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Date

Thursday, Aug. 21, 2025 at 8:30 a.m. ET

Call participants

Chairwoman and Chief Executive Officer -- Angeliki Frangou

Chief Operating Officer -- Stratos Desypris

Chief Financial Officer -- Erifili Tsironi

Chief Trading Officer -- Vincent Vandewalle

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Takeaways

Revenue -- Total revenue for 2025 decreased by 4.3% to $328 million compared to $342 million for 2024.

EBITDA -- Adjusted EBITDA decreased by $17 million to $173 million, primarily due to lower revenue, higher general and administrative expenses, and increased vessel operating expenses.

Net income -- Adjusted net income was $64 million compared to $94 million in Q2 2024.

Earnings per common unit -- Adjusted earnings and earnings per common unit for Q2 2025 were $2.15 and $2.34 respectively.

Combined TCE rate -- Combined TCE rate for 2025 decreased by 1.5% to $23,040 per day; container TCE up 3.6% to $31,316 per day; dry bulk TCE 13.9% lower at $15,470 per day compared to Q2 2024; tanker TCE 4.6% lower at $26,537 per day compared to Q2 2024. Our available days decreased by 0.8% to 13,388 days compared to Q2 2024.

Cash and cash equivalents -- Including restricted cash and time deposits in excess of three months were $389 million for the period.

Net loan-to-value (LTV) -- 35.3% at the end of Q2 2025, down from 45% at year-end 2022.

Vessel sales and acquisitions -- Six vessels sold in 2025 for approximately $130 million; $96 million in gross proceeds from three vessels sold; two Aframax LR2 tankers ordered for $133 million, with delivery expected in 2027.

Newbuild program -- 22 additional newbuilds scheduled for delivery through 2028; $1.4 billion investment in newbuilding vessels delivering through 2028, with approximately $150 million equity remaining to be paid.

Contracted revenue -- $3.1 billion in total contracted revenue as of Q2 2025; contracted revenue reduced by about $150 million due to the sale of one transshipment vessel and the termination of contracts on two VLCC vessels; comprised of $1.2 billion in tankers, $200 million in dry bulk, and $1.7 billion in containerships as of Q2 2025; charters extend through 2037.

Unit repurchase and dividend -- 716,575 units repurchased year-to-date in 2025, totaling $27.8 million; $0.20 annual dividend per unit paid, resulting in $1 million in total dividends; cumulative $52.8 million invested in unit repurchases through Aug. 13, 2025, since inception, with $47.2 million remaining authorized under the unit repurchase program as of Aug. 13, 2025.

OFAC sanction response -- Immediate termination of two VLCC contracts after counterparty designation; vessels redeployed to the spot market, with management monitoring timing for potential long-term charters.

Open and index days -- 6,858 days remain open or index-linked in 2025, approximately 25% of total available days, representing upside cash generation potential.

Interest rate management -- 29% of debt and bareboat liabilities fixed at 5.5%; floating debt average margin was 1.9% as of Q2 2025; undrawn committed floating debt for newbuilds was 1.4% as of Q2 2025.

Debt profile -- Long-term borrowings, including the current portion, increased to $2.2 billion as of Q2 2025; three credit facilities totaling $390 million were closed in Q2 2025.

Summary

Navios Maritime Partners(NMM) reported lower TCE rates and reduced available days, while maintaining a strong liquidity position and disciplined capital return to unitholders. The company took swift risk management actions by terminating two VLCC charters in response to OFAC sanctions in July 2025, redeploying these vessels in the spot market and preserving future chartering flexibility. Asset sales of older vessels combined with long-term newbuild investments illustrate an ongoing fleet optimization strategy focused on newer, more efficient ships. Contracted revenue stands at $3.1 billion as of Q2 2025 and is diversified across tanker, dry bulk, and container segments, supporting earnings visibility into 2037. Debt reduction and interest rate hedging initiatives have improved the leveraged profile and contributed to risk mitigation efforts.

Chairwoman Frangou credited the risk management team for "terminate immediately, practically" the OFAC-impaired VLCC contracts, enabling prompt vessel redeployment and contract flexibility.

Management highlighted that repurchased units delivered "an additional $3.8 per unit of NAV value to unitholders through these purchases" in 2025.

Chief Trading Officer Vandewalle noted that the Baltic Dry Index average declined 30% in the first half of 2025 versus the first half of 2024, but has risen 37% since June, reaching 2,044 on Aug. 15, 2025, indicating positive momentum in dry bulk shipping rates.

Containership market resilience "surprised" management despite a record order book, prompting opportunistic vessel sales to capitalize on current high valuations.

Industry glossary

OFAC: U.S. Department of Treasury's Office of Foreign Assets Control, which administers and enforces economic and trade sanctions.

VLCC: Very Large Crude Carrier, a type of large tanker vessel used for transporting crude oil.

TCE (Time Charter Equivalent): A standard shipping industry metric to measure daily earnings from vessel operations, net of voyage expenses.

OpEx days: Number of days vessels are owned and operational, impacting total operating expenses for the fleet.

TEU: Twenty-foot Equivalent Unit, the standard measure for container ship capacity.

Full Conference Call Transcript

Angeliki Frangou: Thank you for joining us for Navios Maritime Partners Second Quarter 2025 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, Mrs. Erifili Tsironi, and Chief Trading Officer, Mr. Vincent Vandewalle. 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.naviosmlp.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 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 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, Mrs. Tsironi will give an overview of Navios Partners financial results. Mr. Vandewalle will provide an industry overview. Lastly, we'll open the call to take questions. Now I turn the call over to Navios Partners' Chairwoman and CEO, Mrs. Angeliki Frangou. Angeliki?

Angeliki Frangou: Good morning, all, and thank you for joining us on today's call. I am pleased with the results for the 2025 in which we reported revenue of $327.6 million and an EBITDA of $178.2 million and net income of $69.9 million. Earnings per common unit were $2.34 for the quarter. Global economies have been surprisingly robust given their uncertain macro environment. In addition, we are witnessing the creation and reshaping of new trade patterns with longer distances due to the war in Ukraine and Russia's continued attacks in the Red Sea and a new and evolving world tariff regime. As a result, the shipping market generally is healthy. Please turn to Slide six.

Navios Partners is a leading publicly listed shipping company with 173 vessels. These vessels have an average age of ten years and are in three different segments and 15 asset classes. As you can see, the vessel value is approximately equal in each sector. We ended the second quarter with $389 million of cash on our balance sheet. Our net LTV as of the end of the second quarter was calculated at 35.3%, essentially unchanged from the last quarter. Please turn to Slide seven. We generated $96 million in gross sales proceeds from the sale of three vessels with an average age of 16.5 years.

We purchased two Aframax LR2 tankers for $133 million and we expect delivery of these vessels in 2027. We also took delivery of one new building Aframax LR2 target fixed for $27,446 net per day for the next five years. We recently took swift action in response to OFAC sanctions on one of our counterparties. On 07/03/2025, the U.S. Department of Treasury's Office of Foreign Assets Control added a counterparty of Navios to its sanction list. The following day, we terminated contracts for two related VLCCs built in 2020 and 2021. That will therefore chartered out each at a daily net rate of $27,456 ending in October 2030, and February 2031.

Swift action allowed us to redeploy these vessels into a healthy spot market. We anticipate entering into long-term charters for these vessels at an appropriate time. For the remaining six months of 2025, contracted revenue exceeds estimated total cash expense by $56 million. We have 6,838 remaining open and index days, about 25% of our available days, so we have significant cash generative opportunities. Please turn to Slide eight. Where we outline our return of capital program. Under our dividend program, we paid $0.20 dividend per unit annually. In 2025, we paid a dividend of $1 million. In addition, so far this year through August 13, 2025, we repurchased 716,575 common units for $27.8 million.

Including dividends, we returned a total of $30.8 million in 2025. Under the entire unit repurchase program, we invested $52.8 million through 08/13/2025 and repurchased 1,206,530 units or about 4% of our common units outstanding at the time we commenced the program. As we show on the slide, we estimate that we effectively returned an additional $3.8 per unit of value of NAV to unitholders through these purchases. As of 08/13/2025, we had $47.2 million available under our unit repurchase program. The volume and timing of further repurchases will be subject to general market and business conditions, working capital requirements, and other investment opportunities among other factors. Please turn to Slide nine. We outline the challenges we have been addressing.

We assemble our team regularly to dive into the details of emerging information in an attempt to understand how values and risks are evolving. On the top right part of the slide, we outlined how we are addressing the uncertain market and the things we have accomplished. The $3.1 billion in contracted revenue stems from our action in past markets, where sentiment allowed us to enter into long-term charters. We are also focused on our interest rate risk. We have been hedging this risk either by entering into fixed-rate financing arrangements or through hedges that do not require posting additional collateral. At the bottom of the slide, we show how our fleet has evolved through selected metrics.

As you can see, our fleet size and age are about the same as they were at the year-end 2022. However, about 28% of our fleet was acquired in the past four and a half years. We maximize energy efficiency by maintaining a fleet of useful vessels with the latest technology. On the financial side, we focus on deleveraging and reduced net LTV from 45% at the end of 2022 to 35.3% at the end of the second quarter of 2025. I now turn the presentation over to Mr. Stratos Desypris, Navios Partners' Chief Operating Officer. Stratos?

Stratos Desypris: Thank you, Angeliki, and good morning all. Please turn to Slide 10. Details our operating free cash flow potential for 2025. We fixed 75% of available days at the net average rate of $24,989 per day. Contracted revenue exceeds estimated total cash expense by about $56 million, and we have 6,858 remaining open or index-linked days that should provide substantial additional cash flow. So that you can perform your own sensitivity analysis. On the right side of the slide, we provide our 27,615 available days by vessel type. Please turn to Slide 11. We are constantly renewing our fleet in order to maintain the yacht profile.

Reduce our carbon footprint by modernizing our fleet, benefiting from new technologies and advanced environmentally friendly features. During the second quarter, we acquired two new building Aframax LR2 vessels, which cost $133 million. Vessels are expected to be delivered in 2027. In June 2025, we took delivery of one Aframax LR2 vessel that has been chartered out for five years at an average net daily rate of $27,446. We have 22 additional new building vessels delivering to our fleet through 2028, representing $1.4 billion of investment. Based on our financing, both agreed and in process, we have about $150 million of equity remaining to be paid.

In containerships, we have four vessels to be delivered, with a total acquisition price of about $400 million. We have mitigated the residual value risk with long-term creditworthy charters expected to generate about $300 million in revenue over a five-year average charter duration. In tankers, we have 18 vessels to be delivered, a total price of approximately $1 billion. We chartered out 12 of these vessels for an average period of five years, expected to generate aggregate contracted revenue of about $600 million. We have also been opportunistically selling older vessels. In 2025, we sold six vessels, three dry bulk and three container ships, with an average age of 18 years, for a total of about $130 million.

Moving to slide 12, we have a strong backlog of contracted revenue that will be lower than previous years, which creates visibility in an uncertain environment. Our contracted revenue was reduced by about $150 million due to the sale of one transshipment vessel and the termination of the contracts on two VLCC vessels that are currently employed in the healthy spot market. Post these events, our total contracted revenue amounts to $3.1 billion. $1.2 billion relates to our tanker fleet, $200 million relates to our dry bulk fleet, and $1.7 billion relates to our containerships. Charters are extending through 2037 with a diverse group of quality counterparties.

I now pass the call to Erifili Tsironi, our CFO, who will take you through the financial highlights. Erifili?

Erifili Tsironi: Thank you, Stratos, and good morning, all. I will briefly review our unaudited financial results for the second quarter and the first half ended 06/30/2025. The financial information is included in the press release and is summarized in the slide presentation available on the company's website. Moving to the earnings highlights on Slide 13, total revenue for 2025 decreased by 4.3% to $328 million compared to $342 million for the same period in 2024 due to lower fleet combined time charter equivalent rate, available days, and revenue from freight voyages. Our combined TCE rate for 2025 decreased by 1.5% to $23,040 per day, and our available days decreased by 0.8% to 13,388 days compared to Q2 2024.

In terms of sector performance, the TCE rate for our container fleet increased by 3.6% to $31,316 per day. In contrast, the TCE rate for our dry bulk and tanker fleet was 13.9% and 4.6% lower respectively at $15,470 per day for dry bulk and $26,537 per day for tankers. EBITDA for the second quarter of 2025 was adjusted as explained in the Slide footnote. Adjusted EBITDA for Q2 2025 decreased by $17 million to $173 million compared to Q2 2024.

The decrease is driven primarily by a $15 million decrease in time charter and voyage revenues, a $3 million increase in general and administrative expenses, and a $9 million increase in vessel operating expenses as a result of a 5.6% increase in OpEx days and a 4.5% increase in our combined OpEx rate to $7,108 per day. Also as a result of the change in the composition of our fleet. Adjusted EBITDA was positively affected by a $9 million decrease in time charter and voyage expenses due to fewer freight voyage days in 2025. Adjusted net income for Q2 2025 was $64 million compared to $94 million in Q2 2024.

The decrease is mainly due to a $17 million decrease in adjusted EBITDA, a $9 million increase in depreciation and amortization, and a $3 million increase in interest expense and finance cost net. Adjusted earnings and earnings per common unit for Q2 2025 were $2.15 and $2.34 respectively. Total revenue for 2025 decreased by $29 million to $632 million compared to the same period in 2024. The decrease was mainly a result of lower combined TCE rate, available days, and revenue from freight voyages. Our combined TCE rate for 2025 was $22,154 per day. In terms of sector performance, the TCE rate for our containers increased by 2.9% to $30,906 per day, compared to the same period in 2024.

In contrast, our dry bulk and tanker TCE rates were approximately 12.6% and 5.9% lower respectively. TCE rates for our dry bulk vessels stood at $14,070 per day and for our tankers $26,316 per day for 2025. Adjusted EBITDA for 2025 decreased by $28 million to $326 million. The decrease was primarily due to a $29 million decrease in time charter and voyage expenses, a $4 million increase in general and administrative expenses, and a $16 million increase in vessel operating expenses, mainly as a result of a 5.2% decrease in OpEx days and a 3.6% increase in our combined OpEx rate to $7,045 per day. Also as a result of the change in the composition of our fleet.

Adjusted EBITDA was positively affected by a $21 million decrease in time charter and voyage expenses due to fewer freight voyage days in 2025. Adjusted net income for 2025 was $112 million, fifty-four million lower than in 2024. The decrease is mainly due to a $28 million decrease in adjusted EBITDA, a $17 million increase in depreciation and amortization, and a $7.5 million increase in interest expense and finance cost net. Adjusted earnings and earnings per common unit for 2025 were $3.73 and $3.72 respectively. Turning to slide 14, I will briefly discuss some key balance sheet data. As of 06/30/2025, cash and cash equivalents including restricted cash and time deposits in excess of three months were $389 million.

During 2025, we paid $107 million under our new building program net of debt. We concluded the sale of three vessels for $34 million, adding about $22 million cash after debt repayment. Long-term borrowings, including the current portion, net of deferred fees, increased to $2.2 billion following the delivery of five vessels during the 33.9%. Slide 15 highlights our debt profile. We continue to diversify our funding sources between bank debt and leasing structures. Following our $88 million interest rate hedge in Q1 2025, 29% of our debt and bareboat liabilities have a fixed interest rate at a no lien rate of 5.5%. The hedge mechanism was part of the original loan agreement and does not require additional collateral.

We have also mitigated part of the increased interest rate cost by using the average margin for our drawn floating rate debt and bareboat liabilities to 1.9%. I would like to note that the average margin for the committed undrawn floating rate debt of our new building program is 1.4%. Our maturity profile is staggered with no significant balance due in any single year. In Q2 2025, Navios Partners completed three facilities for a total amount of $390 million. I now pass the call to Vincent Vandewalle, Navios Partners' Chief Trading Officer, to take you through the industry section. Vincent?

Vincent Vandewalle: Thank you, Erifili. Please turn to Slide 17. Geopolitical developments continue to shift worldwide trading routes caused by the tariff war, restricted Suez Canal passages, Ukraine war, and implementation of the USTR. Announced tariffs are not expected to have a significant effect on tankers and dry bulk trade apart from grain and steel. The heaviest tariff impacts will be on container ships and car carriers. The Red Sea entrance leading to the Suez Canal continues to operate at restricted transit levels, particularly since the sinking of two ships transiting the waterway in July. The Ukraine war is shifting trading patterns with limited grain export out of the Black Sea and benefiting export out of Brazil and the USA.

And Russian crude export diverted to Asia due to tighter sanctions. On April 17, USTR released a revised section 301 fee proposal targeting Chinese vessel operators and Chinese-built ships with extra port fees when calling U.S. ports. These fees are to take effect from October 2025. Please turn to Slide 19 for the review of the dry bulk industry. Dry bulk trade softened in the first half of 2025 due to weather patterns, typical seasonality, increased domestic coal production in China and India, and slower Chinese grain imports.

As a result, the Baltic Dry Index average declined 30% in the first half of 2025 versus the first half of 2024, but has risen 37% since June, standing at 2,044 on August 15. Continued recovery is expected through Q3, driven by Capes due to seasonally higher volumes of iron ore and bauxite. Please turn to Slide 20. The current order book stands at 11% of the fleet. Net fleet growth is expected to be 3.1% in 2025, vessels over 20 years of age are about 11% of the total fleet, which is slightly higher than the order book.

In concluding our dry bulk sector review, slowing demand growth for natural resources may be balanced by restrictions in transiting the Red Sea, long-haul trades of bauxite and iron ore from West Africa to Asia, and a low pace of new building deliveries. This should support higher freight rates as the freight future market currently indicates, particularly for Capes. Please turn to Slide 22 for the review of the tanker industry. World GDP is expected to grow by 3% in 2025, based on the IMF July forecast. The IEA projects a 700,000 barrels per day increase in global oil demand in 2025.

Crude tanker earnings have risen as OPEC unwinds its 2.2 million barrels per day voluntary production cuts, more crude is exported from Brazil and the USA, and as Asian refineries replace Russian and Iranian barrels with non-sanctioned imports. Overall, the political environment along with the normal seasonality, the reduction of the fleet due to sanctioned vessels, low global oil inventories, and additional production from OPEC and Atlantic basin suppliers, should support crude freight rates. Please turn to Slide 23. The U.S. Office of Foreign Asset Control, OFAC, continues to issue new sanctions targeting Russia and Iran's oil revenue. The total number of sanctioned vessels is now about 13% of the tanker fleet.

Both China and India have said that they will not allow sanctioned vessels to discharge. Please turn to Slide 24. Seaborne crude and products trades continue to be affected by the war in Ukraine. Both the crude and the product market rates remain at healthy levels. Please turn to Slide 25. The VLCC fleet had zero fleet growth in 2024 and is expected to grow 0.4% in 2025. The current order book is 12.3% of the fleet following a record ordering spree in 2024. Vessels over 20 years of age are about 20% of the total fleet. Turning to Slide 26. Production tanker net fleet growth was 1.7% for 2024, is expected to increase by 5.8% in 2025.

The current product tanker order book is 19.7% of the fleet compared to 18.3% of the fleet, which is 20 plus years of age. Concluding the tanker market overview, tanker rates continue at healthy levels. The combination of moderate growth in global oil demand, sanctions reducing the numbers of available vessels, new longer trading routes for both crude and products, and the IMO 2023 regulations should provide healthy tanker earnings going forward. Please turn to Slide 28 for a review of the container industry. Container ship rates remained firm because of the Red Sea, TEU miles increased by about 19% in 2024.

The continuous Red Sea disruption will lead to an expected TEU mile increase of 2.7% this year, providing healthy time charter rates while ships avoid the waterway. However, continuing record new building ordering and record fleet growth should eventually modify these gains. Tariffs, particularly the outcome of the tariff negotiations on U.S. imports of Chinese goods, will have a significant effect on demand and trade should they remain at recently announced levels. Turning to Slide 29. The current order book stands at 31% compared to 0.5% of the fleet 20 years of age or older. About 80% of the order book is for 10,000 TEU vessels or larger.

Although trade is expected to grow by 2.6% in 2025, net fleet growth is expected to grow by 6.7% in 2025, following a 10% net fleet growth in 2024. Concluding the container market overview, if the contemplated tariffs between the U.S. and China remain in place, this may have a negative effect on demand and trade. However, the expected world GDP growth of 3% for 2025 provides a somewhat positive counterpoint. This concludes our presentation. I would now like to turn the call over to Angeliki for her final comments. Angeliki?

Angeliki Frangou: Thank you, Vincent. This completes our formal presentation and we open the call to questions.

Operator: Absolutely.

Omar Nokta: We'll take our first question from Omar Nokta with Jefferies. Please go ahead. Your line is open. Hi, Angeliki. Hi, everyone. Good afternoon. And good morning. Yes. So thanks for the update. Obviously, a very good amount of detail, and it looks like a good amount of stuff has taken place for Navios. And maybe just a couple of questions from my side. Perhaps first, on those two VLCCs. Were unchartered to Versus tankers. Now, that entity now being sanctioned, you've been able to terminate those contracts. It looks like it's gonna perhaps work out nicely given the setup for the sector. I just wanted to ask, you're planning to trade those on the spot market.

You mentioned looking to put them on charter at some point down the line. Just wanted to ask in terms of your timing of that. When do you when would you wanna put those away on Charter? And then also, if for any reason, that entity were to be removed from that list, the OFAC list, would that in some way compel you to have to give them back to that company and resume those leases?

Angeliki Frangou: Excellent. Let's start with the real I will say one thing, Omar. First of all, I have to give a big congratulation on this to our risk management team. Because to be able to terminate immediately, practically, that is a work that has been done well in advance with the team that was organized that gave us the opportunity immediately to terminate, take the vessels back, and be able to charter them in a healthy spot market. And this is also the team that monitors all this time all the trade, every loading, every discharging, every movement, and I am very proud of the team. The reality is that this is a healthy market.

And we will be open to trade in this market and I think Q4 will be it looks to be shaping very well. But always, look at opportunities at the right time to put vessels on longer durations. I mean, one year over fifty thousand and longer duration is let's see. We are monitoring, and we'll take the opportunity at the right time.

Omar Nokta: Okay. Thank you. And then just to make sure that those you're free and clear of those contracts now, you can do what you want with these two ships. And I'm sorry. Because you asked another question.

Angeliki Frangou: The other question is that the moment you cancel the contract, that's it. You have zero Even though I don't see that easily that counterparty will be back, but it cannot claim or come after because it's a clear contract and that cancellation and is a termination of the contract is irreversible.

Omar Nokta: Okay. Very good. Thank you. Yeah. So that looks very unique, and perhaps a compelling opportunity here. Then obviously, just in terms of the fleet, you continue to fine-tune it, which as you've said, is part of the core strategy of Navios. Selling old and investing in newer capacity. The two, I guess two on that. The LR2s you've ordered, those are not chartered. It doesn't look like, although the previous LR2s have been. Is it the expectation that you will fix those out ahead of delivery? That's one. Then two, given that the two older Panamax containerships you sold, look to be very good prices. I would think at least relative to what's in people's models.

Do you think about the other ships that roll off charter in that vessel class? Are those effectively sales candidates? Or do you intend to renew those contracts, or extend them on new charters if you can. Thank you.

Angeliki Frangou: I mean, Omar, I will say we are very surprised with the strength of the container market given the order book and everything. And to be honest, we are here to take advantage of the opportunity. If you see the sale of the two container ships, the significance is also that you are selling vessels almost a year forward. And with a survey due at that time. So for us, this is a beautiful forward, basically, you know, selling 18-year-old almost vessels is a great idea and redeploying cash in a different asset. In today's market, we will not buy a container without a charter.

On the tanker sector, I will say because we have not really had a lot of exposure on base almost everything fixed. We felt that the market made sense and we do not exclude we can do a longer-term deal but we feel comfortable on that vessel to be in that portfolio today. Without a charter. We have always been investigating and we may fix it on a longer term, but we feel comfortable in that position.

Omar Nokta: Very good. Thank you, Angeliki. I'll turn it over. Thank you.

Operator: And there are no further questions on the line at this time. I'll turn the program back to Angeliki for any additional or closing remarks.

Angeliki Frangou: Thank you. This completes our quarterly results and questions.

Operator: Thank you. And this concludes the Navios Maritime Partners earnings call. Thank you again for your participation and you may now disconnect.