Navios Maritime Partners L P : Reports Financial Results for the First Quarter Ended March 31, 2019

Navios Maritime Partners L.P. Reports

Financial Results for the First Quarter Ended March 31, 2019

∙$46.8 million revenue

∙$10.5 million net cash from operating activities

∙$22.7 million adjusted EBITDA

∙$73.5 million Term Loan B prepayment post Q1 2019

∙Returning capital to Unitholders

o$3.4 million cash distribution for Q1 ($0.02 per unit) o 4.7 million units repurchased

MONACO, May 3, 2019 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an international owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2019.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, "I am pleased with the results for the first quarter of 2019 during which Navios Partners reported $46.8 million of Revenue and $22.7 million of Adjusted EBITDA. For the quarter, we declared a quarterly distribution of $0.02 cents per unit, representing a current yield of approximately 8%."

Angeliki Frangou continued, "Our results were particularly strong given the weak market backdrop. Charter rates in the drybulk sector were adversely effected by January's tragic dam collapse in Brazil, which removed a significant amount of iron ore from the longest trading route to China.

Despite this challenging environment, NMM earned a TCE rate of $13,209 per day for its fleet in the first quarter. Also, we have seen material rate improvement since Q1. The current spot rate for capesize vessels of $11,182 has increased about 90% from the average spot rate for the months of February and March."

Cash Distribution

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2019 of $0.02 per unit. The cash distribution is payable on May 14, 2019 to all unitholders of record as of May 10, 2019.

Financing Arrangements

On April 5, 2019, Navios Partners completed a $20.0 million sale and leaseback transaction with unrelated third parties, for a 2009-built Capesize vessel. The sale and leaseback transaction has a duration of ten years and an implied fixed interest rate of 6.6%. Navios Partners has the option to buy the vessel starting at the end of year four de-escalating to a $6.3 million obligation at maturity. There are no financial covenants or

no loan-to-value requirements in connection with the sale and leaseback transaction.

On April 15, 2019, Navios Partners drew $31.4 million under a new commercial bank facility to refinance two Capesize vessels.

On April 23, 2019, the Navios Galaxy was sold for approximately $6.0 million and released from the Term Loan B collateral package. The sale resulted in an impairment loss of $7.3 million, which was included in the first quarter of 2019.

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On May 3, 2019, Navios Partners released one Ultra-Handymax vessel from the Term Loan B collateral package.

Following the above transactions, Navios Partners prepaid $73.5 million to the Term Loan B in order to release five vessels from the collateral package.

Reverse Stock Split

On April 25, 2019, Navios Partners announced that its Board of Directors has approved a 1-for-15 reverse split of its issued and outstanding common units. The reverse split will be effected before the market opens on May 21, 2019. Common units will begin trading on May 21, 2019 on a split-adjusted basis on the New York Stock Exchange, under the same ticker symbol, NMM. Following the reverse split, the Company expects to have approximately 11.1 million common units issued and outstanding.

Long-Term Cash Flow

Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of approximately 2.2 years. Navios Partners has currently contracted out 84.8% of its available days for 2019, 36.2% for 2020 and 23.4% for 2021, including index-linked charters, expecting to generate revenues (excluding index-linked charters) of approximately $117.2 million, $82.0 million and $80.8 million, respectively. The average contracted daily charter-out rate for the fleet is $15,811, $27,479 and $27,684 for 2019, 2020 and 2021, respectively.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled consolidated statements of operations for the three month periods ended March 31, 2019 and 2018. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. Adjusted EBITDA, Adjusted Earnings per Common Unit, Adjusted Net Income and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

		Three Month		Three Month
		Period Ended		Period Ended
		March 31,		March 31,
(in $'000 except per unit data)		2019			2018
	(unaudited)		(unaudited)
Revenue	$	46,818		$	53,052
Net (Loss)/ Income	$	(9,523)		$	5,478
Adjusted Net (Loss)/ Income	$	(2,178)	(1)	$	6,092(2)
Net cash provided by operating activities	$	10,483	$	6,427
EBITDA	$	15,313		$	30,911
Adjusted EBITDA	$	22,658(1)	$	31,525(2)
Loss/ Earnings per Common Unit (basic and diluted)	$	(0.06)		$	0.03
Adjusted (Loss)/ Earnings per Common Unit (basic and diluted)	$	(0.01)(1)	$	0.04(2)
Operating Surplus	$	5,702	(1)	$	17,460	(2)
Maintenance and Replacement Capital Expenditure Reserve	$	7,474	$	6,062

(1)Adjusted Net Loss, Adjusted EBITDA and Adjusted Loss per Common Unit for the three month period ended March 31, 2019 have been adjusted to exclude a $7.3 million impairment loss related to the sale of one of our vessels.

(2)Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit for the three month period ended March 31, 2018 have been adjusted to exclude a $0.6 million equity compensation expense.

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Three month periods ended March 31, 2019 and 2018

Time charter and voyage revenues for the three month period ended March 31, 2019 decreased by $6.2 million, or 11.8%, to $46.8 million, as compared to $53.1 million for the same period in 2018. The decrease in time charter and voyage revenues was mainly attributable to: (i) the decrease in revenue due to the sales of the YM Unity and the YM Utmost in July 2018 and the Navios Felicity and the Navios Libra II in December 2018; and (ii) the decrease in the time charter equivalent rate, or TCE rate, to $13,209 per day for the three month period ended March 31, 2019, from $16,108 per day for the three month period ended March 31, 2018. That decrease was partially mitigated by the increase in revenue following the acquisition of five vessels in 2018. The available days of the fleet increased to 3,277 days for the three month period ended March 31, 2019, as compared to 3,186 days for the three month period ended March 31, 2018, mainly due to the increased size of the fleet.

EBITDA for the three month period ended March 31, 2019 was negatively affected by the accounting effect of a $7.3 million impairment loss on the sale of the Navios Galaxy I. EBITDA for the three month period ended March 31, 2018 was negatively affected by the accounting effect of a $0.6 million equity compensation expense. Excluding these items, Adjusted EBITDA decreased by $8.9 million to $22.7 million for the three month period ended March 31, 2019, as compared to $31.5 million for the same period in 2018. The decrease in Adjusted EBITDA was primarily due to a: (i) $6.2 million decrease in revenue; (ii) $1.8 million increase in time charter and voyage expenses; (iii) $1.1 million increase in general and administrative expenses; (iv) $0.4 million decrease in other income; and (vi) $1.0 million decrease in equity in net earnings of affiliated companies. The above decrease was partially mitigated by a: (i) $0.1 million decrease in management fees; and (ii) $1.6 million decrease in other expenses.

The reserves for estimated maintenance and replacement capital expenditures for the three month periods ended March 31, 2019 and 2018 were $7.5 million and $6.1 million, respectively (please see "Reconciliation of Non-GAAP Financial Measures" in Exhibit 3).

Navios Partners generated an operating surplus for the three month period ended March 31, 2019 of $5.7 million, as compared to $17.5 million for the three month period ended March 31, 2018. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership's ability to make quarterly cash distributions (please see "Reconciliation of Non-GAAP Financial Measures" in Exhibit 3).

Net Loss for the three month period ended March 31, 2019 was negatively affected by the accounting effect of a $7.3 million impairment loss on the sale of the Navios Galaxy I. Net Income for the three month period ended March 31, 2018 was negatively affected by the accounting effect of a $0.6 million equity compensation expense. Excluding these items, Adjusted Net Loss for the three month period ended March 31, 2019 amounted to $(2.2) million compared to $6.1 million for the three month period ended March 31, 2018. The decrease in Adjusted Net Income of $8.3 million was due to: (i) an $8.9 million decrease in adjusted EBITDA; and (ii) a $1.7 million increase in interest expense and finance cost, net. The above decrease was partially mitigated by a: (i) $1.4 million decrease in depreciation and amortization expense; and (ii) $0.8 million increase in interest income.

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Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2019 and 2018.

		Three Month		Three Month
		Period Ended		Period Ended
		March 31, 2019		March 31, 2018
		(unaudited)			(unaudited)
Available Days(1)		3,277			3,186
Operating Days(2)		3,213		3,142
Fleet Utilization(3)		98.0%		98.6%
Time Charter Equivalent Combined (per day) (4)	$	13,209	$	16,108
Time Charter Equivalent Drybulk (per day) (4)	$	10,457	$	12,265
Time Charter Equivalent Containers (per day) (4)	$	30,501	$	31,700
Vessels operating at period end		37		36

(1)Available days for the fleet represent total calendar days the vessels were in Navios Partners' possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys and ballast days relating to voyages. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.

(2)Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off- hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.

(3)Fleet utilization is the percentage of time that Navios Partners' vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, dry dockings or special surveys.

(4)TCE rate: Time Charter Equivalent rate per day is defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.

Conference Call Details:

Navios Partners' management will host a conference call on Monday, May 6, 2019 to discuss the results for the first quarter ended March 31, 2019.

Call Date/Time: Monday, May 6, 2019 at 8:30 am ET

Call Title: Navios Partners Q1 2019 Financial Results Conference Call

US Dial In: +1.866.394.0817

International Dial In: +1.706.679.9759

Conference ID: 3077425

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367

International Replay Dial In: +1.404.537.3406

Conference ID: 3077425

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Slides and audio webcast:

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

A supplemental slide presentation will be available on the Navios Partners' website under the "Investors" section by 8:00 am ET on the day of the call.

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events including Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to have a dividend going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, our ability to take advantage of dislocation in the market and Navios Partners' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "may", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates", and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters.

These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize, Ultra-Handymax and Containerships in particular, fluctuations in charter rates for dry cargo carriers and container vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Partners' filings with the Securities and Exchange Commission, including its Form 20- Fs and Form 6- Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.

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