나비오스 마리타임 파트너스(NMM) 2026년 3분기 실적 발표 콜: 매출 25% 증가, 수주 잔고 50억 달러 달성

나비오스 마리타임 파트너스(NYSE: NMM)는 건화물선 및 탱커 용선료 강세에 힘입어 2026년 3분기 매출과 순이익이 증가했다고 발표했습니다. 또한 부채 비율을 낮추고 확정 매출 가시성을 높이는 한편 신조선 프로그램을 확대했습니다.

핵심 요약

• 2026년 3분기 매출은 전년 동기 대비 25% 증가한 4억 3,200만 달러를 기록했으며, 순이익은 1억 8,570만 달러, 보통 유닛당 순이익은 6.42달러를 기록했습니다.
• 조정 EBITDA는 7,800만 달러 증가한 2억 7,200만 달러를 기록했습니다. 조정 순이익은 2025년 3분기 8,400만 달러에서 1억 6,400만 달러로 거의 2배 증가했습니다.
• 통합 용선수입 등가(TCE) 운임은 건화물선 TCE 43% 증가 및 탱커 TCE 38% 증가에 힘입어 전년 동기 대비 26% 상승한 일일 30,371달러를 기록했습니다.
• 확정 매출은 컨테이너선 26억 달러, 탱커 21억 달러, 건화물선 3억 달러를 포함해 사상 최대인 50억 달러에 달했습니다. 용선 계약 기간은 2037년까지 이어집니다.
• 나비오스는 7척의 신조선 발주에 약 7억 300만 달러를 투입했으며, 2029년까지 총 31억 달러 투자 규모의 신규 선박 34척을 인도받을 예정입니다.
• 순자산가치 대비 부채비율(Net LTV)은 23.1%로 하락했습니다. 가용 유동성은 약 6억 5,700만 달러였으며, 무담보 선박 62척의 추정 가치는 약 24억 달러였습니다.

주요 재무 데이터

2026년 첫 9개월간 매출은 전년 동기 대비 23% 증가한 12억 달러를 기록했습니다. 조정 EBITDA는 5억 2,000만 달러에서 7억 1,800만 달러로 증가했으며, 조정 순이익은 1억 9,600만 달러에서 3억 9,600만 달러로 2배 늘었습니다. 통합 TCE는 가용 운항 일수가 1% 감소했음에도 불구하고 24% 상승한 일일 28,209달러를 기록했습니다.

2026년 9월 30일 기준 현금, 제한된 현금 및 적격 정기예금은 총 5억 8,000만 달러였습니다. 또한 나비오스는 2개의 회전한도대출을 통해 약 1억 5,000만 달러의 가용 한도를 보유하고 있었습니다. 장기 차입금은 8척의 신조선 인도로 인해 8,700만 달러 증가한 22억 5,000만 달러를 기록한 반면, 장부가치 자본 대비 순부채 비율은 29%로 개선되었습니다.

사업 및 운항 실적

나비오스는 탱커, 건화물선, 컨테이너선 등 15개 자산군에 걸쳐 182척의 선박을 소유 및 운항했습니다. 운항 중인 선단의 추정 가치는 87억 달러였으며, 선박 순자산 가치는 62억 달러였습니다. 인도가 완료된 전체 선단의 용선 계약 미반영 추정 가치는 약 124억 달러였습니다.

선단의 평균 선령은 8.5년으로, 경영진이 인용한 업계 평균인 13.8년보다 낮았습니다. 탱커 선단의 평균 선령은 4.9년으로 업계 탱커 평균인 14.2년과 대비됩니다.

3분기 및 4분기 현재까지 나비오스는 10,100 TEU급 컨테이너선 4척, VLCC 1척, MR2 석유제품운반선 2척을 인수하는 데 약 7억 300만 달러의 투자를 확정했습니다. 컨테이너선 4척은 2028년 하반기와 2029년 상반기에 인도될 예정이며, VLCC 및 MR2 선박은 2029년 인도될 예정입니다.

또한 회사는 선령 17년 된 케이프사이즈 선박 1척을 3,080만 달러에 매각했습니다. 경영진은 매력적인 용선 계약을 확보하는 동시에 노후 자산을 현대식 선박으로 계속 교체해 나갈 것이라고 밝혔습니다.

2027년 기준 컨테이너선 운항 일수의 98%와 탱커 운항 일수의 72%가 확정 용선 계약을 맺었습니다. 반면 건화물선 운항 일수의 87%는 미계약 상태이거나 운하지수 연동 상태로 남아 있는데, 이는 운임 개선 시 해당 부문이 더 큰 상승 여력을 제공한다는 경영진의 시각을 반영합니다.

경영진 가이던스

2026년 4분기의 경우, 나비오스는 가용 일수의 80%를 일일 평균 31,837달러의 순운임으로 확정했습니다. 확정 매출은 추정 총 현금 운항 비용을 1억 3,360만 달러 초과했으며, 2,713일은 미계약 또는 지수 연동 상태로 남아 있습니다.

2027년의 경우, 회사는 가용 일수의 56%를 일일 29,605달러의 순운임으로 확정했습니다. 확정 매출은 이미 추정 총 현금 운항 비용을 400만 달러 초과했습니다. 추가로 25,220일이 미계약 또는 지수 연동 상태로 남아 있으며, 경영진은 해당 일수에서 일일 1,000달러의 추가 수입이 발생할 때마다 2,500만 달러 이상의 잉여 현금이 추가 창출될 것으로 추정했습니다.

경영진은 컨테이너선 계약이 안정적인 현금 흐름 기반을 제공하는 한편, 미계약 상태인 VLCC 및 케이프사이즈 익스포저는 잠재적 상승 여력을 유지해 준다고 설명했습니다. 자본 배분은 신규 투자, 유동성, 레버리지, 재무제표 건전성 및 투자자 환원을 지속적으로 종합 고려해 이루어질 예정입니다.

리스크 및 주요 점검 사항

경영진은 지정학적 갈등, 무역 패턴의 변화, 전쟁 위험 노출을 주요 운항 불확실성으로 꼽았습니다. 회사는 현재 환경에서 견고한 보험 가입 상태를 유지하는 것이 특히 중요하다고 밝혔습니다.

호르무즈 해협의 차질로 탱커 가용성이 축소되면서 운임이 급등했습니다. 다만 경영진은 봉쇄가 장기화될 경우 글로벌 경기 둔화나 리세션형 수요 충격을 유발해 모든 해운 부문에 영향을 미칠 수 있다고 경고했습니다.

운항 비용도 증가했습니다. 3분기 일일 선박 운항비는 유지보수, 수리 및 부품 비용 증가로 인해 8% 상승했습니다. 첫 9개월간 조정 EBITDA 역시 항해비 및 용선료 비용 증가와 일반관리비 상승의 영향을 받았습니다.

애널리스트 Q&A 주요 내용

경영진은 목표 순 LTV 범위인 20%~25%에 도달하더라도 규율 있는 자본 배분 접근법이 바뀌지는 않는다고 밝혔습니다. 2026년 회사는 신조선에 약 4억~4억 5,000만 달러의 현금을 투입했고, 약 1억 7,000만 달러의 부채 상환을 조기 진행했으며, 실적 발표 시점 기준으로 투자자들에게 약 4,000만 달러를 환원했습니다. 경영진은 시장 상황을 평가한 후 주주 환원 규모를 재조정할 계획입니다.

나비오스는 2024년 2분기 이후 1억 440만 달러를 들여 약 200만 개의 보통 유닛을 자사주 매입하여 발행 유닛 수를 6.7% 줄인 2,820만 개로 낮췄습니다. 회사는 2026년에 2억 달러 규모의 추가 자사주 매입 프로그램을 승인했습니다.

용선 전략과 관련해 경영진은 2027년 미계약 탱커 익스포저의 대부분이 변동성과 상승 여력이 더 큰 VLCC에 집중되어 있다고 설명했습니다. 건화물선 익스포저는 주로 케이프사이즈 선박에 집중되어 있는 반면, 컨테이너선은 2027년 물량이 거의 전량 계약 확정된 상태입니다.

선박 매각과 관련해 경영진은 선박을 매각하는 것과 용선 수익을 위해 보유하는 것의 상대적 가치에 따라 결정이 내려질 것이라고 밝혔습니다. 나비오스는 선단 재선별 과정을 지속적인 프로세스로 설명하며, 지금까지 누적으로 약 12억 달러 규모의 선박을 매각했다고 덧붙였습니다.

실적 발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.