Navios Maritime Partners L.P. (NYSE:NMM) shares are trading higher Tuesday after the company reported second-quarter results.
Revenue fell 1.4% Y/Y to $342.2 million, beating the consensus of $332.3 million. The company attributed the decline in revenue to a decrease in the available days of the fleet and the decrease in the Time Charter Equivalent (TCE) rate.
The TCE rate declined by 2.2% Y/Y to $23,384 per day, and the available days of the fleet decreased by 0.5% to 13,498 days. Adjusted earnings per unit was $3.06, beating the consensus of $3.04.
Adjusted EBITDA dipped to $189.8 million from $191.5 million a year ago, mainly owing to a fall in time charter and voyage revenues and an increase in vessel operating expenses.
Operating ...
