SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-33811

NAVIOS MARITIME PARTNERS L.P.

85 Akti Miaouli Street, Piraeus, Greece 185 38
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ		Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o		No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o		No þ

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o		No þ

 

 

Financial Results for the Fourth Quarter and Year Ended December 31, 2008.

On January 29, 2009, Navios Maritime Partners L.P. issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2008. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXHIBIT INDEX

Exhibit No.				Exhibit
	99.1			Press Release dated January 29, 2009

Exhibit 99.1

Navios Maritime Partners L.P.
Reports Financial Results for the Fourth Quarter and Year ended December 31, 2008
and
Increases Cash Distribution by 4% to $0.40 per unit for the Fourth Quarter of 2008

	•		Revenue of $21.6 million and $75.1 million for the three month period and the year ended December 31, 2008
	•		Operating Surplus of $9.4 million and $32.1 million for the three month period and the year ended December 31, 2008
	•		Distribution of $0.40 per unit for the three month period ended December 31, 2008
	•		$30.5 million accelerated lump sum charter payment receivable in Q1 2009

PIRAEUS, GREECE, January 29, 2009 — Navios Maritime Partners L.P. (“Navios Partners” or “Company”) (NYSE: “NMM”), an owner and operator of Capesize and Panamax vessels, reported its financial results for the three month period and the year ended December 31, 2008.

Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: “The results of the fourth quarter of 2008 were in line with our expectations, and we have declared a $0.40 per unit cash distribution for the fourth quarter of 2008. This distribution represents a 4% increase over the prior quarter. We are comfortable with this dividend policy in the current environment as Navios Partners is well positioned given the long-term employment of its fleet, averaging 4.4 years, the quality of its charter parties and the AA+ EU governmental agency insurance on all its charter-out contracts.”

Ms. Frangou continued “There is some data that allows measured optimism for our industry. It appears that urbanization and the associated demand for dry bulk cargo continues. The BDI has progressed well off its December lows and various governmental stimulus packages are targeted towards infrastructure development.”

Recent Developments

Navios Aurora Employment Terms:

Navios Partners will receive approximately $30.5 million lump sum charter payment for Navios Aurora I in the first quarter of 2009. This charter payment represents an acceleration of a significant portion of the $56.2 million nominal charter amount. Navios Partners will receive the entire amount of the original charter through the lump sum payment and the new charter payments for the remainder of the term of the original charter (ending in 2013). The acceleration of the charter payment provides Navios Partners with a present value benefit of approximately $3.7 million.

Revolving Facility Amendment:

Navios Partners has agreed to amend the terms of its existing credit facility. The company will prepay $40.0 million of its credit revolving facility in the first quarter of 2009. This would result in interest expense savings for 2009 of approximately $1.5 million and a reduction in the Company’s leverage. The interest rate on the remaining facility of $195.0 million would have a spread of 225 bps.

The amendment will be effective until January 15, 2010 and will be applied for year end 2008 compliance purposes. No further principal payments would be required to be made until the first quarter of 2012.

Shelf Registration Filing:

The Company has filed a shelf registration statement on January 29, 2009 under which it may sell any combination of securities (debt or equity) for up to a total of $500.0 million

Cash Distributions

The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2008 of $0.40 per unit. This distribution is payable on February 12, 2009 to all holders of record as of February 9, 2009.

Long Term and Insured Cash Flow

Navios Partners has entered into long-term time charters-out for all ten vessels with a remaining average term of 4.4 years, providing a stable base of revenue and distributable cash flow. The Company has currently contracted out 100% of available days for 2009 and 2010 generating revenues of $117.6 million and $98.0 million respectively. The average contractual daily charter-out rate for the fleet is $33,914 (rate is adjusted to include the $30.5 million lump sum to be received in Q1 2009) and $26,840 for 2009 and 2010, respectively. The average daily charter-in rate for the active long term charter-in vessels for 2009 is $13,513.

Navios Partners’ charter-out contracts have been fully insured by a AA+ rated European Union governmental agency.

Operating Expense Visibility

Navios Partners has entered into a five-year management agreement expiring in November 2012, with a subsidiary of Navios Holdings. Vessel operating expense rates are fixed until November 16, 2009 at (i) $4,000 per day for each owned Panamax vessel and (ii) $5,000 for each owned Capesize vessel.

FINANCIAL HIGHLIGHTS

The following table presents consolidated revenue and expense information for the quarter and the year ended December 31, 2008. We do not present comparative information for periods prior to the closing of our initial public offering on November 16, 2007 because we only operated for 46 days in 2007 and we believe that periods prior to November 16, 2007 are not necessarily comparable given the change in the nature and focus of the business. For example, it is the policy of Navios Partners’ not to trade FFAs, whereas certain prior periods contain such transactions. In addition, certain agreements such as the management agreement were first effective as of November 16, 2007.

		(unaudited)				(unaudited)
		Three Month Period				Year ended
		ended December 31,				December 31,
		2008				2008
		($ ‘000)				($ ‘000)
Time charter and voyage revenue		$	21,551			$	75,082
Time charter and voyage expenses			(2,797	)			(11,598	)
Direct vessel expenses			(145	)			(578	)
Management fees			(2,668	)			(9,275	)
General and administrative expenses			(1,578	)			(3,798	)
Depreciation and amortization			(3,277	)			(11,865	)
Interest expense and finance cost, net			(2,117	)			(9,216	)
Interest income			135				301
Other income			—				23
Other expense			(295	)			(318	)
Net income		$	8,809			$	28,758
EBITDA		$	14,213			$	50,116
Operating surplus		$	9,420			$	32,099

Three month period ended December 31, 2008

For three month period ended December 31, 2008, Navios Partners’ time charter revenue amounted to $21.6 million whereas time charter expenses for the same period were $2.8 million. Other expenses, including management fees and general and administrative expenses amounted to $4.2 million.

EBITDA for the three month period ended December 31, 2008 was $14.2 million (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

The increase in the reserve for estimated maintenance and replacement capital expenditures for the three month period ended December 31, 2008 was $2.7 million. Maintenance and replacement capital expenditures represent expenditures required to maintain, over the long term the operating capacity of Navios Partners’ capital assets.

Navios Partners generated an operating surplus for the period of $9.4 million. Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of Navios Partners and other master limited partnerships (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

Depreciation and amortization expense for the period (including amortization of drydocking and special survey costs presented under direct vessel expenses) was $3.4 million and interest expense and finance cost related to $235.0 million of borrowings under Navios Partners’ facility agreement was $2.1 million.

Net income for three month period ended December 31, 2008 was $8.8 million.

Year ended December 31, 2008

For the year ended December 31, 2008, Navios Partners’ time charter revenue amounted to $75.1 million whereas time charter expenses for the year were $11.6 million. Other expenses including management fees and general and administrative expenses amounted to $13.1 million.

EBITDA for the year ended December 31, 2008 was $50.1 million (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

The increase in the reserve for estimated maintenance and replacement capital expenditures for the year ended December 31, 2008 was $9.9 million. Maintenance and replacement capital expenditures represent expenditures required to maintain, over the long term the operating capacity of Navios Partners’ capital assets.

Navios Partners generated an operating surplus for the period of $32.1 million. Operating surplus is a non-

GAAP financial measure used by certain investors to measure the financial performance of Navios Partners and other master limited partnerships (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

Depreciation and amortization expense for the period (including amortization of drydocking and special survey costs presented under direct vessel expenses) was $12.4 million and interest expense and finance cost related to $235.0 million of borrowings under Navios Partners’ facility agreement was $9.2 million.

Net income for the year ended December 31, 2008 was $28.8 million.

Fleet Employment Profile

The following table reflects certain key indicators indicative of the performance of Navios Partners and its core fleet performance for the quarter and the year ended December 31, 2008.

		Three Month				Year ended
		Period ended				December 31,
		December 31, 2008				2008
		(Unaudited)				(Unaudited)
Available Days (1)			828				3,019
Operating Days (2)			817				2,991
Fleet Utilization (3)			98.7	%			99.1	%
Time Charter Equivalent (per day)		$	26,027			$	24,873

Conference Call Details:

As previously announced, Navios Partners’ management will host a conference call to discuss the results today, Thursday, January 29, 2009, at 8:30 am EST. Participants should dial into the call 10 minutes before the scheduled time using the following numbers:

US Toll Free Dial In: +1866 819 7111
UK Toll Free Dial In: +0800 953 0329
International Dial In: +44 (0) 1452 542 301
Please quote “NAVIOS MLP”.

A telephonic replay of the conference call will be available until February 5, 2009 by dialing the following numbers:

US Toll Free Dial In: +1866 247 4222
UK Toll Free Dial In: +0800 953 1533
International Dial In: +44 1452 550 000
Access Code: 33433537#

Slides and Audio Webcast

There will also be a live, and then archived webcast of the conference call, through the Navios Partners’ website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Maritime Partners L.P. website at www.navios-mlp.com under the “Investors” section at 7:45 am EST.

ABOUT NAVIOS MARITIME PARTNERS L.P.

Navios Maritime Partners L.P. (NYSE: NMM), a publicly traded master limited partnership formed by Navios Maritime Holdings Inc (NYSE: NM) is an owner and operator of Capesize and Panamax vessels. For more information, please visit our website at www.navios-mlp.com

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Partners’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although the Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Partners’ filings with the Securities and Exchange Commission. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contacts

Public & Investor Relations Contact:
Navios Maritime Partners L.P.
Nicolas Bornozis
Capital Link, Inc.
Tel. (212) 661-7566
E-mail: naviospartners@capitallink.com

Exhibit 2 displays the “core fleet” employment profile of Navios Partners.

EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.
CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of US Dollars)

		December 31,				December 31,
		2007				2008
						(unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	10,095			$	28,374
Restricted cash			797				—
Accounts receivable, net			381				313
Prepaid expenses and other current assets			39				371
Total current assets			11,312				29,058
Vessels, net			135,976				291,340
Deferred financing costs, net			1,811				1,915
Deferred dry dock and special survey costs, net			1,171				594
Favorable lease terms			54,784				—
Total non-current assets			193,742				293,849
Total assets		$	205,054			$	322,907
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities
Accounts payable		$	570			$	594
Accrued expenses			1,431				1,662
Deferred voyage revenue			153				2,606
Amounts due to related parties			4,458				1,539
Current portion of long term debt			—				40,000
Total current liabilities			6,612				46,401
Long term debt			165,000				195,000
Unfavorable lease terms			6,656				4,659
Total non-current liabilities			171,656				199,659
Total liabilities			178,268				246,060
Commitments and contingencies			—				—
Partners’ capital:
Common Unitholders (10,500,000 and 13,631,415 units issued and outstanding at December 31, 2007 and December 31, 2008, respectively)			194,265				243,639
Subordinated Unitholders (7,621,843 units issued and outstanding at December 31, 2007 and December 31, 2008, respectively)			(159,759	)			(160,092	)
General Partner (369,834 and 433,740 units issued and outstanding at December 31, 2007 and December 31, 2008, respectively)			(7,720	)			(6,700	)
Total Partners’ capital			26,786				76,847
Total Liabilities and partners’ capital		$	205,054			$	322,907

NAVIOS MARITIME PARTNERS L.P.
CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of US Dollars except unit and per unit amounts)

		Three months ended								Year Ended
		(unaudited)				(unaudited)								(unaudited)
		December 31,				December 31,				December 31,				December 31,
		2007				2008				2007				2008
Time charter and voyage revenue		$	14,078			$	21,551			$	50,352			$	75,082
Time charter and voyage expenses			(2,809	)			(2,797	)			(8,352	)			(11,598	)
Direct vessel expenses			(968	)			(145	)			(5,608	)			(578	)
Management fees			(920	)			(2,668	)			(920	)			(9,275	)
General and administrative expenses			(530	)			(1,578	)			(1,419	)			(3,798	)
Depreciation and amortization			(2,765	)			(3,277	)			(9,375	)			(11,865	)
Interest expense and finance cost, net			(1,823	)			(2,117	)			(5,522	)			(9,216	)
Interest income			—				135				—				301
Other income			30				—				93				23
Other expense			(259	)			(295	)			(226	)			(318	)
Income before income taxes		$	4,034			$	8,809				19,023				28,758
Deferred income tax			—				—				485				—
Net income/ (loss)		$	4,034			$	8,809			$	19,508			$	28,758

Earnings per unit:

		Three months ended								Year Ended
		(unaudited)				(unaudited)								(unaudited)
		December 31,				December 31,				December 31,				December 31
		2007				2008				2007				2008
Net Income			4,034				8,809				19,508				28,758
Consisting of net income attributable to:
Periods from November 16, 2007 to December 31, 2008			1,613				8,809				1,613				28,758
Periods from January 1, 2007 to November 15, 2007			—				—				17,895				—
Periods from October 1, 2007 to November 15, 2007			2,421				—				—				—
Earnings per unit (periods from November 16, 2007 to December 31, 2008) Common unit (basic and diluted)		$	0.15			$	0.41			$	0.15			$	1.56
Subordinated unit (basic and diluted)		$	—			$	0.41			$	—			$	1.22
General partner unit (basic and diluted)		$	0.09			$	0.43			$	0.09			$	1.53
Earnings per unit (periods from January 1, 2006 to November 15, 2007) Common unit (basic and diluted)			—				—				—				—
Subordinated unit (basic and diluted)			—				—			$	2.30				—
General partner unit (basic and diluted)			—				—			$	0.97				—

		Three months ended								Year Ended
		(unaudited)				(unaudited)								(unaudited)
		December 31,				December 31,				December 31,				December 31,
		2007				2008				2007				2008
Earnings per unit (periods from October 1, 2007 to November 15, 2007)
Common unit (basic and diluted)		$	—				—				—				—
Subordinated unit (basic and diluted)		$	0.31				—				—				—
General partner unit (basic and diluted)		$	0.13				—				—				—
Earnings per unit (periods from October 1, 2007 to December 31, 2007)
Common unit (basic and diluted)		$	0.15				—				—				—
Subordinated unit (basic and diluted)		$	0.31				—				—				—
General partner unit (basic and diluted)		$	0.22				—				—				—
Earnings per unit (periods from January 1, 2007 to December 31, 2008)
Common unit (basic and diluted)			—				—			$	0.15			$	1.56
Subordinated unit (basic and diluted)			—				—			$	2.30			$	1.22
General partner unit (basic and diluted)			—				—			$	1.06			$	1.53

NAVIOS MARITIME PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of US Dollars)

		Year Ended				Year Ended
		December 31,				December 31,
		2007				2008
						(unaudited)
OPERATING ACTIVITIES
Net income		$	19,508			$	28,758
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			9,375				11,865
Amortization and write-off of deferred financing cost			160				221
Amortization of deferred dry dock costs			608				578
Deferred taxation			(485	)			—
Provision for losses on accounts receivable			—				—
Changes in operating assets and liabilities:
(Increase) decrease in restricted cash			(797	)			797
(Increase) decrease in accounts receivable			(249	)			68
Decrease (increase) in prepaid expenses and other current assets			986				(332	)
Decrease (increase) in accounts payable			(155	)			24
Increase in accrued expenses			870				231
(Decrease) increase in deferred voyage revenue			(725	)			2,453
Decrease in amounts due to related parties			(17,731	)			(2,919	)
Payments for dry dock and special survey costs			(849	)			—
Net cash provided by operating activities			10,516				41,744
INVESTING ACTIVITIES:
Acquisition of vessels			—				(69,505	)
Net cash used in investing activities			—				(69,505	)
FINANCING ACTIVITIES:
Cash distribution paid			—				(24,552	)
Proceeds from long term loan			165,000				70,000
Repayment of long term debt and payment of principal			(2,291	)			—
Proceeds from issuance of common units, net of offering costs			192,684				—
Proceeds from issuance of general partners units			—				918
Cash contribution to Navios Holdings			(353,300	)			—
Debt issuance costs			(2,514	)			(326	)
Net cash provided by (used in) financing activities			(421	)			46,040
Increase (decrease) in cash and cash equivalents			10,095				18,279
Cash and cash equivalents, beginning of year/period			—				10,095
Cash and cash equivalents, end of year/period		$	10,095			$	28,374
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest		$	3,996			$	9,022
Non-cash investing and financing activities:
Contributions by Navios Holdings in the form of fair value adjustments related to charter-in contract of Fantastiks		$	50,579				—
Contributions from owner (net liability of business retained by owner)		$	46,413				—
Issuance of common units to Navios Holdings related to the acquisition of Navios Aurora I in July 2008			—			$	44,937
Unamortized portion of favorable lease terms and purchase option capitalized to fixed assets related to the acquisition of Navios Fantastiks			—			$	53,022

EXHIBIT 2

												Original Charter		Original Charter
												Expiration Date/		Out Rate/ New
												New Charter		Charter Out Rate
Owned Vessels		Type		Built				Capacity (DWT)				Expiration Date		per day
Navios Gemini S		Panamax			1994				68,636			February 2009		$	19,523
												February 2014			24,225
Navios Libra II		Panamax			1995				70,136			December 2010			23,513
Navios Felicity		Panamax			1997				73,867			April 2013			26,169
Navios Galaxy I		Panamax			2001				74,195			February 2018			21,937
Navios Alegria		Panamax			2004				76,466			December 2010			23,750
Navios Fantastiks		Capesize			2005				180,265			March 2011			32,279
												February 2014			36,290
Navios Aurora I		Panamax			2005				75,397			February 2009			33,863	(1)
												April 2009			3,000	(1)
												April 2010			11,000	(1)
												September 2013			17,000	(1)
Owned Vessels to be delivered (2)
Navios TBN I		Capesize		Expected delivery June 2009					180,000			June 2014			47,400
Long term Chartered-in Vessels
Navios Prosperity		Panamax			2007				82,535			July 2012			24,000
Navios Aldebaran		Panamax			2008				76,500			March 2013			28,391

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA: EBITDA represents net income before interest, taxes, depreciation and amortization. Navios Partners uses EBITDA because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and because EBITDA presents useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness. Navios Partners also uses EBITDA: (i) in its credit agreement to measure compliance with covenants such as interest coverage and debt incurrence; (ii) by prospective and current lessors as well as potential lenders to evaluate potential transactions; and (iii) to evaluate and price potential acquisition candidates.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of Navios Partners’ results as reported under US GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios Partners’ performance.

2. Operating Surplus

     Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures and expansion 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. Expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by Navios Partners’ capital assets.

     Operating surplus 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. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of Navios Partners’ performance required by accounting principles generally accepted in the United States.

3. Available Cash

     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 our 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 accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of Navios Partners’ performance required by accounting principles generally accepted in the United States.

4. Reconciliation of Non-GAAP Financial Measures

		Three Month Period Ended				Year Ended December 31,
		December 31, 2008				2008
Net Cash from Operating Activities		$	11,473			$	41,744
Net increase (decrease) in operating assets			315				(533	)
Net decrease in operating liabilities			503				211
Net interest cost			1,982				8,915
Deferred finance charges			(60	)			(221	)
EBITDA			14,213				50,116
Cash interest income			115				281
Cash interest paid			(2,166	)			(9,022	)
Expansion capital expenditures			—				(69,155	)
Borrowings to fund expansion capital expenditures			—				69,773
Maintenance and replacement capital expenditures			(2,742	)			(9,894	)
Operating surplus			9,420				32,099
Cash distribution paid relating to the first nine months of 2008			—				(21,315	)
Recommended reserves accumulated as of January 1, 2008			18				18
Reserves accumulated during the first nine months of 2008 to be distributed in the fourth quarter of 2008			1,364				—
Recommended reserves held as of December 31, 2008			(2,127	)			(2,127	)
Available cash for distribution		$	8,675			$	8,675