NM Navios Maritime Holdings Inc

Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the second quarter and six month period ended June 30, 2022.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “We are pleased to report our results for the second quarter of 2022 in which we recorded $280.7 million of revenue and $118.2 million of net income. Net income amounts to $3.84 per common unit for the quarter and $6.62 for the first six months of 2022.”

Angeliki Frangou continued, “We are also pleased with the transaction we announced last night involving the acquisition of a 36-vessel drybulk fleet for $835.0 million. Navios Partners is the second largest US-listed maritime company and the third largest US-listed drybulk company, by number of vessels.”

Angeliki Frangou also stated, “Our board authorized a unit repurchase program for up to $100.0 million. At current prices, this program would cover approximately 17% of the public float. The timing of the repurchases and the exact number of units to be repurchased shall be determined by the Company based on market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. Total return to investors, we believe, is the way to measure our success, and will use this tool as a means of achieving this result for our unitholders.”

Fleet Update

• Acquired a 36-Vessel Drybulk Fleet for $835.0 million

On July 26, 2022 Navios Partners agreed to acquire a 36-vessel drybulk fleet for a gross purchase price of $835.0 million, including the assumption of $441.6 million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments (the “Transaction”), from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM).The fleet consists of 26 owned vessels and 10 chartered-in vessels (all with purchase options) with a total capacity of 3.9 million dwt and an average age of 9.6 years.

Following the completion of the Transaction, Navios Partners will own and operate a fleet comprised of 90 drybulk vessels, 49 containerships and 49 tanker vessels, including 22 newbuilding vessels to be delivered through the first quarter of 2025.

Approvals

The Transaction was negotiated and unanimously approved by the Conflicts Committee of Navios Partners. The Transaction was also unanimously approved by full board of directors of Navios Partners.

Advisors

Jefferies LLC and S. Goldman Advisors LLC served as financial advisors to the Conflicts Committee of Navios Partners. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor.

• Acquisition of Two Newbuilding LNG Dual Fuel 7,700 TEU Containerships

In June 2022, Navios Partners agreed to purchase two newbuilding liquified natural gas (LNG) dual fuel 7,700 TEU containerships, for an aggregate purchase price of $241.2 million.

The vessels have the ability to operate on either LNG or conventional marine fuels. They are expected to be delivered into the fleet in the fourth quarter of 2024. The closing of the transaction is subject to completion of customary documentation. Navios Partners has been granted a two-month option for two additional LNG dual fuel 7,700 TEU containerships at the same terms, delivering in the second quarter of 2025.

Vessel charters

The two containerships, have been chartered-out for 12 years, at an average net rate of $42,288 per day. The charter agreement provides for de-escalating payments as follows:

• Year 1-3     :  USD 57,213 net per day
• Year 4-6    :  USD 52,238 net per day
• Year 7-8    :  USD 37,313 net per day
• Year 9-10  :  USD 27,363 net per day
• Year 11-12  :  USD 24,875 net per day

The charterer has an option to extend the charter for an additional two years at a net rate of $24,875 per day.

In connection with this transaction, the charterer agreed to amend existing charters on two 6,800 TEU containerships currently expiring in the fourth quarter of 2023. Under the amended terms, the charter period will be extended for seven months at $43,944 net per day. However, if Navios Partners exercises its existing option to extend the charter term for five years (at a net rate of $21,083 per day) the charter period will also be extended for eight- and one-half months at $30,119 net per day.

$100.0 million unit repurchase program

In July 2022, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $100.0 million of the Company’s common units. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in the Company’s discretion and without notice. The Board of Directors will review the program periodically.

Financing Update

In July 2022, Navios Partners agreed to enter into a new credit facility with a leading European commercial bank for a total amount of up to $86.2 million in order to finance the acquisition of two newbuilding 5,300 TEU containerships. The credit facility: (i) has an amortization profile of approximately 16 years; (ii) matures seven years after the drawdown; and (iii) bears interest at Secured Overnight Financing Rate (“SOFR”) plus 200 bps per annum. The facility remains subject to completion of definitive documentation and is expected to close in the third quarter of 2022.

In June 2022, Navios Partners entered into a new credit facility with a commercial bank for a total amount of up to $55.0 million in order to refinance the existing indebtedness of four of its vessels and for general corporate purposes. The credit facility: (i) has an amortization profile of approximately seven years; (ii) matures in the second quarter of 2027; and (iii) bears interest at SOFR plus 225 bps per annum.

Cash Distribution

The Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2022 of $0.05 per unit. The cash distribution will be payable on August 12, 2022 to all unitholders of record as of August 9, 2022. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.

Operating Highlights

Navios Partners has entered into short, medium and long-term time charter-out and freight agreements for its vessels with a remaining average term of approximately 1.6 years. Navios Partners has currently fixed 51.3% of its available days for the remaining six months of 2022 and 24.9% for 2023. Navios Partners expects to generate contracted revenue of approximately $427.7 million and $564.6 million for the remaining six months of 2022 and for 2023, respectively. The average expected daily charter-out rate for the fleet is $28,966 and $36,822 for the remaining six months of 2022 and for 2023, respectively.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three and six month periods ended June 30, 2022 and 2021. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners’ results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Upon completion of the merger (“NMCI Merger”) with Navios Maritime Containers L.P. (“Navios Containers”) on March 31, 2021, beginning from April 1, 2021, and obtaining control over Navios Maritime Acquisition Corporation (“Navios Acquisition”) on August 25, 2021, beginning from August 26, 2021, the results of operations of Navios Containers and Navios Acquisition are included in Navios Partners’ Consolidated Statements of Operations. On October 15, 2021, Navios Partners completed its merger (“NNA Merger”) with Navios Acquisition.

	Three Month Period EndedJune 30, 2022			Three Month Period Ended June 30, 2021			Six Month Period Ended June 30, 2022			Six Month Period Ended June 30, 2021
(in $‘000 except per unit data)	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue	$	280,661		$	152,009		$	517,278		$	217,072
Net Income	$	118,160		$	99,913		$	203,825		$	236,592
Adjusted Net Income	$	118,160		$	99,913		$	203,825		$	111,700	(1)
Net cash provided by operating activities	$	142,010		$	61,072		$	147,163		$	77,249
EBITDA	$	163,478		$	90,424		$	289,596		$	248,975
Adjusted EBITDA	$	163,478		$	90,424		$	289,596		$	124,083	(1)
Earnings per Common Unit basic	$	3.84		$	4.32		$	6.62		$	13.61
Earnings per Common Unit diluted	$	3.83		$	4.31		$	6.61		$	13.54
Adjusted Earnings per Common Unit basic	$	3.84		$	4.32		$	6.62		$	6.42	(1)
Adjusted Earnings per Common Unit diluted	$	3.83		$	4.31		$	6.61		$	6.39	(1)

(1)   Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the six month period ended June 30, 2021 have been adjusted to exclude (i) an $80.8 million gain from equity in net earnings of affiliated companies; and (ii) a $44.1 million bargain gain upon obtaining control over Navios Containers.

Three month periods ended June 30, 2022 and 2021

Time charter and voyage revenues for the three month period ended June 30, 2022 increased by $128.7 million, or 84.7%, to $280.7 million, as compared to $152.0 million for the same period in 2021. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in Time Charter Equivalent (“TCE”) rate. For the three month period ended June 30, 2022, the time charter and voyage revenues are affected by $11.8 million relating to the straight line effect of the containerships charters with de-escalating rates. The TCE rate increased by 17.4% to $23,823 per day, as compared to $20,296 per day for the same period in 2021. The available days of the fleet increased by 55.6% to 11,269 days for the three month period ended June 30, 2022, as compared to 7,242 days for the same period in 2021 mainly due to the NMCI Merger and the NNA Merger.

EBITDA for the three month period ended June 30, 2022 amounted to $163.5 million as compared to $90.4 million for the same period in 2021. The increase in EBITDA was primarily due to a: (i) $128.7 million increase in time charter and voyage revenues; and (ii) $2.3 million decrease in other expense, net. The above increase was partially mitigated by a: (i) $32.2 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) $15.8 million increase in time charter and voyage expenses; (iii) $6.0 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); and (iv) $3.9 million increase in general and administrative expenses, mainly due to the increased fleet.

Net Income for the three month period ended June 30, 2022 amounted to $118.2 million as compared to $99.9 million for the same period in 2021. The increase in Net Income was primarily due to a $73.1 million increase in EBITDA. The above increase was partially mitigated by a: (i) $24.4 million decrease in the amortization of the unfavorable lease terms; (ii) $19.6 million increase in depreciation and amortization expense; (iii) $7.2 million increase in interest expense and finance cost, net; (iv) $2.9 million increase in amortization of deferred drydock, special survey costs and other capitalized items; and (v) $0.7 million decrease in interest income.

Six month periods ended June 30, 2022 and 2021

Time charter and voyage revenues of Navios Partners for the six month period ended June 30, 2022 increased by $300.2 million, or 138.3%, to $517.3 million, as compared to $217.1 million for the same period in 2021. The increase in revenue was mainly attributable to the increase in the size of our fleet and to the increase in TCE rate. For the six month period ended June 30, 2022, the time charter and voyage revenues are affected by $16.5 million relating to the straight line effect of the containerships charters with de-escalating rates. The TCE rate increased by 21.0% to $22,107 per day, as compared to $18,276 per day in the same period in 2021. The available days of the fleet increased by 95.7% to 22,497 days for the six month period ended June 30, 2022, as compared to 11,494 days in the same period in 2021.

EBITDA of Navios Partners for the six month period ended June 30, 2022 and 2021 was affected by items described in the table above. Excluding these items, Adjusted EBITDA increased by $165.5 million to $289.6 million for the six month period ended June 30, 2022, as compared to $124.1 million for the same period in 2021. The increase in Adjusted EBITDA was primarily due to a: (i) $300.2 million increase in time charter and voyage revenues; (ii) $1.5 million decrease in other expense, net; and (iii) $0.5 million decrease in net loss on sale of vessels. The above increase was partially mitigated by: (i) an $82.5 million increase in vessel operating expenses, mainly due to the increased fleet; (ii) a $30.5 million increase in time charter voyage expenses; (iii) a $12.9 million increase in general and administrative expenses, mainly due to the increased fleet; and (iv) a $10.8 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).

Net Income of Navios Partners for the six month period ended June 30, 2022 and 2021 was affected by items described in the table above. Excluding these items, adjusted net income for the six month period ended June 30, 2022 amounted to $203.8 million compared to $111.7 million for the six month period ended June 30, 2021. The increase in Adjusted Net Income of $92.1 million was due to a $165.5 million increase in Adjusted EBITDA. The above increase was partially mitigated by a: (i) $49.4 million increase in depreciation and amortization expense; (ii) $14.5 million increase in interest expense and finance cost, net; (iii) $6.0 million increase in amortization for deferred drydock, special survey costs and other capitalized items; (iv) $2.6 million decrease in the amortization of the unfavorable lease terms; and (v) $0.9 million decrease in interest income.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three and six month periods ended June 30, 2022 and 2021 (including the Navios Containers’ fleet and Navios Acquisition’s fleet beginning from April 1, 2021 and August 26, 2021, respectively).         

	Three Month Period Ended June 30, 2022				Three Month Period Ended June 30, 2021				Six Month Period Ended June 30, 2022				Six Month Period Ended June 30, 2021
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
Available Days (1)		11,269				7,242				22,497				11,494
Operating Days (2)		11,151				7,190				22,223				11,391
Fleet Utilization (3)		99.0%				99.3%				98.8%				99.1%
TCE Combined (per day) (4)	$	23,823			$	20,296			$	22,107			$	18,276
TCE Drybulk (per day) (4)	$	24,721			$	19,736			$	22,311			$	16,516
TCE Containers (per day) (4)	$	31,613			$	20,921			$	29,417			$	21,412
TCE Tankers (per day) (4)	$	16,391			$	—			$	15,864			$	—
Vessels operating at period end		128				87				128				87

(1)		Available days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys and ballast days relating to voyages. 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 are 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 Navios Partners’ vessels were available for generating revenue, 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, dry dockings or special surveys.
(4)		TCE rate: Time Charter Equivalent rate per day is defined as voyage, time charter revenues and bareboat charter-out revenues (grossed up by currently applicable fixed vessel operating expenses) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day 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 on Thursday, July 28, 2022 to discuss the results for the second quarter and six month period ended June 30, 2022.

Call Date/Time: Thursday, July 28, 2022 at 8:30 am ETCall Title: Navios Partners Q2 2022 Financial Results Conference Call US Dial In: +1.800.225.9448International Dial In: +1.203.518.9708Conference ID: NMMQ222

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: +1.800.839.3413International Replay Dial In: +1.402.220.7236

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 at www.navios-mlp.com under the "Investors" section at 8:00 am ET on the day of the call. 

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release contains and will contain 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, including completion of the Transaction and ability to realize the projected advantages of the Transaction, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. 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.

These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although 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 risks and are based upon a number of assumptions and estimates that 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, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our drybulk, containerships and tanker vessels in particular, fluctuations in charter rates for drybulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, 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 Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. 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. Navios Partners makes no prediction or statement about the performance of its common units.

Contacts

Navios Maritime Partners L.P.+1 (212) 906 8645Investors@navios-mlp.com 

Nicolas BornozisCapital Link, Inc.+1 (212) 661 7566naviospartners@capitallink.comEXHIBIT 1

NAVIOS MARITIME PARTNERS L.P. SELECTED BALANCE SHEET DATA(Expressed in thousands of U.S. Dollars except unit data)

		June 30,2022(unaudited)			December 31,2021(unaudited)
ASSETS
Cash and cash equivalents, including restricted cash		$	174,624		$	169,446
Other current assets			118,106			56,894
Vessels, net			2,786,914			2,852,570
Other non-current assets			599,537			544,389
Total assets		$	3,679,181		$	3,623,299
LIABILITIES AND PARTNERS’ CAPITAL
Other current liabilities		$	88,823		$	140,368
Total borrowings, net (including current and non-current)			1,287,343			1,361,709
Other non-current liabilities			332,465			351,497
Total partners’ capital			1,970,550			1,769,725
Total liabilities and partners’ capital		$	3,679,181		$	3,623,299

NAVIOS MARITIME PARTNERS L.P.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of U.S. Dollars except unit and per unit data)

		Three MonthPeriod EndedJune 30, 2022				Three MonthPeriod EndedJune 30, 2021				Six MonthPeriod EndedJune 30, 2022				Six MonthPeriod EndedJune 30, 2021
		(unaudited)				(unaudited)					(unaudited)				(unaudited)
Time charter and voyage revenues		$	280,661			$	152,009			$	517,278			$	217,072
Time charter and voyage expenses			(21,718	)			(5,869	)			(38,861	)			(8,364	)
Direct vessel expenses			(12,920	)			(3,989	)			(24,113	)			(7,143	)
Vessel operating expenses			(73,989	)			(41,771	)			(147,161	)			(64,733	)
General and administrative expenses			(14,170	)			(10,319	)			(28,086	)			(15,226	)
Depreciation and amortization of intangible assets			(41,684	)			(22,120	)			(84,550	)			(35,207	)
Amortization of unfavorable lease terms			17,587				42,026				39,426				42,026
Loss on sale of vessels			—				—				—				(511	)
Interest expense and finance cost, net			(14,522	)			(7,334	)			(27,749	)			(13,178	)
Interest income			22				744				24				859
Other expense, net			(1,107	)			(3,464	)			(2,383	)			(3,895	)
Equity in net earnings of affiliated companies			—				—				—				80,839
Bargain gain			—				—				—				44,053
Net income		$	118,160			$	99,913			$	203,825			$	236,592

Earnings per unit:

		Three MonthPeriod EndedJune 30, 2022			Three MonthPeriod EndedJune 30, 2021			Six MonthPeriod EndedJune 30, 2022			Six MonthPeriod EndedJune 30, 2021
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Earnings per unit:
Earnings per common unit, basic		$	3.84		$	4.32		$	6.62		$	13.61
Earnings per common unit, diluted		$	3.83		$	4.31		$	6.61		$	13.54

NAVIOS MARITIME PARTNERS L.P.Other Financial Information(Expressed in thousands of U.S. Dollars except unit data)

	Six MonthPeriod EndedJune 30, 2022				Six MonthPeriod EndedJune 30, 2021
(in thousands of U.S. dollars)	(unaudited)				(unaudited)
Net cash provided by operating activities	$	147,163			$	77,249
Net cash used in investing activities	$	(61,860	)		$	(133,538	)
Net cash (used in)/ provided by financing activities	$	(80,125	)		$	258,414
Increase in cash, cash equivalents and restricted cash	$	5,178			$	202,125

EXHIBIT 2

Owned Drybulk Vessels		Type		Built		Capacity(DWT)
Navios Amaryllis		Ultra-Handymax		2008		58,735
Navios Christine B		Ultra-Handymax		2009		58,058
Serenitas N		Ultra-Handymax		2011		56,644
Navios La Paix		Ultra-Handymax		2014		61,485
Navios Hyperion		Panamax		2004		75,707
Navios Anthos		Panamax		2004		75,798
Navios Alegria		Panamax		2004		76,466
Navios Orbiter		Panamax		2004		76,602
Navios Hope		Panamax		2005		75,397
Navios Sun		Panamax		2005		76,619
Navios Helios		Panamax		2005		77,075
Navios Apollon I		Panamax		2005		87,052
Navios Symmetry		Panamax		2006		74,381
Navios Sagittarius		Panamax		2006		75,756
Navios Harmony		Panamax		2006		82,790
Navios Libertas		Panamax		2007		75,511
Navios Prosperity I		Panamax		2007		75,527
Navios Camelia		Panamax		2009		75,162
Copernicus N		Panamax		2010		93,062
Unity N		Panamax		2011		79,642
Odysseus N		Panamax		2011		79,642
Navios Avior		Panamax		2012		81,355
Navios Centaurus		Panamax		2012		81,472
Navios Victory		Panamax		2014		77,095
Navios Sphera		Panamax		2016		84,872
Navios Primavera		Panamax		2022		82,003
Navios Beaufiks		Capesize		2004		180,310
Navios Fantastiks		Capesize		2005		180,265
Navios Aurora II		Capesize		2009		169,031
Navios Bonavis		Capesize		2009		180,022
Navios Sol		Capesize		2009		180,274
Navios Pollux		Capesize		2009		180,727
Navios Symphony		Capesize		2010		178,132
Navios Melodia		Capesize		2010		179,132
Navios Luz		Capesize		2010		179,144
Navios Buena Ventura		Capesize		2010		179,259
Navios Fulvia		Capesize		2010		179,263
Navios Aster		Capesize		2010		179,314
Navios Ace		Capesize		2011		179,016
Navios Azimuth		Capesize		2011		179,169
Navios Koyo		Capesize		2011		181,415
Navios Ray		Capesize		2012		179,515
Navios Joy		Capesize		2013		181,389
Navios Gem		Capesize		2014		181,336
Navios Mars		Capesize		2016		181,259

Owned Containerships		Type		Built		Capacity(TEU)
Navios Summer		Containership		2006		3,450
Matson Oahu		Containership		2006		3,450
Hyundai Hongkong		Containership		2006		6,800
Hyundai Singapore		Containership		2006		6,800
Hyundai Busan		Containership		2006		6,800
Hyundai Shanghai		Containership		2006		6,800
Hyundai Tokyo		Containership		2006		6,800
Navios Utmost(1)		Containership		2006		8,204
Navios Unite(1)		Containership		2006		8,204
Protostar N		Containership		2007		2,741
Navios Spring		Containership		2007		3,450
Matson Lanai		Containership		2007		4,250
Navios Indigo		Containership		2007		4,250
Navios Vermilion		Containership		2007		4,250
Navios Verde		Containership		2007		4,250
Navios Amarillo		Containership		2007		4,250
Navios Azure		Containership		2007		4,250
Navios Domino		Containership		2008		4,250
Navios Delight		Containership		2008		4,250
Navios Magnolia		Containership		2008		4,730
Navios Jasmine		Containership		2008		4,730
Navios Chrysalis		Containership		2008		4,730
Navios Nerine		Containership		2008		4,730
Spectrum N		Containership		2009		2,546
Navios Devotion		Containership		2009		4,250
Navios Destiny		Containership		2009		4,250
Navios Lapis		Containership		2009		4,250
Navios Tempo		Containership		2009		4,250
Navios Miami		Containership		2009		4,563
Navios Dorado		Containership		2010		4,250
Zim Baltimore (ex. Navios Felicitas)		Containership		2010		4,360
Bahamas		Containership		2010		4,360
Zim Carmel (ex. Bermuda)		Containership		2010		4,360
Navios Unison		Containership		2010		10,000
Navios Constellation		Containership		2011		10,000
Fleur N		Containership		2012		2,782
Ete N		Containership		2012		2,782

(1)   Vessel agreed to be sold.

Owned Tanker Vessels		Type		Built		Capacity(DWT)
Nave Cosmos		Chemical Tanker		2010		25,130
Nave Polaris		Chemical Tanker		2011		25,145
Hector N		MR1 Product Tanker		2008		38,402
Perseus N		MR1 Product Tanker		2009		36,264
Star N		MR1 Product Tanker		2009		37,836
Nave Dorado		MR2 Product Tanker		2005		47,999
Nave Equinox		MR2 Product Tanker		2007		50,922
Nave Pulsar		MR2 Product Tanker		2007		50,922
Nave Orbit		MR2 Product Tanker		2009		50,470
Nave Equator		MR2 Product Tanker		2009		50,542
Nave Aquila		MR2 Product Tanker		2012		49,991
Nave Atria		MR2 Product Tanker		2012		49,992
Nave Capella		MR2 Product Tanker		2013		49,995
Nave Alderamin		MR2 Product Tanker		2013		49,998
Nave Bellatrix		MR2 Product Tanker		2013		49,999
Nave Orion		MR2 Product Tanker		2013		49,999
Nave Titan		MR2 Product Tanker		2013		49,999
Bougainville		MR2 Product Tanker		2013		50,626
Nave Pyxis		MR2 Product Tanker		2014		49,998
Nave Luminosity		MR2 Product Tanker		2014		49,999
Nave Jupiter		MR2 Product Tanker		2014		49,999
Nave Velocity		MR2 Product Tanker		2015		49,999
Nave Sextans		MR2 Product Tanker		2015		49,999
Nave Ariadne		LR1 Product Tanker		2007		74,671
Nave Cielo		LR1 Product Tanker		2007		74,671
Aurora N		LR1 Product Tanker		2008		63,495
Lumen N		LR1 Product Tanker		2008		63,599
Nave Andromeda		LR1 Product Tanker		2011		75,000
Nave Cetus		LR1 Product Tanker		2012		74,581
Nave Cassiopeia		LR1 Product Tanker		2012		74,711
Nave Estella		LR1 Product Tanker		2012		75,000
Nave Rigel		LR1 Product Tanker		2013		74,673
Nave Atropos		LR1 Product Tanker		2013		74,695
Nave Photon		VLCC		2008		297,395
Nave Galactic		VLCC		2009		297,168
Nave Spherical		VLCC		2009		297,188
Nave Constellation		VLCC		2010		296,988
Nave Quasar		VLCC		2010		297,376
Nave Synergy		VLCC		2010		299,973
Nave Universe		VLCC		2011		297,066
Nave Buena Suerte		VLCC		2011		297,491

Bareboat Charter-in vessels		Type		Built		Capacity(DWT)		Purchase Option
Navios Libra		Panamax		2019		82,011		Yes
Navios Star		Panamax		2021		81,994		Yes
Navios Amitie		Panamax		2021		82,002		Yes
Baghdad		VLCC		2020		313,433		Yes
Nave Electron		VLCC		2021		313,239		Yes
Erbil		VLCC		2021		313,486		Yes
Nave Celeste		VLCC		2022		313,418		Yes

Bareboat Charter-in vessels to be delivered		Type		Delivery date		Capacity(DWT)		Purchase Option
TBN I		Capesize		H2 2022		180,000		Yes
TBN II		Capesize		H2 2022		180,000		Yes
TBN III		Capesize		H2 2022		180,000		Yes
TBN VI		Capesize		H1 2023		180,000		Yes
TBN IV		Capesize		H1 2023		180,000		Yes

Owned to be delivered		Type		Delivery Date		CapacityDWT / (TEU)
TBN V		Panamax		H1 2023		81,000
TBN VII		Containership		H2 2023		5,300
TBN VIII		Containership		H2 2023		5,300
TBN XIII		Containership		H2 2023		5,300
TBN IX		Containership		H1 2024		5,300
TBN X		Containership		H1 2024		5,300
TBN XIV		Containership		H1 2024		5,300
TBN XI		Containership		H2 2024		5,300
TBN XII		Containership		H2 2024		5,300
TBN XV		Containership		H2 2024		5,300
TBN XVI		Containership		H2 2024		5,300
TBN XXII		Containership		H2 2024		7,700
TBN XXI		Containership		H2 2024		7,700
TBN XVII		Aframax/LR2		H1 2024		115,000
TBN XVIII		Aframax/LR2		H2 2024		115,000
TBN XIX		Aframax/LR2		H2 2024		115,000
TBN XX		Aframax/LR2		H1 2025		115,000

36-Vessel Drybulk Fleet Acquired

Owned Vessels		Type		Year Built		CapacityDWT
Navios Ulysses		Ultra Handymax		2007		55,728
Navios Celestial		Ultra Handymax		2009		58,063
Navios Vega		Ultra Handymax		2009		58,792
Navios Taurus		Panamax		2005		76,596
Navios Asteriks		Panamax		2005		76,801
N Amalthia		Panamax		2006		75,318
Navios Galileo		Panamax		2006		76,596
N Bonanza		Panamax		2006		76,596
Rainbow N		Panamax		2011		79,642
Jupiter N		Post-Panamax		2011		93,062
Navios Sky		Kamsarmax		2015		82,056
Navios Herakles I		Kamsarmax		2019		82,036
Navios Uranus		Kamsarmax		2019		81,516
Navios Galaxy II		Kamsarmax		2020		81,789
Navios Felicity I		Kamsarmax		2020		81,946
Navios Magellan II		Kamsarmax		2020		82,037
Navios Stellar		Capesize		2009		169,001
Navios Happiness		Capesize		2009		180,022
Navios Phoenix		Capesize		2009		180,242
Navios Lumen		Capesize		2009		180,661
Navios Antares		Capesize		2010		169,059
Navios Etoile		Capesize		2010		179,234
Navios Bonheur		Capesize		2010		179,259
Navios Altamira		Capesize		2011		179,165
Navios Canary		Capesize		2015		180,528
Navios Corali		Capesize		2015		181,249

Chartered-in Fleet with purchase options		Type		Year Built		Capacity(DWT)		Purchase Option
Navios Lyra		Handysize		2012		34,718		Yes
Navios Venus		Ultra Handymax		2015		61,339		Yes
Navios Amber		Kamsarmax		2015		80,994		Yes
Navios Coral		Kamsarmax		2016		84,904		Yes
Navios Citrine		Kamsarmax		2017		81,626		Yes
Navios Dolphin		Kamsarmax		2017		81,630		Yes
Navios Gemini		Kamsarmax		2018		81,704		No(1)
Navios Horizon I		Kamsarmax		2019		81,692		No(1)
Navios Felix		Capesize		2016		181,221		Yes
Navios Obeliks		Capesize		2012		181,415		Yes

(1)   Purchase option in the form of the right of first refusal and profit share on sale of vessel.

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.

EBITDA represents net income before interest and finance costs, depreciation and amortization (including intangible accelerated amortization) and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase/(decrease) in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs and discount; (v) equity in net earnings of affiliated companies; (vi) non-cash amortization of deferred revenue and straight line; (vii) stock-based compensation; (viii) amortization of operating lease assets/ liabilities; (ix) gain/(loss) on sale of assets and (x) bargain gain. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Basic Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.

EXHIBIT 4

Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

		Three MonthPeriod EndedJune 30, 2022				Three MonthPeriod EndedJune 30, 2021				Six Month PeriodEndedJune 30, 2022					Six Month PeriodEndedJune 30, 2021
		($ ‘000)(unaudited)				($ ‘000)(unaudited)				($ ‘000)(unaudited)					($ ‘000)(unaudited)
Net cash provided by operating activities		$	142,010			$	61,072				$	147,163				$	77,249
Net increase in operating assets			34,561				13,125					88,517					30,100
Net (increase)/ decrease in operating liabilities			(8,033	)			8,967					51,980					5,249
Net interest cost			14,500				6,590					27,725					12,319
Amortization and write-off of deferred finance costs and discount			(1,353	)			(278	)				(2,677	)				(1,568	)
Amortization of operating lease assets/ liabilities			211				39					422					61
Non-cash amortization of deferred revenue and straight line			(18,378	)			1,025					(23,452	)				1,418
Stock-based compensation			(40	)			(116	)				(82	)				(234	)
Loss on sale of vessels			—				—					—					(511	)
Bargain gain			—				—					—					44,053
Equity in net earnings of affiliate companies			—				—					—					80,839
EBITDA		$	163,478			$	90,424				$	289,596				$	248,975
Equity in net earnings of affiliated companies			—				—					—					(80,839	)
Bargain gain			—				—					—					(44,053	)
Adjusted EBITDA		$	163,478			$	90,424				$	289,596				$	124,083

		Three Month Period EndedJune 30, 2022				Three Month Period EndedJune 30, 2021				Six Month Period EndedJune 30, 2022				Six Month Period EndedJune 30, 2021
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net cash provided by operating activities		$	142,010			$	61,072			$	147,163			$	77,249
Net cash used in investing activities		$	(40,191	)		$	(139,176	)		$	(61,860	)		$	(133,538	)
Net cash (used in) / provided by financing activities		$	(35,391	)		$	259,577			$	(80,125	)		$	258,414