NAVIOS
MARITIME PARTNERS L.P.
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By:
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/s/ Angeliki Frangou | |
Angeliki
Frangou
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Chief
Executive Officer
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Date:
April 30, 2009
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Exhibit
No.
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Exhibit
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99.1
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Press
Release dated April 29, 2009
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(unaudited)
Three
Month Period ended March 31, 2008
($
‘000)
|
(unaudited)
Three
Month Period ended March 31, 2009
($
‘000)
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|||||||
Time
charter and voyage revenue
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$ | 14,320 | $ | 21,157 | ||||
Time
charter and voyage expenses
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(2,821 | ) | (3,008 | ) | ||||
Direct
vessel expenses
|
(144 | ) | (124 | ) | ||||
Management
fees
|
(1,820 | ) | (2,610 | ) | ||||
General
and administrative expenses
|
(496 | ) | (902 | ) | ||||
Depreciation
and amortization
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(2,764 | ) | (3,277 | ) | ||||
Interest
expense and finance cost, net
|
(2,473 | ) | (2,425 | ) | ||||
Interest
income
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48 | 57 | ||||||
Other
income
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- | 91 | ||||||
Other
expense
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(3 | ) | - | |||||
Net
income
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$ | 3,847 | $ | 8,959 |
EBITDA
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$ | 9,180 | $ | 14,728 | ||||
Operating
Surplus
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$ | 7,156 | $ | 10,550 |
Three
Month Period ended March 31, 2008
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Three
Month Period ended March 31, 2009
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Available
Days (1)
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635.0 | 810.0 | ||||||
Operating
Days (2)
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635.0 | 809.6 | ||||||
Fleet
Utilization (3)
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100.0 | % | 99.95 | % | ||||
Time
Charter Equivalent (per day)
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$ | 22,565 | $ | 26,120 |
(1)
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Available days for the fleet
represent total calendar days the vessels were in our possession for the
relevant period after subtracting off-hire days associated with major
repairs, drydockings or special surveys. The shipping industry
uses available days to measure the number of days in a relevant period
during which a vessel is capable of generating
revenues.
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(2)
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Operating days is the number of
available days in the relevant period less the aggregate number of days
that the vessels are off-hire due to any reason, including unforeseen
circumstances. The shipping industry uses operating days to
measure the aggregate number of days in a relevant period during which
vessels actually generate
revenues.
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(3)
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Fleet utilization is the
percentage of time that our vessels were available for revenue generating
available days, and is determined by dividing the number of operating days
during a relevant period by the number of available days during that
period. The shipping industry uses fleet utilization to measure
efficiency in finding employment for
vessels.
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December
31,
2008
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March
31,
2009
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(unaudited)
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ASSETS
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Current
assets
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Cash
and cash equivalents
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$ | 28,374 | $ | 17,547 | ||||
Restricted
cash
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- | 5,820 | ||||||
Accounts
receivable, net
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313 | 778 | ||||||
Prepaid
expenses and other current assets
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371 | 111 | ||||||
Total
current assets
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29,058 | 24,256 | ||||||
Vessels,
net
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291,340 | 287,564 | ||||||
Deferred
financing costs, net
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1,915 | 2,053 | ||||||
Deferred
dry dock and special survey costs, net
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594 | 470 | ||||||
Total
non-current assets
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293,849 | 290,087 | ||||||
Total
assets
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$ | 322,907 | $ | 314,343 | ||||
LIABILITIES
AND PARTNERS’ CAPITAL
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Current
liabilities
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Accounts
payable
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$ | 594 | $ | 877 | ||||
Accrued
expenses
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1,662 | 1,273 | ||||||
Deferred
voyage revenue
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2,606 | 8,498 | ||||||
Amounts
due to related parties
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1,539 | 4,579 | ||||||
Current
portion of long term debt
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40,000 | - | ||||||
Total
current liabilities
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46,401 | 15,227 | ||||||
Long
term debt
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195,000 | 195,000 | ||||||
Unfavorable
lease terms
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4,659 | 4,160 | ||||||
Deferred
voyage revenue
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- | 22,825 | ||||||
Total
non-current liabilities
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199,659 | 221,985 | ||||||
Total
liabilities
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246,060 | 237,212 | ||||||
Commitments
and contingencies
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- | - | ||||||
Partners’
Capital:
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||||||||
Common
Unitholders (13,631,415 units issued and outstanding at December 31, 2008
and March 31, 2009)
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243,639 | 243,798 | ||||||
Subordinated
Unitholders (7,621,843 units issued and outstanding at December 31, 2008
and March 31, 2009)
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(160,092 | ) | (160,003 | ) | ||||
General
Partner (433,740 units issued and outstanding at December 31, 2008 and
March 31, 2009)
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(6,700 | ) | (6,664 | ) | ||||
Total
partners’ capital
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76,847 | 77,131 | ||||||
Total
liabilities and partners’ capital
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$ | 322,907 | $ | 314,343 |
Three
Month Period Ended March 31, 2008
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Three
Month Period Ended March 31, 2009
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|||||||
(unaudited)
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(unaudited)
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|||||||
Time
charter and voyage revenue
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$ | 14,320 | $ | 21,157 | ||||
Time
charter and voyage expenses
|
(2,821 | ) | (3,008 | ) | ||||
Direct
vessel expenses
|
(144 | ) | (124 | ) | ||||
Management
fees
|
(1,820 | ) | (2,610 | ) | ||||
General
and administrative expenses
|
(496 | ) | (902 | ) | ||||
Depreciation
and amortization
|
(2,764 | ) | (3,277 | ) | ||||
Interest
expense and finance cost, net
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(2,473 | ) | (2,425 | ) | ||||
Interest
income
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48 | 57 | ||||||
Other
income
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- | 91 | ||||||
Other
expense
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(3 | ) | - | |||||
Net
income
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$ | 3,847 | $ | 8,959 |
Three
Month Period Ended March 31, 2008
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Three
Month Period Ended March 31, 2009
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|||||||
(unaudited)
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(unaudited)
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|||||||
Net
income
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$ | 3,847 | $ | 8,959 | ||||
Earnings
per unit (see note 13):
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Common
unit (basic and diluted)
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$ | 0.35 | $ | 0.41 | ||||
Subordinated
unit (basic and diluted)
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$ | 0.01 | $ | 0.41 | ||||
General
partner unit (basic and diluted)
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$ | 0.21 | $ | 0.48 |
Three
Month period Ended March 31, 2008
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Three
Month period Ended March 31, 2009
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|||||||
(unaudited)
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(unaudited)
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|||||||
OPERATING
ACTIVITIES
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Net
income
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$ | 3,847 | $ | 8,959 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
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Depreciation
and amortization
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2,764 | 3,277 | ||||||
Amortization
and write-off of deferred financing cost
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49 | 62 | ||||||
Amortization
of deferred dry dock costs
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144 | 124 | ||||||
Changes
in operating assets and liabilities:
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Increase
in restricted cash
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(2,339 | ) | (820 | ) | ||||
Increase
in accounts receivable
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(147 | ) | (465 | ) | ||||
Increase/
(decrease) in prepaid expenses and other current assets
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(7 | ) | 260 | |||||
(Decrease)/
increase in accounts payable
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(323 | ) | 283 | |||||
Increase/
(decrease) in accrued expenses
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2,385 | (389 | ) | |||||
Increase
in deferred voyage revenue
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545 | 28,717 | ||||||
(Decrease)/increase
in amounts due to related parties
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(3,414 | ) | 3,040 | |||||
Net
cash provided by operating activities
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3,504 | 43,048 | ||||||
FINANCING
ACTIVITIES:
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Cash
distribution paid
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(3,236 | ) | (8,675 | ) | ||||
Increase
in restricted cash
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- | (5,000 | ) | |||||
Repayment
of long term debt and payment of principal
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- | (40,000 | ) | |||||
Debt
issuance costs
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- | (200 | ) | |||||
Net
cash used in financing activities
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(3,236 | ) | (53,875 | ) | ||||
Increase/
(decrease) in cash and cash equivalents
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268 | (10,827 | ) | |||||
Cash
and cash equivalents, beginning of period
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10,095 | 28,374 | ||||||
Cash
and cash equivalents, end of period
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$ | 10,363 | $ | 17,547 | ||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
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Cash
paid for interest
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$ | - | $ | 2,278 |
Owned
Vessels
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Type
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Built
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Capacity
(DWT)
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Original
Charter Expiration Date/ New Charter Expiration
Date
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Original
Charter Out Rate/ New Charter Out Rate per day
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Navios Gemini
S
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Panamax
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1994
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68,636 |
February 2009
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$ | 19,523 | |||||
February
2014
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$ | 24,225 | |||||||||
Navios Libra
II
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Panamax
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1995
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70,136 |
December
2010
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$ | 23,513 | |||||
Navios
Felicity
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Panamax
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1997
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73,867 |
April 2013
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$ | 26,169 | |||||
Navios Galaxy I
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Panamax
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2001
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74,195 |
February
2018
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$ | 21,937 | |||||
Navios
Alegria
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Panamax
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2004
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76,466 |
December
2010
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$ | 23,750 | |||||
Navios
Fantastiks
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Capesize
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2005
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180,265 |
March 2011
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$ | 32,279 | |||||
March 2014
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$ | 36,290 | |||||||||
Navios
Hope
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Panamax
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2005
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75,397 |
February
14, 2009
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$ | 33,862 | |||||
April,
1 2009 – May 18, 2009
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$ | 8,080 | |||||||||
May
18, 2010
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$ | 10,643 | |||||||||
August
2013
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$ | 16,841 | |||||||||
Owned
Vessels to be delivered
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Navios
TBN I
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Capesize
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Expected delivery
June
2009
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180,000 |
June 2014
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$ | 47,400 | |||||
Long
term Chartered-in Vessels
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Navios
Prosperity
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Panamax
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2007
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82,535 |
July 2012
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$ | 24,000 | |||||
Navios
Aldebaran
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Panamax
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2008
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76,500 |
March 2013
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$ | 28,391 |
•
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less
the amount of cash reserves established by the board of directors
to:
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–
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provide
for the proper conduct of our business (including reserve for maintenance
and replacement capital
expenditures);
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–
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comply
with applicable law, any of Navios Partners’ debt instruments, or other
agreements; or
|
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–
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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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•
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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.
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Three
Month Period Ended March 31, 2008
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Three
Month Period Ended March 31, 2009
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Net
Cash from Operating Activities
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$ | 3,504 | $ | 43,048 | ||||
Net
increase/(decrease) in operating assets
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(2,493 | ) | 1,025 | |||||
Net
(increase)/decrease in operating liabilities
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807 | (31,651 | ) | |||||
Net
interest cost
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2,425 | 2,425 | ||||||
Interest
income
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- | (57 | ) | |||||
Deferred
finance charges
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(49 | ) | (62 | ) | ||||
EBITDA
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9,180 | 14,728 | ||||||
Cash
interest income
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48 | 57 | ||||||
Cash
interest paid
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- | (2,278 | ) | |||||
Maintenance
and replacement capital expenditures
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(2,072 | ) | (1,957 | ) | ||||
Operating
surplus
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7,156 | 10,550 | ||||||
Cash
distribution paid relating to the first quarter
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- | (8,675 | ) | |||||
Recommended
reserves accumulated as of beginning of quarter
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- | 2,127 | ||||||
Recommended
reserves held as of quarter end
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(684 | ) | 4,001 | |||||
Available
cash for distribution
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$ | 6,472 | $ | 8,003 |