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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
Dated:
November 15, 2010
Commission File No. 001-33811
NAVIOS MARITIME PARTNERS L.P.
85 Akti Miaouli Street, Piraeus, Greece 185 38
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Yes o No þ
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Yes o No þ
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes o No þ
On
November 15, 2010, Navios Maritime Partners L.P. (Navios Partners) issued a press release announcing it has purchased from Navios Maritime Holdings Inc. (Navios Holdings) two
capesize vessels for total consideration of $177.0 million. The
purchase price is being financed with a new tranche of $50.0 million under an existing credit facility, $112.0 million of cash and the issuance to Navios Holdings of 788,370 common
units of Navios Partners. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.
The information contained in this Report is hereby incorporated by reference into the Registration Statements on Form F-3,
File Nos. 333-157000 and 333-170284.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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NAVIOS MARITIME PARTNERS L.P. |
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By: |
/s/ Angeliki Frangou |
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Angeliki Frangou |
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Chief Executive Officer
Date: November 15, 2010 |
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EXHIBIT INDEX
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Exhibit No. |
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Exhibit |
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99.1
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Press Release dated November 15, 2010 |
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exv99w1
Exhibit 99.1
Navios Maritime Partners L.P.
Purchases
Two Capesize Vessels
PIRAEUS, GREECE November 15, 2010 Navios Maritime Partners L.P. (Navios Partners) (NYSE:
NMM), an owner and operator of dry cargo vessels, announced today that it has purchased from Navios
Maritime Holdings Inc. (Navios Holdings) (NYSE:NM) the Navios Melodia, a 2010 South-Korean-built
Capesize vessel of 179,132 dwt, and the Navios Fulvia, a 2010 South Korean-built Capesize vessel of
179,263 dwt, for a total of $177.0 million.
Navios Melodia
The vessel is chartered out at $29,356 (net) per day until September 2022 with 50/50 profit sharing
which commences when the Baltic Exchange Capesize TC Average exceeds $37,500. The Navios Melodia is
expected to generate annual base EBITDA of approximately $8.4 million and aggregate base EBITDA of
approximately $100.9 million over the life of the charter contract.
Navios Fulvia
The vessel is chartered out at $50,588 (net) per day until October 2015. The Navios Fulvia is
expected to generate annual EBITDA of approximately $16.3 million and aggregate EBITDA of
approximately $81.4 million over the life of the charter contract.
Both charter contracts are insured by an AA+ rated European Union governmental agency.
Financing
The acquisition of the two vessels will be financed with:
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A new tranche of $50.0 million under the existing credit facility |
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$112.0 million of cash from balance sheet |
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Issuance of 788,370 common units of Navios Partners |
Angeliki Frangou, Chairman and CEO of Navios Partners commented, The acquisition of the two
vessels increases the average charter out period on our fleet to 4.8 years and reduces the average
age of the vessels to 4.8 years. We anticipate our newly enlarged fleet of 16 vessels will further
develop our ability to maintain and increase distributions to unitholders over time.
About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM), 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 intended distributions, 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.
Investor Relations Contact:
Navios Maritime Partners L.P.
Nicolas Bornozis
Capital Link, Inc.
Tel. (212) 661-7566
E-mail:naviospartners@capitallink.com