0001193125-21-102245 | 20-F | XBRL Viewer | Navios Maritime Partners LP

Description of business

NOTE 1 – DESCRIPTION OF BUSINESS

Description of business

Navios Maritime Partners L.P. (“Navios Partners” or the “Company”), is an international owner and operator of dry cargo vessels, formed on August 7, 2007 under the laws of the Republic of the Marshall Islands. Navios GP L.L.C., a wholly owned subsidiary of Navios Maritime Holdings Inc. (“Navios Holdings”), was also formed on that date to act as the general partner of Navios Partners. Currently, the Company’s general partner is Olympos Maritime Ltd. (the “General Partner”) and holds a 2.1% general partner interest in Navios Partners.

Navios Partners is engaged in the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to longer-term charters. The operations of Navios Partners are managed by Navios Shipmanagement Inc., (the “Manager”), from its offices in Piraeus, Greece, Singapore and Monaco.

Pursuant to the initial public offering (“IPO”) on November 16, 2007, Navios Partners entered into the following agreements:

(a) a management agreement with the Manager (the “Management Agreement”), pursuant to which the Manager provides Navios Partners commercial and technical management services;

(b) an administrative services agreement with the Manager (the “Administrative Services Agreement”), pursuant to which the Manager provides Navios Partners administrative services; and

(c) an omnibus agreement with Navios Holdings (the “Omnibus Agreement”), governing, among other things, when Navios Partners and Navios Holdings may compete against each other as well as rights of first offer on certain drybulk carriers.

In August 2019, Navios Holdings announced that it sold certain assets, including its ship management division and the general partnership interest in Navios Partners to N Shipmanagement Acquisition Corp. and related entities, affiliated with the Company’s Chairman and Chief Executive Officer.

As of December 31, 2020, there were 11,345,187 outstanding common units and 237,822 general partnership units. As of December 31, 2020, Navios Holdings owned an 18.2% common unit interest in Navios Partners and the General Partner owned a 2.1% general partner interest in Navios Partners.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of Significant Accounting Policies

(a) Basis of presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

As of December 31, 2020, Navios Partners’ current assets totaled $60,780, while current liabilities totaled $253,252, resulting in a negative working capital position of $192,472, primarily related to balloon payments totaling $131,547 due under its credit facilities in the second and third quarters of 2021 (see Note 10 — Borrowings). During the first quarter of 2021, Navios Partners sold four vessels for approximately $32,692. Part of the proceeds where used to settle respective upcoming balloon payments due in June 2021.

In addition, Navios Partners is currently in advanced discussions with a commercial bank for a new credit facility of up to $115,000 for the refinancing of its existing facility maturing in August 2021. The new facility is expected to mature in the second quarter of 2025 and bears interest at LIBOR plus 3% per annum. This transaction is expected to close in the second quarter of 2021, however it cannot be certain that a definitive agreement will be executed or that the refinancing will be consummated in whole or in part. The Company’s vessels have an aggregate fair value significantly in excess of the outstanding debt which supports Managements’ expectations that it is probable that the Company will be able to repay the above balloon payments either through refinancing with existing or new commercial banks and other financial institutions or sale of the vessels. Furthermore, the Company has a history of successfully refinancing its existing debt requirements and sourcing new funding. Navios Partners’ cash forecast indicates that it will generate sufficient cash to make the required principal and interest payments on its indebtedness (excluding the balloon payments), provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.

Reverse Stock Split:

On April 25, 2019, the Company's unitholders approved a 1-for-15 reverse stock split of the Company's outstanding common and general partner units, which was effected on May 21, 2019. The effect of the reverse stock split was to combine each 15 shares of outstanding units into one new share, with no change in authorized shares or per value per share, and to reduce the number of common units outstanding from approximately 164.7 million units to approximately 11.0 million units. 983 common units were issued in connection with the reverse stock split. All issued and outstanding common units contained in the financial statements, in accordance with Staff Accounting Bulletin Topic 4C, have been retroactively adjusted to reflect the reverse split for all periods presented.

(b) Principles of consolidation: The accompanying consolidated financial statements include Navios Partners' wholly owned subsidiaries incorporated under the laws of Marshall Islands, Malta, and Liberia from their dates of incorporation or, for chartered-in vessels, from the dates charter-in agreements were in effect. All significant inter-company balances and transactions have been eliminated in Navios Partners' consolidated financial statements.

Navios Partners also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if it determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, (ii) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Subsidiaries: Subsidiaries are those entities in which Navios Partners has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of the entity.

The accompanying consolidated financial statements include the following entities:

Statements of Operations

Company name Vessel name Country of incorporation 2020 2019 2018

Libra Shipping Enterprises Corporation⁽¹⁾ Navios Libra II Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Alegria Shipping Corporation Navios Alegria Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Felicity Shipping Corporation⁽²⁾ Navios Felicity Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Gemini Shipping Corporation⁽³⁾ Navios Gemini S Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Galaxy Shipping Corporation⁽⁴⁾ Navios Galaxy I Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Aurora Shipping Enterprises Ltd. Navios Hope Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Palermo Shipping S.A.⁽⁵⁾ Navios Apollon Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Fantastiks Shipping Corporation⁽¹³⁾ Navios Fantastiks Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Sagittarius Shipping Corporation⁽¹³⁾ Navios Sagittarius Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Hyperion Enterprises Inc. Navios Hyperion Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Chilali Corp. Navios Aurora II Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Surf Maritime Co. Navios Pollux Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Pandora Marine Inc. Navios Melodia Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Customized Development S.A. Navios Fulvia Liberia 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Kohylia Shipmanagement S.A. Navios Luz Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Orbiter Shipping Corp. Navios Orbiter Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Floral Marine Ltd. Navios Buena Ventura Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Golem Navigation Limited⁽¹⁶⁾ Navios Soleil Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Kymata Shipping Co. Navios Helios Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Joy Shipping Corporation Navios Joy Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Perigiali Navigation Limited⁽¹³⁾ Navios Beaufiks Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Finian Navigation Co. ⁽¹³⁾ Navios Ace Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Ammos Shipping Corp. Navios Prosperity I Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Wave Shipping Corp. Navios Libertas Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Casual Shipholding Co. ⁽¹³⁾ Navios Sol Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Avery Shipping Company Navios Symphony Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Coasters Ventures Ltd. Navios Christine B Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Ianthe Maritime S.A. Navios Aster Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Fairy Shipping Corporation⁽⁶⁾ YM Utmost Marshall Is. — —    1/01 – 7/02

Limestone Shipping Corporation⁽⁶⁾ YM Unity Marshall Is. — —    1/01 – 7/02

Dune Shipping Corp.⁽⁷⁾ MSC Cristina Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Citrine Shipping Corporation — Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Cavalli Navigation Inc. — Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Seymour Trading Limited Navios Altair I Marshall Is. 1/01 – 12/31 1/01 – 12/31 6/07 – 12/31

Goldie Services Company Navios Symmetry Marshall Is. 1/01 – 12/31 1/01 – 12/31 5/21 – 12/31

Andromeda Shiptrade Limited Navios Apollon I Marshall Is. 1/01 – 12/31 1/01 – 12/31 5/09 – 12/31

Esmeralda Shipping Corporation Navios Sphera Marshall Is. 1/01 – 12/31 1/01 – 12/31 8/31 – 12/31

Triangle Shipping Corporation Navios Mars Marshall Is. 1/01 – 12/31 1/01 – 12/31 8/31 – 12/31

Oceanus Shipping Corporation⁽⁸⁾ Castor N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Cronus Shipping Corporation⁽⁸⁾ Protostar N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Leto Shipping Corporation⁽⁸⁾ Esperanza N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Dionysus Shipping Corporation⁽⁸⁾ Harmony N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Prometheus Shipping Corporation⁽⁸⁾ Solar N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Camelia Shipping Inc.⁽⁹⁾ Navios Camelia Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Anthos Shipping Inc.⁽⁹⁾ Navios Anthos Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Azalea Shipping Inc.⁽⁹⁾ Navios Azalea Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Amaryllis Shipping Inc.⁽⁹⁾ Navios Amaryllis Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Zaffre Shipping Corporation⁽¹⁴⁾ Serenitas N Marshall Is. 6/29 – 12/31 — —

Wenge Shipping Corporation⁽¹⁴⁾ Joie N Marshall Is. 6/29 – 12/31 — —

Sunstone Shipping Corporation⁽¹⁴⁾ Copernicus N Marshall Is. 6/29 – 12/31 — —

Fandango Shipping Corporation⁽¹⁴⁾ Unity N Marshall Is. 6/29 – 12/31 — —

Flavescent Shipping Corporation⁽¹⁴⁾ Odysseus N Marshall Is. 6/29 – 12/31 — —

Emery Shipping Corporation⁽¹⁵⁾ Navios Gem Marshall Is. 9/30 – 12/31 — —

Rondine Management Inc. ⁽¹⁵⁾ Navios Victory Marshall Is. 9/30 – 12/31 — —

Bareboat Chartered-in vessels

Cavos Navigation Co.⁽¹⁰⁾ Navios Libra Marshall Is. 1/01 – 12/31 1/01 – 12/31   1/01 – 12/31

Perivoia Shipmanagement Co.⁽¹¹⁾ Navios TBN1 Marshall Is. 1/01 – 12/31 9/25 – 12/31 —

Pleione Management Limited⁽¹¹⁾ Navios TBN2 Marshall Is. 1/01 – 12/31 9/25 – 12/31 —

Other

Prosperity Shipping Corporation — Marshall Is. — — —

Aldebaran Shipping Corporation — Marshall Is. — — —

JTC Shipping and Trading Ltd.⁽¹²⁾ Holding Company Malta 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Maritime Partners L.P. N/A Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Maritime Operating LLC. N/A Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Partners Finance (US) Inc. Co-Borrower Delaware 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

(1) The vessel was sold on December 14, 2018 (see Note 6 – Vessels, net).

(2) The vessel was sold on December 4, 2018 (see Note 6 – Vessels, net).

(3) The vessel was sold on December 21, 2017.

(4) The vessel was sold on April 23, 2019 (see Note 6 – Vessels, net).

(5) The vessel was sold on April 21, 2017.

(6) The vessels were sold on July 2, 2018 (see Note 6 – Vessels, net).

(7) The vessel was sold on January 12, 2017.

(8) The vessels were acquired on December 13, 2019, following the liquidation of Navios Europe I (see Note 6 – Vessels, net).

(9) The vessels were acquired on December 16, 2019 (see Note 6 – Vessels, net).

(10) The vessel was delivered on July 24, 2019 (see Note 22 – Leases).

(11) The vessels are expected to be delivered by the first half of 2021 (see Note 15 – Commitments and Contingencies).

(12) Not a vessel-owning subsidiary and only holds right to charter-in contracts.

(13) Vessels under a sale and leaseback transaction (see Note 22 – Leases).

(14) The vessels were acquired on June 29, 2020, following the liquidation of Navios Europe II (see Note 6– Vessels, net).

(15) The vessels were acquired on September 30, 2020, from Navios Holdings (see Note 6 – Vessels, net).

(16) The vessel was sold on December 10, 2020 (see Note 6 – Vessels, net).

Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.

Affiliates included in the financial statements accounted for under the equity method: In the consolidated financial statements of Navios Partners, the following entities are included as affiliates and are accounted for under the equity method for such periods: (i) Navios Containers and its subsidiaries with an ownership interest 35.7% as of December 31, 2020; (ii) Navios Europe I and its subsidiaries with an ownership interest of 5% through the date of its liquidation on December 13, 2019; and (iii) Navios Europe II and its subsidiaries with an ownership interest of 5% through the date of its liquidation on June 29, 2020 (See Note 17 — Transactions with related parties and affiliates and Note 19 – Investment in affiliates).

Navios Partners evaluates its investment in Navios Containers for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to: (i) the length of time and the extent to which the fair value has been less than the carrying value; (ii) the financial condition and near-term prospects of Navios Containers; and (iii) the intent and ability of the Company to retain its investment in Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value (see Note 19 — Investment in affiliates).

(c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible assets and scrap value expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivable, provisions for legal disputes, and contingencies and the valuation estimates inherent in the deconsolidation gain. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. As of December 31, 2020, the impact of the COVID-19 pandemic continues to unfold and may continue to affect the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne dry bulk and container trade and dry bulk and containership charter rates, the extent of which will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, its estimates may change in future periods.

(d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.

(e) Restricted Cash: Restricted cash, at each of December 31, 2020 and December 31, 2019, included $6,152 and $7,048, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Partners' credit facilities. Also, as of December 31, 2020, restricted cash included $5,273 as cash collateral to the NIBC Credit Facility, due to the release of the Navios Soleil.

(f) Accounts Receivable, Net: Accounts receivable includes receivables from charterers for hire, freight and demurrage billings. On January 1, 2020, the Company adopted Accounting Standards Update 2016-13, “Financial Instruments - Credit Losses” (“ASC 326”). At each balance sheet date, the Company maintains an allowance for credit losses for expected uncollectible accounts receivable. The amount shown as accounts receivable, net at each balance sheet date is net of an allowance for credit losses. . Navios Partners has filed claims for lost revenues in connection with the 2016 filing by Hanjin for rehabilitation, which was later followed by entry into liquidation in 2017. In October 2020, the bankruptcy court ruled against one of the two claims filed by the Company. The Company has fully provided for these amounts in its books. The allowance for credit losses as of December 31, 2020 and 2019 was $2,990 and $1,495, respectively.

(g) Inventories: Inventories, which are comprised of: (i) bunkers (when applicable) on board of the vessels, valued at cost as determined on the first-in, first-out basis; and (ii) lubricants and stock provisions on board of the vessels as of the balance sheet date, valued at cost as determined on the first-in, first-out basis.

(h) Vessels, Net: Vessels are stated at historical cost, which consists of the contract price and any material expenses incurred upon acquisition (improvements and delivery expenses). Vessels acquired in an asset acquisition or in a business combination are recorded at fair value. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying Consolidated Statements of Operations.

Expenditures for routine maintenance and repairs are expensed as incurred.

Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the residual values of the Company’s drybulk and containerships based on a scrap value cost of steel times the weight of the ship noted in lightweight ton (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. The management after considering current market trends for scrap rates and 10-year average historical scrap rates of the residual values of the Company's vessels, estimates scrap value at a rate of $340 per LWT.

Management estimates the useful life of the Company’s vessels to be 25 and 30 years from the drybulk and containership's original construction, respectively. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge.

(i) Assets Held for Sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the vessel (disposal group); the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale as of December 31, 2020 and 2019.

(j) Impairment of Long Lived Assets: Vessels, other fixed assets and other long lived assets held and used by Navios Partners are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Partners' management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is based on the fair value of the asset. Navios Partners determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment, are reviewed such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel and the related carrying value of the intangible assets with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group.

During the fourth quarter of fiscal year 2020, the Company concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Partners' long-lived assets may exist. These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the Company’s future operations. As a result, an impairment assessment of long-lived assets (step one) was performed.

The Company determined the undiscounted projected net operating cash flows for each vessel and compared it to the vessels' carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets, if applicable. The significant factors and assumptions the Company used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (Navios Partners' remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates for the first year and ten-year average historical one-year time charter rates for the remaining period), over the remaining economic life of each vessel, net of brokerage and address commissions, and excluding days of scheduled off-hires, management fees as determined by the Management Agreement in effect until December 2024 and thereafter assuming an increase of 3.0% every second year and utilization rate of 98.6% based on the fleet's historical performance.

Where the undiscounted projected net operating cash flows do not exceed the carrying value of an asset group, management proceeded to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations from independent ship brokers performed on an individual vessel basis. The significant factors and assumptions used by management in determining fair value of vessels included those in developing the projected net operating cash flows over the remaining economic life of each vessel and the discount rate.

As of December 31, 2020, the Company’s assessment concluded that step two of the impairment analysis was required for certain of its vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $50,991 for four of its vessels, being the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs related to the vessels, presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations (see Note 6 — Vessels, net).

As of December 31, 2019, the Company’s assessment concluded that step two of the impairment analysis was required for certain of its vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $29,335 for one vessel, being the difference between the fair value and the vessel's carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel, presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations (see Note 6 — Vessels, net).

As of December 31, 2018, the Company’s assessment concluded that step two of the impairment analysis was not required for its vessels held and used, as the undiscounted projected net operating cash flows exceeded the carrying value.

As of June 30, 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its containerships. These indicators included volatility in the charter market and market values for containerships. As a result, the Company performed step one of the impairment assessment of its containerships by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. As of June 30, 2020, the Company’s assessment concluded that step two of the impairment analysis was required for three containerships held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $6,800 for these vessels, being the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs related to the vessels, presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations.

During the years ended December 31, 2020, 2019 and 2018, an impairment loss of $13,786, $7,345 and $44,344, respectively, was also recognized in connection with the committed sales of the Navios Soleil in December 2020, the Esperanza N in January 2021, the Castor N in February 2021, the Navios Galaxy in April 2019, the YM Unity and the YM Utmost in July 2018, the Navios Felicity and the Navios Libra II in December 2018, as the carrying amount of each asset group was not recoverable and exceeded its fair value less costs to sell (see Note 6 — Vessels, net).

The total impairment loss recognized amounted to $71,577, $36,680 and $44,344 for the years ended December 31, 2020, 2019 and 2018, respectively, and was presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations.

(k) Deferred Drydock and Special Survey Costs: Navios Partners' vessels are subject to regularly scheduled drydocking and special surveys which are generally carried out every 30 or 60 months, depending on the vessels' ages to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The cost of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined.

Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For the years ended December 31, 2020, 2019 and 2018, the amortization expense was $10,337, $6,916 and $6,180, respectively.

(l) Deferred Finance Costs: Deferred finance costs include fees, commissions and legal expenses associated with obtaining or modifying credit facilities. Deferred finance costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related facility using the effective interest rate method, and are presented under the caption “Interest expense and finance cost, net”. Amortization and write-off of deferred finance costs, including amortization of debt discount, for each of the years ended December 31, 2020, 2019 and 2018 were $2,141, $10,916 and $7,258, respectively.

(m) Intangible Assets and Liabilities: Navios Partners' intangible assets and liabilities consist of favorable lease terms and unfavorable lease terms. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires Navios Partners to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of its vessels and its weighted average cost-of capital (“WACC”). The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on Navios Partners' financial position and results of operations.

The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included under the caption “Depreciation and amortization” in the Consolidated Statements of Operations.

The amortizable value of favorable leases would be considered impaired if its carrying value could not be recovered from the future undiscounted cash flows associated with the asset. Management, after considering various indicators, performed an impairment test which included intangible assets as described in paragraph (j) above. As of December 31, 2020, 2019 and 2018 there was no impairment of intangible assets.

(n) Foreign Currency Translation: Navios Partners' functional and reporting currency is the U.S. Dollar. Navios Partners engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, Navios Partners' wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Statements of Operations. The foreign currency gains/ (losses) recognized in the accompanying Consolidated Statements of Operations under the caption “Other income” or “Other expense”, for each of the years ended December 31, 2020, 2019 and 2018 were not material for any of these periods.

(o) Provisions: Navios Partners, in the ordinary course of its business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisors, will provide for a contingent loss in the financial statements if the contingency had been incurred as of the balance sheet date and the likelihood of loss was probable and the amount of the loss can be reasonably estimated. If Navios Partners has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, Navios Partners will accrue the lower amount of the range.

Navios Partners, through the management agreement, participates in Protection and Indemnity (P&I) insurance coverage plans provided by mutual insurance societies known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs.

(p) Segment Reporting: Navios Partners reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. Navios Partners does not use discrete financial information to evaluate operating results for each type of charter or vessel type. Management does not identify expenses, profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus Navios Partners has determined that it operates under one reportable segment (see Note 13 – Segment information).

(q) Revenue and Expense Recognition: On January 1, 2018, the Company adopted the provisions of ASC 606 “Revenue from Contracts with Customers” using the modified retrospective approach. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company's contract revenues from time chartering and pooling arrangements are governed by ASU 2016-02 (ASC 842) “Leases”. Upon adoption of ASC 606 and ASC 842, the timing and recognition of earnings from the pool arrangements and time charter contracts to which the Company is party did not change from previous practice. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease components will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. As a result of the adoption of these standards, there was no effect on the Company's retained earnings, as at January 1, 2018.

Revenue from time chartering

Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average lease revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Revenue from time chartering of vessels amounted to $218,809, $204,920 and $215,877 for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue from voyage contracts

The Company's revenues earned under voyage contracts (revenues for the transportation of cargo) were previously recognized ratably over the estimated relative transit time of each voyage. A voyage was deemed to commence when a vessel was available for loading and was deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. Upon adoption of ASC 606, the Company recognizes revenue ratably from port of loading to when the charterer's cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract. During 2017, no freight voyage existed and therefore, there was no impact on the Company's retained earnings as at January 1, 2018. Revenue from voyage contracts amounted to $3,754, $9,416 and $9,660 for the years ended December 31, 2020, 2019 and 2018, respectively.

Pooling arrangements

For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for as variable rate operating leases on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. The Company recognizes net pool revenue on a monthly and quarterly basis, when the vessel has participated in a pool during the period and the amount of pool revenue can be estimated reliably based on the pool report. Revenue from vessels operating in pooling arrangements amounted to $4,208, $5,043 and $5,817 for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue from profit-sharing

Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement or when such revenue becomes determinable. Profit sharing revenue for the years ended December 31, 2020, 2019 and 2018 amounted to 0, 0 and $7, respectively.

Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.

Deferred Revenue and Cash Received in Advance: Deferred revenue primarily relates to cash received from charterers prior to it being earned and the compensation received for the future reduction in the daily hire rates payable by Hyundai Merchant Marine Co. (“HMM”). These amounts are recognized as revenue over the voyage or charter period.

Time Charter and Voyage Expenses: Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter and voyage expenses are provisions for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. Time charter expenses are expensed over the period of the time charter and voyage expenses are recognized as incurred.

Direct Vessel Expenses: Direct vessel expenses comprise the amortization related to drydocking and special survey costs of certain vessels of Navios Partners' fleet.

Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period.

Vessel operating expenses (management fees): Pursuant to the amended Management Agreement, in each of October 2013, August 2014, February 2015, February 2016 and November 2017, the Manager, provided commercial and technical management services to Navios Partners' vessels for a daily fee (excluding drydocking expenses, which were reimbursed at cost by Navios Partners) of: (a) $4.23 daily rate per Ultra-Handymax vessel; (b) $4.33 daily rate per Panamax vessel; (c) $5.25 daily rate per Capesize vessel; (d) $6.70 daily rate per Containership of TEU 6,800; (e) $7.40 daily rate per Containership of more than TEU 8,000 and (f) $8.75 daily rate per very large Containership of more than TEU 13,000 through December 2019. These fixed daily fees cover the vessels' operating expenses, other than certain extraordinary fees and costs.

In August 2019, Navios Partners extended the duration of its Management Agreement with the Manager until January 1, 2025. In addition, management fees are fixed for two years commencing from January 1, 2020 at: (a) $4.35 daily per Ultra-Handymax Vessel; (b) $4.45 daily per Panamax Vessel; (c) $5.41 daily per Capesize Vessel; and (d) $6.90 daily per 6,800 TEU Containership. The agreement also provides for a technical and commercial management fee of $0.05 per day per vessel and an annual increase of 3% after January 1, 2022 unless agreed otherwise.

Following the liquidation of Navios Europe I, Navios Partners acquired three Sub-Panamax and two Panamax Containerships. As per the Management Agreement, as amended in December 2019, management fees are fixed for two years commencing from January 1, 2020 at $6.1 daily per SubPanamax/Panamax Containership. The agreement also provides for a technical and commercial management fee of $0.05 per day per vessel and an annual increase of 3% after January 1, 2022 for the remaining period unless agreed otherwise.

Drydocking expenses are reimbursed at cost for all vessels.

For the years ended December 31, 2020 and 2019 certain extraordinary fees and costs related to regulatory requirements, including ballast water treatment system installation and exhaust gas cleaning system installation under Company's management agreement, amounted to $3,366 and $16,313, respectively, and are presented under the caption “Acquisition of/ additions to vessels and favorable lease terms, net of cash acquired” in the Consolidated Statements of Cash Flows.

Total vessel operating expenses for each of the years ended December 31, 2020, 2019 and 2018 amounted to $93,732, $68,188 and $68,871, respectively.

General and Administrative Expenses: Pursuant to the Administrative Services Agreement dated November 16, 2007, the Manager also provides administrative services to Navios Partners, which include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other. The Manager is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Navios Partners extended the duration of its existing Administrative Services Agreement with the Manager pursuant to the same terms, until December 31, 2022. In August 2019, Navios Partners extended the duration of its existing administrative services agreement with the Manager until January 1, 2025, which provide for allocable general and administrative costs.

Total general and administrative expenses charged by the Manager for each of the years ended December 31, 2020, 2019 and 2018 amounted to $13,708, $10,406 and $9,344, respectively.

(r) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities long-term debt and financial liabilities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.

Financial Risk Management: Navios Partners' activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices, credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations.

Credit risk: Navios Partners closely monitors its credit exposure to customers and counter-parties for credit risk. Navios Partners has entered into the management agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Partners. When negotiating on behalf of Navios Partners' various vessel employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.

Financial instruments that potentially subject Navios Partners to concentrations of credit risk are accounts receivable and cash and cash equivalents. Navios Partners does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows.

For the year ended December 31, 2020 HMM, Singapore Marine and Cargill represented approximately 23.4%, 19.5% and 11.4%, respectively, of the Company’s total revenues. For the year ended December 31, 2019 HMM, Swissmarine and Cargill represented approximately 25.9%, 12.3% and 10.9%, respectively, of the Company’s total revenues. For the year ended December 31, 2018, HMM represented approximately 24.5% of total revenues. No other customers accounted for 10% or more of total revenues for any of the years presented.

Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Navios Partners monitors cash balances appropriately to meet working capital needs.

Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statements of Operations.

(s) Cash Distribution: As per the Partnership Agreement, within 45 days following the end of each quarter, to the extent and as may be declared by the Board, an amount equal to 100% of Available Cash with respect to such quarter shall be distributed to the partners as of the record date selected by the Board of Directors.

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 the 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 U.S. GAAP 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.

Cash distributions are recorded in the Company's financial statements in the period in which they are declared. Navios Partners paid $7,872, $13,550 and $10,261 to its unitholders of common and general partner units during the years ended December 31, 2020, 2019 and 2018, respectively.

Maintenance and Replacement 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, and expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by the capital assets. To the extent, however, that capital expenditures associated with acquiring a new vessel increase the revenues or the operating capacity of the Company’s fleet, those capital expenditures would be classified as expansion capital expenditures. As of December 31, 2020, 2019 and 2018, maintenance and replacement capital expenditures reserve approved by the Board of Directors was $36,455, $29,039 and $26,787, respectively.

(t) Stock-based compensation: In February 2019, December 2019 and December 2018, Navios Partners granted restricted common units to its directors and officers, which are based solely on service conditions and vest over four years each, respectively. The fair value of restricted common units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. The effect of compensation expense arising from the restricted common units described above amounted to $946, $2,018 and $2,450 for the years ended December 31, 2020, 2019 and 2018, respectively, and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations. There were no restricted common units exercised, forfeited or expired during the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, 285,763 restricted common units were vested, cumulatively.

(u) Income Taxes: The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. Under the laws of Marshall Islands, Malta and Liberia, the countries of the vessel-owning subsidiaries' incorporation and vessels' registration, the vessel-owning subsidiaries are subject to registration and tonnage taxes which have been included in vessel operating expenses in the accompanying Consolidated Statements of Operations.

(v) (Loss)/Earnings Per Unit: Basic (losses)/earnings per unit is computed by dividing net (loss)/income attributable to Navios Partners common unitholders by the weighted average number of common units outstanding during the periods presented. Diluted earnings per unit reflect the potential dilution that would occur if securities or other contracts to issue common units were exercised or converted. Diluted earnings per unit is calculated in the same manner as basic earnings per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units.

(w) Guarantees: An asset for the fair value of a right undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition of the asset, financial statement disclosures of their terms are made.

On November 15, 2012 (as amended and supplemented in March 2014, December 2017 and July 2019), Navios Holdings and Navios Partners entered into an agreement (the “Navios Holdings Guarantee”) by which Navios Holdings would provide supplemental credit default insurance with a maximum cash payment of $20,000. In October 2020, Navios Holdings paid an amount of $5,000 to Navios Partners. As of December 31, 2020 and 2019, the outstanding claim receivable amounted to $5,000 and $10,000, respectively. The final settlement of the amount from Navios Holdings will take place at specific date, in accordance with a signed letter of agreement between the parties. The guarantee claim receivable is presented under the caption “Amounts due from related parties-short term” in the Consolidated Balance Sheets as of December 31, 2020.

(x) Leases: Vessel leases where Navios Partners is regarded as the lessor are classified as either operating leases or sales type/ direct financing leases, based on an assessment of the terms of the lease.

For charters classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. For charters classified as operating leases where Navios Partners is regarded as the lessor,(see Note 2(q) — Summary of Significant Accounting Policies).

In cases of lease agreements where the Company acts as the lessee, the Company recognizes a right-of-use asset and a corresponding lease liability on the consolidated balance sheet. For finance leases, interest expense is determined using the effective interest method and amortization on the right-of-use asset is recognized on a straight line basis over the lease term. For charters classified as operating leases, lease expense is recognized on a straight line basis over the rental periods of such charter agreements, by adding interest expense to the amortization of the right-of-use asset. The expense is included in the caption “Time charter and voyage expenses” in the consolidated statement of Operations.

In cases of sale and leaseback transactions, if the transfer of the asset to the lessor does not qualify as a sale, then the transaction constitutes a failed sale and leaseback and is accounted for as a financing transaction. For a sale to have occurred, the control of the asset would need to be transferred to the buyer, and the buyer would need to obtain substantially all the benefits from the use of the asset.

Operating lease assets used by Navios Partners are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is based on the fair value of the asset. Navios Partners determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest. If step two of the impairment analysis is required, the analysis includes the use of the discounted cash flow which comprises various assumptions, including the Company’s WACC.

During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Partners’ operating lease assets might exist. These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the Company’s future operations As a result, an impairment assessment of operating lease assets (step one) was performed.

The Company determined undiscounted projected net operating cash flows for each chartered-in vessel and compared it to operating lease asset’s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat chartered-in vessels), management fees for vessel operating expenses in accordance with the terms of management agreement (assuming an annual increase of 3.0% every second year for the bareboat chartered-in vessels).

As of December 31, 2020 and 2019, the Company’s impairment assessments indicated that the undiscounted projected net operating cash flows determined for each asset group exceeded their carrying value. The impairment assessments performed as of December 31, 2020 and 2019 did not result in impairment charges.

(y) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements.

(z) Recent Accounting Pronouncements:

In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance, intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s consolidated financial statements as a result of adopting this standard update. Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications.

In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-17, Consolidation (Topic 810): “Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities the amendments were effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption was permitted. The Company has adopted this standard update as of January 1, 2020. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.

In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 was effective for fiscal years beginning after December 15, 2019, and earlier adoption was permitted. The Company has adopted this standard update as of January 1, 2020. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.

In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This ASU amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In addition, these amendments require the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. The Company has adopted this standard update as of January 1, 2020. This new guidance did not have a material impact on the Company’s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard.

The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Cash and cash equivalents

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and cash equivalents

NOTE 3 – CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of the following:

		December 31, 2020		December 31, 2019
Cash and cash equivalents	$	19,303	$	23,354
Restricted cash		11,425		7,048
Total cash and cash equivalents and restricted cash	$	30,728	$	30,402

Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months.

Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Partners does maintain cash deposits and equivalents in excess of government-provided insurance limits. Navios Partners also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions.

Accounts receivable, net

12 Months Ended

Dec. 31, 2020

Accounts Receivable Net

Accounts receivable, net

NOTE 4 – ACCOUNTS RECEIVABLE, NET

Accounts receivable, net

Accounts receivable consisted of the following:

		December 31, 2020		December 31, 2019
Accounts receivable	$	19,959	$	12,786
Less: Provision for credit losses		(2,990)		(1,495)
Accounts receivable, net	$	16,969	$	11,291

Charges to provisions for doubtful accounts are summarized as follows:

Allowance for credit losses		Balance at beginning of period		Charges to costs and expenses		Amount utilized		Balance at end of period
Year ended December 31, 2020	$	(1,495)	$	(1,495)	$	—	$	(2,990)
Year ended December 31, 2019	$	(1,495)	$	—	$	—	$	(1,495)
Year ended December 31, 2018	$	(1,495)	$	—	$	—	$	(1,495)

Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables. For the year ended December 31, 2020, three customers accounted for 23.4%, 19.5% and 11.4%, respectively, of the Company’s total revenues. For the year ended December 31, 2019, three customers accounted for 25.9%, 12.3% and 10.9%, respectively, of the Company’s total revenues and for the year ended December 31, 2018, one customer accounted for 24.5% of the Company's revenue.

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other current assets

NOTE 5 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

		December 31, 2020		December 31, 2019
Prepaid voyage costs	$	284	$	338
Inventories		6,267		6,281
Claims receivable		633		2,939
Other		899		905
Total prepaid expenses and other current assets	$	8,083	$	10,463

Inventories, which are comprised of bunkers, lubricants and stores remaining on board as of December 31, 2020, are valued at cost as determined on the first-in, first-out basis.

Claims receivable mainly represent claims against vessels' insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts.

Vessels, net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Vessels, net

NOTE 6 – VESSELS, NET

Vessels, net

Vessels, net

Vessels		Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2017	$	1,420,078	$	(321,063)	$	1,099,015
Additions		115,902		(54,585)		61,317
Disposals		(76,264)		—		(76,264)
Vessels impairment loss		(99,485)		58,667		(40,818)
Balance December 31, 2018	$	1,360,231	$	(316,981)	$	1,043,250
Additions		113,391		(52,088)		61,303
Disposals		(5,696)		81		(5,615)
Vessels impairment loss		(97,170)		60,490		(36,680)
Balance December 31, 2019	$	1,370,756	$	(308,498)	$	1,062,258
Additions		110,416		(54,884)		55,532
Disposals		(5,233)		158		(5,075)
Vessels impairment loss		(161,199)		89,622		(71,577)
Balance December 31, 2020	$	1,314,740	$	(273,602)	$	1,041,138

During the years ended December 31, 2020 and 2019, certain extraordinary fees and costs related to vessels' regulatory requirements, including ballast water treatment system installation and exhaust gas cleaning system installation, amounted to $3,366 and $16,313, respectively (see Note 17 — Transactions with related parties and affiliates).

Acquisition of Vessels

2020

On September 30, 2020, Navios Partners acquired the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt and the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, from its affiliate, Navios Holdings, for a purchase price of $51,000 (see Note 17 — Transactions with related parties and affiliates).

On June 29, 2020, Navios Partners acquired five drybulk vessels, three Panamax and two Ultra-Handymax, for a fair value of $56,050 in total, following the liquidation of Navios Europe II (see Note 17 — Transactions with related parties and affiliates).

2019

On December 16, 2019, Navios Partners acquired four drybulk vessels, from an entity affiliated with the Company's Chairman and CEO, for a fair value of $40,379, in total, through bank financing of $37,000 (see Note 17 — Transactions with related parties and affiliates).

On December 13, 2019, Navios Partners acquired three Sub-Panamax and two Panamax Containerships for a fair value of $56,083, in total, following the liquidation of Navios Europe I (see Note 17 — Transactions with related parties and affiliates).

2018

On August 31, 2018, Navios Partners acquired from its affiliate, Navios Holdings, the Navios Sphera, a 2016-built Panamax vessel of 84,872 dwt and the Navios Mars, a 2016-built Capesize vessel of 181,259 dwt, for an acquisition cost $79,000, in total.

On June 7, 2018, Navios Partners acquired from an unrelated third party the Navios Altair I, a 2006-built Panamax vessel of 74,475 dwt, for an acquisition cost of $11,842.

On May 21, 2018, Navios Partners acquired from an unrelated third party the Navios Symmetry, a 2006-built Panamax vessel of 74,381 dwt, for an acquisition cost of $11,811.

On May 9, 2018, Navios Partners acquired from an unrelated third party the Navios Apollon I, a 2005-built Panamax vessel of 87,052 dwt, for an acquisition cost of $13,446.

Sale of Vessels

2020

On December 10, 2020, Navios Partners sold the Navios Soleil to an unrelated third party for a net sale price of $8,183. The aggregate net carrying amount of the vessel, including the remaining carrying balance of dry dock and special survey cost of $3,108, amounted to $18,163 as at the date of sale. Following the impairment loss of $9,980, recognized as of December 31, 2020, no loss on sale occurred upon the sale of the vessel.

2019

On April 23, 2019, Navios Partners sold the Navios Galaxy I to an unrelated third party, for a net sale price of $5,978. Following the impairment loss of $7,345 recognized as of March 31, 2019, no loss on sale occurred upon the sale of the vessel.

2018

On December 14, 2018, Navios Partners sold the Navios Libra II to an unrelated third party, for a net sale price of $4,559. The aggregate net carrying amount of the vessel, including the remaining carrying balance of dry dock and special survey cost of $657, amounted to $5,784 as at the date of sale.

On December 4, 2018, Navios Partners sold the Navios Felicity to an unrelated third party, for a net sale price of $4,705. The aggregate net carrying amount of the vessels, including the remaining carrying balance of dry dock and special survey cost of $818, amounted to $10,016 as at the date of sale. The loss on sale of the vessel was $53.

On July 2, 2018, Navios Partners sold the YM Unity and the YM Utmost to its affiliate, Navios Containers, for a total sale price of $67,000. The aggregate net carrying amount of the vessels, including the remaining carrying balance of dry dock and special survey costs of $2,104, amounted to $104,860 as at the date of sale.

Vessels impairment loss

2020

In November 2020, Navios Partners entered into a Memorandum of Agreement with an unrelated third party for the sale of the Castor N for a net sale price of $8,869. The vessel was subject to an existing time charter with an unrelated charterer and was not immediately available for sale and therefore, did not qualify as an asset held for sale as of December 31, 2020. As of December 31, 2020, the Company had a current expectation that the vessel would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment loss of $2,026 has been recognized under the caption “Vessels impairment loss” in the Consolidated Statements of Operations as of December 31, 2020.

In October 2020, Navios Partners entered into a Memorandum of Agreement with an unrelated third party for the sale of the Esperanza N for a net sale price of $4,559. The vessel was subject to an existing time charter with an unrelated charterer and was not immediately available for sale and therefore, did not qualify as an asset held for sale as of December 31, 2020. As of September 30, 2020, the Company had a current expectation that the vessel would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment loss of $1,780 has been recognized under the caption “Vessels impairment loss” in the Consolidated Statements of Operations as of December 31, 2020. The vessel was sold on January 13, 2021.

2019

On March 21, 2019, Navios Partners entered into a Memorandum of Agreement with an unrelated third party for the sale of the Navios Galaxy I for a net sale price of $5,978. The vessel was subject to an existing time charter with an unrelated charterer and was not immediately available for sale and therefore, did not qualify as an asset held for sale as of March 31, 2019. As of March 31, 2019, the Company had a current expectation that the vessel would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment loss of $7,345 has been recognized under the caption “Vessels impairment loss” in the Consolidated Statements of Operations as of December 31, 2019. The vessel was sold on April 23, 2019.

2018

On October 25, 2018, Navios Partners entered into a Memorandum of Agreement with an unrelated third party for the sale of the Navios Libra II for a net sale price of $4,559. The Company had a current expectation that the vessel would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment loss of $1,226 was recognized under the caption “Vessels impairment loss” in the Consolidated Statements of Operations as of December 31, 2018. The vessel was sold on December 14, 2018.

On October 2, 2018, Navios Partners entered into a Memorandum of Agreement with an unrelated third party for the sale of the Navios Felicity for a net sale price of $4,705. The vessel was subject to an existing time charter with an unrelated charterer and was not immediately available for sale and therefore, did not qualify as an asset held for sale as of September 30, 2018. As of September 30, 2018, the Company had a current expectation that the vessel would be sold before the end of its previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment loss of $5,258 has been recognized under the caption “Vessels impairment loss” in the Consolidated Statements of Operations as of December 31, 2018. The vessel was sold on December 4, 2018.

On April 27, 2018, Navios Partners agreed to sell the YM Unity and the YM Utmost to its affiliate, Navios Containers, for a total sale price of $67,000. As of June 30, 2018, the vessels had been classified as held for sale as the relevant criteria for the classification were met and, therefore, they were presented in the Consolidated Balance Sheets at their fair value totaling $67,000. An impairment loss of $37,860 for the vessels held for sale was presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations as of December 31, 2018. The vessels were sold on July 2, 2018, and proceeds from the sale were used to partially repay an amount of $20,200 of the DVB Credit Facility (see Note 10 — Borrowings).

Intangible assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

NOTE 7 – INTANGIBLE ASSETS

Intangible assets

Intangible assets as of December 31, 2020, December 31, 2019 and December 31, 2018 consisted of the following:

Intangible assets

		Cost		Accumulated Amortization		Net Book Value

Favorable lease terms December 31, 2017	$	83,716		(75,636)		8,080
Additions		—		(3,748)		(3,748)
Favorable lease terms December 31, 2018	$	83,716	$	(79,384)	$	4,332
Additions		—		(1,166)		(1,166)
Favorable lease terms December 31, 2019	$	83,716	$	(80,550)	$	3,166
Additions		—		(1,166)		(1,166)
Favorable lease terms December 31, 2020	$	83,716	$	(81,716)	$	2,000

Amortization expense of favorable lease terms for each of the years ended December 31, 2020, 2019 and 2018 is presented in the following table:

Amortization of Favorable Lease Terms

		Year Ended
		December 31, 2020		December 31, 2019		December 31, 2018
Favorable lease terms	$	(1,166)	$	(1,166)	$	(3,748)
Total	$	(1,166)	$	(1,166)	$	(3,748)

The aggregate amortization of the intangibles for the years ended December 31, 2021 and 2022 is estimated to be as follows:

Year		Amount
2021	$	1,166
2022		834
Total	$	2,000

Intangible assets subject to amortization are amortized using straight line method over their estimated useful lives to their estimated residual value of zero. The weighted average useful lives are 11.8 years for the remaining favorable lease terms, at inception.

Accounts payable

12 Months Ended

Dec. 31, 2020

Accounts Payable

Accounts payable

NOTE 8 – ACCOUNTS PAYABLE

Accounts payable as of December 31, 2020 and 2019 consisted of the following:

Accounts payable

		December 31, 2020		December 31, 2019
Creditors	$	2,684	$	4,578
Brokers		2,786		2,328
Professional and legal fees		829		1,567
Total accounts payable	$	6,299	$	8,473

Accrued expenses

12 Months Ended

Dec. 31, 2020

Accrued Expenses

Accrued expenses

NOTE 9 – ACCRUED EXPENSES

Accrued expenses as of December 31, 2020 and 2019 consisted of the following:

Accrued expenses

		December 31, 2020		December 31, 2019
Accrued voyage expenses	$	1,436	$	51
Accrued loan interest		1,738		3,285
Accrued legal and professional fees		1,607		2,651
Total accrued expenses	$	4,781	$	5,987

As of December 31, 2020 and December 31, 2019 the amount of $630 and $720, respectively, was included in accrued legal and professional fees that was authorized and approved by the Compensation Committee of Navios Partners in December 2020 and 2019 to the directors and officers of the Company, subject to fulfillment of certain service conditions that were provided and completed as of December 31, 2020, and as of December 31, 2019, respectively. The total amount of $4,970, $4,645 and $3,985 was recorded in general and administrative expenses in the statements of operations for the years ended December 31, 2020, 2019 and 2018, respectively, comprised of compensation authorized to the directors and officers of the Company.

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

NOTE 10 – BORROWINGS

Borrowings

Borrowings as of December 31, 2020 and December 31, 2019 consisted of the following:

Borrowings

		December 31, 2020		December 31, 2019
Credit facilities	$	427,287	$	404,280
Financial liabilities		63,882		90,086
Total borrowings	$	491,169	$	494,366
Less: Current portion of long-term borrowings, net		(201,835)		(59,780)
Less: Deferred finance costs, net		(4,312)		(5,338)
Long-term borrowings, net	$	285,022	$	429,248

As of December 31, 2020, the total borrowings, net of deferred finance costs under the Navios Partners' credit facilities were $486,857.

Term Loan B Facility: In June 2013, Navios Partners completed the issuance of the $250,000 Term Loan B Facility. On October 31, 2013 and November 1, 2013, Navios Partners completed the issuance of an $189,500 add-on to its existing Term Loan B Facility.

On March 14, 2017, Navios Partners completed the issuance of a new $405,000 Term Loan B Facility. The new Term Loan B Facility bore an interest rate of LIBOR plus 500 bps, it was set to mature on September 14, 2020 and was repayable in equal quarterly installments of 1.25% of the initial principal amount. Navios Partners used the net proceeds of the Term Loan B Facility to: (i) refinance the existing Term Loan B Facility; and (ii) pay fees and expenses related to the Term Loan B. On August 10, 2017, Navios Partners completed the issuance of a $53,000 add-on to its existing Term Loan B Facility. The add-on to the Term Loan B Facility bore the same terms as the Term Loan B Facility. Navios Partners used the net proceeds to partially finance the acquisition of three vessels.

During the year ended December 31, 2018, four drybulk vessels were released from security of the Term Loan B Facility and in exchange, five drybulk vessels and $2,000 in cash substituted the released vessels, as collateral to the Term Loan B Facility. In April and May 2019, Navios Partners prepaid $73,478 and released five vessels from the collateral package of the Term Loan B Facility. In August 2019, Navios Partners prepaid $85,500 and released five vessels from the collateral package of the Term Loan B Facility. On October 10, 2019, Navios Partners fully prepaid the Term Loan B Credit Facility's outstanding balance of $253.8 million initially repayable on September 14, 2020. Following these prepayments, an amount of $1,973 and $4,101 was written off from the deferred fees and discount presented under the caption “Interest expense and finance costs” in the Consolidated Statement of Operations.

BNP Credit Facility: On June 26, 2017, Navios Partners entered into a new credit facility with BNP PARIBAS (the “BNP Credit Facility”) of up to $32,000 (divided into two tranches) in order to partially finance the acquisition of the Navios Ace and the Navios Sol. On June 28, 2017, the first tranche of BNP Credit Facility of $17,000 was drawn. On July 18, 2017, the second tranche of BNP Credit Facility of $15,000 was drawn. On December 13, 2018, Navios Partners repaid the outstanding balance of the first tranche in the amount of $15,070. Following this repayment, an amount of $117 was written-off from the deferred finance fees. On April 9, 2019, Navios Partners amended the existing BNP Credit Facility, in order to refinance two vessels and replace the existing collateral under the BNP Credit Facility. As of December 31, 2020, the outstanding balance of the BNP Credit Facility was $8,515 and is repayable in three equal consecutive quarterly installments of $569 each, with a final balloon payment of $6,808 to be repaid on the last repayment date. The facility matures in the third quarter of 2021 and bears interest at LIBOR plus 300 bps per annum.

DVB Credit Facilities: On June 28, 2017, Navios Partners entered into a new credit facility with DVB Bank S.E. (the "DVB $39m Credit Facility") of up to $39,000 (divided into four tranches) in order to refinance the Commerzbank/DVB Credit Facility dated July 2012 and an additional amount of $7,000 to partially finance the acquisition of the Navios Prosperity I. The amounts of $7,000 and $32,000 were drawn on June 30, 2017 and November 3, 2017, respectively. On July 2, 2018, Navios Partners repaid the outstanding balance of the three tranches in the amount of $20,200. Following this repayment, an amount of $209 was written-off from the deferred finance fees. On April 15, 2019, Navios Partners fully repaid the outstanding balance of $12,250. Following this repayment, an amount of $94 was written-off from the deferred finance fees.

On July 31, 2018, Navios Partners entered into a new credit facility with DVB Bank S.E. (the “DVB $44m Credit Facility”) of up to $44,000 (divided into two tranches) in order to finance the acquisition of the Navios Sphera and the Navios Mars. The amounts of $17,500 and $26,500 were drawn on August 30, 2018. As of December 31, 2020, the total outstanding balance of the DVB $44m Credit Facility was $36,823 and is repayable in 11 equal consecutive quarterly installments of $798 each, with a final balloon payment of $28,050 to be repaid on the last repayment date. The facility matures in the third quarter of 2023 and bears interest at LIBOR plus 290 bps per annum.

On February 12, 2019, Navios Partners entered into a new credit facility with DVB Bank S.E. (the “DVB $66m Credit Facility”) of up to $66,000 (divided into four tranches) in order to refinance the DVB Credit Facility dated June 28, 2017 and three Capesize vessels previously included in the Term Loan B collateral package. On April 15, 2019, Navios Partners drew the two tranches of $15,675 each. On October 10, 2019, Navios Partners drew the two additional tranches of $14,820 each. As of December 31, 2020, the total outstanding balance of the four tranches of the DVB $66m Credit Facility was $49,797 and is repayable in two quarterly installments of $2,243 each and 12 quarterly installments of $1,859 each, with a final balloon payment of $23,001, to be repaid on the last repayment date. The facility matures in the first quarter of 2024 and bears interest at LIBOR plus 260 bps per annum.

Nordea/Skandinaviska Enskilda/NIBC Credit Facility: On March 26, 2018, Navios Partners entered into a new credit facility with Nordea Bank AB, Skandinaviska Enskilda BanKen AB and NIBC Bank N.V. (the “Nordea Credit Facility”) of up to $14,300 (divided into two tranches) in order to partially finance the acquisition of the Navios Symmetry and the Navios Altair I. On May 18, 2018, the first tranche of the Nordea Credit Facility of $7,150 was drawn. On June 1, 2018 the second tranche of the March 2018 Credit Facility of $7,150 was drawn. On December 13, 2018, Navios Partners repaid the outstanding balance of the second tranche in the amount of $6,554. Following this repayment, an amount of $95 was written-off from the deferred finance fees. As of December 31, 2020, the outstanding balance of the Nordea Credit Facility was $4,170 and is repayable in ten equal consecutive quarterly installments of $298 each, with a final balloon payment of $1,190 to be repaid on the last repayment date. The facility matures in the second quarter of 2023 and bears interest at LIBOR plus 300 bps per annum.

NIBC Credit Facility: On December 28, 2018, Navios Partners entered into a new credit facility with NIBC Bank N.V. (the “NIBC Credit Facility”) of up to $28,500 (divided into three tranches) in order to refinance three Ultra-Handymax vessels, previously included in the Term Loan B collateral package. On May 8, 2019, the first tranche of the NIBC Credit Facility of $11,915 was drawn. On October 10, 2019, the two remaining tranches of the NIBC Credit Facility of $13,475 in total were drawn. As of December 31, 2020, the outstanding balance of the NIBC Credit Facility was $21,878 and is repayable in 12 consecutive quarterly installments of $751 each, with a final balloon payment of $12,862 to be repaid on the last repayment date. The facility matures in the fourth quarter of 2023 and bears interest at LIBOR plus 275 bps per annum. As of December 31, 2020, one Ultra-Handymax vessel was released from security of the NIBC Credit Facility and in exchange, $5,273 in cash substituted the released vessel, as collateral to the NIBC Credit Facility.

DNB Credit Facility: On April 5, 2019, Navios Partners entered into a new credit facility with DNB Bank ASA (the “DNB Credit Facility”) of up to $40,000 (divided into two tranches) in order to refinance two Capesize vessels, previously included in the Term Loan B collateral package. On October 10, 2019, the two tranches of the DNB Credit Facility of $34,350 were drawn. As of December 31, 2020, the outstanding balance of the DNB Credit Facility was $30,530 and is repayable in 14 consecutive quarterly installments of $955 each, with a final balloon payment of $17,160 to be repaid on the last repayment date. The facility matures in the second quarter of 2024 and bears interest at LIBOR plus 275 bps per annum.

CACIB Credit Facilities: On July 4, 2019, Navios Partners entered into a new credit facility with Credit Agricole Corporate and Investment Bank (“CACIB”), (the “CACIB $52.8m Credit Facility”) of up to $52,800 (divided into four tranches) in order to refinance three Capesize vessels and one Panamax vessel, previously included in the Term Loan B collateral package. In August 2019, the three tranches of the CACIB Credit Facility of $36,516, in total were drawn. In October 2019, the fourth tranche of the CACIB Credit Facility of $16,284 was drawn. As of December 31, 2020, the total outstanding balance of the CACIB $52.8m Credit Facility was $43,350 and is repayable in nine consecutive six-month installments of $3,150, with a final balloon payment of $15,000 to be repaid on the last repayment date. The facility matures in the second quarter of 2025 and bears interest at LIBOR plus 275 bps per annum.

On September 28, 2020, the Company entered into a new credit facility with Credit Agricole Corporate and Investment Bank (“CACIB”), (the “CACIB $33.0m Credit Facility”) of up to $33,000 in order to finance the acquisition of the two drybulk vessels acquired from Navios Maritime Holdings. As of December 31, 2020, the total outstanding balance of the CACIB $33.0m Credit Facility was $32,150 and is repayable in 19 consecutive quarterly installments of $850 with a final balloon payment of $16,000 to be repaid on the last repayment date. The facility matures in the third quarter of 2025 and bears interest at LIBOR plus 325 bps per annum up to maturity date.

HCOB Credit Facility: On September 26, 2019, Navios Partners entered into a new credit facility with Hamburg Commercial Bank AG (the “HCOB Credit Facility”) of up to $140,000 in order to refinance eight drybulk vessels and five Containerships, previously included in the Term Loan B collateral package. On October 10, 2019, the amount of $140,000 of HCOB Credit Facility was drawn. As of December 31, 2020, the outstanding balance of the HCOB Credit Facility was $118,500 and is repayable in four consecutive quarterly installments of $5,375 each, with a final balloon payment of $97,000 to be repaid on the last repayment date. The facility matures in the third quarter of 2021 and bears interest at LIBOR plus 320 bps per annum.

ABN Credit Facilities: On December 12, 2019, the Company entered into a new credit facility with ABN Amro Bank N.V. (the “ABN $23.5m Credit Facility”) of up to $23,500 in order to finance the acquisition of the five container vessels from Navios Europe I which had subsequently been refinanced from Hellenic Bank Public Company Limited in June 2020. On September 30, 2020, the Company entered into a second supplemental agreement with ABN Amro Bank N.V., to extend the terms of the then outstanding balance. As of December 31, 2020, the outstanding balance of the ABN $23.5m Credit Facility was $3,369 and is repayable in two consecutive quarterly installments of $173 with a final balloon payment of $3,024 to be repaid on the last repayment date. The facility matures in the second quarter of 2021 and bears interest at LIBOR plus 400 bps per annum up to February 28, 2021 and 600 bps per annum up to maturity date (see Note 23 — Subsequent Events).

On June 26, 2020, the Company entered into a new credit facility with ABN Amro Bank N.V. (the “ABN $32.2m Credit Facility”) of up to $32,200 in order to finance the acquisition of the five drybulk vessels acquired from Navios Europe II. As of December 31, 2020, the total outstanding balance of the ABN $32.2m Credit Facility was $27,095 and is repayable in two consecutive quarterly installments of $1,190, with a final balloon payment of $24,715 to be repaid on the last repayment date. The facility matures in the second quarter of 2021 and bears interest at LIBOR plus 400 bps per annum up to December 31, 2020 and 425 bps per annum up to maturity date.

DORY Credit Facility: On December 16, 2019, the Company entered into a credit facility with Dory Funding DAC (the “Dory Credit Facility”) of up to $37,000 in order to finance the acquisition of four drybulk vessels. As of December 31, 2020, the total outstanding balance of the Dory Credit Facility was $35,150 and is repayable in six consecutive quarterly installments of $925, with a final balloon payment of $29,600 to be repaid on the last repayment date. The facility matures in the third quarter of 2022 and bears interest at LIBOR plus 475 bps per annum for the first twelve-month period after the utilization date, 600 bps for the following twelve-month period and 700 bps for the period commencing 24 months after the utilization date through the termination date.

Hellenic Bank Credit Facility: On June 25, 2020, the Company entered into a new credit facility with Hellenic Bank Public Company Limited (the “Hellenic Credit Facility”) in order to partially refinance the ABN $23.5m Credit Facility, relating to four of the containerships acquired from Navios Europe I, of up to $17,000. As of December 31, 2020, the total outstanding balance was $15,960 and is repayable in two consecutive quarterly installments of $520 and ten consecutive quarterly installments of $660, with a final balloon payment of $8,320 to be repaid on the last repayment date. The facility matures in the fourth quarter of 2023 and bears interest at LIBOR plus 350 bps per annum (see Note 23 — Subsequent Events).

Amounts drawn under the credit facilities are secured by first preferred mortgages on certain Navios Partners' vessels and other collateral and are guaranteed by the respective vessel-owning subsidiaries. The credit facilities contain a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners' vessels; changing the commercial and technical management of Navios Partners' vessels; selling or changing the beneficial ownership or control of Navios Partners' vessels; not maintaining Navios Holdings' (or its affiliates) ownership in Navios Partners of at least 15.0%; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement.

The credit facilities require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 120% to 140%; (ii) minimum free consolidated liquidity in an amount equal to at least $0.5 million to $0.65 million per owned vessel; (iii) maintain a ratio of EBITDA to interest expense of at least 2.00:1.00; (iv) maintain a ratio of total liabilities or total debt to total assets (as defined in the Company’s credit facilities) ranging of less than 0.75; and (v) maintain a minimum net worth to $135,000.

It is an event of default under the credit facilities if such covenants are not complied with in accordance with the terms and subject to the prepayments or cure provisions of the facilities.

As of December 31, 2020, Navios Partners was in compliance with the financial covenants and/or the prepayments and/or the cure provisions, as applicable, in each of its credit facilities.

Financial Liabilities

In December 2018, the Company entered into two sale and leaseback agreements of $25,000 in total, with unrelated third parties for the Navios Fantastiks and the Navios Beaufiks. Navios Partners has a purchase obligation to acquire the vessels at the end of the lease term and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the sale and leaseback agreements as a financial liability. Navios Partners is obligated to make 69 and 60 consecutive monthly payments, respectively, of approximately $161 and $155 each, respectively, commencing as of December 2018. As of December 31, 2020, the outstanding balance under the sale and leaseback agreements of the Navios Fantastiks and the Navios Beaufiks was $20,790 in total. The agreements mature in the third quarter of 2024 and fourth quarter of 2023, respectively, with a purchase obligation of $6,300 per vessel on the last repayment date.

On April 5, 2019, the Company entered into a new sale and leaseback agreement of $20,000, with unrelated third parties for the Navios Sol, a 2009-built Capesize vessel of 180,274 dwt. Navios Partners has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transfer of the vessel was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. On April 11, 2019, the amount of $20,000 was drawn. Navios Partners is obligated to make 120 consecutive monthly payments of approximately $190 each, commencing as of April 2019. As of December 31, 2020, the outstanding balance under the sale and leaseback agreement of the Navios Sol was $18,056. The agreement matures in the second quarter of 2029, with a purchase obligation of $6,300 on the last repayment date.

On June 7, 2019, the Company entered into a new sale and leaseback agreement of $7,500, with unrelated third parties for the Navios Sagittarius, a 2006-built Panamax vessel of 75,756 dwt. Navios Partners has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transfer of the vessel was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. On June 28, 2019, the amount of $7,500 was drawn. Navios Partners is obligated to make 36 consecutive monthly payments of approximately $178 each, commencing as of June 2019. As of December 31, 2020, the outstanding balance under the sale and leaseback agreement of the Navios Sagittarius was $4,716. The agreement matures in the second quarter of 2022, with a purchase obligation of $2,000 on the last repayment date.

On July 2, 2019, the Company entered into a new sale and leaseback agreement of $22,000, with unrelated third parties for the Navios Ace, a 2011-built Capesize vessel of 179,016 dwt. Navios Partners has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transfer of the vessel was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. On July 24, 2019, the amount of $22,000 was drawn. Navios Partners is obligated to make 132 consecutive monthly payments of approximately $198 each, commencing as of July 2019. As of December 31, 2020, the outstanding balance under the sale and leaseback agreement of the Navios Ace was $20,320. The agreement matures in the third quarter of 2030, with a purchase obligation of $6,300 on the last repayment date.

The Financial Liabilities have no financial covenants.

The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Partners outstanding as of December 31, 2020, based on the repayment schedules of the respective credit facilities and financial liabilities (as described above).

Year		Amount
2021	$	203,593
2022		69,300
2023		88,008
2024		65,471
2025 and thereafter		64,797
Total	$	491,169

Fair value of financial instruments

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair value of financial instruments

NOTE 11 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value of financial instruments

The carrying value amounts of many of Navios Partners' financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and amounts due to related parties approximate their fair value due primarily to the short-term maturity of the related instruments.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and cash equivalents: The carrying amounts reported in the Consolidated Balance Sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments.

Restricted Cash: The carrying amounts reported in the Consolidated Balance Sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments.

Amounts due from related parties, short-term: The carrying amount of due from related parties, short-term reported in the Consolidated Balance Sheets approximates its fair value due to the short-term nature of these receivables.

Loans receivable from affiliates: The carrying amount of the fixed rate loan approximates its fair value.

Notes receivable, net of current portion: The carrying amount of the fixed rate notes receivable approximates its fair value.

Amounts due to related parties, short-term: The carrying amount of due to related parties, short-term reported in the Consolidated Balance Sheets approximates its fair value due to the short-term nature of these payables.

Long-term borrowings, net: The book value has been adjusted to reflect the net presentation of deferred finance costs. The outstanding balance of the floating rate loans continues to approximate its fair value, excluding the effect of any deferred finance costs.

The estimated fair values of the Navios Partners' financial instruments are as follows:

Fair value of financial instruments

December 31, 2020 December 31, 2019

Book Value Fair Value Book Value Fair Value

Cash and cash equivalents $ 19,303 $ 19,303 $ 23,354 $ 23,354

Restricted cash $ 11,425 $ 11,425 $ 7,048 $ 7,048

Amounts due from related parties, short-term $ 5,000 $ 5,000 $ 19,108 $ 19,108

Loans receivable from affiliates — — $ 16,192 $ 16,192

Amounts due from related parties, long-term — — $ 13,757 $ 13,757

Amounts due to related parties, short-term $ (35,979) $ (35,979) — —

Notes receivable, net of current portion $ 8,013 $ 8,013 $ 7,554 $ 7,554

Long-term borrowings, net $ (486,857) $ (491,169) $ (489,028) $ (494,366)

Fair Value Measurements

The estimated fair value of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:

Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III: Inputs that are unobservable. The Company did not use any Level III inputs as of December 31, 2020 and December 31, 2019.

Fair Value Measurements as at December 31, 2020

Total Level I Level II Level III

Cash and cash equivalents $ 19,303 $ 19,303 — —

Restricted cash $ 11,425 $ 11,425 — —

Amounts due from related parties, short-term $ 5,000 — $ 5,000 —

Notes receivable, net of current portion⁽²⁾ $ 8,013 — $ 8,013 —

Amounts due to related parties, short-term $ (35,979) — $ (35,979) —

Long-term borrowings, net ⁽¹⁾ $ (491,169) — $ (491,169) —

Fair Value Measurements as at December 31, 2019

Total Level I Level II Level III

Cash and cash equivalents $ 23,354 $ 23,354 — —

Restricted cash $ 7,048 $ 7,048 — —

Amounts due from related parties, short-term $ 19,108 — $ 19,108 —

Loans receivable from affiliates $ 16,192 — $ 16,192 —

Amounts due from related parties, long-term $ 13,757 — $ 13,757 —

Notes receivable, net of current portion⁽²⁾ $ 7,554 — $ 7,554 —

Long-term borrowings, net⁽¹⁾ $ (494,366) — $ (494,366) —

The following table sets forth the Company’s assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.

Fair Value Measurements as at December 31, 2020

Total Level I Level II Level III

Vessels, net $ 62,789 $ 13,428 $ 49,361 —

Fair Value Measurements as at December 31, 2019

Total Level I Level II Level III

Vessels, net $ 23,100 — $ 23,100 —

(1) The fair value of the Company's debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account its creditworthiness.

(2) The fair value is estimated based on currently available information on the Company's counterparty with similar contract terms, interest rate and remaining maturities.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Issuance of units

12 Months Ended

Dec. 31, 2020

Issuance Of Units

Issuance of units

NOTE 12 – ISSUANCE OF UNITS

Issuance of units

On November 18, 2016, Navios Partners entered into a Continuous Offering Program Sales Agreement for the issuance and sale from time to time through its agent common units having an aggregate offering price of up to $25,000. An amended Sales Agreement was entered into on August 3, 2020. As of December 31, 2020, since the commencement of the amended Sales Agreement, Navios Partners has issued 357,508 units and received net proceeds of $2,231. Pursuant to the issuance of the common units, Navios Partners issued 7,298 general partnership units to its general partner in order to maintain its 2.0% general partner interest. The net proceeds from the issuance of the general partnership units were $47.

On April 25, 2019, Navios Partners announced that its Board of Directors had approved 1-for-15 reverse stock split of its issued and outstanding shares of common units and general partner units. The reverse stock split was effective on May 21, 2019 and the common units commenced trading on such date on a split adjusted basis.

In January 2019, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $50,000 of the Company's common units over a two year period. 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 Navios Partners' discretion and without notice. The Board of Directors will review the program periodically. Repurchases are subject to restrictions under Navios Partners' credit facilities. As of December 31, 2020, Navios Partners had repurchased and cancelled 312,952 common units on a split adjusted basis, for a total cost of approximately $4,499.

In December 2019, Navios Partners authorized the granting of 4,000 restricted common units, which were issued on December 18, 2019, to its directors and officers, which are based solely on service conditions and vest over four years. The effect of compensation expense arising from the restricted common units described above amounted to $35 and $0 for the years ended December 31, 2020 and December 31, 2019, and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations. There were no restricted common units exercised, forfeited or expired during the year ended December 31, 2020.

In February 2019, Navios Partners authorized the granting of 25,396 restricted common units, which were issued on February 1, 2019, to its directors and officers, which are based solely on service conditions and vest over four years. The fair value of restricted common units was determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Navios Partners also issued 518 general partnership units to its general partner for net proceeds of $8. The effect of compensation expense arising from the restricted common units described above for the years ended December 31, 2020 and 2019, amounted to $116 and to $190 respectively, and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations.

In December 2018, Navios Partners authorized the granting of 97,633 restricted common units, which were issued on December 24, 2018, to its directors and officers, which are based solely on service conditions and vest over four years. Navios Partners also issued 1,993 general partnership units to its general partner for net proceeds of $27. The effect of compensation expense arising from the restricted common units described above amounted to $348, $669 and $20 for the years ended December 31, 2020, 2019 and 2018 respectively, and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations. There were no restricted common units exercised, forfeited or expired during each of the years ended December 31, 2020 and 2019.

In December 2017, Navios Partners authorized the granting of 91,336 restricted common units, which were issued on January 11, 2018, to its directors and officers, which are based solely on service conditions and vest over four years. The fair value of the restricted common units was determined by reference to the quoted common unit price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized when it is probable that the performance criteria will be met based on a graded expense model over the vesting period. Navios Partners also issued 1,864 general partnership units to its general partner for net proceeds of $64. The effect of compensation expense arising from the restricted common units described above amounted to $447, $833 and $1,600 for the years ended December 31, 2020, 2019 and 2018, respectively, and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations. There were no restricted common units exercised, forfeited or expired during each of the years ended December 31, 2020, 2019 and 2018.

The effect of compensation expense arising from the restricted common units granted in December 2016, amounted to $325 for the year ended December 31, 2019 and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations.

As of December 31, 2020, the estimated compensation cost relating to service conditions of non-vested restricted common units granted in 2017, 2018 and 2019 not yet recognized was $579.

Restricted common units outstanding and not vested were 92,699 units, on a split adjusted basis, as of December 31, 2020.

On February 21, 2018, Navios Partners completed a public offering of 1,228,133 on a split adjusted basis common units at $28.50 per unit and raised gross proceeds of approximately $35,002. The net proceeds of this offering, including the underwriting discount and the offering costs of $1,629 in total, were approximately $33,373. Pursuant to this offering, Navios Partners issued 25,064 general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $714.

As of December 31, 2020, Navios Holdings owned 18.2% common unit interest in Navios Partners and the General Partner owned 2.1% general partner interest in Navios Partners.

Segment information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment information

NOTE 13 – SEGMENT INFORMATION

Segment information

Navios Partners reports financial information and evaluates its operations by charter revenues. Navios Partners does not use discrete financial information to evaluate operating results for each type of charter or by sector. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus Navios Partners has determined that it operates under one reportable segment.

The following table sets out operating revenue by geographic region for Navios Partners' reportable segment. Revenue is allocated on the basis of the geographic region in which the customer is located. Drybulk and containerships operate worldwide. Revenues from specific geographic region, which contribute over 10% of total revenue, are disclosed separately.

Revenue by Geographic Region

Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries.

		Year Ended December 31, 2020		Year Ended December 31, 2019		Year Ended December 31, 2018
Asia	$	136,515	$	119,344	$	120,660
Europe		71,531		95,542		86,633
North America		18,576		3,118		17,862
Australia		149		1,375		6,206
Total	$	226,771	$	219,379	$	231,361

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Income taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income taxes

NOTE 14 – INCOME TAXES

Income taxes

Marshall Islands, Malta and Liberia do not impose a tax on international shipping income. Under the laws of Marshall Islands, Malta and Liberia, the countries of the vessel-owning subsidiaries' incorporation and vessels' registration, the vessel-owning subsidiaries are subject to registration and tonnage taxes, which have been included in vessel operating expenses in the accompanying Consolidated Statements of Operations.

In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state, which are calculated on the basis of the relevant vessel's tonnage. The payment of said duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel.

Pursuant to Section 883 of the Internal Revenue Code of the United States, U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company operating the ships meets certain incorporation and ownership requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country, which grants an equivalent exemption from income taxes to U.S. corporations. All the vessel-owning subsidiaries satisfy these initial criteria.

In addition, these companies must meet an ownership test. The management of Navios Partners believes that this ownership test was satisfied prior to the IPO by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company. Although not free from doubt, management also believes that the ownership test will be satisfied based on the trading volume and ownership of Navios Partners' units, but no assurance can be given that this will remain so in the future.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Commitments and Contingencies

Navios Partners is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where Navios Partners believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date the financial statements were prepared. Management believes the ultimate disposition of these matters will be immaterial individually and in the aggregate to Navios Partners' financial position, results of operations or liquidity.

In November 2017, Navios Partners agreed to charter-in, under a ten-year bareboat contract, from an unrelated third party, the Navios Libra, a newbuilding Panamax vessel of 82,011 dwt, delivered on July 24, 2019. Navios Partners had agreed to pay in total $5,540, representing a deposit for the option to acquire the vessel after the end of the fourth year, of which the first half amounted to $2,770 was paid during the year ended December 31, 2017 and the second half amounted to $2,770 was paid during the year ended December 31, 2018. As of December 31, 2020, the total amount of $6,650, including refundable upon vessel’s redelivery expenses, is presented under the caption “Other long-term assets” in the Consolidated Balance Sheets.

On October 18, 2019, Navios Partners agreed to charter-in two newbuilding Panamax vessels. Each vessel has approximately 81,000 dwt and is being bareboat chartered-in for ten years. Navios Partners has the option to acquire the vessels after the end of the fourth year for the remaining period of the bareboat charter. Navios Partners has agreed to pay in total $12,328, representing a deposit for the option to acquire the vessels after the end of the fourth year, of which $1,434 was paid during the year ended December 31, 2019, $10,034 was paid during the year ended December 31, 2020, and the remaining amount of $860 will be paid upon the delivery of the vessels. As of December 31, 2020, the total amount of $12,200, including expenses, is presented under the caption “Other long-term assets” in the Consolidated Balance Sheets. The vessels are expected to be delivered by the first half of 2021.

As of December 31, 2020, the Company's future minimum lease commitments under the Company's charter-in contracts, are as follows:

Year		Amount
2021	$	4,525
2022		6,629
2023		6,577
2024		6,496
2025		6,388
2026 and thereafter		30,184
Total	$	60,799

Future minimum contractual revenue

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Future minimum contractual revenue

NOTE 16 – FUTURE MINIMUM CONTRACTUAL REVENUE

Future minimum contractual revenue

The future minimum contractual lease income (charter-out rates are presented net of commissions and assume no off-hires days) as of December 31, 2020, is as follows:

Year		Amount
2021	$	115,671
2022		75,451
2023		55,123
2024		38,582
2025 and thereafter		151,734
Total	$	436,561

Transactions with related parties

12 Months Ended

Dec. 31, 2020

Transactions with related parties

NOTE 17 – TRANSACTIONS WITH RELATED PARTIES AND AFFILIATES

Transactions with related parties

Vessel operating expenses (management fees): Pursuant to the amended management agreement, in each of October 2013, August 2014, February 2015, February 2016 and November 2017 (the “Management Agreement”), the Manager, provided commercial and technical management services to Navios Partners’ vessels for a daily fee (excluding drydocking expenses, which were reimbursed at cost by Navios Partners) of: (a) $4.23 daily rate per Ultra-Handymax vessel; (b) $4.33 daily rate per Panamax vessel; (c) $5.25 daily rate per Capesize vessel; (d) $6.70 daily rate per Containership of TEU 6,800; (e) $7.40 daily rate per Containership of more than TEU 8,000 and (f) $8.75 daily rate per very large Containership of more than TEU 13,000 through December 2019. These fixed daily fees cover the vessels’ operating expenses, other than certain extraordinary fees and costs.

In August 2019, Navios Partners extended the duration of its Management Agreement with the Manager until January 1, 2025. In addition, management fees are fixed for two years commencing from January 1, 2020 at: (a) $4.35 daily per Ultra-Handymax Vessel; (b) $4.45 daily per Panamax Vessel; (c) $5.41 daily per Capesize Vessel; and (d) $6.90 daily per 6,800 TEU Containership. The agreement also provides for a technical and commercial management fee of $0.05 per day per vessel and an annual increase of 3% after January 1, 2022 unless agreed otherwise.

Following the liquidation of Navios Europe I, Navios Partners acquired three Sub-Panamax and two Panamax Containerships. As per the Management Agreement, as amended in December 2019, management fees are fixed for two years commencing from January 1, 2020 at $6.1 daily per Sub-Panamax/Panamax Containership. The agreement also provides for a technical and commercial management fee of $0.05 per day per vessel and an annual increase of 3% after January 1, 2022 for the remaining period unless agreed otherwise.

Drydocking expenses are reimbursed at cost for all vessels.

During the years ended December 31, 2020 and 2019 certain extraordinary fees and costs related to regulatory requirements, including ballast water treatment system installation and exhaust gas cleaning system installation under Company's Management Agreement, amounted to $3,366 and $16,313, respectively, and are presented under the caption “Acquisition of/ additions to vessels and favorable lease terms, net of cash acquired” in the Consolidated Statements of Cash Flows.

Total vessel operating expenses for each of the years ended December 31, 2020, 2019 and 2018 amounted to $93,732, $68,188 and $68,871, respectively.

General and administrative expenses: Pursuant to the Administrative Services Agreement, the Manager also provides administrative services to Navios Partners, which include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other. The Manager is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Navios Partners extended the duration of its existing Administrative Services Agreement with the Manager, until December 31, 2022. In August 2019, Navios Partners extended the duration of its existing administrative services agreement with the Manager until January 1, 2025, which provide for allocable general and administrative costs.

Total general and administrative expenses charged by the Manager for each of the years ended December 31, 2020, 2019 and 2018 amounted to $13,708, $10,406 and $9,344, respectively.

Balance due from related parties (excluding Navios Europe II): Balance due from related parties as of December 31, 2020 and December 31, 2019 amounted to $5,000 and $25,582, respectively, of which for the year ended December 31, 2019, the current receivable was $11,825 and the long-term receivable was $13,757. The balance as of December 31, 2020, consisted of the receivable from the Navios Holdings Guarantee of $5,000.

Balance due to related parties: Balance due to related parties, short-term as of December 31, 2020 and December 31, 2019 amounted to $35,979 and $0, respectively, and mainly consisted of payables to the Manager.

Balance due from Navios Europe I: Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe I revolving loans up to $24,100 to fund working capital requirements (collectively, the "Navios Revolving Loans I"). In December 2018, the amount of funds available under the Navios Revolving Loans I was increased by $30,000. In February 2019, Navios Partners was required to fund the amount of $4,000 under Navios Europe I's Revolving Loan (see Note 19 — Investment in Affiliates).

On November 22, 2019, an agreement was reached to liquidate Navios Europe I before its original expiring date. On November 26, 2019 a Share Purchase Agreement was entered between Navios Europe Inc. and Navios Maritime Operating LLC (a wholly owned subsidiary of Navios Partners). The transaction was completed on December 13, 2019.

As a result of the Europe I Liquidation, Navios Partners acquired 100% of the stock of the five vessels owning Companies owning the containerships of Navios Europe I with a fair value of $56,083 and working capital balances of $14,440 including cash at banks of $12,930, in satisfaction of its receivable balances in the amount of : (i) approximately $19,016 representing the Revolving Loan, Term Loan and accrued interest thereof directly owned to Navios Partners, previously presented under the captions “Investments in affiliates”, “Due/to from related parties” and “Loans receivable from affiliates”; and (ii) approximately $34,227 representing the previously transferred rights of Navios Holdings to the Navios Europe I's Navios Term Loans I and Navios Revolving Loans I (including the respective accrued receivable interest), of which $4,804 presented under “Note receivable from affiliates” and $29,423 presented contra equity. Furthermore, Navios Partners has assumed a $17,213 of Navios Europe I senior loan.

Following the liquidation of Navios Europe I, the balance due from Navios Europe I as of December 31, 2020 and 2019 was $0.

Balance due from Navios Europe II: Navios Holdings, Navios Acquisition and Navios Partners have made available to Navios Europe II revolving loans of up to $43,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017, the availability under the Navios Revolving Loans II was increased by $14,000 (see Note 19 — Investment in Affiliates).

On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the junior participating loan facility for $5,000. Navios Europe II owned seven container vessels and seven dry bulk vessels. Navios Partners had a net receivable of approximately $17,276 from Navios Europe II.

As of March 31, 2020, the decline in the fair value of the investment was considered as other-than-temporary and, therefore, an aggregate loss of $6,900 was recognized and included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2020, as “Impairment of receivable in affiliated company”. The fair value of the Company’s investment was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II.

On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiring date. The transaction was completed on June 29, 2020.

As a result of the Europe II Liquidation, Navios Partners acquired 100% of the stock of the five vessels owning Companies owning the dry bulk vessels of Navios Europe II with a fair value of $56,050 and working capital balances of $(2,718). The acquisition was funded through a new credit facility (Note 10 – Borrowings) and cash on hand for total of $36,056 and the satisfaction of its receivable balances in the amount of approximately $17,276 representing the Revolving Loan, Term Loan and accrued interest thereof directly owned to Navios Partners, previously presented under the captions “Amounts due from related parties” and “Loans receivable from affiliates”.

Following the liquidation of Navios Europe II, there was no balance due from Navios Europe II as of December 31, 2020. As of December 31, 2019, Navios Partners’ portion of the outstanding amount relating to the portion of the investment in Navios Europe II (5.0% of the $14,000) was $700, under the caption “Investment in affiliates” and the outstanding amount relating to the Navios Revolving Loans II capital was $15,397, under the caption “Loans receivable from affiliates”. The accrued interest income earned under the Navios Revolving Loans II was $7,284 under the caption “Amounts due from related parties” and the accrued interest income earned under the Navios Term Loans II was $796 under the caption “Loans receivable from affiliates”.

Note receivable from affiliates: On March 17, 2017, Navios Holdings transferred to Navios Partners its rights to the fixed 12.7% interest on the Navios Europe I Navios Term Loans I and Navios Revolving Loans I (including the respective accrued receivable interest) in the amount of $33,473, which included a cash consideration of $4,050 and 871,795 newly issued common units of Navios Partners, on a split adjusted basis. At the date of this transaction, the Company recognized a receivable at the fair value of its newly issued common units totaling $29,423 based on the closing price of $33.75 per unit as of March 16, 2017 given as consideration. The receivable relating to the consideration settled with the issuance of 871,795 Navios Partners’ common units in the amount of $29,423 has been classified contra equity. The receivable from Navios Holdings was payable on maturity in December 2023. Interest would accrue through maturity and would be recognized within “Interest income” for the receivable relating to the cash consideration of $4,050. On October 23, 2019, Navios Partners’ Conflicts Committee agreed to cancel an amortizing penalty from Navios Holdings of approximately $3,182 as of December 2019, due to early liquidation of the structure. Following the liquidation of Navios Europe I, the long-term note receivable from Navios Holdings amounted to $0.

Others: Navios Partners has entered into an omnibus agreement with Navios Holdings (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain drybulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize drybulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years.

Navios Partners entered into an omnibus agreement with Navios Acquisition and Navios Holdings (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition’s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for containerships and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter drybulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its drybulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party.

In connection with the Navios Maritime Midstream Partners L.P. (“Navios Midstream”) initial public offering effective November 18, 2014, Navios Partners entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Holdings pursuant to which Navios Acquisition, Navios Holdings and Navios Partners have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years and also providing rights of first offer on certain tanker vessels.

In connection with the Navios Containers private placement and listing on the Norwegian over-the-counter market effective June 8, 2017, Navios Partners entered into an omnibus agreement with Navios Containers, Navios Holdings, Navios Acquisition and Navios Midstream (the “Navios Containers Omnibus Agreement”), pursuant to which Navios Partners, Navios Holdings, Navios Acquisition and Navios Midstream have granted to Navios Containers a right of first refusal over any containerships to be sold or acquired in the future. The omnibus agreement contains significant exceptions that will allow Navios Partners, Navios Holdings, Navios Acquisition and Navios Midstream to compete with Navios Containers under specified circumstances.

Navios Holdings Guarantee: On November 15, 2012 (as amended and supplemented in March 2014, December 2017 and July 2019), Navios Holdings and Navios Partners entered into into the Navios Holdings Guarantee by which Navios Holdings would provide supplemental credit default insurance with a maximum cash payment of $20,000.In October 2020, Navios Holdings paid an amount of $5,000 to Navios Partners. As of December 31, 2020 and 2019, the outstanding claim receivable amounted to $5,000 and $10,000, respectively. The final settlement of the amount from Navios Holdings will take place at specific date, in accordance with a signed letter of agreement between the parties. The guarantee claim receivable is presented under the caption “Amounts due from related parties-short term” in the Consolidated Balance Sheets as of December 31, 2020.

General partner: In August 2019, Navios Holdings announced that it sold certain assets, including its ship management division and the general partnership interest in Navios Partners to N Shipmanagement Acquisition Corp. and related entities, affiliated with Navios Holdings’ Chairman and Chief Executive Officer, Angeliki Frangou.

Acquisition of vessels: On September 30, 2020, Navios Partners acquired the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt and the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, from its affiliate, Navios Holdings, for a purchase price of $51,000, including working capital balances of $(4,378). The acquisition was funded through a new credit facility of $33,000 (see Note 10 — Borrowings) and the balance of $13,622 seller’s credit by Navios Holdings was repaid on October 2, 2020, presented under the caption “Payable to affiliated company” in the Consolidated Statements of Cash Flows.

On November 26, 2019, Navios Partners entered into a share purchase agreement for the acquisition of five containerships, following the liquidation of Navios Europe I. The vessels were acquired on December 13, 2019 (see Note 6 — Vessels, net).

On November 25, 2019, Navios Partners entered into a share purchase agreement for the acquisition of three Panamax and one Ultra-Handymax drybulk vessels from an entity affiliated with its Chairman and CEO for $37,000 (plus working capital adjustment) in a transaction approved by the Conflicts Committee of the Board of Directors of Navios Partners. The vessels were acquired on December 13, 2019 (see Note 6 — Vessels, net).

As of December 31, 2020, Navios Holdings held an 18.2% common unit interest in Navios Partners, represented by 2,070,216 common units. Olympos Maritime Ltd. held a general partner interest of 2.1% represented by 237,822 general partner units.

Notes receivable

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Notes receivable

NOTE 18 – NOTES RECEIVABLE

Notes receivable

On July 15, 2016, the Company entered into a charter restructuring agreement for the reduction of the hire rate for five Containerships chartered out to HMM which resulted in a decrease in cash charter hire to be received of approximately $38,461. More specifically, the reduction of the hire rate will be applied as follows:

• With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata.

• With effect from (and including) January 1, 2020, hire rate shall be restored to the rate of $30,500 per day pro rata until redelivery.

In exchange for the reduction of the hire rate, the Company received (i) $7,692 on principal amount of senior, unsecured notes, amortizing subject to available cash flows, accruing interest at 3% per annum payable on maturity in July 2024 and (ii) 3,657 freely tradable securities of HMM (publicly traded at the Stock Market Division of the Korean Exchange).

On July 18, 2016, the Company recognized the fair value of the HMM securities totaling $40,277 and also recognized the fair value of the senior unsecured notes totaling $6,074. The total fair value of the non-cash compensation received was recognized as deferred revenue, which will be amortized over the remaining duration of each time charter. The Company recognized non-cash interest income and discount unwinding totaling to $458, $470 and $420, respectively, for these instruments under the caption “Interest income” in the Consolidated Statements of Operations for each of the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and December 31, 2019, the outstanding balance of the notes receivable, including accrued interest and discount unwinding, amounted to $8,013 and $7,554, respectively, presented under the caption “Notes Receivable, net of current portion” in the Consolidated Balance Sheets.

For each of the years ended December 31, 2020, 2019 and 2018, the Company recorded an amount of $1,130, $12,121 and $12,102, respectively, of deferred revenue amortization in the Consolidated Statements of Operations under the caption “Time charter and voyage revenues”.

As of December 31, 2020, the outstanding balances of the current and non-current portion of deferred revenue in relation to HMM amounted to $1,127 and $2,185, respectively. As of December 31, 2019, the outstanding balances of the current and non-current portion of deferred revenue in relation to HMM amounted to $1,130 and $3,312, respectively.

On January 12, 2017, the Company sold the vessel the MSC Cristina for a gross sale price of $126,000 and received a cash payment of $107,250 and a note receivable of $18,750 accruing interest at 6% per annum payable in 16 quarterly instalments. As of December 31, 2020, the outstanding balances of the current and non-current note receivable amounted to $0. For each of the years ended December 31, 2020 and 2019, the Company recorded interest income of $140 and $424, respectively, including accrued interest income of $0 and $38 under the caption “Interest income” in the Consolidated Statements of Operations.

Investment in affiliates

12 Months Ended

Dec. 31, 2020

Investments in and Advances to Affiliates [Abstract]

Investment in affiliates

NOTE 19 – INVESTMENT IN AFFILIATES

Investment in affiliates

Navios Europe I: On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe I and had ownership interests of 47.5%, 47.5% and 5.0%, respectively. On December 18, 2013, Navios Europe I acquired ten vessels for aggregate consideration consisting of: (i) cash which was funded with the proceeds of senior loan facilities (the “Senior Loans I”) and loans aggregating $10,000 from Navios Holdings, Navios Acquisition and Navios Partners (collectively, the “Navios Term Loans I”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan I”). In addition to the Navios Term Loans I, Navios Holdings, Navios Acquisition and Navios Partners have made available to Navios Europe I revolving loans of up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans I”). In December 2018, the availability under the Revolving Loans I was increased by $30,000.

Following the liquidation of Navios Europe I, Navios Partners acquired five vessel owning companies for a fair value of $56,083 in total.

As of December 31, 2020 and subsequent to the Liquidation of Navios Europe I, the Company had no exposure.

Navios Europe II: On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II and have ownership interests of 47.5%, 47.5% and 5.0%, respectively. From June 8, 2015 through December 31, 2015, Navios Europe II acquired fourteen vessels for aggregate consideration consisting of: (i) cash consideration of $145,550 (which was funded with the proceeds of a $131,550 senior loan facilities net of loan discount amounting to $3,375 (the “Senior Loans II”) and loans aggregating $14,000 from Navios Holdings, Navios Acquisition and Navios Partners (collectively, the “Navios Term Loans II”); and (ii) the assumption of a junior participating loan facility (the “Junior Loan II”) with a face amount of $182,150 and fair value of $99,147, at the acquisition date. In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners have also made available to Navios Europe II revolving loans up to $43,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017, the amount of funds available under the Navios Revolving Loans II was increased by $14,000.

Following the liquidation of Navios Europe II, Navios Partners acquired five vessel owning companies for a fair value of $56,050 in total.

As of December 31, 2020 and subsequent to the Liquidation of Navios Europe II, the Company had no exposure. As of December 31, 2019, the estimated maximum potential loss by Navios Partners in Navios Europe II would have been $16,097, excluding accrued interest, which represented the Company’s carrying value of the investment of $700 as of December 31, 2019 plus the Company’s balance of the Navios Revolving Loans II of $15,397 as of December 31, 2019, excluding accrued interest, and does not include the undrawn portion of the Navios Revolving Loans II.

Navios Containers: On June 8, 2017, Navios Containers closed its private placement and issued 10,057,645 shares for $50,288 of gross proceeds at a subscription price of $5.00 per share. Navios Partners invested $30,000 and received 6,000,000 shares, and Navios Holdings invested $5,000 and received 1,000,000 shares. Each of Navios Partners and Navios Holdings also received warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively. On August 29, 2017, Navios Containers closed its private placement and issued 10,000,000 shares for $50,000 of gross proceeds at a subscription price of $5.00 per share. Navios Partners invested $10,000 and received 2,000,000 shares. Navios Partners also received warrants, with a five-year term, for 6.8% of the equity. On November 9, 2017, Navios Containers closed a private placement of 9,090,909 shares at a subscription price of $5.50 per share, resulting in gross proceeds of approximately $50,000. Navios Partners invested $10,000 and received 1,818,182 shares. Navios Partners also received warrants, with a five-year term, for 6.8% of the newly issued equity. On March 13, 2018, Navios Containers closed a private placement of 5,454,546 shares at a subscription price of $5.50 per share, resulting in gross proceeds of approximately $30,000. Navios Partners invested $14,460 and received 2,629,095 shares and Navios Holdings invested $500 and received 90,909 shares. Each of Navios Partners and Navios Holdings also received 9,273 warrants, with a five-year term.

On November 30, 2018, Navios Containers was converted into a limited partnership. All of the warrants described above issued to Navios Partners and Navios Holdings expired. On December 3, 2018, Navios Partners distributed 855,001 units of Navios Containers to the unitholders of Navios Partners, approximately 2.5% of the Navios Containers’ outstanding equity. In connection with this transaction, Navios Partners recognized an OTTI impairment of $560 on the units distributed. The amount of the distribution was $4,243 based on the last trading price of Navios Containers’ shares in the N-OTC market as of November 23, 2018. Following the distribution, Navios Partners owned approximately 33.5% of the equity in Navios Containers.

As of December 31, 2020 and 2019, Navios Partners held 11,592,276 common units, representing an ownership interest in Navios Containers of 35.7% and 33.5% respectively. Investment income of $1,133 and $2,532 was recognized in the Consolidated Statements of Operations under the caption of “Equity in net earnings of affiliated companies” for each of the years ended December 31, 2020 and 2019, respectively.

Based on the Company's evaluation of the duration and magnitude of the fair value decline for approximately twelve months as of December 31, 2019, the Company concluded that the decline in the fair value of its investment below its carrying value was not temporary. Thus, an OTTI loss of $42,603 was recognized as of December 31, 2019, being the difference between the fair value of $25,025 and the carrying value of the investment of $67,628.

The fair value of Navios Partners’ equity investment in Navios Containers is based on unadjusted quoted prices in active markets for Navios Containers’ common units. The fair value of Navios Partners’ equity investment in Navios Containers as at December 31, 2020 was $47,528 compared with its carrying value of $26,158.

Following the results of the significant tests performed by the Company, it was concluded that Navios Containers met the significance threshold requiring summarized financial information for the affiliated company to be presented for the following periods. The separate consolidated financial statements and notes thereto of Navios Containers for each of the years ended December 31, 2020 and 2019 have been included as Exhibit 15.3 in this Annual Report, as a result of significance tests being met pursuant to Rule 3-09 of Regulations S-X. Since Navios Europe I and Navios Europe II were liquidated on December 13, 2019 and June 29, 2020, balances are presented only for the year ended December 31, 2019.

		December 31, 2019
Balance Sheet		Navios Europe II
Cash and cash equivalents (including restricted cash)	$	27,431
Current assets (excluding cash and cash equivalents and restricted cash)	$	4,818
Non-current assets	$	179,688
Current liabilities (excluding current portion of long- term debt)	$	46,892
Long- term debt including current portion, net	$	89,025
Non-current liabilities	$	84,284


		December 31, 2019
Income Statement		Navios Europe I		Navios Europe II
Revenue	$	36,822	$	46,718
Net loss	$	(18,575)	$	(30,203)

Cash distributions and earnings per unit

12 Months Ended

Dec. 31, 2020

Cash Distributions And Earnings Per Unit

Cash distributions and earnings per unit

NOTE 20 – CASH DISTRIBUTIONS AND EARNINGS PER UNIT

On February 3, 2016, Navios Partners announced that its Board of Directors decided to suspend the quarterly cash distributions to its unitholders, including the distribution for the quarter ended December 31, 2015. In March 2018, the Board determined to reinstate a distribution and any continued distribution will be at the discretion of the Company’s Board of Directors, taking into consideration the terms of its partnership agreement. There is no guarantee that the Company will pay the quarterly distribution on the common units in any quarter. The amount of distributions paid under its policy and the decision to make any distribution is determined by the Company’s board of directors, taking into consideration the terms of its partnership agreement. The Company is prohibited from making any distributions to unitholders if it would cause an event of default, or an event of default exists, under its existing credit facilities.

There is incentive distribution rights held by Navios GP L.L.C., which are analyzed as follows:

		Marginal Percentage Interest in Distributions
	Total Quarterly Distribution Target Amount	Common Unitholders	Incentive Distribution Right Holder	General Partner
Minimum Quarterly Distribution	up to $5.25	98%	—	2%
First Target Distribution	up to $6.0375	98%	—	2%
Second Target Distribution	above $ 6.0375 up to $6.5625	85%	13%	2%
Third Target Distribution	above $6.5625 up to $7.875	75%	23%	2%
Thereafter	above $7.875	50%	48%	2%

The first 98% of the quarterly distribution is paid to all common unitholders. The incentive distributions rights (held by Navios GP L.L.C.) apply only after a minimum quarterly distribution of $6.0375.

The authorized quarterly cash dristributions for all quarters during the years ended December 2020, 2019, 2018, are presented below:

Date	Authorized Quarterly Cash Distribution for the three months ended	Date of record of Common and General Partner unit Unitholders	Payment of Distribution		$/ Unit		Amount of the declared distribution
April 2018	March 31, 2018	May 10, 2018	May 14, 2018	$	0.30	$	3,420
July 2018	June 30, 2018	August 7, 2018	August 10, 2018	$	0.30	$	3,420
October 2018	September 30, 2018	November 7, 2018	November 14, 2018	$	0.30	$	3,420
January 2019	December 31, 2018	February 11, 2019	February 14, 2019	$	0.30	$	3,458
April 2019	March 31, 2019	May 10, 2019	May 14, 2019	$	0.30	$	3,364
July 2019	June 30, 2019	August 6, 2019	August 9, 2019	$	0.30	$	3,364
October 2019	September 30, 2019	November 7, 2019	November 14, 2019	$	0.30	$	3,364
January 2020	December 31, 2019	February 11, 2020	February 13, 2020	$	0.30	$	3,365
April 2020	March 31, 2020	May 11, 2020	May 14, 2020	$	0.30	$	3,366
July 2020	June 30, 2020	August 10, 2020	August 13, 2020	$	0.05	$	562
October 2020	September 30, 2020	November 9, 2020	November 13, 2020	$	0.05	$	579
January 2021	December 31,2020	February 9, 2021	February 12, 2021	$	0.05	$	579

Navios Partners calculates earnings per unit by allocating reported net income for each period to each class of units based on the distribution waterfall for available cash specified in Navios Partners’ partnership agreement, net of the unallocated earnings (or losses). Basic earnings/(losses) per unit is determined by dividing net income/(loss) attributable to Navios Partners common unitholders by the weighted average number of common units outstanding during the period. Diluted earnings per unit is calculated in the same manner as basic earnings per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units. Net loss per unit undistributed is determined by taking the distributions in excess of net income and allocating between common units and general partner units on a 98%-2% basis. There were no options or phantom units outstanding during each of the years ended December 31, 2020, 2019 and 2018.

The calculations of the basic and diluted earnings per unit are presented below.

		Year Ended December 31, 2020		Year Ended December 31, 2019		Year Ended December 31, 2018
Net loss	$	(68,541)	$	(62,134)	$	(13,081)
Loss attributable to:
Common unitholders	$	(67,173)	$	(60,899)	$	(12,819)
Weighted average units outstanding (basic and diluted)
Common unitholders		10,966,518		10,830,959		10,823,591
Loss per unit (basic and diluted):
Common unitholders	$	(6.13)	$	(5.62)	$	(1.18)
Earnings per unit - distributed (basic and diluted):
Common unitholders	$	0.45	$	1.22	$	1.24
Loss per unit - undistributed (basic and diluted):
Common unitholders	$	(6.58)	$	(6.84)	$	(2.43)

Potential common units of 92,699, 146,541 and 210,274 relating to unvested restricted common units for each of the years ended December 31, 2020, 2019 and 2018, respectively, have an anti-dilutive effect (i.e. those that increase income per unit or decrease loss per unit) and are therefore excluded from the calculation of diluted earnings per unit.

Other income

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other income

NOTE 21 – OTHER INCOME, EXPENSE, NET

Other income

As of December 31, 2020, the amount of $2,697 relating to settlement of claims and recovery of other receivables of one of the Company’s vessels is included under the caption “Other income” of the Consolidated Statements of Operations.

On November 15, 2012 (as amended and supplemented in March 2014, December 2017 and July 2019), Navios Holdings and Navios Partners entered into the Navios Holdings Guarantee by which Navios Holdings would provide supplemental credit default insurance with a maximum cash payment of $20,000. In October 2020, Navios Holdings paid an amount of $5,000 to Navios Partners. As of December 31, 2020 and 2019, the outstanding claim receivable amounted to $5,000 and $10,000, respectively. The final settlement of the amount from Navios Holdings will take place at specific date, in accordance with a signed letter of agreement between the parties. The guarantee claim receivable is presented under the caption “Amounts due from related parties-short term” in the Consolidated Balance Sheets as of December 31, 2020. As of December 31, 2019, the amount of $3,638 related to the change in estimate of the guarantee claim receivable and is included under the caption “Other expense” of the Consolidated Statements of Operations.

As of December 31, 2018, the amount of $2,000 related to reassessment of the guarantee claim receivable is included under the caption “Other expense” of the Consolidated Statements of Operations. As of December 31, 2018, the amount of $777 related to the discount of the Navios Holdings Guarantee is included under the caption “Other expense” of the Consolidated Statements of Operations.

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

NOTE 22 – LEASES

Leases

Time charter out contracts and pooling arrangements

The Company's contract revenues from time chartering and pooling arrangements are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts and pool arrangements to which the Company is party did not change from previous practice. For further analysis, (see Note 2— Summary of Significant Accounting Policies).

Bareboat charter-in contract

On July 24, 2019, Navios Partners took delivery of the Navios Libra, a 2019-built Panamax vessel of 82,011 dwt, for a ten year bareboat charter-in agreement. The bareboat charter-in provides for purchase options with de-escalating purchase prices starting on the end of the fourth year and an average daily rate of $6. The Company has performed an assessment considering the lease classification criteria under ASC 842 and concluded that the arrangement is an Operating Lease. Consequently, the Company has recognized an Operating Lease Liability based on the net present value of the remaining charter-in payments and a right-of-use asset at an amount equal to the operating liability adjusted for the carrying amount of the straight-line liability.

Based on management estimates and market conditions, the lease term of this lease is being assessed at each balance sheet date. At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in charter-in contracts that can be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company then applied the respective incremental borrowing rate based on the remaining lease term of the specific lease. As of July 24, 2019, Navios Partners' incremental borrowing rate was approximately 7%.

As of December 31, 2020 and December 31, 2019 the unamortized balance of the lease liability amounted $13,153 and $14,201, respectively, and is presented under the captions “Operating Lease Liabilities, current and non-current portion” in the Consolidated Balance Sheets. Right of use asset amounted $13,285 and $14,241 as at December 31, 2020 and December 31, 2019, respectively, and is presented under the caption “Operating lease assets” in the Consolidated Balance Sheets.

The Company recognizes the lease payments for its operating leases as charter hire on a straight-line basis over the lease term. Lease expense for the year ended December 31, 2020 amounted to $2,086, in comparison to $918 for the corresponding year ended December 31, 2019 and is included under the caption “Time charter and voyage expenses” in the Consolidated Statements of Operations.

As of December 31, 2020 and 2019, the Company proceeded with step one of impairment assessment of the unamortized balance of the Right of use asset in relation to vessel Navios Libra. As the undiscounted projected net operating cash flows exceed the carrying value of the right-of-use asset, no impairment loss was recognized as of December 31, 2020 and 2019.

The table below provides the total amount of lease payments on an undiscounted basis on the Company’s chartered-in contracts as of December 31, 2020:

Leases

		Charter-in vessels in operation
December 31, 2021	$	2,172
December 31, 2022		2,132
December 31, 2023		2,081
December 31, 2024		2,086
December 31, 2025		2,081
December 31, 2026 and thereafter		7,141
Total	$	17,693
Operating lease liabilities, including current portion	$	13,153
Discount based on incremental borrowing rate	$	4,540

Sale and Lease Back Agreements

During 2019 and 2018 the Company has entered into sale and leaseback agreements with unrelated third parties for five vessels of the Company's fleet. Navios Partners has purchase obligations to acquire the vessels at the end of the lease terms, consequently under ASC 842-40 the transfers of the vessels were determined to be failed sales and were treated as financing transactions. The vessels were not derecognized and continue to be depreciated over their respective useful lives, and tested for impairment as per Company's policy (see Note 10— Borrowings).

Subsequent events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent events

NOTE 23 – SUBSEQUENT EVENTS

Subsequent events

On January 4, 2021, Navios Containers and the Company announced that they entered into a definitive merger agreement under which the Company will acquire all of the publicly held common units of Navios Containers in exchange for common units of the Company (the “Transaction”). Under the terms of the Transaction, public unitholders of Navios Containers will receive 0.39 of a common unit of the Company for each outstanding common unit of Navios Containers. The Transaction was approved by the necessary common unit holders of Navios Containers at a special meeting held on March 24, 2021. The General Partner of Navios Containers has consented to the merger, and the Company voted the Navios Containers’ common units it holds in favor of the Transaction. The Transaction is expected to close on or about March 31, 2021. The expenses of this transaction are included in the General and Administrative expenses, in the Consolidated Statements of Operations.

Navios Partners intends to account for the merger “as a business combination achieved in stages,” which will result in the application of the “acquisition method,” as defined under ASC 805, Business Combinations. Navios Partners’ previously held equity interest in Navios Containers will be remeasured to its fair value at the date the controlling interest is acquired and the resulting gain/(loss) will be recognized in earnings. Under the acquisition method, the fair value of the consideration paid by Navios Partners in connection with the transaction will be allocated to Navios Containers’ net assets based on their estimated fair values at the date of the completion of the merger. The purchase price allocation is subject to finalization as Navios Partners completes the valuation of the assets acquired and liabilities assumed. The assets and liabilities and results of operations of Navios Containers will be included in Navios Partners’ consolidated results of operations from and only for periods subsequent to the closing of the acquisition.

On January 13, 2021, the Company completed the sale of the Esperanza N, a 2008-built Containership of 2,007 TEU to an unrelated third party for a net sale price of $4,559. Pursuant to the sale of the vessel, an amount of $3,369 was repaid under the ABN $23.5m Credit Facility.

On January 25, 2021, Navios Partners agreed to enter into a 15-year bareboat charter-in for three newbuilding Capesize vessels of approximately 180,000 dwt each. Navios Partners has the option to acquire the vessels after the end of the fourth year for the remaining period of the bareboat charter. The vessels are expected to be delivered by the second half of 2022.

On January 28, 2021, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2020 of $0.05 per unit. The distribution was paid on February 12, 2021 to all unitholders of common units and general partner units of record as of February 9, 2021. The aggregate amount of the declared distribution was $579.

On January 28, 2021, the Company completed the sale of the Solar N, a 2006-built Containership of 3,398 TEU to an unrelated third party for a net sale price of $11,074. Pursuant to the sale of the vessel, an amount of $3,684 was repaid under the Hellenic Credit Facility.

On February 10, 2021, the Company completed the sale of the Castor N, a 2007-built Containership of 3,091 TEU to an unrelated third party for a net sale price of $8,869. Pursuant to the sale of the vessel, an amount of $3,845 was repaid under the Hellenic Credit Facility.

On March 23, 2021, Navios Partners agreed to acquire from Navios Holdings the Navios Avior, a 2012 built Panamax vessel of 81,355 dwt, and the Navios Centaurus, a 2012 built Panamax vessel of 81,472 dwt.. On March 30, 2021, Navios Partners completed the acquisition of the two vessels from Navios Holdings for a purchase price of $39,250, including working capital adjustments.

On March 23, 2021, Navios Partners entered into a new credit facility with a commercial bank for a total amount of $58,000 in order to refinance the CACIB $33.0m credit facility and to finance the acquisition of the Navios Centaurus and the Navios Avior. The credit facility matures in March 2026 and bears interest at LIBOR plus 3% per annum. On March 30, 2021, the entire amount was drawn under this loan, net of the loan’s discount of $400.

On March 23, 2021, Navios Partners agreed to acquire from an unrelated third party a newbuilding Panamax vessel for a purchase price of $31,580. The vessel has approximately 81,000 dwt and is expected to be delivered into Navios Partners’ fleet during the second half of 2022.

On March 25, 2021, the Company completed the sale of the Joie N, a 2011-built Ultra-Handymax vessel of 56,557 dwt, to an unrelated third party, for a net sale price of $8,190. Pursuant to the sale of the vessel, an amount of $4,581 was repaid under the ABN $32.2m Credit Facility.

On March 25, 2021, Navios Partners agreed to enter into a 15 year bareboat charter-in for one newbuilding Capesize vessel of approximately 180,000 dwt. Navios Partners has the option to acquire the vessel after the end of the fourth year for the remaining period of the bareboat charter. The vessel is expected to be delivered by the first half of 2023.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Principles of consolidation

Basis of presentation

As of December 31, 2020, Navios Partners’ current assets totaled $60,780, while current liabilities totaled $253,252, resulting in a negative working capital position of $192,472, primarily related to balloon payments totaling $131,547 due under its credit facilities in the second and third quarters of 2021 (see Note 10 — Borrowings). During the first quarter of 2021, Navios Partners sold four vessels for approximately $32,692. Part of the proceeds where used to settle respective upcoming balloon payments due in June 2021.

In addition, Navios Partners is currently in advanced discussions with a commercial bank for a new credit facility of up to $115,000 for the refinancing of its existing facility maturing in August 2021. The new facility is expected to mature in the second quarter of 2025 and bears interest at LIBOR plus 3% per annum. This transaction is expected to close in the second quarter of 2021, however it cannot be certain that a definitive agreement will be executed or that the refinancing will be consummated in whole or in part. The Company’s vessels have an aggregate fair value significantly in excess of the outstanding debt which supports Managements’ expectations that it is probable that the Company will be able to repay the above balloon payments either through refinancing with existing or new commercial banks and other financial institutions or sale of the vessels. Furthermore, the Company has a history of successfully refinancing its existing debt requirements and sourcing new funding. Navios Partners’ cash forecast indicates that it will generate sufficient cash to make the required principal and interest payments on its indebtedness (excluding the balloon payments), provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.

Reverse Stock Split:

On April 25, 2019, the Company's unitholders approved a 1-for-15 reverse stock split of the Company's outstanding common and general partner units, which was effected on May 21, 2019. The effect of the reverse stock split was to combine each 15 shares of outstanding units into one new share, with no change in authorized shares or per value per share, and to reduce the number of common units outstanding from approximately 164.7 million units to approximately 11.0 million units. 983 common units were issued in connection with the reverse stock split. All issued and outstanding common units contained in the financial statements, in accordance with Staff Accounting Bulletin Topic 4C, have been retroactively adjusted to reflect the reverse split for all periods presented.

(b) Principles of consolidation: The accompanying consolidated financial statements include Navios Partners' wholly owned subsidiaries incorporated under the laws of Marshall Islands, Malta, and Liberia from their dates of incorporation or, for chartered-in vessels, from the dates charter-in agreements were in effect. All significant inter-company balances and transactions have been eliminated in Navios Partners' consolidated financial statements.

Navios Partners also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if it determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, (ii) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Subsidiaries: Subsidiaries are those entities in which Navios Partners has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of the entity.

The accompanying consolidated financial statements include the following entities:

Statements of Operations

Company name Vessel name Country of incorporation 2020 2019 2018

Libra Shipping Enterprises Corporation⁽¹⁾ Navios Libra II Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Alegria Shipping Corporation Navios Alegria Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Felicity Shipping Corporation⁽²⁾ Navios Felicity Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Gemini Shipping Corporation⁽³⁾ Navios Gemini S Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Galaxy Shipping Corporation⁽⁴⁾ Navios Galaxy I Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Aurora Shipping Enterprises Ltd. Navios Hope Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Palermo Shipping S.A.⁽⁵⁾ Navios Apollon Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Fantastiks Shipping Corporation⁽¹³⁾ Navios Fantastiks Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Sagittarius Shipping Corporation⁽¹³⁾ Navios Sagittarius Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Hyperion Enterprises Inc. Navios Hyperion Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Chilali Corp. Navios Aurora II Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Surf Maritime Co. Navios Pollux Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Pandora Marine Inc. Navios Melodia Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Customized Development S.A. Navios Fulvia Liberia 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Kohylia Shipmanagement S.A. Navios Luz Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Orbiter Shipping Corp. Navios Orbiter Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Floral Marine Ltd. Navios Buena Ventura Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Golem Navigation Limited⁽¹⁶⁾ Navios Soleil Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Kymata Shipping Co. Navios Helios Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Joy Shipping Corporation Navios Joy Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Micaela Shipping Corporation Navios Harmony Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Pearl Shipping Corporation Navios Sun Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Velvet Shipping Corporation Navios La Paix Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Perigiali Navigation Limited⁽¹³⁾ Navios Beaufiks Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Finian Navigation Co. ⁽¹³⁾ Navios Ace Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Ammos Shipping Corp. Navios Prosperity I Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Wave Shipping Corp. Navios Libertas Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Casual Shipholding Co. ⁽¹³⁾ Navios Sol Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Avery Shipping Company Navios Symphony Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Coasters Ventures Ltd. Navios Christine B Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Ianthe Maritime S.A. Navios Aster Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Topaz Shipping Corporation Hyundai Singapore Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Christal Shipping Corporation Hyundai Busan Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Fairy Shipping Corporation⁽⁶⁾ YM Utmost Marshall Is. — —    1/01 – 7/02

Limestone Shipping Corporation⁽⁶⁾ YM Unity Marshall Is. — —    1/01 – 7/02

Dune Shipping Corp.⁽⁷⁾ MSC Cristina Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Citrine Shipping Corporation — Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Cavalli Navigation Inc. — Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Seymour Trading Limited Navios Altair I Marshall Is. 1/01 – 12/31 1/01 – 12/31 6/07 – 12/31

Goldie Services Company Navios Symmetry Marshall Is. 1/01 – 12/31 1/01 – 12/31 5/21 – 12/31

Andromeda Shiptrade Limited Navios Apollon I Marshall Is. 1/01 – 12/31 1/01 – 12/31 5/09 – 12/31

Esmeralda Shipping Corporation Navios Sphera Marshall Is. 1/01 – 12/31 1/01 – 12/31 8/31 – 12/31

Triangle Shipping Corporation Navios Mars Marshall Is. 1/01 – 12/31 1/01 – 12/31 8/31 – 12/31

Oceanus Shipping Corporation⁽⁸⁾ Castor N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Cronus Shipping Corporation⁽⁸⁾ Protostar N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Leto Shipping Corporation⁽⁸⁾ Esperanza N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Dionysus Shipping Corporation⁽⁸⁾ Harmony N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Prometheus Shipping Corporation⁽⁸⁾ Solar N Marshall Is. 1/01 – 12/31 12/13 – 12/31 —

Camelia Shipping Inc.⁽⁹⁾ Navios Camelia Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Anthos Shipping Inc.⁽⁹⁾ Navios Anthos Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Azalea Shipping Inc.⁽⁹⁾ Navios Azalea Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Amaryllis Shipping Inc.⁽⁹⁾ Navios Amaryllis Marshall Is. 1/01 – 12/31 12/16 – 12/31 —

Zaffre Shipping Corporation⁽¹⁴⁾ Serenitas N Marshall Is. 6/29 – 12/31 — —

Wenge Shipping Corporation⁽¹⁴⁾ Joie N Marshall Is. 6/29 – 12/31 — —

Sunstone Shipping Corporation⁽¹⁴⁾ Copernicus N Marshall Is. 6/29 – 12/31 — —

Fandango Shipping Corporation⁽¹⁴⁾ Unity N Marshall Is. 6/29 – 12/31 — —

Flavescent Shipping Corporation⁽¹⁴⁾ Odysseus N Marshall Is. 6/29 – 12/31 — —

Emery Shipping Corporation⁽¹⁵⁾ Navios Gem Marshall Is. 9/30 – 12/31 — —

Rondine Management Inc. ⁽¹⁵⁾ Navios Victory Marshall Is. 9/30 – 12/31 — —

Bareboat Chartered-in vessels

Cavos Navigation Co.⁽¹⁰⁾ Navios Libra Marshall Is. 1/01 – 12/31 1/01 – 12/31   1/01 – 12/31

Perivoia Shipmanagement Co.⁽¹¹⁾ Navios TBN1 Marshall Is. 1/01 – 12/31 9/25 – 12/31 —

Pleione Management Limited⁽¹¹⁾ Navios TBN2 Marshall Is. 1/01 – 12/31 9/25 – 12/31 —

Other

Prosperity Shipping Corporation — Marshall Is. — — —

Aldebaran Shipping Corporation — Marshall Is. — — —

JTC Shipping and Trading Ltd.⁽¹²⁾ Holding Company Malta 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Maritime Partners L.P. N/A Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Maritime Operating LLC. N/A Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Partners Finance (US) Inc. Co-Borrower Delaware 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 1/01 – 12/31 1/01 – 12/31 1/01 – 12/31

(1) The vessel was sold on December 14, 2018 (see Note 6 – Vessels, net).

(2) The vessel was sold on December 4, 2018 (see Note 6 – Vessels, net).

(3) The vessel was sold on December 21, 2017.

(4) The vessel was sold on April 23, 2019 (see Note 6 – Vessels, net).

(5) The vessel was sold on April 21, 2017.

(6) The vessels were sold on July 2, 2018 (see Note 6 – Vessels, net).

(7) The vessel was sold on January 12, 2017.

(8) The vessels were acquired on December 13, 2019, following the liquidation of Navios Europe I (see Note 6 – Vessels, net).

(9) The vessels were acquired on December 16, 2019 (see Note 6 – Vessels, net).

(10) The vessel was delivered on July 24, 2019 (see Note 22 – Leases).

(11) The vessels are expected to be delivered by the first half of 2021 (see Note 15 – Commitments and Contingencies).

(12) Not a vessel-owning subsidiary and only holds right to charter-in contracts.

(13) Vessels under a sale and leaseback transaction (see Note 22 – Leases).

(14) The vessels were acquired on June 29, 2020, following the liquidation of Navios Europe II (see Note 6– Vessels, net).

(15) The vessels were acquired on September 30, 2020, from Navios Holdings (see Note 6 – Vessels, net).

(16) The vessel was sold on December 10, 2020 (see Note 6 – Vessels, net).

Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.

Affiliates included in the financial statements accounted for under the equity method: In the consolidated financial statements of Navios Partners, the following entities are included as affiliates and are accounted for under the equity method for such periods: (i) Navios Containers and its subsidiaries with an ownership interest 35.7% as of December 31, 2020; (ii) Navios Europe I and its subsidiaries with an ownership interest of 5% through the date of its liquidation on December 13, 2019; and (iii) Navios Europe II and its subsidiaries with an ownership interest of 5% through the date of its liquidation on June 29, 2020 (See Note 17 — Transactions with related parties and affiliates and Note 19 – Investment in affiliates).

Navios Partners evaluates its investment in Navios Containers for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to: (i) the length of time and the extent to which the fair value has been less than the carrying value; (ii) the financial condition and near-term prospects of Navios Containers; and (iii) the intent and ability of the Company to retain its investment in Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value (see Note 19 — Investment in affiliates).

Use of Estimates

(c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible assets and scrap value expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivable, provisions for legal disputes, and contingencies and the valuation estimates inherent in the deconsolidation gain. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. As of December 31, 2020, the impact of the COVID-19 pandemic continues to unfold and may continue to affect the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne dry bulk and container trade and dry bulk and containership charter rates, the extent of which will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, its estimates may change in future periods.

Cash and Cash Equivalents

(d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.

Restricted Cash

(e) Restricted Cash: Restricted cash, at each of December 31, 2020 and December 31, 2019, included $6,152 and $7,048, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Partners' credit facilities. Also, as of December 31, 2020, restricted cash included $5,273 as cash collateral to the NIBC Credit Facility, due to the release of the Navios Soleil.

Inventories

(f) Accounts Receivable, Net: Accounts receivable includes receivables from charterers for hire, freight and demurrage billings. On January 1, 2020, the Company adopted Accounting Standards Update 2016-13, “Financial Instruments - Credit Losses” (“ASC 326”). At each balance sheet date, the Company maintains an allowance for credit losses for expected uncollectible accounts receivable. The amount shown as accounts receivable, net at each balance sheet date is net of an allowance for credit losses. . Navios Partners has filed claims for lost revenues in connection with the 2016 filing by Hanjin for rehabilitation, which was later followed by entry into liquidation in 2017. In October 2020, the bankruptcy court ruled against one of the two claims filed by the Company. The Company has fully provided for these amounts in its books. The allowance for credit losses as of December 31, 2020 and 2019 was $2,990 and $1,495, respectively.

(g) Inventories: Inventories, which are comprised of: (i) bunkers (when applicable) on board of the vessels, valued at cost as determined on the first-in, first-out basis; and (ii) lubricants and stock provisions on board of the vessels as of the balance sheet date, valued at cost as determined on the first-in, first-out basis.

Vessels, Net

(h) Vessels, Net: Vessels are stated at historical cost, which consists of the contract price and any material expenses incurred upon acquisition (improvements and delivery expenses). Vessels acquired in an asset acquisition or in a business combination are recorded at fair value. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying Consolidated Statements of Operations.

Expenditures for routine maintenance and repairs are expensed as incurred.

Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the residual values of the Company’s drybulk and containerships based on a scrap value cost of steel times the weight of the ship noted in lightweight ton (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. The management after considering current market trends for scrap rates and 10-year average historical scrap rates of the residual values of the Company's vessels, estimates scrap value at a rate of $340 per LWT.

Management estimates the useful life of the Company’s vessels to be 25 and 30 years from the drybulk and containership's original construction, respectively. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge.

Assets Held for Sale

(i) Assets Held for Sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the vessel (disposal group); the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale as of December 31, 2020 and 2019.

Impairment of Long Lived Assets

(j) Impairment of Long Lived Assets: Vessels, other fixed assets and other long lived assets held and used by Navios Partners are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Partners' management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is based on the fair value of the asset. Navios Partners determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment, are reviewed such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel and the related carrying value of the intangible assets with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group.

During the fourth quarter of fiscal year 2020, the Company concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Partners' long-lived assets may exist. These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the Company’s future operations. As a result, an impairment assessment of long-lived assets (step one) was performed.

The Company determined the undiscounted projected net operating cash flows for each vessel and compared it to the vessels' carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets, if applicable. The significant factors and assumptions the Company used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (Navios Partners' remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates for the first year and ten-year average historical one-year time charter rates for the remaining period), over the remaining economic life of each vessel, net of brokerage and address commissions, and excluding days of scheduled off-hires, management fees as determined by the Management Agreement in effect until December 2024 and thereafter assuming an increase of 3.0% every second year and utilization rate of 98.6% based on the fleet's historical performance.

Where the undiscounted projected net operating cash flows do not exceed the carrying value of an asset group, management proceeded to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations from independent ship brokers performed on an individual vessel basis. The significant factors and assumptions used by management in determining fair value of vessels included those in developing the projected net operating cash flows over the remaining economic life of each vessel and the discount rate.

As of December 31, 2020, the Company’s assessment concluded that step two of the impairment analysis was required for certain of its vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $50,991 for four of its vessels, being the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs related to the vessels, presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations (see Note 6 — Vessels, net).

As of December 31, 2019, the Company’s assessment concluded that step two of the impairment analysis was required for certain of its vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $29,335 for one vessel, being the difference between the fair value and the vessel's carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel, presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations (see Note 6 — Vessels, net).

As of December 31, 2018, the Company’s assessment concluded that step two of the impairment analysis was not required for its vessels held and used, as the undiscounted projected net operating cash flows exceeded the carrying value.

As of June 30, 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its containerships. These indicators included volatility in the charter market and market values for containerships. As a result, the Company performed step one of the impairment assessment of its containerships by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. As of June 30, 2020, the Company’s assessment concluded that step two of the impairment analysis was required for three containerships held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $6,800 for these vessels, being the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs related to the vessels, presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations.

During the years ended December 31, 2020, 2019 and 2018, an impairment loss of $13,786, $7,345 and $44,344, respectively, was also recognized in connection with the committed sales of the Navios Soleil in December 2020, the Esperanza N in January 2021, the Castor N in February 2021, the Navios Galaxy in April 2019, the YM Unity and the YM Utmost in July 2018, the Navios Felicity and the Navios Libra II in December 2018, as the carrying amount of each asset group was not recoverable and exceeded its fair value less costs to sell (see Note 6 — Vessels, net).

The total impairment loss recognized amounted to $71,577, $36,680 and $44,344 for the years ended December 31, 2020, 2019 and 2018, respectively, and was presented under the caption “Vessels impairment loss” in the Consolidated Statements of Operations.

Deferred Drydock and Special Survey Costs

(k) Deferred Drydock and Special Survey Costs: Navios Partners' vessels are subject to regularly scheduled drydocking and special surveys which are generally carried out every 30 or 60 months, depending on the vessels' ages to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The cost of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined.

Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For the years ended December 31, 2020, 2019 and 2018, the amortization expense was $10,337, $6,916 and $6,180, respectively.

Deferred Finance Costs

(l) Deferred Finance Costs: Deferred finance costs include fees, commissions and legal expenses associated with obtaining or modifying credit facilities. Deferred finance costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related facility using the effective interest rate method, and are presented under the caption “Interest expense and finance cost, net”. Amortization and write-off of deferred finance costs, including amortization of debt discount, for each of the years ended December 31, 2020, 2019 and 2018 were $2,141, $10,916 and $7,258, respectively.

Intangible Assets and Liabilities

(m) Intangible Assets and Liabilities: Navios Partners' intangible assets and liabilities consist of favorable lease terms and unfavorable lease terms. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires Navios Partners to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of its vessels and its weighted average cost-of capital (“WACC”). The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on Navios Partners' financial position and results of operations.

The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included under the caption “Depreciation and amortization” in the Consolidated Statements of Operations.

The amortizable value of favorable leases would be considered impaired if its carrying value could not be recovered from the future undiscounted cash flows associated with the asset. Management, after considering various indicators, performed an impairment test which included intangible assets as described in paragraph (j) above. As of December 31, 2020, 2019 and 2018 there was no impairment of intangible assets.

Foreign Currency Translation

(n) Foreign Currency Translation: Navios Partners' functional and reporting currency is the U.S. Dollar. Navios Partners engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, Navios Partners' wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Statements of Operations. The foreign currency gains/ (losses) recognized in the accompanying Consolidated Statements of Operations under the caption “Other income” or “Other expense”, for each of the years ended December 31, 2020, 2019 and 2018 were not material for any of these periods.

Provisions

(o) Provisions: Navios Partners, in the ordinary course of its business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisors, will provide for a contingent loss in the financial statements if the contingency had been incurred as of the balance sheet date and the likelihood of loss was probable and the amount of the loss can be reasonably estimated. If Navios Partners has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, Navios Partners will accrue the lower amount of the range.

Navios Partners, through the management agreement, participates in Protection and Indemnity (P&I) insurance coverage plans provided by mutual insurance societies known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs.

Segment Reporting

(p) Segment Reporting: Navios Partners reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. Navios Partners does not use discrete financial information to evaluate operating results for each type of charter or vessel type. Management does not identify expenses, profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus Navios Partners has determined that it operates under one reportable segment (see Note 13 – Segment information).

Revenue and Expense Recognition

(q) Revenue and Expense Recognition: On January 1, 2018, the Company adopted the provisions of ASC 606 “Revenue from Contracts with Customers” using the modified retrospective approach. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company's contract revenues from time chartering and pooling arrangements are governed by ASU 2016-02 (ASC 842) “Leases”. Upon adoption of ASC 606 and ASC 842, the timing and recognition of earnings from the pool arrangements and time charter contracts to which the Company is party did not change from previous practice. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease components will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. As a result of the adoption of these standards, there was no effect on the Company's retained earnings, as at January 1, 2018.

Revenue from time chartering

Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average lease revenue over the rental periods of such charter agreements, as service is performed. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Revenue from time chartering of vessels amounted to $218,809, $204,920 and $215,877 for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue from voyage contracts

The Company's revenues earned under voyage contracts (revenues for the transportation of cargo) were previously recognized ratably over the estimated relative transit time of each voyage. A voyage was deemed to commence when a vessel was available for loading and was deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. Upon adoption of ASC 606, the Company recognizes revenue ratably from port of loading to when the charterer's cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract. During 2017, no freight voyage existed and therefore, there was no impact on the Company's retained earnings as at January 1, 2018. Revenue from voyage contracts amounted to $3,754, $9,416 and $9,660 for the years ended December 31, 2020, 2019 and 2018, respectively.

Pooling arrangements

For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for as variable rate operating leases on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. The Company recognizes net pool revenue on a monthly and quarterly basis, when the vessel has participated in a pool during the period and the amount of pool revenue can be estimated reliably based on the pool report. Revenue from vessels operating in pooling arrangements amounted to $4,208, $5,043 and $5,817 for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue from profit-sharing

Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement or when such revenue becomes determinable. Profit sharing revenue for the years ended December 31, 2020, 2019 and 2018 amounted to 0, 0 and $7, respectively.

Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter or freight rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.

Deferred Revenue and Cash Received in Advance: Deferred revenue primarily relates to cash received from charterers prior to it being earned and the compensation received for the future reduction in the daily hire rates payable by Hyundai Merchant Marine Co. (“HMM”). These amounts are recognized as revenue over the voyage or charter period.

Time Charter and Voyage Expenses: Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter and voyage expenses are provisions for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. Time charter expenses are expensed over the period of the time charter and voyage expenses are recognized as incurred.

Direct Vessel Expenses: Direct vessel expenses comprise the amortization related to drydocking and special survey costs of certain vessels of Navios Partners' fleet.

Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period.

Vessel operating expenses (management fees): Pursuant to the amended Management Agreement, in each of October 2013, August 2014, February 2015, February 2016 and November 2017, the Manager, provided commercial and technical management services to Navios Partners' vessels for a daily fee (excluding drydocking expenses, which were reimbursed at cost by Navios Partners) of: (a) $4.23 daily rate per Ultra-Handymax vessel; (b) $4.33 daily rate per Panamax vessel; (c) $5.25 daily rate per Capesize vessel; (d) $6.70 daily rate per Containership of TEU 6,800; (e) $7.40 daily rate per Containership of more than TEU 8,000 and (f) $8.75 daily rate per very large Containership of more than TEU 13,000 through December 2019. These fixed daily fees cover the vessels' operating expenses, other than certain extraordinary fees and costs.

Following the liquidation of Navios Europe I, Navios Partners acquired three Sub-Panamax and two Panamax Containerships. As per the Management Agreement, as amended in December 2019, management fees are fixed for two years commencing from January 1, 2020 at $6.1 daily per SubPanamax/Panamax Containership. The agreement also provides for a technical and commercial management fee of $0.05 per day per vessel and an annual increase of 3% after January 1, 2022 for the remaining period unless agreed otherwise.

Drydocking expenses are reimbursed at cost for all vessels.

For the years ended December 31, 2020 and 2019 certain extraordinary fees and costs related to regulatory requirements, including ballast water treatment system installation and exhaust gas cleaning system installation under Company's management agreement, amounted to $3,366 and $16,313, respectively, and are presented under the caption “Acquisition of/ additions to vessels and favorable lease terms, net of cash acquired” in the Consolidated Statements of Cash Flows.

Total vessel operating expenses for each of the years ended December 31, 2020, 2019 and 2018 amounted to $93,732, $68,188 and $68,871, respectively.

General and Administrative Expenses: Pursuant to the Administrative Services Agreement dated November 16, 2007, the Manager also provides administrative services to Navios Partners, which include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other. The Manager is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Navios Partners extended the duration of its existing Administrative Services Agreement with the Manager pursuant to the same terms, until December 31, 2022. In August 2019, Navios Partners extended the duration of its existing administrative services agreement with the Manager until January 1, 2025, which provide for allocable general and administrative costs.

Total general and administrative expenses charged by the Manager for each of the years ended December 31, 2020, 2019 and 2018 amounted to $13,708, $10,406 and $9,344, respectively.

Financial Instruments

(r) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities long-term debt and financial liabilities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.

Financial Risk Management: Navios Partners' activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices, credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations.

Credit risk: Navios Partners closely monitors its credit exposure to customers and counter-parties for credit risk. Navios Partners has entered into the management agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Partners. When negotiating on behalf of Navios Partners' various vessel employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.

Financial instruments that potentially subject Navios Partners to concentrations of credit risk are accounts receivable and cash and cash equivalents. Navios Partners does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows.

For the year ended December 31, 2020 HMM, Singapore Marine and Cargill represented approximately 23.4%, 19.5% and 11.4%, respectively, of the Company’s total revenues. For the year ended December 31, 2019 HMM, Swissmarine and Cargill represented approximately 25.9%, 12.3% and 10.9%, respectively, of the Company’s total revenues. For the year ended December 31, 2018, HMM represented approximately 24.5% of total revenues. No other customers accounted for 10% or more of total revenues for any of the years presented.

Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Navios Partners monitors cash balances appropriately to meet working capital needs.

Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statements of Operations.

Cash Distribution

(s) Cash Distribution: As per the Partnership Agreement, within 45 days following the end of each quarter, to the extent and as may be declared by the Board, an amount equal to 100% of Available Cash with respect to such quarter shall be distributed to the partners as of the record date selected by the Board of Directors.

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:

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provide for the proper conduct of the business (including reserve for maintenance and replacement capital expenditures);

•

comply with applicable law, any of Navios Partners' debt instruments, or other agreements; or

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provide funds for distributions to the unitholders and to the general partner for any one or more of the next four quarters;

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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 U.S. GAAP 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.

Cash distributions are recorded in the Company's financial statements in the period in which they are declared. Navios Partners paid $7,872, $13,550 and $10,261 to its unitholders of common and general partner units during the years ended December 31, 2020, 2019 and 2018, respectively.

Maintenance and Replacement 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, and expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by the capital assets. To the extent, however, that capital expenditures associated with acquiring a new vessel increase the revenues or the operating capacity of the Company’s fleet, those capital expenditures would be classified as expansion capital expenditures. As of December 31, 2020, 2019 and 2018, maintenance and replacement capital expenditures reserve approved by the Board of Directors was $36,455, $29,039 and $26,787, respectively.

Stock-based compensation

(t) Stock-based compensation: In February 2019, December 2019 and December 2018, Navios Partners granted restricted common units to its directors and officers, which are based solely on service conditions and vest over four years each, respectively. The fair value of restricted common units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. The effect of compensation expense arising from the restricted common units described above amounted to $946, $2,018 and $2,450 for the years ended December 31, 2020, 2019 and 2018, respectively, and was presented under the caption “General and administrative expenses” in the Consolidated Statements of Operations. There were no restricted common units exercised, forfeited or expired during the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, 285,763 restricted common units were vested, cumulatively.

Income Taxes

(u) Income Taxes: The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. Under the laws of Marshall Islands, Malta and Liberia, the countries of the vessel-owning subsidiaries' incorporation and vessels' registration, the vessel-owning subsidiaries are subject to registration and tonnage taxes which have been included in vessel operating expenses in the accompanying Consolidated Statements of Operations.

Loss)/Earnings Per Unit

(v) (Loss)/Earnings Per Unit: Basic (losses)/earnings per unit is computed by dividing net (loss)/income attributable to Navios Partners common unitholders by the weighted average number of common units outstanding during the periods presented. Diluted earnings per unit reflect the potential dilution that would occur if securities or other contracts to issue common units were exercised or converted. Diluted earnings per unit is calculated in the same manner as basic earnings per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units.

Guarantees

(w) Guarantees: An asset for the fair value of a right undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition of the asset, financial statement disclosures of their terms are made.

On November 15, 2012 (as amended and supplemented in March 2014, December 2017 and July 2019), Navios Holdings and Navios Partners entered into an agreement (the “Navios Holdings Guarantee”) by which Navios Holdings would provide supplemental credit default insurance with a maximum cash payment of $20,000. In October 2020, Navios Holdings paid an amount of $5,000 to Navios Partners. As of December 31, 2020 and 2019, the outstanding claim receivable amounted to $5,000 and $10,000, respectively. The final settlement of the amount from Navios Holdings will take place at specific date, in accordance with a signed letter of agreement between the parties. The guarantee claim receivable is presented under the caption “Amounts due from related parties-short term” in the Consolidated Balance Sheets as of December 31, 2020.

Leases

(x) Leases: Vessel leases where Navios Partners is regarded as the lessor are classified as either operating leases or sales type/ direct financing leases, based on an assessment of the terms of the lease.

For charters classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. For charters classified as operating leases where Navios Partners is regarded as the lessor,(see Note 2(q) — Summary of Significant Accounting Policies).

In cases of lease agreements where the Company acts as the lessee, the Company recognizes a right-of-use asset and a corresponding lease liability on the consolidated balance sheet. For finance leases, interest expense is determined using the effective interest method and amortization on the right-of-use asset is recognized on a straight line basis over the lease term. For charters classified as operating leases, lease expense is recognized on a straight line basis over the rental periods of such charter agreements, by adding interest expense to the amortization of the right-of-use asset. The expense is included in the caption “Time charter and voyage expenses” in the consolidated statement of Operations.

In cases of sale and leaseback transactions, if the transfer of the asset to the lessor does not qualify as a sale, then the transaction constitutes a failed sale and leaseback and is accounted for as a financing transaction. For a sale to have occurred, the control of the asset would need to be transferred to the buyer, and the buyer would need to obtain substantially all the benefits from the use of the asset.

Operating lease assets used by Navios Partners are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is based on the fair value of the asset. Navios Partners determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest. If step two of the impairment analysis is required, the analysis includes the use of the discounted cash flow which comprises various assumptions, including the Company’s WACC.

During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Partners’ operating lease assets might exist. These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the Company’s future operations As a result, an impairment assessment of operating lease assets (step one) was performed.

The Company determined undiscounted projected net operating cash flows for each chartered-in vessel and compared it to operating lease asset’s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat chartered-in vessels), management fees for vessel operating expenses in accordance with the terms of management agreement (assuming an annual increase of 3.0% every second year for the bareboat chartered-in vessels).

As of December 31, 2020 and 2019, the Company’s impairment assessments indicated that the undiscounted projected net operating cash flows determined for each asset group exceeded their carrying value. The impairment assessments performed as of December 31, 2020 and 2019 did not result in impairment charges.

Financial Instruments and Fair Value

(y) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements.

Recent Accounting Pronouncements

(z) Recent Accounting Pronouncements:

In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance, intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s consolidated financial statements as a result of adopting this standard update. Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications.

In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-17, Consolidation (Topic 810): “Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities the amendments were effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption was permitted. The Company has adopted this standard update as of January 1, 2020. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.

In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 was effective for fiscal years beginning after December 15, 2019, and earlier adoption was permitted. The Company has adopted this standard update as of January 1, 2020. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.

In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This ASU amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In addition, these amendments require the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. The Company has adopted this standard update as of January 1, 2020. This new guidance did not have a material impact on the Company’s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard.

The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies - Entities included in consolidation

The accompanying consolidated financial statements include the following entities:

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and cash equivalents

Cash and cash equivalents consist of the following:

		December 31, 2020		December 31, 2019
Cash and cash equivalents	$	19,303	$	23,354
Restricted cash		11,425		7,048
Total cash and cash equivalents and restricted cash	$	30,728	$	30,402

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2020

Accounts Receivable Net

Accounts Receivable net - Accounts Receivable Lessen By Provision for Doubtful Receivables

Accounts receivable consisted of the following:

		December 31, 2020		December 31, 2019
Accounts receivable	$	19,959	$	12,786
Less: Provision for credit losses		(2,990)		(1,495)
Accounts receivable, net	$	16,969	$	11,291

Accounts Receivable net - Charges to provisions for doubtful accounts

Charges to provisions for doubtful accounts are summarized as follows:

Allowance for credit losses		Balance at beginning of period		Charges to costs and expenses		Amount utilized		Balance at end of period
Year ended December 31, 2020	$	(1,495)	$	(1,495)	$	—	$	(2,990)
Year ended December 31, 2019	$	(1,495)	$	—	$	—	$	(1,495)
Year ended December 31, 2018	$	(1,495)	$	—	$	—	$	(1,495)

Prepaid expenses and other current assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses And Other Current Assets

Prepaid expenses and other current assets consist of the following:

		December 31, 2020		December 31, 2019
Prepaid voyage costs	$	284	$	338
Inventories		6,267		6,281
Claims receivable		633		2,939
Other		899		905
Total prepaid expenses and other current assets	$	8,083	$	10,463

Vessels, net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Vessels, net

Vessels		Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2017	$	1,420,078	$	(321,063)	$	1,099,015
Additions		115,902		(54,585)		61,317
Disposals		(76,264)		—		(76,264)
Vessels impairment loss		(99,485)		58,667		(40,818)
Balance December 31, 2018	$	1,360,231	$	(316,981)	$	1,043,250
Additions		113,391		(52,088)		61,303
Disposals		(5,696)		81		(5,615)
Vessels impairment loss		(97,170)		60,490		(36,680)
Balance December 31, 2019	$	1,370,756	$	(308,498)	$	1,062,258
Additions		110,416		(54,884)		55,532
Disposals		(5,233)		158		(5,075)
Vessels impairment loss		(161,199)		89,622		(71,577)
Balance December 31, 2020	$	1,314,740	$	(273,602)	$	1,041,138

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

		Cost		Accumulated Amortization		Net Book Value

Favorable lease terms December 31, 2017	$	83,716		(75,636)		8,080
Additions		—		(3,748)		(3,748)
Favorable lease terms December 31, 2018	$	83,716	$	(79,384)	$	4,332
Additions		—		(1,166)		(1,166)
Favorable lease terms December 31, 2019	$	83,716	$	(80,550)	$	3,166
Additions		—		(1,166)		(1,166)
Favorable lease terms December 31, 2020	$	83,716	$	(81,716)	$	2,000

Amortization of Favorable Lease Terms

		Year Ended
		December 31, 2020		December 31, 2019		December 31, 2018
Favorable lease terms	$	(1,166)	$	(1,166)	$	(3,748)
Total	$	(1,166)	$	(1,166)	$	(3,748)

Aggregate Amortizations of Intangible Assets

The aggregate amortization of the intangibles for the years ended December 31, 2021 and 2022 is estimated to be as follows:

Year		Amount
2021	$	1,166
2022		834
Total	$	2,000

Accounts payable (Tables)

12 Months Ended

Dec. 31, 2020

Accounts Payable

Accounts payable

		December 31, 2020		December 31, 2019
Creditors	$	2,684	$	4,578
Brokers		2,786		2,328
Professional and legal fees		829		1,567
Total accounts payable	$	6,299	$	8,473

Accrued expenses (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Expenses

Accrued expenses

		December 31, 2020		December 31, 2019
Accrued voyage expenses	$	1,436	$	51
Accrued loan interest		1,738		3,285
Accrued legal and professional fees		1,607		2,651
Total accrued expenses	$	4,781	$	5,987

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

		December 31, 2020		December 31, 2019
Credit facilities	$	427,287	$	404,280
Financial liabilities		63,882		90,086
Total borrowings	$	491,169	$	494,366
Less: Current portion of long-term borrowings, net		(201,835)		(59,780)
Less: Deferred finance costs, net		(4,312)		(5,338)
Long-term borrowings, net	$	285,022	$	429,248

Borrowings - Maturities of Long Term Debt

Year		Amount
2021	$	203,593
2022		69,300
2023		88,008
2024		65,471
2025 and thereafter		64,797
Total	$	491,169

Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair value of financial instruments

The estimated fair values of the Navios Partners' financial instruments are as follows:

Fair value of financial instruments

		December 31, 2020				December 31, 2019
		Book Value		Fair Value		Book Value		Fair Value
Cash and cash equivalents	$	19,303	$	19,303	$	23,354	$	23,354
Restricted cash	$	11,425	$	11,425	$	7,048	$	7,048
Amounts due from related parties, short-term	$	5,000	$	5,000	$	19,108	$	19,108
Loans receivable from affiliates		—		—	$	16,192	$	16,192
Amounts due from related parties, long-term		—		—	$	13,757	$	13,757
Amounts due to related parties, short-term	$	(35,979)	$	(35,979)		—		—
Notes receivable, net of current portion	$	8,013	$	8,013	$	7,554	$	7,554
Long-term borrowings, net	$	(486,857)	$	(491,169)	$	(489,028)	$	(494,366)

Fair value measurements on a Nonrecurring Basis

		Fair Value Measurements as at December 31, 2020
		Total		Level I		Level II	Level III
Cash and cash equivalents	$	19,303	$	19,303		—	—
Restricted cash	$	11,425	$	11,425		—	—
Amounts due from related parties, short-term	$	5,000		—	$	5,000	—
Notes receivable, net of current portion⁽²⁾	$	8,013		—	$	8,013	—
Amounts due to related parties, short-term	$	(35,979)		—	$	(35,979)	—
Long-term borrowings, net ⁽¹⁾	$	(491,169)		—	$	(491,169)	—

		Fair Value Measurements as at December 31, 2019
		Total		Level I		Level II	Level III
Cash and cash equivalents	$	23,354	$	23,354		—	—
Restricted cash	$	7,048	$	7,048		—	—
Amounts due from related parties, short-term	$	19,108		—	$	19,108	—
Loans receivable from affiliates	$	16,192		—	$	16,192	—
Amounts due from related parties, long-term	$	13,757		—	$	13,757	—
Notes receivable, net of current portion⁽²⁾	$	7,554		—	$	7,554	—
Long-term borrowings, net⁽¹⁾	$	(494,366)		—	$	(494,366)	—

The following table sets forth the Company’s assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.

		Fair Value Measurements as at December 31, 2020
		Total		Level I		Level II	Level III
Vessels, net	$	62,789	$	13,428	$	49,361	—

		Fair Value Measurements as at December 31, 2019
		Total	Level I		Level II	Level III
Vessels, net	$	23,100	—	$	23,100	—

(1) The fair value of the Company's debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account its creditworthiness.

(2) The fair value is estimated based on currently available information on the Company's counterparty with similar contract terms, interest rate and remaining maturities.

Segment information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information - Revenue by Geographic Region

		Year Ended December 31, 2020		Year Ended December 31, 2019		Year Ended December 31, 2018
Asia	$	136,515	$	119,344	$	120,660
Europe		71,531		95,542		86,633
North America		18,576		3,118		17,862
Australia		149		1,375		6,206
Total	$	226,771	$	219,379	$	231,361

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies - Future minimum contractual obligations

As of December 31, 2020, the Company's future minimum lease commitments under the Company's charter-in contracts, are as follows:

Year		Amount
2021	$	4,525
2022		6,629
2023		6,577
2024		6,496
2025		6,388
2026 and thereafter		30,184
Total	$	60,799

Future minimum contractual revenue (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Future Minimum Contractual revenue - Operating lease, Payments to be received

The future minimum contractual lease income (charter-out rates are presented net of commissions and assume no off-hires days) as of December 31, 2020, is as follows:

Year		Amount
2021	$	115,671
2022		75,451
2023		55,123
2024		38,582
2025 and thereafter		151,734
Total	$	436,561

Investment in affiliates (Tables)

12 Months Ended

Dec. 31, 2020

Investments in and Advances to Affiliates [Abstract]

Investment in Affiliates - Financial information of affiliate companies, balance sheet

		December 31, 2019
Balance Sheet		Navios Europe II
Cash and cash equivalents (including restricted cash)	$	27,431
Current assets (excluding cash and cash equivalents and restricted cash)	$	4,818
Non-current assets	$	179,688
Current liabilities (excluding current portion of long- term debt)	$	46,892
Long- term debt including current portion, net	$	89,025
Non-current liabilities	$	84,284

Investment in Affiliates - Financial information of affiliate companies, Income Statement


		December 31, 2019
Income Statement		Navios Europe I		Navios Europe II
Revenue	$	36,822	$	46,718
Net loss	$	(18,575)	$	(30,203)

Cash distributions and earnings per unit (Tables)

12 Months Ended

Dec. 31, 2020

Cash Distributions And Earnings Per Unit

Cash distributions and earnings per unit - Schedule Of Incentive Distributions Made To General Partners Or Unitholders By Distribution

		Marginal Percentage Interest in Distributions
	Total Quarterly Distribution Target Amount	Common Unitholders	Incentive Distribution Right Holder	General Partner
Minimum Quarterly Distribution	up to $5.25	98%	—	2%
First Target Distribution	up to $6.0375	98%	—	2%
Second Target Distribution	above $ 6.0375 up to $6.5625	85%	13%	2%
Third Target Distribution	above $6.5625 up to $7.875	75%	23%	2%
Thereafter	above $7.875	50%	48%	2%

Cash distributions and earnings per unit - Distributions for all quarters

The authorized quarterly cash dristributions for all quarters during the years ended December 2020, 2019, 2018, are presented below:

Date	Authorized Quarterly Cash Distribution for the three months ended	Date of record of Common and General Partner unit Unitholders	Payment of Distribution		$/ Unit		Amount of the declared distribution
April 2018	March 31, 2018	May 10, 2018	May 14, 2018	$	0.30	$	3,420
July 2018	June 30, 2018	August 7, 2018	August 10, 2018	$	0.30	$	3,420
October 2018	September 30, 2018	November 7, 2018	November 14, 2018	$	0.30	$	3,420
January 2019	December 31, 2018	February 11, 2019	February 14, 2019	$	0.30	$	3,458
April 2019	March 31, 2019	May 10, 2019	May 14, 2019	$	0.30	$	3,364
July 2019	June 30, 2019	August 6, 2019	August 9, 2019	$	0.30	$	3,364
October 2019	September 30, 2019	November 7, 2019	November 14, 2019	$	0.30	$	3,364
January 2020	December 31, 2019	February 11, 2020	February 13, 2020	$	0.30	$	3,365
April 2020	March 31, 2020	May 11, 2020	May 14, 2020	$	0.30	$	3,366
July 2020	June 30, 2020	August 10, 2020	August 13, 2020	$	0.05	$	562
October 2020	September 30, 2020	November 9, 2020	November 13, 2020	$	0.05	$	579
January 2021	December 31,2020	February 9, 2021	February 12, 2021	$	0.05	$	579

Cash distribution and earnings per unit - Schedule of earnings per unit, Basic and Diluted

		Year Ended December 31, 2020		Year Ended December 31, 2019		Year Ended December 31, 2018
Net loss	$	(68,541)	$	(62,134)	$	(13,081)
Loss attributable to:
Common unitholders	$	(67,173)	$	(60,899)	$	(12,819)
Weighted average units outstanding (basic and diluted)
Common unitholders		10,966,518		10,830,959		10,823,591
Loss per unit (basic and diluted):
Common unitholders	$	(6.13)	$	(5.62)	$	(1.18)
Earnings per unit - distributed (basic and diluted):
Common unitholders	$	0.45	$	1.22	$	1.24
Loss per unit - undistributed (basic and diluted):
Common unitholders	$	(6.58)	$	(6.84)	$	(2.43)

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Leases

The table below provides the total amount of lease payments on an undiscounted basis on the Company’s chartered-in contracts as of December 31, 2020:

Leases

		Charter-in vessels in operation
December 31, 2021	$	2,172
December 31, 2022		2,132
December 31, 2023		2,081
December 31, 2024		2,086
December 31, 2025		2,081
December 31, 2026 and thereafter		7,141
Total	$	17,693
Operating lease liabilities, including current portion	$	13,153
Discount based on incremental borrowing rate	$	4,540

Description of business (Details Narrative) - shares	12 Months Ended
Description of business (Details Narrative) - shares	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Formation date	Aug. 07, 2007
General partner, Name	Navios GP L.L.C.
Date of Initial Public Offering	Nov. 16, 2007
Common units outstanding	11,345,187	10,987,679
General partner units outstanding	237,822	230,524
Olympos Maritime Ltd [Member]
Business Acquisition [Line Items]
Navios Holdings' general partner interest in Navios Partners	2.10%
Navios Holdings I [Member]
Business Acquisition [Line Items]
Common units outstanding	2,070,216
Ownership percentage of Navios Holdings	18.20%

Summary of Significant Accounting Policies - Entities included in consolidation (Details)	12 Months Ended
	Dec. 31, 2020
Libra Shipping Enterprises Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Libra II
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Alegria Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Alegria
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Felicity Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Felicity
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Gemini Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Gemini S
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Galaxy Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Galaxy I
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Aurora Shipping Enterprises Ltd. [Member]
Entity Information [Line Items]
Vessel name	Navios Hope
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Palermo Shipping S.A. [Member]
Entity Information [Line Items]
Vessel name	Navios Apollon
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Fantastiks Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Fantastiks
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Sagittarius Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Sagittarius
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Hyperion Enterprises Inc. [Member]
Entity Information [Line Items]
Vessel name	Navios Hyperion
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Chilali Corp. [Member]
Entity Information [Line Items]
Vessel name	Navios Aurora II
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Surf Maritime Co. [Member]
Entity Information [Line Items]
Vessel name	Navios Pollux
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Pandora Marine Inc. [Member]
Entity Information [Line Items]
Vessel name	Navios Melodia
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Customized Development S.A. [Member]
Entity Information [Line Items]
Vessel name	Navios Fulvia
Country of incorporation	Liberia
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Kohylia Shipmanagement S.A. [Member]
Entity Information [Line Items]
Vessel name	Navios Luz
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Orbiter Shipping Corp. [Member]
Entity Information [Line Items]
Vessel name	Navios Orbiter
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Floral Marine Ltd. [Member]
Entity Information [Line Items]
Vessel name	Navios Buena Ventura
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Golem Navigation Limited [Member]
Entity Information [Line Items]
Vessel name	Navios Soleil
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Kymata Shipping Co. [Member]
Entity Information [Line Items]
Vessel name	Navios Helios
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Joy Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Joy
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Micaela Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Harmony
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Pearl Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Sun
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Velvet Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios La Paix
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Perigiali Navigation Limited [Member]
Entity Information [Line Items]
Vessel name	Navios Beaufiks
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Finian Navigation Co. [Member]
Entity Information [Line Items]
Vessel name	Navios Ace
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Ammos Shipping Corp. [Member]
Entity Information [Line Items]
Vessel name	Navios Prosperity I
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Wave Shipping Corp. [Member]
Entity Information [Line Items]
Vessel name	Navios Libertas
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Casual Shipholding Co. [Member]
Entity Information [Line Items]
Vessel name	Navios Sol
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Avery Shipping Company [Member]
Entity Information [Line Items]
Vessel name	Navios Symphony
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Coasters Ventures Ltd. [Member]
Entity Information [Line Items]
Vessel name	Navios Christine B
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Ianthe Maritime S.A. [Member]
Entity Information [Line Items]
Vessel name	Navios Aster
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Rubina Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Hyundai Hongkong
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Topaz Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Hyundai Singapore
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Beryl Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Hyundai Tokyo
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Cheryl Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Hyundai Shanghai
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Christal Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Hyundai Busan
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Fairy Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	YM Utmost
Country of incorporation	Marshall Is.
2020	—
2019	—
2018	1/01 – 7/02
Limestone Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	YM Unity
Country of incorporation	Marshall Is.
2020	—
2019	—
2018	1/01 – 7/02
Dune Shipping Corp. [Member]
Entity Information [Line Items]
Vessel name	MSC Cristina
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Citrine Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	—
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Cavalli Navigation Inc. [Member]
Entity Information [Line Items]
Vessel name	—
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Seymour Trading Limited [Member]
Entity Information [Line Items]
Vessel name	Navios Altair I
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	6/07 – 12/31
Goldie Services Company [Member]
Entity Information [Line Items]
Vessel name	Navios Symmetry
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	5/21 – 12/31
Andromeda Shiptrade Limited [Member]
Entity Information [Line Items]
Vessel name	Navios Apollon I
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	5/09 – 12/31
Esmeralda Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Sphera
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	8/31 – 12/31
Triangle Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Mars
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	8/31 – 12/31
Oceanus Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Castor N
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/13 – 12/31
2018	—
Cronus Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Protostar N
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/13 – 12/31
2018	—
Leto Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Esperanza N
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/13 – 12/31
2018	—
Dionysus Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Harmony N
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/13 – 12/31
2018	—
Prometheus Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Solar N
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/13 – 12/31
2018	—
Camelia Shipping Inc. [Member]
Entity Information [Line Items]
Vessel name	Navios Camelia
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/16 – 12/31
2018	—
Anthos Shipping Inc. [Member]
Entity Information [Line Items]
Vessel name	Navios Anthos
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/16 – 12/31
2018	—
Azalea Shipping Inc. [Member]
Entity Information [Line Items]
Vessel name	Navios Azalea
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/16 – 12/31
2018	—
Amaryllis Shipping Inc. [Member]
Entity Information [Line Items]
Vessel name	Navios Amaryllis
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	12/16 – 12/31
2018	—
Zaffre Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Serenitas N
Country of incorporation	Marshall Is.
2020	6/29 – 12/31
2019	—
2018	—
Wenge Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Joie N
Country of incorporation	Marshall Is.
2020	6/29 – 12/31
2019	—
2018	—
Sunstone Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Copernicus N
Country of incorporation	Marshall Is.
2020	6/29 – 12/31
2019	—
2018	—
Fandango Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Unity N
Country of incorporation	Marshall Is.
2020	6/29 – 12/31
2019	—
2018	—
Flavescent Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Odysseus N
Country of incorporation	Marshall Is.
2020	6/29 – 12/31
2019	—
2018	—
Emery Shipping Corporation [Member]
Entity Information [Line Items]
Vessel name	Navios Gem
Country of incorporation	Marshall Is.
2020	9/30 – 12/31
2019	—
2018	—
Rondine Management Inc [Member]
Entity Information [Line Items]
Vessel name	Navios Victory
Country of incorporation	Marshall Is.
2020	9/30 – 12/31
2019	—
2018	—
Cavos Navigation Co. [Member] \| Bareboat Chartered In vessels [Member]
Entity Information [Line Items]
Vessel name	Navios Libra
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Perivoia Shipmanagement Co. [Member] \| Bareboat Chartered In vessels [Member]
Entity Information [Line Items]
Vessel name	Navios TBN1
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	9/25 – 12/31
2018	—
Pleione Management Limited [Member] \| Bareboat Chartered In vessels [Member]
Entity Information [Line Items]
Vessel name	Navios TBN2
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	9/25 – 12/31
2018	—
Prosperity Shipping Corporation [Member] \| Other
Entity Information [Line Items]
Vessel name	—
Country of incorporation	Marshall Is.
2020	—
2019	—
2018	—
Aldebaran Shipping Corporation [Member] \| Other
Entity Information [Line Items]
Vessel name	—
Country of incorporation	Marshall Is.
2020	—
2019	—
2018	—
JTC Shipping and Trading Ltd. [Member] \| Other
Entity Information [Line Items]
Vessel name	Holding Company
Country of incorporation	Malta
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Navios Maritime Partners L.P. [Member] \| Other
Entity Information [Line Items]
Vessel name	N/A
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Navios Maritime Operating LLC. [Member] \| Other
Entity Information [Line Items]
Vessel name	N/A
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Navios Partners Finance (US) Inc. \| Other
Entity Information [Line Items]
Vessel name	Co-Borrower
Country of incorporation	Delaware
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31
Navios Partners Europe Finance Inc. \| Other
Entity Information [Line Items]
Vessel name	Sub-Holding Company
Country of incorporation	Marshall Is.
2020	1/01 – 12/31
2019	1/01 – 12/31
2018	1/01 – 12/31

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended	4 Months Ended	5 Months Ended	6 Months Ended	10 Months Ended	12 Months Ended
	Mar. 31, 2021	Apr. 23, 2019	May 21, 2019	Jun. 30, 2020	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 29, 2020	Dec. 13, 2019	Dec. 31, 2017	Oct. 09, 2013
Property, Plant and Equipment [Line Items]
Assets, Current						$ 60,780,000	$ 75,990,000
Liabilities, Current						253,252,000	79,784,000
Working capital deficit						192,472,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid						131,547,000
Proceeds from Sale of Property, Plant, and Equipment						8,183,000	5,978,000	$ 76,264,000
Restricted Cash and Cash Equivalents, Current						11,425,000	7,048,000
Accounts Receivable, Allowance for Credit Loss, Current						$ 2,990,000	1,495,000	1,495,000			$ 1,495,000
Depreciation method						straight line
Scrap value per light weight ton						$ 340
Every second year rate of increase of management fees						3.00%
Utilization rate of fleet						98.60%
Impairment loss						$ 71,577,000	36,680,000	44,344,000
Amortization of deferred dry dock and special survey costs						10,337,000	6,916,000	6,180,000
Amortization and write-off of deferred financing cost and discount						2,141,000	10,916,000	7,258,000
Revenues						226,771,000	219,379,000	231,361,000
Vessel operating expenses						93,732,000	68,188,000	68,871,000
General and Administrative Expense						$ 24,012,000	20,984,000	18,458,000
Distribution policy members or limited partners description						As per the Partnership Agreement, within 45 days following the end of each quarter, to the extent and as may be declared by the Board, an amount equal to 100% of Available Cash with respect to such quarter shall be distributed to the partners as of the record date selected by the Board of Directors.
Cash distributions paid						$ 7,872,000	13,550,000	10,261,000
Cost of property repairs and maintenance						36,455,000	29,039,000	26,787,000
Equity compensation expense						$ 946,000	$ 2,018,000	$ 2,450,000
Restricted Stock Units (RSUs) [Member]
Property, Plant and Equipment [Line Items]
Restricted common units vested in period						285,763
Hyundai Merchant Marine Co. Ltd. [Member]
Property, Plant and Equipment [Line Items]
Concentration Risk, Percentage						23.40%	25.90%	24.50%
Singapore Marine [Member]
Property, Plant and Equipment [Line Items]
Concentration Risk, Percentage						19.50%
Cargill [Member]
Property, Plant and Equipment [Line Items]
Concentration Risk, Percentage						11.40%	10.90%
Swissmarine [Member]
Property, Plant and Equipment [Line Items]
Concentration Risk, Percentage							12.30%
Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Payments for ballast water treatment system and exhaust gas cleaning system installation						$ 3,366,000	$ 16,313,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Interval between vessel drydockings / special surveys						30 months
Maximum [Member]
Property, Plant and Equipment [Line Items]
Interval between vessel drydockings / special surveys						60 months
Retention Accounts [Member]
Property, Plant and Equipment [Line Items]
Restricted Cash and Cash Equivalents, Current						$ 6,152,000	$ 7,048,000
Navios Containers [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage						35.70%	33.50%	33.50%
Navios Europe I [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage										5.00%		5.00%
Navios Europe II [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage									5.00%			5.00%
Navios Holdings I [Member]
Property, Plant and Equipment [Line Items]
General and Administrative Expense						$ 13,708,000	$ 10,406,000	$ 9,344,000
Navios Holdings II [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Lines of Credit					$ 5,000,000
Reverse stock split [Member]
Property, Plant and Equipment [Line Items]
Stockholders' Equity, Reverse Stock Split			1-for-15
Common units outstanding			164,700,000
Stock Issued during period, stock splits			983
NIBC Credit Facility [Member]
Property, Plant and Equipment [Line Items]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid						12,862,000
Line of Credit Facility, Maximum Borrowing Capacity						$ 28,500,000
Debt Instrument, Description of Variable Rate Basis						LIBOR plus 275 bps
Debt Instrument, Basis Spread on Variable Rate						2.75%
Cash Collateral for Borrowed Securities						$ 5,273,000
Forecast [Member] \| New Credit Facility [Member]
Property, Plant and Equipment [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 115,000,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	3.00%
After Reverse Stock Split [Member] \| Reverse stock split [Member]
Property, Plant and Equipment [Line Items]
Stock Issued During Period, Shares, Reverse Stock Splits			11,000,000.0
Time charter [Member]
Property, Plant and Equipment [Line Items]
Revenues						218,809,000	204,920,000	215,877,000
Voyage contracts [Member]
Property, Plant and Equipment [Line Items]
Revenues						3,754,000	9,416,000	9,660,000
Pooling arrangements [Member]
Property, Plant and Equipment [Line Items]
Revenues						4,208,000	5,043,000	5,817,000
Protif Sharing [Member]
Property, Plant and Equipment [Line Items]
Revenues						0	0	7,000
From January 1, 2020 [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Technical and commercial management daily fee						$ 50.00
After January 1, 2022 [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Annual growth factor of management fees						3.00%
After January 1, 2022 [Member] \| After liquidation of Navios Europe I [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Annual growth factor of management fees						3.00%
After liquidation of Navios Europe I [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Technical and commercial management daily fee						$ 50.00
After liquidation of Navios Europe I [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Annual growth factor of management fees						3.00%
Four Vessels [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 32,692,000
Impairment loss						$ 50,991,000
Drybulk vessels [Member]
Property, Plant and Equipment [Line Items]
Vessel useful life						25 years
Containerships [Member]
Property, Plant and Equipment [Line Items]
Vessel useful life						30 years
One Vessel [Member]
Property, Plant and Equipment [Line Items]
Impairment loss							29,335,000
Three Containerships [Member]
Property, Plant and Equipment [Line Items]
Impairment loss				$ 6,800,000
Navios Soleil, Esperanza N and Castor N [Member]
Property, Plant and Equipment [Line Items]
Impairment loss						$ 13,786,000
Navios Galaxy I [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		$ 5,978,000
Impairment loss							$ 7,345,000
YM Unity, YM Utmost, Navios Felicity and Navios Libra II [Member]
Property, Plant and Equipment [Line Items]
Impairment loss								$ 44,344,000
Ultra Handymax Vessels [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						4,230
Ultra Handymax Vessels [Member] \| From January 1, 2020 [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						4,350
Panamax vessel [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						4,330
Panamax vessel [Member] \| From January 1, 2020 [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						4,450
Panamax vessel [Member] \| After liquidation of Navios Europe I [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						6,100
Capesize Vessels [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						5,250
Capesize Vessels [Member] \| From January 1, 2020 [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						5,410
Container Vessels of TEU 6,800 [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						6,700
Container Vessels of TEU 6,800 [Member] \| From January 1, 2020 [Member] \| Extended Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						6,900
Container Vessels of more than TEU 8,000 [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						7,400
Container Vessels of more than TEU 13,000 [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						8,750
Subpanamax Containership [Member] \| After liquidation of Navios Europe I [Member] \| Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Daily management fee						$ 6,100

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 19,303	$ 23,354
Restricted cash	11,425	7,048
Total cash and cash equivalents and restricted cash	$ 30,728	$ 30,402	$ 61,455	$ 29,933

Accounts Receivable net - Accounts Receivable Lessen By Provision for Doubtful Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable Net
Accounts receivable	$ 19,959	$ 12,786
Less: Provision for credit losses	(2,990)	(1,495)	$ (1,495)	$ (1,495)
Accounts receivable, net	$ 16,969	$ 11,291

Accounts Receivable net - Charges to provisions for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable Net
Balance at beginning of period	$ (1,495)	$ (1,495)	$ (1,495)
Charges to costs and expenses	(1,495)	0	0
Amount utilized	0	0	0
Balance at end of period	$ (2,990)	$ (1,495)	$ (1,495)

Accounts receivable, net (Details Narrative)	12 Months Ended
Accounts receivable, net (Details Narrative)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Policyholder Account Balance [Line Items]
Concentration Risk, Customer	Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables.
Hyundai Merchant Marine Co. Ltd. [Member]
Policyholder Account Balance [Line Items]
Concentration Risk, Percentage	23.40%	25.90%	24.50%
Singapore Marine [Member]
Policyholder Account Balance [Line Items]
Concentration Risk, Percentage	19.50%
Cargill [Member]
Policyholder Account Balance [Line Items]
Concentration Risk, Percentage	11.40%	10.90%
Swissmarine [Member]
Policyholder Account Balance [Line Items]
Concentration Risk, Percentage		12.30%

Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid voyage costs	$ 284	$ 338
Inventories	6,267	6,281
Claims receivable	633	2,939
Other	899	905
Total prepaid expenses and other current assets	$ 8,083	$ 10,463

Vessels, net (Details) - USD ($) $ in Thousands	12 Months Ended
Vessels, net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net, Beginning Balance	$ 1,062,258
Additions	(56,050)	$ (53,255)	$ (58,334)
Vessels impairment loss	(71,577)	(36,680)	(44,344)
Property, Plant and Equipment, Net, Ending Balance	1,041,138	1,062,258
Vessels [Member] \| Cost [Member]
Property, Plant and Equipment [Line Items]
Balance	1,370,756	1,360,231	1,420,078
Additions	110,416	113,391	115,902
Disposals	(5,233)	(5,696)	(76,264)
Vessels impairment loss	(161,199)	(97,170)	(99,485)
Property, Plant and Equipment, Gross, Ending Balance	1,314,740	1,370,756	1,360,231
Vessels [Member] \| Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Balance	(308,498)	(316,981)	(321,063)
Additions	(54,884)	(52,088)	(54,585)
Disposals	158	81	0
Vessels impairment loss	89,622	60,490	58,667
Balance	(273,602)	(308,498)	(316,981)
Vessels [Member] \| Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net, Beginning Balance	1,062,258	1,043,250	1,099,015
Additions	55,532	61,303	61,317
Disposals	(5,075)	(5,615)	(76,264)
Vessels impairment loss	(71,577)	(36,680)	(40,818)
Property, Plant and Equipment, Net, Ending Balance	$ 1,041,138	$ 1,062,258	$ 1,043,250

Vessels, net (Details Narrative) $ in Thousands	3 Months Ended	4 Months Ended			5 Months Ended		6 Months Ended		8 Months Ended	9 Months Ended		10 Months Ended			11 Months Ended					12 Months Ended
Vessels, net (Details Narrative) $ in Thousands	Mar. 21, 2019 USD ($)	Apr. 23, 2019 USD ($)	May 09, 2018 USD ($)	Apr. 27, 2018 USD ($)	Jun. 07, 2018 USD ($)	May 21, 2018 USD ($)	Jun. 29, 2019 USD ($)	Jul. 02, 2018 USD ($)	Aug. 31, 2018 USD ($)	Sep. 30, 2020 USD ($)	Oct. 02, 2018 USD ($)	Oct. 31, 2020 USD ($)	Oct. 18, 2019	Oct. 25, 2018 USD ($)	Dec. 10, 2020 USD ($)	Nov. 30, 2020 USD ($)	Dec. 13, 2019 USD ($)	Dec. 14, 2018 USD ($)	Dec. 04, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 16, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 29, 2020	Jun. 30, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment																				$ 8,183	$ 5,978		$ 76,264
Vessels, net																				1,041,138	1,062,258
Asset Impairment Charges																				71,577	36,680		44,344
Loss on sale of vessel																				0	0		$ 53
Navios Gem Navios Victory [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions										$ 51,000
Five Drybulk Vessels [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired																								5
Panamax vessels [Member]
Property, Plant and Equipment [Line Items]
Vessel capacity in DWT													81,000
Number of vessels acquired																								3
Ultra Handymax vessels [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired																								2
Drybulk vessels [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions																						$ 40,379
Number of vessels acquired																						4
Proceeds from Lines of Credit																						$ 37,000
Sub-Panamax vessels [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired																	3
Panamax Vessels III [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired																	2
Navios Sphera And Navios Mars [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions									$ 79,000
Navios Altair I [Member]
Property, Plant and Equipment [Line Items]
Vessel year built																							2006
Vessel type																							Panamax
Vessel capacity in DWT																							74,475
Property, Plant and Equipment, Additions					$ 11,842
Navios Symmetry [Member]
Property, Plant and Equipment [Line Items]
Vessel year built																							2006
Vessel type																							Panamax
Vessel capacity in DWT																							74,381
Property, Plant and Equipment, Additions						$ 11,811
Navios Apollon I [Member]
Property, Plant and Equipment [Line Items]
Vessel year built																							2005
Vessel type																							Panamax
Vessel capacity in DWT																							87,052
Property, Plant and Equipment, Additions			$ 13,446
Navios Soleil [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment															$ 8,183
Dry dock and special survey costs, net															3,108
Vessels, net															18,163
Asset Impairment Charges															$ 9,980
Navios Galaxy I [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		$ 5,978
Asset Impairment Charges																					7,345
Sale price	$ 5,978
Navios Libra II [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment																		$ 4,559
Dry dock and special survey costs, net																		657
Vessels, net																		$ 5,784
Asset Impairment Charges																							$ 1,226
Sale price														$ 4,559
Navios Felicity [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment																			$ 4,705
Dry dock and special survey costs, net																			818
Vessels, net																			10,016
Asset Impairment Charges																							5,258
Loss on sale of vessel																			$ 53
Sale price											$ 4,705
YM Unity And YM Utmost [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment				$ 67,000
Dry dock and special survey costs, net								$ 2,104
Vessels, net								104,860
Asset Impairment Charges																							$ 37,860
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent																									$ 67,000
YM Unity And YM Utmost [Member] \| DVB $39M Credit Facility [Member]
Property, Plant and Equipment [Line Items]
Repayments of Debt								$ 20,200
Castor N [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges																				2,026
Sale price																$ 8,869
Esperanza N [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges																				1,780
Sale price												$ 4,559
Management Agreement [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Water and Waste Water Systems																				$ 3,366	$ 16,313
Navios Holdings I [Member] \| Navios Gem [Member]
Property, Plant and Equipment [Line Items]
Vessel year built										2014
Vessel type										Capesize
Vessel capacity in DWT										181,336
Navios Holdings I [Member] \| Navios Victory [Member]
Property, Plant and Equipment [Line Items]
Vessel year built										2014
Vessel type										Panamax
Vessel capacity in DWT										77,095
Navios Holdings I [Member] \| Navios Sphera [Member]
Property, Plant and Equipment [Line Items]
Vessel year built																							2016
Vessel type																							Panamax
Vessel capacity in DWT																							84,872
Navios Holdings I [Member] \| Navios Mars [Member]
Property, Plant and Equipment [Line Items]
Vessel year built																							2016
Vessel type																							Capesize
Vessel capacity in DWT																							181,259
Navios Europe II [Member] \| Five drybulk vessels, three Panamax vessels and two Ultra-Handymax vessels [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions							$ 56,050
Navios Europe I [Member] \| Three sub-panamax and two panamax containerships [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions																	$ 56,083
Number of vessels acquired																	5

Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Favorable lease terms - Cost	$ 83,716	$ 83,716	$ 83,716	$ 83,716
Favorable lease terms - Accumulated amortization	(81,716)	(80,550)	(79,384)	(75,636)
Favorable lease terms - Net Book Value	2,000	3,166	4,332	$ 8,080
Additions - Accumulated Amortization	(1,166)	(1,166)	(3,748)
Additions - Net Book Value	$ (1,166)	$ (1,166)	$ (3,748)

Amortization of Favorable Lease Terms (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Favorable lease terms	$ (1,166)	$ (1,166)	$ (3,748)
Total	$ (1,166)	$ (1,166)	$ (3,748)

Aggregate Amortizations of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 1,166
2022	834
Total	$ 2,000	$ 3,166	$ 4,332	$ 8,080

Intangible assets (Details Narrative)	12 Months Ended
Intangible assets (Details Narrative)	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization method	straight line
Estimated residual value	$ 0
Weighted average useful lives	11 years 9 months 18 days

Accounts payable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts Payable
Creditors	$ 2,684	$ 4,578
Brokers	2,786	2,328
Professional and legal fees	829	1,567
Total accounts payable	$ 6,299	$ 8,473

Accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Expenses
Accrued voyage expenses	$ 1,436	$ 51
Accrued loan interest	1,738	3,285
Accrued legal and professional fees	1,607	2,651
Total accrued expenses	$ 4,781	$ 5,987

Accrued expenses (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accrued bonus included in accrued legal and professional fees	$ 630	$ 720
General and Administrative Expense [Member]
Professional fees paid	$ 4,970	$ 4,645	$ 3,985

Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Credit facilities	$ 427,287	$ 404,280
Financial liabilities	63,882	90,086
Total borrowings	491,169	494,366
Less: Current portion of long-term borrowings, net	(201,835)	(59,780)
Less: Deferred finance costs, net	(4,312)	(5,338)
Long-term borrowings, net	$ 285,022	$ 429,248

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Borrowings - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 203,593
2022	69,300
2023	88,008
2024	65,471
2025 and thereafter	64,797
Total	$ 491,169	$ 494,366

Borrowings (Details Narrative)	3 Months Ended	4 Months Ended		5 Months Ended			6 Months Ended				7 Months Ended		8 Months Ended		9 Months Ended	10 Months Ended			11 Months Ended	12 Months Ended
Borrowings (Details Narrative)	Apr. 11, 2019 USD ($)	May 08, 2019 USD ($)	Apr. 15, 2019 USD ($)	May 31, 2019 USD ($)	Jun. 01, 2018 USD ($)	May 18, 2018 USD ($)	Jun. 28, 2019 USD ($)	Jul. 02, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 28, 2017 USD ($)	Jul. 24, 2019 USD ($)	Jul. 18, 2017 USD ($)	Aug. 31, 2019 USD ($)	Aug. 30, 2018 USD ($)	Oct. 10, 2019 USD ($)	Oct. 31, 2019 USD ($)	Oct. 18, 2019	Nov. 03, 2017 USD ($)	Dec. 13, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 16, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jul. 02, 2019 USD ($)	Jun. 07, 2019 USD ($)	Apr. 05, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Long-term Debt																				$ 486,857,000		$ 489,028,000
Outstanding balance																				427,287,000		404,280,000
Balloon payment on the last repayment date																				131,547,000
Finance Lease, Liability																				63,882,000		$ 90,086,000
Panamax vessels [Member]
Debt Instrument [Line Items]
Vessel capacity in DWT																	81,000
Drybulk vessels [Member]
Debt Instrument [Line Items]
Amount drawn down																					$ 37,000,000
Navios Fantastiks and Navios Beaufiks [Member] \| Financial Liabilities [Member]
Debt Instrument [Line Items]
Finance Lease, Liability																				20,790,000						$ 25,000,000
Purchase Obligation																				6,300,000
Navios Sol [Member]
Debt Instrument [Line Items]
Amount drawn down	$ 20,000,000
Finance Lease, Liability																				18,056,000					$ 20,000,000
Purchase Obligation																				$ 6,300,000
Vessel year built																				2009
Vessel type																				Capesize
Vessel capacity in DWT																				180,274
Navios Sagittarius [Member]
Debt Instrument [Line Items]
Amount drawn down							$ 7,500,000
Finance Lease, Liability																				$ 4,716,000				$ 7,500,000
Purchase Obligation																				$ 2,000,000
Vessel year built																				2006
Vessel type																				Panamax
Vessel capacity in DWT																				75,756
Navios Ace [Member]
Debt Instrument [Line Items]
Amount drawn down											$ 22,000,000
Finance Lease, Liability																				$ 20,320,000			$ 22,000,000
Purchase Obligation																				$ 6,300,000
Vessel year built																				2011
Vessel type																				Capesize
Vessel capacity in DWT																				179,016
69 consecutive monthly payments [Member] \| Navios Fantastiks and Navios Beaufiks [Member] \| Financial Liabilities [Member]
Debt Instrument [Line Items]
Sale Leaseback Transaction, Monthly Rental Payments																				$ 161,000
60 consecutive monthly payments [Member] \| Navios Fantastiks and Navios Beaufiks [Member] \| Financial Liabilities [Member]
Debt Instrument [Line Items]
Sale Leaseback Transaction, Monthly Rental Payments																				155,000
120 consecutive monthly payments [Member] \| Navios Sol [Member] \| Financial Liabilities [Member]
Debt Instrument [Line Items]
Sale Leaseback Transaction, Monthly Rental Payments																				190,000
36 consecutive monthly payments \| Navios Sagittarius [Member] \| Financial Liabilities [Member]
Debt Instrument [Line Items]
Sale Leaseback Transaction, Monthly Rental Payments																				178,000
132 consecutive monthly payments \| Navios Ace [Member] \| Financial Liabilities [Member]
Debt Instrument [Line Items]
Sale Leaseback Transaction, Monthly Rental Payments																				198,000
Term Loan B Facility [Member]
Debt Instrument [Line Items]
Debt face amount																				250,000,000
Number of vessels released as collateral				5									5													4
Cash collateral for borrowed securities																										$ 2,000,000
Repayment of debt				$ 73,478,000									$ 85,500,000		$ 253,800,000
Write-off of deferred financing fees															1,973,000
Write off, of deferred debt unamortized discount															4,101,000
Term Loan B Credit Facility Addition [Member]
Debt Instrument [Line Items]
Debt face amount																				189,500,000
New Term Loan B Credit Facility [Member]
Debt Instrument [Line Items]
Debt face amount																				$ 405,000,000
Debt Instrument, Issuance Date																				Mar. 14, 2017
Interest rate description																				LIBOR plus
Interest rate percentage																				5.00%
Debt Instrument, Maturity Date																				Sep. 14, 2020
Repayment frequency																				quarterly
Line of credit periodic payment percentage																				1.25%
Long-term Debt, Description																				The add-on to the Term Loan B Facility bore the same terms as the Term Loan B Facility. Navios Partners used the net proceeds to partially finance the acquisition of three vessels.
New Term Loan B Facility Addition [Member]
Debt Instrument [Line Items]
Debt face amount																				$ 53,000,000
Debt Instrument, Issuance Date																				Aug. 10, 2017
BNP Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 300 bps
Interest rate percentage																				3.00%
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Jun. 26, 2017
Credit facility, maximum borrowing capacity																				$ 32,000,000
Number of loan tranches																				2
Outstanding balance																				$ 8,515,000
Repayment installments																				3
Repayment amount																				$ 569,000
Balloon payment on the last repayment date																				$ 6,808,000
BNP Credit Facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Repayment of debt																			$ 15,070,000
Write-off of deferred financing fees																			117,000
Amount drawn down										$ 17,000,000
BNP Credit Facility [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Amount drawn down												$ 15,000,000
DVB $39m Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of debt			$ 12,250,000					$ 20,200,000
Write-off of deferred financing fees			94,000					$ 209,000
Credit Facility, Initiation Date																				Jun. 28, 2017
Credit facility, maximum borrowing capacity																				$ 39,000,000
Number of loan tranches																				4
DVB $39m Credit Facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Amount drawn down									$ 7,000,000
DVB $39m Credit Facility [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Amount drawn down																		$ 32,000,000
DVB $39m Credit Facility [Member] \| Additional Amount [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity																				$ 7,000,000
DVB $44m credit facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 290 bps
Interest rate percentage																				2.90%
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Jul. 31, 2018
Credit facility, maximum borrowing capacity																				$ 44,000,000
Number of loan tranches																				2
Outstanding balance																				$ 36,823,000
Repayment installments																				11
Repayment amount																				$ 798,000
Balloon payment on the last repayment date																				$ 28,050,000
DVB $44m credit facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Amount drawn down														$ 17,500,000
DVB $44m credit facility [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Amount drawn down														$ 26,500,000
DVB $66m credit facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 260 bps
Interest rate percentage																				2.60%
Credit Facility, Initiation Date																				Feb. 12, 2019
Credit facility, maximum borrowing capacity																				$ 66,000,000
Number of loan tranches																				4
Outstanding balance																				$ 49,797,000
Balloon payment on the last repayment date																				$ 23,001,000
Number of vessels refinanced																				3
DVB $66m credit facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Amount drawn down			15,675,000
DVB $66m credit facility [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Amount drawn down			$ 15,675,000
DVB $66m credit facility [Member] \| Tranche C [Member]
Debt Instrument [Line Items]
Amount drawn down															14,820,000
DVB $66m credit facility [Member] \| Tranche D [Member]
Debt Instrument [Line Items]
Amount drawn down															14,820,000
DVB $66m credit facility [Member] \| First Two Installments [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Repayment installments																				2
Repayment amount																				$ 2,243,000
DVB $66m credit facility [Member] \| Next Twelve Installments [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Repayment installments																				12
Repayment amount																				$ 1,859,000
Nordea Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 300 bps
Interest rate percentage																				3.00%
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Mar. 26, 2018
Credit facility, maximum borrowing capacity																				$ 14,300,000
Number of loan tranches																				2
Outstanding balance																				$ 4,170,000
Repayment installments																				10
Repayment amount																				$ 298,000
Balloon payment on the last repayment date																				$ 1,190,000
Nordea Credit Facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Amount drawn down						$ 7,150,000
Nordea Credit Facility [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Repayment of debt																			6,554,000
Write-off of deferred financing fees																			$ 95,000
Amount drawn down					$ 7,150,000
NIBC Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 275 bps
Interest rate percentage																				2.75%
Repayment frequency																				quarterly
Number of vessels released as collateral																				1
Cash collateral for borrowed securities																				$ 5,273,000
Credit Facility, Initiation Date																				Dec. 28, 2018
Credit facility, maximum borrowing capacity																				$ 28,500,000
Number of loan tranches																				3
Outstanding balance																				$ 21,878,000
Repayment installments																				12
Repayment amount																				$ 751,000
Balloon payment on the last repayment date																				$ 12,862,000
Number of vessels refinanced																				3
NIBC Credit Facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Amount drawn down		$ 11,915,000
NIBC Credit Facility [Member] \| Two Remaining Tranches [Member]
Debt Instrument [Line Items]
Amount drawn down															13,475,000
DNB Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 275 bps
Interest rate percentage																				2.75%
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Apr. 05, 2019
Credit facility, maximum borrowing capacity																				$ 40,000,000
Number of loan tranches																				2
Amount drawn down															34,350,000
Outstanding balance																				$ 30,530,000
Repayment installments																				14
Repayment amount																				$ 955,000
Balloon payment on the last repayment date																				$ 17,160,000
Number of vessels refinanced																				2
CACIB Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 275 bps
Interest rate percentage																				2.75%
Repayment frequency																				six-month
Credit Facility, Initiation Date																				Jul. 04, 2019
Credit facility, maximum borrowing capacity																				$ 52,800,000
Number of loan tranches																				4
Outstanding balance																				$ 43,350,000
Repayment installments																				9
Repayment amount																				$ 3,150,000
Balloon payment on the last repayment date																				$ 15,000,000
CACIB Credit Facility [Member] \| Capesize Vessels [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				3
CACIB Credit Facility [Member] \| Panamax vessels [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				1
CACIB Credit Facility [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Amount drawn down													36,516,000
CACIB Credit Facility [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Amount drawn down													36,516,000
CACIB Credit Facility [Member] \| Tranche C [Member]
Debt Instrument [Line Items]
Amount drawn down													$ 36,516,000
CACIB Credit Facility [Member] \| Tranche D [Member]
Debt Instrument [Line Items]
Amount drawn down																$ 16,284,000
CACIB $33M Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 325 bps
Interest rate percentage																				3.25%
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Sep. 28, 2020
Credit facility, maximum borrowing capacity																				$ 33,000,000
Outstanding balance																				$ 32,150,000
Repayment installments																				19
Repayment amount																				$ 850,000
Balloon payment on the last repayment date																				$ 16,000,000
CACIB $33M Credit Facility [Member] \| Drybulk vessels [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				2
HCOB Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 320 bps
Interest rate percentage																				3.20%
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Sep. 26, 2019
Credit facility, maximum borrowing capacity																				$ 140,000,000
Amount drawn down															$ 140,000,000
Outstanding balance																				$ 118,500,000
Repayment installments																				4
Repayment amount																				$ 5,375,000
Balloon payment on the last repayment date																				$ 97,000,000
HCOB Credit Facility [Member] \| Drybulk vessels [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				8
HCOB Credit Facility [Member] \| Containerships [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				5
ABN Credit Facility [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Dec. 12, 2019
Credit facility, maximum borrowing capacity																				$ 23,500,000
Outstanding balance																				$ 3,369,000
Repayment installments																				2
Repayment amount																				$ 173,000
Balloon payment on the last repayment date																				$ 3,024,000
ABN Credit Facility [Member] \| Containerships [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				5
ABN Credit Facility [Member] \| Up to February 28, 2021 [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Interest rate percentage																				4.00%
ABN Credit Facility [Member] \| Up to maturity date
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Interest rate percentage																				6.00%
ABN 32.2M Credit Facility [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Jun. 26, 2020
Credit facility, maximum borrowing capacity																				$ 32,200,000
Outstanding balance																				$ 27,095,000
Repayment installments																				2
Repayment amount																				$ 1,190,000
Balloon payment on the last repayment date																				$ 24,715,000
ABN 32.2M Credit Facility [Member] \| Drybulk vessels [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				5
ABN 32.2M Credit Facility [Member] \| Up to maturity date
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Interest rate percentage																				4.25%
ABN 32.2M Credit Facility [Member] \| Up to December 31, 2020 [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Interest rate percentage																				4.00%
Dory Credit Facility [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Credit Facility, Initiation Date																				Dec. 16, 2019
Credit facility, maximum borrowing capacity																				$ 37,000,000
Outstanding balance																				$ 35,150,000
Repayment installments																				6
Repayment amount																				$ 925,000
Balloon payment on the last repayment date																				$ 29,600,000
Dory Credit Facility [Member] \| Drybulk vessels [Member]
Debt Instrument [Line Items]
Number of vessels refinanced																				4
Dory Credit Facility [Member] \| First Twelve Month Period After Utilization Date [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Interest rate percentage																				4.75%
Dory Credit Facility [Member] \| Following 12 month period after utilisation date
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Dory Credit Facility [Member] \| Period commencing 24 months after utilisation date
Debt Instrument [Line Items]
Interest rate description																				LIBOR
Dory Credit Facility [Member] \| Following Twelve Month Period After Utilization Date [Member]
Debt Instrument [Line Items]
Interest rate percentage																				6.00%
Dory Credit Facility [Member] \| Period Commencing 24 Months After Utilization Date [Member]
Debt Instrument [Line Items]
Interest rate percentage																				7.00%
Hellenic Bank Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate description																				LIBOR plus 350 bps
Interest rate percentage																				3.50%
Credit Facility, Initiation Date																				Jun. 25, 2020
Credit facility, maximum borrowing capacity																				$ 17,000,000
Outstanding balance																				15,960,000
Balloon payment on the last repayment date																				$ 8,320,000
Hellenic Bank Credit Facility [Member] \| First Two Consecutive Installments [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Repayment installments																				2
Repayment amount																				$ 520,000
Hellenic Bank Credit Facility [Member] \| Ten Consecutive Installments [Member]
Debt Instrument [Line Items]
Repayment frequency																				quarterly
Repayment installments																				10
Repayment amount																				$ 660,000
Credit Facilities [Member]
Debt Instrument [Line Items]
Description of violation or event of default																				The credit facilities require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 120% to 140%; (ii) minimum free consolidated liquidity in an amount equal to at least $0.5 million to $0.65 million per owned vessel; (iii) maintain a ratio of EBITDA to interest expense of at least 2.00:1.00; (iv) maintain a ratio of total liabilities or total debt to total assets (as defined in the Company’s credit facilities) ranging of less than 0.75; and (v) maintain a minimum net worth to $135,000.
Total Liabilities to Total Assets ratio																				0.75
Minimum Net Worth Required for Compliance																				$ 135,000,000
Credit Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Security cover ratio																				120.00%
Minimum free consolidated liquidity																				$ 500,000
Ratio of EBITDA to interest expense																				200.00%
Credit Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Security cover ratio																				140.00%
Minimum free consolidated liquidity																				$ 650,000

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Cash and cash equivalents - Book Value	$ 19,303	$ 23,354
Cash and cash equivalents - Fair Value	19,303	23,354
Restricted cash - Book Value	11,425	7,048
Restricted cash - Fair Value	11,425	7,048
Amounts due from related parties, short-term - Book Value	5,000	19,108
Amounts due from related parties, short-term - Fair Value	5,000	19,108
Loans receivable from affiliates - Book value	0	16,192
Loans receivable from affiliates - Fair Value	0	16,192
Amounts due from related parties, long-term - Book Value	0	13,757
Amounts due from related parties, long-term - Fair Value	0	13,757
Amounts due to related parties, short term - Book value	(35,979)
Amounts due to related parties, short term - Fair value	(35,979)	0
Notes receivable, net of current portion - Book Value	8,013	7,554
Notes receivable, net of current portion - Fair Value	8,013	7,554
Long-term borrowings, net - Book value	(486,857)	(489,028)
Long-term borrowings, net - Fair value	$ (491,169)	$ (494,366)

Fair value measurements on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - Fair Value	$ 19,303	$ 23,354
Restricted cash	11,425	7,048
Amounts due from related parties, short-term - Fair Value	5,000	19,108
Notes receivable, net of current portion	8,013	7,554
Amounts due to related parties, short term - Fair Value	(35,979)	0
Long-term borrowings, net - Fair Value	(491,169)	(494,366)
Loans receivable from affiliates - Fair Value	0	16,192
Amounts due from related parties, long-term - Fair Value	0	13,757
Vessels, net	62,789	23,100
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - Fair Value	19,303	23,354
Restricted cash	11,425	7,048
Vessels, net	13,428
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts due from related parties, short-term - Fair Value	5,000	19,108
Notes receivable, net of current portion	8,013	7,554
Amounts due to related parties, short term - Fair Value	(35,979)
Long-term borrowings, net - Fair Value	(491,169)	(494,366)
Loans receivable from affiliates - Fair Value		16,192
Amounts due from related parties, long-term - Fair Value		13,757
Vessels, net	$ 49,361	$ 23,100

Issuance of units (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	5 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Jan. 11, 2018	Feb. 01, 2019	Feb. 21, 2018	May 21, 2019	Jun. 30, 2020	Nov. 18, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 18, 2019	Dec. 31, 2018	Dec. 24, 2018	Jan. 31, 2019
Schedule of Capitalization, Equity [Line Items]
Proceeds from issuance of Common Limited partners units							$ 2,231	$ 0		$ 33,373
Partners' Capital Account, Sale of Units							2,278			33,373
Common units repurchased and cancelled, value								4,499
Share-based Payment Arrangement, Noncash Expense							946	2,018		2,450
Net proceeds from issuance of general partner units							47	8		805
Compensation cost of non-vested restricted common units not yet recognized							$ 579
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number							92,699
Navios Holdings I [Member]
Schedule of Capitalization, Equity [Line Items]
Ownership percentage of Navios Holdings							18.20%
Olympos Maritime Ltd [Member]
Schedule of Capitalization, Equity [Line Items]
Navios Holdings' general partner interest in Navios Partners							2.10%
Directors and officers \| Restricted Stock Units (RSUs) [Member] \| Authorized December 2019 [Member]
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units									4,000
Share-based Payment Arrangement, Noncash Expense							$ 35	0
Directors and officers \| Restricted Stock Units (RSUs) [Member] \| Authorized February 2019
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units		25,396
Share-based Payment Arrangement, Noncash Expense							116	190
Directors and officers \| Restricted Stock Units (RSUs) [Member] \| Authorized December 2018 [Member]
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units											97,633
Share-based Payment Arrangement, Noncash Expense							348	669		20
Directors and officers \| Restricted Stock Units (RSUs) [Member] \| Authorized December 2017 [Member]
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units	91,336
Share-based Payment Arrangement, Noncash Expense							$ 447	833		1,600
Directors and officers \| Restricted Stock Units (RSUs) [Member] \| Authorized January 2017 [Member]
Schedule of Capitalization, Equity [Line Items]
Share-based Payment Arrangement, Noncash Expense								$ 325
Reverse stock split [Member]
Schedule of Capitalization, Equity [Line Items]
Stockholders' Equity, Reverse Stock Split				1-for-15
Limited Partner [Member]
Schedule of Capitalization, Equity [Line Items]
Proceeds from issuance of Common Limited partners units			$ 35,002
Common units repurchased and cancelled, units							312,952
Common units repurchased and cancelled, value							$ 4,499
Partners' Capital Account, Units, Acquisitions			1,228,133
Unit price			$ 28.50
Offering costs			$ 1,629
Proceeds from issuance of common units, net of offering costs			$ 33,373
Limited Partner [Member] \| Share Repurchase Program
Schedule of Capitalization, Equity [Line Items]
Stock Repurchase Program, Authorized Amount												$ 50,000
Limited Partner [Member] \| Continuous Offering Program Sales Agreement [Member]
Schedule of Capitalization, Equity [Line Items]
Maximum aggregate offering price						$ 25,000
Partners' Capital Account, Units, Sold in Public Offering							357,508
Proceeds from issuance of Common Limited partners units							$ 2,231
General Partner [Member]
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Units, Sale of Units							7,298
Partners' Capital Account, Sale of Units							$ 47
Net proceeds from issuance of general partner units					$ 8					$ 714
General Partner's capital account units sold in public offering										25,064
General Partner [Member] \| Authorized February 2019
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units		518
General Partner [Member] \| Authorized December 2018 [Member]
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units											1,993
Net proceeds from issuance of general partner units											$ 27
General Partner [Member] \| Authorized December 2017 [Member]
Schedule of Capitalization, Equity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units	1,864
Net proceeds from issuance of general partner units	$ 64

Segment Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 226,771	$ 219,379	$ 231,361
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	136,515	119,344	120,660
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	71,531	95,542	86,633
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	18,576	3,118	17,862
AUSTRALIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 149	$ 1,375	$ 6,206

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies - Future minimum contractual obligations (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 4,525
2022	6,629
2023	6,577
2024	6,496
2025	6,388
2026 and thereafter	30,184
Total	$ 60,799

Commitments and Contingencies (Details Narrative) $ in Thousands	10 Months Ended	11 Months Ended	12 Months Ended
	Oct. 18, 2019 USD ($)	Nov. 30, 2017 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Lessor, Lease, Description [Line Items]
Deposits for vessels acquisitions			$ 10,685	$ 2,533	$ 2,853
Other Assets, Noncurrent			18,850	8,165
Payments to Acquire Property, Plant, and Equipment			72,417	21,166	115,902
Contractual Obligation			$ 60,799
Panamax vessel [Member]
Lessor, Lease, Description [Line Items]
Vessel capacity in DWT		82,011
Business Acquisition, Date of Acquisition Agreement			Jul. 24, 2019
Deposits for vessels acquisitions		$ 5,540
Other Assets, Noncurrent			$ 6,650		$ 2,770	$ 2,770
Panamax vessels [Member]
Lessor, Lease, Description [Line Items]
Vessel capacity in DWT	81,000
Deposits for vessels acquisitions	$ 12,328
Other Assets, Noncurrent			$ 12,200
Date of charter-in agreement			Oct. 18, 2019
Number of vessels	2
Payments to Acquire Property, Plant, and Equipment			$ 10,034	$ 1,434
Contractual Obligation			$ 860
Date of expected delivery of vessel			first half of 2021

Future Minimum Contractual revenue - Operating lease, Payments to be received (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 115,671
2022	75,451
2023	55,123
2024	38,582
2025 and thereafter	151,734
Total	$ 436,561

Transactions with related parties (Details Narrative)	2 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended	9 Months Ended	10 Months Ended	11 Months Ended				12 Months Ended
Transactions with related parties (Details Narrative)	Feb. 28, 2019 USD ($)	Mar. 31, 2017 USD ($)	Mar. 17, 2017 USD ($) shares	Apr. 21, 2020 USD ($)	Jun. 29, 2019 USD ($)	Sep. 30, 2020 USD ($)	Oct. 31, 2020 USD ($)	Dec. 13, 2019 USD ($)	Nov. 25, 2019 USD ($)	Nov. 30, 2017	Nov. 15, 2012 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 16, 2017 $ / shares	Feb. 18, 2015 USD ($)	Dec. 18, 2013	Oct. 09, 2013
Related Party Transaction [Line Items]
Vessel operating expenses												$ 93,732,000	$ 68,188,000	$ 68,871,000
General and Administrative Expense												24,012,000	20,984,000	18,458,000
Due from Related Parties, Current												5,000,000	19,108,000
Due from Related Parties, Noncurrent												0	13,757,000
Due to Related Parties, Current												35,979,000
Payments to fund long-term debt												(0)	4,000,000	15,625,000
Long-term Line of Credit												427,287,000	404,280,000
Notes receivable, non current												8,013,000	7,554,000
Note receivable, equity component			$ 29,423,000												$ 29,423,000
Noncash or Part Noncash Acquisition, Debt Assumed												(0)	37,000,000	(0)
Equity Method Investment, Other than Temporary Impairment												6,900,000	(0)	(0)
Long-term Debt												486,857,000	489,028,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures												26,158,000	25,725,000
Loans and Leases Receivable, Related Parties												$ 0	$ 16,192,000
Payments to Acquire Notes Receivable															$ 4,050,000
Limited Partners' Capital Account, Units Outstanding \| shares												11,345,187	10,987,679
General Partners' Capital Account, Units Outstanding \| shares												237,822	230,524
Navios Holdings I [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest												18.20%
Limited Partners' Capital Account, Units Outstanding \| shares												2,070,216
Olympos Maritime Ltd [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest												2.10%
Limited Partner [Member]
Related Party Transaction [Line Items]
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued \| shares			871,795
New Credit Facility [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount												$ 36,056,000
Navios Holdings II [Member]
Related Party Transaction [Line Items]
Outstanding claim payable												5,000,000	$ 10,000,000
Supplemental credit default insurance maximum cash payment											$ 20,000,000
Navios Europe II [Member] \| Navios Term Loans II [Member]
Related Party Transaction [Line Items]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures													700,000
Navios Europe II [Member] \| Navios Revolvings Loans II
Related Party Transaction [Line Items]
Loans and Leases Receivable, Related Parties													15,397,000
Navios Holdings [Member]
Related Party Transaction [Line Items]
General and Administrative Expense												13,708,000	10,406,000	9,344,000
Due from related parties												5,000,000	25,582,000
Due from Related Parties, Current													11,825,000
Due from Related Parties, Noncurrent													13,757,000
Due to Related Parties, Current												35,979,000	0
Preferred distribution percentage			12.70%
Other Significant Noncash Transaction, Value of Consideration Given			$ 33,473,000
Payments to Acquire Notes Receivable			$ 4,050,000
Navios Holdings [Member] \| Limited Partner [Member]
Related Party Transaction [Line Items]
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued \| shares			871,795
Share Price \| $ / shares																$ 33.75
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe I [Member] \| Navios Revolving Loans 1 [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity																	$ 24,100,000
Increase in available amount of loan facility														$ 30,000,000
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe II [Member] \| Navios Revolvings Loans II
Related Party Transaction [Line Items]
Increase in available amount of loan facility		$ 14,000,000
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe II [Member] \| Navios Term Loans II [Member]
Related Party Transaction [Line Items]
Notes Receivable, Related Parties				$ 17,276,000
Debt Instrument, Decrease, Forgiveness				$ 5,000,000
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe II [Member] \| Navios Revolvings Loans II
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity																	$ 43,500,000
Increase in available amount of loan facility		$ 14,000,000
Navios Maritime Partners L.P. [Member] \| Navios Europe I [Member] \| Navios Revolving Loans 1 [Member]
Related Party Transaction [Line Items]
Payments to fund long-term debt	$ 4,000,000
Navios Europe I [Member]
Related Party Transaction [Line Items]
Due from related parties												0	0
Navios Europe I [Member] \| Receipt of Assets in Satisfaction of Debt [Member]
Related Party Transaction [Line Items]
Notes Receivable, Related Parties								$ 34,227,000
Notes receivable, non current								4,804,000
Note receivable, equity component								29,423,000
Noncash or Part Noncash Acquisition, Debt Assumed												17,213,000
Navios Europe I [Member] \| Receipt of Assets in Satisfaction of Debt [Member] \| Navios Revolving Loans 1 [Member]
Related Party Transaction [Line Items]
Long-term Line of Credit								$ 19,016,000
Navios Europe I [Member]
Related Party Transaction [Line Items]
Number of vessels acquired																		10
Equity Method Investment, Ownership Percentage								5.00%											5.00%
Navios Europe I [Member] \| Navios Holdings II [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage																			47.50%
Contingent penalties expense													3,182,000
Navios Europe II [Member]
Related Party Transaction [Line Items]
Due from related parties												$ 0
Equity Method Investment, Ownership Percentage												5.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures												$ 700,000
Navios Europe II [Member] \| Navios Revolvings Loans II
Related Party Transaction [Line Items]
Long-term Debt												14,000,000
Loans and Leases Receivable, Related Parties												15,397,000
Interest Receivable												7,284,000
Navios Europe II [Member] \| Navios Term Loans II [Member]
Related Party Transaction [Line Items]
Interest Receivable												796,000
Navios Europe II [Member] \| Navios Revolving Loans I \| Receipt of Assets in Satisfaction of Debt [Member]
Related Party Transaction [Line Items]
Long-term Line of Credit												17,276,000
Navios Holdings II [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit							$ 5,000,000
Share purchase agreement [Member]
Related Party Transaction [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed									$ 370,000
Panamax vessel [Member]
Related Party Transaction [Line Items]
Vessel capacity in DWT										82,011
Sub-Panamax and Panamax vessels [Member] \| Navios Europe I [Member] \| Receipt of Assets in Satisfaction of Debt [Member]
Related Party Transaction [Line Items]
Working capital								$ 14,440,000
Cash and Due from Banks								$ 12,930,000
Sub-Panamax and Panamax vessels [Member] \| Navios Europe I [Member] \| Receipt of Assets in Satisfaction of Debt [Member]
Related Party Transaction [Line Items]
Working capital												(2,718,000)
Navios Gem Navios Victory [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 33,000,000
Property, Plant and Equipment, Additions						51,000,000
Working capital						(4,378,000)
Navios Gem Navios Victory [Member] \| Sellers Credit [Member]
Related Party Transaction [Line Items]
Long-term Line of Credit						$ 13,622,000
Management Agreement [Member]
Related Party Transaction [Line Items]
Payments to Acquire Water and Waste Water Systems												3,366,000	$ 16,313,000
Management Agreement [Member] \| After liquidation of Navios Europe I [Member]
Related Party Transaction [Line Items]
Technical and commercial management daily fee												50.00
Management Agreement [Member] \| Ultra Handymax Vessels [Member]
Related Party Transaction [Line Items]
Daily management fee												4,230
Management Agreement [Member] \| Panamax vessel [Member]
Related Party Transaction [Line Items]
Daily management fee												4,330
Management Agreement [Member] \| Panamax vessel [Member] \| After liquidation of Navios Europe I [Member]
Related Party Transaction [Line Items]
Daily management fee												$ 6,100
Number of vessels acquired												2
Management Agreement [Member] \| Capesize Vessels [Member]
Related Party Transaction [Line Items]
Daily management fee												$ 5,250
Management Agreement [Member] \| Container Vessels of TEU 6,800 [Member]
Related Party Transaction [Line Items]
Daily management fee												6,700
Management Agreement [Member] \| Container Vessels of more than TEU 8,000 [Member]
Related Party Transaction [Line Items]
Daily management fee												7,400
Management Agreement [Member] \| Container Vessels of more than TEU 13,000 [Member]
Related Party Transaction [Line Items]
Daily management fee												8,750
Management Agreement [Member] \| Subpanamax Containership [Member] \| After liquidation of Navios Europe I [Member]
Related Party Transaction [Line Items]
Daily management fee												$ 6,100
Number of vessels acquired												3
Extended Management Agreement [Member] \| From January 1, 2020 [Member]
Related Party Transaction [Line Items]
Technical and commercial management daily fee												$ 50.00
Extended Management Agreement [Member] \| After liquidation of Navios Europe I [Member]
Related Party Transaction [Line Items]
Annual growth factor, management fees												3.00%
Extended Management Agreement [Member] \| After January 1, 2022 [Member]
Related Party Transaction [Line Items]
Annual growth factor, management fees												3.00%
Extended Management Agreement [Member] \| Ultra Handymax Vessels [Member] \| From January 1, 2020 [Member]
Related Party Transaction [Line Items]
Daily management fee												$ 4,350
Extended Management Agreement [Member] \| Panamax vessel [Member] \| From January 1, 2020 [Member]
Related Party Transaction [Line Items]
Daily management fee												4,450
Extended Management Agreement [Member] \| Capesize Vessels [Member] \| From January 1, 2020 [Member]
Related Party Transaction [Line Items]
Daily management fee												5,410
Extended Management Agreement [Member] \| Container Vessels of TEU 6,800 [Member] \| From January 1, 2020 [Member]
Related Party Transaction [Line Items]
Daily management fee												$ 6,900
Navios Europe I [Member] \| Three sub-panamax and two panamax containerships [Member]
Related Party Transaction [Line Items]
Number of vessels acquired								5
Property, Plant and Equipment, Additions								$ 56,083,000
Navios Europe II [Member] \| Five drybulk vessels, three Panamax vessels and two Ultra-Handymax vessels [Member]
Related Party Transaction [Line Items]
Property, Plant and Equipment, Additions					$ 56,050,000
Navios Holdings I [Member] \| Navios Gem [Member]
Related Party Transaction [Line Items]
Vessel year built						2014
Vessel type						Capesize
Vessel capacity in DWT						181,336
Navios Holdings I [Member] \| Navios Victory [Member]
Related Party Transaction [Line Items]
Vessel year built						2014
Vessel type						Panamax
Vessel capacity in DWT						77,095

Notes receivable (Details Narrative)		6 Months Ended	12 Months Ended
Notes receivable (Details Narrative)	Jan. 12, 2017 USD ($)	Jul. 15, 2016 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 18, 2016 USD ($)
Policyholder Account Balance [Line Items]
Interest income			$ 639,000	$ 6,172,000	$ 4,408,000
Deferred Revenue, Current			3,185,000	4,497,000
Deferred Revenue, Noncurrent			2,185,000	3,312,000
Proceeds from Sale of Property, Plant, and Equipment			8,183,000	5,978,000	76,264,000
Financing Receivable, after Allowance for Credit Loss, Current			$ 0	4,726,000
Sale of MSC Cristina [Member]
Policyholder Account Balance [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.00%
Interest income			$ 140,000	424,000
Gross sale price	$ 126,000
Proceeds from Sale of Property, Plant, and Equipment	107,250,000
Notes receivable, net	$ 18,750,000
Repayment installments			16
Debt Instrument, Frequency of Periodic Payment			quarterly
Financing Receivable, after Allowance for Credit Loss, Current			$ 0
Notes Receivable, Related Parties, Noncurrent			0
Interest Receivable			0	38,000
Hyundai Merchant Marine Co. Ltd. [Member]
Policyholder Account Balance [Line Items]
Trading securities						$ 40,277,000
Unsecured Notes						$ 6,074,000
Notes Assumed			8,013,000	7,554,000
Deferred Revenue, Revenue Recognized			1,130,000	12,121,000	12,102,000
Deferred Revenue, Current			1,127,000	1,130,000
Deferred Revenue, Noncurrent			2,185,000	3,312,000
Hyundai Merchant Marine Co. Ltd. [Member] \| Interest Income and Discount Unwinding [Member]
Policyholder Account Balance [Line Items]
Interest income			458,000	$ 470,000	$ 420,000
Hyundai Merchant Marine Co. Ltd. [Member] \| 5 Containerships [Member] \| Restructuring Agreement [Member]
Policyholder Account Balance [Line Items]
Charter Revenue		$ 38,461,000
Hyundai Merchant Marine Co. Ltd. [Member] \| 5 Containerships [Member] \| Restructuring Agreement [Member] \| Senior Notes [Member]
Policyholder Account Balance [Line Items]
Proceeds from Other Debt			$ 7,692,000
Debt Instrument, Interest Rate, Stated Percentage			3.00%
Trading securities equity number of shares \| shares			3,657
Hyundai Merchant Marine Co. Ltd. [Member] \| 5 Containerships [Member] \| Restructuring Agreement [Member] \| July 18, 2016 until December 31, 2019
Policyholder Account Balance [Line Items]
Charter Revenue			$ 24,400,000
Effective Date of Arrangements			Jul. 18, 2016
Related Party Transaction, Date			Dec. 31, 2019
Hyundai Merchant Marine Co. Ltd. [Member] \| 5 Containerships [Member] \| Restructuring Agreement [Member] \| From January 1, 2020 and thereafter
Policyholder Account Balance [Line Items]
Charter Revenue			$ 30,500,000
Effective Date of Arrangements			Jan. 01, 2020

Investment in Affiliates - Financial information of affiliate companies, balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance Sheet
Cash and cash equivalents (including restricted cash)	$ 30,728	$ 30,402	$ 61,455	$ 29,933
Current assets (excluding cash and cash equivalents and restricted cash)	60,780	75,990
Non-current assets	1,146,489	1,177,527
Current liabilities (excluding current portion of long-term debt)	253,252	79,784
Long- term debt including current portion, net	491,169	494,366
Non-current liabilities	$ 299,187	445,714
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] \| Navios Europe II [Member]
Balance Sheet
Cash and cash equivalents (including restricted cash)		27,431
Current assets (excluding cash and cash equivalents and restricted cash)		4,818
Non-current assets		179,688
Current liabilities (excluding current portion of long-term debt)		46,892
Long- term debt including current portion, net		89,025
Non-current liabilities		$ 84,284

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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Investment in Affiliates - Financial information of affiliate companies, Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement
Revenues	$ 226,771	$ 219,379	$ 231,361
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 68,541	62,134	$ 13,081
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] \| Navios Europe I [Member]
Income Statement
Revenues		36,822
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		(18,575)
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] \| Navios Europe II [Member]
Income Statement
Revenues		46,718
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ (30,203)

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Investment in affiliates (Details Narrative) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended	8 Months Ended	10 Months Ended	11 Months Ended		12 Months Ended
	Mar. 13, 2018 USD ($) $ / shares shares	Mar. 31, 2017 USD ($)	Jun. 08, 2017 USD ($) $ / shares shares	Jun. 29, 2019 USD ($)	Aug. 29, 2017 USD ($) $ / shares shares	Nov. 09, 2017 USD ($) $ / shares shares	Dec. 13, 2019 USD ($)	Dec. 03, 2018 shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2015 USD ($)	Jun. 29, 2020	Feb. 18, 2015 USD ($)	Dec. 18, 2013 USD ($)	Oct. 09, 2013
Schedule of Investments [Line Items]
Long-term Debt									$ 486,857	$ 489,028
Proceeds from Issuance of Long-term Debt									79,475	386,530	$ 83,300
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures									26,158	25,725
Loans and Leases Receivable, Related Parties									$ 0	$ 16,192
Limited Partners' Capital Account, Units Issued \| shares									11,345,187	10,987,679
Equity Method Investment, Other than Temporary Impairment									$ 6,900	$ (0)	(0)
Limited Partners' Capital Account, Distribution Amount									$ 0	$ 0	4,243
Common units outstanding \| shares									11,345,187	10,987,679
Income (Loss) from Equity Method Investments									$ 1,133	$ (40,071)	3,957
Other than Temporary Impairment Losses, Investments									$ 0	42,603	0
Three sub-panamax and two panamax containerships [Member] \| Navios Europe I [Member]
Schedule of Investments [Line Items]
Number of vessels acquired							5
Property, Plant and Equipment, Additions							$ 56,083
Five drybulk vessels, three Panamax vessels and two Ultra-Handymax vessels [Member] \| Navios Europe II [Member]
Schedule of Investments [Line Items]
Property, Plant and Equipment, Additions				$ 56,050
Navios Europe II [Member]
Schedule of Investments [Line Items]
Estimated maximum potential loss										16,097
Navios Europe II [Member] \| Navios Revolvings Loans II
Schedule of Investments [Line Items]
Loans and Leases Receivable, Related Parties										15,397
Navios Europe II [Member] \| Navios Term Loans II [Member]
Schedule of Investments [Line Items]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures										$ 700
Navios Europe I [Member]
Schedule of Investments [Line Items]
Ownership percentage							5.00%									5.00%
Number of vessels acquired															10
Navios Europe I [Member] \| Navios Holdings II [Member]
Schedule of Investments [Line Items]
Ownership percentage																47.50%
Navios Europe I [Member] \| Navios Acquisition
Schedule of Investments [Line Items]
Ownership percentage																47.50%
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe [Member] \| Navios Revolving Loans I
Schedule of Investments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity															$ 24,100
Line of Credit Facility, Increase (Decrease), Net											$ 30,000
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe [Member] \| Navios Term Loans I [Member]
Schedule of Investments [Line Items]
Long-term Debt															$ 10,000
Navios Holdings, Navios Acquisition and Navios Partners \| Navios Europe II [Member] \| Navios Revolvings Loans II
Schedule of Investments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity														$ 43,500
Line of Credit Facility, Increase (Decrease), Net		$ 14,000
Navios Europe II [Member]
Schedule of Investments [Line Items]
Ownership percentage													5.00%			5.00%
Long-term Debt												$ 14,000
Payments to Acquire Businesses, Gross												145,550
Navios Europe II [Member] \| Senior Loans II
Schedule of Investments [Line Items]
Proceeds from Issuance of Long-term Debt												131,550
Debt Instrument, Unamortized Discount												$ 3,375
Navios Europe II [Member] \| Junior Loan II
Schedule of Investments [Line Items]
Debt Instrument, Face Amount														182,150
Loans Payable, Fair Value Disclosure														$ 99,147
Navios Europe II [Member] \| Navios Holdings II [Member]
Schedule of Investments [Line Items]
Ownership percentage														47.50%
Navios Europe II [Member] \| Navios Acquisition
Schedule of Investments [Line Items]
Ownership percentage														47.50%
Navios Containers [Member]
Schedule of Investments [Line Items]
Ownership percentage									35.70%	33.50%	33.50%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures									$ 26,158	$ 67,628
Limited Partners Capital Account Distribution Shares \| shares								855,001
Percentage of partners' capital								2.50%
Equity Method Investment, Other than Temporary Impairment											$ 560
Limited Partners' Capital Account, Distribution Amount											$ 4,243
Common units outstanding \| shares									11,592,276	11,592,276
Other than Temporary Impairment Losses, Investments										$ 42,603
Equity Method Investment, Quoted Market Value									$ 47,528	25,025
Navios Containers [Member] \| With caption Equity in net earnings of affiliated companies
Schedule of Investments [Line Items]
Income (Loss) from Equity Method Investments									$ 1,133	$ 2,532
Navios Containers [Member] \| Private Placement [Member]
Schedule of Investments [Line Items]
Partners' Capital Account, Units, Sold in Private Placement \| shares	5,454,546		10,057,645		10,000,000	9,090,909
Proceeds from Issuance of Private Placement	$ 30,000		$ 50,288		$ 50,000	$ 50,000
Sale of Stock, Price Per Share \| $ / shares	$ 5.50		$ 5.00		$ 5.00	$ 5.50
Payments to Acquire Equity Method Investments	$ 14,460		$ 30,000		$ 10,000	$ 10,000
Limited Partners' Capital Account, Units Issued \| shares	2,629,095		6,000,000		2,000,000	1,818,182
Sale of Stock, Percentage of Ownership after Transaction					6.80%	6.80%
Navios Containers [Member] \| Warrant [Member]
Schedule of Investments [Line Items]
Sale of Stock, Percentage of Ownership after Transaction			6.80%
Number of warrants	9,273
Navios Containers [Member] \| Navios Holdings II [Member] \| Private Placement [Member]
Schedule of Investments [Line Items]
Payments to Acquire Equity Method Investments	$ 500		$ 5,000
Limited Partners' Capital Account, Units Issued \| shares	90,909		1,000,000
Navios Containers [Member] \| Navios Holdings II [Member] \| Warrant [Member]
Schedule of Investments [Line Items]
Sale of Stock, Percentage of Ownership after Transaction			1.70%
Number of warrants	9,273

Cash distributions and earnings per unit - Schedule Of Incentive Distributions Made To General Partners Or Unitholders By Distribution (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
Minimum Quarterly Distribution \| Incentive Distribution Right Holder
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	0.00%
First Target Distribution \| Incentive Distribution Right Holder
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	0.00%
Second Target Distribution \| Incentive Distribution Right Holder
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	13.00%
Third Target Distribution \| Incentive Distribution Right Holder
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	23.00%
Thereafter \| Incentive Distribution Right Holder
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	48.00%
Total Quarterly Distribution Target Amount \| Minimum Quarterly Distribution
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	$ 5.25
Total Quarterly Distribution Target Amount \| First Target Distribution
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	6.0375
Total Quarterly Distribution Target Amount \| Second Target Distribution \| Minimum [Member]
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	6.0375
Total Quarterly Distribution Target Amount \| Second Target Distribution \| Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	6.5625
Total Quarterly Distribution Target Amount \| Third Target Distribution \| Minimum [Member]
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	6.5625
Total Quarterly Distribution Target Amount \| Third Target Distribution \| Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	7.875
Total Quarterly Distribution Target Amount \| Thereafter
Schedule of Capitalization, Equity [Line Items]
Distribution Per Unit	$ 7.875
Limited Partner [Member] \| Minimum Quarterly Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	98.00%
Limited Partner [Member] \| First Target Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	98.00%
Limited Partner [Member] \| Second Target Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	85.00%
Limited Partner [Member] \| Third Target Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	75.00%
Limited Partner [Member] \| Thereafter
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	50.00%
General Partner [Member] \| Minimum Quarterly Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	2.00%
General Partner [Member] \| First Target Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	2.00%
General Partner [Member] \| Second Target Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	2.00%
General Partner [Member] \| Third Target Distribution
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	2.00%
General Partner [Member] \| Thereafter
Schedule of Capitalization, Equity [Line Items]
Percentage allocations of the additional available cash	2.00%

Cash distributions and earnings per unit - Distributions for all quarters (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			4 Months Ended			7 Months Ended			10 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Cash Distributions And Earnings Per Unit
Distribution Made to Limited Partner, Declaration Date	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Distribution Made to Limited Partner, Date of Record	Feb. 09, 2021	Feb. 11, 2020	Feb. 11, 2019	May 11, 2020	May 10, 2019	May 10, 2018	Aug. 10, 2020	Aug. 06, 2019	Aug. 07, 2018	Nov. 09, 2020	Nov. 07, 2019	Nov. 07, 2018
Distribution Made to Limited Partner, Distribution Date	Feb. 12, 2021	Feb. 13, 2020	Feb. 14, 2019	May 14, 2020	May 14, 2019	May 14, 2018	Aug. 13, 2020	Aug. 09, 2019	Aug. 10, 2018	Nov. 13, 2020	Nov. 14, 2019	Nov. 14, 2018
Distribution Made to Limited Partner, Cash Distributions Paid	$ 579	$ 3,365	$ 3,458	$ 3,366	$ 3,364	$ 3,420	$ 562	$ 3,364	$ 3,420	$ 579	$ 3,364	$ 3,420
Cash distribution declared per unit	$ 0.05	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.05	$ 0.30	$ 0.30	$ 0.05	$ 0.30	$ 0.30

Cash distribution and earnings per unit - Schedule of earnings per unit, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Capitalization, Equity [Line Items]
Net loss	$ (68,541)	$ (62,134)	$ (13,081)
Loss attributable to:
Loss per unit (basic and diluted):	$ (6.13)	$ (5.62)	$ (1.18)
Limited Partner [Member]
Schedule of Capitalization, Equity [Line Items]
Net loss	$ (67,173)	$ (60,899)	$ (12,819)
Loss attributable to:
Weighted Average Limited Partnership Units Outstanding, Basic	10,966,518	10,830,959	10,823,591
Loss per unit (basic and diluted):	$ (6.13)	$ (5.62)	$ (1.18)
Earnings per unit - distributed (basic and diluted):	0.45	1.22	1.24
Loss per unit — undistributed (basic and diluted):	$ (6.58)	$ (6.84)	$ (2.43)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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