Navios Maritime Partners L.P. Common Units (NYSE:NMM) Q1 2024 Results Conference Call May 14, 2024 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 First Quarter 2024 Earnings Conference Call. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; and 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 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 on 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 first quarter of 2024. For the quarter, we reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit was $2.38.
In the first quarter of 2024, regional conflicts, particularly in the Middle East, continue to affect transportation. This can be seen in the material reduction in transit through the Red Sea and the Suez Canal. In addition, the U.S. and European economies are managing inflationary pressures and are generally healthy, with Europe rebounding after a period of softness. As a result of these and other factors, this was Navios Partners' strongest first quarter financial performance ever.