Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2013

Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter 
and Nine Months Ended September 30, 2013 
MONACO -- (Marketwired) -- 10/31/13 --  Navios Maritime Partners L.P.
("Navios Partners") (NYSE: NMM)  


 
--  $275.0 million acquisition of five 6,800 TEU container vessels
    --  Chartered out for 10 years at $30,150 net per day per vessel
    --  $39.5 million annual EBITDA
    --  $386.5 million aggregate EBITDA
    --  $27.5 million annual free cash flow
    --  58.0% increase in average charter duration to 3.8 years
--  $189.5 million add-on to Term Loan B facility
--  Net Income:
    --  $13.1 million in Q3; $48.9 million for the nine months
--  EBITDA:
    --  $35.6 million in Q3; $117.7 million for the nine months
--  Dividend of $0.4425 per common unit

  
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,
2013.  
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Partners, stated: "I am pleased with the results of this quarter. In
addition to strengthening our balance sheet through equity and debt
capital market activities, we achieved $35.6 million of EBITDA and
$13.1 million of Net Income." 
Angeliki Frangou continued, "We are announcing a quarterly
distribution of $0.44 and a quarter cent. This represents an annual
distribution of $1.77 and an attractive current yield of about 11.7%.
With the transformative acquisition of the five container vessels, we
are not only committed to this minimum distribution through the end
of 2014, but we believe that we are positioned to increase
distributions in the medium term as the dry bulk market improves."  
RECENT DEVELOPMENTS 
Cash Distribution 
The Board of Directors of Navios Partners declared a cash
distribution for the third quarter of 2013 of $0.4425 per unit. The
cash distribution is payable on November 13, 2013 to unitholders of
record on November 8, 2013. 
$275 million acquisition of five container vessels with 10 year
charters  
Navios Partners has agreed to acquire the following five South
Korean-built containers for a total consideration of $275.0 million. 


 
                                  
                                         
---------------------------------------------------------------------------
 Container                                                   Charter rate, 
Vessels           Year Built        TEU          Delivery         net      
---------------------------------------------------------------------------
 Navios TBN1         2006          6,800         Q4 2013        $30,150    
---------------------------------------------------------------------------
 Navios TBN2         2006          6,800         Q4 2013        $30,150    
---------------------------------------------------------------------------
 Navios TBN3         2006          6,800         Q4 2013        $30,150    
---------------------------------------------------------------------------
 Navios TBN4         2006          6,800         Q4 2013        $30,150    
---------------------------------------------------------------------------
 Navios TBN5         2006          6,800         Q4 2013        $30,150    
---------------------------------------------------------------------------

 
The vessels are chartered out for 10 years (with Navios Partners'
option to terminate after year seven), at $30,150 net per day per
vessel. The total acquisition cost will be funded partially by the
issuance of a $189.5 million add-on to the existing Term Loan B
facility and available cash. The vessels are expected to generate
approximately $39.5 million annual EBITDA and $386.5 million
aggregate EBITDA for the 10 years of the charter period. EBITDA
estimates assume expenses approximating operating cost structure
under the amended Management Agreement and 360 revenue days per year. 
Add-on to the Term Loan B 
In October 2013, Navios Partners announced the issuance of a $189.5
million add-on to its existing Term Loan B facility. The add-on to
the Term Loan B bears an interest rate of LIBOR +425 basis points and
has a five year term, with a 1% amortization profile. Navios Partners
intends to use the net proceeds to partially finance the acquisition
of the five container vessels. 
Acquisition of the Navios Joy and the Navios Harmony 
On September 11, 2013, Navios Partners acquired from an unrelated
third party the Navios Joy, a 181,389 dwt Japanese newbuild Capesize
vessel, for a cash purchase price of $47.0 million. The Navios Joy
has been chartered out to an investment grade counterparty for three
years at a rate of $19,000 net per day. The charterer has been
granted an option to extend the charter for two optional years, the
first at $22,325 net per day and the second at $25,650 net per day.
The vessel is expected to generate approximately $4.6 million annual
EBITDA or $12.9 million aggregate EBITDA for the three years of the
initial charter period. EBITDA estimates assume expenses
approximating current operating costs and 360 revenue days per year.  
On October 11, 2013, Navios Partners acquired from an unrelated third
party the Navios Harmony, an 82,790 dwt 2006 Japanese-built Panamax
vessel, for a cash purchase price of $17.8 million. The Navios
Harmony has been chartered out to a high quality counterparty for
four to six months at a rate of $14,725 net per day.  
Renewal of Management Agreement Fees 
Navios Partners renewed the fees under its existing Management
Agreement with Navios Shipmanagement Inc. (the "Manager"), a
subsidiary of Navios Maritime Holdings Inc. ("Navios Holdings"),
fixing the rate for shipmanagement services of its owned fleet
through December 31, 2015, excluding drydock and special survey costs
that will be paid lumpsum at occurrence. The new operating costs
including estimated daily drydock and special survey costs are: (a)
$4,750 daily rate per Ultra-Handymax vessel; (b) $4,800 daily rate
per Panamax vessel; (c) $5,700 daily rate per Capesize vessel; and
(d) $7,500 daily rate per Container vessel.  
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 3.8
years, providing a stable base of revenue and distributable cash
flow. Navios Partners has currently contracted out 99.7% of its
available days for 2013, 60.5% for 2014 and 48.2% for 2015,
generating revenues of approximately $192.9 million, $183.2 million
and $158.6 million, respectively. The average contractual daily
charter-out rate for the fleet is $23,909, $27,844 and $30,046 for
2013, 2014 and 2015, respectively. The average daily charter-in rate
for the charter-in vessels is $13,513 for 2013. 
We have insured certain of our long-term charter-out contracts of the
drybulk vessels for credit default occurring until the end of 2016,
either through a "AA" rated European Union insurance provider up to a
maximum cash payment of $120.0 million initially or through a
separate agreement with Navios Holdings up to a maximum cash payment
of $20.0 million. 
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, 2013
and 2012. The quarterly 2013 and 2012 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 
(in $'000 except September 30,  September 30,  September 30,  September 30, 
 per                  2013           2012           2013           2012     
unit data)        (unaudited)    (unaudited)    (unaudited)    (unaudited)  
Revenue          $      46,578  $      55,540  $     146,013  $     152,649 
Net income       $      13,123  $      22,143  $      48,880  $      55,761 
EBITDA           $      35,642  $      43,030  $     117,742  $     116,192 
Earnings per                                                                
 Common unit                                                                
 (basic and                                                                 
 diluted)        $        0.19  $        0.36  $        0.72  $        0.95 
Operating                                                                   
 Surplus         $      28,187  $      35,642  $      99,410  $      94,729 
Maintenance and                                                             
 Replacement                                                                
 Capital                                                                    
 expenditure                                                                
 reserve         $      (3,516) $      (4,941) $     (10,450) $     (13,927)

 
Three month periods ended September 30, 2013 and 2012 
Time charter and voyage revenues for the three month period ended
September 30, 2013 decreased by $9.0 million or 16.1% to $46.5
million, as compared to $55.5 million for the same period in 2012.
The decrease in time charter and voyage revenues was due to the
decrease in time charter equivalent ("TCE") to $23,202 for the three
month period ended September 30, 2013, from $29,341 for the three
month period ended September 30, 2012. The above decrease was
partially mitigated by the increase in time charter and voyage
revenues due to the acquisitions of the Navios Soleil on July 24,
2012, the Navios Helios on July 27, 2012 and the Navios Joy on
September 11, 2013. As a result of the vessel acquisitions, available
days of the fleet increased to 1,952 days for the three month period
ended September 30, 2013, as compared to 1,882 days for the three
month period ended September 30, 2012. 
EBITDA decreased by $7.4 million to $35.6 million for the three month
period ended September 30, 2013, as compared to $43.0 million for the
same period in 2012. The decrease in EBITDA was due to a $9.0 million
decrease in revenue, a $1.0 million increase in time charter and
voyage expenses due to increase in voyage expenses incurred, a $0.3
million increase in management fees due to the increased number of
vessels and a $0.1 million increase in general and administrative
expenses. The above decrease was partially mitigated by a $3.0
million increase in other income/expenses, net, attributable to
upfront payments from one of our charterers during an interim
suspension period. 
The reserve for estimated maintenance and replacement capital
expenditures for the three month periods ended September 30, 2013 and
2012 was $3.5 million and $4.9 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, 2013 of $28.2 million, as compared to
$35.6 million for the three month period ended September 30, 2012.
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, 2013 amounted to
$13.1 million compared to $22.1 million for the three months ended
September 30, 2012. The decrease in net income by $9.0 million was
due to a $7.4 million decrease in EBITDA and a $1.9 million increase
in interest expense and finance cost partially offset by a $0.3
million decrease in depreciation and amortization expense due to
write-off of part of Navios Melodia favorable lease.  
Nine month periods ended September 30, 2013 and 2012 
Time charter and voyage revenues for the nine month period ended
September 30, 2013 decreased by $6.6 million or 4.3% to $146.0
million, as compared to $152.6 million for the same period in 2012.
The decrease in time charter and voyage revenues was due to the
decrease in time charter equivalent to $24,903 for the nine month
period ended September 30, 2013, from $29,513 for the nine month
period ended September 30, 2012. The above decrease was partially
mitigated by the increase in time charter and voyage revenues due to
the acquisitions of the Navios Soleil on July 24, 2012, the Navios
Helios on July 27, 2012 and the Navios Joy on September 11, 2013. As
a result of the vessel acquisitions, available days of the fleet
increased to 5,736 days for the nine month period ended September 30,
2013, as compared to 5,088 days for the nine month period ended
September 30, 2012. 
EBITDA increased by $1.5 million to $117.7 million for the nine month
period ended September 30, 2013, as compared to $116.2 million for
the same period in 2012. The increase in EBITDA was due to an
increase of $13.0 million in other income due to upfront payments
covering hire revenues during an interim suspension period, which was
partially mitigated by a decrease of $6.6 million in revenue, a $0.7
million increase in time charter and voyage expenses due to increase
in voyage expenses incurred, a $2.9 million increase in management
fees due to the increased number of vessels, a $0.6 million increase
in general and administrative expenses and a $0.7 million increase in
other expenses. 
The reserve for estimated maintenance and replacement capital
expenditures for the nine month periods ended September 30, 2013 and
2012 was $10.4 million and $13.9 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, 2013 of $99.4 million, as compared to
$94.7 million for the nine month period ended September 30, 2012.
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, 2013 amounted to
$48.9 million compared to $55.8 million for the nine months ended
September 30, 2012. The decrease in net income by $6.9 million was
due to a $3.1 million increase in interest expense and finance cost
and a $5.3 million increase in depreciation and amortization expense
due to the acquisitions of the vessels and the favorable lease terms
recogni
zed in relation to the Navios Buena Ventura partially
mitigated by a $1.5 million increase in EBITDA. 
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, 2013 and 2012. 


 
                                                                            
                  Three Month    Three Month     Nine Month     Nine Month  
                  Period ended   Period ended   Period ended   Period ended 
                 September 30,  September 30,  September 30,  September 30, 
                      2013           2012           2013           2012     
                  (unaudited)    (unaudited)    (unaudited)    (unaudited)  
                 -------------  -------------  -------------  ------------- 
                                                                            
Available Days                                                              
 (1)                     1,952          1,882          5,736          5,088 
Operating Days                                                              
 (2)                     1,950          1,870          5,729          5,072 
Fleet Utilization                                                           
 (3)                      99.9%          99.4%          99.9%          99.7%
Time Charter                                                                
 Equivalent (per                                                            
 day) (4)        $      23,202  $      29,341  $      24,903  $      29,513 
Vessels operating                                                           
 at period end              22             21             22             21 
                                                                            
(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, October 31, 2013 to discuss the results for the third
quarter ended September 30, 2013.  
Conference Call details:  
Call Date/Time: Thursday, October 31, 2013 at 08:30 am ET
 Call
Title: Navios Partners Q3 2013 Financial Results Conference Call
 US
Dial In: +1.866.394.0817
 International Dial In: +1.706.679.9759  
Conference ID: 6828 0489 
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: 6828 0489 
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,               
                                                     2013       December 31,
                                                 (unaudited)        2012    
                                                -------------  -------------
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                       $     145,824  $      32,132
Restricted cash, short-term portion                     1,017         29,529
Accounts receivable, net                               15,533          7,778
Prepaid expenses and other current assets                 260            594
                                                -------------  -------------
Total current assets                                  162,634         70,033
                                                -------------  -------------
                                                                            
                                                                            
Vessels, net                                          742,366        721,391
Deposits for vessels acquisitions                       8,954             --
Deferred financing costs, net                           4,910          2,767
Other long term assets                                    184            282
Intangible assets                                     128,727        160,479
Restricted cash, long-term portion                     51,178             --
                                                -------------  -------------
Total non-current assets                              936,319        884,919
                                                -------------  -------------
                                                                            
                                                -------------  -------------
Total assets                                    $   1,098,953  $     954,952
                                                =============  =============
                                                                            
                                                                            
LIABILITIES AND PARTNERS' CAPITAL                                           
Current liabilities                                                         
Accounts payable                                $       4,926  $       2,090
Accrued expenses                                        3,122          3,599
Deferred voyage revenue                                 1,729          9,112
Current portion of long-term debt                       2,971         23,727
Amounts due to related parties                         15,542         21,748
                                                -------------  -------------
Total current liabilities                              28,290         60,276
                                                -------------  -------------
                                                                            
Long-term debt, net of current portion and                                  
 discount                                             341,693        275,982
                                                -------------  -------------
Total non-current liabilities                         341,693        275,982
                                                -------------  -------------
                                                                            
                                                -------------  -------------
Total liabilities                               $     369,983  $     336,258
                                                -------------  -------------
                                                                            
                                                                            
Commitments and contingencies                              --             --
Partners' capital:                                                          
Common Unitholders (71,034,163 and 60,109,163                               
 units issued and outstanding at September 30,                              
 2013 and December 31, 2012, respectively)            724,492        616,604
General Partner (1,449,681 and 1,226,721 units                              
 issued and outstanding at September 30, 2013                               
 and December 31, 2012, respectively)                   4,478          2,090
                                                -------------  -------------
Total partners' capital                         $     728,970  $     618,694
                                                -------------  -------------
                                                                            
                                                -------------  -------------
Total liabilities and partners' capital         $   1,098,953  $     954,952
                                                =============  =============
                                                                            
                                                                            
                                                                            
                       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, 2013     30, 2012     30, 2013     30, 2012  
                         (unaudited)  (unaudited)  (unaudited)  (unaudited) 
                         -----------  -----------  -----------  ----------- 
Time charter and voyage                                                     
 revenues (includes                                                         
 related party revenue of                                                   
 $9,100 and $16,662 for                                                     
 the three and nine                                                         
 months ended September                                                     
 30, 2013, respectively,                                                    
 and $2,347 and $4,297                                                      
 for the three and nine                                                     
 months ended September                                                     
 30 2012, respectively)  $    46,578  $    55,540  $   146,013  $   152,649 
Time charter and voyage                                                     
 expenses                     (3,787)      (2,772)     (10,557)      (9,935)
Management fees               (8,788)      (8,452)     (25,865)     (23,009)
General and                                                                 
 administrative expenses      (1,395)      (1,322)      (4,452)      (3,874)
Depreciation and                                                            
 amortization                (18,206)     (18,496)     (58,232)     (52,974)
Interest expense and                                                        
 finance cost, net            (4,320)      (2,415)     (10,652)      (7,611)
Interest income                    7           24           22          179 
Other income                   3,319           61       13,446          403 
Other expense                   (285)         (25)        (843)         (67)
                         -----------  -----------  -----------  ----------- 
Net income               $    13,123  $    22,143  $    48,880  $    55,761 
                         ===========  ===
========  ===========  =========== 

 
Earnings per unit: 


 
                                                                            
                             Three Month Three Month  Nine Month  Nine Month
                                Period      Period      Period      Period  
                                ended       ended       ended       ended   
                              September   September   September   September 
                               30, 2013    30, 2012    30, 2013    30, 2012 
                             (unaudited) (unaudited) (unaudited) (unaudited)
                             ----------- ----------- ----------- -----------
Net income                   $    13,123 $    22,143 $    48,880 $    55,761
Earnings per unit:                                                          
Common unit (basic and                                                      
 diluted)                    $      0.19 $      0.36 $      0.72 $      0.95
                                                                            
                                                                            
                                                                            
                       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 30,  September 30, 
                                                    2013           2012     
                                                (unaudited)    (unaudited)  
                                               -------------  ------------- 
OPERATING ACTIVITIES                                                        
Net income                                     $      48,880  $      55,761 
Adjustments to reconcile net income to net cash                             
 provided by operating activities:                                          
Depreciation and amortization                         58,232         52,974 
Amortization and write-off of deferred                                      
 financing cost                                        3,349            420 
Amortization of deferred dry dock costs                   --             25 
Changes in operating assets and liabilities:                                
Increase in restricted cash                               (2)            (1)
Increase in accounts receivable                       (7,755)        (3,391)
Decrease in prepaid expenses and other current                              
 assets                                                  334          1,448 
Decrease/(increase) in other long term assets             98           (244)
Increase/(decrease) in accounts payable                2,836            (37)
(Decrease)/increase in accrued expenses                 (477)           190 
Decrease in deferred voyage revenue                   (7,383)        (6,620)
(Decrease)/increase in amounts due to related                               
 parties                                              (6,206)        14,932 
                                               -------------  ------------- 
Net cash provided by operating activities             91,906        115,457 
                                                                            
INVESTING ACTIVITIES:                                                       
Acquisition of vessels                               (47,455)       (88,505)
Deposits for acquisition of vessels                   (8,954)            -- 
Acquisition of intangibles                                --        (21,193)
Increase in restricted cash                          (51,178)            -- 
                                               -------------  ------------- 
Net cash used in investing activities               (107,587)      (109,698)
                                                                            
FINANCING ACTIVITIES:                                                       
Cash distributions paid                              (89,808)       (79,315)
Proceeds from issuance of general partner units        3,167          1,472 
Proceeds from issuance of common units, net of                              
 offering costs                                      148,037         68,563 
Proceeds from long term debt, net of discount        245,000         44,000 
Decrease/(increase) in restricted cash                28,514        (19,596)
Repayment of long-term debt and payment of                                  
 principal                                          (200,314)       (44,208)
Debt issuance costs                                   (5,223)        (1,088)
                                               -------------  ------------- 
Net cash provided by/(used in) financing                                    
 activities                                          129,373        (30,172)
                                               -------------  ------------- 
Increase/(decrease) in cash and cash                                        
 equivalents                                         113,692        (24,413)
                                               -------------  ------------- 
Cash and cash equivalents, beginning of period        32,132         48,078 
                                               -------------  ------------- 
Cash and cash equivalents, end of period       $     145,824  $      23,665 
                                               =============  ============= 
                                                                            
                                                                            
                                                                   EXHIBIT 2
                                                                            
                                                                            
Owned                           Capacity        Charter      Charter-Out    
 Vessels        Type    Built     (DWT)     Expiration Date   Rate (1)      
------------ ---------- ----- ------------ ---------------- ------------    
Navios         Ultra-                                                       
 Apollon      Handymax   2000       52,073   February 2014  $     13,500(2) 
Navios         Ultra-                                                       
 Soleil       Handymax   2009       57,337   December 2013  $      8,906    
Navios La      Ultra-                                                       
 Paix(3)      Handymax   2014       61,000        --                  --    
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     May 2014     $     12,000(4) 
Navios                                                                      
 Galaxy I      Panamax   2001       74,195   February 2018  $     21,937    
Navios                                                                      
 Helios        Panamax   2005       77,075   December 2013  $      7,838    
Navios                                                                      
 Hyperion      Panamax   2004       75,707    April 2014    $     37,953    
Navios                                                                      
 Alegria 
      Panamax   2004       76,466   February 2014  $     16,984(5) 
Navios                                                                      
 Orbiter       Panamax   2004       76,602    April 2014    $     38,052    
Navios Hope    Panamax   2005       75,397     July 2014    $     10,000    
Navios                                                                      
 Sagittarius   Panamax   2006       75,756   November 2018  $     26,125    
Navios                                                                      
 Harmony       Panamax   2006       82,790    March 2014    $     14,725    
Navios                                                                      
 Sun(3)        Panamax   2005       76,619        --                  --    
Navios                                                                      
 Fantastiks   Capesize   2005      180,265    March 2014    $     14,678    
Navios                                                                      
 Aurora II    Capesize   2009      169,031   November 2019  $     41,325    
Navios                                                                      
 Pollux       Capesize   2009      180,727    April 2019    $     40,888    
Navios                                                                      
 Fulvia       Capesize   2010      179,263  September 2015  $     50,588    
Navios                                                                      
 Melodia(6)   Capesize   2010      179,132  September 2022  $     29,356(7) 
Navios Luz    Capesize   2010      179,144   November 2020  $     29,356(8) 
Navios Buena                                                                
 Ventura      Capesize   2010      179,259   October 2020   $     29,356(8) 
Navios Joy    Capesize   2013      181,389     June 2016          19,000(9) 
Chartered-in                                                                
 Vessels                                                                    
Navios                                                                      
 Prosperity    Panamax   2007       82,535     May 2014     $     12,000(4) 
 (10)                                                                       
Navios                                                                      
 Aldebaran     Panamax   2008       76,500     June 2014    $     11,000(12)
 (11)                                                                       
                                                                            
                                                    Charter                 
Container                                         Expiration    Charter-Out 
 Vessels          Type       Built       TEU         Date         Rate (1)  
------------- ----------- ----------- --------- -------------- -------------
Navios TBN                                                                  
 1(13)          Container     2006        6,800  November 2023 $      30,150
Navios TBN                                                                  
 2(13)          Container     2006        6,800  November 2023 $      30,150
Navios TBN                                                                  
 3(13)          Container     2006        6,800  November 2023 $      30,150
Navios TBN                                                                  
 4(13)          Container     2006        6,800  November 2023 $      30,150
Navios TBN                                                                  
 5(13)          Container     2006        6,800  November 2023 $      30,150

 
(1) Daily charter-out rate, net of commissions or net insurance or
settlement proceeds, where applicable.  
(2) Profit sharing 50% on the actual results above the period rates. 
(3) Expected to be delivered in the first quarter of 2014. 
(4) 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. 
(5) Profit sharing 50% above $16,984/ day based on Baltic Exchange
Panamax TC Average. 
(6) In January 2011, Korea Line Corporation ("KLC") filed for
receivership. The charter was affirmed and will be performed by KLC
on its original terms, following an interim suspension period during
which Navios Partners trades the vessel directly. 
(7) Profit sharing 50% above $37,500/ day based on Baltic Exchange
Capesize TC Average. 
(8) Profit sharing 50% above $38,500/ day based on Baltic Exchange
Capesize TC Average. 
(9) The charterer has been granted an option to extend the charter
for two optional years, the first at $22,325 (net) per day and the
second at $25,650 (net) per day. 
(10) 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. 
(11) 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. 
(12) Profit sharing: The owners will receive 100% of the first $2,500
in profits above the base rate and thereafter all profits will be
split 50% to each party. 
(13) Expected to be delivered in the fourth quarter of 2013. The
vessels are fixed on ten year charters with Navios Partners' option
to terminate after year 7. 


 
                                                                            
                                                                   EXHIBIT 3
Disclosure of Non-GAAP Financial Measures                                   

 
1. EBITDA 
EBITDA represents net income plus interest and finance costs plus
depreciation and amortization and income taxes.  
EBITDA is 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 is a "non-GAAP
financial measure" 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 is frequently used as a measure of operating results and
the ability to meet debt service requirements, the definition of
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 fisc
al 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     Nine Month     Nine Month  
                  Period ended   Period ended   Period ended   Period ended 
                 September 30,  September 30,  September 30,  September 30, 
                      2013           2012           2013           2012     
                    ($ '000)       ($ '000)       ($ '000)       ($ '000)   
                  (unaudited)    (unaudited)    (unaudited)    (unaudited)  
                 -------------  -------------  -------------  ------------- 
Net cash                                                                    
 provided by                                                                
 operating                                                                  
 activities      $      40,760  $      42,960  $      91,906  $    115, 457 
Net                                                                         
 (increase)/decr                                                            
 ease in                                                                    
 operating                                                                  
 assets                 (7,337)         3,993          7,325          2,188 
Net                                                                         
 (decrease)/incr                                                            
 ease in                                                                    
 operating                                                                  
 liabilities            (1,533)        (6,166)        11,230         (8,465)
Net interest                                                                
 cost                    4,313          2,391         10,630          7,432 
Amortization and                                                            
 write-off of                                                               
 deferred                                                                   
 financing costs          (561)          (148)        (3,349)          (420)
                 -------------  -------------  -------------  ------------- 
EBITDA(1)        $      35,642  $      43,030  $     117,742  $     116,192 
Cash interest                                                               
 i
ncome                      9              8             25            196 
Cash interest                                                               
 paid                   (3,948)        (2,455)        (7,907)        (7,732)
Maintenance and                                                             
 replacement                                                                
 capital                                                                    
 expenditures           (3,516)        (4,941)       (10,450)       (13,927)
                 -------------  -------------  -------------  ------------- 
Operating                                                                   
 Surplus         $      28,187  $      35,642  $      99,410  $      94,729 
Cash                                                                        
 distribution                                                               
 paid relating                                                              
 to the first                                                               
 half                       --             --        (59,872)       (54,486)
Cash reserves            4,386         (8,079)        (6,965)       (12,680)
                 -------------  -------------  -------------  ------------- 
Available cash                                                              
 for                                                                        
 distribution    $      32,573  $      27,563  $      32,573  $      27,563 
                 =============  =============  =============  ============= 
                                                                            
(1)                                                                         
                                                                            
                  Three Month    Three Month     Nine Month     Nine Month  
                  Period ended   Period ended   Period ended   Period ended 
                 September 30,  September 30,  September 30,  September 30, 
                      2013           2012           2013           2012     
                    ($ '000)       ($ '000)       ($ '000)       ($ '000)   
                  (unaudited)    (unaudited)    (unaudited)    (unaudited)  
                 -------------  -------------  -------------  ------------- 
Net cash                                                                    
 provided by                                                                
 operating                                                                  
 activities      $      40,760  $      42,960  $      91,906  $    115, 457 
Net cash used in                                                            
 investing                                                                  
 activities      $      (6,047) $     (50,197) $    (107,587) $    (109,698)
Net cash                                                                    
 provided                                                                   
 by/(used in)                                                               
 financing                                                                  
 activities      $      48,762  $     (10,159) $     129,373  $     (30,172)

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