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: December 7, 2022

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			23
Financial Statements 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. 333-237934.

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, 2022 and 2021 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’ 2021 Annual Report filed on Form 20-F with the U.S. Securities and Exchange Commission (the “SEC”) on April 12, 2022.

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 and Navios Partners’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 drybulk, containerships and tanker vessels in particular,, fluctuations in charter rates for drybulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operation 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 an dother factors, increase in costs and expenses, includint 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 factos 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 he Securities and Exchange Commission, 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.

 

1

Recent Developments

Fleet Developments

 

•

Acquisition of Two 115,000 dwt Aframax/LR2 Newbuilding Vessels in November 2022

Following the acquisition of four 115,000 dwt Aframax/LR2 newbuilding vessels in April 2022, Navios Partners agreed in November 2022 to acquire two additional 115,000 dwt Aframax/LR2 newbuilding vessels for a purchase price of $60.5 million each (plus $4.2 million in additional features). An investment grade counterparty has the option to charter both vessels for a five-year period at a rate of $27,798 net per day. The option can be exercised in the fourth quarter of 2022. The charterer has also an option to extend each of the charters for five further one-year options at rates increasing by $1,234 per day each year. The vessels are expected to be delivered into Navios Partners’ fleet during the first half of 2025. The closing of the transaction is subject to completion of customary documentation, including the issuance of refund guarantees.

 

•

Acquisition of Two Japanese-built Drybulk Vessels for $91.3 million

In September 2022, Navios Partners agreed to acquire one newbuilding Capesize vessel and one 2016-built Kamsarmax vessel of 84,852 dwt for an aggregate implied purchase price of $91.3 million from an unrelated third party. The Capesize vessel is expected to be delivered into Navios Partners’ fleet during the first half of 2023. The Kamsarmax vessel is expected to be delivered into Navios Partners’ fleet in December 2022.

 

•

Delivery of Vessel

On November 17, 2022, Navios Partners took delivery of the Navios Azalea, a 2022-built Capesize vessel of 182,064 dwt.

 

•

Sale of Vessels

On December 5, 2022, Navios Partners agreed to sell the Nave Cosmos, a 2010-built tanker vessel of 25,130 dwt, to an unrelated third party, for a sales price of $13.6 million. The sale is expected to be completed in the first quarter of 2023.

On December 5, 2022, Navios Partners agreed to sell the Nave Polaris, a 2011-built tanker vessel of 25,145 dwt, to an unrelated third party, for a sales price of $14.7 million. The sale is expected to be completed in the first quarter of 2023.

On December 1, 2022, Navios Partners agreed to sell the Star N, a 2009-built tanker vessel of 37,836 dwt, to an unrelated third party, for a sales price of $18.1 million. The sale is expected to be completed in the first quarter of 2023.

On November 30, 2022, Navios Partners agreed to sell the Nave Dorado, a 2005-built tanker vessel of 47,999 dwt, to an unrelated third party, for a sales price of $15.6 million. The sale is expected to be completed in the first quarter of 2023.

On November 24, 2022, Navios Partners agreed to sell the Perseus N, a 2009-built tanker vessel of 36,264 dwt, to an unrelated third party, for a sales price of $18.5 million. The sale is expected to be completed in the fourth quarter of 2022.

On October 25, 2022, Navios Partners agreed to sell the Navios Alegria, a 2004-built Panamax vessel of 76,466 dwt to an unrelated third party, for a sales price of $11.0 million. The sale was completed on November 14, 2022.

On October 11, 2022, Navios Partners agreed to sell the Navios Symmetry, a 2006-built Panamax vessel of 74,381 dwt to an unrelated third party, for a sales price of $11.7 million. The sale was completed on October 25, 2022.

Financing Update

In October 2022, Navios Partners completed a $100.0 million sale and leaseback transaction, with an unrelated third party, in order to refinance the existing indebtedness of 12 Containerships. The sale and leaseback transaction matures in the first quarter of 2026 and bears interest at Secured Overnight Financing Rate (“SOFR”) plus 210 bps per annum.

On September 30, 2022, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $86.2 million in order to finance the acquisition of two newbuilding 5,300 TEU containerships. The credit facility matures seven years after the drawdown date and bears interest at SOFR plus 200 bps per annum.

In September 2022, Navios Partners agreed to enter into $84.5 million bareboat contracts under which one newbuilding Capesize vessel and one 2016-built Kamsarmax vessel will be chartered-in. The bareboat contract for the newbuilding Capesize vessel has a duration of 15 years and an implied fixed interest rate of approximately 5.5%. Navios Partners has the option to acquire the Capesize vessel starting at the end of year four until the end of the charter period. The bareboat contract for the 2016-built Kamsarmax vessel matures ten years after the drawdown date and bears interest at 1M ICE LIBOR plus 200 bps per annum.

Overview

We are an international owner and operator of dry cargo and tanker vessels, formed on August 7, 2007 under the laws of the Republic of the Marshall Islands. Olympos Maritime Ltd. is our general partner (the “General Partner”).

As of November 30, 2022, there were 30,184,388 outstanding common units and 622,296 general partnership units. Navios Maritime Holdings Inc. (“Navios Holdings”) currently owns an approximately 10.3% ownership interest in Navios Partners and the General Partner currently owns an approximately 2.0% ownership interest in Navios Partners based on all outstanding common units and general partner units.

Fleet

Navios Partners’ fleet consists of 87 Drybulk vessels, 47 Containerships and 51 Tanker vessels, including three newbuilding Capesize chartered-in vessels under bareboat contracts expected to be delivered by the first half of 2023, one newbuilding Panamax vessel expected to be delivered by the first half of 2023, six newbuilding Aframax/LR2 vessels expected to be delivered in 2024 and by the first half of 2025, 12 newbuilding Containerships expected to be delivered by the second half of 2023 and in 2024, one secondhand Kamsarmax vessel expected to be delivered in December 2022, and five tankers agreed to be sold and expected to be delivered in the fourth quarter of 2022 and first quarter of 2023.

We generate revenues by charging our customers for the use of our vessels to transport their dry cargo commodities, containers, crude oil, refined petroleum products and/or bulk liquid chemicals. 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 25, 2022:

 

2

Owned Drybulk Vessels		Type		Built		Capacity (DWT)		Charter-Out Rate(1)		Index(2)		Expiration Date(3)
Navios Amaryllis		Ultra-Handymax		2008		58,735		$6,650		No		Dec-22
Navios Christine B		Ultra-Handymax		2009		58,058		—		100.0% average BSI 58 10TC		Jul-23
Navios Celestial		Ultra-Handymax		2009		58,063		$11,400		No		Sep-23
Navios Vega		Ultra-Handymax		2009		58,792		—		100.0% average BSI 58 10TC		Feb-23
Serenitas N		Ultra-Handymax		2011		56,644		—		99.0% average BSI 58 10TC		Jan-23
Navios La Paix		Ultra-Handymax		2014		61,485		—		111% average BSI 58 10TC		Apr-23
Navios Hyperion		Panamax		2004		75,707		$19,000		No		Nov-23
Navios Anthos		Panamax		2004		75,798		$9,500		No		Dec-22
Navios Orbiter		Panamax		2004		76,602		—		100.0% average BPI 4TC		Sep-23
Navios Hope		Panamax		2005		75,397		—		100.0% average BPI 4TC		Jun-24
Navios Taurus		Panamax		2005		76,596		—		100.0% average BPI 4TC		Mar-23
Navios Sun		Panamax		2005		76,619		—		100.0% average BPI 4TC		Jan-23
Navios Asteriks(5)		Panamax		2005		76,801		$16,651 $11,550 —		No No 100.0% average BPI 4TC		Dec-22 Mar-23 Sep-23
Navios Helios		Panamax		2005		77,075		$16,363 $11,694 —		No No 100.0% average BPI 4TC		Dec-22 Mar-23 Jan-24
Navios Apollon I		Panamax		2005		87,052		—		105.0% average BPI 4TC		Jul-23
N Amalthia		Panamax		2006		75,318		—		92.0% average BPI 82		Jan-23
Navios Sagittarius		Panamax		2006		75,756		— $11,165 —		100.0% average BPI 4TC No 100.0% average BPI 4TC		Dec-22 Mar-23 Sep—23
Navios Galileo		Panamax		2006		76,596		—		101.0% average BPI 4TC		Apr-23
N Bonanza		Panamax		2006		76,596		$15,881 —		No 100.0% average BPI 4TC		Dec-22 Apr-24
Navios Harmony		Panamax		2006		82,790		—		No		Spot
Navios Libertas		Panamax		2007		75,511		$11,875		No		Dec-22
Navios Prosperity I		Panamax		2007		75,527		$9,500		No		Dec-22
Copernicus N		Panamax		2010		93,062		—		107.0% average BPI 4TC		Sep-23
Unity N		Panamax		2011		79,642		—		100.0% average BPI 4TC		Feb-23
Odysseus N		Panamax		2011		79,642		$15,753 —		No 100.5% average BPI 4TC		Dec-22 Feb-23
Rainbow N		Panamax		2011		79,642		— $10,735 —		100.0% average BPI 4TC No 100.0% average BPI 4TC		Dec-22 Mar-23 Aug-23
Jupiter N		Post-Panamax		2011		93,062		—		108.0% average BPI 4TC		Dec-22
Navios Avior		Panamax		2012		81,355		$17,894 $11,814 —		No No 100.0% average BPI 82		Dec-22 Mar-23 Apr-23
Navios Centaurus		Panamax		2012		81,472		$17,114 $11,836 —		No No 101.0% average BPI 82		Dec-22 Mar-23 Aug-23
Navios Victory		Panamax		2014		77,095		—		106.75% average BPI 4TC		Oct-23
Navios Sphera		Panamax		2016		84,872		$19,060 —		No 108.0% average BPI 82		Dec-22 Feb-23
Navios Sky(5)		Kamsarmax		2015		82,056		$18,763		No		Jan-23
Navios Uranus(23)		Kamsarmax		2019		81,821		$20,900		No		Feb-23
Navios Herakles I(23)		Kamsarmax		2019		82,036		$20,251 $14,897 —		No No 115% average BPI 82		Dec-22 Mar-23 Aug-23
Navios Galaxy II(23)		Kamsarmax		2020		81,789		$13,419 —		No 125.0% average BPI 4TC		Dec-22 Jan-23
Navios Felicity I(23)		Kamsarmax		2020		81,962		$31,825		No		Jan-23
Navios Magellan II(23)		Kamsarmax		2020		82,037		$16,281 —		No 124.375% average BPI 4TC		Dec-22 Jan-23
Navios Primavera(5)		Panamax		2022		82,003		$16,802 $14,807 —		No No 112.0% average BPI 82		Dec-22 Mar-23 Jul-23
Navios Beaufiks(5)		Capesize		2004		180,310		$22,563		No		Sep-23

 

3

Navios Fantastiks(5)		Capesize		2005		180,265		$21,650		No		Mar-23
Navios Stellar(5)		Capesize		2009		169,001		—		95.75% average BCI 5TC		Mar-23
Navios Aurora II		Capesize		2009		169,031		—		99.0% average BCI 5TC		Apr-23
Navios Happiness		Capesize		2009		180,022		—		100.5% average BCI 5TC		Dec-22
Navios Bonavis(5)		Capesize		2009		180,022		—		101.5% average BCI 5TC		Mar-23
Navios Phoenix(5)		Capesize		2009		180,242		$14,669 —		No 100.0% average BCI 5TC + $2,000 per day		Dec-22 Jan-24
Navios Sol(5)		Capesize		2009		180,274		$13,846 —		No 110.0% average BCI 5TC		Dec-22 Mar-23
Navios Lumen(5)		Capesize		2009		180,661		—		105.0% average BCI 5TC		Dec-22
Navios Pollux(5)		Capesize		2009		180,727		—		100.0% of pool earnings		Jan-23
Navios Antares(5)		Capesize		2010		169,059		—		95.75% average BCI 5TC		Feb-23
Navios Symphony		Capesize		2010		178,132		—		97.0% average BCI 5TC		Jan-23
Navios Melodia		Capesize		2010		179,132		—		105.0% average BCI 5TC		Feb-23
Navios Luz		Capesize		2010		179,144		—		102.0% average BCI 5TC		May-23
Navios Etoile		Capesize		2010		179,234		—		100.0% average BCI 5TC		Mar-23
Navios Buena Ventura		Capesize		2010		179,259		—		100.5% average BCI 5TC		Mar-23
Navios Bonheur		Capesize		2010		179,259		—		100.5% average BCI 5TC		Dec-22
Navios Fulvia		Capesize		2010		179,263		—		100.0% average BCI 5TC		Jan-23
Navios Aster		Capesize		2010		179,314		$27,731 —		No 108.0% average BCI 5TC		Dec-22 Dec-23
Navios Ace(5)		Capesize		2011		179,016		—		107.25% average BCI 5TC		Feb-23
Navios Altamira		Capesize		2011		179,165		—		100.25% average BCI 5TC		Feb-23
Navios Azimuth		Capesize		2011		179,169		—		100.0% average BCI 5TC		Jan-23
Navios Koyo		Capesize		2011		181,415		$14,499 —		No 111.0% average BCI 5TC		Dec-22 Mar-23
Navios Ray(5)		Capesize		2012		179,515		—		102.0% average BCI 5TC		Jan-23
Navios Joy		Capesize		2013		181,389		Freight Voyage		No		Nov-23
Navios Gem		Capesize		2014		181,336		$28,500		No		Jan-23
Navios Canary(5)		Capesize		2015		180,528		—		119.0% average BCI 5TC		Dec-22
Navios Corali(5)		Capesize		2015		181,249		—		132.0% average BCI 5TC		Nov-23
Navios Mars		Capesize		2016		181,259		$17,955 —		No 126.0% average BCI 5TC		Dec-22 Oct-23
Navios Armonia(23)		Capesize		2022		182,079		$20,750		No		Sep-27
Navios Azalea(23)		Capesize		2022		182,064		$19,950		No		Nov-27
Navios Astra(23)		Capesize		2022		182,393		$21,000		No		Sep-27

 

4

Owned Containerships		Type		Built		Capacity (TEU)		Charter-Out Rate(1)		Index(2)		Expiration Date(3)
Navios Summer(5)		Containership		2006		3,450		$45,480 $39,795 $30,320 $20,845 $34,110		No No No No No		May-23 May-24 May-25 May-26 Jul-26
Navios Verano (ex. Matson Oahu)(5)		Containership		2006		3,450		$22,713		No		May-23
Hyundai Hongkong(4)		Containership		2006		6,800		$30,119 $21,083		No No		Dec-23 Dec-28
Hyundai Singapore(4)		Containership		2006		6,800		$30,119 $21,083		No No		Dec-23 Dec-28
Hyundai Busan(4)		Containership		2006		6,800		$30,119 $21,083		No No		Aug-24 Aug-29
Hyundai Shanghai(4)		Containership		2006		6,800		$30,119 $21,083		No No		Aug-24 Aug-29
Hyundai Tokyo(4)		Containership		2006		6,800		$30,119 $21,083		No No		Dec-23 Dec-28
Protostar N		Containership		2007		2,741		$46,556		No		Nov-25
Navios Spring(5)		Containership		2007		3,450		$58,500		No		May-25
Matson Lanai(5)		Containership		2007		4,250		$55,794		No		Jul-25
Navios Indigo(5)		Containership		2007		4,250		$63,375 $43,875 $34,125 $24,375 $41,438		No No No No No		Apr-23 Apr-24 Apr-25 Apr-26 Aug-26
Navios Vermilion(5)		Containership		2007		4,250		$54,313 $45,425 $23,972 $41,722		No No No No		Dec-22 Dec-23 Nov-24 Dec-24
Navios Verde(5)		Containership		2007		4,250		$20,845		No		Jun-23
Navios Amarillo(5)		Containership		2007		4,250		$20,845 $92,381 $63,956 $28,425 $9,475		No No No No No		Jan-23 Jan-24 Jan-25 Jan-26 Jan-28
Navios Azure(5)		Containership		2007		4,250		$22,195		No		May-23
Navios Domino(5)		Containership		2008		4,250		$24,934		No		Jun-23
Navios Delight(5)		Containership		2008		4,250		$45,425		No		Jan-24
Navios Magnolia		Containership		2008		4,730		$45,425 $23,972 $41,722		No No No		Nov-23 Oct-24 Nov-24
Navios Jasmine		Containership		2008		4,730		$21,825 $60,000		No No		Dec-22 Apr-25
Navios Chrysalis		Containership		2008		4,730		$30,083		No		Jul-23
Navios Nerine		Containership		2008		4,730		$45,425 $23,972 $41,722		No No No		Oct-23 Sep-24 Oct-24
Spectrum N		Containership		2009		2,546		$36,538		No		Mar-25
Navios Devotion(5)		Containership		2009		4,250		$63,375 $43,875 $34,125 $24,375 $41,438		No No No No No		Mar-23 Mar-24 Mar-25 Mar-26 Jul-26
Navios Destiny(5)		Containership		2009		4,250		$45,425 $23,972 $41,722		No No No		Nov-23 Oct-24 Nov-24
Navios Lapis		Containership		2009		4,250		$31,353		No		May-23
Navios Tempo		Containership		2009		4,250		$44,438		No		Sep-25
Navios Miami		Containership		2009		4,563		$45,425 $23,972 $41,722		No No No		Nov-23 Oct-24 Nov-24
Navios Dorado		Containership		2010		4,250		$21,676		No		Jun-23
Zim Baltimore		Containership		2010		4,360		$63,375 $43,875 $34,125 $24,375 $41,438		No No No No No		Jan-23 Jan-24 Jan-25 Jan-26 May-26
Bahamas		Containership		2010		4,360		$22,219 $60,000		No No		Dec-22 May-25
Zim Carmel		Containership		2010		4,360		$61,114 $42,164 $32,689 $23,214 $39,795		No No No No No		Apr-23 Apr-24 Apr-25 Apr-26 Jun-26
Navios Unison(5)		Containership		2010		10,000		$26,276		No		Jun-26
Navios Constellation(5)		Containership		2011		10,000		$26,276		No		Jun-26
Fleur N		Containership		2012		2,782		$19,750		No		Mar-24
Ete N		Containership		2012		2,782		$19,750		No		Feb-24

 

5

Owned Tanker Vessels

Type

Built

Capacity (DWT)

Charter-Out Rate(1)

Profit Sharing Arrangements

Expiration Date(3)

Nave Cosmos(20)

Chemical Tanker

2010

25,130

Floating Rate(6)

No

Feb-23

Nave Polaris(20)

Chemical Tanker

2011

25,145

Floating Rate(6)

No

Feb-23

Hector N

MR1 Product Tanker

2008

38,402

$14,319 $15,306

No No

Jun-23 Oct-23

Perseus N(5) (20)

MR1 Product Tanker

2009

36,264

$12,591

No

Dec-22

Star N(20)

MR1 Product Tanker

2009

37,836

Floating Rate(21)

No

Jan-23

Nave Dorado (20)

MR2 Product Tanker

2005

47,999

$12,838

Yes(8)

Dec-22

Nave Equinox(13)(5)

MR2 Product Tanker

2007

50,922

$20,392

No

Aug-24

Nave Pulsar(5)(22)

MR2 Product Tanker

2007

50,922

$22,713

No

Jan-23

Nave Orbit(12)(5)

MR2 Product Tanker

2009

50,470

$14,418

No

Mar-23

Nave Equator(5)

MR2 Product Tanker

2009

50,542

$23,651

No

Jun-23

Nave Aquila(5)

MR2 Product Tanker

2012

49,991

$27,181

No

Mar-23

Nave Atria(5)(9)

MR2 Product Tanker

2012

49,992

$13,948

No

May-23

Nave Capella(5)

MR2 Product Tanker

2013

49,995

$13,956 $22,138

No No

Jan-23 Jan-25

Nave Alderamin(5)

MR2 Product Tanker

2013

49,998

$22,138

No

Nov-24

Nave Bellatrix(5)

MR2 Product Tanker

2013

49,999

$23,083

No

Jun-23

Nave Orion(5)

MR2 Product Tanker

2013

49,999

$13,956 $22,138

No No

Dec-22 Nov-24

Nave Titan(5)

MR2 Product Tanker

2013

49,999

$13,716

No

Mar-23

Bougainville(5)

MR2 Product Tanker

2013

50,626

Floating Rate(26)

No

May-23

Nave Pyxis(5)

MR2 Product Tanker

2014

49,998

$15,881

No

Feb-23

Nave Luminosity(24)

MR2 Product Tanker

2014

49,999

$14,813 $23,004

No No

Dec-22 Nov-25

Nave Jupiter

MR2 Product Tanker

2014

49,999

$16,491

No

Aug-23

Nave Velocity(11)(5)

MR2 Product Tanker

2015

49,999

$15,553

No

Oct-24

Nave Sextans(5)

MR2 Product Tanker

2015

49,999

$16,844

No

May-23

Nave Ariadne

LR1 Product Tanker

2007

74,671

Floating Rate(15)

No

Feb-23

Nave Cielo

LR1 Product Tanker

2007

74,671

$49,375 $16,335 $26,564

No No No

Dec-22 Sep-23 Nov-23

Aurora N

LR1 Product Tanker

2008

63,495

Floating Rate(15)

No

Feb-23

Lumen N

LR1 Product Tanker

2008

63,599

Floating Rate(15)

No

Feb-23

Nave Andromeda(5)

LR1 Product Tanker

2011

75,000

Floating Rate(16) $28,394

No No

Jan-23 Mar-25

Nave Cetus(5)

LR1 Product Tanker

2012

74,581

$14,138 $16,088

No No

Dec-22 Mar-23

Nave Cassiopeia(5)

LR1 Product Tanker

2012

74,711

Floating Rate(16)

No

Jan-23

Nave Estella(5)

LR1 Product Tanker

2012

75,000

$15,400 $28,394

No No

Dec-22 Dec-24

Nave Rigel

LR1 Product Tanker

2013

74,673

$14,138 $16,088

No No

Dec-22 Mar-23

Nave Atropos(5)

LR1 Product Tanker

2013

74,695

$69,125 $21,971

No No

Dec-22 Oct-24

Nave Photon

VLCC

2008

297,395

—

—

Spot

Nave Galactic

VLCC

2009

297,168

$45,425

No

Sep-23

Nave Spherical

VLCC

2009

297,188

Floating Rate

Yes(18)

Jan-24

Nave Constellation

VLCC

2010

296,988

—

—

Spot

Nave Quasar

VLCC

2010

297,376

$16,788

Yes(19)

Feb-23

Nave Synergy

VLCC

2010

299,973

Freight Voyage

No

Dec-22

Nave Universe

VLCC

2011

297,066

Freight Voyage

No

Dec-22

Nave Buena Suerte

VLCC

2011

297,491

$47,906

Yes(10)

Jun-25

 

6

Bareboat-in vessels

Type

Built

Capacity (DWT)

Charter-Out Rate(1)

Index(2)

Expiration Date(3)

Navios Libra

Panamax

2019

82,011

$19,691 $13,941 —

No No 109.75% average BPI 82

Dec-22 Mar-23 Jun-24

Navios Star

Panamax

2021

81,994

$19,413 $14,119 —

No No 110.0% average BPI 82

Dec-22 Mar-23 Apr-24

Navios Amitie

Panamax

2021

82,002

$19,254 $13,061 —

No No 110.0% average BPI 82

Dec-22 Mar-23 Apr-24

Baghdad(14)

VLCC

2020

313,433

$27,816

No

Sep-30

Nave Electron

VLCC

2021

313,239

$47,906

Yes(10)

Jan-26

Erbil(14)

VLCC

2021

313,486

$27,816

No

Feb-31

Nave Celeste

VLCC

2022

313,418

Floating rate

Yes(17)

Jul-24

 

Chartered-in vessels

Type

Built

Capacity (DWT)

Charter-Out Rate(1)

Index(2)

Expiration Date(3)

Navios Lyra

Handysize

2012

34,718

$8,550 $9,975

No No

Jan-23 Oct-23

Navios Venus

Ultra-Handymax

2015

61,339

$18,050

No

Feb-23

Navios Amber

Kamsarmax

2015

80,994

$17,207 —

No 115.0% average BPI 4TC

Dec-22 Jan-23

Navios Coral

Kamsarmax

2016

84,904

—

108.0% average BPI 82

Feb-24

Navios Citrine

Kamsarmax

2017

81,626

$16,400 —

No 122.0% average BPI 4TC

Dec-22 Feb-23

Navios Dolphin

Kamsarmax

2017

81,630

— $14,013

122.0% average BPI 4TC No

Dec-22 Dec-24

Navios Gemini

Kamsarmax

2018

81,704

$29,838 $14,919

No No

Dec-22 Nov-23

Navios Horizon I

Kamsarmax

2019

81,692

$19,361 $13,335 —

No No 108.5% average BPI 82

Dec-22 Mar-23 Oct-23

Navios Felix

Capesize

2016

181,221

$18,810 —

No 100.0% average BCI 5TC + $4,085 per day

Dec-22 Jan-24

 

Owned Drybulk Vessels to be Delivered

Type

Delivery Date

Capacity (DWT)

Charter-Out Rate(1)

Index(2)

Expiration Date(3)

TBN III

Panamax

H1 2023

81,000

—

—

—

TBN XXIII (25)

Kamsarmax

H2 2022

84,852

$14,197

No

Jul-24

TBN I

Capesize

H1 2023

180,000

$19,600

No

Aug-27

TBN IV

Capesize

H1 2023

180,000

$19,550

No

Mar-28

TBN II

Capesize

H1 2023

180,000

—

—

—

 

7

Owned Containerships to be Delivered

Type

Delivery Date

Capacity (TEU)

Charter-Out Rate(1)

Index(2)

Expiration Date(3)

TBN V

Containership

H2 2023

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Aug-24 Aug-25 Aug-26 Aug-27 Aug-28 Oct-28

TBN VI

Containership

H2 2023

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Nov-24 Nov-25 Nov-26 Nov-27 Nov-28 Jan-29

TBN XI

Containership

H2 2023

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Feb-29

TBN VII

Containership

H1 2024

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Jun-25 Jun-26 Jun-27 Jun-28 Jun-29 Aug-29

TBN VIII

Containership

H1 2024

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Jun-25 Jun-26 Jun-27 Jun-28 Jun-29 Aug-29

TBN XII

Containership

H1 2024

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

May-25 May-26 May-27 May-28 May-29 Jul-29

TBN IX

Containership

H2 2024

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Sep-25 Sep-26 Sep-27 Sep-28 Sep-29 Nov-29

TBN X

Containership

H2 2024

5,300

$42,900 $39,000 $37,050 $35,100 $31,200 $37,050

No No No No No No

Nov-25 Nov-26 Nov-27 Nov-28 Nov-29 Jan-30

TBN XIII

Containership

H2 2024

5,300

$37,500

No

Apr-30

TBN XIV

Containership

H2 2024

5,300

$37,500

No

Apr-30

TBN XX

Containership

H2 2024

7,700

$57,213 $52,238 $37,313 $27,363 $24,875

No No No No No

Dec-27 Dec -30 Dec -32 Dec -34 Dec -36

TBN XIX

Containership

H2 2024

7,700

$57,213 $52,238 $37,313 $27,363 $24,875

No No No No No

Nov-27 Nov-30 Nov-32 Nov-34 Nov-36

 

8

Owned Tanker Vessels to be delivered

Type

Delivery Date

Capacity (DWT)

Charter-Out Rate(1)

Index(2)

Expiration Date(3)

TBN XV

Aframax / LR2

H1 2024

115,000

$26,366 (7)

No

Apr-29

TBN XVI

Aframax / LR2

H2 2024

115,000

$26,366 (7)

No

Jul-29

TBN XVII

Aframax / LR2

H2 2024

115,000

$25,576 (7)

No

Oct-29

TBN XVIII

Aframax / LR2

H1 2025

115,000

$25,576 (7)

No

Jan-30

TBN XXI

Aframax / LR2

H1 2025

115,000

—

—

—

TBN XXII

Aframax / LR2

H1 2025

115,000

—

—

—

 

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

 

(2)	Index rates exclude commissions.

 

(3)	Estimated dates assuming the midpoint or company’s best estimate of the redelivery period by charterers.

 

(4)	Includes optional years (NMM’s option) after 2023.

 

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

 

(6)	Rate based on Delta-8 pool earnings.

 

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

 

(8)	Profit sharing arrangement of 100% between $12,838 and $15,800 and 50% above $15,800.

 

(9)	Charterer’s option to extend the charter for up to 18 months at $14,887 net per day.

 

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

 

(11)	Charterer’s option to extend the charter for one year at $16,540 net per day plus one year at $17,528 net per day.

 

(12)	Charterer’s option to extend the charter for up to 18 months at $15,306 net per day.

 

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

 

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

 

(15)	Rate based on Penfield pool earnings.

 

(16)	Rate based on LR8 pool earnings.

 

(17)	Bareboat charter based on adjusted TD3C-WS with floor $22,572 and collar at $29,700.

 

(18)	Contract provides 100% of BITR TD3C-TCE index plus $4,875 premium until January 2023, then TD3C-TCE index plus $1,463 premium.

 

(19)	Contract provides 100% of BITR TD3C-TCE index up to $37,031 and 50% thereafter with $16,788 floor.

 

(20)	Vessel agreed to be sold.

 

(21)	Rate based on Scorpio Handymax Tanker pool earnings.

 

(22)	Charterer’s option to extend the charter for six months at $27,650 net per day.

 

(23)	The vessel is chartered-in under bareboat contract.

 

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

 

(25)	Secondhand vessel expected to be delivered in the fourth quarter of 2022.

 

(26)	Rate based on Scorpio MR pool earnings.

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, 2022, Swissmarine Marine Pte. Ltd. Singapore (“Swissmarine”) represented approximately 10.5% of total revenues. For the nine month period ended September 30, 2021, Swissmarine represented approximately 14.8% of total revenues. No other customers accounted for 10% or more of 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 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 dry dock undergoing repairs and upgrades;

 

•

the age, condition and specifications of the vessels;

 

•

the aggregate level of supply and demand in the shipping industry;

 

•

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

 

•

armed conflicts, such as the Russian/Ukrainian conflicts; and

 

•

the ongoing global outbreak of COVID-19 or other 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 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 medium to 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 2021 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

 

9

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 2021 Annual Report on Form 20-F for a discussion of certain risks inherent in our business.

Results of Operations

Overview

The financial condition and the results of operations presented for the three and nine month periods ended September 30, 2022 and 2021 of Navios Partners presented and discussed below include the following entities:

 

Company name		Vessel name		Country of incorporation		2022		2021
Libra Shipping Enterprises Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Alegria Shipping Corporation(35)		Navios Alegria		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Felicity Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Gemini Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Galaxy Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Aurora Shipping Enterprises Ltd.		Navios Hope		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Palermo Shipping S.A		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Fantastiks Shipping Corporation(12)		Navios Fantastiks		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Sagittarius Shipping Corporation		Navios Sagittarius		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Hyperion Enterprises Inc.		Navios Hyperion		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Chilali Corp.		Navios Aurora II		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Surf Maritime Co.(12)		Navios Pollux		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Pandora Marine Inc.		Navios Melodia		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Customized Development S.A.		Navios Fulvia		Liberia		1/01 – 9/30		1/01 – 9/30
Kohylia Shipmanagement S.A.		Navios Luz		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Orbiter Shipping Corp.		Navios Orbiter		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Floral Marine Ltd.		Navios Buena Ventura		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Golem Navigation Limited(13)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Kymata Shipping Co.		Navios Helios		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Joy Shipping Corporation		Navios Joy		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Micaela Shipping Corporation		Navios Harmony		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Pearl Shipping Corporation		Navios Sun		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Velvet Shipping Corporation		Navios La Paix		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Perigiali Navigation Limited(12)		Navios Beaufiks		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Finian Navigation Co.(12)		Navios Ace		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Ammos Shipping Corp.		Navios Prosperity I		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Wave Shipping Corp.		Navios Libertas		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Casual Shipholding Co.(12)		Navios Sol		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Avery Shipping Company		Navios Symphony		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Coasters Ventures Ltd.		Navios Christine B		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Ianthe Maritime S.A.		Navios Aster		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Rubina Shipping Corporation		Hyundai Hongkong		Marshall Is.		1/01 – 9/30		1/01 – 9/30

 

10

Topaz Shipping Corporation		Hyundai Singapore		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Beryl Shipping Corporation		Hyundai Tokyo		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Cheryl Shipping Corporation		Hyundai Shanghai		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Christal Shipping Corporation		Hyundai Busan		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Fairy Shipping Corporation (5)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Limestone Shipping Corporation (28)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Dune Shipping Corp.		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Citrine Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Cavalli Navigation Inc.		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Seymour Trading Limited(2)		Navios Altair I		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Goldie Services Company(34)		Navios Symmetry		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Andromeda Shiptrade Limited		Navios Apollon I		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Esmeralda Shipping Corporation		Navios Sphera		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Triangle Shipping Corporation		Navios Mars		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Oceanus Shipping Corporation(19)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Cronus Shipping Corporation		Protostar N		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Leto Shipping Corporation(17)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Dionysus Shipping Corporation(4)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Prometheus Shipping Corporation(18)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Camelia Shipping Inc.(31)		Navios Camelia		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Anthos Shipping Inc.		Navios Anthos		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Azalea Shipping Inc.(1)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Amaryllis Shipping Inc.		Navios Amaryllis		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Zaffre Shipping Corporation(14)		Serenitas N		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Wenge Shipping Corporation(14),(20)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Sunstone Shipping Corporation(14)		Copernicus N		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Fandango Shipping Corporation(14)		Unity N		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Flavescent Shipping Corporation(14)		Odysseus N		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Emery Shipping Corporation(15)		Navios Gem		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Rondine Management Corp.(15)		Navios Victory		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Prosperity Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Aldebaran Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
JTC Shipping and Trading Ltd.(11)		Holding Company		Malta		1/01 – 9/30		1/01 – 9/30
Navios Maritime Partners L.P.		N/A		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Navios Maritime Operating LLC.		N/A		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Navios Partners Finance (US) Inc.		Co-Borrower		Delaware		1/01 – 9/30		1/01 – 9/30
Navios Partners Europe Finance Inc.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Solange Shipping Ltd.(16)		Navios Avior		Marshall Is.		1/01 – 9/30		3/30 – 9/30
Mandora Shipping Ltd.(16)		Navios Centaurus		Marshall Is.		1/01 – 9/30		3/30 – 9/30
Olympia II Navigation Limited		Navios Domino		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Pingel Navigation Limited		Navios Delight		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Ebba Navigation Limited		Navios Destiny		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Clan Navigation Limited		Navios Devotion		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Sui An Navigation Limited(23)		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Bertyl Ventures Co.		Navios Azure		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Silvanus Marine Company		Navios Summer		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Anthimar Marine Inc.		Navios Amarillo		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Enplo Shipping Limited		Navios Verde		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Morven Chartering Inc.		Matson Oahu		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Rodman Maritime Corp.		Navios Spring		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Isolde Shipping Inc.		Navios Indigo		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Velour Management Corp.		Navios Vermilion		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Evian Shiptrade Ltd.		Matson Lanai		Marshall Is.		1/01 – 9/30		3/31 – 9/30

 

11

Theros Ventures Limited		Navios Lapis		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Legato Shipholding Inc.		Navios Tempo		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Inastros Maritime Corp.		Navios Chrysalis		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Zoner Shiptrade S.A.		Navios Dorado		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Jasmer Shipholding Ltd.		Navios Nerine		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Thetida Marine Co.		Navios Magnolia		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Jaspero Shiptrade S.A.		Navios Jasmine		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Peran Maritime Inc.		Zim Baltimore		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Nefeli Navigation S.A.		Navios Unison		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Crayon Shipping Ltd		Navios Miami		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Chernava Marine Corp.		Bahamas		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Proteus Shiptrade S.A		Zim Carmel		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Vythos Marine Corp.		Navios Constellation		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Navios Maritime Containers Sub L.P.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Navios Partners Containers Finance Inc.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Boheme Navigation Company		Sub-Holding Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Navios Partners Containers Inc.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Iliada Shipping S.A.		Operating Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Vinetree Marine Company		Operating Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Afros Maritime Inc.		Operating Company		Marshall Is.		1/01 – 9/30		3/31 – 9/30
Cavos Navigation Co.(9)		Navios Libra		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Perivoia Shipmanagement Co.(10)		Navios Amitie		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Pleione Management Limited(10)		Navios Star		Marshall Is.		1/01 – 9/30		1/01 – 9/30
Bato Marine Corp.(32)		Navios Armonia		Marshall Is.		1/01 – 9/30		3/05 – 9/30
Agron Navigation Company(21)		Navios Azalea		Marshall Is.		1/01 – 9/30		3/05 – 9/30
Teuta Maritime S.A.(22)		TBN IV		Marshall Is.		1/01 – 9/30		3/05 – 6/30
Ambracia Navigation Company(29)		Navios Primavera		Marshall Is.		1/01 – 9/30		3/05 – 9/30
Artala Shipping Co.(22)		TBN II		Marshall Is.		1/01 – 9/30		3/05 – 9/30
Migen Shipmanagement Ltd.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		3/05 – 9/30
Bole Shipping Corporation(24)		Spectrum N		Marshall Is.		1/01 – 9/30		4/28 – 9/30
Brandeis Shipping Corporation(24)		Ete N		Marshall Is.		1/01 – 9/30		5/10 – 9/30
Buff Shipping Corporation(24)		Fleur N		Marshall Is.		1/01 – 9/30		5/10 – 9/30
Morganite Shipping Corporation(25)		TBN III		Marshall Is.		1/01 – 9/30		6/01 – 9/30
Balder Martitime Ltd.(26)		Navios Koyo		Marshall Is.		1/01 – 9/30		6/04 – 9/30
Melpomene Shipping Corporation(25)		TBN V		Marshall Is.		1/01 – 9/30		6/23 – 9/30
Urania Shipping Corporation(25)		TBN VI		Marshall Is.		1/01 – 9/30		6/23 – 9/30
Terpsichore Shipping Corporation(8)		TBN VII		Marshall Is.		1/01 – 9/30		6/23 – 9/30
Erato Shipping Corporation(8)		TBN VIII		Marshall Is.		1/01 – 9/30		6/23 – 9/30
Lavender Shipping Corporation(12)(7)		Navios Ray		Marshall Is.		1/01 – 9/30		6/30 – 9/30
Nostos Shipmanagement Corp.(12) (7)		Navios Bonavis		Marshall Is.		1/01 – 9/30		6/30 – 9/30
Navios Maritime Acquisition Corporation		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Navios Acquisition Europe Finance Inc.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Navios Acquisition Finance (US) Inc.		Co-Issuer of Ship Mortgage Notes		Delaware		1/01 – 9/30		8/25 – 9/30
Navios Maritime Midstream Partners GP LLC		Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Letil Navigation Ltd.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Navios Maritime Midstream Partners Finance (US) Inc.		Sub-Holding Company		Delaware		1/01 – 9/30		8/25 – 9/30
Aegean Sea Maritime Holdings Inc.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Amorgos Shipping Corporation(38)		Nave Cosmos		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Andros Shipping Corporation(38)		Nave Polaris		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Antikithira Shipping Corporation		Nave Equator		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Antiparos Shipping Corporation		Nave Atria		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Antipaxos Shipping Corporation(39)		Nave Dorado		Marshall Is.		1/01 – 9/30		8/25 – 9/30

 

12

Antipsara Shipping Corporation		Nave Velocity		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Crete Shipping Corporation		Nave Cetus		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Delos Shipping Corporation		Nave Photon		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Folegandros Shipping Corporation		Nave Andromeda		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Ikaria Shipping Corporation		Nave Aquila		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Ios Shipping Corporation		Nave Cielo		Cayman Islands		1/01 – 9/30		8/25 – 9/30
Iraklia Shipping Corporation		Bougainville		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Kimolos Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Kithira Shipping Corporation		Nave Orbit		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Kos Shipping Corporation		Nave Bellatrix		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Lefkada Shipping Corporation		Nave Buena Suerte		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Leros Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Mytilene Shipping Corporation		Nave Orion		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Oinousses Shipping Corporation		Nave Jupiter		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Psara Shipping Corporation		Nave Luminosity		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Rhodes Shipping Corporation		Nave Cassiopeia		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Samos Shipping Corporation		Nave Synergy		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Samothrace Shipping Corporation		Nave Pulsar		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Serifos Shipping Corporation		Nave Estella		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Sifnos Shipping Corporation		Nave Titan		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Skiathos Shipping Corporation		Nave Capella		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Skopelos Shipping Corporation		Nave Ariadne		Cayman Islands		1/01 – 9/30		8/25 – 9/30
Skyros Shipping Corporation		Nave Sextans		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Syros Shipping Corporation		Nave Alderamin		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Thera Shipping Corporation		Nave Atropos		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Tilos Shipping Corporation		Nave Spherical		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Tinos Shipping Corporation		Nave Rigel		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Zakynthos Shipping Corporation		Nave Quasar		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Cyrus Investments Corp.		Baghdad		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Olivia Enterprises Corp.		Erbil		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Limnos Shipping Corporation		Nave Pyxis		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Thasos Shipping Corporation		Nave Equinox		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Agistri Shipping Limited		Operating Subsidiary		Malta		1/01 – 9/30		8/25 – 9/30
Paxos Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Donoussa Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Schinousa Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Alonnisos Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Makronisos Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Shinyo Loyalty Limited		Former Vessel-Owning Company		Hong Kong		1/01 – 9/30		8/25 – 9/30
Shinyo Navigator Limited		Former Vessel-Owning Company		Hong Kong		1/01 – 9/30		8/25 – 9/30
Amindra Navigation Co.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Navios Maritime Midstream Partners L.P.		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Navios Maritime Midstream Operating LLC		Sub-Holding Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Shinyo Dream Limited		Former Vessel-Owning Company		Hong Kong		1/01 – 9/30		8/25 – 9/30
Shinyo Kannika Limited		Former Vessel-Owning Company		Hong Kong		1/01 – 9/30		8/25 – 9/30
Shinyo Kieran Limited		Nave Universe		British Virgin Islands		1/01 – 9/30		8/25 – 9/30
Shinyo Ocean Limited		Former Vessel-Owning Company		Hong Kong		1/01 – 9/30		8/25 – 9/30
Shinyo Saowalak Limited		Nave Constellation		British Virgin Islands		1/01 – 9/30		8/25 – 9/30
Sikinos Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Kerkyra Shipping Corporation		Nave Galactic		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Doxa International Corp.		Nave Electron		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Alkmene Shipping Corporation(38)		Star N		Marshall Is.		1/01 – 9/30		8/25 – 9/30

 

13

Aphrodite Shipping Corporation		Aurora N		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Dione Shipping Corporation		Lumen N		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Persephone Shipping Corporation		Hector N		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Rhea Shipping Corporation(36)		Perseus N		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Tzia Shipping Corporation (30)		Nave Celeste		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Boysenberry Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Cadmium Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Celadon Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Cerulean Shipping Corporation		Former Vessel-Owning Company		Marshall Is.		1/01 – 9/30		8/25 – 9/30
Kleio Shipping Corporation (6)		TBN IX		Marshall Is.		1/01 – 9/30		8/12 – 9/30
Polymnia Shipping Corporation (6)		TBN X		Marshall Is.		1/01 – 9/30		8/12 – 9/30
Goddess Shiptrade Inc.		Navios Astra		Marshall Is.		1/01 – 9/30		8/02 – 9/30
Navios Acquisition Merger Sub. Inc.		Merger SPV		Marshall Is.		1/01 – 9/30		8/23 – 9/30
Aramis Navigation Inc.(3)		Navios Azimuth		Marshall Is.		1/01 – 9/30		7/09 – 9/30
Thalia Shipping Corporation (6)		TBN XIII		Marshall Is.		1/01 – 9/30		—
Muses Shipping Corporation (6)		TBN XIV		Marshall Is.		1/01 – 9/30		—
Euterpe Shipping Corporation (8)		TBN XII		Marshall Is.		1/01 – 9/30		—
Calliope Shipping Corporation (25)		TBN XI		Marshall Is.		1/01 – 9/30		—
Karpathos Shipping Corporation (6)		TBN XIX		Marshall Is.		6/22 – 9/30		—
Patmos Shipping Corporation (27)		TBN XX		Marshall Is.		6/22 – 9/30		—
Tarak Shipping Corporation (8)		TBN XV		Marshall Is.		4/26 – 9/30		—
Astrovalos Shipping Corporation (6)		TBN XVI		Marshall Is.		4/26 – 9/30		—
Ithaki Shipping Corporation (6)		TBN XVII		Marshall Is.		4/26 – 9/30		—
Gavdos Shipping Corporation (27)		TBN XVIII		Marshall Is.		4/26 – 9/30		—
Galera Management Company(22)		TBN I		Marshall Is.		6/24 – 9/30		—
Vatselo Enterprises Corp. (21)		TBN XXIII		Marshall Is.		6/24 – 9/30		—
Thalassa Marine S.A.		Navios Galaxy II		Marshall Is.		7/29 – 9/30		—
Anafi Shipping Corporation(12)		Navios Sky		Marshall Is.		9/08 – 9/30		—
Asteroid Shipping S.A.		Navios Herakles I		Marshall Is.		7/29 – 9/30		—
Bulkinvest S.A.		Operating Company		Luxembourg		9/08 – 9/30		—
Cloud Atlas Marine S.A.		Navios Uranus		Marshall Is.		7/29 – 9/30		—
Corsair Shipping Ltd. (33)		Navios Ulysses		Marshall Is.		9/08 – 9/30		—
Ducale Marine Inc.		Navios Etoile		Marshall Is.		9/08 – 9/30		—
Faith Marine Ltd (12)		Navios Altamira		Marshall Is.		9/08 – 9/30		—
Kleimar N.V.(37)		Operating Company/Vessel Owning Company/ Management Company		Belgium		9/08 – 9/30		—
Iris Shipping Corporation		N Amathia		Marshall Is.		9/08 – 9/30		—
Moonstone Shipping Corporation		Jupiter N		Marshall Is.		9/08 – 9/30		—
NAV Holdings Limited		Sub-Holding Company		Malta		9/08 – 9/30		—
Navios International Inc.		Operating Company		Marshall Is.		7/29 – 9/30		—
Veja Navigation Company		Sub-Holding Company		Marshall Is.		9/08 – 9/30		—
Vernazza Shiptrade Inc. (12)		Navios Canary		Marshall Is.		9/08 – 9/30		—
White Narcissus Marine S.A. (12) (37)		Navios Asteriks		Marshall Is.		9/08 – 9/30		—
Talia Shiptrade S.A.		Navios Magellan II		Marshall Is.		7/29 – 9/30		—
Shikhar Ventures S.A. (12)		Navios Stellar		Liberia		9/08 – 9/30		—
Opal Shipping Corporation		Rainbow N		Marshall Is.		9/08 – 9/30		—
Pharos Navigation S.A. (12)		Navios Phoenix		Marshall Is.		9/08 – 9/30		—
Pueblo Holdings Ltd. (12)		Navios Lumen		Marshall Is.		9/08 – 9/30		—
Red Rose Shipping Corp.		Navios Bonheur		Marshall Is.		9/08 – 9/30		—

 

14

Rider Shipmanagement Inc.		Navios Felicity I		Marshall Is.		7/29 – 9/30		—
Roselite Shipping Corporation (12)		Navios Corali		Marshall Is.		9/08 – 9/30		—
Rumer Holding Ltd. (12)		Navios Antares		Marshall Is.		9/08 – 9/30		—
Jasmine Shipping Corporation		N Bonanza		Marshall Is.		9/08 – 9/30		—
Highbird Management Inc.		Navios Celestial		Marshall Is.		9/08 – 9/30		—

 

(1)	The vessel was sold on August 13, 2021.

 

(2)	The vessel was sold on October 29, 2021.

 

(3)	The vessel was acquired on July 9, 2021.

 

(4)	The vessel was sold on August 16, 2021.

 

(5)	The vessel was sold on September 12, 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(6)	Expected to be delivered by the second half of 2024.

 

(7)	The vessel was acquired on June 30, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(8)	Expected to be delivered by the first half of 2024.

 

(9)	The vessel was delivered on July 24, 2019 (see Note 15 – Leases to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(10)	The vessels were delivered on May 28, 2021 and June 10, 2021 (see Note 15 – Leases to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(11)	Not a vessel-owning subsidiary and only holds right to charter-in contracts.

 

(12)	Vessels under the sale and leaseback transaction.

 

(13)	The vessel was sold on December 10, 2020.

 

(14)	The vessels were acquired on June 29, 2020, following the liquidation of Navios Europe II.

 

(15)	The vessels were acquired on September 30, 2020.

 

(16)	The vessels were acquired on March 30, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(17)	The vessel was sold on January 13, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(18)	The vessel was sold on January 28, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(19)	The vessel was sold on February 10, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(20)	The vessel was sold on March 25, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(21)	Expected to be delivered by the second half of 2022.

 

(22)	Expected to be delivered in the first half of 2023.

 

(23)	The vessel was sold on July 31, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(24)	The vessels were acquired on May 10, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(25)	Expected to be delivered by the second half of 2023.

 

(26)	The vessel was acquired on June 4, 2021 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(27)	Expected to be delivered by the first half of 2025.

 

(28)	The vessel was sold on September 21, 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(29)	The vessel was acquired on July 27, 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(30)	The vessel was delivered on July 5, 2022 (see Note 15 – Leases to the unaudited condensed consolidated financial statements included elsewhere in this Report) .

 

(31)	The vessel was sold on November 17, 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(32)	The vessel was acquired on September 21, 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(33)	The vessel was sold on October 14, 2022 (see Note 5 – Vessels, net to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(34)	The vessel was sold on October 25, 2022 (see Note 17 – Subsequent events to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(35)	The vessel was sold on November 14, 2022 (see Note 17 – Subsequent events to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

(36)	The vessels agreed to be sold in November 2022. The sale is expected to be completed in the fourth quarter of 2022 (see Note 17 – Subsequent events to the unaudited condensed consolidated financial statements included elsewhere in this Report).

 

15

(37)	The vessel is owned 50% by White Narcissus Marine S.A. and 50% by Kleimar N.V.

(38)	The vessel agreed to be sold in December 2022. The sale is expected to be completed in the first quarter of 2023 (see Note 17 – Subsequent events to the unaudited condensed consolidated financial statements included elsewhere in this Report).

(39)	The vessels agreed to be sold in November 2022. The sale is expected to be completed in the first quarter of 2023 (see Note 17 – Subsequent events to the unaudited condensed consolidated financial statements included elsewhere in this Report).

The following table reflects certain key indicators of Navios Partners’ fleet performance for the three and nine month periods ended September 30, 2022 and 2021 (including, for 2021, the Navios Maritime Containers L.P.’s (“Navios Containers”) fleet and Navios Maritime Acquisition Corporation’s (“Navios Acquisition”) fleet from April 1, 2021 and from August 26, 2021, respectively).

 

		Three Month Period Ended September 30, 2022 (unaudited)				Three Month Period Ended September 30, 2021 (unaudited)				Nine Month Period Ended September 30, 2022 (unaudited)				Nine Month Period Ended September 30, 2021 (unaudited)
Available Days(1)			12,897				9,027				35,394				20,521
Operating Days(2)			12,785				8,951				35,008				20,342
Fleet Utilization(3)			99.1	%			99.2	%			98.9	%			99.1	%
Time Charter Equivalent rate (per day)(4)		$	23,781			$	24,447			$	22,717			$	20,991
Vessels operating at end of periods			166				129				166				129

 

(1)

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

 

(2)

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

 

(3)

Fleet utilization is the percentage of time that Navios Partners’ vessels were available for 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, dry dockings or special surveys.

 

(4)

Time Charter Equivalent rate per day (“TCE”) is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by currently applicable fixed vessel operating expenses) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.

FINANCIAL HIGHLIGHTS

Upon completion of the merger (the “NMCI Merger”) with Navios Containers and the merger with Navios Acquisition (the “NNA Merger”), the results of operations of Navios Containers and Navios Acquisition are included in Navios Partners’ condensed Consolidated Statements of Operations.

The following table presents consolidated revenue and expense information for the three and nine month periods ended September 30, 2022 and 2021.

 

		Three Month Period Ended September 30, 2022 ($ ’000) (unaudited)				Three Month Period Ended September 30, 2021 ($ ’000) (unaudited)				Nine Month Period Ended September 30, 2022 ($ ’000) (unaudited)				Nine Month Period Ended September 30, 2021 ($ ’000) (unaudited)
Time charter and voyage revenues		$	322,387			$	227,957			$	839,665			$	445,029
Time charter and voyage expenses			(35,439	)			(11,465	)			(74,300	)			(19,829	)
Direct vessel expenses			(15,398	)			(10,864	)			(39,511	)			(18,007	)
Vessel operating expenses (entirely through related parties transactions)			(78,928	)			(53,952	)			(226,089	)			(118,685	)
General and administrative expenses			(15,597	)			(9,491	)			(43,683	)			(24,717	)
Depreciation and amortization of intangible assets			(59,270	)			(32,102	)			(143,820	)			(67,309	)
Amortization of unfavorable lease terms			24,779				35,576				64,205				77,602
Gain on sale of vessels, net			143,764				30,859				143,764				30,348
Interest expense and finance cost, net			(22,270	)			(14,446	)			(50,019	)			(27,624	)
Interest income			74				—				98				859
Other expense, net			(6,938	)			(4,969	)			(9,321	)			(8,864	)
Equity in net earnings of affiliated companies			—				—				—				80,839
Transaction costs			—				(2,870	)			—				(2,870	)
Bargain gain			—				3,962				—				48,015
Net income		$	257,164			$	158,195			$	460,989			$	394,787
Net loss attributable to the noncontrolling interest			—				3,859				—				3,859
Net income attributable to Navios Partners unitholders		$	257,164			$	162,054			$	460,989			$	398,646
EBITDA(1)		$	321,433			$	177,185			$	611,028			$	426,160
Adjusted EBITDA(1)		$	177,669			$	145,234			$	467,264			$	269,828
Operating Surplus (1)		$	94,790			$	104,693			$	240,859			$	183,059

 

(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.

 

16