Navios and the Anatomy of an Agile S&P Strategy　ナビオスにみる機動的なS&P戦略

Riding strong earnings, secures two newbuilding Capes at Japanese yard on 12-year BBC

好決算を追い風に、日本造船所の新造ケープ2隻を12年BBCで取得

Navios Maritime Partners L.P., the Greek shipowner listed on the New York Stock Exchange, announced on February 19 its full-year results for 2025 (January–December).

Key takeaways

→ The company secured solid earnings, posting net income of $285.3m and EBITDA of $744.6m, with fourth-quarter net income reaching $117.3m. It also indicated a policy of raising its annual distribution by 20 per cent to $0.24. Against the backdrop of strong performance, the company has made clear its agile S&P (sale and purchase) strategy, skilfully combining disposals and acquisitions.

→ In its earnings materials, Navios disclosed that in December 2025 it agreed to acquire two scrubber-fitted newbuilding Capesize vessels, scheduled to be constructed at a Japanese shipyard, under 12-year bareboat charter (BBC) agreements. The assumed total purchase price for the two newbuilding Capes is approximately $134.3m, with an effective interest rate of about 6 per cent and an assumed financing amount of roughly $124.3m. The company has secured an average floor rate of approximately $25,000 per day and announced that 50 per cent of any upside will be shared as profit.

Photo courtesy of Navios, Navios South American Logistics

(For the continuation, please read the full text written in English and Japanese. The Japanese article is published following the English version.)

ナビオスにみる機動的なS&P戦略

好決算を追い風に、日本造船所の新造ケープ2隻を12年BBCで取得

　ニューヨーク証券取引所上場のギリシャ船主ナビオス・マリタイム・パートナーズL.P.は2月19日、2025年通期（1～12月）決算を発表した。

この記事のポイント

→純利益2億8,530万ドル、EBITDA7億4,460万ドルと堅調な収益を確保し、第4四半期純利益は1億1,730万ドルを計上。年間分配金を0.24ドルへ20％引き上げる方針も示した。好業績を背景に、同社は売却と取得を巧みに組み合わせた機動的なS&P（売買船）戦略を鮮明にしている。

→ナビオスは決算資料の中で2025年12月、日本造船所で建造予定のスクラバー搭載の新造ケープサイズ2隻を12年間の裸用船（BBC）契約で取得合意したことを表明。新造ケープサイズ2隻の想定購入総額は約1億3,430万ドル、実効金利約6％、想定融資額約1億2,430万ドル。平均フロアレート約25,000ドル/日を確保し、上振れ分の50％を利益分配するという内容を公表している。

Photo courtesy of Navios

（続きは英語と日本語で書かれた本文でお読みください。日本語の記事は英文記事に続いて掲載されています）