Navios Maritime Partners L.P. Reports Financial Results for the

Navios Maritime Partners L.P. Reports Financial Results for the Third
Quarter and Nine Months Ended September 30, 2012 
PIRAEUS, GREECE -- (Marketwire) -- 10/23/12 --  Navios Maritime
Partners L.P. ("Navios Partners") (NYSE: NMM)  


 
--  15.6% increase in quarterly Revenue to $55.5 million
--  33.1% increase in quarterly Net Income to $22.1 million
--  21.5% increase in quarterly Operating Surplus to $35.6 million
--  19.4% increase in quarterly EBITDA to $43.0 million

  
Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an owner
and operator of dry cargo vessels, today reported its financial
results for the third quarter and nine months ended September 30,
2012.  
Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Partners, stated: "I am pleased with the results for the third
quarter of 2012. Our larger fleet allowed us to increase EBITDA by
almost 20% and net income by 33%. We have 21 vessels with an average
charter duration of 3.3 years and recently announced a quarterly
distribution of $0.4425 per unit with a record date of November 8,
2012. Our annual distribution of $1.77 represents a yield of
approximately 11.6%." 
Ms. Frangou continued, "We seek to increase distributions, regardless
of the underlying market conditions. We have done so through various
drop downs and, more recently, we have begun investing through the
S&P market. We will continue to do so as opportunities warrant." 
RECENT DEVELOPMENTS
 Cash Distribution 
 The Board of Directors of
Navios Partners declared a cash distribution for the third quarter of
2012 of $0.4425 per unit. The cash distribution is payable on
November 13, 2012 to unitholders of record on November 8, 2012.  
Vessel Acquisitions
 On July 24, 2012, Navios Partners acquired from
an unrelated third party the Navios Soleil, a 57,337 dwt
Ultra-Handymax vessel built in 2009, for a cash purchase price of
$20.7 million.  
On July 27, 2012, Navios Partners acquired from an unrelated third
party the Navios Helios, a 77,075 dwt Panamax vessel built in 2005,
for a cash purchase price of $20.8 million.  
Credit Facilities
 On August 8, 2012, Navios Partners entered into a
new credit facility (the "August Facility") with DVB Bank SE and ABN
AMRO Bank N.V., in order to borrow $44.0 million to partially finance
the acquisitions of the Navios Buena Ventura, the Navios Soleil and
the Navios Helios. The August Facility matures on February 9, 2018
and is repayable in 22 equal quarterly installments of $0.9 million
each with a final balloon payment of $23.7 million to be repaid on
the last repayment date. It bears interest at a rate of LIBOR plus
350 bps. The August Facility also requires compliance with certain
financial covenants. 
On July 31, 2012, Navios Partners entered into a facility agreement
(the "Loan Agreement") with DVB Bank SE and Commerzbank AG for
$290.45 million in order to refinance Navios Partners' two existing
facilities consisting of the $260.0 million credit facility, dated
November 15, 2007, as amended, and the $35.0 million credit facility
dated May 27, 2011. The Loan Agreement matures on November 30, 2017
and is repayable (if the full amount is drawn) in 21 installments in
various amounts during the term of the Loan Agreement consisting of
$0.6 million (two quarterly installments), $7.9 million (17 quarterly
installments) and $12.9 million (two quarterly installments) with a
final payment of $128.6 million. It bears interest at a margin
ranging from 180 to 205 bps per annum (depending on the loan amount
compared to the security value). The Loan Agreement also requires
compliance with certain financial covenants. 
Long-Term and Insured Cash Flow
 Navios Partners has entered into
medium to long-term time charter-out agreements for its vessels with
a remaining average term of 3.3 years, providing a stable base of
revenue and distributable cash flow. Navios Partners has currently
contracted out 99.3% of its available days for 2012, 83.0% for 2013
and 47.8% for 2014, generating revenues of approximately $202.7
million, $178.0 million and $114.4 million, respectively. The average
contractual daily charter-out rate for the fleet is $28,734, $27,987
and $31,219 for 2012, 2013 and 2014, respectively. The average daily
charter-in rate for the active long-term charter-in vessels is
$13,513 for 2012. 
Navios Partners has insured its charter-out contracts for credit
default through a "AA" rated insurance company in the European Union. 
FINANCIAL HIGHLIGHTS
 For the following results and the selected
financial data presented herein, Navios Partners has compiled
consolidated statements of income for the three and nine month
periods ended September 30, 2012 and 2011. The quarterly 2012 and
2011 information was derived from the unaudited condensed
consolidated financial statements for the respective periods. EBITDA
and Operating Surplus are non-GAAP financial measures and should not
be used in isolation or substitution for Navios Partners' results. 


 
                                                                            
                  Three Month    Three Month     Nine Month     Nine Month  
                  Period ended   Period ended   Period ended   Period ended 
                 September 30,  September 30,  September 30,  September 30, 
                      2012           2011           2012           2011     
(in $'000 except                                                            
 per unit data)   (unaudited)    (unaudited)    (unaudited)    (unaudited)  
Revenue          $      55,540  $      48,011  $     152,649  $     136,490 
Net income       $      22,143  $      16,563  $      55,761  $      46,674 
EBITDA           $      43,030  $      35,980  $     116,192  $      99,203 
Earnings per                                                                
 Common                                                                     
 unit(basic and                                                             
 diluted)        $        0.36  $        0.35  $        0.95  $        0.98 
Operating                                                                   
 Surplus         $      35,642  $      29,344  $      94,729  $      84,540 
Maintenance and                                                             
 Replacement                                                                
 Capital                                                                    
 expenditure                                                                
 reserve         $      (4,941) $      (4,828) $     (13,927) $     (13,740)

 
Three month periods ended September 30, 2012 and 2011
 Time charter
revenues for the three month period ended September 30, 2012
increased by $7.5 million or 15.6% to $55.5 million, as compared to
$48.0 million for the same period in 2011. The increase was mainly
attributable to the acquisition of the Navios Buena Ventura on June
15, 2012, the acquisition of the Navios Soleil on July 24, 2012 and
the acquisition of the Navios Helios on July 27, 2012. As a result of
these vessel acquisitions, available days of the fleet increased to
1,882 days for the three month period ended September 30, 2012, as
compared to 1,656 days for the three month period ended September 30,
2011. The time charter equivalent ("TCE") increased to $29,341 for
the three month period ended September 30, 2012, from $28,992 for the
three month period ended September 30, 2011. 
EBITDA increased by $7.0 million to $43.0 million for the three month
period ended September 30, 2012, as compared to $36.0 million for the
same period of 2011. The increase in EBITDA was due mainly to a $7.5
million increase in revenue following the acquisition of the Navios
Buena Ventura on June 15, 2012, the acquisition of the Navios Soleil
on July 24, 2012 and the acquisition of the Navios Helios on July 27,
2012, a $0.7 million decrease in time charter expenses and a $0.3
million increase in other income/(expense), net. The above increase
was partially offset by a $1.4 million increase in management fees
and a $0.1 million increase in general and administrative expenses. 
The reserve for estimated maintenance and replacement capital
expenditures for the three month periods ended September 30, 2012 and
2011 was $4.9 million and $4.8 million, respectively (please see
Reconciliation of Non-GAAP Financial Measures in Exhibit 3).  
Navios Partners generated an Operating Surplus for the three month
period ended September 30, 2012 of $35.6 million, as compared to
$29.3 million for the three month period ended September 30, 2011.
Operating Surplus is a non-GAAP financial measure used by certain
investors to assist in evaluating a partnership's ability to make
quarterly cash distributions (please see Reconciliation of Non-GAAP
Financial Measures in Exhibit 3). 
Net income for the three months ended September 30, 2012 amounted to
$22.1 million compared to $16.6 million for the three months ended
September 30, 2011. The increase in net income by $5.5 million was
due to a $7.0 million increase in EBITDA partially offset by: (i) a
$1.3 million increase in depreciation and amortization expense due to
the acquisition of the Navios Buena Ventura, and the favorable lease
terms recognized in relation to this acquisition and the acquisition
of the Navios Soleil and the Navios Helios; and (ii) a $0.1 million
decrease in interest income.  
Nine month periods ended September 30, 2012 and 2011
 Time charter
revenues for the nine month period ended September 30, 2012 increased
by $16.1 million or 11.8% to $152.6 million, as compared to $136.5
million for the same period in 2011. The increase was mainly
attributable to the acquisitions of the Navios Luz and the Navios
Orbiter on May 19, 2011, the acquisition of the Navios Buena Ventura
on June 15, 2012, the acquisition of the Navios Soleil on July 24,
2012 and the acquisition of the Navios Helios on July 27, 2012. As a
result of these vessel acquisitions, available days of the fleet
increased to 5,088 days for the nine month period ended September 30,
2012, as compared to 4,604 days for the nine month period ended
September 30, 2011. TCE increased to $29,513 for the nine month
period ended September 30, 2012, from $29,646 for the nine month
period ended September 30, 2011. 
EBITDA increased by $17.0 million to $116.2 million for the nine
month period ended September 30, 2012, as compared to $99.2 million
for the same period of 2011. The increase in EBITDA was mainly due
to: (i) a $16.1 million increase in revenue following the
acquisitions of the five vessels at various times until July 2012 the
Navios Luz, the Navios Orbiter, the Navios Buena Ventura, the Navios
Soleil and the Navios Helios; (ii) a $4.0 million of non-cash charge
for the write-off of intangible asset associated with the Navios
Apollon charter out contract incurred in the nine month period ended
September 30, 2011; and (iii) a $0.8 million increase in other
income/(expense), net. The above increase was partially offset by a
$3.4 million increase in management fees, a $0.3 million increase in
general and administrative expenses and a $0.2 million increase in
time charter expenses. 
The reserve for estimated maintenance and replacement capital
expenditures for the nine month periods ended September 30, 2012 and
2011 was $13.9 million and $13.7 million, respectively (please see
Reconciliation of Non-GAAP Financial Measures in Exhibit 3).  
Navios Partners generated an Operating Surplus for the nine month
period ended September 30, 2012 of $94.7 million, as compared to
$84.5 million for the nine month period ended September 30, 2011.
Operating Surplus is a non-GAAP financial measure used by certain
investors to assist in evaluating a partnership's ability to make
quarterly cash distributions (please see Reconciliation of Non-GAAP
Financial Measures in Exhibit 3). 
Net income for the nine months ended September 30, 2012 amounted to
$55.8 million compared to $46.7 million for the nine months ended
September 30, 2011. The increase in net income by $9.1 million was
due to a $17.0 million increase in EBITDA partially offset by: (i) a
$6.1 million increase in depreciation and amortization expense due to
the acquisitions of the Navios Orbiter, the Navios Luz and the Buena
Ventura and the favorable lease terms recognized in relation to these
acquisitions and the acquisitions of the Navios Soleil and the Navios
Helios; (ii) a $1.2 million increase in interest expense and finance
cost, net; and (iii) a $0.6 million decrease in interest income. 
Fleet Employment Profile 
The following table reflects certain key indicators of Navios
Partners' core fleet performance for the three and nine month periods
ended September 30, 2012 and 2011. 


 
                                                                            
                  Three Month    Three Month     Nine Month     Nine Month  
                  Period ended   Period ended   Period ended   Period ended 
                 September 30,  September 30,  September 30,  September 30, 
                      2012           2011           2012           2011     
                  (unaudited)    (unaudited)    (unaudited)    (unaudited)  
                 -------------  -------------  -------------  ------------- 
                                                                            
Available Days                                                              
 (1)                     1,882          1,656          5,088          4,604 
Operating Days                                                              
 (2)                     1,870          1,504          5,072          4,317 
Fleet                                                                       
 Utilization (3)          99.4%          90.8%          99.7%          93.8%
Time Charter                                                                
 Equivalent (per                                                            
 day) (4)        $      29,341  $      28,992  $      29,513  $      29,646 
Vessels                                                                     
 operating at                                                               
 period end                 21             18             21             18 
                                                                            
                                                                            
(1) Available days for the fleet represent total calendar days the vessels  
    were in our possession for the relevant period after subtracting off-   
    hire days associated with scheduled repairs, drydockings or special     
    surveys. The shipping industry uses available days to measure the number
    of days in a relevant period during which a vessel is capable of    
    
    generating revenues.                                                    
                                                                            
(2) Operating days is the number of available days in the relevant period   
    less the aggregate number of days that the vessels are off-hire due to  
    any reason, including unforeseen circumstances.  The shipping industry  
    uses operating days to measure the aggregate number of days in a        
    relevant period during which vessels actually generate revenues.        
                                                                            
(3) Fleet utilization is the percentage of time that our vessels were       
    available for revenue generating available days, and is determined by   
    dividing the number of operating days during a relevant period by the   
    number of available days during that period.  The shipping industry uses
    fleet utilization to measure efficiency in finding employment for       
    vessels and minimizing the amount of days that its vessels are off-hire 
    for reasons other than scheduled repairs, drydockings or special        
    surveys.                                                                
                                                                            
(4) Time Charters Equivalents ("TCE") rates are defined as voyage and time  
    charter revenues less voyage expenses during a period divided by the    
    number of available days during the period. The TCE rate is a standard  
    shipping industry performance measure used primarily to present the     
    actual daily earnings generated by vessels on various types of charter  
    contracts for the number of available days of the fleet.                

 
Conference Call details: 
Navios Partners' management will host a conference call today,
Tuesday, October 23, 2012 to discuss the results for the third
quarter and nine months ended September 30, 2012.  
Conference Call details:  
Call Date/Time: Tuesday, October 23, 2012 at 08:30 am ET
 Call Title:
Navios Partners Q3 2012 Financial Results Conference Call
 US Dial
In: +1.866.394.0817
 International Dial In: +1.706.679.9759  
Conference ID: 4016 8941 
The conference call replay will be available two hours after the live
call and remain available for one week at the following numbers:  
US Replay Dial In: +1.800.585.8367
 International Replay Dial In:
+1.404.537.3406
 Conference ID: 4016 8941 
Slides and audio webcast:
 There will also be a live webcast of the
conference call, through the Navios Partners website
(www.navios-mlp.com) under "Investors". Participants to the live
webcast should register on the website approximately 10 minutes prior
to the start of the webcast.  
A supplemental slide presentation will be available on the Navios
Partners' website under the "Investors" section by 8:00 am ET on the
day of the call.  
About Navios Maritime Partners L.P. 
Navios Partners (NYSE: NMM) is a publicly traded master limited
partnership which owns and operates dry cargo vessels. For more
information, please visit our website at www.navios-mlp.com 
Forward-Looking Statements  
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and Navios Partners' growth strategy and measures to
implement such strategy; including expected vessel acquisitions and
entering into further time charters. Words such as "may", "expects",
"intends", "plans", "believes", "anticipates", "hopes", "estimates",
and variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include comments
regarding expected revenue and time charters. Although the Navios
Partners believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are beyond
the control of Navios Partners. Actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include,
but are not limited to changes in the demand for dry bulk vessels,
competitive factors in the market in which Navios Partners operates;
risks associated with operations outside the United States; and other
factors listed from time to time in the Navios Partners' filings with
the Securities and Exchange Commission. Navios Partners expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Partners' expectations with
respect thereto or any change in events, conditions or circumstances
on which any statement is based.  


 
                                                                            
                                                                  EXHIBIT 1 
                                                                            
                       NAVIOS MARITIME PARTNERS L.P.                        
                    CONDENSED CONSOLIDATED BALANCE SHEET                    
         (Expressed in thousands of U.S. Dollars except unit data)          
                                                                            
                                                 September 30, December 31, 
                                                      2012         2011     
                                                 ------------- ------------ 
                                                  (unaudited)               
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                        $      23,665 $     48,078 
Restricted cash                                         28,066        8,468 
Accounts receivable, net                                 8,226        4,835 
Prepaid expenses and other current assets                  729        2,177 
                                                 ------------- ------------ 
Total current assets                                    60,686       63,558 
                                                 ------------- ------------ 
                                                                            
Vessels, net                                           730,426      667,213 
Deferred financing costs, net                            3,133        2,466 
Other long term assets                                     325          106 
Intangible assets                                      170,092      176,581 
                                                 ------------- ------------ 
Total non-current assets                               903,976      846,366 
                                                 ------------- ------------ 
Total assets                                     $     964,662 $    909,924 
                                                 ============= ============ 
                                                                            
LIABILITIES AND PARTNERS' CAPITAL                                           
Current liabilities                                                         
Accounts payable                                 $       1,985 $      2,022 
Accrued expenses                                         3,176        2,986 
Deferred voyage revenue                                  8,530       10,920 
Current portion of long-term debt                       27,428       36,700 
Amounts due to relate
d parties                          19,009        4,077 
                                                 ------------- ------------ 
Total current liabilities                               60,128       56,705 
                                                                            
Long-term debt                                         298,414      289,350 
Deferred voyage revenue                                     --        4,230 
                                                 ------------- ------------ 
Total non-current liabilities                          298,414      293,580 
                                                 ------------- ------------ 
Total liabilities                                      358,542      350,285 
                                                 ============= ============ 
                                                                            
Commitments and contingencies                               --           -- 
Partners' capital:                                                          
Common Unitholders (60,109,163 and 46,887,320                               
 units issued and outstanding at September 30,                              
 2012 and December 31, 2011, respectively)             604,282      729,550 
                                                                            
Subordinated Unitholders (0 and 7,621,843 units                             
 issued and outstanding at September 30, 2012                               
 and December 31, 2011, respectively)                       --     (177,969)
                                                                            
General Partner (1,226,721 units and 1,132,843                              
 issued and outstanding at September 30, 2012                               
 and December 31, 2011, respectively)                    1,838        1,976 
                                                                            
Subordinated Series A Unitholders (0 and                                    
 1,000,000 units issued and outstanding at                                  
 September 30, 2012 and December 31, 2011,                                  
 respectively)                                              --        6,082 
                                                 ------------- ------------ 
Total partners' capital                                606,120      559,639 
                                                 ------------- ------------ 
Total liabilities and partners' capital          $     964,662 $    909,924 
                                                 ============= ============ 
                                                                            
                                                                            
                                                                            
                       NAVIOS MARITIME PARTNERS L.P.                        
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME                 
 (Expressed in thousands of U.S. Dollars except unit and per unit amounts)  
                                                                            
                         Three Month  Three Month   Nine Month   Nine Month 
                            Period       Period       Period       Period   
                            ended        ended        ended        ended    
                          September    September    September    September  
                           30, 2012     30, 2011     30, 2012     30, 2011  
                           ($ '000)     ($ '000)     ($ '000)     ($ '000)  
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
Time charter revenues    $    55,540  $    48,011  $   152,649  $   136,490 
Time charter expenses         (2,772)      (3,480)      (9,910)      (9,672)
Direct vessel expenses            --          (13)         (25)         (48)
Management fees               (8,452)      (7,093)     (23,009)     (19,607)
General and                                                                 
 administrative expenses      (1,322)      (1,186)      (3,874)      (3,578)
Depreciation and                                                            
 amortization                (18,496)     (17,151)     (52,974)     (46,821)
Write-off of intangible                                                     
 asset                            --           --           --       (3,979)
Interest expense and                                                        
 finance cost, net            (2,415)      (2,377)      (7,611)      (6,415)
Interest income                   24          124          179          755 
Other income/(expense),                                                     
 net                              36         (272)         336         (451)
Net income               $    22,143  $    16,563  $    55,761  $    46,674 

 
Earnings per unit: 


 
                                                                            
                          Three Month  Three Month  Nine Month   Nine Month 
                         Period ended Period ended Period ended Period ended
                           September    September    September    September 
                           30, 2012     30, 2011     30, 2012     30, 2011  
                          (unaudited)  (unaudited)  (unaudited)  (unaudited)
                         ------------ ------------ ------------ ------------
Net income               $     22,143 $     16,563 $     55,761 $     46,674
Earnings attributable                                                       
 to:                                                                        
  Common unit holders          21,700       16,231       54,646       44,095
  Subordinated unit                                                         
   holders                         --           --           --        1,645
  General partner unit                                                      
   holders                        443          332        1,115          934
  Subordinated Series A                                                     
   unit holders                    --           --           --           --
                                                                            
Weighted average units                                                      
 outstanding (basic and                                                     
 diluted)                                                                   
  Common unit holders      60,109,163   46,887,320   57,303,324   44,911,890
  Subordinated unit                                                         
   holders                         --    7,621,843           --    7,621,843
  General partner unit                                                      
   holders                  1,226,721    1,132,843    1,182,866    1,092,528
  Subordinated Series A                                                     
   unit holders                    --    1,000,000           --    1,000,000
Earnings per unit-                                                          
 overall (basic and                                                         
 diluted):                                                                  
  Common unit holders    $       0.36 $       0.35 $       0.95 $       0.98
  Subordinated unit                                                         
   holders               $         -- $         -- $         -- $       0.22
  General partner unit                                                      
   holders               $       0.36 $       0.29 $       0.94 $       0.85
                                                                            
                                                                   
         
                                                                            
                       NAVIOS MARITIME PARTNERS L.P.                        
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS               
                  (Expressed in thousands of U.S. Dollars)                  
                                                                            
                                                  Nine Month    Nine Month  
                                                 Period Ended  Period Ended 
                                                   September     September  
                                                      30,           30,     
                                                     2012          2011     
                                                  (unaudited)   (unaudited) 
OPERATING ACTIVITIES                                                        
Net income                                       $     55,761  $     46,674 
                                                                            
Adjustments to reconcile net income to net cash                             
 provided by operating activities:                                          
Depreciation and amortization                          52,974        46,821 
Write-off of intangible asset                              --         3,979 
Amortization of deferred financing cost                   420           394 
Amortization of deferred dry dock costs                    25            48 
                                                                            
Changes in operating assets and liabilities:                                
Increase in restricted cash                                (1)           (1)
Increase in accounts receivable                        (3,391)       (5,012)
Decrease in prepaid expenses and other current                              
 assets                                                 1,448           522 
(Increase)/decrease in other long term assets            (244)           56 
(Decrease)/increase in accounts payable                   (37)        1,183 
Increase in accrued expenses                              190           476 
Decrease in deferred voyage revenue                    (6,620)       (5,819)
Increase in amounts due to related parties             14,932         6,812 
                                                                            
Net cash provided by operating activities             115,457        96,133 
                                                                            
                                                                            
INVESTING ACTIVITIES:                                                       
Acquisition of vessels                                (88,505)      (76,220)
Acquisition of intangibles                            (21,193)      (43,780)
Net cash used in investing activities                (109,698)     (120,000)
                                                                            
FINANCING ACTIVITIES:                                                       
Cash distributions paid                               (79,315)      (70,669)
Proceeds from issuance of general partner units         1,472         2,052 
Proceeds from issuance of common units, net of                              
 offering costs                                        68,563        86,288 
Proceeds from long term debt                           44,000        35,000 
Increase in restricted cash                           (19,596)       (7,642)
Repayment of long-term debt and payment of                                  
 principal                                            (44,208)      (22,525)
Debt issuance costs                                    (1,088)         (414)
                                                                            
Net cash (used in)/ provided by financing                                   
 activities                                           (30,172)       22,090 
Decrease in cash and cash equivalents                 (24,413)       (1,777)
Cash and cash equivalents, beginning of period         48,078        51,278 
Cash and cash equivalents, end of period         $     23,665  $     49,501 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW                                       
 INFORMATION                                                                
Cash paid for interest                           $      7,732  $      5,596 
                                                                            
Issuance of common units to Navios Holdings                                 
 related to the acquisition of Navios Luz and                               
 Navios Orbiter in May 2011                      $         --  $      9,960 
                                                                            
                                                                            
                                                                            
                                                                  EXHIBIT 2 
                                                                            
                                                      Charter    Charter-   
    Owned Vessels         Type     Built Capacity   Expiration   Out Rate   
                                           (DWT)       Date         (1)     
Navios Apollon       Ultra-Handymax 2000   52,073  February 2013 $ 12,500(2)
                                                   February 2014 $ 13,500(2)
Navios Soleil        Ultra-Handymax 2009   57,337  November 2012 $  9,025   
Navios Gemini S      Panamax        1994   68,636  February 2014 $ 24,225   
Navios Libra II      Panamax        1995   70,136 September 2015 $ 12,000(2)
Navios Felicity      Panamax        1997   73,867    June 2013   $ 26,169   
Navios Galaxy I      Panamax        2001   74,195  February 2018 $ 21,937   
Navios Helios        Panamax        2005   77,075 September 2013 $  9,738   
Navios Hyperion      Panamax        2004   75,707   April 2014   $ 37,953   
Navios Alegria       Panamax        2004   76,466  February 2014 $ 16,984(3)
Navios Orbiter       Panamax        2004   76,602   April 2014   $ 38,052   
Navios Hope          Panamax        2005   75,397   August 2013  $ 17,562   
Navios Sagittarius   Panamax        2006   75,756  November 2018 $ 26,125   
Navios Fantastiks    Capesize       2005  180,265  February 2014 $ 34,476(4)
Navios Aurora II     Capesize       2009  169,031  November 2019 $ 41,325   
Navios Pollux        Capesize       2009  180,727    July 2019   $ 42,250   
Navios Fulvia        Capesize       2010  179,263 September 2015 $ 50,588   
Navios Melodia(5)    Capesize       2010  179,132 September 2022 $ 29,356(6)
Navios Luz           Capesize       2010  179,144  November 2020 $ 29,356(7)
Navios Buena Ventura Capesize       2010  179,259  October 2020  $ 29,356(7)

 
Long-term Chartered-in Vessels 


 
                                                                            
Navios Prosperity (8)   Panamax    2007  82,535    June 2013   $ 12,000 (10)
Navios Aldebaran (9)    Panamax    2008  76,500   March 2013   $ 28,391     
                                                                            
(1)  Net time charter-out rate per day (net of commissions). Represents the 
     charter-out rate during the time charter period prior to the time      
     charter expiration date and, if applicable, the charter-out rate under 
     new time charter.                                                      
                                                                            
(2)  Profit sharing 50% on the actual results above the period rates.       
                                                                            
(3)  Profit sharing 50% above $16,984/ day based on Baltic Exchange Panamax 
     TC Average.       
                                                     
                                                                            
(4)  Amount represents daily rate of insurance proceeds following the       
     default of the original charterer. The vessel has been rechartered to  
     third parties.                                                         
                                                                            
(5)  In January 2011, Korea Line Corporation ("KLC") filed for receivership.
     The charter was affirmed and will be performed by KLC on its original  
     terms, provided that during an interim suspension period the sub-      
     charterer pays Navios Partners directly.                               
                                                                            
(6)  Profit sharing 50% above $37,500/ day based on Baltic Exchange Capesize
     TC Average.                                                            
                                                                            
(7)  Profit sharing 50% above $38,500/ day based on Baltic Exchange Capesize
     TC Average.                                                            
                                                                            
(8)  The Navios Prosperity is chartered-in for seven years until June 2014  
     and we have options to extend for two one-year periods. We have the    
     option to purchase the vessel after June 2012 at a purchase price that 
     is initially 3.8 billion Yen declining each year by 145 million Yen.   
                                                                            
(9)  The Navios Aldebaran is chartered-in for seven years until March 2015  
     and we have options to extend for two one-year periods. We have the    
     option to purchase the vessel after March 2013 at a purchase price that
     is initially 3.6 billion Yen declining each year by 150 million Yen.   
                                                                            
(10) Profit sharing: The owners will receive 100% of the first $1,500 in    
     profits above the base rate and thereafter all profits will be split   
     50% to each party.                                                     
                                                                            
                                                                   EXHIBIT 3
                                   Disclosure of Non-GAAP Financial Measures

 
1. EBITDA and Adjusted EBITDA 
EBITDA represents net income plus interest and finance costs plus
depreciation and amortization and income taxes.  
Adjusted EBITDA represents EBITDA plus the non-cash charge for the
write-off of the intangible asset associated with the Navios Apollon
charter-out contract. 
EBITDA and Adjusted EBITDA are presented because Navios Partners
believes that EBITDA is a basis upon which liquidity can be assessed
and present useful information to investors regarding Navios
Partners' ability to service and/or incur indebtedness, pay capital
expenditures, meet working capital requirements and pay dividends.
EBITDA and Adjusted EBITDA are "non-GAAP financial measures" and
should not be considered a substitute for net income, cash flow from
operating activities and other operations or cash flow statement data
prepared in accordance with accounting principles generally accepted
in the United States or as a measure of profitability or liquidity. 
While EBITDA and Adjusted EBITDA are frequently used as a measure of
operating results and the ability to meet debt service requirements,
the definition of EBITDA and Adjusted EBITDA used here may not be
comparable to that used by other companies due to differences in
methods of calculation. 
2. Operating Surplus 
Operating Surplus represents net income adjusted for depreciation and
amortization expense, non-cash interest expense and estimated
maintenance and replacement capital expenditures. Maintenance and
replacement capital expenditures are those capital expenditures
required to maintain over the long term the operating capacity of, or
the revenue generated by, Navios Partners' capital assets.  
Operating Surplus is a quantitative measure used in the
publicly-traded partnership investment community to assist in
evaluating a partnership's ability to make quarterly cash
distributions. Operating Surplus is not required by accounting
principles generally accepted in the United States and should not be
considered as an alternative to net income or any other indicator of
Navios Partners' performance required by accounting principles
generally accepted in the United States.  
3. Available Cash  
Available Cash generally means for each fiscal quarter, all cash on
hand at the end of the quarter:  


 
--  less the amount of cash reserves established by the Board of Directors
    to:
    
    
    --  provide for the proper conduct of Navios Partners' business
        (including reserve for maintenance and replacement capital
        expenditures);
    --  comply with applicable law, any of Navios Partners' debt
        instruments, or other agreements; or
    --  provide funds for distributions to the unitholders and to the
        general partner for any one or more of the next four quarters;
        
        
--  plus all cash on hand on the date of determination of available cash
    for the quarter resulting from working capital borrowings made after
    the end of the quarter. Working capital borrowings are generally
    borrowings that are made under any revolving credit or similar
    agreement used solely for working capital purposes or to pay
    distributions to partners.

  
Available Cash is a quantitative measure used in the publicly-traded
partnership investment community to assist in evaluating a
partnership's ability to make quarterly cash distributions. Available
cash is not required by accounting principles generally accepted in
the United States and should not be considered as an alternative to
net income or any other indicator of Navios Partners' performance
required by accounting principles generally accepted in the United
States.  
4. Reconciliation of Non-GAAP Financial Measures 


 
                                                                            
                         Three Month  Three Month   Nine Month   Nine Month 
                            Period       Period       Period       Period   
                            ended        ended        ended        ended    
                          September    September    September    September  
                           30, 2012     30, 2011     30, 2012     30, 2011  
                           ($ '000)     ($ '000)     ($ '000)     ($ '000)  
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
                         -----------  -----------  -----------  ----------- 
Net Cash from Operating                                                     
 Activities              $    42,960  $    34,263  $  115, 457  $    96,133 
Net increase in                                                             
 operating assets              3,993        1,764        2,188        4,435 
Net increase in                                                             
 operating liabilities        (6,166)      (2,160)      (8,465)      (2,652)
Net interest cost              2,391        2,253        7,432        5,660 
Write-off of intangible                                                     
 asset                            --           --           --       (3,979)
Deferred finance charges        (148)        (140)        (420)        (394)
                         -----------  -----------  -----------  ----------- 
                                                                            
EBITDA(1)                $    43,030  $    35,980  $   116,192  $    99,203 
Write-off of intangible                                                     
 asset                   
         --           --           --        3,979 
                         -----------  -----------  -----------  ----------- 
                                                                            
Adjusted EBITDA          $    43,030  $    35,980  $   116,192  $   103,182 
Cash interest income               8           96          196          694 
Cash interest paid            (2,455)      (1,904)      (7,732)      (5,596)
Maintenance and                                                             
 replacement capital                                                        
 expenditures                 (4,941)      (4,828)     (13,927)     (13,740)
                         -----------  -----------  -----------  ----------- 
                                                                            
Operating Surplus        $    35,642  $    29,344  $    94,729  $    84,540 
Cash distribution paid                                                      
 relating to the first                                                      
 half of the year                 --           --      (54,486)     (48,768)
                                                                            
Cash reserves                 (8,079)      (4,515)     (12,680)     (10,943)
                         -----------  -----------  -----------  ----------- 
                                                                            
Available cash for                                                          
 distribution            $    27,563  $    24,829  $    27,563  $    24,829 
                                                                            
(1)                                                                         
                                                                            
                         Three Month  Three Month   Nine Month   Nine Month 
                            Period       Period       Period       Period   
                            ended        ended        ended        ended    
                          September    September    September    September  
                           30, 2012     30, 2011     30, 2012     30, 2011  
                           ($ '000)     ($ '000)     ($ '000)     ($ '000)  
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
                         -----------  -----------  -----------  ----------- 
Net cash provided by                                                        
 operating activities    $    42,960  $    34,263  $   115,457  $    96,133 
Net cash used in                                                            
 investing activities    $   (50,197) $        --     (109,698) $  (120,000)
Net cash (used                                                              
 in)/provided by                                                            
 financing activities    $   (10,159) $   (37,754)     (30,172) $    22,090 

  
Contacts
Navios Maritime Partners L.P.
 +1 (212) 906 8645
Investors@navios-mlp.com 
Nicolas Bornozis
Capital Link, Inc.
naviospartners@capitallink.com