UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

DATED: November 13, 2024

Commission File No. 001-33811

NAVIOS MARITIME PARTNERS L.P.

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

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


Form 20-F ☒		Form 40-F ☐

NAVIOS MARITIME PARTNERS L.P.

FORM 6-K

TABLE OF CONTENTS


		Page
Operating and Financial Review and Prospects		1
Exhibit List		21
INDEX		F-1

This report on Form 6-K is hereby incorporated by reference into the Navios Maritime Partners L.P. Registration Statement on Form F-3, File No. 333-271842.

Operating and Financial Review and Prospects

The following is a discussion of the financial condition and results of operations for the three and nine month periods ended September 30, 2024 and 2023 of Navios Maritime Partners L.P. (referred to herein as “we”, “us”, “Company” or “Navios Partners”). All of the financial statements have been stated in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Partners’ 2023 annual report filed on Form 20-F on April 3, 2024 (the “Annual Report”) with the U.S. Securities and Exchange Commission (the “SEC”).

This report contains and will contain 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, TCE rates (as defined herein), and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its 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 and Navios Partners’ ability to refinance its debt on attractive terms, or at all. 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. 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 risks and are based upon a number of assumptions and estimates that 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, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing, potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; 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 and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker 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, fluctuation in interest rates and foreign exchange rates, 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 SEC, including its Form 20-F and Form 6-K.

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.

Recent Developments

In October 2024, Navios Partners took delivery of the Navios Utmost, a 2024-built 5,300 TEU containership and the Nave Photon, a 2024-built Aframax/LR2 tanker vessel of 115,752 dwt from unrelated third parties (see “Fleet for employment details”).

Overview

We are an international owner and operator of dry cargo and tanker vessels that was formed in August 2007 by Navios Holdings. We have been a public company since November 2007.

As of November 11, 2024, there were outstanding 29,807,098 common units and 622,296 general partnership units. Angeliki Frangou, our Chief Executive Officer and Chairwoman beneficially owns an approximately 16.9% common interest of the total outstanding common units including 4,672,314 common units held through four entities affiliated with her. An entity affiliated with Angeliki Frangou beneficially owns 622,296 general partnerships units, representing an approximately 2.0% ownership interest in Navios Partners based on all outstanding common units and general partnership units.

In July 2022, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $100.0 million of Navios Partners’ common units. Common unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and financial and other considerations, including working capital and planned or anticipated growth opportunities. The program does not require any minimum repurchase or any specific number of common units and may be suspended or reinstated at any time in the Navios Partners’ discretion and without notice. The Board of Directors will review the program periodically. As of November 11, 2024, Navios Partners had repurchased 377,290 common units, for a total cost of approximately $19.7 million.

Fleet

Navios Partners’ fleet consists of 73 dry bulk vessels, 50 containerships and 56 tanker vessels, including 19 newbuilding tankers (13 Aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts) that are expected to be delivered through the first half of 2028 and eight newbuilding containerships (two 5,300 TEU containerships, two 7,700 TEU containerships and four 7,900 TEU containerships), that are expected to be delivered through the first half of 2027.

We generate revenues by charging our customers for the use of our vessels to transport their dry cargo commodities, containers, crude oil and/or refined petroleum products. In general, the vessels in our fleet are chartered-out under time charters, with length up to 12 years at inception. From time to time, we operate vessels in the spot market until the vessels have been chartered out under short, medium and long-term charters.


The following table provides summary information about our fleet as of November 7, 2024:

Owned Drybulk Vessels	Type	Built	Capacity (DWT)		Charter-Out Rate(1)		Index(2)	Expiration Date(3)
Navios Vega	Transhipper	2009		57,573	$	25,800	No	Jan-29
Navios Christine B	Ultra-Handymax	2009		58,058	$	9,500	No	Nov-24
Navios Celestial	Ultra-Handymax	2009		58,063		—	100% average BSI 58 10TC	Apr-25
Navios La Paix	Ultra-Handymax	2014		61,485		—	111.0% average BSI 58 10TC	Apr-26
N Amalthia	Panamax	2006		75,318		—	90.0% average BPI 82	Apr-25
Navios Hope	Panamax	2005		75,397		—	100.0% average BPI 82 less $1,283	Mar-25
Navios Sagittarius (5)	Panamax	2006		75,756		—	100.0% average BPI 82 less $1,286	Nov-24
Navios Galileo	Panamax	2006		76,596	$	13,775	No	Dec-24
Navios Sun	Panamax	2005		76,619		—	100.0% average BPI 82 less $1,286	Feb-25
Navios Asteriks (23)	Panamax	2005		76,801	$	11,163	No	Nov-24
Navios Helios	Panamax	2005		77,075		—	100.0% average BPI 82 less $1,283	Jun-25
Navios Victory	Panamax	2014		77,095		—	96.0% average BPI 82	Dec-25
Unity N	Panamax	2011		79,642		—	89.0% average BPI 82	Dec-25
Odysseus N	Panamax	2011		79,642		—	90.0% average BPI 82	Jul-25
Rainbow N	Panamax	2011		79,642	$	13,775	No	Dec-24
Navios Amber	Kamsarmax	2015		80,994	$	17,290	No	Apr-26
Navios Avior	Kamsarmax	2012		81,355		—	100.0% average BPI 82	Jan-25
Navios Centaurus	Kamsarmax	2012		81,472		—	101.0% average BPI 82	Oct-25
Navios Citrine	Kamsarmax	2017		81,626		—	110.0% average BPI 82	Jan-26
Navios Dolphin	Kamsarmax	2017		81,630	$	14,013	No	Jan-25
					$	15,200	No	Dec-25
Navios Horizon I (23)	Kamsarmax	2019		81,692	$	15,731	No	Dec-24
					$	13,414	No	Mar-25
						—	110.0% average BPI 82	Apr-25
Navios Galaxy II (6)	Kamsarmax	2020		81,789		—	112.5% average BPI 82	Feb-27
Navios Uranus (6)	Kamsarmax	2019		81,821	$	16,071	No	Dec-24
						—	112.0% average BPI 82	Apr-26
Navios Felicity I (6)	Kamsarmax	2020		81,962	$	18,425	No	Dec-24
						—	114.0% average BPI 82	Jan-25
Navios Primavera (5)	Kamsarmax	2022		82,003		—	115.0% average BPI 82	Nov-24
						—	114.0% average BPI 82	Jan-26
Navios Meridian (5)	Kamsarmax	2023		82,010		—	115.5% average BPI 82	Jan-25
						—	113.5% average BPI 82	Oct-25
Navios Herakles I (6)	Kamsarmax	2019		82,036		—	113.5% average BPI 82	Oct-25
Navios Magellan II (6)	Kamsarmax	2020		82,037		—	112.0% average BPI 82	Oct-25
Navios Sky (5)	Kamsarmax	2015		82,056		—	102.0 % average BPI 82	Jan-26
Navios Alegria (23)	Kamsarmax	2016		84,852	$	14,197	No	Dec-24
					$	15,400	No	Dec-25
Navios Sphera	Kamsarmax	2016		84,872	$	16,237	No	Dec-24
					$	13,696	No	Mar-25
						—	110.0% of average BPI 82	Oct-25
Navios Coral	Kamsarmax	2016		84,904		—	110.0% average BPI 82	Apr-26
Copernicus N	Post-Panamax	2010		93,062	$	10,070	No	Nov-24
Navios Stellar (5)	Capesize	2009		169,001		—	97.0% average BCI 5TC	Jun-26
Navios Aurora II	Capesize	2009		169,031		—	99.0% average BCI 5TC	Jan-25
Navios Antares (5)	Capesize	2010		169,059		—	100.0% average BCI 5TC	Feb-25
Navios Symphony	Capesize	2010		178,132		—	102.75% average BCI 5TC	Apr-26
Navios Ace (5)	Capesize	2011		179,016	$	27,612	No	Dec-24


					—		107.25% average BCI 5TC	Feb-25
Navios Melodia	Capesize	2010	179,132	$	27,737		No	Dec-24
				$	16,593		No	Mar-25
					—		104.0% average BCI 5TC	Apr-26
Navios Luz	Capesize	2010	179,144		—		105.5% average BCI 5TC	Dec-24
				$	16,637		No	Mar-25
					—		105.5% average BCI 5TC	Oct-25
Navios Altamira	Capesize	2011	179,165		—		107.0% average BCI 5TC	Mar-25
Navios Azimuth (23)	Capesize	2011	179,169	$	27,930		No	Dec-24
					—		105.0% average BCI 5TC	Feb-25
Navios Etoile	Capesize	2010	179,234	$	27,930		No	Dec-24
					—		105.0% average BCI 5TC	Feb-25
Navios Buena Ventura	Capesize	2010	179,259	$	23,342		No	Dec-24
					—		105.0% average BCI 5TC	Feb-25
Navios Bonheur	Capesize	2010	179,259		—		104.0% average BCI 5TC	Feb-25
Navios Fulvia	Capesize	2010	179,263	$	27,631		No	Dec-24
					—		105.0% average BCI 5TC	Feb-25
Navios Aster	Capesize	2010	179,314	$	23,495		No	Dec-24
					—		108.0% average BCI 5TC	Feb-25
Navios Ray (5)	Capesize	2012	179,515	$	27,731		No	Dec-24
					—		105.0% average BCI 5TC	Feb-25
Navios Happiness	Capesize	2009	180,022	$	22,626		No	Dec-24
				$	17,396		No	Mar-25
					—		109.0% average BCI 5TC	Apr-25
Navios Bonavis (5)	Capesize	2009	180,022		—		103.0% average BCI 5TC	Apr-26
Navios Phoenix (5)	Capesize	2009	180,242	$	22,765		No	Dec-24
				$	16,955		No	Mar-25
					—		100.0% average BCI 5TC + $1,905 per day	Aug-26
Navios Fantastiks	Capesize	2005	180,265	$	17,575		No	Jun-26
Navios Sol (5)	Capesize	2009	180,274		—		108.0% average BCI 5TC	Dec-24
				$	17,339		No	Mar-25
					—		108.0% average BCI 5TC	Jun-26
Navios Canary (23)	Capesize	2015	180,528	$	33,369		No	Dec-24
					—		125.0% average BCI 5TC	Feb-25
Navios Lumen (5)	Capesize	2009	180,661	$	28,397		No	Dec-24
				$	16,213		No	Mar-25
					—		106.0% average BCI 5TC	Jul-26
Navios Pollux (5)	Capesize	2009	180,727		—		102.5% average BCI 5TC	Apr-25
Navios Felix (23)	Capesize	2016	181,221	$	28,500	(20)	No	Jan-27
Navios Corali (23)	Capesize	2015	181,249	$	21,779		No	Dec-24
					—		131.0% average BCI 5TC	Feb-25
Navios Mars	Capesize	2016	181,259	$	30,278		No	Dec-24
					—		128.0% average BCI 5TC	Feb-25
Navios Gem	Capesize	2014	181,336	$	31,634		No	Dec-24
					—		125.0% average BCI 5TC	Apr-26
Navios Joy	Capesize	2013	181,389		—		Freight Voyages	Aug-25
Navios Koyo	Capesize	2011	181,415	$	28,500		No	Dec-24
				$	18,833		No	Mar-25
					—		118.0% average BCI 5TC	Jan-26
Navios Azalea (6)	Capesize	2022	182,064	$	19,950		No	Nov-27
Navios Armonia (6)	Capesize	2022	182,079	$	20,750		No	Sep-27
Navios Altair (6)	Capesize	2023	182,115	$	19,600		No	Nov-27
Navios Sakura (6)	Capesize	2023	182,169	$	19,550		No	Mar-28
Navios Amethyst (6)	Capesize	2023	182,212	$	19,550		No	Feb-28
Navios Astra (14)	Capesize	2022	182,393	$	21,000		No	Aug-27


Owned Containerships	Capacity (TEU)		Built	Charter-Out Rate(1)		Index(2)	Expiration Date(3)
Spectrum N		2,546	2009	$	36,538	No	Mar-25
Protostar N		2,741	2007	$	11,700	No	Aug-25
Fleur N		2,782	2012	$	19,009	No	May-26
Ete N		2,782	2012	$	19,009	No	May-26
Navios Summer (5)		3,450	2006	$	30,320	No	May-25
				$	20,845	No	May-26
				$	34,110	No	Jul-26
Navios Verano (5)		3,450	2006	$	18,818	No	Apr-26
Matson Lanai (5)		4,250	2007	$	55,794	No	Jun-25
				$	34,563	No	Sep-27
Navios Verde (5)		4,250	2007	$	21,725	No	May-25
				$	35,056	No	Jun-27
Navios Amarillo (5)		4,250	2007	$	63,956	No	Jan-25
				$	28,425	No	Jan-26
				$	9,475	No	Jan-28
Navios Vermilion (5)		4,250	2007	$	23,972	No	Nov-24
				$	28,763	No	Mar-27
Navios Azure		4,250	2007	$	20,748	No	Apr-26
Navios Indigo (5)		4,250	2007	$	34,125	No	Apr-25
				$	24,375	No	Apr-26
				$	41,438	No	Aug-26
Navios Domino (5)		4,250	2008	$	23,453	No	Aug-25
				$	35,550	No	Sep-27
Matson Oahu (5)		4,250	2008	$	19,701	No	Dec-24
				$	34,563	No	Jan-28
Navios Tempo		4,250	2009	$	44,438	No	Sep-25
Navios Destiny (5)		4,250	2009	$	28,763	No	Feb-27
Navios Devotion (5)		4,250	2009	$	34,125	No	Mar-25
				$	24,375	No	Mar-26
				$	41,438	No	Jul-26
Navios Lapis		4,250	2009	$	25,000	No	Jun-26
Navios Dorado		4,250	2010	$	24,441	No	May-26
Carmel I		4,360	2010	$	32,689	No	Apr-25
				$	23,214	No	Apr-26
				$	39,795	No	Jun-26
Zim Baltimore		4,360	2010	$	34,125	No	Jan-25
				$	24,375	No	Jan-26
				$	41,438	No	May-26
Navios Bahamas		4,360	2010	$	48,000	No	Apr-25
				$	22,500	No	Jun-27
Navios Miami		4,563	2009	$	28,763	No	Feb-27
Navios Magnolia		4,730	2008	$	28,763	No	Feb-26
Navios Jasmine		4,730	2008	$	48,000	No	Mar-25
				$	22,500	No	May-27
Navios Chrysalis		4,730	2008	$	23,453	No	Jun-25
				$	35,056	No	Jul-27
Navios Nerine		4,730	2008	$	28,763	No	Aug-26
Sparrow		5,300	2023	$	39,000	No	Nov-25
				$	37,050	No	Nov-26
				$	35,100	No	Nov-27
				$	31,200	No	Nov-28
				$	37,050	No	Jan-29
Zim Eagle		5,300	2024	$	42,900	No	Jan-25
				$	39,000	No	Jan-26
				$	37,050	No	Jan-27
				$	35,100	No	Jan-28
				$	31,200	No	Jan-29
				$	37,050	No	Mar-29


Zim Condor	5,300	2024	$	42,900	No	Apr-25
			$	39,000	No	Apr-26
			$	37,050	No	Apr-27
			$	35,100	No	Apr-28
			$	31,200	No	Apr-29
			$	37,050	No	Jun-29
Zim Hawk	5,300	2024	$	42,900	No	Jun-25
			$	39,000	No	Jun-26
			$	37,050	No	Jun-27
			$	35,100	No	Jun-28
			$	31,200	No	Jun-29
			$	37,050	No	Aug-29
Zim Falcon	5,300	2024	$	42,900	No	Jul-25
			$	39,000	No	Jul-26
			$	37,050	No	Jul-27
			$	35,100	No	Jul-28
			$	31,200	No	Jul-29
			$	37,050	No	Sep-29
Zim Pelican	5,300	2024	$	42,900	No	Jul-25
			$	39,000	No	Jul-26
			$	37,050	No	Jul-27
			$	35,100	No	Jul-28
			$	31,200	No	Jul-29
			$	37,050	No	Sep-29
Zim Seagull (23)	5,300	2024	$	42,900	No	Aug-25
			$	39,000	No	Aug-26
			$	37,050	No	Aug-27
			$	35,100	No	Aug-28
			$	31,200	No	Aug-29
			$	37,050	No	Oct-29
Navios Utmost(5)	5,300	2024	$	37,500	No	Apr-30
Hyundai Shanghai	6,800	2006	$	21,083	No	Aug-29
Hyundai Tokyo	6,800	2006	$	21,083	No	Dec-28
Hyundai Hongkong	6,800	2006	$	21,083	No	Dec-28
Hyundai Singapore	6,800	2006	$	21,083	No	Dec-28
Hyundai Busan	6,800	2006	$	21,083	No	Aug-29
Navios Unison (5)	10,000	2010	$	26,276	No	Jun-26
Navios Constellation (5)	10,000	2011	$	26,276	No	Jun-26


Owned Tanker Vessels	Type	Built	Capacity (DWT)		Charter-Out Rate(1)			Profit Sharing Arrangements	Expiration Date(3)
Hector N	MR1 Product Tanker	2008		38,402	$	20,738		No	Jan-26
Nave Aquila (5)	MR2 Product Tanker	2012		49,991	$	27,156		No	Aug-26
Nave Atria (5)	MR2 Product Tanker	2012		49,992	$	14,887		No	Mar-25
Nave Capella	MR2 Product Tanker	2013		49,995	$	22,138		No	Jan-25
					$	24,544		No	Jan-28
Nave Alderamin	MR2 Product Tanker	2013		49,998	$	22,138		No	Nov-24
					$	24,544		No	Nov-27
Nave Pyxis	MR2 Product Tanker	2014		49,998	$	25,891		No	Jan-25
Nave Bellatrix (5)	MR2 Product Tanker	2013		49,999	$	19,750		No	Aug-25
Nave Orion (5)	MR2 Product Tanker	2013		49,999	$	22,138		No	Dec-24
					$	24,544		No	Dec-27
Nave Titan	MR2 Product Tanker	2013		49,999	$	25,891		No	Feb-25
Nave Luminosity	MR2 Product Tanker	2014		49,999	$	23,004	(10)	No	Dec-25
Nave Jupiter	MR2 Product Tanker	2014		49,999	$	21,231		No	Oct-28
Nave Velocity	MR2 Product Tanker	2015		49,999	$	16,541	(11)	No	Dec-25
Nave Sextans	MR2 Product Tanker	2015		49,999	$	23,196	(10)	No	May-26
Nave Equinox	MR2 Product Tanker	2007		50,922	$	20,392	(8)	No	Dec-24
Nave Pulsar	MR2 Product Tanker	2007		50,922	$	21,231	(8)	No	Sep-25
Bougainville	MR2 Product Tanker	2013		50,626	$	21,800	(7)	No	Oct-26
Nave Cetus	LR1 Product Tanker	2012		74,581	$	32,094		No	Jul-25
Nave Ariadne	LR1 Product Tanker	2007		74,671	Floating Rate		(12)	No	Feb-25
Nave Cielo	LR1 Product Tanker	2007		74,671	$	28,144		No	Sep-25
Nave Rigel	LR1 Product Tanker	2013		74,673	$	27,008		No	Mar-29
Nave Atropos	LR1 Product Tanker	2013		74,695	$	27,650		No	May-25
Nave Cassiopeia	LR1 Product Tanker	2012		74,711	$	33,150	(13)	No	Jan-25
Nave Andromeda	LR1 Product Tanker	2011		75,000	$	28,394		No	Mar-25
Nave Estella	LR1 Product Tanker	2012		75,000	$	28,394		No	Jan-25
Nave Cosmos (23)	Aframax / LR2	2024		115,651	$	26,366	(21)	No	May-29
Nave Polaris (5)	Aframax / LR2	2024		115,699	$	26,366	(21)	No	Aug-29
Nave Photon (23)	Aframax / LR2	2024		115,752	$	25,576	(21)	No	Oct-29
Nave Constellation	VLCC	2010		296,988	Floating Rate		(12)	No	Mar-25
Nave Universe	VLCC	2011		297,066	$	45,672		No	May-26
Nave Galactic	VLCC	2009		297,168	$	44,438		No	Sep-26
Nave Quasar	VLCC	2010		297,376	Floating Rate		(12)	No	Mar-25
Nave Buena Suerte	VLCC	2011		297,491	$	47,906		Yes (16)	Dec-24
Nave Synergy	VLCC	2010		299,973	Freight voyage			—	Nov-24


Bareboat-in Vessels	Type	Built	Capacity (DWT)		Charter-Out Rate(1)			Index(2)	Expiration Date(3)
Navios Star	Kamsarmax	2021		81,994	$	16,101		No	Dec-24
					$	13,729		No	Mar-25
						—		112.0% average BPI 82	Apr-25
Navios Amitie	Kamsarmax	2021		82,002	$	18,688		No	Dec-24
					$	14,161		No	Mar-25
						—		112% of average BPI 82	Apr-25
Navios Libra	Kamsarmax	2019		82,011		—		111.25% average BPI 82	Jan-26
Nave Electron	VLCC	2021		313,239	$	47,906		Yes (16)	Jan-26
Nave Celeste (24)	VLCC	2022		313,418	Floating rate			Yes (4)	Jul-29
Baghdad (24)	VLCC	2020		313,433	$	27,816	(17)	No	Sep-30
Erbil (24)	VLCC	2021		313,486	$	27,816	(17)	No	Feb-31

    Chartered-in Vessels

    Type

    Built

    Capacity
(DWT)

    Charter-Out
Rate(1)

    Index(2)

    Expiration
Date(3)

Navios Venus (19)

Ultra-
Handymax

2015

61,339

—

111.0% average BSI 58 10TC

Dec-24

Navios Gemini

Kamsarmax

2018

81,704

15,881

No

Nov-24


Containerships to be Delivered	Expected Delivery	Capacity (TEU)		Charter- Out Rate(1)			Index(2)	Expiration Date(3)
TBN I (23)	Q4 2024		5,300	$	42,900		No	Nov-25
				$	39,000		No	Nov-26
				$	37,050		No	Nov-27
				$	35,100		No	Nov-28
				$	31,200		No	Nov-29
				$	37,050		No	Jan-30
TBN II (5)	Q4 2024		5,300	$	37,500		No	May-30
TBN VI	H1 2025		7,700	$	57,213		No	Jan-28
				$	52,238		No	Jan-31
				$	37,313		No	Jan-33
				$	27,363		No	Jan-35
				$	24,875	(22)	No	Jan-37
TBN VII	H1 2025		7,700	$	57,213		No	Jan-28
				$	52,238		No	Jan-31
				$	37,313		No	Jan-33
				$	27,363		No	Jan-35
				$	24,875	(22)	No	Jan-37
TBN XX	H2 2026		7,900	$	43,000	(25)	No	Jul-30
TBN XXI	H2 2026		7,900	$	43,000	(25)	No	Oct-30
TBN XXVI	H1 2027		7,900	$	43,247		No	Jan-32
TBN XXVII	H1 2027		7,900	$	43,247		No	Mar-32


Tanker Vessels to be Delivered	Type	Expected Delivery	Capacity (DWT)		Charter-Out Rate(1)			Expiration Date(3)
TBN III (5)	Aframax / LR2	H1 2025		115,000	$	25,576	(21)	Jan-30
TBN IV (5)	Aframax / LR2	H1 2025		115,000	$	27,798	(21)	Apr-30
TBN V	Aframax / LR2	H1 2025		115,000	$	27,798	(21)	Jun-30
TBN XIV	Aframax / LR2	H1 2026		115,000	$	27,788	(9)	Mar-31
TBN XV	Aframax / LR2	H1 2026		115,000	$	27,788	(9)	May-31
TBN XVI	Aframax / LR2	H1 2026		115,000	$	27,776	(18)	Mar-31
TBN XVII	Aframax / LR2	H2 2026		115,000	$	27,776	(18)	Jun-31
TBN XVIII	Aframax / LR2	H1 2027		115,000	$	28,275	(26)	May-32
TBN XIX	Aframax / LR2	H2 2027		115,000	$	28,275	(26)	Oct-32
TBN XXII	Aframax / LR2	H2 2027		115,000	$	27,776	(18)	May-32
TBN XXIII	Aframax / LR2	H2 2027		115,000	$	27,776	(18)	Sep-32
TBN XXIV	Aframax / LR2	H1 2028		115,000	$	28,144	(15)	Mar-33
TBN XXV	Aframax / LR2	H1 2028		115,000	$	28,144	(15)	Apr-33
TBN VIII (6)	MR2 Product Tanker	H2 2025		52,000	$	22,959		Nov-30
TBN IX (6)	MR2 Product Tanker	H1 2026		52,000	$	22,959		May-31
TBN X (6)	MR2 Product Tanker	H2 2026		52,000		—		—
TBN XI (6)	MR2 Product Tanker	H2 2026		52,000		—		—
TBN XII (6)	MR2 Product Tanker	H1 2027		52,000		—		—
TBN XIII (6)	MR2 Product Tanker	H1 2027		52,000		—		—

(1)

Daily charter-out rate per day, net of commissions.

(2)

Index rates exclude commissions.

(3)

Estimated dates assuming the midpoint or Company’s estimate of the redelivery period by charterers.

(4)

Bareboat charter based on adjusted TD3C-WS with floor $26,730 and collar at $36,630.

(5)

The vessel is subject to a sale and leaseback transaction with a purchase obligation at the end of the lease term.

(6)

The vessel is subject to a bareboat contract with a purchase option at the end of the contract.

(7)

Charterer’s option to extend charter for one year at $24,900 net per day.

(8)

The premium for when the vessel is trading on ice or follow ice breaker is $1,481 per day.

(9)

Charterer’s option to extend the charter for one year at $29,738 net per day plus one year at $31,200 net per day.

(10)

Charterer’s option to extend the charter for one year at $27,913 net per day.

(11)

Charterer’s option to extend the charter for one year at $17,528 net per day.

(12)

Rate based on pool earnings.

(13)

Charterer’s option to extend the charter for one year at $40,950 net per day.

(14)

The vessel is subject to a bareboat contract with a purchase obligation at the end of the contract.

(15)

Charterer’s option for a firm period of five years at $28,144 net per day or three years at $35,056 net per day, declarable six months prior to the vessels’ delivery.

(16)

Profit sharing arrangement of 35% above $54,388, 40% above $59,388 and 50% above $69,388.

(17)

Charterer’s option to extend the bareboat charter for five years at $29,751 net per day.

(18)

Charterer’s option to extend the charter for one year at $29,628 net per day plus one year at $31,578 net per day.

(19)

The vessel is subject to a charter-in agreement with a purchase option at the end of the agreement, classified as a finance lease. Option to acquire the vessel has been declared.

(20)

Charterer’s option to extend the charter for a minimum of 11 to a maximum of 15 months at $33,250 net per day.

(21)

Charterer has the option to extend for five further one-year options at rates increasing by $1,234 net per day each year.

(22)

Charterer’s option to extend charter for two years at $24,875 net per day.

(23)

The vessel is subject to a sale and leaseback transaction with a purchase option at the end of the lease term.

(24)

The vessel is subject to a bareboat charter-out contract.

(25)

Charterer’s option to extend charter for two years at $47,500 net per day.

(26)

Charterer’s option for a firm period of five years at $28,275 net per day or three years at $34,613 net per day, declarable six months prior to the vessels’ delivery.

Our Charters

We provide seaborne shipping services under short, medium, and long-term time charters, bareboat charters and voyage charters with customers that we believe are creditworthy. For the nine month period ended September 30, 2024, ZIM Integrated Shipping Services Ltd. represented approximately 10.3% of our total revenues. For the nine month period ended September 30, 2023, no customer accounted for 10.0% or more of our total revenues. No other customers accounted for 10.0% or more of our total revenues for any of the periods presented.

Our revenues are driven by the number of vessels in the fleet, the number of days during which the vessels operate and our charter hire rates, which, in turn, are affected by a number of factors, including:

•

the duration of the charters;

•

the level of spot and long-term market rates at the time of charters;

•

decisions relating to vessel acquisitions and disposals;

•

the amount of time spent positioning vessels;

•

the amount of time that vessels spend in drydock undergoing repairs and upgrades;

•

the age, condition and specifications of the vessels;

•

the aggregate level of supply and demand in the liquid, dry and containerized cargo shipping industry;

•

economic conditions, such as the impact of inflationary cost pressures, decreased consumer discretionary spending, increasing interest rates, and the possibility of recession or financial market instability;

•

armed conflicts, such as Israel’s war in Gaza, Russian/Ukrainian conflicts and the attacks in the Red Sea and in the Gulf of Aden; and

•

the outbreak of global epidemics or pandemics.

Time charters are available for varying periods, ranging from a single trip (spot charter) to long-term which may be many years. In general, a long-term time charter assures a consistent stream of revenue to the vessel owner. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. We intend to operate our vessels in the long-term charter market. Vessel charter rates are affected by world economics, international events, weather conditions, strikes, governmental policies, supply and demand and many other factors that might be beyond our control. Please read the section entitled “Risk Factors” in our Annual Report for a discussion of certain risks inherent in our business.

We could lose a customer or the benefits of a charter if:

•

the customer fails to make charter payments because of its financial inability, disagreements with us or otherwise;

•

the customer exercises certain rights to terminate the charter of the vessel;

•

the customer terminates the charter because we fail to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, there are serious deficiencies in the vessel or prolonged periods of off-hire, or we default under the charter; or

•

a prolonged force majeure event affecting the customer, including damage to or destruction of relevant production facilities, war or political unrest prevents us from performing services for that customer.

Under some of our time charters, either party may terminate the charter contract in the event of war in specified countries or in locations that would significantly disrupt the free trade of the vessel. Some of the time charters covering our vessels require us to return to the charterer, upon the loss of the vessel, all advances paid by the charterer but not earned by us.

Trends and Factors Affecting Our Future Results of Operations

We believe the principal factors that will affect our future results of operations are the economic, regulatory, political and governmental conditions that affect the shipping industry generally and that affect conditions in countries and markets in which our vessels engage in business. Please read “Risk Factors” in our Annual Report for a discussion of certain risks inherent in our business.

Results of Operations

Overview

The following table reflects certain key indicators of Navios Partners’ fleet performance for the three and nine month periods ended September 30, 2024 and 2023.


	Three Month Period Ended September 30, 2024			Three Month Period Ended September 30, 2023			Nine Month Period Ended September 30, 2024			Nine Month Period Ended September 30, 2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Available Days(1)		13,552			13,759			40,590			41,239
Operating Days(2)		13,371			13,646			40,122			40,869
Fleet Utilization(3)		98.7	%		99.2	%		98.8	%		99.1	%
Time Charter Equivalent rate (per day)(4)	$	23,591		$	22,052		$	22,830		$	22,242
Vessels operating at end of periods		154			153			154			153

(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, drydockings 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 generating revenue, 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, drydockings or special surveys.

(4)

Time Charter Equivalent rate (“TCE rate”) per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable fixed vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary 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.

FINANCIAL HIGHLIGHTS

The following table presents consolidated revenue and expense information for the three and nine month periods ended September 30, 2024 and 2023.


	Three Month Period Ended September 30, 2024			Three Month Period Ended September 30, 2023			Nine Month Period Ended September 30, 2024			Nine Month Period Ended September 30, 2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
	(In thousands of U.S. dollars)
Time charter and voyage revenues	$	340,835		$	323,176		$	1,001,545		$	979,636
Time charter and voyage expenses		(34,941	)		(39,877	)		(116,896	)		(121,596	)
Direct vessel expenses		(18,115	)		(15,941	)		(54,584	)		(48,145	)
Vessel operating expenses (entirely through related parties transactions)		(88,963	)		(82,856	)		(259,156	)		(248,622	)
General and administrative expenses		(21,102	)		(19,524	)		(62,430	)		(59,559	)
Depreciation and amortization of intangible assets		(57,674	)		(54,513	)		(169,558	)		(162,768	)
Amortization of unfavorable lease terms		3,206			3,521			9,513			16,431
Gain on sale of vessels, net		1,241			7,170			10,374			50,771
Interest expense and finance cost, net		(32,608	)		(31,849	)		(92,104	)		(100,703	)
Interest income		3,394			3,314			10,386			7,414
Other income/ (expense), net		2,482			(2,840	)		(4,505	)		(11,605	)
Net income	$	97,755		$	89,781		$	272,585		$	301,254
EBITDA(1)	$	196,621		$	180,838		$	559,784		$	571,275
Adjusted EBITDA(1)	$	195,380		$	173,668		$	549,410		$	520,504
Operating Surplus (1)	$	98,558		$	84,924		$	256,343		$	249,292

(1)

EBITDA, Adjusted EBITDA and Operating Surplus are non-GAAP financial measures. See “Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus” for a description of EBITDA, Adjusted EBITDA and Operating Surplus and a reconciliation of EBITDA, Adjusted EBITDA and Operating Surplus to the most comparable measure under U.S. GAAP.

Period over Period Comparisons

For the Three Month Period ended September 30, 2024 compared to the Three Month Period ended September 30, 2023

Time charter and voyage revenues: Time charter and voyage revenues of Navios Partners for the three month period ended September 30, 2024 increased by $17.6 million, or 5.4%, to $340.8 million, as compared to $323.2 million for the same period in 2023. The increase in revenue was mainly attributable to the increase in the TCE rate. For the three month periods ended September 30, 2024 and 2023, time charter and voyage revenues were positively affected by $2.4 million and negatively affected by $9.7 million, respectively, relating to the straight-line effect of the containership and tanker charters with de-escalating rates. For the three month period ended September 30, 2024, the TCE rate increased by 7.0% to $23,591 per day, as compared to $22,052 per day for the same period in 2023. The available days of the fleet decreased by 1.5% to 13,552 days for the three month period ended September 30, 2024, as compared to 13,759 days for the same period in 2023 mainly due to the sale of vessels, partially mitigated by the deliveries of newbuilding vessels.

Time charter and voyage expenses: Time charter and voyage expenses for the three month period ended September 30, 2024 decreased by $5.0 million to $34.9 million, as compared to $39.9 million for the same period in 2023. The decrease was mainly attributable to a: (i) $5.7 million decrease in bareboat and charter-in hire expense of the dry bulk fleet; (ii) $4.0 million decrease in bunkers expenses from the decreased days of freight voyages in the third quarter of 2024; and (iii) $0.2 million decrease in port expenses. The decrease was partially mitigated by a: (i) $4.7 million increase in other miscellaneous voyage expenses; and (ii) $0.2 million increase in brokers’ commissions.

Direct vessel expenses: Direct vessel expenses for the three month period ended September 30, 2024, increased by $2.2 million to $18.1 million, as compared to $15.9 million for the same period in 2023. The increase of $2.2 million was mainly attributable to the amortization of the deferred drydock and special survey costs due to the increase in the number of vessels that underwent drydocking or special survey.

Vessel operating expenses: Vessel operating expenses for the three month period ended September 30, 2024, increased by $6.1 million to $89.0 million, as compared to $82.9 million for the same period in 2023. The increase was mainly due to the change in the composition of our fleet with deliveries and sale of vessels and the adjustment of the fixed daily fee in accordance with the management agreements (the “Management Agreements”).

General and administrative expenses: General and administrative expenses increased by $1.6 million to $21.1 million for the three month period ended September 30, 2024, as compared to $19.5 million for the same period in 2023 in accordance with our administrative services agreement (the “Administrative Services Agreement”).

Depreciation and amortization of intangible assets: Depreciation and amortization of intangible assets amounted to $57.7 million for the three month period ended September 30, 2024, as compared to $54.5 million for the same period in 2023. The increase of $3.2 million was mainly attributable to a: (i) $4.6 million increase in depreciation expense due to the delivery of 15 vessels since the third quarter of 2023; and (ii) $0.7 million increase in depreciation expense mainly due to vessel improvements. The above increase was partially mitigated by a: (i) $1.8 million decrease in depreciation expense due to the sale of 8 vessels since the third quarter of 2023; and (ii) $0.3 million decrease in amortization of favorable lease terms. Depreciation of vessels is calculated using an estimated useful life of 25 years for dry bulk and tanker vessels and 30 years for containerships, respectively, from the date the vessel was originally delivered from the shipyard.

Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $3.2 million and $3.5 million for the three month periods ended September 30, 2024 and 2023, respectively, related to the amortization of the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Maritime Containers L.P. (“Navios Containers”).

Gain on sale of vessels, net: Gain on sale of vessels, net amounted to $1.2 million for the three month period ended September 30, 2024, related to the sale of one of our vessels. Gain on sale of vessels, net amounted to $7.2 million for the three month period ended September 30, 2023, relating to a $7.4 million gain on sale of one of our vessels, partially mitigated by a $0.2 million impairment loss of one of our vessels.

Interest expense and finance cost, net: Interest expense and finance cost, net for the three month period ended September 30, 2024 increased by $0.8 million to $32.6 million, as compared to $31.8 million for the same period in 2023. The increase was mainly due to the increase in interest expense incurred on credit facilities and financial liabilities, the increase in amortization of finance charges and other finance costs and the decrease in interest expense capitalized, related to deposits for vessel acquisitions, partially mitigated by the decrease in interest expense incurred on finance lease

liabilities. The weighted average interest rate for the three month period ended September 30, 2024 decreased to 7.0% from 7.3% for the same period in 2023, while Navios Partner’s weighted average loan balance increased to $2,008.1 million for the three month period ended September 30, 2024, as compared to the $1,949.4 million for the same period in 2023.

Interest income: Interest income amounted to $3.4 million for the three month period ended September 30, 2024, as compared to $3.3 million for the same period in 2023.

Other income/ (expense), net: Other income, net for the three month period ended September 30, 2024 increased by $5.3 million to $2.5 million other income, net, as compared to $2.8 million other expense, net for the same period in 2023, mainly due to the increase in foreign exchange gains.

Net income: Net income for the three month period ended September 30, 2024 amounted to $97.8 million as compared to $89.8 million for the same period in 2023. The increase in net income of $8.0 million was due to the factors discussed above.

For the Nine Month Period ended September 30, 2024 compared to the Nine Month Period ended September 30, 2023

Time charter and voyage revenues: Time charter and voyage revenues of Navios Partners for the nine month period ended September 30, 2024 increased by $21.9 million, or 2.2%, to $1,001.5 million, as compared to $979.6 million for the same period in 2023. The increase in revenue was mainly attributable to the increase in the TCE rate. For the nine month periods ended September 30, 2024 and 2023, time charter and voyage revenues were positively affected by $4.9 million and negatively affected by $30.2 million, respectively, relating to the straight-line effect of the containership and tanker charters with de-escalating rates. For the nine month period ended September 30, 2024, the TCE rate increased by 2.6% to $22,830 per day, as compared to $22,242 per day for the same period in 2023. The available days of the fleet decreased by 1.6% to 40,590 days for the nine month period ended September 30, 2024, as compared to 41,239 days for the same period in 2023 mainly due to the sale of vessels, partially mitigated by the deliveries of newbuilding vessels.

Time charter and voyage expenses: Time charter and voyage expenses for the nine month period ended September 30, 2024 decreased by $4.7 million to $116.9 million, as compared to $121.6 million for the same period in 2023. The decrease was mainly attributable to a: (i) $17.5 million decrease in bareboat and charter-in hire expense of the dry bulk fleet; (ii) $1.3 million decrease in bunkers expenses; and (iii) $0.3 million decrease in brokers’ commissions. The decrease was partially mitigated by a: (i) $13.6 million increase in other voyage expenses; and (ii) $0.8 million increase in port expenses.

Direct vessel expenses: Direct vessel expenses for the nine month period ended September 30, 2024, increased by $6.5 million to $54.6 million, as compared to $48.1 million for the same period in 2023. The increase of $6.5 million was mainly attributable to the amortization of the deferred drydock and special survey costs, due to the increase in the number of vessels that underwent drydocking or special survey, partially mitigated by the decrease of certain extraordinary expenses, including crew related expenses and insurances.

Vessel operating expenses: Vessel operating expenses for the nine month period ended September 30, 2024, increased by $10.6 million to $259.2 million, as compared to $248.6 million for the same period in 2023. The increase was mainly due to the change in the composition of our fleet with deliveries and sale of vessels and the adjustment of the fixed daily fee in accordance with the Management Agreements.

General and administrative expenses: General and administrative expenses increased by $2.8 million to $62.4 million for the nine month period ended September 30, 2024, as compared to $59.6 million for the same period in 2023 in accordance with our Administrative Services Agreement.

Depreciation and amortization of intangible assets: Depreciation and amortization of intangible assets amounted to $169.6 million for the nine month period ended September 30, 2024, as compared to $162.8 million for the same period in 2023. The increase of $6.8 million was mainly attributable to a: (i) $10.1 million increase in depreciation expense due to the delivery of 20 vessels in 2023 and during the nine month period ended September 30, 2024; and (ii) $2.9 million increase in depreciation expense mainly due to vessel improvements. The above increase was partially mitigated by: (i) a $5.4 million decrease in depreciation expense due to the sale of 20 vessels in 2023 and during the nine month period ended September 30, 2024; and (ii) an $0.8 million decrease in amortization of favorable lease terms. Depreciation of

vessels is calculated using an estimated useful life of 25 years for dry bulk and tanker vessels and 30 years for containerships, respectively, from the date the vessel was originally delivered from the shipyard.

Amortization of unfavorable lease terms: Amortization of unfavorable lease terms amounted to $9.5 million and $16.4 million for the nine month periods ended September 30, 2024 and 2023, respectively, related to the amortization of the fair value of the time charters with unfavorable lease terms as determined at the acquisition date of Navios Containers and at the date of obtaining control of Navios Maritime Acquisition Corporation.

Gain on sale of vessels, net: Gain on sale of vessels, net amounted to $10.4 million for the nine month period ended September 30, 2024, relating to an $18.0 million gain on sale of five of our vessels, partially mitigated by a $7.6 million impairment loss of two of our vessels. Gain on sale of vessels, net amounted to $50.8 million for the nine month period ended September 30, 2023, relating to a $51.0 million gain on sale of 13 of our vessels, partially mitigated by a $0.2 million impairment loss of one of our vessels.

Interest expense and finance cost, net: Interest expense and finance cost, net for the nine month period ended September 30, 2024 decreased by $8.6 million to $92.1 million, as compared to $100.7 million for the same period in 2023. The decrease was mainly due to the decrease in the discount effect of long-term assets, the increase in interest expense capitalized related to deposits for vessel acquisitions, the decrease in interest expense incurred on credit facilities and financial liabilities and the decrease in amortization of finance charges and other finance costs, partially mitigated by the increase in interest expense incurred on finance lease liabilities. The weighted average interest rate for the nine month period ended September 30, 2024 decreased to 7.1% from 7.3% for the same period in 2023, while Navios Partner’s weighted average loan balance increased to $1,942.5 million for the nine month period ended September 30, 2024, as compared to the $1,917.9 million for the same period in 2023.

Interest income: Interest income amounted to $10.4 million for the nine month period ended September 30, 2024, as compared to $7.4 million for the same period in 2023, mainly due to the increase of interest in time deposits.

Other income/ (expense), net: Other expense, net for the nine month period ended September 30, 2024 decreased by $7.1 million to $4.5 million, as compared to $11.6 million for the same period in 2023, mainly due to the increase in foreign exchange gains.

Net income: Net income for the nine month period ended September 30, 2024 amounted to $272.6 million as compared to $301.3 million net income for the same period in 2023. The decrease in net income of $28.7 million was due to the factors discussed above.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Liquidity and Capital Resources

We anticipate that our primary sources of funds for our short-term liquidity needs will consist of cash flows from operations, our equity offerings, proceeds from asset sales, long-term bank borrowings and other debt raisings. In addition to distributions on our units and common unit repurchase program, our primary short-term liquidity needs are to fund general working capital requirements, cash reserve requirements including those under our credit facilities and debt service, while our long-term liquidity needs primarily relate to expansion and investment capital expenditures and other maintenance capital expenditures and debt repayment. As of September 30, 2024, Navios Partners’ current assets totaled $472.9 million, while current liabilities totaled $418.9 million, resulting in a positive working capital position of $54.0 million. Navios Partners’ cash forecast indicates that it will generate sufficient cash through its contracted revenue, as of November 7, 2024, of $3.9 billion and cash proceeds from the sale of vessels (see Note 4 - Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this report) to make the required principal and interest payments on its indebtedness, to make payments for capital expenditures, provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of our unaudited condensed consolidated financial statements.

Generally, our long-term sources of funds derive from cash from operations, long-term bank borrowings and other debt or equity financings to fund acquisitions and expansion and investment capital expenditures. We cannot assure you that we will be able to secure adequate financing or to obtain additional funds on favorable terms to meet our liquidity needs.

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

Navios Partners may use funds to repurchase its outstanding common units and/or indebtedness from time to time. Repurchases may be made in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Partners deems appropriate and subject to its cash requirements for other purposes, compliance with the covenants under Navios Partners’ credit facilities, and other factors management deems relevant.

The following table presents cash flow information derived from the unaudited condensed Consolidated Statements of Cash Flows of Navios Partners for the nine month periods ended September 30, 2024 and 2023.


	Nine Month Period Ended September 30, 2024			Nine Month Period Ended September 30, 2023
	(unaudited)			(unaudited)
	(In thousands of U.S. dollars)
Net cash provided by operating activities	$	368,554		$	348,613
Net cash used in investing activities		(613,964	)		(72,423	)
Net cash provided by/ (used in) financing activities		290,193			(182,115	)
Increase in cash, cash equivalents and restricted cash	$	44,783		$	94,075

Net cash provided by operating activities for the nine month period ended September 30, 2024 as compared to the net cash provided by operating activities for the nine month period ended September 30, 2023

Net cash provided by operating activities increased by $20.0 million to $368.6 million for the nine month period ended September 30, 2024, as compared to $348.6 million for the same period in 2023. In determining net cash provided by operating activities, net income is adjusted for the effects of certain non-cash items as discussed below.

The aggregate adjustments to reconcile net income to net cash provided by operating activities were $189.5 million of non-cash positive net adjustments for the nine month period ended September 30, 2024, which consisted mainly of the following adjustments: (i) $169.6 million depreciation and amortization of intangible assets; (ii) $45.4 million amortization of deferred drydock and special survey costs; and (iii) $5.9 million amortization and write-off of deferred finance costs and discount. These adjustments were partially mitigated by: (i) $10.4 million gain from sale of vessels, net; (ii) $9.5 million amortization of unfavorable lease terms; (iii) $8.7 million non-cash amortization of deferred revenue and straight-line effect of the containership and tanker charters with de-escalating rates; and (iv) $2.8 million amortization of operating lease assets/ liabilities.

The net cash outflow resulting from the change in operating assets and liabilities of $93.5 million for the nine month period ended September 30, 2024 resulted from: (i) a $71.7 million in payments for drydock and special survey costs; (ii) a $32.0 million decrease in amounts due to related parties; (iii) an $8.4 million increase in amounts due from related parties (including current and non-current portion); (iv) a $7.7 million decrease in accounts payable; and (v) a $0.6 million decrease in accrued expenses. This was partially mitigated by a: (i) $2.8 million increase in deferred revenue; (ii) $9.1 million decrease in prepaid expenses and other current assets; and (iii) $15.0 million decrease in accounts receivable.

The aggregate adjustments to reconcile net income to net cash provided by operating activities were $184.2 million of non-cash positive net adjustments for the nine month period ended September 30, 2023, which consisted mainly of the following adjustments: (i) $162.8 million depreciation and amortization of intangible assets; (ii) $45.2 million non-cash amortization of deferred revenue and straight-line effect of the containership and tanker charters with de-escalating rates; (iii) $30.4 million amortization of deferred drydock and special survey costs; (iv) $7.8 million amortization of operating lease assets/ liabilities; and (v) $5.2 million amortization and write-off of deferred finance costs and discount. These adjustments were partially mitigated by: (i) $50.8 million gain from sale of vessels, net; and (ii) $16.4 million amortization of unfavorable lease terms.

The net cash outflow resulting from the change in operating assets and liabilities of $136.9 million for the nine month period ended September 30, 2023 resulted from a: (i) $104.7 million decrease in amounts due to related parties; (ii) $66.1 million in payments for drydock and special survey costs; (iii) $9.7 million decrease in accounts payable; and (iv) $6.3 million decrease in deferred revenue. This was partially mitigated by a: (i) $36.7 million decrease in accounts receivable; (ii) $7.1 million decrease in prepaid expenses and other current assets; and (iii) $6.1 million increase in accrued expenses.

Net cash used in investing activities for the nine month period ended September 30, 2024 as compared to the net cash used in investing activities for the nine month period ended September 30, 2023

Net cash used in investing activities for the nine month period ended September 30, 2024 amounted to $614.0 million as compared to $72.4 million net cash used in investing activities for the same period in 2023.

Net cash used in investing activities of $614.0 million for the nine month period ended September 30, 2024 was mainly due to: (i) $500.7 million related to vessels acquisitions and additions; and (ii) $226.2 million related to deposits for the acquisition/ option to acquire vessels and capitalized expenses. This was partially mitigated by: (i) $103.9 million proceeds related to the sale of five vessels; and (ii) a $9.0 million decrease in time deposits with original maturities greater than three months.

Net cash used in investing activities of $72.4 million for the nine month period ended September 30, 2023 was mainly due to: (i) $225.9 million related to deposits for the acquisition/ option to acquire vessels and capitalized expenses; and (ii) $83.9 million related to vessels’ acquisitions and additions. This was partially mitigated by $237.4 million of proceeds related to the sale of 13 vessels.

Net cash provided by financing activities for the nine month period ended September 30, 2024 as compared to net cash used in financing activities for the nine month period ended September 30, 2023

Net cash provided by financing activities increased by $472.3 million to $290.2 million inflow for the nine month period ended September 30, 2024, as compared to $182.1 million outflow for the same period in 2023.

Net cash provided by financing activities of $290.2 million for the nine month period ended September 30, 2024 was mainly due to $679.2 million proceeds from the new credit facilities and sale and leaseback agreements. This was partially mitigated by: (i) $361.6 million repayments of long-term debt and financial liabilities; (ii) $15.0 million related to the acquisition of treasury units; (iii) $7.8 million payments of deferred finance costs related to the new credit facilities and financial liabilities; and (iv) $4.6 million payments for cash distributions.

Net cash used in financing activities of $182.1 million for the nine month period ended September 30, 2023 was mainly due to: (i) $708.1 million repayments of loans and financial liabilities; (ii) $13.2 million payments of deferred finance costs related to the new credit facilities and financial liabilities; and (iii) $4.6 million payments for cash distributions. This was partially mitigated by $543.8 million of proceeds from the new credit facilities and sale and leaseback agreements.

Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities, EBITDA and Operating Surplus


	Three Month Period Ended September 30, 2024		Three Month Period Ended September 30, 2023		Nine Month Period Ended September 30, 2024		Nine Month Period Ended September 30, 2023
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
	(In thousands of U.S. dollars)
Net cash provided by operating activities	$	142,639	$	120,270	$	368,554	$	348,613

Navios Maritime Partners L.P. 6-K