Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "Our conservative business policy enabled Navios Partners to weather the recent market volatility and permitted us to access the capital markets, in a traditional manner, twice in the last 6 months. As a result, we have solidified our balance sheet and acquired two vessels. With the addition of the most recent vessel, we are pleased to announce an increase in our cash distribution of 1.3% by declaring a $0.405 per unit cash distribution for the third quarter of 2009."

Ms. Frangou continued, "We believe that Navios Partners is well positioned for the future as it has a conservative balance sheet and long-term employment with quality charter parties which are insured by AA+ rated EU governmental agency."

Throughout this press release, EBITDA for the nine months ended September 30, 2009 and 2008 represents net income before interest, depreciation and amortization and before non-cash consideration for the release of the obligation to acquire the Navios Bonavis.

Recent Developments

Increase in Cash Distributions

The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2009 of $0.405 per unit. This represents an increase of 1.3% from $0.40 per unit in the second quarter of 2009. The distribution is payable on November 12, 2009 to all holders of record as of November 9, 2009.

Completion of Offering of 3,160,400 Common Units

On September 23, 2009, Navios Partners completed its public offering of 2,800,000 common units at $12.21 per unit and raised gross proceeds of $34.2 million to fund its fleet expansion and/or for general partnership purposes. The net proceeds of the offering, including discount and excluding offering costs of $0.3 million, were $32.5 million. Pursuant to the offering, Navios Partners issued 57,143 additional general partnership units to its general partner in exchange for $0.7 million of net proceeds (the "September Offering").

On October 15, 2009, Navios Partners completed the exercise of the overallotment option previously granted to their underwriters in connection with the September Offering and purchased 360,400 additional common units at the public offering price less the underwriting discount. Navios Partners raised gross proceeds of $4.4 million and net proceeds of approximately $4.2 million. Navios Partners issued 7,355 additional general partnership units to its general partner. The net proceeds from the issuance of the general partnership units were $0.1 million.

As a result of the above transactions, Navios Partners raised a gross amount of $39.4 million and a net amount of $37.2 million.

Acquisition of Navios Apollon

Navios Partners has agreed to purchase from Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM) the vessel Navios Apollon, a 52,073 dwt Ultra-Handymax vessel built in 2000, for a purchase price of $32.0 million. The vessel is expected to be delivered before November 2009. The acquisition was funded with the net proceeds from the September Offering.

Navios Apollon has been chartered out at a net rate of $23,700 per day for a remaining period of three years expiring in November 2012. The annualized EBITDA is expected to be approximately $6.7 million.

Following the acquisition of Navios Apollon, Navios Partners' operational fleet has eleven drybulk vessels, consisting of one Capesize, nine Panamax vessels and one Ultra-Handymax vessel. The fleet has a total capacity of 905,826 dwt and an average age of approximately 6.8 years.

Shipmanagement Agreement

Navios Partners fixed the rate for ship management services of its owned fleet for an additional period of two years under the existing agreement with Navios Shipmanagement Inc., a subsidiary of Navios Holdings. The new management fees are (a) $4,500 daily rate per Ultra-Handymax vessel, (b) $4,400 daily rate per Panamax vessel and (c) $5,500 daily rate per Capesize vessel for the two-year period ending November 16, 2011.

Long Term and Insured Cash Flow

Navios Partners has entered into long-term time charters-out for all eleven vessels with a remaining average term of 4.1 years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 100% for 2009 and 2010, 82% for 2011 and 76% for 2012 generating revenues of $91.7 million, $104.7 million, $89.6 million and $84.5 million, respectively. The average contractual daily charter-out rate for the fleet is $25,850, $26,102, $27,283 and $27,610 for 2009, 2010, 2011 and 2012, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2009 and 2010 is $12,636 and $12,205 respectively.

Navios Partners' charter-out contracts have been fully insured by an AA+ rated European Union governmental agency.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled consolidated statements of operations for the three and nine month periods ended September 30, 2009 and September 30, 2008. The quarterly 2009 and 2008 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-US GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results.

                     Three Month   Three Month   Nine Month    Nine Month
                    Period ended  Period ended  Period ended  Period ended
                    September 30, September 30, September 30, September 30,
                        2009          2008          2009          2008
                     (unaudited)   (unaudited)   (unaudited)   (unaudited)
                    ------------- ------------- ------------- -------------
Revenues            $      23,717 $      21,272 $      67,028 $      53,531
EBITDA (1)          $      16,774 $      14,581 $      46,691 $      35,903
Net income          $      10,789 $       8,948 $      23,340 $      19,949
Earnings per Common
 unit (basic and
 diluted)                    0.44          0.41          1.08          1.16
Operating Surplus   $      13,124 $       9,614 $      35,106 $      22,679
Capital expenditure
 reserve            $       1,957 $       2,742 $       5,872 $       7,152
(1) EBITDA for the nine month period ended September 30, 2009 represents
net income before interest, depreciation and amortization and before
non-cash consideration for the release of the obligation to acquire the
Navios Bonavis.

Three month period ended September 30, 2009

Time charter and voyage revenues for the three month period ended September 30, 2009 increased by $2.4 million or 11.3% to $23.7 million as compared to $21.3 million for the same period in 2008. The increase was mainly attributable to the acquisition of the rights to the Navios Sagittarius on June 10, 2009.

EBITDA increased by $2.2 million to $16.8 million for the three month period ended September 30, 2009 as compared to $14.6 million for the same period of 2008. This $2.2 million increase in EBITDA was primarily due to: (a) a $2.4 million increase in revenue following the delivery of Navios Sagittarius in Navios Partners' chartered-in fleet in June 2009; and (b) a $0.7 million decrease in general and administrative expenses. The above favorable variance of $3.1 million was mitigated by a $0.9 million increase in time charter and voyage expenses due to the delivery of Navios Sagittarius in Navios Partners' chartered-in fleet in June 2009.

The reserve for estimated maintenance and replacement capital expenditures for the three month periods ended September 30, 2009 and 2008 was $2.0 million and $2.7 million, respectively. Expansion capital expenditures for the three month periods ended September 30, 2009 and 2008 was $0 and $35.0 million, respectively.

Navios Partners generated an operating surplus for the three month period ended September 30, 2009 of $13.1 million in comparison to $9.6 million for the three month period ended September 30, 2008. Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of Navios Partners and other master limited partnerships (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

Net income for three months ended September 30, 2009 amounted to $10.8 million compared to $8.9 million for the three months ended September 30, 2008. The increase in net income by $1.9 million was due to: (a) a $2.2 million increase in EBITDA; and (b) a $0.6 million decrease in interest expense. This increase was mitigated by $0.9 million increase in depreciation and amortization expense.

Nine month period ended September 30, 2009

Time charter and voyage revenues for the nine month periods ended September 30, 2009 increased by $13.5 million or 25.2% to $67.0 million as compared to $53.5 million for the same period in 2008. The increase was mainly attributable to the delivery of the Navios Aldebaran on March 17, 2008, the acquisition of the Navios Hope on July 1, 2008, both of which were fully operating during the nine month period ended September 30, 2009 and the acquisition of the rights to the Navios Sagittarius on June 10, 2009.

EBITDA increased by $10.8 million to $46.7 million for the nine month period ended September 30, 2009 as compared to $35.9 million for the same period of 2008. This $10.8 million increase in EBITDA was primarily due to a $13.5 million increase in revenue as a result of the increased number of vessels in Navios Partners' fleet, which was mitigated by: (a) a $1.3 million increase in time charter and voyage expenses as a result of the increased number of vessels in Navios Partners' chartered-in fleet; (b) a $1.3 million increase in management fees, due to the increase in the number of vessels; and (c) a $0.1 million increase in general and administrative expenses due to the increase in the number of owned and chartered-in vessels during the nine month period ended September 30, 2009, compared to the respective period in 2008.

The reserve for estimated maintenance and replacement capital expenditures for the nine month periods ended September 30, 2009 and 2008 was $5.9 million and $7.2 million, respectively. Expansion capital expenditures for the nine month periods ended September 30, 2009 and 2008 was $34.6 million and $69.2 million, respectively.

Navios Partners generated an operating surplus for the nine month period ended September 30, 2009 of $35.1 million in comparison to $22.7 million for the nine month period ended September 30, 2008. Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of Navios Partners and other master limited partnerships (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

Net income for the nine months ended September 30, 2009 amounted to $23.3 million compared to $19.9 million for the nine months ended September 30, 2008. The increase in net income by $3.4 million was due to (a) a $10.8 million increase in EBITDA; and (b) a $1.1 million decrease in interest expense. This increase was mitigated by (a) a $2.4 million increase in depreciation and amortization expense; and (b) a $6.1 million non-cash compensation expense.

Fleet Employment Profile

The following table reflects certain key indicators indicative of the performance of Navios Partners and its core fleet performance for the three and nine month periods ended September 30, 2009.

                 Three Month    Three Month    Nine Month     Nine Month
                Period ended   Period ended   Period ended   Period ended
                  September      September    September 30,  September 30,
                  30, 2009       30, 2008         2009           2008
                -------------  -------------  -------------  -------------
Available Days
 (1)                      920            828          2,570          2,191
Operating Days
 (2)                      920            818          2,569          2,174
Fleet
 Utilization
 (3)                      100%          98.7%          99.9%          99.2%
Time Charter
 Equivalent
 (per day)      $      25,779  $      25,691  $      26,081  $      24,437
Vessels
 operating at
 period end                10              9             10              9
(1) Available days for the fleet represent total calendar days the vessels
    were in our possession for the relevant period after subtracting
    off-hire days associated with major repairs, drydockings or special
    surveys.