Navios Maritime Partners (NYSE: NMM) reported Q2 EPS of ($0.71), $0.25 worse than the analyst estimate of ($0.46). Revenue for the quarter came in at $46.5 million versus the consensus estimate of $46.68 million.

Revenue:

• $46.5 million for Q2 2020
• $93.0 million for H1 2020

Net cash from operating activities:

• $26.7 million for Q2 2020
• $47.7 million for H1 2020

Adjusted EBITDA:

• $14.3 million for Q2 2020
• $33.4 million for H1 2020

Acquired five drybulk vessels following the liquidation of Navios Europe II

• $0.05 per unit cash distribution for Q2 2020

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated, “While the Pandemic greatly affected businesses, countries, and people all over the world, the Navios family continues to persevere. For the second quarter of 2020, Navios Partners reported $46.5 million in revenue and $14.3 million in Adjusted EBITDA. Navios Partners also declared a quarterly distribution of $0.05 cents per unit, representing an annual distribution of $0.20 cents per unit.”

Angeliki Frangou continued, “The pandemic’s negative effect on global economic activity can be seen in the charter rates. Year-to-date 2020, the capesize 5TC rate averaged around $9,700 per day, representing about 55% of the 2019 average of $18,000. Despite a difficult 2020, the IMF projects global GDP to increase by 5.4% in 2021 which we expect will positively affect the dry bulk trade.”

For earnings history and earnings-related data on Navios Maritime Partners (NMM) click here.