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Ms. Frangou continued, "The recent strength in dry bulk shipping rates appears to reflect underlying economic activity. We see this through congestion at major Australian and Brazilian ports, increased Chinese thermal coal imports due to Chinese electricity demand, increased Chinese iron ore imports and a recovering Japan. However, we remain cautious as global growth appears to be threatened by the unresolved European financial crisis." RECENT DEVELOPMENTS Amendment to Management Agreement Navios Partners extended the duration of its existing Management Agreement with Navios Shipmanagement Inc. (the "Manager"), a subsidiary of Navios Maritime Holdings Inc. ("Navios Holdings"), until December 31, 2017 and fixed the rate for shipmanagement services of its owned fleet through December 31, 2013. The new management fees are: (a) $4,650 daily rate per Ultra-Handymax vessel; (b) $4,550 daily rate per Panamax vessel; and (c) $5,650 daily rate per Capesize vessel. Amendment to Administrative Services Agreement Navios Partners extended the duration of its existing Administrative Services Agreement with the Manager pursuant to the same terms, until December 31, 2017. Cash Distribution The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2011 of $0.44 per unit. The distribution is payable on November 11, 2011 to holders of record on November 8, 2011. 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 four years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 100.0% of available days for 2011, 92.0% for 2012 and 73.7% for 2013, generating revenues of approximately $188.7 million, $188.8 million and $158.5 million, respectively. The average contractual daily charter-out rate for the fleet is $29,950, $31,146 and $32,732 for 2011, 2012 and 2013, respectively. The average daily charter-in rate for the active long-term charter-in vessels is $13,513 for 2011. Navios Partners' charter-out contracts are insured for credit default 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 and nine months ended September 30, 2011 and 2010. The quarterly and nine month 2011 and 2010 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings per Common Unit and Operating Surplus are non-US GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results. Full report at: www.navios-mlp.com 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 Navios Maritime Partners L.P. press release |
