Aggeliki Fragou’s company, which closed the first quarter of 2024 with revenues of 318.6 million dollars and profits of 73.4 million dollars, has been on a sales spree over the past year, while also buying modern second-hand vessels market and receiving a series of new ones.
“I am pleased with the results for the first quarter of 2024. We reported revenues of 318.6 million dollars and net income of 73.4 million dollars. Earnings per common unit were 2.38 dollars,” Fragou pointed out and added: “In the first quarter of 2024, regional conflicts, particularly in the Middle East, continued to affect transportation.
The US and European economies were generally healthy. As a result, this was Navios Partners’ strongest financial performance so far. We remain cautious as this robust shipping environment can change quickly.”
Purchases and sales
The NYSE-listed company last year recorded gross proceeds from the sale of four vessels of 92.6 million dollars. The company announced that Navios Partners completed the sale of a 2004 built panamax of 76,602 dwt capacity and the sale of a 2006 built panamax of 76,596 dwt capacity and a 2009 built VLCC capacity of 297,188 dwt, with total gross sales of 65.8 million dollars. During the first quarter of 2024, it finally agreed to sell a 2007-built 3,450 TEU containership for gross proceeds from the sale of 17 million dollars. The sale is expected to close in the second quarter of 2024.
Navios invested 245.7 million dollars in acquisitions over the past 12 months. During the first quarter of 2024, Navios Partners agreed to acquire two 115,000 dwt aframax/LR2 newbuild scrubber tankers for a purchase price of 61.25 million each (plus 3.3 million per vessel in additional characteristics).
It also acquired four Japanese-built kamsarmax (previously chartered) for 116 million dollars in March 2024;
Finally, it received three newly built ships. In January 2024 and April 2024, Navios Partners took delivery of two 5,300 TEU containerships built in 2024, which have been chartered at an average rate of 37,050 dollars per day for a period of 5.2 years. In May, it also took delivery of a 2024 aframax/LR2 tanker, which has been chartered at an average of 26,366 dollars per day over a five-year period.
The fleet
Navios Partners owns and operates a fleet consisting of 76 dry bulk carriers, 46 container carriers and 54 tankers, including 17 newbuild tankers (eleven aframax/LR2 tankers and six MR2 product tankers chartered on bareboat contracts) which are expected to be delivered by 2027 and nine container ships (seven 5,300 TEU container ships and two 7,700 TEU container ships), which are expected to be delivered by 2025.
