NMM Navios Maritime Partners

Dry Bulk Β· Capesize / Panamax / Ultramax / Container Β· 29 documents

Navios Maritime Partners' 60-vessel dry bulk fleet β€” 35 Capesize, 17 Kamsarmax, 4 Ultra Handymax and 4 across 1 other class β€” should earn about $36,257 a day in 2026Q3 and pay $0.0578 a share. That is our forecast (PATTERN payout on ASSUMED TCE).

Last paid Β· 2026Q2
$0.06
0.3% annualised
$28,512/d earned
TTM $0.22 (0.2% trailing)
2026Q3 Β· our model
$0.0578
0.3% annualised
$36,257/d modelled
PATTERN payout on ASSUMED TCE
medium EPS βˆ’$1.13 Β· payout ratio on modelled earnings
2026Q4 Β· our model
$0.06
0.3% annualised
$28,411/d modelled
EPS βˆ’$2.66 Β· payout-history fit Β· $0.05–$0.07

Yields annualise each quarter Γ—4 at the last close, $88.03 (2026-10-16). Our model is not company guidance.

What will Navios Maritime Partners pay for 2026Q3?

Company said
Navios Maritime Partners has published no booked rates for 2026Q3. It does not say what it will pay β€” turning its rates into a dividend is our job.
β€”
β€”
no dividend given
Our model
Every day at market rates; dividend by payout ratio on modelled earnings.
$36,257/d
modelled
$0.06
medium confidence Β· PATTERN payout on ASSUMED TCE

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Capesize Β· 35 $28,5122026Q2 Β· fleet avg β€”none printed β€”licensed index only
Panamax Β· 4 $28,5122026Q2 Β· fleet avg β€”none printed β€”licensed index only
Kamsarmax Β· 17 $28,5122026Q2 Β· fleet avg β€”none printed β€”licensed index only
Ultra_Handymax Β· 4 $28,5122026Q2 Β· fleet avg β€”none printed β€”licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates every day is at your rate

Capesize 3,220 open days
Panamax 368 open days
Kamsarmax 1,564 open days
Ultra_Handymax 368 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for capesize, kamsarmax, panamax, ultra_handymax: no off-hire or drydock days are deducted there.

 5,520 5,520
By class
ClassDaysModel $/dayYours $/day
Capesize3,22047,05047,050
Panamax36821,37521,375
Kamsarmax1,56421,37521,375
Ultra_Handymax36819,95019,950
Fleet TCE, $/day assumed 36,257 36,257
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

 200.1 200.1
Vessel opex, $m assumed

2026Q2: $95.5m over 13,152 vessel-days, held per day.

 (40.1) (40.1)
G&A, $m assumed

2026Q2: $24.4m over 13,152 vessel-days, held per day.

 (10.2) (10.2)
EBITDA, $m assumed 149.8 149.8
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $29.3m over 13,152 vessel-days, held per day.

 (12.3) (12.3)
Scheduled debt amortisation, $m stated

2026Q2: $70.5m over 13,152 vessel-days, held per day (the issuer’s scheduled principal).

 (29.6) (29.6)
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 16,710 16,710
Cushion vs fleet TCE, $/day 19,547 19,547
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 107.9 107.9
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy pattern

No stated payout policy on file.

Dividend by payout ratio on modelled earnings; it does not move with the rate, so your scenario leaves it unchanged.

OutputModelYour scenarioΞ”
Estimated DPS, $/share assumed $0.06
Forward yield, run-rate % 0.3%
vs last declared ($0.06, 2026Q2) -4%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $88.03 close on 2026-10-16.

Our model’s DPS comes from payout ratio on modelled earnings, which moves with the rate but cannot be re-run here β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.052025Q3$0.052025Q4$0.062026Q1$0.062026Q2$0.062026Q3$0.062026Q4solid = declared Β· dashed = our model

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEModelDeclared DPS
forecast →
$0k
$20k
$40k
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.05
$0.05
$0.06
$0.06
$0.06
$0.06
2025Q3 rec 2025-11-10 Β· pay 2025-11-14 2025Q4 rec 2026-02-09 Β· pay 2026-02-12 2026Q1 rec 2026-05-11 Β· pay 2026-05-14 2026Q2 rec 2026-08-10 Β· pay 2026-08-13

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $0.23/yr Β· @ $88.03 (as of 2026-10-16) = 0.3% yield (spot-exposure scenario) Β· Trailing TTM $0.22/yr = 0.2%

DPS-vs-TCE fit RΒ² 0.726 Β· 5 qtrs

Price and the yield it implied

Daily share price in dollars with the annualised yield each declared dividend implied: 285 points, 2025-08-29 to 2026-10-16; NMM share price latest 88.03; Implied annual yield (% p.a., right) latest 0.27.

image/svg+xml Oct 2026 Apr Jul Oct 50 60 70 80 90 88 NMM share price Implied annual yield (% p.a., right) 0.28 0.30 0.32 0.34 0.36 0.38 0.40 0.27 USD % p.a.

Latest: 2026-Q2 declared $0.06/share on 2026-08-27, 0.3% annualised against the $88.40 close that day.

The continuous line is the daily closing price in dollars β€” the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 5 declared dividends and is marked nowhere else β€” each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where NMM departs from that

  • The forecast has not been scored against an outcome yet β€” there is no track record here to judge it by.
  • Vessel-days are modelled from the fleet list (ships Γ— days in the quarter); no issuer day count is curated for this quarter.
  • Capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class).
  • Index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β€” the open share is priced at the full index, which this issuer has not been shown to capture.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$36,257/d
58% MODELLED Β· 7% MODELLED (FFA forward) Β· 35% ASSUMED
How we got to the DPS
Payout ratio on modelled earnings PATTERN payout on ASSUMED TCE $0.06
Fitted DPS-vs-TCE relationship declined β€” this quarter's TCE is above every rate at which the company has declared a dividend
Stated payout policy declined β€” the company publishes no payout policy this model can read

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $0.06
Expected DPS (2026Q3) $0.06

Dividend history & forecast accuracy

Fit
5 qtrs Β· RΒ² 0.726

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$0.06β€”
2026Q4 Eβ€”$0.06β€”
PeriodDPSKindEx-datePay dateSource
2026-Q2 $0.06/share regular β€” 2026-08-13 as of 2026-08-27 distribution note
2026-Q1 $0.06/share regular β€” 2026-05-14 as of 2026-05-22 distribution note
2025-Q4 $0.05/share regular β€” 2026-02-12 as of 2026-03-12 distribution note
2025-Q3 $0.05/share regular β€” 2025-11-14 as of 2025-11-28 distribution note
2025-Q2 $0.05/share regular β€” 2025-08-14 as of 2025-09-08 distribution note
2025-Q1 $0.05/share regular β€” 2025-05-14 as of 2025-06-06 distribution note
2024-Q4 $0.05/share regular β€” 2025-02-13 as of 2025-03-28 distribution note
2024-Q3 $0.05/share regular β€” 2024-11-15 as of 2024-11-13 distribution note
Older dividends (14 more)
PeriodDPSKindEx-datePay dateSource
2024-Q2 $0.05/share regular β€” 2024-08-14 as of 2024-09-12 distribution note
2024-Q1 $0.05/share regular β€” 2024-05-14 as of 2024-05-22 distribution note
2023-Q4 $0.05/share regular β€” 2024-02-14 as of 2024-04-03 distribution note
2023-Q3 $0.05/share regular β€” 2023-11-13 as of 2024-04-03 distribution note
2023-Q2 $0.05/share regular β€” 2023-08-11 as of 2024-04-03 distribution note
2023-Q1 $0.05/share regular β€” 2023-05-12 as of 2024-04-03 distribution note
2022-Q4 $0.05/share regular β€” 2023-02-14 as of 2024-05-22 distribution note
2022-Q3 $0.05/share regular β€” 2022-11-10 as of 2024-04-03 distribution note
2022-Q2 $0.05/share regular β€” 2022-08-12 as of 2024-04-03 distribution note
2022-Q1 $0.05/share regular β€” 2022-05-12 as of 2024-04-03 distribution note
2021-Q3 $0.05/share regular β€” 2021-11-12 as of 2024-04-03 distribution note
2021-Q2 $0.05/share regular β€” 2021-08-12 as of 2024-04-03 distribution note
2021-Q1 $0.05/share regular β€” 2021-05-14 as of 2024-04-03 distribution note
2020-Q4 $0.05/share regular β€” 2021-02-12 as of 2024-04-03 distribution note

DPS method: payout ratio on modelled earnings.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
60
Realized TCE
$28,512/d 2026Q2
Declared DPS
$0.06 2026Q2
TTM DPS
$0.22
Coverage
β€”
Revenue
$410.2M
Opex
$95.5M
Net income
$167.9M

35Γ— capesize Β· 17Γ— kamsarmax Β· 4Γ— panamax Β· 4Γ— Ultramax current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Capesize35β€”β€” β€” β€” β€” 47,050 β€” 151.5
Panamax4β€”β€” β€” β€” β€” 21,375 β€” 7.9
Ultramax0β€”β€” β€” β€” β€” 19,950 β€” β€”
Container0β€”β€” β€” β€” β€” β€” β€” β€”
Kamsarmax17β€”β€” β€” β€” β€” 21,375 β€” 33.4
Ultra_Handymax4β€”β€” β€” β€” β€” 19,950 β€” 7.3
Total60 36,257 β€” 200.1

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.

Expected DPS
$0.06/share
Annualized
$0.23/yr
Revenue if rates hold
$200.1M
Confidence
MEDIUM

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β€” the open share is priced at the full index, which this issuer has not been shown to capture Β· capesize: no fixed-coverage guidance -> 100% spot proxy Β· panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β€” their open share is priced at the full curve Β· panamax: no fixed-coverage guidance -> 100% spot proxy Β· ultramax: priced off the Supramax FFA curve β€” the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· ultramax: no fixed-coverage guidance -> 100% spot proxy Β· container: charter-out fleet earns fixed TC per the fleet list (owner 2026-09-05) β€” no lane spot proxy, estimate stays dark without issuer fixed-coverage guidance Β· container: no market proxy prices this class and no issuer guidance on file -> class estimate stays dark Β· kamsarmax: priced off the Panamax FFA curve β€” the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· kamsarmax: no fixed-coverage guidance -> 100% spot proxy Β· Ultramax: priced off the Supramax FFA curve β€” the board quotes no Ultra-Handymax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· Ultramax: no fixed-coverage guidance -> 100% spot proxy Β· fleet TCE: ultramax excluded from the vessel-day-weighted mean (no vessel-days on file) β€” not equal-weighted Β· fleet TCE covers the proxied classes only (capesize, panamax, ultramax, kamsarmax, Ultramax); dark classes (container) carry 0% of the fleet's vessel-days on file and are excluded from the mean β€” named, not hidden Β· estimate base 2025Q4 predates 2026Q2, the quarter before the 2026Q3 forecast Β· one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (RΒ² < 0.5) Β· DPS-vs-TCE regression (Β§26) DPS suppressed: TCE $36,257/day is outside the payer model's fitted range $21,271-$28,512/day (27% beyond, past the 1.25x cap) β€” DPS not extrapolated

Forecast accuracy β€” fleet TCE

The model's fleet TCE for each quarter β€” the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β€” scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β€” positive means the model was too high.

Quarters scored
5
Avg abs. error
22.7%
QuarterModel TCEReported TCEError
2026Q2 $24,300/day $28,512/day -14.8%
2026Q1 $37,825/day $25,679/day +47.3%
2025Q3 $25,275/day $24,167/day +4.6%
2025Q2 $21,538/day $23,040/day -6.5%
2025Q1 $12,650/day $21,271/day -40.5%

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $410.2M β€” +25.2%
Opex $95.5M $95.0M -2.0%
Net income $167.9M β€” +140.0%
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M410.2β€”β€”β€”327.6β€”
Voyage expenses $M45.630.933.932.731.230.0
Vessel opex $M95.595.097.095.197.494.8
G&A $M24.423.823.623.123.422.0
Depreciation $M83.081.780.5109.080.878.6
Interest expense, gross $Mβ€”β€”β€”β€”β€”33.5
Net income $M167.9β€”β€”β€”69.941.7
Declared DPS0.060.060.050.050.050.05

Profit statement – highlights SEC EDGAR company facts

LineFY2009FY2010H1 2011FY20112011Q2H1 2012FY20122012Q2H1 2013FY20132013Q2H1 2014FY20142014Q2H1 2015FY20152015Q2H1 2016FY2016H1 2017FY20172017Q2H1 2018FY20182018Q22019Q1H1 2019FY20192019Q22020Q1H1 2020FY20202020Q22021Q1H1 2021FY20212021Q22022Q1H1 2022FY20222022Q22023Q1H1 2023FY20232023Q22024Q1H1 2024FY20242024Q22025Q1H1 2025FY20252025Q22026Q1H1 20262026Q2YoY Ξ”
Revenue 92.6143.288.5187.045.797.1205.449.199.4198.249.2112.7227.455.2113.3223.756.590.5190.592.4211.750.0111.2231.458.2β€”94.6219.447.7β€”93.0226.846.5β€”217.1713.2152.0β€”517.31210.5280.7β€”656.51306.9346.9β€”660.71334.1342.2β€”631.71344.1327.6β€”767.2410.2 +25.2%
EBITDA / operating income β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Operating expenses β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Net result 34.360.530.165.313.533.695.916.735.859.019.548.374.930.022.241.811.4-16.6-52.5-1.2-14.94.4-24.1-13.1-29.5-9.5-16.0-62.1-6.5-10.7-25.4-68.5-14.6136.7236.6511.399.985.7203.8579.2118.299.2211.5433.6112.373.4174.8367.3101.541.7111.7285.369.9106.3274.3167.9 +140.2%
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”0.05β€”β€”0.050.05β€”β€”0.050.05β€”β€”0.050.05β€”β€”0.050.05β€”β€”0.050.06β€”0.06 β€”
Full P&L grid β€” 4 lines Γ— 56 quarters
Line itemFY2009FY2010H1 2011FY2011Q2 2011H1 2012FY2012Q2 2012H1 2013FY2013Q2 2013H1 2014FY2014Q2 2014H1 2015FY2015Q2 2015H1 2016FY2016H1 2017FY2017Q2 2017H1 2018FY2018Q2 2018Q1 2019H1 2019FY2019Q2 2019Q1 2020H1 2020FY2020Q2 2020Q1 2021H1 2021FY2021Q2 2021Q1 2022H1 2022FY2022Q2 2022Q1 2023H1 2023FY2023Q2 2023Q1 2024H1 2024FY2024Q2 2024Q1 2025H1 2025FY2025Q2 2025Q1 2026H1 2026Q2 2026
Operating revenues92.6143.288.5187.045.797.1205.449.199.4198.249.2112.7227.455.2113.3223.756.590.5190.592.4211.750.0111.2231.458.2β€”94.6219.447.7β€”93.0226.846.5β€”217.1713.2152.0β€”517.31210.5280.7β€”656.51306.9346.9β€”660.71334.1342.2β€”631.71344.1327.6β€”767.2410.2
Operating expensesβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating incomeβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for the period34.360.530.165.313.533.695.916.735.859.019.548.374.930.022.241.811.4-16.6-52.5-1.2-14.94.4-24.1-13.1-29.5-9.5-16.0-62.1-6.5-10.7-25.4-68.5-14.6136.7236.6511.399.985.7203.8579.2118.299.2211.5433.6112.373.4174.8367.3101.541.7111.7285.369.9106.3274.3167.9

Realized fleet TCE

Realized fleet TCE versus benchmark: 5 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 28,512.00.

image/svg+xml 2025 Apr Jul Oct 2026 Apr 21,000 22,000 23,000 24,000 25,000 26,000 27,000 28,000 28,512 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 6-K β€” β€” β€”
2026Q3 6-K, 6-K exhibit β€” β€” β€”
2026Q2 6-K, 6-K exhibit β€” β€” β€”
2026Q1 20-F β€” β€” β€”
2025Q4 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K β€” β€” β€”
2025Q3 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit β€” β€” β€”
2025Q2 6-K β€” β€” β€”
2025Q1 20-F β€” β€” β€”
2024Q4 6-K, 6-K, 6-K exhibit, 6-K exhibit β€” β€” β€”
2024Q3 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit β€” β€” β€”
2024Q2 6-K, 6-K exhibit, 20-F β€” β€” β€”

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