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Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: “We are pleased with the results of the fourth quarter and full year 2011. We declared a distribution of $0.44 per unit for the fourth quarter, representing an annualized distribution of $1.76 and a current yield of almost 11%.” Ms. Frangou continued, “We built a vibrant MLP, with a strong group of assets generating healthy cash flow. During this past year, we reinforced our operating stability by locking in technical and commercial management services for an additional five years and making accretive acquisitions. We have increased our distributions in the aggregate by 25.7% since our IPO in 2007 and look forward to further growing our cash flows and distributions.” RECENT DEVELOPMENTS Cash Distribution The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2011 of $0.44 per unit. The cash distribution is payable on February 14, 2012 to unitholders of record on February 9, 2012. Navios Apollon Charter Party Navios Partners has entered into a new charter with a subsidiary of Navios Maritime Holdings Inc. for the Navios Apollon. The term of this charter is approximately two years commencing upon completion of the current charter, at a daily rate of $12,500 net per day for the first year and $13,500 net per day for the second year, plus 50/50 profit sharing based on actual earnings. 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 approximately four years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 96.6% of its available days for 2012, 79.3% for 2013 and 45.0% for 2014, generating revenues of approximately $192.6 million, $159.3 million and $99.7 million, respectively. The average contractual daily charter-out rate for the fleet is $30,270, $30,597 and $33,744 for 2012, 2013 and 2014, respectively. The average daily charter-in rate for the active long-term charter-in vessels is $13,513 for 2012. Navios Partners’ charter-out contracts are insured for credit default by an AA rated European Union governmental agency. Full report at: www.navios-mlp.com Navios Maritime Partners L.P. press release |
