ナビオス・マリタイム・パートナーズ（NMM）2026年第3四半期決算説明会：売上高は25％増加、受注残高は50億ドルに到達

ナビオス・マリタイム・パートナーズ（NYSE: NMM）は、ドライバルク船およびタンカーの用船料の上昇に支えられ、2026年第3四半期の増収増益を発表しました。また同社は、レバレッジの縮小と契約済み収益の可視性向上を図る一方で、新造船プログラムを拡大しました。

要点

• 2026年第3四半期の売上高は前年同期比25%増の4億3,200万ドルとなり、純利益は1億8,570万ドル、普通出資証券当たり利益は6.42ドルに達しました。
• 調整後EBITDAは7,800万ドル増の2億7,200万ドルとなりました。調整後純利益は2025年第3四半期の8,400万ドルから1億6,400万ドルへとほぼ倍増しました。
• ドライバルク船のTCE（定期借船等価運賃）が43%増加し、タンカーのTCEが38%増加したことがけん引役となり、全体の総合TCEレートは前年同期比26%増の1日当たり30,371ドルに上昇しました。
• 契約済み収益は過去最高となる50億ドルに達し、内訳はコンテナ船が26億ドル、タンカーが21億ドル、ドライバルク船が3億ドルとなっています。用船契約期間は2037年まで伸びています。
• ナビオスは新造船7隻に約7億300万ドルの投資を確定させており、2029年までに引き渡しが予定されている計34隻の新造船は、総額31億ドルの投資に相当します。
• 純LTV（ローン・ツー・バリュー）は23.1%に低下しました。利用可能な流動性は約6億5,700万ドルで、無負債の所有船62隻の推定資産価値は約24億ドルに上ります。

主要財務データ

2026年最初の9か月間の売上高は前年同期比23%増の12億ドルとなりました。調整後EBITDAは前年同期の5億2,000万ドルから7億1,800万ドルに増加し、調整後純利益は1億9,600万ドルから3億9,600万ドルへと倍増しました。稼働可能日数が1%減少したにもかかわらず、総合TCEは24%増の1日当たり28,209ドルに増加しました。

2026年9月30日時点で、現金、制限付き現金および適格定期預金の合計は5億800万ドルでした。ナビオスはまた、2つのリボルビング融資枠に基づき約1億5,000万ドルの利用可能枠を確保していました。新造船8隻の引き渡しを受けて長期借入金は8,700万ドル増の22億5,000万ドルとなりましたが、簿価資本比率に対する純負債割合は29%へと改善しました。

事業および運航実績

ナビオスは、タンカー、ドライバルク船、コンテナ船にわたる15のアセットクラスを網羅し、182隻の船舶を所有・運航しています。就航中フリートの推定評価額は87億ドル、船舶純持分価値は62億ドルでした。全船引き渡し完了後のフリートの推定フリーチャーター価値は約124億ドルです。

経営陣が挙げた業界平均の船齢13.8年に対し、同社フリートの平均船齢は8.5年でした。同社のタンカーフリートの平均船齢は4.9年で、業界全体のタンカー平均14.2年を下回っています。

第3四半期から第4四半期の現在までに、ナビオスは10,100 TEU型コンテナ船4隻、VLCC1隻、およびMR2型プロダクトタンカー2隻の取得に向けて約7億300万ドルの発注を行いました。コンテナ船4隻は2028年後半から2029年前半にかけて引き渡される予定です。VLCCとMR2型タンカーの引き渡しは2029年を予定しています。

また、同社は船齢17年のケープサイズ型船1隻を3,080万ドルで売却しました。経営陣は、魅力的かつ有利な用船契約の確保を図りつつ、老朽化資産から最新鋭船への切り替えを継続する方針を示しました。

2027年の稼働日数のうち、コンテナ船の98%、タンカーの72%が固定化されています。対照的に、ドライバルク船の稼働日数の87%は未固定または市況連動型となっており、運賃の上昇に伴いこのセグメントがより大きなアップサイドを提供するという経営陣の見解を反映しています。

経営陣による見通し

2026年第4四半期について、ナビオスは稼働可能日数の80%を1日当たり平均純レート31,837ドルで確定させました。契約済み収益は見積もり現金運航コスト総額を1億3,360万ドル上回っており、残り2,713日分は未固定または市況連動型となっています。

2027年については、同社は稼働可能日数の56%を1日当たり純レート29,605ドルで確定させています。契約済み収益は既に見積もり現金運航コスト総額を400万ドル上回っています。さらに25,220日分が未固定または市況連動型となっており、経営陣の試算によれば、それらの日数で1日当たり1,000ドルの運賃増額を達成するごとに、2,500万ドル以上の追加フリー・キャッシュ・フローが創出されます。

経営陣は、コンテナ船の契約が安定したキャッシュフローの基盤を提供する一方で、VLCCやケープサイズ船の未固定のエクスポージャーが将来のアップサイドの可能性を維持していると説明しました。資本配分にあたっては、新規投資、流動性、レバレッジ、バランスシートの健全性、ならびに持分出資者への還元を今後も総合的に勘案していく方針です。

リスクと注視点

経営陣は、地政学的コンフリクト、貿易プロパターンの変化、および戦争リスクへのエクスポージャーを主要な運航上の不確実性として挙げました。また、現在の環境下では十分な保険カバーを確保することが引き続き特に重要であると述べています。

ホルムズ海峡の混乱はタンカーの手配をひっ迫させ、海上運賃を大幅に押し上げました。しかし経営陣は、通航の封鎖が長期化した場合、世界的な景気減速やリセッションによる需要ショックを引き起こし、すべての海運セグメントに影響を及ぼす恐れがあると警告しました。

営業費用も増加しました。保守点検・修理費用および予備部品コストの上昇に伴い、第3四半期の1日当たり船舶運航費用は8%増加しました。年初9か月間の調整後EBITDAは、航海費用や定期借船費用の上昇、ならびに一般管理費の増加によっても圧迫されました。

アナリスト質疑応答の要点

経営陣は、目標とする純LTVレンジ（20%〜25%）を達成したとしても、律儀な資本配分のアプローチを変更するものではないと述べました。2026年中に同社は新造船に約4億〜4億5,000万ドルの現金を投入し、約1億7,000万ドルの債務返済を前倒しで実施したほか、電話会議の時点で投資家へ約4,000万ドルを還元しました。経営陣は市場環境を評価したうえで資本還元を再調整する計画です。

ナビオスは2024年第2四半期以降、1億440万ドルを投じて約200万口の普通出資証券を自社買いし、発行済出資証券数を6.7%削減して2,820万口としました。また、同社は2026年に追加で2億ドルの自社買いプログラムを承認しました。

用船戦略について、経営陣は2027年のタンカーの未固定エクスポージャーの大部分が、より高いボラティリティとアップサイドが見込まれるVLCCに集中していると述べました。ドライバルク船のエクスポージャーは主にケープサイズ船であり、一方のコンテナ船は2027年分がほぼ完全に固定化されています。

船舶の売却に関して、経営陣は判断が売却価格と用船料収入の継続取得との相対価値に依存すると述べました。ナビオスはフリートの入替を継続的なプロセスと位置づけており、これまでに累計で約12億ドルの船舶を売却してきたとしています。

決算説明会（電話会議）全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for joining us for Navios Maritime Partners Third Quarter 2026 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, Ms. Eri 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.navios-mlp.com. You'll see the webcasting 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 understood in light of such risks. Navios Partners does not assume any obligation to update this 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. Then Mr. Vandewalle will provide an industry overview. And lastly, we'll open the call to take questions. Now I turn the call over to Navios Partners Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki?

Angeliki Frangou

Good morning, and thank you all for joining us on today's call. For the third quarter, we reported net income of $185.7 million and earnings per common unit of $6.42. For the first 9 months, we reported net income of $460 million and earnings per common unit of $15.83. We also announced a cash distribution per unit for the quarter of $0.06. We continue to operate in a complex global environment characterized by geopolitical uncertainty, conflict and changing trade patterns. Our performance demonstrates the strength of our diversified business and the benefits of our disciplined approach to capital allocation and risk management.

During the third quarter, Navios used its strong cash flow to add vessels to its fleet. We made an investment of over $700 million to acquire 7 newbuilding vessels: 4 container ships, which were chartered out for about $400 million in revenue, and 3 newbuilding tankers, which are subject to ongoing discussion for charters of 5 years or longer. In addition, we accelerated the repayment of $90 million of debt maturing from 2028 through 2030.

Turning to Slide 3. Our fleet has an average age of 8.5 years compared with an industry average of 13.8 years. Our tanker fleet, with an average age of 4.9 years, is particularly young compared with the industry tanker average of 14.2 years. We believe the youth of our fleet provides a competitive advantage through, among other things, lower operating costs, better fuel efficiency and stronger charter preference.

Please turn to Slide 4. Navios is a leading maritime transportation company, owning and operating a modern fleet of 182 vessels across 3 segments and 15 asset classes. Our in-the-water fleet is split into thirds, with about 1/3 of the value in each of the tanker, dry bulk and container segments. Overall, this fleet is valued at approximately $8.7 billion with $6.2 billion in vessel net equity value. Our fully delivered fleet has an estimated charter-free value of approximately $12.4 billion. We have contracted revenue backlog of approximately $5 billion, providing significant visibility into future earnings and importantly, providing coverage past 2030. At the quarter end, we had a net LTV of 23.1%. Our balance sheet is strong with $657 million available liquidity and credit ratings of Ba3 from Moody's and BB from S&P.

Please turn to Slide 5. We maintain a disciplined risk management culture, continuously monitoring and assessing our exposure, diligently evaluating and structuring transactions and maintaining robust insurance coverage, particularly important in a war-risk environment. Our focus is on building a business capable of generating value across multiple market cycles. We couple this culture with diversification and, together, our platform provides optionality across markets..

Please turn to Slide 6, where we outline our recent developments. I previously mentioned that Navios had net income of $185.7 million or $6.42 earnings per common unit during the third quarter. As to our balance sheet, approximately 44% of our debt is fixed interest rates, providing protection against interest rate volatility, while 52% of our debt has no loan-to-value covenant. Our debt maturity profile is staggered, limiting near-term refinancing pressure, and we have 62 debt-free vessels worth around $2.4 billion. During Q3 and through the fourth quarter to date, we committed approximately $703 million to the acquisition of 7 newbuilding vessels. These acquisitions included four 10,100 TEU container ships, one VLCC and two MR2 product tankers. We also entered into a long-term contract for $735 million. In addition, we agreed to sell a 17-year-old capesize vessel for $30.8 million. We continue to replace older assets with modern vessels while seeking to secure attractive employment.

Please turn to Slide 7, where we address our return of capital. We authorized an additional $200 million common unit repurchase program in 2026. Since the program commenced in the second quarter of 2024, we repurchased approximately 2 million common units for a total consideration of $104.4 million. This reduced outstanding common units by 6.7% from approximately 30.2 million to 28.2 million. These repurchases are particularly attractive when our units trade at a meaningful discount to the underlying asset value. The average analyst estimate to our net asset value is at approximately $187 per unit. Thus, repurchases since 2024 have generated approximately $202 million in estimated net asset value accretion equivalent to $6.90 per unit. Over the last 12 months, we have returned approximately $48 million to unitholders through repurchases and cash distributions.

In allocating capital to a unit repurchase program, we consider the relative attractiveness of alternative uses of capital, including the availability of investments that can enhance long-term cash flow generation, the preservation of liquidity, maintaining prudent leverage and safeguarding balance sheet strength. All of this must be considered in the context of an industry that changes quickly.

Please turn to Slide 8, where we review Navios' track records over the past 5 years. We are focused on building a platform of excellence. Over the past 5 years, we have grown contracted revenue by about 50% to a record of $5 billion. We have an EBITDA run rate of over $1 billion and have expanded our fleet value, including a newbuilding program, to around $12.4 billion. Importantly, we have not sacrificed financial discipline in the process. We reduced our net loan-to-value to 23.1%. We recognize that there is more work ahead. But in an uncertain world, we believe our proven platform combining a diversified fleet with a disciplined risk management culture position us to continue delivering value through any market condition. I'll now turn the presentation over to Mr. Stratos Desypris, Navios Partners' Chief Operating Officer. Stratos?

Efstratios Desypris

Thank you, Angeliki, and good morning all. Please turn to Slide 9, which details our operating free cash flow potential for Q4 of 2026 and full year 2027. For the fourth quarter of 2026, we fixed 80% of available days at a net average rate of $31,837 per day. Contracted revenue exceeds estimated total cash operating costs by $133.6 million, and we have 2,713 remaining open or index-linked days, offering additional upside. Even for 2027, our contracted revenue already exceeds estimated total cash operating costs by $4 million. We have fixed 56% of our available days at a net rate of $29,605 per day, and we still have 25,220 days open or index-linked that will provide significant additional free cash. Every $1,000 per day on those days creates over $25 million of additional free cash.

Moving to Slide 10. Our contracted revenue backlog provides strong earnings visibility. Taking advantage of the current strong rate environment, we continue to grow contracted revenue. Since the start of the third quarter, we added approximately $735 million: $537 million from 8 containerships, $145 million from 4 tankers and $53 million minimum revenue from 2 dry bulk vessels. Total contracted revenue reached a record high $5 billion: $2.1 billion for tankers, $2.6 billion for containerships and $0.3 billion for dry bulk. Charters are extended through 2037 with a diverse group of quality counterparties.

Slide 11 summarizes the fleet developments for Q3 and Q4 quarter-to-date. We agreed to acquire four scrubber-fitted and shore-power-fitted newbuilding 10,100 TEU containerships with delivery expected in the second half of '28 and first half of '29 for $488 million. We also agreed to acquire one newbuilding scrubber-fitted VLCC expected to be delivered in Q4 of 2029 for $124 million and two newbuilding scrubber-fitted MR2s for $91.2 million with expected delivery in the second half of 2029. We also sold a 17-year-old capesize vessel for $30.8 million. Additionally, we took delivery of two newbuilding vessels: one MR2 vessel, which is chartered out for about 5 years at a net daily rate of $23,400, and one 7,900 TEU container ship chartered out for about 4 years at a net daily rate of $42,463. We continue to actively renew our fleet to maintain a young age profile. We have 34 newbuilding vessels delivering to our fleet through 2029, representing $3.1 billion of investment. We have mitigated the residual value risk of our newbuilding program with long-term creditworthy charters expected to generate about $2.3 billion in contracted revenue over a 5-year average charter duration.

Moving to Slide 12. Our diversified fleet provides both revenue visibility and market exposure. For 2027, we have 57,947 available days, of which 56% are fixed and 44% are open or indexed. Our chartering strategy takes advantage of each segment fundamentals. Containerships are 98% fixed, anchoring our cash flow. Tankers are 72% fixed, providing stable healthy cash flows, but also significant upside optionality. Dry bulk is also where significant upside sits. 87% of our 2027 dry bulk days are open or indexed, which is nearly 80% of all our open days. That reflects our approach. We fix long term when the market pays and we stretch short when it does not. Dry bulk rates were weak for a prolonged period, so period charters made little sense. As charter rates improved, we have begun adding cover, such as the 5-year capesize newbuilding charter with a floor of $26,000 per day plus profit sharing. I now pass the call to Eri Tsironi, our CFO, who will take you through the financial highlights. Eri?

Erifili Tsironi

Thank you, Stratos, and good morning all. I will briefly review our unaudited financial results for the third quarter and the first 9 months of '26. Financial information is included in the press release and summarized in the slide presentation available on the company's website. Moving to the earnings highlights on Slide 13. Total revenue for the third quarter of '26 increased by 25% to $432 million compared to $347 million for the same period in '25 due to higher fleet combined time charter equivalent rate. Our combined TCE for the third quarter of '26 increased by 26% to $30,371 per day, while our available days slightly increased to 13,479 days compared to Q3 '25. In terms of sector performance, the TCE rate for our dry bulk fleet and tanker fleet increased by 43% and 38% to $25,708 and $36,183 per day, respectively, compared to Q3 '25. The TCE rate for our container fleet was 1% lower at $31,619 per day.

EBITDA, net income and earnings per common unit for the third quarter and the first 9 months of '26 were adjusted as explained in the press release and the slide footnote. Adjusted EBITDA for Q3 '26 increased by $78 million to $272 million compared to Q3 '25, mainly due to the increase in revenue. Vessel operating expenses increased by $3 million due to an 8% increase in daily OpEx rate to $7,320 due to higher maintenance, repair and spares expenses, partially mitigated by a 4% decrease in OpEx days. Adjusted income for Q3 '26 almost doubled to $164 million compared to $84 million for the same period in '25. Adjusted earnings and earnings per common unit for the third quarter of '26 were $5.7 and $6.4, respectively. Total revenue for the first 9 months of '26 increased by 23% to $1.2 billion compared to $979 million for the same period in '25 due to higher combined time charter equivalent rate despite lower available days.

Our combined TCE rate for the first 9 months of '26 increased by 24% to $28,209 per day, while our available days decreased by 1% to 39,735 days compared to the same period in '25. In terms of sector performance, our TCE rate per day was higher in all three sectors as follows: 45% increase to $22,332 for our bulkers, 29% increase to $33,897 for our tankers and 1% increase to $31,504 for our container ships compared to the first 9 months of '25. Adjusted EBITDA for the first 9 months of '26 increased by $198 million to $718 million compared to the same period in '25. The increase was primarily driven by the increase in revenue. Fleet OpEx daily rate was 4% higher than 2025 levels at $7,223 due to higher maintenance, repair and spares expenses. Adjusted EBITDA was also negatively affected by a $17 million increase in time charter and voyage expenses primarily reflecting additional insurance premiums reimbursed by the charterers and a $4 million increase in general and administrative expenses, mainly due to higher prevailing euro-dollar exchange rate as well as the increase in legal, professional and audit fees during the first 9 months of '26. Adjusted net income for the first 9 months of '26 doubled to $396 million compared to $196 million for the same period in '25. Adjusted earnings and earnings per common unit for the first 9 months of '26 were $13.6 and $15.8, respectively.

Turning to Slide 14. I will briefly discuss some key balance sheet data. As of September 30, '26, cash and cash equivalents, including restricted cash and time deposits in excess of 3 months were $508 million. In addition, we had approximately $150 million available under two revolving facilities. During the first 9 months of '26, we paid approximately $290 million under our newbuilding program, net of debt, and we concluded the sale of 5 vessels for $185 million, adding about $160 million cash after debt repayment. Long-term borrowings, including the current portion and the senior secured bond net of deferred fees, increased by $87 million to $2.25 billion following the delivery of 8 newbuildings during the first 9 months of the year. Net debt to book capitalization improved to 29%. During the first 9 months of '26, we voluntarily repaid approximately $170 million of debt, including $90 million paid in Q3 '26 relating to 7 vessels, which are currently debt-free.

Slide 15 highlights our debt structure. At quarter end, we had 62 debt-free vessels, including 18 vessels securing our unutilized revolving credit facilities. We have a diversified financing base consisting of leasing structures in Japan and China, more than 15 active banking relationships and a $330 million senior unsecured bond trading in the Oslo Bors. In addition, 44% of our debt is fixed at an average interest rate of 6.3%, while 52% carries no loan-to-value covenant. We have also partially mitigated higher interest rate costs by lowering the average margin on our floating rate debt and bareboat liabilities for the in the water fleet to 1.7%. I would like to note that the average margin for the committed floating rate debt of our newbuilding program is 1.4%. Our maturity profile is staggered with no significant balloons due in any single year until 2030 when the bond matures. Finally, recently, we concluded the financing of 3 newbuilding LR2s for a total amount of $136 million. I'll now pass the call to Vincent Vandewalle, Navios Partners' Chief Trading Officer, to take you through the industry section. Vincent?

Vincent Vandewalle

Thank you, Eri. Strait of Hormuz closure has created a major energy and shipping shock, affecting about 20% of the worldwide crude product and LNG flows. The disruption has tightened tanker availability and driven freight rates for all sizes sharply higher. Rates for VLCCs hit all-time highs, reaching $1.4 million per day and remained elevated even as all flows out of the Middle East returned to pre-war levels. Increased crude volumes from the U.S.A., Brazil, Venezuela and Guyana heading to both Europe and Asia are adding more ton miles as worldwide stocks have been drawn down and oil demand continues at high levels. Product tanker rates have also risen with the Baltic Clean Tanker Index reaching an all-time high of 3,015 points last week, 264% higher than long-term average of 826.

Higher fuel costs and security of supply concern continue to drive the purchasing and transportation of commodities and finished goods. This has raised rates for dry bulk assets for both Capes and Panamaxes and has continued to support container time charter rates. The conflict in Ukraine and effects due to El Nino will also add ton miles for most vessel types. We expect coal imports to continue at elevated levels, while LNG passage through Hormuz remains restricted. With negotiations between the U.S. and Iran at an impasse and increasing attacks in the Strait of Hormuz and Southern Red Sea, vessel utilization will continue to run at high levels, supporting elevated rates for the near term. Medium-term trade adjustments depend on how long oil prices stay elevated. And, for example, whether decreased fertilizer availability affects crop supply later this year.

Strategic and commercial crude and product reserves will need to be restocked, which should keep tanker rates elevated over the longer term. However, prolonged Hormuz closure could still trigger a global slowdown or a recessionary demand shock, which could affect all shipping markets.

Please turn to Slide 18 for the review of the dry bulk industry. Demand growth for dry bulk trade has been relatively stable over the last 25 years at about 4% compound annual ton-mile growth. The current order book stands at about 15% of the total fleet and is expected to remain low due to high newbuilding prices, uncertainty about new fuel regulations, yard availability and general market outlook. The fleet is aging quickly with 39% of the vessels 15 years old. With older vessels far exceeding those on order, supply should be constrained over the medium term. Please turn to Slide 19.

The main driver of dry bulk demand will be strong Atlantic Basin iron ore growth over the next several years with new projects in Guinea, Brazil and Liberia. The largest new project is Simandou in Guinea, which started shipments at the end of last year and is expected to ramp up to 120 million by '28. Mid-October year-to-date shipments were about 20 million long-haul tons from 0 last year. Vale in Brazil has three new projects totaling 50 million tonnes expected to start exporting by the end of '26 and Liberia will add 10 million tonnes of exports in '26. Other African iron ore exports projects have been announced, but awaiting final investment decisions. In total, these 180 million tonnes are all long-haul ton miles trading, creating demand for an additional 249 Capes. With the current order book of only 228 Capes due by '28, a further tightening of supply and demand is expected over the next few years, benefiting rates. Overall, the dry bulk market looks positive based on steady long-term demand growth and a constrained supply of vessels.

Please turn to Slide 21 for the review of the tanker industry. As to supply, we see a tanker order book of 26%, about 50% of the fleet is already over 15 years old, rising quickly in the next few years. With older vessels exceeding the order book and yards offering first deliveries in '29 or '30, supply is set to be tight for several years.

Please turn to Slide 22. VLCCs reached record spot earnings of $1.4 million a day recently as a portion of the fleet has been sanctioned, damaged, restricted in trading or dedicated to ship-to-ship shuttle service through Hormuz. In all, 28% of the VLCC fleet has been restricted from normal operations, leading to exceptional spot and long-term charter rates.

Please turn to Slide 23. Middle East crude oil flows have recently returned to pre-war levels, although their composition has shifted significantly. Increasing use of ship-to-ship transfers, along with exports out of the Red Sea and via pipelines have created more inefficiencies and led VLCC rates to the current extreme elevated rates. This has also helped Suezmax and Aframax crude tanker rates to rise across the board. The tanker market also looks positive over the medium term based on a low order book compared with an aging and reduced fleet due to sanctions.

Please turn to Slide 25 for the review of the container industry. After the COVID pandemic, containership orders were mainly for the biggest units with fleet expansion in large vessels set to continue at a high level. Currently, 73% of the order book is for ships with 9,000 TEU capacity or greater and only 23% of the order book is for 2,000 to 9,000 TEU capacity where Navios is most active. Note that by '29, more than 50% of the 2,000 to 9,000 TEU fleet will be 20 years or older. Small segments of the fleet are well positioned to take advantage of shifting trading patterns. As shown on the right-hand graph, growth in non-mainlane trades generally exceed the traditional mainlane trades to the U.S. and Europe due to tariffs and higher growth in developing economies, notwithstanding Iran war-related dislocations this year. Trades involving the Southern Hemisphere, mostly served by smaller-sized vessels, are expected to see continued healthy growth as this trade shift continues. Overall, Navios Fleet is well positioned within the container market and continues to benefit from long-term employment with our high-quality charters. This concludes our presentation. I would now like to turn the call over to Angeliki Frangou for her final comments. Angeliki?

Angeliki Frangou

Thank you, Vincent. This concludes our formal presentation. We open the call to questions.

Operator

[Operator Instructions] And we'll take our first question from Omar Nokta with Clarksons Securities.

質疑応答

Omar Nokta

Clearly, you have very strong results and you continue to reinvest in the business, divesting older vessels, acquiring newbuildings primarily with long-term charters. I think, obviously, a real significant thing that's developed here recently is at least one of the many things has been the reduction in your net LTV. You've gotten it down to 23%. That's your long-term target of trying to get it to that 20% to 25% range. So congratulations on that. So I guess now that you're here, is there anything that changes the business approach? Your market footprint has generally stayed the same within the three main aspects of your business. But does anything change from here? Do you look to be more acquisitive? Is there a target you want to keep through the cycles with this net LTV? Yes, any color you can give on anything that changes from here based on you reaching your target?

Angeliki Frangou

Number one, I'll say the target is one thing, but also you can see that we care about return to our investors. As you know, I'm a 20% owner of the -- almost 20% owner of the equity. So we are fully aligned here. Important thing is you have to see what we have done with our cash this year. In 2026, we spent about four, $450 million cash for newbuildings. We prepaid in order to reach our LTV numbers about $170 million accelerated debt repayment. And we returned so far about $40 million return of capital to our investors, $660 million up to now. As we are -- the year is finishing in Q1, we will recalibrate our return of capital and seeing the conditions at the time. But one thing we have done is we built NAV and also by pushing NAV, we get a share price to chase this NAV.

Omar Nokta

Angeliki, no, that's good context. And so we'll stay tuned on things as they develop. And maybe just kind of as a follow-up, you've had this long-term exposure to the three main segments of shipping of tankers, containers, dry bulk. And you obviously invested within all three and recycled proceeds into new ships in those markets. But as you kind of think about where things are, I know there's a lot to think about, you have plenty of flexibility. But do you see investment opportunities for Navios outside these three core areas within shipping perhaps or any other segments that look interesting from an investment standpoint?

Angeliki Frangou

Listen, the beauty of our platform is that we are able to take advantage of any market. And this is what it makes it unique. And I think this is something that we like to stress. I mean it allows. We have $1 billion in platform on EBITDA generation LTM. We have a very low leverage. And we have the ability and we have been expanding and building NAV while we are deleveraging. So that platform -- and we have a contracted revenue of about $5 billion that allow us to have contracted revenue beyond 2030. So this kind of a platform allows you to be able to be opportunistic on the -- on what we see as an area to expand.

And one thing I want to say, we are very mindful of our investors. Think about we completed $100 million of a buyback, and we have already announced a $200 million buyback. What we have done, you have to see it over a period of time. We have -- over the last 5 years, we more than doubled our NAV. So we are chasing. This is our success. We are building that NAV. On the same time, we have done -- we have grown -- our share price has increased over 300%. So this is not one quarter, not one year. It's multiple years of effort to provide results.

Omar Nokta

Indeed, we can see it. So well done. Congratulations on the latest, and we'll see how things develop from here.

Operator

We'll move next to Stephanie Moore with Jefferies.

Stephanie Benjamin Moore

I guess just as you think about your Q4 VLCC days are fixed at just over, I think, 70%. How are you thinking about spot versus term coverage from here? I would love to hear your thoughts just given where we are in the market and then appetite as we think about more days are open into 2027.

Angeliki Frangou

Thank you. This is a good question. The nature of our platform allows us to have flexibility. So this depends on the sector and part of the cycle. So, you will see that the contracted revenue allows us to be totally non-biased on where we take the exposure. If you see for this year and Stratos had analyzed very well is we have a lot of exposure on our dry bulk capesize vessels. We see an opportunity here and why we keep larger vessels on the tanker segment, VLCC exposure. So we are opportunistic on where we see the exposure. On the container side, on the other side, we see the nice cash flows as a good bedrock for our visibility.

Efstratios Desypris

Just one quick add-on here, Stephanie, on the exposure that we have on the tankers. -- as Angeliki said we have covered -- we have a lot of contracted revenue on the tanker side, about $2.4 billion of contracted revenue. But what we have opened is about 1/3 of our days, which are open for next year. And basically, you will see that these are mostly the VLs that are on spot exposure because there, we see the bigger volatility and the bigger upside. And again, if we also drill down on the other sectors on the dry bulk, where you do not have a lot of very healthy contract -- long-term contracted revenue. Now we see the market picking up and we see availability of longer contracts. You see that the exposure there is mostly for next year is about 90% and the vast majority of it is on capesize. And containers, of course, as Angeliki said, I mean, we are almost fully fixed for next year because there, we capitalize on a very strong market.

Stephanie Benjamin Moore

Really helpful. And then just as a follow-up, you booked, I think, over $63 million of sale gains year-to-date. And as I think look at tanker values here that are up well over 40%. Maybe with your vessels that are over 15 years old, should we expect asset sales to be up into 2027? Or how should we think about overall sale potential there?

Angeliki Frangou

I think, Stephanie, you have seen we are very opportunistic on that. Earlier in the year, we sold VLCCs that were 17 years old. Today's environment, you are actually generating -- in a month you're generating such numbers that don't make sense; you're making multiples of the value. So it depends on the situation. Where we see value, we will automatically do it. And we have been very -- this is a continuous process. So I cannot tell you the moment. It depends on the market versus chartering, which we are very disciplined and we will always do. And even if the chartering opportunity to the market value of the vessel may be equal, we will sell one, keep one. We have this continuous program. And we have done that. We have sold over $1 billion almost $1.2 billion on vessels. This is a continuous effort.

Operator

And this does conclude the question-and-answer portion of today's event. I would now like to hand the call back to Angeliki for any additional or closing remarks.

Angeliki Frangou

Thank you. This completes our Q3 results. Thank you.

Operator

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.