s to available you down very drybulk

Angeliki Frangou

I will XXXX. ask level Eri to I’ll what give I’ll, talk about for this. One quick thing, on macro you a

more the less our a which and the earning You per on have XX,XXX you gives or day which on days, have good drybulk capacity. XXXX we a tankers, outlook on of open breakeven X,XXX XX,XXX XX,XXX

you the after? want quarter QX QX looking are Sorry, You the quarter? which or

Unidentified Analyst

the we so looking – third We quarter. were at

Angeliki Frangou

quarter. third The

[ph] chemical the So roughly around MRX XXXX just MRX X,XXX a days. we days below bank day to XXX and VLCC close days. XXXX which have days, of XXX And are

On we roughly day the have the X,XXX will And days. you to have container XX,XXX this side, a is better.

the than we the XXX below. XXXX X,XXX in days I So side, XXX a days, then then bit XXXX for have and days, side, it’s roughly drybulk more X,XXX [ph] on days think. and And a

Unidentified Analyst

very much. very That’s Thank helpful. you

Angeliki Frangou

take can that is can days days we X,XXX rest Panamax and around and think I we X,XXX [indiscernible]. then this – the and is

Unidentified Analyst

Thank you much. very

Angeliki Frangou

definitely – that can can give modeling. questions you your your modeling you so And you all reconcile can we

Unidentified Analyst

you. Thank Perfect.

Angeliki Frangou

Thank you.

Operator

to Angeliki Thank you. closing floor now remarks. or for any turn back the will I over additional

Angeliki Frangou

very Thank you. This much. you QX completes results. Thank

Operator

This earnings participation. your call. today’s concludes appreciate We

disconnect. now may You

Navios Maritime Partners (NMM) 10 Nov 222022 Q3 Earnings call transcript