Navios Maritime Partners eliminated its dividend as its fourth-quarter profit dropped 42% due to deterioration in the dry-bulk market.
The company reported net income of $7.8m for the fourth quarter, amid a 10% decline in revenue to $53.3m. Full-year net income was down 15% to $41.8m. Earnings per share of $0.09 was wide of analysts’ estimates of $0.15 for the quarter.
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