First Quarter 2013 Earnings Presentation April 25,...

Statements in this presentation which are not statements of historical fact are “forward-looking statements” (as such term is defined in Section 21E

of the Securities Exchange Act of 1934, as amended). These forward-looking statements are based on the information available to, and the

expectations and assumptions deemed reasonable by, the Company at the time this presentation was made. Although the Company believes that

the assumptions underlying such statements are reasonable, it can give no assurance that they will be attained. The Company undertakes no

obligation to update any forward-looking statements, whether as a result of new information or future events, unless it is required to do so under the

securities laws. The Company makes no prediction or statement about the performance of its common units. For the selected financial data

presented herein, Navios Partners compiled consolidated statement of operations for the three month periods ended March 31, 2013 and March 31,

2012.

.

First Quarter 2013 Earnings Presentation

April 25, 2013

100% Membership Interest

2.0% General Partner Interest

Incentive Distribution Rights

76.6% Limited Partner Interest 21.4% Limited Partner Interest

25 Dry Bulk Vessels

8 Capesize, 14 Panamax and 3 Ultra Handymax Dry Bulk Carriers

100% Membership Interest

Navios GP L.L.C.

(General Partner)

Navios Maritime Partners L.P.

NYSE: NMM

Common Unitholders Navios Maritime Holdings Inc.

NYSE: NM

Navios Partners Ownership Structure

2

Recent Developments $73.2 million “overnight” equity raising, completed February 2013

• 5,175,000 common units issued at $14.15 per unit including overallotment of 675,000 units

exercised by underwriters

$108.0 million acquisition of four Japanese-built vessels

• Expected to be financed 50% by bank debt consistent with existing credit facilities

• Attractive entry point - breakeven of $8,973 per day per vessel

• Significant potential accretion - every $1,000 above breakeven provides $0.02 accretion per unit

• Structured delivery Q4 2013, onward

$50.0 million prepayment to DVB/Commerzbank Facility

• Reduction in cash flow breakeven:

• $1,960/per day per vessel reduction in 2013

• $3,492/per day per vessel reduction in 2014

3

Type Year Built DWT Delivery

Capesize Newbuilding 180,000 Q4 2013

Ultra-Handymax Newbuilding 61,000 Q1 2014

Kamsarmax 2006 82,790 Q4 2013

Panamax 2005 76,619 Q4 2013

Multiple Avenues of Distribution Growth

Since IPO: 26.4% Distribution increase

325% Operational fleet capacity increase

• Exercised purchase option for

Navios Fantastiks in Q2 2008

and Navios Sagittarius in Q1

2010

• Purchase options on Navios

Prosperity and Navios

Aldebaran

4

Exercising Purchase

Options

Opportunities in the

Dry Bulk S&P Market

Through Navios

Group Vessels

• Vessel values have fallen

significantly from 2008 highs

• Six vessels acquired in the

open market

• Highly fragmented industry

• Distressed opportunities

expected to arise

• Right to purchase Capesize

and Panamax vessels on 3+

year charters

• Eleven vessels dropped down

since IPO

• Navios Group has grown to a

controlled fleet of 107 vessels

of which 73 are dry bulk

vessels

April 2013

2,659,512 DWT

November 2007 IPO

626,100 DWT +325%(1)

(1) Includes owned and chartered-in tonnage

First Quarter March 31, 2013 Earnings Highlights

5

Earnings Highlights

(in $ million) except active vessels and available days

Three months ended

March 31, 2013

Three months ended

March 31, 2012

Y-O-Y

Variance

Time charter revenue 50.3 48.0 4.8%

EBITDA 37.1 36.8 0.8%

Net Income 16.2 16.9 (4.1%)

EPU 0.24 0.30 (20.0%)

Operating Surplus 31.2 29.6 5.4%

Replacement Capex Reserve 3.5 4.5 (22.2%)

Active Vessels 21 18 16.7%

Available Days 1,890 1,576 19.9%

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes. EBITDA is presented because

Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and presents 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.

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 US GAAP and should not be considered as an alternative to net income or any other

indicator of Navios Partners’ performance required by US GAAP.

Balance Sheet

6

Selected Balance Sheet Data (in $ million)

March 31, 2013 December 31, 2012

Cash & cash equivalents (1) 75.2 61.7

Other current assets 9.6 8.4

Vessels, net 712.6 721.4

Total Assets 951.8 955.0

Deferred revenue, current 5.2 9.1

Other current liabilities 26.5 27.4

Long term debt, current portion 4.7 23.7

Long term debt 239.1 276.0

Total partners’ capital 676.3 618.7

Total liabilities & partners’ capital 951.8 955.0

Net Debt / Asset Value (charter attached) (2) 24.3% 32.4%

Accumulated Replacement Capex Reserve 74.5 71.0

(1) Includes restricted cash

(2) Considers Clarksons’ charter free and charter attached values of owned vessels and chartered-in vessels (less the exercise values) as of March 2013

Q1 2013 Cash Distribution

7

Operating Surplus: $31.2 million

Common Unit Coverage: 1.08x

Distribution: $29.9 million

• $28.9 million to Common Units

• $1.0 million to GP Units

Cash Distribution of $0.4425 per unit for Q1 2013 ($1.77 annualized)

Yield (as of April 24, 2013): 11.9%

Record Date: May 10, 2013

Payment Date: May 14, 2013

Tax Efficient Status – Distributions reported on Form-1099

Committed to minimum distribution of $1.77 per unit for 2013

Significant Growth: Key Operating Metrics

Net Income

1.49

1.63

1.69

1.751.77

2008 2009 2010 2011 2012

37.2% CAGR

35.1% CAGR 47.5%

CAGR

EBITDA

Operating Surplus

26.4%

Annual Distributions

8

CONFIDENTIAL – DO NOT DISTRIBUTE

Constellation Energy Group; 7.8%

Rio Tinto; 5.7%

Cosco; 11.9%

Samsun Logix; 14.5%

STX Pan Ocean; 14.1%

Korea Line; 14.5%

Hanjin; 23.4%

Other; 8.2%

9

(1) In January 2011, Korea Line Corporation (“KLC”) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms,

provided that during an interim suspension period the sub-charterer of Navios Melodia pays us directly.

20%

6%

74%

1-3 years

3-6 years

6-10 years

Portfolio of Industry Leading Charterers

Average Charter Duration: approx. 2.8 years

80% of contracted revenue secured by

charters running longer than 3 years

Diversified customer base with

strong creditworthy counterparties

Revenues by Charterer Remaining Charter Duration

(1)


(1) Per day, net of commission. These rates do not include insurance proceeds received upfront in December 2012

(2) Profit sharing: The owners will receive 100% of the first $1,500 in profits above the base rate and thereafter all

profits will be split 50% to each party.

(3) Profit sharing 50% on actual results above the base rates

(4) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Avg

(5) Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC Average

Staggered Charter Expirations (1)

10

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Melodia

Luz

Buena Ventura

Aurora II

Pollux

Sagittarius

Galaxy I

Fulvia

Libra II

Hyperion

Orbiter

Fantastiks

Alegria

Apollon

Gemini S

Soleil

Helios

Hope

Prosperity

Aldebaran

Felicity

$24,225 Feb 2014

$12,000 Sep 2015

$14,725 May 2013

$12,000 June 2013

$17,562 Aug 2013

$16,984 (4) Feb 2014

$13,500 Feb 2014

$37,953 Apr 2014

$21,937 Feb 2018

$26,125 Nov 2018

$42,250 Jul 2019

$29,356 (5) Nov 2020

$26,169 May 2013

$50,588 Sept 2015

$29,356 (7) Sep 2022 (6)

$38,052 Apr 2014

$41,325 Nov 2019

$14,678 Mar 2014

(2)

$29,356 (5) Oct 2020

(6) In January 2011, Korea Line Corporation (“KLC”) filed for receivership. The charter was

affirmed and will be performed by KLC on its original terms, provided that during an interim

suspension period the sub-charterer pays Navios Partners directly


(8) Navios Partners fleet age weighted by DWT

(9) Source: Drewry Shipping Consultants, April 2013

$8,906 Dec 2013

$9,738 Sept 2013

(3)

(3)

Average Age of Navios Partners’ Fleet (8): 6.5 years

Average Age of Dry Bulk Industry Fleet (9): 9.7 years

2013 Charter Coverage 84.8%


11

GDP Growth Driven by Emerging Economies

Source: IMF April 2013

5.1 5.3 5.7

3.2 3.3 4.0

1.2 1.2 2.2

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Emerging and developing economies World Advanced economies

IMF Latest Revisions of GDP Growth

(%)

April 2013 January 2013

World GDP 2013 ▼ 3.3 ▼ 3.5

2014 ▼ 4.0 ▼ 4.1

Advanced economies GDP 2013 ▼ 1.2 ▼ 1.4

2014 2.2 ▼ 2.2

Emerging markets GDP 2013 ▼ 5.3 ▼ 5.5

2014 ▼ 5.7 5.9


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1980 1985 1990 1995 2000 2005 2010

Tra

de

(M

illio

n T

ons)

Upside:

India

Source: Drewry Shipping Consultants Ltd.

World Dry Bulk Trade 1980 - 2013

12

2.8%

5.5%

China admitted

to the WTO

Berlin wall falls

1.1%

Fo

reca

st


The Southern Trade Routes: How China / India

Can Keep Growing Without the OECD

13

United States

South America

Africa

India

China

S.E.

Asia

Japan

OECD Trade Expansion 1950+

Europe

Southern Silk Route

Massive expansion in “South:

South” Trade, as expanding

economies such as China and

India invest overseas to

secure raw material supply

Source: Galbraiths, Oct 2011 and HSBC “Southern Silk Road” June 2011

Australia

Movements of Oil, Iron Ore, Coal,

Grain etc. from emerging nations in

return for investment/infrastructure,

Oil/Steel products from China and

India


Million tons

Iron Ore Steel Production

Domestic Production Imports

2006 580 YoY% 326 YoY% 421 YoY%

2007 707 22% 384 18% 488 16%

2008 785 11% 444 16% 500 2%

2009 873 11% 630 42% 567 13%

2010 1,065 22% 619 -2% 626 10%

2011 1,315 24% 687 11% 683 9%

2012 1,329 1% 745 9% 717 5%

2013 through Mar 287 12% 187 -0.4% 192 10%

2013E 1,295E -3%E 795E 7%E 744E 4%E

Sources: UN, World Steel Association, World Bank,

National Bureau of Statistics of China/Mysteel, Credit Suisse, SSY

Chinese Urbanization & Steel Production

26%

49%

77%

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Bil

lio

ns

China's urbanization will continue to grow

Urban Rural

-200

-100

0

100

200

300

400

2013f 2014f 2015f 2016f

MT

/yr

Change in Iron Ore Supply cumulative change from 2012 levels

Australia Brazil China (Domestic supply 62% equiv)

14


Sources: Clarksons, World Steel Association, McKinsey Global Institute, Central Electricity Authority,

Office of the Economic Advisor to the Government of India , Credit Suisse, IHS McCloskey

0

50

100

150

200

250

2006 2008 2010 2012E 2014F

Indian Coal Imports

2006 - 2011 CAGR = 25%

Indian Urbanization Leads to Increasing

Industrial Production

2006 – 2011 CAGR = 24%

• Coal imports Oct 2012 YTD: 20% increase YoY

• Coal fired generation Jan 2013: 78%

• Critical Coal Stock Power Plants (3/21/13): 23 out of 93

25% 30%

51%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Billio

ns

India's urbanization will continue to grow

Urban Rural

15

40

50

60

70

80

90

Ap

r-04

Ap

r-05

Ap

r-06

Ap

r-07

Ap

r-08

Ap

r-09

Ap

r-10

Ap

r-11

Ap

r-12

GW

-Hrs

Indian Electricity Generation


Aging Fleet + Restricted Credit + High Scrap Price =

Accelerated Scrapping(1)

• 2009 scrapping ≈ 2.4% of fleet DWT (10.0 million DWT)





- Projected 2013 scrapping: 29.4 million DWT or 4.3%

• 2009 total dry bulk fleet ≈ 458.6 million DWT - Non delivery ≈ 40%




• Net fleet growth for 2009 = 9.8%




5.9%

6.0%

0.0%

10.0%

20.0%

Total Dry Bulk Fleet

Dry Bulk Industry Age Profile(2)

(% DWT)

20+ Years

25+ Years

(1) Source: Clarksons

(2) Source: SSY Dry Bulk Forecaster, April 2013

Bulk Carrier Demolition(1)

Year Total Demolition

(m dwt)

Demolition as %

of Fleet

1998 12.2 4.60%

1999 9.1 3.40%

2000 4.5 1.60%

2001 8.1 2.80%

2002 6.0 2.00%

2003 4.1 1.40%

2004 0.3 0.10%

2005 0.9 0.30%

2006 1.8 0.50%

2007 0.4 0.10%

2008 5.0 1.20%

2009 10.0 2.37%

2010 5.8 1.26%

2011 22.3 4.17%

2012

provisional 33.7 5.4%

2013 Through

04/18/13

8.7 1.28%

2013 Projected 29.4 4.32%

Scrapping Dynamics

11.9%

(81.4 m dwt)

16


95.9 97.8

138.9

101.2

50.5

30.9

0

20

40

60

80

100

120

140

As of Jan 1, 2012 As of Jan 1, 2013

Source: Clarksons

2013 • March YTD: 39.1 million DWT projected; 20.9 million actual DWT delivered (47% non-delivery by DWT-preliminary)

• 253 actual deliveries, 497 newbuilds projected (49% non-delivery by # of vessels -preliminary)

2012 • 138.9 million DWT projected; 98.2 million actual DWT delivered (29% non-delivery by DWT)

• 1,192 actual deliveries, 1,665 newbuilds projected (28% non-delivery by # of vessels)


• 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels)


• 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels)

2009

• 71.3 million DWT projected, 43.1 million actual DWT delivered (40% non-delivery by DWT)

• 546 actual deliveries, 962 newbuilds projected (43% non-delivery by # of vessels)

Orderbook by year of delivery

Mill

ion D

WT

2011 2012 2013 2012 2013 2014

Before

non-delivery

Actual

non-

delivery

41.4mdwt

Dry Bulk Orderbook

Before

non-delivery

Actual

non-

delivery

41.1mdwt

• 2013 projected deliveries

(before non-delivery) is

currently 101.2 million DWT

• Based on the last two years

trend, estimated deliveries

for 2013 are approximately

70 million DWT

• 62% of Deliveries scheduled

in 1H 2013

17


-1.5% -0.8%

1.6% 1.2% 1.4% 1.7%

-0.3%

3.4%

-6.0% -5.2%

-8.3%

-4.4%

-1.1%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013f

Seaborne Dry Bulk Supply/Demand Balance

0

2000

4000

6000

8000

10000

12000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Baltic Dry Index

Source: SSY , Baltic Exchange, 2013 Projections: SSY, Drewry, Howe Robinson

2013

Projection

Range

0%

18

+1.2%


Baltic Exchange Dry Index* 2002 – 2013

BDI October 2008 to date

BDI 2002 to date

* As of 04/23/2013 19


20

Long Term Charter Coverage

Operating Expense Visibility • Fixed operating costs until December 2013

Young, Growing Fleet

• Increased fleet capacity by more than 4x

since November 2007 IPO

• Fleet age of 6.5 years (1) vs. industry fleet age

of approx. 9.7 years (2)

Steady Increase in

Distribution Per Unit • 26.4% increase in distributions since inception

(1) Navios Maritime Partners fleet age weighted by DWT

(2) Source: Drewry’s as of April 2013

Strong Counterparties

Strong creditworthy counterparties (Mitsui,

Cosco, Rio Tinto, Cargill, Constellation etc.)

Insured Revenue Stream

Long-term contracts insured by:

• AA rated Insurance Company in the EU

• Sponsor, Navios Maritime Holdings Inc.

• Average charter duration is approx. 2.8 years

• Staggered charter-out expirations minimize

charter renewal risk

Company Highlights

www.navios-mlp.com

Appendix: Navios Partners Fleet

22

Owned Vessels

Vessels Type Built DWT Charter Rate ($)(1) Expiration Date(2) Dropdown

Navios Apollon Ultra-Handymax 2000 52,073 13,500 (3) 02/16/2014 Yes

Navios Soleil Ultra-Handymax 2009 57,337 8,906 12/23/2013

Navios TBN I Ultra-Handymax 2014 61,000 Expected Delivery Q1 2014

Navios Gemini S Panamax 1994 68,636 24,225 02/08/2014

Navios Libra II Panamax 1995 70,136 12,000 (3) 09/17/2015

Navios Felicity Panamax 1997 73,867 26,169 05/11/2013

Navios Galaxy I Panamax 2001 74,195 21,937 02/03/2018

Navios Helios Panamax 2005 77,075 9,738 09/27/2013

Navios Hyperion Panamax 2004 75,707 37,953 04/01/2014 Yes

Navios Alegria Panamax 2004 76,466 16,984 (4) 02/25/2014

Navios Orbiter Panamax 2004 76,602 38,052 04/01/2014 Yes

Navios Hope Panamax 2005 75,397 17,562 08/16/2013 Yes

Navios Sagittarius Panamax 2006 75,756 26,125 11/19/2018 Yes

Navios TBN II Panamax 2006 82,790 Expected Delivery Q4 2013

Navios TBN III Panamax 2005 76,619 Expected Delivery Q4 2013

Navios Fantastiks Capesize 2005 180,265 14,678 03/31/2014

Navios Aurora II Capesize 2009 169,031 41,325 11/24/2019 Yes

Navios Pollux Capesize 2009 180,727 42,250 07/24/2019 Yes

Navios Fulvia Capesize 2010 179,263 50,588 09/30/2015 Yes

Navios Melodia (5) Capesize 2010 179,132 29,356 (6) 09/19/2022 Yes

Navios Luz Capesize 2010 179,144 29,356 (7) 11/16/2020 Yes

Navios Buena Ventura Capesize 2010 179,259 29,356 (7) 10/28/2020 Yes

Navios TBN IV Capesize 2013 180,000 Expected Delivery Q4 2013

Total – 23 Vessels 2,500,477

Chartered-In Vessels

Vessels Type Built DWT Charter Rate ($)(1) Expiration Date(2) Purchase Option Dropdown

Navios Prosperity Panamax 2007 82,535 12,000 (8) 06/01/2013 Yes

Navios Aldebaran Panamax 2008 76,500 14,725 05/13/2013 Yes

Total – 2 Vessels 159,035

Total Fleet – 25 Vessels 2,659,512 DWT

(1) Daily charter-out rate net of commissions. These rates do not include insurance proceeds received upfront in December

2012

(2) Assumed midpoint of redelivery by charterers

(3) Profit sharing 50% on actual results above the base rates

(4) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Average

(5) In January 2011, Korea Line Corporation (“KLC”) filed for receivership. The charter was affirmed and will be performed by

KLC on its original terms, provided that during an interim suspension period the sub-charterer pays Navios Partners

directly.



(8) Profit sharing: The owners will receive 100% of the first $1,500 in profits above the base rate and thereafter all profits will

be split 50% to each party.

www.navios-mlp.com

First Quarter 2013 Earnings Presentation April 25,...

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