Monaco-based Navios Maritime Partners L.P., the international owner and operator of dry cargo vessels, reported its financial results for the third quarter and nine months ended September 30, 2019, showing a year-on-year increase in revenues of 1.6 percent for the third quarter.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “I am pleased with the strong financial results for the third quarter of 2019. Navios Partners reported $41.3 million in EBITDA, $16.9 million in Net Income and $1.67 in Earnings per Unit. Navios Partners also declared a quarterly distribution of $0.30 cents per unit, representing a current yield of approximately 6 percent.

“Following the refinancing of its Term Loan B, Navios Partners has a strong balance sheet and is competitively positioned in a healthy charter market. Navios Partners earned a TCE rate of $18,778 per day for the third quarter, and virtually all of our 37 vessels are on the water generating revenue.”

The Board of Directors declared a cash distribution for the third quarter of 2019 of $0.30 per unit. The cash distribution is payable on November 14, 2019 to all unit holders of record as of November 7, 2019.

Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of approximately 2.0 years. Navios Partners has currently contracted out 96.6% of its available days for 2019, 49.1% for 2020 and 37.9% for 2021, including index-linked charters, expecting to generate revenues (excluding index-linked charters) of approximately $183.7 million, $86.3 million and $81.9 million, respectively.

Time charter and voyage revenues for the three month period ended September 30, 2019 increased by $1.0 million, or 1.6%, to $63.5 million, as compared to $62.6 million for the same period in 2018. The increase in time charter and voyage revenues was mainly attributable to the increase in the time charter equivalent rate, or TCE rate, to $18,778 per day for the three month period ended September 30, 2019, from $17,606 per day for the three month period ended September 30, 2018 and the delivery of the Navios Libra in July 2019. That increase was partially mitigated by the decrease in revenue due to the sale of the Navios Felicity and the Navios Libra II in December 2018 and the Navios Galaxy I in April 2019.

ORIGINAL SOURCES: Press Release, company website