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

Navios Maritime Partners L.P. Reports Financial Results for the
Fourth Quarter and Year Ended December 31, 2012 
114.4% Increase in Quarterly Net Income to $40.1 Million 
73.2% Increase in Quarterly Operating Surplus to $54.2 Million 
58.8% Increase in Quarterly EBITDA to $61.3 Million 
Cash Distribution $0.4425 per Unit for Q4 2012 
PIRAEUS, GREECE -- (Marketwire) -- 01/24/13 --  Navios Maritime
Partners L.P. ("Navios Partners") (NYSE: NMM), an owner and operator
of dry cargo vessels, today reported its financial results for the
fourth quarter and year ended December 31, 2012.   
Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Partners, stated: "I am pleased with the fourth quarter results of
2012. Net income increased by 114% and EBITDA by almost 59%. We
recently announced a quarterly distribution of $0.4425 per unit,
providing an annual distribution of $1.77 and a current yield of
about 12%."  
Ms. Frangou continued: "2012 was another difficult year in shipping,
as the industry was buffeted by macro headwinds and global
uncertainty. As a result, the Baltic Dry Index recorded a 20-year
low. However, 2013 began with a number of favorable resolutions
globally, including the ECB's strength of action, the US legislative
action, a proactive Japanese administration and the new, pro-growth,
Chinese regime. Looking forward, there is a new optimism building,
which should lend support to a recovery in the shipping industry.
Navios Partners is uniquely positioned to take advantage of this
recovery." 
RECENT DEVELOPMENTS 
Cash Distribution  
The Board of Directors of Navios Partners declared a cash
distribution for the fourth quarter of 2012 of $0.4425 per unit. The
cash distribution is payable on February 14, 2013 to unitholders of
record on February 8, 2013.  
Loan Prepayment 
In December 2012, Navios Partners used $24.6 million from the lump
sum cash payment, received from the credit default insurer, to repay
debt of $10.8 million due in 2013, $4.9 million due in 2014 and $8.9
million due in 2015 and beyond. This had an effect of reducing the
cash breakeven for 2013 by $1,409 per day. 
Credit Default Insurance 
In November 2012, Navios Partners agreed to restructure its credit
default insurance. 
In connection with this restructuring, Navios Partners received:  


 
--  $24.6 million lump sum cash payment of which $9.8 million was
    attributable to defaulted charters. The remaining $14.8 million was
    not attributable to any charter and represented excess cash
    compensation;
    
    
--  $175.9 million of revenue covered under the restructured credit
    default insurance policy for a maximum cash payment of $120.0 million;
    and
    
    
--  $76.7 million revenue covered under its sponsor, Navios Maritime
    Holdings Inc. ("Navios Holdings"), supplemental credit default
    insurance with a maximum cash payment of $20 million.

  
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 3.1 years, providing a stable base of
revenue and distributable cash flow. Navios Partners has currently
contracted out 87.6% of its available days for 2013, 48.3% for 2014
and 40.3% for 2015, generating revenues of approximately $173.9
million, $113.8 million and $97.1 million, respectively. The average
contractual daily charter-out rate for the fleet is $25,897, $30,766
and $31,452 for 2013, 2014 and 2015, respectively. The average daily
charter-in rate for the active long-term charter-in vessels is
$13,513 for 2013. 
FINANCIAL HIGHLIGHTS 
For the following results and the selected financial data presented
herein, Navios Partners has compiled consolidated statements of
income for the three months and the years ended December 31, 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                                
                  Period Ended   Period Ended    Year Ended     Year Ended  
                  December 31,   December 31,   December 31,   December 31, 
(in $'000 except      2012           2011           2012           2011     
per unit data)    (unaudited)    (unaudited)    (unaudited)    (unaudited)  
Revenue          $      52,786  $      50,464  $     205,435  $     186,953 
Net income       $      40,137* $      18,661  $      95,898* $      65,335 
EBITDA           $      61,251* $      38,588  $     177,443* $     137,790 
Earnings per                                                                
 Common unit                                                                
 (basic and                                                                 
 diluted)        $        0.65  $        0.35  $        1.61  $        1.33 
Operating                                                                   
 Surplus         $      54,150  $      31,332  $     148,879  $     115,870 
Maintenance and                                                             
 Replacement                                                                
 Capital                                                                    
 expenditures    $      (4,942) $      (4,828) $     (18,869) $     (18,569)

 
* Positively affected by $22.5 million accounting effect from the
restructuring of credit default insurance. 
Three month periods ended December 31, 2012 and 2011 
Time charter revenues for the three month period ended December 31,
2012 increased by $2.3 million or 4.6% to $52.8 million, as compared
to $50.5 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
1,914 days for the three month period ended December 31, 2012, as
compared to 1,647 days for the three month period ended December 31,
2011. The time charter equivalent ("TCE") decreased to $27,297 for
the three month period ended December 31, 2012, from $30,646 for the
three month period ended December 31, 2011. 
EBITDA increased by $22.7 million to $61.3 million for the three
month period ended December 31, 2012, as compared to $38.6 million
for the same period of 2011. The increase in EBITDA was mainly due
to: (i) a $2.3 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; (ii) a $0.8 million decrease in time charter
expenses; and (iii) a $22.0 million increase in other income from the
credit default insurance settlement. The above increase was partially
offset by a $2.0 million increase in management fees, a $0.3 million
increase in general and administrative expenses and a $0.1 million
increase in other expenses. 
The reserve for estimated maintenance and replacement capital
expenditures for the three month periods ended December 31, 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 December 31, 2012 of $54.2 million, as compared to $31.3
million for the three month period ended December 31, 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 December 31, 2012 amounted to
$40.1 million compared to $18.7 million for the three months ended
December 31, 2011. The increase in net income of $21.4 million was
due to a $22.7 million increase in EBITDA and a $0.3 million decrease
in interest expense and finance cost, net. The increase was partially
offset by a $1.5 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, as
well as the acquisitions of the Navios Soleil and the Navios Helios.  
Years ended December 31, 2012 and 2011 
Time charter revenues for the year ended December 31, 2012 increased
by $18.4 million or 9.8% to $205.4 million, as compared to $187.0
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 7,002 days for the year ended December 31, 2012, as
compared to 6,251 days the year ended December 31, 2011. TCE
decreased to $28,907 for the year ended December 31, 2012, from
$29,909 for the year ended December 31, 2011. 
EBITDA increased by $39.6 million to $177.4 million for the year
ended December 31, 2012, as compared to $137.8 million for the same
period of 2011. The increase in EBITDA was mainly due to: (i) a $18.4
million increase in revenue following the acquisitions of the five
vessels at various times through July 2012 the Navios Luz, the Navios
Orbiter, the Navios Buena Ventura, the Navios Soleil and the Navios
Helios; (ii) a $4.0 million non-cash charge for the write-off of
intangible assets associated with the Navios Apollon charter-out
contract incurred in the year ended December 31, 2011; (iii) a $0.6
million decrease in time charter expenses; (iv) a $22.3 million
increase in other income mainly from the credit default insurance
settlement; and (v) a $0.3 million decrease in other expense. The
above increase was partially offset by a $5.4 million increase in
management fees and a $0.6 million increase in general and
administrative expenses. 
The reserve for estimated maintenance and replacement capital
expenditures for the year ended December 31, 2012 and 2011 was $18.9
million and $18.6 million, respectively (please see Reconciliation of
Non-GAAP Financial Measures in Exhibit 3).  
Navios Partners generated an Operating Surplus for the year ended
December 31, 2012 of $148.9 million, as compared to $115.9 million
for the year ended December 31, 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 year ended December 31, 2012 amounted to $95.9
million compared to $65.3 million for the year ended December 31,
2011. The increase in net income of $30.6 million was due to a $39.6
million increase in EBITDA partially offset by: (i) a $7.6 million
increase in depreciation and amortization expense due to the
acquisitions of the Navios Orbiter, the Navios Luz, 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 $0.9 million increase in interest expense and finance
cost, net; and (iii) a $0.5 million decrease in interest income. 
Fleet Employment Profile 
The following table reflects certain key indicators of Navios
Partners' core fleet performance for the three months and the year
ended December 31, 2012 and 2011. 


 
                                                                            
                  Three Month    Three Month                                
                  Period Ended   Period Ended    Year Ended     Year Ended  
                  December 31,   December 31,   December 31,   December 31, 
                      2012           2011           2012           2011     
                  (unaudited)    (unaudited)    (unaudited)    (unaudited)  
                 -------------  -------------  -------------  ------------- 
                                                                            
Available Days                                                              
 (1)                     1,914          1,647          7,002          6,251 
Operating Days                                                              
 (2)                     1,912          1,633          6,984          5,950 
Fleet                                                                       
 Utilization (3)          99.9%          99.2%          99.8%          95.2%
Time Charter                                                                
 Equivalent (per                                                            
 day) (4)        $      27,297  $      30,646  $      28,907  $      29,909 
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,
Thursday, January 24, 2013 to discuss the results for the fourth
quarter and year ended December 31, 2012.  
Conference Call details:  
Call Date/Time: Thursday, January 24, 2013 at 08:30 am ET
 Call
Title: Navios Partners Q4 & FY 2012 Financial Results Conference
Call
 US Dial In: +1.866.394.0817
 International Dial In:
+1.706.679.9759 
 Conference ID: 8954 0899 
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: 8954 0899 
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 drybulk 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)          
                                                                            
                                                December 31,   December 31, 
                                                     2012          2011     
                                               -------------- ------------- 
                                                 (unaudited)                
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                      $       32,132 $      48,078 
Restricted cash                                        29,529         8,468 
Accounts receivable, net                                7,778         4,835 
Prepaid expenses and other current assets                 594         2,177 
                                                                            
                                               -------------- ------------- 
Total current assets                                   70,033        63,558 
                                               -------------- ------------- 
                                                                            
Vessels, net                                          721,391       667,213 
Deferred financing costs, net                           2,767         2,466 
Other long term assets                                    282           106 
Intangible assets                                     160,479       176,581 
                                                                            
                                               -------------- ------------- 
Total non-current assets                              884,919       846,366 
                                               -------------- ------------- 
                                                                            
Total assets                                   $      954,952 $     909,924 
                                               ============== ============= 
                                                                            
                                                                            
LIABILITIES AND PARTNERS' CAPITAL                                           
Current liabilities                                                         
Accounts payable                               $        2,090 $       2,022 
Accrued expenses                                        3,599         2,986 
Deferred voyage revenue                                 9,112        10,920 
Current portion of long-term debt                      23,727        36,700 
Amounts due to related parties                         21,748         4,077 
                                                                            
                                               -------------- ------------- 
Total current liabilities                              60,276        56,705 
                                               -------------- ------------- 
                                                                            
Long-term debt                                        275,982       289,350 
Deferred voyage revenue                                    --         4,230 
                                                                            
                                                                            
                                               -------------- ------------- 
Total non-current liabilities                         275,982       293,580 
                                               -------------- ------------- 
                                                                            
Total liabilities                                     336,258       350,285 
                                               -------------- ------------- 
                                                                            
Commitments and contingencies                              --            -- 
Partners' capital:                                                          
Common Unitholders (60,109,163 and 46,887,320                               
 units issued and outstanding at December 31,                               
 2012 and December 31, 2011, respectively)            612,222       729,550 
Subordinated Unitholders (0 and 7,621,843                                   
 units issued and outstanding at December 31,                               
 2012 and December 31, 2011, respectively)                 --      (177,969)
General Partner (1,226,721 and 1,132,843 units                              
 issued and outstanding at December 31, 2012                                
 and December 31, 2011, respectively)                   6,472         1,976 
Subordinated Series A Unitholders (0 and                                    
 1,000,000 units issued and outstanding at                                  
 December 31, 2012 and December 31, 2011,                                   
 respectively)                                             --         6,082 
                                                                            
                                               -------------- ------------- 
Total partners' capital                               618,694       559,639 
                                               -------------- ------------- 
                                                                            
Total liabilities and partners' capital        $      954,952 $     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                           
                            Period       Period                             
                            Ended        Ended      Year Ended   Year Ended 
                           December     December     December     December  
                           31, 2012     31, 2011     31, 2012     31, 2011  
                           ($ '000)     ($ '000)     ($ '000)     ($ '000)  
                         (unaudited)  (unaudited)  (unaudited)              
Time charter revenues    $    52,786  $    50,464  $   205,435  $   186,953 
Time charter expenses         (3,027)      (3,801)     (12,937)     (13,473)
Direct vessel expenses            --          (13)         (25)         (61)
Management fees               (8,680)      (6,736)     (31,689)     (26,343)
General and                                                                 
 administrative expenses      (1,681)      (1,387)      (5,555)      (4,965)
Depreciation and                                                            
 amortization                (18,648)     (17,150)     (71,622)     (63,971)
Write-off of intangible                                                     
 asset                            --           --           --       (3,979)
Interest expense and                                                        
 finance cost, net            (2,516)      (2,830)     (10,127)      (9,244)
Interest income                   50           66          229          821 
Other income                  22,196          235       22,598          272 
Other expense                   (343)        (187)        (409)        (675)
                         -----------  -----------  -----------  ----------- 
Net income               $    40,137  $    18,661  $    95,898  $    65,335 
                         -----------  -----------  -----------  ----------- 
                                                                            
                                                                            
Earnings per unit:                                                          
                                                                            
                                                                            
                          Three Month  Three Month                          
                         Period Ended Period Ended  Year Ended   Year Ended 
                         December 31, December 31, December 31, December 31,
                             2012         2011         2012         2011    
                          (unaudited)  (unaudited)  (unaudited)             
                         ------------ ------------ ------------ ------------
Net income               $     40,137 $     18,661 $     95,898 $     65,335
Earnings attributable                                                       
 to:                                                                        
  Common unit holders          38,920       16,411       93,566       60,506
  Subordinated unit                                                         
   holders                         --        1,877           --        3,522
  General partner unit                                                      
   holders                      1,217          373        2,332        1,307
  Subordinated Series A                                                     
   unit holders                    --           --           --           --
                                                                            
Weighted average units                                                      
 outstanding (basic and                                                     
 diluted)                                                                   
  Common unit holders      60,109,163   46,887,320   58,008,617   45,409,807
  Subordinated unit                                                         
   holders                         --    7,621,843           --    7,621,843
  General partner unit                                                      
   holders                  1,226,721    1,132,843    1,193,889    1,102,689
  Subordinated Series A                                                     
   unit holders                    --    1,000,000           --    1,000,000
Earnings per unit-                                                          
 overall (basic and                                                         
 diluted):                                                                  
  Common unit holders    $       0.65 $       0.35 $       1.61 $       1.33
  Subordinated unit                                                         
   holders               $         -- $       0.25 $         -- $       0.46
  General partner unit                                                      
   holders               $       0.99 $       0.33 $       1.95 $       1.19
                                                                            
                                                                            
                                                                            
                       NAVIOS MARITIME PARTNERS L.P.                        
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS               
                  (Expressed in thousands of U.S. Dollars)                  
                                                                            
                                  Year Ended     Year Ended     Year Ended  
                                 December 31,   December 31,   December 31, 
                                     2012           2011           2010     
                                -------------  -------------  ------------- 
                                 (unaudited)                                
OPERATING ACTIVITIES                                                        
Net income                      $      95,898  $      65,335  $      60,511 
                                                                            
Adjustments to reconcile net                                                
 income to net cash provided by                                             
 operating activities:                                                      
Depreciation and amortization          71,622         63,971         41,174 
Write-off of intangible asset              --          3,979             -- 
Amortization and write-off of                                               
 deferred financing cost                  787            530            415 
Amortization of deferred dry                                                
 dock costs                                25             61             92 
                                                                            
Changes in operating assets and                                             
 liabilities:                                                               
Increase in restricted cash                (3)            (2)            (2)
Increase in accounts receivable        (2,943)        (3,899)          (334)
Decrease/(increase) in prepaid                                              
 expenses and other current                                                 
 assets                                 1,583            396         (1,797)
(Increase)/decrease in other                                                
 long term assets                        (202)            75           (154)
Increase in accounts payable               68            946            558 
Increase in accrued expenses              613          1,045             97 
Decrease in deferred voyage                                                 
 revenue                               (6,038)        (6,417)        (5,211)
Increase in amounts due to                                                  
 related parties                       17,671          1,444            669 
                                                                            
                                -------------  -------------  ------------- 
Net cash provided by operating                                              
 activities                           179,081        127,464         96,018 
                                -------------  -------------  ------------- 
                                                                            
                                                                            
INVESTING ACTIVITIES:                                                       
Acquisition of vessels                (88,505)       (76,220)      (291,591)
Acquisition of intangibles            (21,193)       (43,780)      (156,166)
                                                                            
                                -------------  -------------  ------------- 
Net cash used in investing                                                  
 activities                          (109,698)      (120,000)      (447,757)
                                -------------  -------------  ------------- 
                                                                            
                                                                            
FINANCING ACTIVITIES:                                                       
Cash distributions paid              (106,878)       (95,499)       (72,316)
Net proceeds from issuance of                                               
 general partner units                  1,472          2,052          6,150 
Proceeds from issuance of                                                   
 common units, net of offering                                              
 costs                                 68,563         86,288        253,871 
Proceeds from long term debt           44,000         35,000        139,000 
(Increase)/decrease in                                                      
 restricted cash                      (21,058)        (7,642)        12,500 
Repayment of long-term debt and                                             
 payment of principal                 (70,340)       (30,450)       (12,500)
Debt issuance costs                    (1,088)          (413)        (1,566)
                                                                            
                                -------------  -------------  ------------- 
Net cash (used in)/provided by                                              
 financing activities                 (85,329)       (10,664)       325,139 
                                -------------  -------------  ------------- 
                                                                            
Decrease in cash and cash                                                   
 equivalents                          (15,946)        (3,200)       (26,600)
                                =============  =============  ============= 
                                                                            
Cash and cash equivalents,                                                  
 beginning of period                   48,078         51,278         77,878 
                                -------------  -------------  ------------- 
                                                                            
Cash and cash equivalents, end                                              
 of period                      $      32,132  $      48,078  $      51,278 
                                -------------  -------------  ------------- 
                                                                            
                                                                            
                                                                            
                                                                   EXHIBIT 2
                                                                            
                                                   Charter      Charter-    
                                     Capacity    Expiration     Out Rate    
  Owned Vessels       Type     Built   (DWT)        Date          (1)       
---------------- ------------- ----- --------  --------------  -------------
                     Ultra-                                                 
Navios Apollon      Handymax    2000   52,073   February 2013  $  12,500(2) 
                                                February 2014  $  13,500(2) 
                     Ultra-                                                 
Navios Soleil       Handymax    2009   57,337   December 2013  $   8,906    
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    March 2014    $  14,678(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).These rates do  
     not include insurance proceeds received upfront in December 2012.      
                                                                            
(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 mitigation proceeds following the      
     default of the original charterer.                                     
                                                                            
(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 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. 
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 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. 
4. Reconciliation of Non-GAAP Financial Measures 


 
                                                                            
                         Three Month  Three Month                           
                            Period       Period                             
                            ended        ended      Year Ended   Year Ended 
                           December     December     December     December  
                           31, 2012     31, 2011     31, 2012     31, 2011  
                           ($ '000)     ($ '000)     ($ '000)     ($ '000)  
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
                         -----------  -----------  -----------  ----------- 
Net Cash from Operating                                                     
 Activities              $    63,624  $    31,331  $   179,081  $   127,464 
Net (decrease)/increase                                                     
 in operating assets            (623)      (1,005)       1,565        3,430 
Net (increase)/decrease                                                     
 in operating                                                               
 liabilities                  (3,849)       5,634      (12,314)       2,982 
Net interest cost              2,466        2,764        9,898        8,423 
Write-off of intangible                                                     
 asset                            --           --           --       (3,979)
Deferred finance charges        (367)        (136)        (787)        (530)
                         -----------  -----------  -----------  ----------- 
                                                                            
EBITDA(1)                $    61,251  $    38,588  $   177,443  $   137,790 
Write-off of intangible                                                     
 asset                            --           --           --        3,979 
                         -----------  -----------  -----------  ----------- 
                                                                            
Adjusted EBITDA          $    61,251  $    38,588  $   177,443  $   141,769 
Cash interest income              66          107          262          801 
Cash interest paid            (2,225)      (2,535)      (9,957)      (8,131)
Maintenance and                                                             
 replacement capital                                                        
 expenditures                 (4,942)      (4,828)     (18,869)     (18,569)
                         -----------  -----------  -----------  ----------- 
                                                                            
Operating Surplus        $    54,150  $    31,332  $   148,879  $   115,870 
Cash distribution paid                                                      
 relating to the first                                                      
 three quarters of the                                                      
 year                             --           --      (82,050)     (73,597)
                                                                            
Cash reserves                (26,587)      (6,503)     (39,266)     (17,444)
                         -----------  -----------  -----------  ----------- 
                                                                            
Available cash for                                                          
 distribution            $    27,563  $    24,829  $    27,563  $    24,829 
                                                                            
                                                                            

 
(1)                                                                         
                                                                            
                         Three Month  Three Month                           
                            Period       Period                             
                            ended        ended      Year Ended   Year Ended 
                           December     December     December     December  
                           31, 2012     31, 2011     31, 2012     31, 2011  
                           ($ '000)     ($ '000)     ($ '000)     ($ '000)  
                         (unaudited)  (unaudited)  (unaudited)              
                         -----------  -----------  -----------  ----------- 
Net cash provided by                                                        
 operating activities    $    63,624  $    31,331  $   179,081  $   127,464 
Net cash used in                                                            
 investing activities    $        --  $        --     (109,698) $  (120,000)
Net cash used in                                                            
 financing activities    $   (55,157) $   (32,754)     (85,329) $   (10,664)

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