SOURCE: Navios Maritime Partners L.P.

Navios Maritime Partners L.P.

January 27, 2010 07:00 ET

Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and the Year Ended December 31, 2009

1.2% Increase in Distributions to $0.41 per Unit for the Q4 2009

35.1% Increase in Quarterly Operating Surplus to $12.7 Million

25.4% Increase in Quarterly EBITDA to $17.8 Million

25% Increase in Quarterly Net Income to $11.0 Million

PIRAEUS, GREECE--(Marketwire - January 27, 2010) - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the fourth quarter and the year ended December 31, 2009.

Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "I am proud of our accomplishments during 2009, which was an uncertain and difficult period. Despite the volatility, we engaged in a number of transactions that created stability at Navios Partners by raising additional equity on an accretive basis to our unit holders, acquiring new vessels, reducing leverage ratios and creating financial flexibility. We also raised distributions during a period where others were suspending or reducing such payments."

Ms. Frangou continued: "We believe that we are positioned to take advantage of opportunities in 2010 as we seek to continue growing Navios Partners."

RECENT DEVELOPMENTS

Increase in Cash Distributions

The Board of Directors of Navios Partners declared an increase to cash distributions for the fourth quarter of 2009 to $0.41 per unit. This represents an increase of 1.2% from $0.405 per unit in the third quarter of 2009. The distribution is payable on February 11, 2010 to holders of record on February 8, 2010.

Acquisition of Vessels

On January 8, 2010, Navios Partners purchased the vessel Navios Hyperion, a 75,707 dwt Panamax vessel built in 2004, for a price of $63.0 million. Navios Hyperion has been chartered out at a net rate of $32,300 per day until February 2010 and a net rate of $37,953 per day until April 2014, at which point the charter will expire. The annual EBITDA is expected to be approximately $11.9 million.

In December 2009, Navios Partners exercised its option to purchase the Navios Sagittarius for a price of $25.0 million. The vessel, which was chartered in since June 10, 2009, was delivered to Navios Partners on January 12, 2010.

Following the acquisition of Navios Hyperion and Navios Sagittarius, Navios Partners' operational fleet has 12 drybulk vessels, consisting of one Capesize, ten Panamax vessels and one Ultra-Handymax vessel. The fleet has a total capacity of approximately 1.0 million dwt and an average age of approximately 7.0 years.

Credit Facility Amendment

On January 11, 2010, Navios Partners amended its existing credit facility and borrowed an additional $24.0 million to refinance the acquisitions of Navios Apollon and Navios Hyperion and to finance the exercise of the option to acquire Navios Sagittarius. The amended credit facility agreement provided for (a) the prepayment of $12.5 million that took place on January 11, 2010 and (b) a reduced interest rate margin ranging from 1.00% to 1.45% depending on the applicable loan to value ratio. We anticipate that the new interest rate margin would result in interest expense savings for 2010 of approximately $2.1 million.

After the amendment to the Credit Facility, the loan balance is as follows:

Balance: December 31, 2009              $195.0
Prepayment - $12.5 million               (12.5)
Additional borrowing                      24.0
                                        ------
Balance: January 27, 2010               $206.5
                                        ------

No further principal payments are required until the first quarter of 2012.

Completion of Offering of 4,000,000 Common Units

On November 24, 2009, Navios Partners completed a public offering of 4,000,000 common units at $14.90 per unit and raised gross proceeds of $59.6 million. The net proceeds of the offering, including discount and excluding offering costs of $0.2 million, were $56.8 million. Navios Partners also issued 81,633 additional general partnership units to its general partner in exchange for $1.2 million of net proceeds (the "November Offering").

Shipmanagement Agreement

Navios Partners fixed the rate for ship management services of its owned fleet until November 2011 under the existing agreement with Navios Shipmanagement Inc., a subsidiary of Navios Maritime Holdings, Inc. ("Navios Holdings") (NYSE: NM). The management fees are (a) $4,500 daily rate per Ultra-Handymax vessel, (b) $4,400 daily rate per Panamax vessel and (c) $5,500 daily rate per Capesize vessel.

Long Term and Insured Cash Flow

Navios Partners has entered into long-term time charters-out for all 12 vessels with a remaining average term of 3.9 years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 100% for 2010, 83.3% for 2011 and 78% for 2012 generating revenues of approximately $118.4 million, $103.7 million and $98.7 million, respectively. The average contractual daily charter-out rate for the fleet is $27,051, $28,422 and $28,792 for 2010, 2011 and 2012, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2010 and 2011 is $13,456 and $13,513, respectively.

Navios Partners' charter-out contracts have been insured by an AA+ rated European Union governmental agency.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled consolidated statement of operations for the three month periods and the years ended December 31, 2009 and December 31, 2008. The quarterly 2009 and 2008 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-US 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
                     December 31,  December 31,  December 31,  Year ended
                        2009          2008          2009       December 31,
                     (unaudited)   (unaudited)   (unaudited)      2008
($'000)              -----------   -----------   -----------   -----------
Revenues             $    25,615   $    21,551   $    92,643   $    75,082
EBITDA (1)           $    17,792   $    14,213   $    64,483   $    50,116
Net income           $    10,982   $     8,809   $    34,322   $    28,758
Earnings per
 Common unit
 (basic and diluted)        0.39           0.41         1.47          1.56
Operating Surplus    $    12,655   $      9,420  $    47,761   $    32,099
Maintenance and
 Replacement Capital
 Expenditures        $     2,096   $      2,742  $     7,968   $     9,894

(1) EBITDA for the year ended December 31, 2009 represents net income
    before interest, depreciation and amortization and before non-cash
    consideration for the release of the obligation to acquire the Navios
    Bonavis.

Three month period ended December 31, 2009

Time charter and voyage revenues for the three month period ended December 31, 2009 increased by $4.0 million, or 18.5%, to $25.6 million as compared to $21.6 million for the same period in 2008. The increase was mainly attributable to the acquisition of the rights to the Navios Sagittarius on June 10, 2009 and the acquisition of Navios Apollon on October 29, 2009.

EBITDA increased by $3.6 million or 25.4% to $17.8 million for the three month period ended December 31, 2009 as compared to $14.2 million for the same period of 2008. This $3.6 million increase in EBITDA was primarily due to: (a) a $4.0 million increase in revenue following the delivery of Navios Sagittarius in Navios Partners' chartered-in fleet in June 2009 and the acquisition of Navios Apollon in October 2009; (b) a $0.7 million decrease in general and administrative expenses; and (c) a $0.3 decrease in net other expenses. The above favorable variance of $5.0 million was partly offset by a $1.0 million increase in time charter and voyage expenses due to the delivery of Navios Sagittarius in Navios Partners' chartered-in fleet in June 2009 and a $0.4 million increase in management fees due to the acquisition of Navios Apollon.

The reserve for estimated maintenance and replacement capital expenditures for the three month periods ended December 31, 2009 and 2008 was $2.1 million and $2.7 million, respectively. Expansion capital expenditures for the three month periods ended December 31, 2009 and 2008 was $34.5 million and $0, respectively.

Navios Partners generated an Operating Surplus for the three month period ended December 31, 2009 of $12.7 million in comparison to $9.4 million for the three month period ended December 31, 2008. Operating Surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of Navios Partners and other master limited partnerships (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

Net income for the three months ended December 31, 2009 amounted to $11.0 million compared to $8.8 million for the three months ended December 31, 2008. The increase in net income by $2.2 million was due to: (a) a $3.6 million increase in EBITDA; (b) a $0.1 million decrease in interest expense and (c) a $0.1 million decrease in direct vessel expenses. This increase of $3.8 million was partly offset by a $1.6 million increase in depreciation and amortization expense due to the acquisition of the rights to the Navios Sagittarius and the acquisition of Navios Apollon.

Year ended December 31, 2009

Time charter and voyage revenues for the year ended December 31, 2009 increased by $17.5 million or 23.3% to $92.6 million as compared to $75.1 million for the same period in 2008. The increase was mainly attributable to the delivery of the Navios Aldebaran on March 17, 2008, the acquisition of the Navios Hope on July 1, 2008, both of which were fully operating during the year ended December 31, 2009, the acquisition of the rights to the Navios Sagittarius on June 10, 2009 and the acquisition of Navios Apollon on October 29, 2009.

EBITDA increased by $14.4 million or 28.7% to $64.5 million for the year ended December 31, 2009 as compared to $50.1 million for the same period of 2008. This $14.4 million increase in EBITDA was primarily due to: (a) a $17.5 million increase in revenue as a result of the increased number of operating days from 2,991 for the year ended December 31, 2008 to 3,552 for the year ended December 31, 2009; (b) a $0.6 million decrease in general and administrative expenses; and (c) a $0.3 million decrease in net other expenses which was partially offset by a $2.3 million increase in time charter and voyage expenses as a result of the increased number of vessels in Navios Partners' chartered-in fleet and a $1.7 million increase in management fees, due to the increase in the number of vessels.

The reserve for estimated maintenance and replacement capital expenditures for the years ended December 31, 2009 and 2008 was $8.0 million and $9.9 million, respectively. Expansion capital expenditures for the years ended December 31, 2009 and 2008 was $69.1 million and $69.2 million, respectively.

Navios Partners generated an Operating Surplus for the year ended December 31, 2009 of $47.8 million in comparison to $32.1 million for the year ended December 31, 2008. Operating Surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of Navios Partners and other master limited partnerships (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

Net income for the year ended December 31, 2009 amounted to $34.3 million compared to $28.8 million for the year ended December 31, 2008. The increase in net income by $5.5 million was due to: (a) a $14.4 million increase in EBITDA; and (b) a $1.2 million decrease in interest expense. This increase of $15.6 million was partially offset by: (a) a $4.0 million increase in depreciation and amortization expense due to the acquisition of the Navios Hope on July 1, 2008, which was fully operating during the year ended December 31, 2009, the acquisition of the rights to the Navios Sagittarius and the acquisition of Navios Apollon; and (b) a $6.1 million non-cash compensation expense.

Fleet Employment Profile

The following table reflects certain key indicators indicative of the performance of Navios Partners and its core fleet performance for the three month periods ended December 31, 2009 and 2008 and the years ended December 31, 2009 and 2008.

                     Three Month   Three Month
                    Period ended   Period ended  Year ended    Year ended
                     December 31,  December 31,  December 31,  December 31,
                        2009          2008          2009          2008
                     -----------   -----------   -----------   -----------
Available Days (1)           983           828         3,553         3,019
Operating Days (2)           983           817         3,552         2,991
Fleet Utilization (3)        100%         98.7%          100%         99.1%
Time Charter
 Equivalent (per
 day)                $    26,046   $    26,027   $    26,071   $    24,873
Vessels operating
 at period end                11             9            11             9

(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 major 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.

Conference Call details:

Navios Partners' management will host a conference call to discuss the results on Wednesday, January 27, 2010, at 8:30 am EST.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers:

US Toll Free Dial In:  +1866 819 7111
UK Toll Free Dial In: +0800 953 0329
International Dial In: +44 (0) 1452 542 301
Please quote "NAVIOS MLP."

A telephonic replay of the conference call will be available until February 3, 2010 by dialing the following numbers:

US Toll Free Dial In: +1866 247 4222
UK Toll Free Dial In: +0800 953 1533
International Dial In: +44 1452 550 000
Access Code: 33433537#

Slides and audio webcast:

There will also be a live webcast of the conference call, through the NAVIOS MARITIME PARTNERS L.P. 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 Maritime Partners L.P. website at www.navios-mlp.com under the "Investors" section at 7:45 am EST on the day of the call.

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM), a publicly traded master limited partnership formed by Navios Maritime Holdings Inc (NYSE: NM) is an owner and operator of 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 "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 SHEETS

        (Expressed in thousands of U.S. Dollars except unit data)

                                                  December 31, December 31,
                                                     2009         2008
                                                   ---------    ---------
                                                  (unaudited)
ASSETS
Current assets
Cash and cash equivalents                          $  77,878    $  28,374
Restricted cash                                       13,322            -
Accounts receivable, net                                 602          313
Prepaid expenses and other current assets                777          371
                                                   ---------    ---------
Total current assets                                  92,579       29,058
                                                   ---------    ---------
Vessels, net                                         299,695      291,340
Deferred financing costs, net                          1,431        1,915
Deferred dry dock and special survey costs, net          179          594
Intangible assets other than goodwill                 40,372            -
Deposits for vessels acquisitions                      2,500            -
                                                   ---------    ---------
Total non-current assets                             344,177      293,849
                                                   ---------    ---------
Total assets                                       $ 436,756    $ 322,907
                                                   =========    =========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities
Accounts payable                                   $     518    $     594
Accrued expenses                                       1,844        1,662
Deferred voyage revenue                                9,025        2,606
Amounts due to related parties                         1,964        1,539
Current portion of long-term debt                          -       40,000
                                                   ---------    ---------
Total current liabilities                             13,351       46,401
                                                   ---------    ---------
Long-term debt                                       195,000      195,000
Unfavorable lease terms                                2,662        4,659
Deferred voyage revenue                               17,753            -
                                                   ---------    ---------
Total non-current liabilities                        215,415      199,659
                                                   ---------    ---------
Total liabilities                                    228,766      246,060
                                                   ---------    ---------
Commitments and contingencies                              -            -
Partners' Capital:

  Common Unitholders (24,291,815 and
   13,631,415 units issued and outstanding at
   December 31, 2009 and December 31, 2008
   respectively)                                     369,747      243,639

  Subordinated Unitholders (7,621,843 units issued
   and outstanding at December 31, 2009 and
   December 31, 2008, respectively)                 (164,004)    (160,092)

  General Partner (671,708 and 433,740 units issued
   and outstanding at December 31, 2009 and
   December 31, 2008, respectively)                   (3,835)      (6,700)

  Subordinated Series A Unitholders (1,000,000
   and 0 units issued and outstanding at
   December 31, 2009 and December 31, 2008,
   respectively)                                       6,082            -
                                                   ---------    ---------
Total partners' capital                              207,990       76,847
                                                   ---------    ---------
Total liabilities and partners' capital            $ 436,756    $ 322,907
                                                   =========    =========



                       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 ended   Period ended  Year ended
                     December 31,  December 31,  December 31,  Year ended
                        2009          2008          2009       December 31,
                     (unaudited)   (unaudited)   (unaudited)      2008
                     -----------   -----------   -----------   -----------
Time charter and
 voyage revenues     $    25,615   $    21,551   $    92,643   $    75,082
Time charter and
 voyage expenses          (3,837)       (2,797)      (13,925)      (11,598)
Direct vessel
 expenses                    (50)         (145)         (415)         (578)
Management fees           (3,087)       (2,668)      (11,004)       (9,275)
General and
 administrative
 expenses                   (867)       (1,578)       (3,208)       (3,798)
Depreciation and
 amortization             (4,904)       (3,277)      (15,877)      (11,865)
Interest expense and
 finance cost, net        (2,003)       (2,117)       (8,048)       (9,216)
Interest income              147           135           261           301
Compensation expense           -             -        (6,082)            -
Other income                   2             -            94            23
Other expense                (34)         (295)         (117)         (318)
                     -----------   -----------   -----------   -----------
Net income           $    10,982   $     8,809   $    34,322   $    28,758
                     ===========   ===========   ===========   ===========


Earnings per unit:

                     Three Month   Three Month
                    Period ended   Period ended  Year ended
                     December 31,  December 31,  December 31,  Year ended
                        2009          2008          2009       December 31,
                     (unaudited)   (unaudited)   (unaudited)      2008
                     -----------   -----------   -----------   -----------

Net income           $    10,982   $     8,809   $    34,322   $    28,758

Earnings
 attributable to:
  Common unit holders      8,502         5,530        25,277        18,873
  Subordinated unit
   holders                 2,260         3,092         8,321         9,270
  General partner
   unit holders              220           187           724           615
  Subordinated
   Series A unit
   holders                     -             -              -            -

Weighted average units
 outstanding (basic
 and diluted)
  Common unit
   holders            21,889,145    13,631,415    17,174,185    12,074,263
  Subordinated unit
   holders             7,621,843     7,621,843     7,621,843     7,621,843
  General partner
   unit holders          622,674       433,740       516,441       401,962
  Subordinated
   Series A unit
    holders            1,000,000             -     1,000,000             -

Earnings per unit:
Common unit (basic
 and diluted)        $      0.39   $      0.41   $      1.47   $      1.56
Subordinated unit
 (basic and diluted) $      0.30   $      0.41   $      1.09   $      1.22
General partner unit
 (basic and diluted) $      0.35   $      0.43   $      1.40   $      1.53
Subordinated
 Series A unit
 (basic and diluted) $         -   $         -   $         -   $         -



                       NAVIOS MARITIME PARTNERS L.P.
             CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                  (Expressed in thousands of U.S. Dollars)

                                                Year Ended     Year Ended
                                                December 31,   December 31,
                                                   2009           2008
                                                 ---------      ---------
                                                (unaudited)
OPERATING ACTIVITIES
Net income                                       $  34,322      $  28,758

Adjustments to reconcile net income to net cash                                                                                 
 provided by operating activities:
Depreciation and amortization                       15,877         11,865
Amortization and write-off of deferred
 financing cost                                        683            221
Amortization of deferred dry dock costs                415            578
Provision for bad debts                                 49              -
Compensation expense                                 6,082              -

Changes in operating assets and liabilities:
(Increase)/decrease in restricted cash                (822)           797
(Increase)/decrease in accounts receivable            (338)            68
(Increase) in prepaid expenses and other
 current assets                                       (406)          (332)
(Decrease)/increase in accounts payable                (76)            24
Increase in accrued expenses                           182            231
Increase in deferred voyage revenue                 24,172          2,453
Increase/(decrease) in amounts due to
 related parties                                       425         (2,919)
                                                 ---------      ---------
Net cash provided by operating activities           80,565         41,744
                                                 ---------      ---------

INVESTING ACTIVITIES:
Acquisition of vessels                             (23,683)       (69,505)
Acquisition of intangibles other than goodwill     (42,917)             -
Deposit for vessel acquisitions                     (2,500)             -
                                                 ---------      ---------
Net cash used in investing activities              (69,100)       (69,505)
                                                 ---------      ---------

FINANCING ACTIVITIES:
Cash distribution paid                             (39,016)       (24,552)
Proceeds from issuance of general partner units      2,948            918
Proceeds from issuance of common units, net of
 offering costs                                    126,807              -
Proceeds from long-term debt                             -         70,000
Increase in restricted cash                        (12,500)             -
Repayment of long-term debt and payment
 of principal                                      (40,000)             -       
Debt issuance costs                                   (200)          (326)
                                                 ---------      ---------
Net cash (used in)/provided by financing
 activities                                         38,039         46,040
                                                 ---------      ---------
Increase in cash and cash equivalents               49,504         18,279
                                                 ---------      ---------
Cash and cash equivalents, beginning of period      28,374         10,095
                                                 ---------      ---------
Cash and cash equivalents, end of period         $  77,878      $  28,374
                                                 =========      =========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
 INFORMATION
Cash paid for interest                           $   7,590      $   9,022

Issuance of units in connection with the
 non-cash compensation expense related to the
 relief of the obligation on Navios Bonavis      $   6,082      $       -

Issuance of common units to Navios Holdings
 related to the acquisition of Navios Aurora I
 in July 2008                                    $       -      $  44,937

Unamortized portion of favorable lease terms
 and purchase option capitalized to fixed
 assets related to the acquisition of
 Navios Fantastiks                               $       -      $  53,022
                                                 =========      =========



                                                                  EXHIBIT 2

                                                   Original       Original
                                                   Charter        Charter
                                                Expiration Date/  Out Rate/
                                                  New Charter   New Charter
                                        Capacity  Expiration      Out Rate
Owned Vessels         Type       Built   (DWT)     Date (1)     per day (2)

Navios Gemini S       Panamax    1994    68,636  February 2014     $24,225
Navios Libra II       Panamax    1995    70,136  December 2010     $23,513
Navios Felicity       Panamax    1997    73,867  June 2013         $26,169
Navios Galaxy I       Panamax    2001    74,195  February 2018     $21,937
Navios Alegria        Panamax    2004    76,466  December 2010     $23,750
Navios Fantastiks     Capesize   2005   180,265  March 2011        $32,279
                                                 February 2014     $36,290
Navios Hope           Panamax    2005    75,397  May 2010          $10,643
                                                 August 2013       $17,562
Navios Apollon        Ultra
                       Handymax  2000    52,073  November 2012     $23,700
Navios Sagittarius    Panamax    2006    75,756  November 2018     $26,125
Navios Hyperion       Panamax    2006    75,707  February 2010     $32,300
                                                 April 2014        $37,953

Long-term Chartered-in Vessels

Navios Prosperity (3) Panamax    2007   82,535   July 2012         $24,000
Navios Aldebaran (4)  Panamax    2008   76,500   March 2013        $28,391


(1) Represents the initial expiration date of the time charter and, if
    applicable, the new time charter expiration date for the vessels with
    new time charters.

(2) Net time charter-out rate per day (net of commissions). Represents the
    charter-out rate during the time charter period prior to the time
    charter expiration date and, if applicable, the charter-out rate under
    the new time charter.

(3) Navios Prosperity is chartered-in for seven years starting from
    June 19, 2008 and we will 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 Japanese Yen declining
    pro rata by 145 million Japanese Yen per calendar year.

(4) Navios Aldebaran was delivered on March 17, 2008. Navios Aldebaran is
    chartered-in for seven years 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 Japanese
    Yen declining pro rata by 150 million Japanese Yen per calendar year.


                                                                  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, if any, unless otherwise stated. EBITDA is included because it is used by certain investors to measure a company's financial performance. 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.

EBITDA is presented to provide additional information with respect to Navios Partners' ability to satisfy its obligations including debt service, capital expenditures, working capital requirements and determination of cash distribution. 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 and expansion 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. Expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by Navios Partners' capital assets.

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

3. Available Cash

Available Cash generally means, for each fiscal quarter, all cash on hand at the end of the quarter:

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

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

4. Reconciliation of Non-GAAP Financial Measures

                      (unaudited)   (unaudited)
                      Three Month   Three Month  (unaudited)   (unaudited)
                      Period ended  Period ended Year ended    Year ended
                      December 31,  December 31, December 31,  December 31,
                         2009          2008         2009          2008
                       ($ '000)      ($ '000)     ($ '000)      ($ '000)
                      -----------   -----------  -----------   -----------
Net Cash from
 Operating Activities   $  10,966     $  11,473    $  80,565     $  41,744
Net increase/(decrease)
 in operating assets          933           315        1,566          (533)
Net (increase)/decrease
 in operating
 liabilities                4,579           503      (24,703)          211
Provision for bad debts       (49)                       (49)
Net interest cost           1,856         1,982        7,787         8,915
Deferred finance
 charges                     (493)          (60)        (683)         (221)
                        ---------     ---------    ---------     ---------
EBITDA(1)                  17,792        14,213       64,483        50,116
Cash interest income          147           115          261           281
Cash interest paid         (1,570)       (2,166)      (7,590)       (9,022)
Expansion capital
 expenditures             (34,500)            -      (69,100)      (69,155)
Equity Issuance            62,080             -      129,755             -

Borrowings to fund
 expansion capital
 expenditures                   -             -            -        69,773

Expansion capital
 expenditures reserve     (29,198)            -      (62,080)            -
Maintenance and
 replacement capital
 expenditures              (2,096)       (2,742)      (7,968)       (9,894)
                        ---------     ---------    ---------     ---------
Operating Surplus          12,655         9,420       47,761        32,099
Cash distribution  paid
 relating to the first
 nine months of 2009
 and 2008, respectively         -             -      (30,342)      (21,315)
Recommended reserves
 accumulated as of
 beginning of January 1     2,127            18        2,127            18
Reserves accumulated
 during the first nine
 months to be distributed
 in the fourth quarter      4,764         1,364            -             -
Recommended reserves
 held as of quarter end    (6,147)       (2,127)      (6,147)       (2,127)
                        ---------     ---------    ---------     ---------
Available cash for
 distribution           $  13,399     $   8,675    $  13,399     $   8,675
                        =========     =========    =========     =========

(1) EBITDA for the year ended December 31, 2009 represents net income
    before interest, depreciation and amortization and before non-cash
    consideration for the release of the obligation to acquire the Navios
    Bonavis.

Contact Information

  • Public & Investor Relations Contact:
    Navios Maritime Partners L.P.
    Investor Relations
    Nicolas Bornozis
    Capital Link, Inc.
    Tel. (212) 661-7566
    E-mail: naviospartners@capitallink.com