Navios Maritime Partners L.P. (NYSE:NMM) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET

Company Participants

Angeliki Frangou – Chairwoman and Chief Executive Officer

Stratos 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 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. Ted Petrone.

As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors’ section of the Navios Partners website at www.navios-mlp.com. You can see the webcasting 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 of 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 operational update and industry overview; and lastly, we’ll open the call to take questions.

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

Angeliki Frangou

Thank you, Daniela, and good morning to all of you joining us on today’s call. We are pleased to report our results for the third quarter of 2022, in which we recorded $322.4 million of revenue and $257.2 million of net income.

Net income amounts to $8.36 per unit. We are caught in the crossroads of unprecedented macro events. First, in terms of the general economic environment, central banks are reducing the existing liquidity in the financial system as they turn to normalize balances. At the same time, central banks are increasing interest rates to combat rising and enduring inflation.