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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: October 30, 2014

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   x             Form 40-F   ¨

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

Yes   ¨             No    x

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

Yes   ¨             No    x

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

Yes   ¨             No    x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

N/A

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NAVIOS MARITIME PARTNERS L.P.

FORM 6-K

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The information contained in this Report is hereby incorporated by reference into the Registration Statement on Form F-3, File No. 333-170284.

Operating and Financial Review

The following is a discussion of the financial condition and results of operations for the three and nine month periods ended September 30, 2014 and 2013 of Navios Maritime Partners L.P. (referred to herein as “we”, “us” or “Navios Partners”). All of the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Partners’ 2013 Annual Report filed on Form 20-F with the Securities and Exchange Commission.

This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on Navios Partners’ current expectations and observations. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels, fluctuation of charter rates, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Partners’ filings with the Securities and Exchange Commission.

Recent Developments

On August 29, 2014, Navios Partners acquired from an unrelated third party the YM Utmost, a 2006 South Korean-built Container vessel of 8,204 TEU, for an acquisition cost of $59.0 million in cash consideration.

On September 22, 2014, Navios Partners entered into a term loan facility agreement of up to $56.0 million with ABN AMRO Bank N.V. (the “September 2014 Credit Facility”). The September 2014 Credit Facility was entered into to finance a portion of the purchase price payable in connection with the acquisitions of the YM Utmost and YM Unity. The maturity date of the September 2014 Credit Facility is five years after the drawdown date. The September 2014 Credit Facility bears interest at LIBOR plus 300 bps per annum. As of September 30, 2014, the outstanding balance on this facility was $28.0 million.

On October 28, 2014, Navios Partners acquired from an unrelated third party the YM Unity, a 2006 South Korean-built Container vessel of 8,204 TEU, for a purchase price of $58.9 million in cash consideration.

Overview

Navios Partners 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 by Navios Maritime Holdings Inc. (“Navios Holdings”), a vertically integrated seaborne shipping and logistics company with over 60 years of operating history in the drybulk shipping industry. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received 2% general partner interest in Navios Partners.

As of October 29, 2014, there were outstanding 77,359,163 common units and 1,578,763 general partnership units. Navios Holdings owns a 20.0% interest in Navios Partners, which includes the 2% general partner interest.

Fleet

Our fleet consists of 14 Panamax vessels, eight Capesize vessels, three Ultra-Handymax vessels and seven Container vessels.

In general, the vessels in our fleet are chartered-out under time charters, which range in length from one to nine years at inception. From time to time, we operate vessels in the spot market until the vessels have been chartered under long-term charters.

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The following table provides summary information about our fleet as of October 29, 2014:

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Our Charters

We generate revenues by charging our customers for the use of our vessels to transport their dry cargos. In general, the vessels in our fleet are chartered-out under time charters, which range in length from one to nine years at inception. From time to time, we operate vessels in the spot market until the vessels have been chartered under long-term charters.

For the nine month period ended September 30, 2014, our most significant counterparties were Hyundai Merchant Marine Co., Ltd and Navios Corporation, which accounted for approximately 24.8% and 11.2%, respectively, of total revenues. For the year ended December 31, 2013, Cosco Bulk Carrier Co. Ltd., Hanjin Shipping Co. Ltd, Navios Corporation and Samsun Logix accounted for 23.4%, 11.3%, 10.4% and 10.2%, respectively, of total revenues. We believe that the combination of the long-term nature of most of our charters (which provide for the receipt of a fixed fee for the life of the charter) and our management agreement with Navios ShipManagement Inc. (the “Manager”), a wholly-owned subsidiary of Navios Holdings (which provides for a fixed management fee until December 31, 2015), provides us with a strong base of stable cash flows.

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

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 the vessel owner of a consistent stream of revenue. 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 “Risk Factors” in our 2013 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

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 2013 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

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The accompanying interim condensed consolidated financial statements of Navios Partners are unaudited, but, in the opinion of management, contain all adjustments necessary to present a fair statement of results, in all material respects, Navios Partners’ condensed consolidated financial position as of September 30, 2014 and the condensed consolidated results of operations for the three and nine months ended September 30, 2014 and 2013. The footnotes are condensed as permitted by the requirements for interim financial statements and, accordingly, do not include information and disclosures required under US GAAP for complete financial statements. All such adjustments are deemed to be of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Navios Partners’ Annual Report on Form 20-F for the year ended December 31, 2013.

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Period over Period Comparisons

For the Three Month Period ended September 30, 2014 compared to the Three Month Period ended September 30, 2013

Time charter and voyage revenues: Time charter and voyage revenues for the three month period ended September 30, 2014 increased by $8.7 million or 18.7% to $55.3 million, as compared to $46.6 million for the same period in 2013. The increase was mainly attributable to the acquisition of the Navios Joy on September 11, 2013, the Navios Harmony on October 11, 2013, the five container vessels in December 2013, the Navios La Paix and the Navios Sun in January 2014 and the YM Utmost in August 2014. As a result of the vessel acquisitions, available days of the fleet increased to 2,709 days for the three month period ended September 30, 2014, as compared to 1,952 days for the three month period ended September 30, 2013. The above increase in time charter and voyage revenues was partially mitigated by the decrease in time charter equivalent (“TCE”) to $20,009 for the three month period ended September 30, 2014, from $23,202 for the three month period ended September 30, 2013.

Time charter and voyage expenses: Time charter and voyage expenses for the three month period ended September 30, 2014 decreased by $0.2 million or 4.7% to $3.6 million, as compared to $3.8 million for the three month period ended September 30, 2013. The decrease was mainly attributable to decrease in voyage expenses incurred in the period.

Management fees: Management fees for the three month period ended September 30, 2014, increased by $3.8 million or 43.5% to $12.6 million, as compared to $8.8 million for the same period in 2013. The increase was mainly attributable to the increased number of owned vessels that were delivered into our fleet. (Refer below to Related Party Transactions for details of the fee structure).

General and administrative expenses: General and administrative expenses increased by $0.4 million or 27.4% to $1.8 million for the three month period ended September 30, 2014, as compared to $1.4 million for the same period of 2013. The increase was mainly attributable to the increase in administrative expenses paid to the Manager due to the increased number of vessels in Navios Partners’ fleet.

Depreciation and amortization: Depreciation and amortization amounted to $17.3 million for the three month period ended September 30, 2014 compared to $18.2 million for the three month period ended September 30, 2013. The decrease of $0.9 million was attributable to a $4.7 million decrease of amortization due to the expiration of the intangible assets associated

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with the Navios Orbiter and the Navios Hyperion and the write-off of the Navios Pollux in the first quarter of 2014. The above decrease was partially mitigated by an increase in depreciation expense of $3.7 million due to the increased number of vessels that were delivered into our owned fleet. Depreciation of vessels is calculated using an estimated useful life of 25 and 30 years for drybulk and container vessels, respectively, from the date the vessel was originally delivered from the shipyard. Intangible assets are amortized over the contract periods, which range from one to eight years.

Interest expense and finance cost, net: Interest expense and finance cost, net for the three months ended September 30, 2014 increased by $2.7 million or 63.1% to $7.0 million, as compared to $4.3 million for the three months ended September 30, 2013. The increase was due to: (a) the higher weighted average interest rate of 4.67% for the three months ended September 30, 2014, compared to 4.40% for the same period in 2013; and (b) the increase in the average outstanding loan balance to $536.5 million for the three months ended September 30, 2014 from $350.0 million for the three months ended September 30, 2013. As of September 30, 2014 and 2013, the outstanding loan balance under Navios Partners’ credit facilities was $557.3 million and $344.7 million, respectively.

Other income: Other income for the three months ended September 30, 2014 amounted to $0.2 million compared to $3.3 million for the three months ended September 30, 2013.

Net income: Net income for the three months ended September 30, 2014 amounted to $13.0 million compared to $13.1 million for the three months ended September 30, 2013. The decrease in net income of $0.1 million was due to the factors discussed above.

Operating surplus: Navios Partners generated operating surplus for the three month period ended September 30, 2014 of $25.0 million, compared to $28.2 million for the three month period ended September 30, 2013. 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 (See “Reconciliation of EBITDA to Net Cash from Operating Activities, EBITDA, Operating Surplus and Available Cash for Distribution” contained herein).

Seasonality:  Since Navios Partners’ vessels generally operate under long-term charters, the results of operations are not generally subject to the effect of seasonable variations in demand.

For the Nine Month Period ended September 30, 2014 compared to the Nine Month Period ended September 30, 2013

Time charter and voyage revenues: Time charter and voyage revenues for the nine month period ended September 30, 2014 increased by $22.0 million or 15.0% to $168.0 million, as compared to $146.0 million for the same period in 2013. The increase was mainly attributable to the acquisition of the Navios Joy on September 11, 2013, the Navios Harmony on October 11, 2013, the five container vessels in December 2013, the Navios La Paix and the Navios Sun in January 2014 and the YM Utmost in August 2014. As a result of the vessel acquisitions, available days of the fleet increased to 8,072 days for the nine month period ended September 30, 2014, as compared to 5,736 days for the nine month period ended September 30, 2013. The above increase in time charter and voyage revenues was partially mitigated by the decrease in TCE to $20,277 for the nine month period ended September 30, 2014, from $24,903 for the nine month period ended September 30, 2013.

Time charter and voyage expenses: Time charter and voyage expenses for the nine month period ended September 30, 2014 increased by $1.1 million or 10.7% to $11.7 million, as compared to $10.6 million for the nine month period ended September 30, 2013. The increase was mainly attributable to increase in voyage expenses incurred in the period.

Management fees: Management fees for the nine month period ended September 30, 2014, increased by $11.0 million or 42.5% to $36.9 million, as compared to $25.9 million for the same period in 2013. The increase was mainly attributable to the increased number of owned vessels that were delivered into our fleet. (Refer below to Related Party Transactions for details of the fee structure).

General and administrative expenses: General and administrative expenses increased by $1.3 million or 29.2% to $5.8 million for the nine month period ended September 30, 2014, as compared to $4.5 million for the same period of 2013. The increase was mainly attributable to the increase in administrative expenses paid to the Manager due to the increased number of vessels in Navios Partners’ fleet.

Depreciation and amortization: Depreciation and amortization amounted to $78.0 million for the nine month period ended September 30, 2014 compared to $58.2 million for the nine month period ended September 30, 2013. The increase of $19.7 million was attributable to: (a) an increase in depreciation expense of $10.8 million due to the increased number of vessels that were delivered into our owned fleet; and (b) a $22.0 million accelerated amortization of the Navios Pollux favorable lease intangible due to a change in its useful life (Refer to Note 5 – Intangible Assets for further details). The above increase was partially mitigated by a $9.9 million decrease of amortization due to write-offs of the Navios Orbiter, the Navios Hyperion and the Navios Pollux in the first quarter of 2014 and the write-off of the Navios Melodia in the second quarter of 2013 and $3.2 million

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partial write-off of the Navios Melodia favorable lease (Refer to Note 5 - Intangible Assets for further details). Depreciation of vessels is calculated using an estimated useful life of 25 and 30 years for drybulk and container vessels, respectively, from the date the vessel was originally delivered from the shipyard. Intangible assets are amortized over the contract periods, which range from one to eight years.

Interest expense and finance cost, net: Interest expense and finance cost, net for the nine month period ended September 30, 2014 increased by $10.5 million or 98.7% to $21.2 million, as compared to $10.7 million for the nine months ended September 30, 2013. The increase was due to: (a) the higher weighted average interest rate of 4.67% for the nine months ended September 30, 2014, compared to 3.17% for the same period in 2013; and (b) the increase in the average outstanding loan balance to $536.7 million for the nine months ended September 30, 2014 from $311.2 million for the nine months ended September 30, 2013. As of September 30, 2014 and 2013, the outstanding loan balance under Navios Partners’ credit facilities was $557.3 million and $344.7 million, respectively.

Other income: Other income for the nine months ended September 30, 2014 amounted to $48.1 million compared to $13.4 million for the nine months ended September 30, 2013. (See Note 15 of our condensed notes to the consolidated financial statements).

Other expense: Other expense for nine months ended September 30, 2014 amounted to $1.1 million compared to $0.8 million for the nine months ended September 30, 2013.

Net income: Net income for the nine months ended September 30, 2014 amounted to $61.4 million compared to $48.9 million for the nine months ended September 30, 2013. The increase in net income of $12.5 million was due to the factors discussed above.

Operating surplus: Navios Partners generated operating surplus for the nine months ended September 30, 2014 of $123.8 million, compared to $99.4 million for the nine months ended September 30, 2013. 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 (See “Reconciliation of EBITDA to Net Cash from Operating Activities, EBITDA, Operating Surplus and Available Cash for Distribution” contained herein).

Seasonality:  Since Navios Partners’ vessels generally operate under long-term charters, the results of operations are not generally subject to the effect of seasonable variations in demand.

Liquidity and Capital Resources

In addition to distributions on our units, our primary short-term liquidity needs are to fund general working capital requirements, cash reserve requirements as per 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. Expansion capital expenditures are primarily for the purchase or construction of vessels to the extent the expenditures increase the operating capacity of or revenue generated by our fleet, while maintenance capital expenditures primarily consist of drydocking expenditures and expenditures to replace vessels in order to maintain the operating capacity of or revenue generated by our fleet. Investment capital expenditures are those capital expenditures that are neither maintenance capital expenditures nor expansion capital expenditures.

We anticipate that our primary sources of funds for our short-term liquidity needs will be cash flows from operations. We believe that cash flows from operations will be sufficient to meet our existing short-term liquidity needs for at least the next 12 months. In addition, we filed a shelf registration statement on November 1, 2013, which was declared effective on January 15, 2014, under which we may sell any combination of securities (debt or equity) for up to a total of $500.0 million, approximately $390.6 million of which is currently available.

Generally, our long-term sources of funds derive from cash from operations, long-term bank borrowings and other debt or equity financings. Because we distribute our available cash, we expect that we will rely upon external financing sources, including bank borrowings and the issuance of debt and equity securities, to fund acquisitions and expansion and investment capital expenditures, including opportunities we may pursue under the Omnibus Agreement. We cannot assure you that we will be able to raise the size of our credit facilities or obtaining additional funds on favorable terms.

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 equivalents in excess of government provided insurance limits. Navios Partners also reduces exposure to credit risk by dealing with a diversified group of major financial institutions.

Credit Facilities

On July 31, 2012, Navios Partners entered into a credit facility with Commerzbank AG and DVB Bank AG (the “July 2012 Credit Facility”) for $290.5 million. The July 2012 Credit Facility was entered into to refinance and merge Navios Partners’ two existing facilities at that time.

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On August 8, 2012, Navios Partners entered into another credit facility with DVB Bank AG (the “August 2012 Credit Facility”), and borrowed an amount of $44.0 million to partially finance the acquisitions of the Navios Buena Ventura, the Navios Helios and the Navios Soleil.

On June 27, 2013, Navios Partners and Navios Partners Finance (US) Inc., as co-borrowers, entered into the Term Loan B facility with JP Morgan Chase Bank, N.A., as syndication agent, Citibank, N.A., as documentation agent, Morgan Stanley Senior Funding, Inc., as administrative agent and the other lenders party thereto. The Term Loan B facility bears an interest of LIBOR + 425 basis points and has a five-year term with 1% amortization profile and was issued at 98.0% (at a discount of $5.0 million). Navios Partners used the net proceeds of the Term Loan B facility to: (i) prepay $101.6 million of the July 2012 Credit Facility; (ii) fully repay the outstanding balance of $41.2 million of the August 2012 Credit Facility; (iii) deposit $98.2 million to be held in escrow, to partially finance part of the acquisition of four vessels; and (iv) cover fees and expenses.

The Term Loan B facility is secured by first priority mortgages covering certain vessels owned by subsidiaries of Navios Partners, in addition to other collateral and is guaranteed by each subsidiary of Navios Partners. The Term Loan Agreement requires maintenance of a loan to value ratio of 0.8 to 1.0, and other restrictive covenants customary for facilities of this type (subject to negotiated exceptions and baskets), including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan Agreement also provides for customary events of default.

In June 2013, Navios Partners amended the July 2012 Credit Facility and prepaid $101.6 million from the proceeds of the Term Loan B facility. The prepayment was applied in partial settlement of the next 16 installments. As of September 30, 2014, the outstanding balance was $98.5 million and is repayable in 13 installments, plus a final payment, in various amounts during the term of the July 2012 Credit Facility consisting of $0.5 million (two quarterly installments), $3.4 million (nine quarterly installments), $2.3 million (one quarterly installment) and $5.9 million (one quarterly installment), with a final payment of $58.2 million. The July 2012 Credit Facility bears interest at rates ranging from 180 to 205 bps per annum (depending on the loan amount compared to the security value) plus, depending on the length of the interest period, either LIBOR or the actual cost of funds. The refinancing of this facility was accounted for as a debt modification in accordance with ASC470 Debt and an amount of $1.3 million was written-off from the deferred financing fees during the second quarter ended June 30, 2013.

In June 2013, Navios Partners fully repaid the outstanding balance of $41.2 million of the August 2012 Credit Facility from the proceeds of the Term Loan B facility. The refinancing of this facility was accounted for as a debt extinguishment in accordance with ASC470 Debt and the remaining unamortized balance of $0.7 million was written-off from the deferred financing fees.

On November 1, 2013, Navios Partners completed the issuance of a $189.5 million add-on to its existing Term Loan B facility. The add-on to the Term Loan B facility bears an interest rate of LIBOR +425 basis points and has a five-year term, with a 1.0% amortization profile and was issued at 100%. Navios Partners used the net proceeds to partially finance the acquisition of five container vessels.

As of September 30, 2014, the outstanding balance of the Term Loan B facility, including the add-on, was $430.8 million, net of discount of $3.7 million and it is repayable in 15 quarterly installments of $1.1 million, beginning in December 2014, with a final payment of $418.0 million in June 2018.

On September 22, 2014, Navios Partners entered into the September 2014 Credit Facility of up to $56.0 million (divided into two tranches) with ABN AMRO Bank N.V. The September 2014 Credit Facility was entered into to finance a portion of the purchase price payable in connection with the acquisition of the YM Utmost and the YM Unity. Each tranche of the September 2014 Credit facility is repayable in 20 equal quarterly installments of approximately $0.7 million, with a final balloon payment of $14.3 million on the last repayment date. The maturity date of each tranche is five years after the drawdown date of such tranche. The tranches of the September 2014 Credit Facility bear interest at LIBOR plus 300 bps per annum. As of September 30, 2014, the outstanding balance on this facility was $28.0 million.

As of September 30, 2014, the total borrowings under the Navios Partners’ credit facilities were $557.3 million, net of original issue discount.

As of September 30, 2014, Navios Partners was in compliance with the financial covenants of all of its credit facilities.

Amounts drawn under the July 2012 Credit Facility are secured by first preferred mortgages on certain Navios Partners’ vessels and other collateral and are guaranteed by the respective vessel-owning subsidiary. Amounts drawn under the September 2014 Credit Facility are secured by first preferred mortgages on certain Navios Partners’ vessels and other collateral and are guaranteed by Navios Partners. The July 2012 Credit Facility and the September 2014 Credit Facility 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

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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; 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. The July 2012 Credit Facility and the September 2014 Credit Facility also require compliance with a number of financial covenants, including: (i) maintain a required security amount of over 140%; (ii) minimum free consolidated liquidity of at least the higher of $25.0 million and the aggregate of interest and principal falling due during the previous six months; (iii) maintain a ratio of EBITDA to interest expense of at least 5.00 : 1.00; (iv) maintain a ratio of total liabilities to total assets (as defined in our credit facilities) of less than 0.65 : 1.00; and (v) maintain a minimum net worth of $250.0 million. It is an event of default under the loan facilities if such covenants are not complied with.

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, 2014 and 2013.

Cash provided by operating activities for the nine month period ended September 30, 2014 as compared to the nine month period ended September 30, 2013:

Net cash provided by operating activities increased by $56.6 million to $148.6 million for the nine month period ended September 30, 2014, as compared to $91.9 million for the same period in 2013.

Net income increased by $12.5 million to $61.4 million for the nine month period ended September 30, 2014, from $48.9 million in the nine month period ended September 30, 2013. In determining net cash provided by operating activities for the nine month period ended September 30, 2014, net income was adjusted for the effects of certain non-cash items, including $78.0 million depreciation and amortization, $2.3 million amortization of deferred financing cost and $0.4 million for the amortization of deferred drydock and special survey costs. For the nine month period ended September 30, 2013, net income was adjusted for the effects of certain non-cash items, including depreciation and amortization of $58.2 million and $3.4 million amortization and write-off of deferred financing cost.

Accounts receivable decreased by $8.0 million, from $16.3 million at December 31, 2013, to $8.3 million at September 30, 2014 due to the decrease in amounts due from charterers.

Prepaid expenses and other current assets decreased by $1.3 million from $1.7 million at December 31, 2013 to $0.3 million at September 30, 2014.

Payment for drydock and special survey costs incurred in the nine month period ended September 30, 2014 were $6.4 million and related to drydock and special survey incurred for certain vessels of the fleet. There was no payment for drydock and special survey cost incurred in the same period of 2013.

Accounts payable decreased by $0.6 million, from $3.2 million at December 31, 2013, to $2.5 million at September 30, 2014.

Accrued expenses decreased by $0.9 million from $3.9 million at December 31, 2013 to $2.9 million at September 30, 2014. The primary reasons for the decrease were a decrease in accrued legal and professional fees by $0.7 million and a decrease in accrued loan interest by $0.4 million, partially offset by an increase in accrued voyage expenses by $0.1 million.

Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. Deferred voyage revenue, net of commissions increased by $0.2 million from $3.0 million at December 31, 2013 to $3.2 million at September 30, 2014.

Amounts due to related parties increased by $5.9 million, from $0.2 million at December 31, 2013, to $6.1 million at September 30, 2014. The increase was mainly attributable to an increase in other payables due to affiliated companies by $5.9 million.

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Cash used in investing activities for the nine month period ended September 30, 2014 as compared to the nine month period ended September 30, 2013:

Net cash used in investing activities decreased to $69.2 million for the nine month period ended September 30, 2014, as compared to $107.6 million for the same period in 2013.

Cash used in investing activities of $69.2 million for the nine month period ended September 30, 2014 was due to: (i) $36.9 million paid for the acquisition of the Navios La Paix and the Navios Sun in January 2014 of which $33.4 million was released from escrow; (ii) $5.9 million paid as deposits for the acquisition of a vessel that will be delivered to Navios Partners through the fourth quarter of 2014; (iii) a $0.3 million loan granted to Navios Europe Inc. (“Navios Europe”); and (iv) $59.0 million paid for the acquisition of the YM Utmost on August 29, 2014.

Cash used in investing activities of $107.6 million for the nine month period ended September 30, 2013 was due to: (i) $51.2 million held in escrow for the acquisition of the four new vessels; (ii) $8.9 million paid as deposits for the acquisition of the vessels that were delivered to Navios Partners at various dates through the first quarter of 2014; and (iii) $47.5 million paid for the acquisition of the Navios Joy on September 11, 2013.

Cash provided by financing activities for the nine month period ended September 30, 2014 as compared to cash provided by financing activities for the nine month period ended September 30, 2014:

Net cash provided by financing activities decreased by $103.8 million to $25.6 million for the nine month period ended September 30, 2014, as compared to $129.4 million for the same period in 2013.

Cash provided by financing activities of $25.6 million for the nine month period ended September 30, 2014 was due to: (a) $104.5 million proceeds from the issuance of 6,325,000 common units in February 2014, net of offering costs; (b) $2.2 million from the issuance of additional general partnership units; and (c) proceeds of $28.0 million on September 22, 2014, under the September 2014 Credit Facility. This overall increase was partially offset by: (a) loan repayments of $4.8 million; (b) payment of a total cash distribution of $103.5 million and (c) payment of $0.9 million of deferred financing costs relating to the September 2014 Credit Facility.

Reconciliation of EBITDA to Net Cash provided by Operating Activities, EBITDA, Operating Surplus and Available Cash for Distribution

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EBITDA

EBITDA represents net income plus interest and finance costs plus depreciation and amortization including accelerated amortization of time charters and income taxes.

EBITDA is presented because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a “non-GAAP financial measure” and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

EBITDA increased by $1.8 million to $37.5 million for the three month period ended September 30, 2014, as compared to $35.6 million for the same period in 2013. The increase in EBITDA was due to an $8.7 million increase in revenue, a $0.2 million decrease in time charter and voyage expenses and a $0.3 million decrease in other expense. The above increase was partially mitigated by a $3.8 million increase in management fees due to the increased number of vessels, a $0.4 million increase in general and administrative expenses and a $3.1 million decrease in other income.

EBITDA increased by $42.9 million to $160.7 million for the nine month period ended September 30, 2014, as compared to $117.7 million for the same period in 2013. The increase in EBITDA was due to a $22.0 million increase in revenue and a $34.6 million increase in other income. The above increase was partially mitigated by an $11.0 million increase in management fees due to the increased number of vessels, a $1.1 million increase in time charter and voyage expenses, a $1.3 million increase in general and administrative expenses and a $0.2 million increase in other expense.

Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated 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.

Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

Available Cash

Available Cash generally means, for each fiscal quarter, all cash on hand at the end of the quarter:

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Available Cash is a quantitative measure used in the publicly traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Available Cash is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

Borrowings

Navios Partners’ long-term third party borrowings are reflected in its balance sheet as “Long-term debt, net of current portion and discount” and “Current portion of long-term debt”. As of September 30, 2014 and December 31, 2013, long-term debt amounted to $557.3 million and $533.3 million, respectively. The current portion of long-term debt amounted to $12.9 million and $5.4 million at September 30, 2014 and December 31, 2013, respectively.

Capital Expenditures

Navios Partners finances its capital expenditures with cash flow from operations, owners’ contribution, equity raisings and bank borrowings. Capital expenditures for the nine month period ended September 30, 2014 and 2013 were $68.9 million and $107.6 million, respectively. The reserve for estimated maintenance and replacement capital expenditures for the three and nine month period ended September 30, 2014 was $6.0 million and $17.8 million, respectively. The reserve for estimated maintenance and replacement capital expenditures for the three and nine month period ended September 30, 2013 was $3.5 million and $10.4 million, respectively.

Maintenance for our vessels and expenses related to drydocking expenses are now reimbursed at cost by Navios Partners to our Manager under the amended management agreement. In October 2011, Navios Partners extended the duration of its existing Management Agreement with the Manager until December 31, 2017 and fixed the rate for shipmanagement services of its owned fleet through December 31, 2013. The management fees, including drydocking expenses were: (a) $4,650 daily rate per Ultra-Handymax vessel; (b) $4,550 daily rate per Panamax vessel; and (c) $5,650 daily rate per Capesize vessel. In each of October 2013 and August 2014, Navios Partners amended its existing management agreement with the Manager to fix the fees for ship management services of its owned fleet excluding drydocking expenses which are reimbursed at cost by Navios Partners at: (a) $4,000 daily rate per Ultra-Handymax vessel; (b) $4,100 daily rate per Panamax vessel; (c) $5,100 daily rate per Capesize vessel; (d) $6,500 daily rate per container vessel of TEU 6,800 effective from January 1, 2014 through December 31, 2015; and (e) $7,200 daily rate per container vessel of more than TEU 8,000 effective from the delivery through December 31, 2015.

Maintenance and Replacement Reserve

We estimate that our annual replacement reserve for the year ending December 31, 2014, will be approximately $24.0 million, for replacing our vessels at the end of their useful lives.

The amount for estimated replacement capital expenditures attributable to future vessel replacement was based on the following assumptions: (i) current market price to purchase a five year old vessel of similar size and specifications; (ii) a 25-year useful life for drybulk vessels and a 30-year useful life for container vessels; and (iii) a relative net investment rate.

The amount for estimated maintenance capital expenditures attributable to future vessel drydocking and special survey was based on certain assumptions including the remaining useful life of the owned vessels of our fleet, market costs of drydocking and special survey and a relative net investment rate.

Our Board of Directors, with the approval of the conflicts committee, may determine that one or more of our assumptions should be revised, which could cause our Board of Directors to increase or decrease the amount of estimated maintenance and replacement capital expenditures. The actual cost of replacing the vessels in our fleet will depend on a number of factors, including prevailing market conditions, charter hire rates and the availability and cost of financing at the time of replacement. We may elect to finance some or all of our maintenance and replacement capital expenditures through the issuance of additional common units which could be dilutive to existing unitholders.

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Off-Balance Sheet Arrangements

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

Navios Holdings, Navios Maritime Acquisition Corporation (“Navios Acquisition”) and Navios Partners will make available to Navios Europe (in each case, in proportion to their ownership interests in Navios Europe) revolving loans up to $24.1 million to fund working capital requirements (collectively, the “Navios Revolving Loans”). As of September 30, 2014, the amounts undrawn from the Navios Revolving Loans was $11.7 million, of which Navios Partners was committed to fund $0.6 million. (See Note 13 for the Investment in Navios Europe and respective ownership interests).

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Cash Distribution Policy

Rationale for Our Cash Distribution Policy

Our cash distribution policy reflects a basic judgment that our unitholders are better served by distributing our cash available (after deducting expenses, including estimated maintenance and replacement capital expenditures and reserves) rather than retaining it.

Because we believe we will generally finance any expansion capital expenditures from external financing sources or through equity raising, we believe that our investors are best served by our distributing our available cash. Our cash distribution policy is consistent with the terms of our partnership agreement, which requires that we distribute all of our available cash quarterly (after deducting expenses, including estimated maintenance and replacement capital expenditures and reserves).

Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy

There is no guarantee that unitholders will receive quarterly distributions from us. Our distribution policy is subject to certain restrictions and may be changed at any time.

Our ability to make distributions to our unitholders depends on the performance of our subsidiaries and their ability to distribute funds to us. The ability of our subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing and future indebtedness, applicable partnership and limited liability company laws and other laws and regulations.

Minimum Quarterly Distribution

We intend to distribute to the holders of common units on a quarterly basis at least the minimum quarterly distribution of $0.35 per unit, or $1.40 per unit per year, to the extent we have sufficient cash on hand to pay the distribution after we establish cash reserves and pay fees and expenses. The amount of available cash from Operating Surplus needed to pay the minimum quarterly distribution for four quarters on all units outstanding and the related distribution on the 2.0% general partner interest is approximately $110.5 million. There is no guarantee that we will pay the minimum quarterly distribution on the common units in any quarter. Even if our cash distribution policy is not modified or revoked, the amount of distributions paid under our policy and the decision to make any distribution is determined by our board of directors, taking into consideration the terms of our partnership agreement. We are prohibited from making any distributions to unitholders if it would cause an event of default, or an event of default exists, under our existing credit agreements.

On January 24, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2013 of $0.4425 per unit. The distribution was paid on February 14, 2014 to all holders of record of common and general partner units on February 10, 2014. The aggregate amount of the declared distribution was $32.6 million.

On April 25, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2014 of $0.4425 per unit. The distribution was paid on May 13, 2014 to all holders of record of common and general partner units on May 9, 2014. The aggregate amount of the declared distribution was $35.5 million.

On July 24, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2014 of $0.4425 per unit. The distribution was on August 13, 2014 to all holders of record of common and general partner units on August 8, 2014. The aggregate amount of the declared distribution was $35.5 million.

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On October 23, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2014 of $0.4425 per unit. The distribution is payable on November 10, 2014 to all holders of record of common and general partner units on November 7, 2014. The aggregate amount of the declared distribution is anticipated to be $35,474.

Incentive Distribution Rights

Incentive distribution rights represent the right to receive an increasing percentage of quarterly distributions of available cash from Operating Surplus after the minimum quarterly distribution and the target distribution levels have been achieved. Our general partner currently holds the incentive distribution rights, but may transfer these rights separately from its general partner interest, subject to restrictions in the partnership agreement. Except for transfers of incentive distribution rights to an affiliate or another entity as part of our general partner’s merger or consolidation with or into, or sale of substantially all of its assets to such entity, the approval of a majority of our common units (excluding common units held by our general partner and its affiliates), voting separately as a class, generally is required for a transfer of the incentive distribution rights to a third party prior to December 31, 2017.

The following table illustrates the percentage allocations of the additional available cash from Operating Surplus among the unitholders and our general partner up to the various target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of the unitholders and our general partner in any available cash from Operating Surplus we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution Target Amount,” until available cash from Operating Surplus we distribute reaches the next target distribution level, if any. The percentage interests shown for the unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests shown for our general partner assume that our general partner maintains its 2.0% general partner interest and assume our general partner has not transferred the incentive distribution rights.

Related Party Transactions

Management fees: Pursuant to the management agreement (the “Management Agreement”), the Manager, a wholly owned subsidiary of Navios Holdings, provides commercial and technical management services to Navios Partners’ vessels for a daily fee of: (a) $4,000 daily rate per Ultra-Handymax vessel; (b) $4,100 daily rate per Panamax vessel; (c) $5,100 daily rate per Capesize vessel; (d) $6,500 daily rate per container vessel of TEU 6,800 effective from January 1, 2014 through December 31, 2015; and (e) $7,200 daily rate per container vessel of more than TEU 8,000, effective from the delivery through December 31, 2015.This daily fee covers all of the vessels’ direct operating expenses. Drydocking expenses under this agreement are reimbursed by Navios Partners at cost at occurrence.

Total management fees for the three and nine months ended September 30, 2014 amounted to $12.6 million and $36.9 million, respectively. Total management fees for the three and nine months ended September 30, 2013 amounted to $8.8 million and $25.9 million, 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, 2017.

Total general and administrative expenses charged by Navios Holdings for the three and nine month periods ended September 30, 2014 amounted to $1.5 million and $4.5 million, respectively. Total general and administrative expenses charged by Navios Holdings for the three and nine month periods ended September 30, 2013 amounted to $1.1 million and $3.2 million, respectively.

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Balance due to related parties: Included in the current liabilities as of September 30, 2014 was an amount of $6.1 million, which represented the current account payable to Navios Holdings and its subsidiaries. The balance mainly consisted of payables for drydock and special survey expenses of $6.0 million and other payables of $0.2 million. Amounts due to related parties as of December 31, 2013 was $0.2 million mainly relating to other payables.

Vessel Chartering: In February 2012, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Apollon. The term of this charter commenced in February 2012 and expires in September 2015, at a daily rate of $12,500 net per day, plus 50/50 profit sharing based on actual earnings. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from Navios Holdings amounted to $1.2 million and $3.6 million, respectively. For this charter, for three and nine months ended September 30, 2013 the total revenue of Navios Partners from Navios Holdings amounted to $1.1 million and $3.3 million, respectively.

In May 2012, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Prosperity. The term of this charter commenced in May 2012 and expires in July 2015, at a daily rate of $12,000 net per day plus profit sharing the first $1,500 in profits above the base rate and thereafter all profits will be split 50% to each party. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from Navios Holdings amounted to $0.9 million and $3.3 million, respectively. For this charter, for the three and nine months ended September 30, 2013, the total revenue of Navios Partners from Navios Holdings amounted to $1.1 million and $3.3 million, respectively.

In September 2012, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Libra. The term of this charter commenced in October 2012 and expires in September 2015, at a daily rate of $12,000 net per day plus 50/50 profit sharing based on actual earnings. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from Navios Holdings amounted to $1.1 million and $3.2 million, respectively. For this charter, for the three and nine months ended September 30, 2013 the total revenue of Navios Partners from Navios Holdings amounted to $1.1 million and $3.3 million, respectively.

In May 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Felicity. The term of this charter commenced in May 2013 and expires in November 2014, at a daily rate of $12,000 net per day plus 50/50 profit sharing based on actual earnings. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from Navios Holdings amounted to $1.1 million and $3.3 million, respectively. For this charter, for the three and nine months ended September 30, 2013, the total revenue of Navios Partners from Navios Holdings amounted to $1.1 million and $1.7 million, respectively.

In May 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Aldebaran. The term of this charter commenced in June 2013 and expires in May 2015, at a daily rate of $11,000 net per day plus profit sharing the first $2,500 in profits above the base rate and thereafter all profits will be split 50% to each party. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from Navios Holdings amounted to $1.0 million and $3.0 million, respectively. For this charter, for the three and nine months ended September 30, 2013, the total revenue of Navios Partners from Navios Holdings amounted to $1.0 million and $1.3 million, respectively.

In July 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Hope. The term of this charter commenced in July 2013 and expires in December 2014, at a daily rate of $10,000 net per day. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from Navios Holdings amounted to $1.0 million and $2.4 million, respectively. For this charter, for the three and nine months ended September 30, 2013, the total revenue of Navios Partners from Navios Holdings amounted to $0.9 million.

In July 2013, Navios Partners entered into a charter with Navios Holdings for the Navios Pollux. For this charter, for the three and nine months ended September 30, 2013, the total revenue of Navios Partners from Navios Holdings amounted to $1.4 million.

In July 2013, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Melodia. The term of this charter is approximately four months which commenced in July 2013, at a daily rate of $15,000 net per day. For this charter, for the three and nine months ended September 30, 2013, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $1.2 million.

In August 2014, Navios Partners entered into a charter with a subsidiary of Navios Holdings for the Navios Pollux. The term of this charter is approximately three months which commenced in August 2014, at a daily rate of $21,300 net per day. For this charter, for the three and nine months ended September 30, 2014, the total revenue of Navios Partners from the subsidiary of Navios Holdings amounted to $1.3 million.

Revolving Loans to Navios Europe: Navios Holdings, Navios Acquisition and Navios Partners will make available to Navios Europe (in each case, in proportion to their ownership interests in Navios Europe) revolving loans up to $24.1 million to fund working capital requirements (collectively, the “Navios Revolving Loans”). See Note 13 for the Investment in Navios Europe and respective ownership interests.

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The Navios Revolving Loans earn a 12.7% preferred distribution and are repaid from Free Cash Flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates.

As of September 30, 2014, Navios Partners’ portion of the outstanding amount relating to portion of the investment in Navios Europe (5.0% of the $10.0 million) was $0.5 million, under caption “Investment in affiliates” and the outstanding amount relating to the Navios Revolving Loans capital was $0.6 million, under caption “Loan receivable from affiliates.” As of September 30, 2014 and December 31, 2013, the amounts undrawn from the Navios Revolving Loans was $11.7 million and $18.5 million, respectively, of which Navios Partners was committed to fund $0.6 million and $0.9 million, respectively.

Others: Navios Partners has entered into an Omnibus Agreement with Navios Holdings pursuant to which Navios Holdings and its controlled affiliates (other than us, our general partner and our subsidiaries) generally agreed not to acquire or own Panamax or Capesize drybulk carriers under time charters of three or more years without the consent of our general partner. The Omnibus Agreement, however, contains significant exceptions that allow Navios Holdings or any of its controlled affiliates to compete with us under specified circumstances which could harm our business. In addition, concurrently with the successful consummation of the initial business combination by Navios Maritime Acquisition Corporation, or Navios Acquisition, on May 28, 2010, because of the overlap between Navios Acquisition, Navios Holdings and us, with respect to possible acquisitions under the terms of our Omnibus Agreement, we entered into a business opportunity right of first refusal agreement which provides the types of business opportunities in the marine transportation and logistics industries, Navios Partners, Navios Holdings and Navios Acquisition must share with the each other.

As of September 30, 2014, Navios Holdings held a total of 14,223,763 common units, representing a 18.0% common unit interest in Navios Partners and general partner interest of 2%.

On November 15, 2012, Navios Holdings and Navios Partners entered into an agreement by which Navios Holdings will provide supplemental credit default insurance with a maximum cash payment of $20.0 million. As of September 30, 2014, the Company had not put forth any claims to Navios Holdings in connection with this supplemental insurance.

Quantitative and Qualitative Disclosures about Market Risks

Foreign Exchange Risk

Our functional and reporting currency is the U.S. dollar. We engage in worldwide commerce with a variety of entities. Although our operations may expose us to certain levels of foreign currency risk, our transactions are predominantly U.S. dollar denominated. Transactions in currencies other than U.S. dollars 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.

Interest Rate Risk

Borrowings under our credit facilities bear interest at rate based on a premium over U.S. $ LIBOR. Therefore, we are exposed to the risk that our interest expense may increase if interest rates rise. For the nine month period ended September 30, 2014, we paid interest on our outstanding debt at a weighted average interest rate of 4.67%. A 1% increase in LIBOR would have increased our interest expense for the nine month period ended September 30, 2014 by $4.1 million. For the nine month period ended September 30, 2013, we paid interest on our outstanding debt at a weighted average interest rate of 3.17%. A 1% increase in LIBOR would have increased our interest expense for the nine month period ended September 30, 2013 by $2.3 million.

Concentration of Credit Risk

Financial instruments, which potentially subject us to significant concentrations of credit risk, consist principally of trade accounts receivable. We closely monitor our exposure to customers for credit risk. We have policies in place to ensure that we trade with customers with an appropriate credit history.

For the nine month period ended September 30, 2014, our most significant counterparties were Hyundai Merchant Marine Co., Ltd and Navios Corporation, which accounted for approximately 24.8% and 11.2%, respectively, of total revenues. For the year ended December 31, 2013, Cosco Bulk Carrier Co. Ltd., Hanjin Shipping Co. Ltd, Navios Corporation and Samsun Logix accounted for 23.4%, 11.3%, 10.4% and 10.2%, respectively, of total revenues. No other customers accounted for 10% or more of total revenue for any of the years presented. Although we do not obtain rights to collateral, we maintain counterparty insurance which we re-assess on a quarterly basis to help reduce our credit risk.

Following the termination of the credit default insurance through its third party insurer, Navios Partners continues to insure certain long-term charter-out contracts of drybulk vessels for credit default occurring until the end of 2016, through an agreement with Navios Holdings up to a maximum cash payment of $20.0 million.

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Inflation

Inflation has had a minimal impact on vessel operating expenses, drydocking expenses and general and administrative expenses. Our management does not consider inflation to be a significant risk to direct expenses in the current and foreseeable economic environment.

Recent Accounting Pronouncements

The FASB issued ASU 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment” changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. We plan to adopt ASU 2014-08 effective January 1, 2015.

The FASB issued ASU 2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition.

Critical Accounting Policies

Our financial statements have been prepared in accordance with US GAAP. The preparation of these financial statements requires us to make estimates in the application of our accounting policies based on the best assumptions, judgments and opinions of management. Following is a discussion of the accounting policies that involve a higher degree of judgment and the methods of their application that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. Other than as described below, all significant accounting policies are as described in Note 2 to the Notes to the consolidated financial statements included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 21, 2014.

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NAVIOS MARITIME PARTNERS L.P.

F-1

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See unaudited condensed notes to the condensed consolidated financial statements

F-2

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