Navios Maritime Partners L.P. (NYSE:NMM) Q2 2023 Earnings Conference Call August 23, 2023 8:30 AM ET

Company Participants

Angeliki Frangou - Chairwoman and Chief Executive Officer

Efstratios Desypris - Chief Operating Officer

Eri Tsironi - Chief Financial Officer

Ted Petrone - Vice Chairman

Conference Call Participants

Omar Nokta - Jefferies

Operator

Thank you for joining us for Navios Maritime Partners Second Quarter 2023 Earnings Conference Call.

With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Efstratios Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Vice Chairman, Mr. Ted Petrone.

As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-mlp.com. You'll see the webcast link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there.

Now, I will review the Safe Harbor statement. This conference call could contain forward-looking statements within the meaning the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management, and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements.

Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call.

The agenda for today's call is as follows: first, Ms. Frangou will offer opening remarks; next, Mr. Desypris will give an overview of Navios Partners segment data; next, Ms. Tsironi will give an overview of Navios Partners' financial results; then, Mr. Petrone will provide an industry overview; and lastly, we'll open the call to take questions.

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

Angeliki Frangou

Good morning to all of you joining us on today's call.

I am pleased with the results for the second quarter of 2023, in which we reported a revenue of $346.9 million and net income of $112.3 million. We are pleased to report a net earnings per common unit of $3.65 for the quarter.

Navios Partners is a leading publicly-listed shipping company, diversified in 15 asset classes in three sectors, with an average vessel age of about 9.8 years. We have 175 vessels, split roughly equally into three sectors based on a charter-adjusted value.