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2007-11-16

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Navios GP L.L.C.

Republic of the Marshall Islands

0.02

Holding Company N/A N/A Co-Borrower Sub-Holding Company P30M P60M

straight line

P25Y

P30Y

340

7048000

-22000

21000

-54000

5043000

5817000

6057000

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.

0.268

0.12

0.259

0.109

0.245

0.986 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31 1/01 - 12/31

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0.335

0.05

0.030

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1820000

Malta Marshall Is. Marshall Is. Delaware Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Liberia Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is.

1-for-15 reverse stock split

164700000

983

30304000

29039000

26787000

14859000

16447000

134000

231921

6916000 6180000 7172000

40000000

0.399

4068000

30000000

10000000

14000000

43494000

5 4250

24000000

LIBOR plus 375 bps

0.375

64000000

1263276

0.037

0.597

11592276

2000000

12786000

15931000

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.

0.259

0.245

0.268

0.12

1495000

0.123

0.109

338000 134000

6281000

1004000

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757000

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1099015000

1043250000

1062258000

40818000

36680000

5696000

5615000

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4559000

4705000

67000000

657000 818000 2104000

5784000

10016000

104860000

4559000 4705000 67000000

67000000

76264000

-53000

5258000

1226000

79000000

11842000

11811000

13446000

37860000

115902000

61317000

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61303000

5978000

29335000

40379000

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1354298000

317092000

1037206000

158241000

56210000

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26233000

18688000

7545000

66228000

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32677000

7345000

81000

37000000

83716000

75636000

79384000

80550000

8080000

3748000

1166000

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1166000 3748000 10872000 1166000 3748000 10872000

1166000

834000

P10Y3M16D

straight line

4578000

1744000

2328000

2262000

1567000 833000 51000 2828000 3285000 2244000

2651000

362000

3985000

3475000

4645000

720000

110000

6629000

5338000

4937000

250000000

189500000

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.

135000000

2017-03-14

405000000

LIBOR plus 500 bps

0.05

1880000

53000000

quarterly

0.03

32000000

17000000

15000000

As of December 31, 2019, 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.

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 $500 to $650 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 our credit facilities) ranging of less than 0.75; and (v) maintain a minimum net worth to $135,000.

1.2 1.4 2

0.15

2013-06-30

2017-06-26

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.

650000

2020-09-14

0.0125 0.8 1

489028000

2021-09-30

117000

40013000

quarterly

28050000

798000

14300000

2018-03-26

0.03

quarterly

298000

1190000

2023-06-30

7150000

95000

404280000

494209000

90086000

61736000

167630000

68794000

81710000

114496000

24842000

22897000

15070000

5362000

6554000

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. 1275000 2024-09-30 2023-12-31

1973000

73478000

418538000

404280000

75671000

0.0275

28500000

494366000

519051000

59780000

26804000

2018-12-28

429248000

480681000

25000000

4101000

85500000

253800000

10791000

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6808000

500000

2017-06-28

39000000

4000

32000000

20200000

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94000

7000000

2018-07-31

44000000

2000

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0.029

2023-09-30

17500000

26500000

2019-02-12

66000000

4000

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0.026

2024-03-31

15675000

14820000

6000

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2243000

12000

quarterly

1859000

23001000

3000

2023-12-31

11915000

13475000

24884000

16000

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751000

12862000

40000000

140000000

2000 2000 8000

34350000

140000000

34350000

140000000

18000 8000

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955000

5375000

17160000

97000000

0.0275

0.032

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2024-06-30

2021-09-30

2019-07-04

2019-12-12

52800000

23500000

4000 3000 5000

36516000

16284000

49650000

23500000

11000 3000

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quarterly

3150000

1000000

15000000

20000000

0.0275

0.04

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2020-09-30

2019-04-05

2019-12-16

37000000

8000

quarterly

925000

29600000

0.0475

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2022-09-30

5000 1000

20000000

7500000

22000000

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20000000

7500000

22000000

19193000

6505000

21456000

2029-06-30 2022-06-30 2030-09-30

6300000

2000000

6300000

2019-09-26

209000

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LIBOR plus 700 bps

0.06

0.07

25508000

LIBOR plus 365 bps

0.0365

P5Y0M0D

2024-04-30 2025-04-30

14820000

58767000

13475000

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LIBOR plus 275 bps

36516000

0.75

6300000

2017-08-10

32000000

7000000

161000

155000

190000

178000

198000

5 5

23354000

58590000

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4559000

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5978000

600000

12000

492

3186333

31.5

95986000

4383000

2049000

28862000

17792

468000

2776

P3Y

24096

65027

63000

100369000

136000

91336

325000

830000

97633

1993

27000

1228133

28.5

35002000

33373000

1629000

714000

24096

136000

1525000

833000

1600000

46668

P4Y

20000

25158

25396

4000

190000

1000

8000

64000

669000

146541

50000000

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1864

P2Y

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2770000

2178000

4525000

6629000

6577000

6496000

62976000

36571000

2770000

5540000

82011

6721000

1434000

P10Y0M0D

2019-07-24

12328000

81000

P10Y0M0D

2019-10-18 2 First half of 2021

14201000

5670000

Navios Libra Kamsarmax 82011 2019

P10Y0M0D

0.07

115353000

82439000

71908000

55292000

190316000

515308000

2178000

2172000

2132000

2081000

2086000

9222000

19871000

958000

10406000

9344000

8877000

4350 4450 5410 6900

11825000

4230 4330 5250 6700 7400

25582000

52252000

43500000

0.18

10000000

0.05

11205000

15397000

731000

7284000

4459000

500000

700000

447000

796000

608000

4503000

33473000

871795

33.75

8750 29423000

30000000

24100000

13757000

50 0.03 3 2 6100 50 0.03 6100 0.127 3 1

37000000

2070216

0.188

0.021

3182000

2019-12-13

14440000

12930000

19016000

34227000

4804000

29423000

14000000

4050000

17213000

4000000

38461000 24400 2016-07-18

2019-12-31

30500 2020-01-01

7692000

0.03

2024-07-31

40277000

3657

6074000

12102000

1130000

3312000

470000

420000

126000000

107250000

18750000

0.06

710000

4688000

quarterly

76000

12121000

7554000

6942000

424000

38000

410000

12102000

12101000

4366000

0.475

0.05

0.475

0.05

14000000

11705000 16097000 16097000

500000

700000

145550000

131550000

3375000

182150000

99147000

10 14

10000000

24923000

65095000

14000000

3957000

922000

0 19160000

3572000

139955000

18244000

0 64818000

61035000

36822000

34885000

-18575000

-3197000

32806000

56083000

2532000

0.025

560000

855001

4243000

11592276

10057645

10000000

9090909

5454546

50288000

50000000

30000000

5.5

6000000

1000000

2000000

1818182

2629095

30000000

5000000

10000000

14460000

500000

90909

P5Y

0.068 0.017 0.068 0.068 9273

42603000

46718000

49870000

-30203000

-12169000

27431000 27544000

4818000

5934000

179688000

195805000

46892000

29023000

89025000 99153000

84284000

79170000

0.335

P5Y

67526000

P5Y

9273

10830959

10823591

8840689

-5.62 -1.18 -1.67 1.22 1.24 0 -6.84 -2.43 -1.67 6.0375 6.5625 5.25 6.0375 6.5625 7.875 7.875 0.98 0.98 0.85 0.75 0.5 0.02 0.02 0.15 0.25 0.5 The first 98% of the quarterly distribution is paid to all common unitholders. The incentive distributions rights (held by the General Partner) apply only after a minimum quarterly distribution of $6.0375. 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. 0.98 0.02

2018-04-30

2018-07-31

2018-10-31

0.3

2018-05-14

2018-08-10

2018-11-14

2018-05-10

2018-08-07

2018-11-07

3420000

146541

210274

-60899000

-12819000

-14788000

2019-01-31

0.3

2019-02-14

2019-02-11

3458000

2019-04-30

2019-07-31

2019-10-31

0.3

2019-05-14

2019-08-09

2019-11-14

2019-05-10

2019-08-06

2019-11-07

3364000

10000000

2000

5000000

3638000

777000

125000000

123740000

-1260000

5000000

2000000

0.3

2020-02-13

2020-02-11

3366000

2020-01-31

<div class="Section1">NOTE 5 - ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"><a name="DM_MAP_dda18cded69d418a90cc23ed7bd4e9d1"> </a></td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019  </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td></tr><tr><td style="width:209.3pt; vertical-align:top">Accounts receivable</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$12,786 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$15,931 </td></tr><tr><td style="width:209.3pt; vertical-align:top">Less: Provision for doubtful accounts</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(1,495)</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(1,495)</td></tr><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:209.3pt; vertical-align:bottom">Accounts receivable, net</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$11,291 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$14,436 </td></tr></table></div>Charges to provisions for doubtful accounts are summarized as follows:  <a name="DM_MAP_f7491acc9c3e4d31b4b29304604685e4"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:23.35pt"><td style="width:157.65pt; vertical-align:bottom">Allowance for doubtful receivables</td><td style="width:92pt; padding-left:7.2pt; vertical-align:bottom">Balance at beginning of period  </td><td style="width:73.95pt; padding-left:7.2pt; vertical-align:bottom">Charges to costs and expenses  </td><td style="width:70.4pt; padding-left:7.2pt; vertical-align:bottom">Amount utilized  </td><td style="width:67.95pt; padding-left:7.2pt; vertical-align:bottom">Balance at end of period  </td></tr><tr style="height:13.7pt"><td style="width:157.65pt; vertical-align:top">Year ended December 31, 2019</td><td style="width:92pt; padding-left:7.2pt; vertical-align:bottom">$(1,495)</td><td style="width:73.95pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:70.4pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:67.95pt; padding-left:7.2pt; vertical-align:bottom">$(1,495)</td></tr><tr style="height:13.7pt"><td style="width:157.65pt; vertical-align:top">Year ended December 31, 2018</td><td style="width:92pt; padding-left:7.2pt; vertical-align:bottom">$(1,495)</td><td style="width:73.95pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:70.4pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:67.95pt; padding-left:7.2pt; vertical-align:bottom">$(1,495)</td></tr><tr style="height:13.7pt"><td style="width:157.65pt; vertical-align:top">Year ended December 31, 2017</td><td style="width:92pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:73.95pt; padding-left:7.2pt; vertical-align:bottom">$(1,495)</td><td style="width:70.4pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:67.95pt; padding-left:7.2pt; vertical-align:bottom">$(1,495)</td></tr></table></div>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, 2019, three customers accounted for 25.9%, 12.3% and 10.9%, respectively, of our total revenues. For the year ended December 31, 2018, one customer accounted for 24.5% of the Company’s revenue and for the year ended December 31, 2017, two customers accounted for 26.8% and 12.0%, respectively, of the Company’s revenue.</div>

<div class="Section1"> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019  </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td></tr><tr><td style="width:209.3pt; vertical-align:top">Term Loan B facility</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$—   </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$418,538 </td></tr><tr><td style="width:209.3pt; vertical-align:top">Credit facilities</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">404,280 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">75,671 </td></tr><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:209.3pt; vertical-align:bottom">Total debt</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$404,280 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$494,209 </td></tr><tr><td style="width:209.3pt; vertical-align:top">Financial liability</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">90,086 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">24,842 </td></tr><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:209.3pt; vertical-align:bottom">Total borrowings</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$494,366 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$519,051 </td></tr><tr><td style="width:209.3pt; vertical-align:top">Less: Long-term unamortized discount</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(6,629)</td></tr><tr><td style="width:209.3pt; vertical-align:top">Less: Current portion of long-term borrowings, net</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(59,780)</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(26,804)</td></tr><tr><td style="width:209.3pt; vertical-align:top">Less: Deferred finance costs, net</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(5,338)</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">(4,937)</td></tr><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:209.3pt; vertical-align:bottom">Long-term borrowings, net</td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$429,248 </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom">$480,681 </td></tr><tr><td style="width:202.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">NOTE 3: ACQUISITION/DECONSOLIDATION On June 7, 2017, after its special meeting of stockholders, Navios Containers announced the approval of the acquisition of five 4,250 TEU containerships from Navios Partners and the charter-out contracts for an aggregate purchase price of $64,000. Out of the total purchase price an amount of $40,000 was paid from the proceeds of the private placement on June 8, 2017 and the $24,000 balance as a seller’s credit by Navios Partners for a period of up to 90 days from the purchase date at LIBOR plus 375 bps. On June 30, 2017 and August 29, 2017, Navios Containers paid to Navios Partners $10,000 and $14,000, respectively, in relation to this agreement. On August 29, 2017, Navios Containers closed its private placement of 10,000,000 shares at a subscription price of $5.00 per share, resulting in gross proceeds of $50,000. 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. Immediately after the Navios Containers’ private placement, Navios Partners’ ownership of the outstanding voting stocks of Navios Containers decreased to 39.9% and Navios Partners no longer controls a majority of the voting power of Navios Containers. From that date onwards, Navios Containers has been considered as an affiliate entity of Navios Partners and not as a controlled subsidiary of the Company and the investment in Navios Containers has been accounted for under the equity method due to the Company’s significant influence over Navios Containers. On August 29, 2017, based on the equity method, the Company recorded an investment in Navios Containers of $40,000, which represents the fair value of the common stocks that were held by Navios Partners on such date. The remeasurement of the retained investment in Navios Containers was determined by reference to the share price of Navios Containers in the N-OTC market and had no impact in Company’s income statement.  On August 29, 2017, the Company calculated a gain on change in control of $4,068 which is equal to the fair value of the Company’s investment in Navios Containers of $30,000 (including the cash paid for retaining a 39.9%) less the Company’s 59.7% interest in Navios Containers’ net assets of approximately $43,494 on August 29, 2017. As of December 31, 2019, Navios Partners held 11,592,276 common units (33.5% of the equity), and Navios Holdings held 1,263,276 common units (3.7% of the equity) of Navios Containers. </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:164.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Country of</td><td colspan="3" style="width:199.65pt; padding-left:7.2pt; vertical-align:bottom">Statements of Operations  </td></tr><tr><td style="width:172.1pt; vertical-align:bottom">Company name </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Vessel name  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">incorporation  </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:172.1pt; vertical-align:top">Libra Shipping Enterprises Corporation(1)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libra II</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Alegria Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Alegria</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Felicity Shipping Corporation(2)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Felicity</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Gemini Shipping Corporation(3)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Gemini S</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/21 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Galaxy Shipping Corporation(4)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Galaxy I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Aurora Shipping Enterprises Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Hope</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Palermo Shipping S.A.(5)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Apollon</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Fantastiks Shipping Corporation(13)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Fantastiks</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Sagittarius Shipping Corporation(13)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sagittarius</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Hyperion Enterprises Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Hyperion</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Chilali Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Aurora II</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Surf Maritime Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Pollux</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Pandora Marine Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Melodia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Customized Development S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Fulvia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Liberia</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Kohylia Shipmanagement S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Luz</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Orbiter Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Orbiter</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Floral Marine Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Buena Ventura</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Golem Navigation Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Soleil</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Kymata Shipping Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Helios</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Joy Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Joy</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Micaela Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Harmony</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Pearl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sun</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Velvet Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios La Paix</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Perigiali Navigation Limited(4)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Beaufiks</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Finian Navigation Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Ace</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">6/09 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Ammos Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Prosperity I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">6/07 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Wave Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libertas</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">7/10 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Casual Shipholding Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sol</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">7/17 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Avery Shipping Company</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Symphony</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">9/20 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Coasters Ventures Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Christine B</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">8/11 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Ianthe Maritime S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Aster</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">8/21 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Rubina Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Hongkong</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Topaz Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Singapore</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Beryl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Tokyo</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Cheryl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Shanghai</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Christal Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Busan</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Fairy Shipping Corporation(6)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">YM Utmost</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 7/02 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Limestone Shipping Corporation(6)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">YM Unity</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 7/02 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Dune Shipping Corp.(7)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">MSC Cristina</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Citrine Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td></tr><tr><td style="width:172.1pt; vertical-align:top">Cavalli Navigation Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/06</td></tr><tr><td style="width:172.1pt; vertical-align:top">Seymour Trading Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Altair I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">6/07 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Goldie Services Company</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Symmetry</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">5/21 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Andromeda Shiptrade Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Apollon I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">5/09 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Esmeralda Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sphera</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">8/31 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Triangle Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Mars</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">8/31 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Oceanus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Castor N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Cronus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Protostar N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Leto Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Esperanza N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Dionysus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Harmony N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Prometheus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Solar N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Camelia Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Camelia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Anthos Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Anthos</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Azalea Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Azalea</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Amaryllis Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">First I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Chartered-in vessels</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top">Cavos Navigation Co (10).</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libra</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Perivoia Shipmanagement Co(11).</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">   Navios TBN1  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">9/25 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Pleione Management Limited(11)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> Navios TBN2</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">9/25 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Other</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top">Prosperity Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Aldebaran Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">JTC Shipping and Trading Ltd.(12)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Holding Company</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Malta</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Maritime Partners L.P.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">N/A</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Maritime Operating LLC.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">N/A</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Partners Finance (US) Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Co-Borrower</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Delaware</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Partners Europe Finance Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Sub-Holding Company</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>(1)     The vessel was sold on December 14, 2018 (see Note 7 – Vessels, net). (2)     The vessel was sold on December 4, 2018 (see Note 7 – Vessels, net). (3)     The vessel was sold on December 21, 2017. (4)     The vessel was sold on April 23, 2019 (see Note 7 – Vessels, net). (5)     The vessel was sold on April 21, 2017. (6)     The vessels were sold on July 2, 2018 (see Note 7 – 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 7 – Vessels, net).(9)     The vessels were acquired on December 16, 2019 (see Note 7 – Vessels, net).(10)   The vessel was delivered on July 24, 2019 (see Note 23– Leases). (11)   The vessels are expected to be delivered by first half of 2021 (see Note 16 – Commitments and Contigencies).(12)   Not a vessel-owning subsidiary and only holds right to charter-in contracts.(13)   Vessels under the sale and leaseback transaction (see Note 23– Leases).</div>

<div class="Section1">(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”).The Company elected to early adopt the requirements of Accounting Standard Update (“ASU”) 2016-02, “Leases (Topic 842)” effective from January 1, 2018 using the modified retrospective method and has also elected the use of the practical expedients. The early adoption of this ASU did not have a material effect on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations and opening retained earnings.  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. </div>

<div class="Section1">(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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve 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. 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:  <a name="DM_MAP_a19414fc32934503bf3aa8a201fb7c7b"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:164.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Country of</td><td colspan="3" style="width:199.65pt; padding-left:7.2pt; vertical-align:bottom">Statements of Operations  </td></tr><tr><td style="width:172.1pt; vertical-align:bottom">Company name </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Vessel name  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">incorporation  </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:172.1pt; vertical-align:top">Libra Shipping Enterprises Corporation(1)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libra II</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Alegria Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Alegria</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Felicity Shipping Corporation(2)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Felicity</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Gemini Shipping Corporation(3)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Gemini S</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/21 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Galaxy Shipping Corporation(4)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Galaxy I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Aurora Shipping Enterprises Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Hope</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Palermo Shipping S.A.(5)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Apollon</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Fantastiks Shipping Corporation(13)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Fantastiks</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Sagittarius Shipping Corporation(13)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sagittarius</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Hyperion Enterprises Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Hyperion</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Chilali Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Aurora II</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Surf Maritime Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Pollux</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Pandora Marine Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Melodia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Customized Development S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Fulvia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Liberia</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Kohylia Shipmanagement S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Luz</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Orbiter Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Orbiter</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Floral Marine Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Buena Ventura</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Golem Navigation Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Soleil</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Kymata Shipping Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Helios</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Joy Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Joy</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Micaela Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Harmony</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Pearl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sun</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Velvet Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios La Paix</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Perigiali Navigation Limited(4)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Beaufiks</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Finian Navigation Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Ace</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">6/09 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Ammos Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Prosperity I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">6/07 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Wave Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libertas</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">7/10 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Casual Shipholding Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sol</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">7/17 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Avery Shipping Company</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Symphony</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">9/20 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Coasters Ventures Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Christine B</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">8/11 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Ianthe Maritime S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Aster</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">8/21 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Rubina Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Hongkong</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Topaz Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Singapore</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Beryl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Tokyo</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Cheryl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Shanghai</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Christal Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Busan</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Fairy Shipping Corporation(6)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">YM Utmost</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 7/02 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Limestone Shipping Corporation(6)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">YM Unity</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 7/02 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Dune Shipping Corp.(7)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">MSC Cristina</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Citrine Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td></tr><tr><td style="width:172.1pt; vertical-align:top">Cavalli Navigation Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/06</td></tr><tr><td style="width:172.1pt; vertical-align:top">Seymour Trading Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Altair I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">6/07 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Goldie Services Company</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Symmetry</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">5/21 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Andromeda Shiptrade Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Apollon I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">5/09 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Esmeralda Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sphera</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">8/31 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Triangle Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Mars</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">8/31 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Oceanus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Castor N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Cronus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Protostar N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Leto Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Esperanza N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Dionysus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Harmony N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Prometheus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Solar N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Camelia Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Camelia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Anthos Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Anthos</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Azalea Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Azalea</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Amaryllis Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">First I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Chartered-in vessels</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top">Cavos Navigation Co (10).</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libra</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Perivoia Shipmanagement Co(11).</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">   Navios TBN1  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">9/25 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Pleione Management Limited(11)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> Navios TBN2</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">9/25 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Other</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top">Prosperity Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Aldebaran Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">JTC Shipping and Trading Ltd.(12)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Holding Company</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Malta</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Maritime Partners L.P.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">N/A</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Maritime Operating LLC.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">N/A</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Partners Finance (US) Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Co-Borrower</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Delaware</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Partners Europe Finance Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Sub-Holding Company</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>(1)     The vessel was sold on December 14, 2018 (see Note 7 – Vessels, net). (2)     The vessel was sold on December 4, 2018 (see Note 7 – Vessels, net). (3)     The vessel was sold on December 21, 2017. (4)     The vessel was sold on April 23, 2019 (see Note 7 – Vessels, net). (5)     The vessel was sold on April 21, 2017. (6)     The vessels were sold on July 2, 2018 (see Note 7 – 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 7 – Vessels, net).(9)     The vessels were acquired on December 16, 2019 (see Note 7 – Vessels, net).(10)   The vessel was delivered on July 24, 2019 (see Note 23– Leases). (11)   The vessels are expected to be delivered by first half of 2021 (see Note 16 – Commitments and Contigencies).(12)   Not a vessel-owning subsidiary and only holds right to charter-in contracts.(13)   Vessels under the sale and leaseback transaction (see Note 23– Leases). 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 (ownership interest as of December 31, 2019 was 33.5%); (ii) Navios Europe I and its subsidiaries, through the date of its liquidation on December 13, 2019, with an ownership interest of 5% (see Notes 18 and 20); and (iii) Navios Europe II and its subsidiaries (ownership interest as of December 31, 2019 was 5.0%). Navios Partners evaluates its investments in Navios Europe I (until its liquidation), Navios Europe II and 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 Europe II and Navios Containers, and (iii) the intent and ability of the Company to retain its investment in Navios Europe II and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value (see Note 20).</div>

<div class="Section1">(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 our 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 our 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. </div>

<div class="Section1">(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, 2019, 2018 and 2017 were $(22), $21, and $(54), respectively. </div>

<div class="Section1">(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 has elected to early adopt the requirements of ASU 2016-02 effective January 1, 2018, using the modified retrospective method which is consistent with the approach the Company has elected under the new revenue standard, and elected to apply the additional optional transition method along with the following practical expedients: a package of practical expedients which does not require the Company to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for any expired or existing leases would qualify for capitalization under ASC 842. 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. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.  Revenue from time charteringRevenues 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 $204,920, $215,877 and $203,775 for the years ended December 31, 2019, 2018 and 2017, respectively. Revenue from voyage contractsThe 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 $9,416, $9,660 and nil for the years ended December 31, 2019, 2018 and 2017, respectively. Pooling arrangementsFor 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 $5,043, $5,817 and $6,057 for the years ended December 31, 2019, 2018 and 2017, respectively. Revenue from profit-sharingProfit-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, 2019, 2018 and 2017 amounted to nil, $7 and $1,820, 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. 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 our 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. As of the year ended December 31, 2019 and 2018 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 $16,447 and $134, respectively, and are presented under “Acquisition of/additions to vessels” in the Consolidated Statements of Cash Flows. Total management fees for each of the years ended December 31, 2019, 2018 and 2017 amounted to $68,188, $68,871 and $67,310, 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.</div>

<div class="Section1">(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. As of December 31, 2019, the outstanding claim receivable amounted to $10,000 and is repayable in two installments, $5,000 to be paid by July 1, 2020 and $5,000 to be paid by January 1, 2021. The guarantee claim receivable presented under the captions “Amounts due from related parties-short term” and “Amounts due from related parties-long term” in the consolidated Balance Sheets. </div>

<div class="Section1"> (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, refer to Note 2(r). 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. </div>

<div class="Section1">NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <a name="DM_MAP_3d5f775a7cc1489083d251f3522d47cf"></a>(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”).The Company elected to early adopt the requirements of Accounting Standard Update (“ASU”) 2016-02, “Leases (Topic 842)” effective from January 1, 2018 using the modified retrospective method and has also elected the use of the practical expedients. The early adoption of this ASU did not have a material effect on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations and opening retained earnings.  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. <a name="DM_MAP_b1a55f5a5c0e43db9bcfe082edede775">(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. </a>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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve 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. 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:  <a name="DM_MAP_a19414fc32934503bf3aa8a201fb7c7b"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:164.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Country of</td><td colspan="3" style="width:199.65pt; padding-left:7.2pt; vertical-align:bottom">Statements of Operations  </td></tr><tr><td style="width:172.1pt; vertical-align:bottom">Company name </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Vessel name  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">incorporation  </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:172.1pt; vertical-align:top">Libra Shipping Enterprises Corporation(1)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libra II</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Alegria Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Alegria</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Felicity Shipping Corporation(2)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Felicity</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Gemini Shipping Corporation(3)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Gemini S</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/21 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Galaxy Shipping Corporation(4)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Galaxy I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Aurora Shipping Enterprises Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Hope</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Palermo Shipping S.A.(5)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Apollon</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Fantastiks Shipping Corporation(13)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Fantastiks</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Sagittarius Shipping Corporation(13)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sagittarius</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Hyperion Enterprises Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Hyperion</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Chilali Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Aurora II</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Surf Maritime Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Pollux</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Pandora Marine Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Melodia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Customized Development S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Fulvia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Liberia</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Kohylia Shipmanagement S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Luz</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Orbiter Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Orbiter</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Floral Marine Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Buena Ventura</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Golem Navigation Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Soleil</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Kymata Shipping Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Helios</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Joy Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Joy</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Micaela Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Harmony</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Pearl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sun</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Velvet Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios La Paix</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Perigiali Navigation Limited(4)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Beaufiks</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Finian Navigation Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Ace</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">6/09 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Ammos Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Prosperity I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">6/07 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Wave Shipping Corp.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libertas</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">7/10 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Casual Shipholding Co.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sol</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">7/17 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Avery Shipping Company</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Symphony</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">9/20 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Coasters Ventures Ltd.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Christine B</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">8/11 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Ianthe Maritime S.A.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Aster</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">8/21 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Rubina Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Hongkong</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Topaz Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Singapore</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Beryl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Tokyo</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Cheryl Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Shanghai</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Christal Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Hyundai Busan</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Fairy Shipping Corporation(6)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">YM Utmost</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 7/02 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Limestone Shipping Corporation(6)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">YM Unity</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 7/02 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Dune Shipping Corp.(7)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">MSC Cristina</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:top">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:top">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Citrine Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td></tr><tr><td style="width:172.1pt; vertical-align:top">Cavalli Navigation Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/06</td></tr><tr><td style="width:172.1pt; vertical-align:top">Seymour Trading Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Altair I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">6/07 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Goldie Services Company</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Symmetry</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">5/21 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Andromeda Shiptrade Limited</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Apollon I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">5/09 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Esmeralda Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Sphera</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">8/31 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Triangle Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Mars</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">8/31 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Oceanus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Castor N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Cronus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Protostar N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Leto Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Esperanza N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Dionysus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Harmony N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Prometheus Shipping Corporation(8)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Solar N</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/13 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Camelia Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Camelia</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Anthos Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Anthos</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Azalea Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Azalea</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Amaryllis Shipping Inc. (9)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">First I</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:top">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">12/16 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Chartered-in vessels</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top">Cavos Navigation Co (10).</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Navios Libra</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Perivoia Shipmanagement Co(11).</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">   Navios TBN1  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">9/25 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Pleione Management Limited(11)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> Navios TBN2</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">9/25 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Other</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top">Prosperity Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">Aldebaran Shipping Corporation</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">—</td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">—</td></tr><tr><td style="width:172.1pt; vertical-align:top">JTC Shipping and Trading Ltd.(12)</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Holding Company</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Malta</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Maritime Partners L.P.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">N/A</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Maritime Operating LLC.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">N/A</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Partners Finance (US) Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Co-Borrower</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Delaware</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top">Navios Partners Europe Finance Inc.</td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom">Sub-Holding Company</td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom">Marshall Is.</td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom">1/01 – 12/31 </td></tr><tr><td style="width:172.1pt; vertical-align:top"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:172.1pt; vertical-align:top"> </td><td style="width:93.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:53.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:56.25pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:62pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:67pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>(1)     The vessel was sold on December 14, 2018 (see Note 7 – Vessels, net). (2)     The vessel was sold on December 4, 2018 (see Note 7 – Vessels, net). (3)     The vessel was sold on December 21, 2017. (4)     The vessel was sold on April 23, 2019 (see Note 7 – Vessels, net). (5)     The vessel was sold on April 21, 2017. (6)     The vessels were sold on July 2, 2018 (see Note 7 – 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 7 – Vessels, net).(9)     The vessels were acquired on December 16, 2019 (see Note 7 – Vessels, net).(10)   The vessel was delivered on July 24, 2019 (see Note 23– Leases). (11)   The vessels are expected to be delivered by first half of 2021 (see Note 16 – Commitments and Contigencies).(12)   Not a vessel-owning subsidiary and only holds right to charter-in contracts.(13)   Vessels under the sale and leaseback transaction (see Note 23– Leases). 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 (ownership interest as of December 31, 2019 was 33.5%); (ii) Navios Europe I and its subsidiaries, through the date of its liquidation on December 13, 2019, with an ownership interest of 5% (see Notes 18 and 20); and (iii) Navios Europe II and its subsidiaries (ownership interest as of December 31, 2019 was 5.0%). Navios Partners evaluates its investments in Navios Europe I (until its liquidation), Navios Europe II and 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 Europe II and Navios Containers, and (iii) the intent and ability of the Company to retain its investment in Navios Europe II and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value (see Note 20).<a name="DM_MAP_c8c788a942154d1cba2de37bfe16b855"> (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. </a><a name="DM_MAP_d8b9f55a665d4a61a74bbe55f197c7d2">(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. </a><a name="DM_MAP_5bf8acfd44434b7288967e21fecca290">(e)Restricted Cash: Restricted cash, at each of December 31, 2019 and December 31, 2018, included $7,048 and $865, 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.  As of December 31, 2018, restricted cash also included $2,000 as cash collateral to the Term Loan B.</a><a name="DM_MAP_4ea6e5a7bc774f24a77bfc69e5b9c2fd">(f)Accounts Receivable, Net: The amount shown as accounts receivable, net at each balance sheet date includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The allowance for doubtful accounts as of December 31, 2019 and 2018 was $1,495.</a> <a name="DM_MAP_46931550dc854d95bf8f1d59243c2e01">(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.</a> <a name="DM_MAP_6ac478d5e15944d6866ccad936e22f1d">(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. </a> 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 our 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 our 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. <a name="DM_MAP_b6df78916ab44b9aad341e9b58f0c0dc">(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, 2019 and 2018. </a><a name="DM_MAP_fd78dcb4c1084a9592d39f2a52def30d">(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. </a>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 2019, 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 spot market and the related impact of the current drybulk and container sector has on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets or identified asset groups was performed. Management’s assessment concluded that there were no impairment indicators for the five containerships of Navios Europe I and the four drybulk vessels, which were acquired on December 13, 2019 and December 16, 2019, respectively, due to the proximity of the acquisition date through December 31, 2019. 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 10-year average historical one-year time charter rates for the remaining period, adjusted for outliers) 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.  As of December 31, 2019, our assessment concluded that step two of the impairment analysis was required for one of our 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 this 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 “Vessel impairment losses” in the Consolidated Statements of Operations (see Note 7 — Vessels, net).  As of December 31, 2018, our assessment concluded that step two of the impairment analysis was not required for our vessels held and used, as the undiscounted projected net operating cash flows exceeded the carrying value. As of December 31, 2017, our assessment concluded that step two of the impairment analysis was required for one of our 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 $30,304 for this 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 “Vessel impairment losses” in the Consolidated Statements of Operations (see Note 7 — Vessels, net). During the years ended December 31, 2019, 2018 and 2017, an impairment loss of $7,345, $44,344 and $2,373, respectively, was also recognized in connection with the committed sales of 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 and the Navios Gemini S in December 2017, as the carrying amount of each asset group was not recoverable and exceeded its fair value less costs to sell (see Note 7 — Vessels, net). The total impairment loss recognized amounted to $36,680, $44,344 and $32,677 for the years ended December 31, 2019, 2018 and 2017, respectively, and was presented under the caption “Vessel impairment losses” in the Consolidated Statements of Operations. <a name="DM_MAP_6070a7a9af254bd0a64a50a204657a18">(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. </a>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, 2019, 2018 and 2017, the amortization expense was $6,916, $6,180 and $7,172, respectively. <a name="DM_MAP_caa55f3098b14f009b791f85ade3acdf">(l)Deferred Financing Cost: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying credit facilities. Deferred financing 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 financing costs, including amortization of debt discount, for each of the years ended December 31, 2019, 2018 and 2017 were $10,916, $7,258 and $9,744, respectively. </a><a name="DM_MAP_4bfbe5c11095461fb45b4f2de5ac6cc0">(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. 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. </a>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 on impairment test which included intangible assets as described in paragraph (j) above. As of December 31, 2019, 2018 and 2017 there was no impairment of intangible assets.  <a name="DM_MAP_99a36bc6e1384b02ad8b9bdf812e123a">(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, 2019, 2018 and 2017 were $(22), $21, and $(54), respectively. </a><a name="DM_MAP_15156767226b4bb9863ab7478f0993e2">(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. </a>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. <a name="DM_MAP_424617a8a8fc45a581f557eb8e779e16">(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. For the period from April 28, 2017 to August 29, 2017, the Company had two reportable segments from which it derived its revenues: Navios Partners Operations and Navios Containers Operations. The reportable segments reflect the internal organization of the Company whereby the Chief Operating Decision Maker (“CODM”) reviews the discrete financial information of the Navios Partners’ controlled fleet and the Navios Containers’ controlled fleet (see Note 14 — Segment information). </a><a name="DM_MAP_5ea38f8862364acea1efa373293f3725">(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. </a>The Company has elected to early adopt the requirements of ASU 2016-02 effective January 1, 2018, using the modified retrospective method which is consistent with the approach the Company has elected under the new revenue standard, and elected to apply the additional optional transition method along with the following practical expedients: a package of practical expedients which does not require the Company to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for any expired or existing leases would qualify for capitalization under ASC 842. 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. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.  Revenue from time charteringRevenues 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 $204,920, $215,877 and $203,775 for the years ended December 31, 2019, 2018 and 2017, respectively. Revenue from voyage contractsThe 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 $9,416, $9,660 and nil for the years ended December 31, 2019, 2018 and 2017, respectively. Pooling arrangementsFor 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 $5,043, $5,817 and $6,057 for the years ended December 31, 2019, 2018 and 2017, respectively. Revenue from profit-sharingProfit-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, 2019, 2018 and 2017 amounted to nil, $7 and $1,820, 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. 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 our 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. As of the year ended December 31, 2019 and 2018 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 $16,447 and $134, respectively, and are presented under “Acquisition of/additions to vessels” in the Consolidated Statements of Cash Flows. Total management fees for each of the years ended December 31, 2019, 2018 and 2017 amounted to $68,188, $68,871 and $67,310, 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.<a name="DM_MAP_a490f7aa4f1842249cf9274ccf172bb3">(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 and long-term debt. 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. </a>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, 2019, HMM, Swissmarine Asia Pte LTD and Cargill International SA, represented approximately 25.9%, 12.3% and 10.9%, respectively, of our total revenues. For the year ended December 31, 2018, HMM represented approximately 24.5% of total revenues. For the year ended December 31, 2017, HMM and Yang Ming accounted for approximately 26.8% and 12.0%, respectively, of our 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. <a name="DM_MAP_0c4cfa049693448aa4e377ed6020c336">(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. </a> 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 US GAAP and should not be considered as an alternative to net income or any other indicator of Navios Partners’ performance required by US GAAP. Cash distributions are recorded in the Company’s financial statements in the period in which they are declared. Navios Partners paid $13,550, $10,261 and $0 to its unitholders of common and general partner units during the years ended December 31, 2019, 2018 and 2017, 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 our fleet, those capital expenditures would be classified as expansion capital expenditures. As of December 31, 2019, 2018 and 2017, Maintenance and Replacement capital expenditures reserve approved by the Board of Directors was $29,039, $26,787 and $14,859, respectively. <a name="DM_MAP_3966d3a06762446c83fdac854a0eac54">(t)Stock-based compensation: In February and December 2019, December 2018 and December 2017, Navios Partners granted restricted common units to its directors and officers, which are based solely on service conditions and vest over four, four, four and three years, respectively. 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 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 $2,018, $2,450 and $1,904 as of December 31, 2019, 2018 and 2017, 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, 2019, 2018 and 2017. As of December 31, 2019, 231,921 restricted common units were vested, cumulatively. </a><a name="DM_MAP_433a3348b057428785d7461b24ca626c">(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. </a><a name="DM_MAP_80b51093f49c4b6f818bfbd43bbfddb8">(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. </a><a name="DM_MAP_1f1e0b7b207c4dfd8925f9ad8fc9f009">(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. </a>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. As of December 31, 2019, the outstanding claim receivable amounted to $10,000 and is repayable in two installments, $5,000 to be paid by July 1, 2020 and $5,000 to be paid by January 1, 2021. The guarantee claim receivable presented under the captions “Amounts due from related parties-short term” and “Amounts due from related parties-long term” in the consolidated Balance Sheets. <a name="DM_MAP_c11d3bb1453b4183b24828c6b871f151"> (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. </a>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, refer to Note 2(r). 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. <a name="DM_MAP_d387a98a7fdf4e41ae5895d2b89d7b40">(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>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. <a name="DM_MAP_a726d06930f24610a376b9650011df29">(z)Recent Accounting Pronouncements: </a>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 are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. 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 is effective for fiscal years beginning after December 15, 2019, and earlier adoption is permitted. 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 standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. In November 2018, FASB issued ASU 2018-19“Codification Improvements to topic 326, Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. In April 2019, FASB issued ASU 2019-04 “Codification Improvements to topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”. In May 2019, FASB issued ASU 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”. The amendments in this update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement-Overall, and 825-10. In November 2019, FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU does not have a material impact on the Company’s consolidated financial statements.</div>

<div class="Section1">NOTE 1 – 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. (the “General Partner”), 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 and received a 2% 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 (“NSM”), affiliated with our Chairman and Chief Executive Officer. As of March 30, 2020, there were 10,987,679 outstanding common units and 230,524 general partnership units. Navios Holdings currently owns an 18.8% common unit interest in Navios Partners and Olympos Maritime Ltd holds the general partner interest of 2.1%. </div>

<div class="Section1">NOTE 14 – SEGMENT INFORMATION    <a name="DM_MAP_17591fe166c142db8c4872d19cd9fc08"> </a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:101.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="3" style="width:163.2pt; vertical-align:top">Navios Partners Operations  </td><td colspan="2" style="width:104.6pt; padding-left:7.2pt; vertical-align:bottom">Navios Containers Operations  </td><td colspan="3" style="width:163.2pt; vertical-align:top">Total  </td></tr><tr><td style="width:101.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.6pt; vertical-align:bottom">Twelve Month Period Ended December 31, 2019</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">Twelve Month Period Ended December 31, 2018</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">Twelve Month Period Ended December 31, 2017</td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">Period from April 28, 2017 to August 29, 2017</td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">Eliminations forthe Period fromApril 28, 2017to August 29, 2017</td><td style="width:49.6pt; vertical-align:bottom">Twelve Month Period Ended December 31, 2019</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">Twelve Month Period Ended December 31, 2018</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">Twelve Month Period Ended December 31, 2017</td></tr><tr><td style="width:109pt; vertical-align:top">Revenue</td><td style="width:49.6pt; vertical-align:bottom">$219,379 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">$231,361 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">$199,297 </td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">$12,355 </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">$219,379 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">$231,361 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">$211,652 </td></tr><tr><td style="width:109pt; vertical-align:top">Management fees</td><td style="width:49.6pt; vertical-align:bottom">(68,188)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(68,871)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(62,595)</td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">(4,715)</td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">(68,188)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(68,871)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(67,310)</td></tr><tr><td style="width:109pt; vertical-align:top">Interest expense and finance cost, net</td><td style="width:49.6pt; vertical-align:bottom">(45,254)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(42,766)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(37,647)</td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">(767)</td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">189 </td><td style="width:49.6pt; vertical-align:bottom">(45,254)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(42,766)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(38,225)</td></tr><tr><td style="width:109pt; vertical-align:top">Depreciation and amortization</td><td style="width:49.6pt; vertical-align:bottom">(53,255)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(58,334)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(67,885)</td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">(4,875)</td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">(53,255)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(58,334)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(72,760)</td></tr><tr><td style="width:109pt; vertical-align:top">Net (loss)/ income</td><td style="width:49.6pt; vertical-align:bottom">(62,134)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(13,081)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(15,089)</td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">593 </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">(355)</td><td style="width:49.6pt; vertical-align:bottom">(62,134)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(13,081)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(14,851)</td></tr><tr><td style="width:109pt; vertical-align:top">Total assets</td><td style="width:49.6pt; vertical-align:bottom">1,253,517 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">1,314,133 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">1,305,302 </td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">1,253,517 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">1,314,133 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">1,305,302 </td></tr><tr><td style="width:109pt; vertical-align:top">Capital expenditures</td><td style="width:49.6pt; vertical-align:bottom">(23,699)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(118,755)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(217,019)</td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">(59,885)</td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">(23,699)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(118,755)</td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">(276,904)</td></tr><tr><td style="width:109pt; vertical-align:top">Investment in affiliates</td><td style="width:49.6pt; vertical-align:bottom">25,725 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">66,296 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">52,122 </td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">25,725 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">66,296 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">52,122 </td></tr><tr><td style="width:109pt; vertical-align:top">Cash and cash equivalents</td><td style="width:49.6pt; vertical-align:bottom">23,354 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">58,590 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">24,047 </td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">23,354 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">58,590 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">24,047 </td></tr><tr><td style="width:109pt; vertical-align:top">Restricted cash</td><td style="width:49.6pt; vertical-align:bottom">7,048 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">2,865 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">5,886 </td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">7,048 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">2,865 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">5,886 </td></tr><tr><td style="width:109pt; vertical-align:top">Long-term borrowings (including current and non-current portion), net</td><td style="width:49.6pt; vertical-align:bottom">489,028 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">507,485 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">493,463 </td><td style="width:41.55pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.85pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.6pt; vertical-align:bottom">489,028 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">507,485 </td><td style="width:49.6pt; padding-left:7.2pt; vertical-align:bottom">493,463 </td></tr></table></div> 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.  <a name="DM_MAP_4157470532d54859a7cfc1cc72d33831"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:201.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">Year Ended December 31, 2019  </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">Year Ended December 31, 2018  </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">Year Ended December 31, 2017  </td></tr><tr><td style="width:208.65pt; vertical-align:top">Asia</td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">$119,344 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">$120,660 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">$125,618 </td></tr><tr><td style="width:208.65pt; vertical-align:top">Europe</td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">              95,542 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">86,633 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">47,308 </td></tr><tr><td style="width:208.65pt; vertical-align:top">North America</td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">                3,118 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">17,862 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">20,307 </td></tr><tr><td style="width:208.65pt; vertical-align:top">Australia</td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">                1,375 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">6,206 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">18,419 </td></tr><tr><td style="width:201.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:208.65pt; vertical-align:bottom">Total</td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">$219,379 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">$231,361 </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom">$211,652 </td></tr><tr><td style="width:201.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:74.45pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1"><table cellspacing="0" cellpadding="0" style="margin-left:24.45pt; border-collapse:collapse"><tr style="height:18.85pt"><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">December 31, 2019</td><td style="vertical-align:bottom"> </td><td colspan="3" style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="7" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">December 31, 2018</td></tr><tr style="height:18.85pt"><td style="vertical-align:bottom">Balance Sheet</td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope I</td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"> </td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom">  </td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope II</td><td style="vertical-align:bottom"> </td><td colspan="3" style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope I</td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"> </td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"> </td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"> </td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope II</td><td style="vertical-align:middle"> </td></tr><tr style="height:10.9pt"><td style="vertical-align:bottom">Cash and cash equivalents (including restricted cash)</td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom">$           —</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">27,431</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom">$</td><td colspan="2" style="vertical-align:bottom">19,160</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom">$</td><td colspan="2" style="vertical-align:bottom">27,544</td><td style="vertical-align:bottom"> </td></tr><tr style="height:9.4pt"><td style="vertical-align:bottom">Current assets (excluding cash and cash equivalents and restricted cash) </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$           —</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> $</td><td style="vertical-align:bottom">4,818</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">3,572</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">5,934</td><td style="vertical-align:bottom"> </td></tr><tr style="height:11.15pt"><td style="vertical-align:bottom">Non-current assets</td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$           —</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> $</td><td style="vertical-align:bottom">179,688</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">139,955</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">195,805</td><td style="vertical-align:bottom"> </td></tr><tr style="height:12pt"><td style="vertical-align:bottom">Current liabilities (excluding current portion of long- term debt)</td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$           —</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> $</td><td style="vertical-align:bottom">46,892</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">18,244</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">29,023</td><td style="vertical-align:bottom"> </td></tr><tr style="height:7.75pt"><td style="vertical-align:bottom">Long- term debt including current portion, net</td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$           —</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> $</td><td style="vertical-align:bottom">89,025</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">64,818</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">99,153</td><td style="vertical-align:bottom"> </td></tr><tr style="height:5.85pt"><td style="vertical-align:bottom">Non-current liabilities</td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$           —</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:bottom"> $</td><td style="vertical-align:bottom">84,284</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">61,035</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">  </td><td style="vertical-align:top">$</td><td colspan="2" style="vertical-align:bottom">79,170</td><td style="vertical-align:bottom"> </td></tr><tr style="height:0pt"><td style="width:245.05pt"></td><td style="width:4.5pt"></td><td style="width:2.25pt"></td><td style="width:4.5pt"></td><td style="width:40.75pt"></td><td style="width:0.3pt"></td><td style="width:2.25pt"></td><td style="width:4.5pt"></td><td style="width:7.1pt"></td><td style="width:30.7pt"></td><td style="width:2.25pt"></td><td style="width:2.25pt"></td><td style="width:4.5pt"></td><td style="width:4.5pt"></td><td style="width:2.25pt"></td><td style="width:34.3pt"></td><td style="width:2.25pt"></td><td style="width:4.5pt"></td><td style="width:4.5pt"></td><td style="width:0.3pt"></td><td style="width:37.8pt"></td><td style="width:2.25pt"></td></tr></table>  </div> <div class="Section1">  <table cellspacing="0" cellpadding="0" style="width:370.5pt; margin-right:9pt; margin-left:9pt; margin-bottom:8pt; border-collapse:collapse; float:left"><tr style="height:12.45pt"><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">December 31, 2019</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">December 31, 2018</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr style="height:12.45pt"><td style="vertical-align:bottom">Income Statement</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope I</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope II</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope I</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom">NaviosEurope II</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr style="height:6.2pt"><td style="vertical-align:top">Revenue</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">36,822</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">46,718</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">34,885</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">49,870</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr style="height:12pt"><td style="vertical-align:top">Net loss</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">(18,575</td><td style="vertical-align:bottom">) </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">(30,203</td><td style="vertical-align:bottom">) </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">(3,197</td><td style="vertical-align:bottom">) </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">$</td><td style="vertical-align:bottom">(12,169</td><td style="vertical-align:bottom">) </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr></table> </div>

<div class="Section1">NOTE 23 – LEASES Effective January 1, 2018 the Company elected to early adopt the requirements of Accounting Standard Update (“ASU”) 2016-02, “Leases (Topic 842)”. Under the new lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new lease standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. The accounting applied by a lessor under the new guidance is substantially equivalent to the previous lease accounting guidance. The following are the type of contracts that fall under ASC 842: 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, refer to 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 Kamsarmax vessel of 82,011 dwt, for a 10-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, 2019 and December 31, 2018 the unamortized balance of the lease liability amounted $14,201 and $0, respectively, and is presented under the captions “Operating Lease Liabilities, current and non-current portion” in the  consolidated balance sheet. Right of use asset amounted $14,241 and $0 as at December 31, 2019 and December 31, 2018, respectively, and is presented under the caption “Operating lease assets” in the consolidated balance sheet. The Company recognizes the lease payments for its operating leases as charter hire expense on the consolidated statements of operations on a straight-line basis over the lease term. Lease expense for each of the years ended December 31, 2019 amounted to $958, in comparison to nil for the corresponding years ended December 31, 2018 and is included in the consolidated statement of operations within the caption “Time charter and voyage expenses”. As of December 31, 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 righ-of-use asset, no impairment loss was recognized as of December 31, 2019.The table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts as of December 31, 2019:  <a name="DM_MAP_67168fcb9caa4283888e39b4962be197"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:292.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">Charter-in vessels in operation    </td></tr><tr><td style="width:299.5pt; vertical-align:top">December 31, 2020</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">$2,178 </td></tr><tr><td style="width:299.5pt; vertical-align:top">December 31, 2021</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">2,172 </td></tr><tr><td style="width:299.5pt; vertical-align:top">December 31, 2022</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">2,132 </td></tr><tr><td style="width:299.5pt; vertical-align:top">December 31, 2023</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">2,081 </td></tr><tr><td style="width:299.5pt; vertical-align:top">December 31, 2024</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">2,086 </td></tr><tr><td style="width:299.5pt; vertical-align:top">December 31, 2025 and thereafter</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">9,222 </td></tr><tr><td style="width:299.5pt; vertical-align:top">Total</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">$19,871 </td></tr><tr><td style="width:299.5pt; vertical-align:top">Operating lease liabilities, including current portion</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">$14,201 </td></tr><tr><td style="width:299.5pt; vertical-align:top">Discount based on incremental borrowing rate</td><td style="width:42pt; padding-left:5pt; vertical-align:bottom">$5,670 </td></tr></table></div>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 11 – Borrowings). </div>

Not a vessel-owning subsidiary and only holds right to charter-in contracts. The vessel was delivered on July 24, 2019 (see Note 23– Leases). The vessel was sold on December 14, 2018 (see Note 7 – Vessels, net). The vessel was sold on December 4, 2018 (see Note 7 – Vessels, net). The vessel was sold on December 21, 2017. The vessel was sold on April 23, 2019 (see Note 7 – Vessels, net). The vessel was sold on April 21, 2017. Vessels under the sale and leaseback transaction (see Note 23– Leases). The vessels were sold on July 2, 2018 (see Note 7 – Vessels, net). The vessel was sold on January 12, 2017. The vessels were acquired on December 13, 2019, following the liquidation of Navios Europe I (see Note 7 – Vessels, net). The vessels were acquired on December 16, 2019 (see Note 7 – Vessels, net). The vessels are expected to be delivered by first half of 2021 (see Note 16 – Commitments and Contingencies). 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 our creditworthiness. The fair value is estimated based on currently available information on the Company’s counterparty with similar contract terms, interest rate and remaining maturities.