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Navios Maritime announces high profit and increased cash reserves

"If these conditions remain, we expect strong fares during 2024," Chief Executive Officer and Director, Angeliki Frangou, underlined

Navios Maritime Partners announced revenues that exceeded 1.3 billion US dollars, significant profitability and increased cash reserves in 2023, while it has also secured contracts that extend until 2037.

All this in a “strong maritime environment”, as the president and CEO of the company US listed company said.

“In 2023, the world continued to face tension. Regional conflicts in Ukraine and the Middle East have produced inefficiencies. Traffic in the Suez Canal has sunk by more than 50% recently,” the large Greek shipowner explained and added: “It is a fact that geopolitical turmoil, such as the latest one in the Red Sea, favor shipping, bringing an increase in tonne-miles as ships are rerouted to the southern tip of Africa.

Furthermore, most of the top 10 economies are growing, with China capitalizing on its export potential.”

“If these conditions remain, we expect strong fares during 2024,” Chief Executive Officer and Director, Angeliki Frangou, underlined.

Of course, she warned that the “positive environment can easily change” if some of the current problems continue to exist or economies weaken.


Navios Partners recorded revenue that exceeded 1.3 billion US dollars in 2023, compared to 1.21 billion in 2022. In the fourth quarter of last year, revenue reached 327.2 million from 370.8 million in the same period in 2022.

The profit of the listed company rose to 132.4 million US dollars in the quarter from 118.2 million in 2022, while on an annual basis they fell to 433.6 million US dollars from 579.2 million US dollars the same period last year.