News Releases

NAVIOS MARITIME PARTNERS L.P. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS OF 2008 AND ANNOUNCES INCREASED UNIT DISTRIBUTIONS OF $0.385 FOR THE THIRD QUARTER AND $0.40 FOR THE FOURTH QUARTER OF 2008

- Revenue of $17.9 million and $32.3 million and for the three month and six month periods ended June 30, 2008

- Operating Surplus of $5.9 million and $13.1 million for the three month and six month periods ended June 30, 2008

- Distribution of $0.35 per unit for the three month period ended June 30, 2008

PIRAEUS, GREECE, July 29, 2008 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: "NMM"), an owner and operator of Capesize and Panamax vessels, reported its financial results for the second quarter of 2008.

Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "The strong results of the second quarter of 2008 were in line with our expectations, and we have announced a quarterly cash distribution of $0.35 per unit for the second quarter of 2008. Our fleet expansion and the strength of the long-term charter-out market have allowed us to recommend an increase of more than 14% in distributions for the balance of 2008 - from $0.35 per unit for the second quarter to $0.40 per unit for the fourth quarter of 2008. We are very pleased to have achieved these results in less than eight months since we went public in November 2007."

Ms. Frangou continued "Our relationship with Navios Maritime Holdings Inc. provides access to further potential vessel drop-downs and operating expense visibility. With only moderate leverage and strong cash flow from long-term fleet employment, we should be able to take full advantage of the continuing positive fundamentals of the dry bulk industry. We believe that Navios Partners is positioned to continue growing its fleet and distributions."

Cash Distributions

As announced earlier today, the Board of Directors of Navios Partners declared a cash distribution for the second quarter of 2008 of $0.35 per unit. This distribution is payable on August 14, 2008 to holders of record as of August 8, 2008 (excluding common units issued to Navios Maritime Holdings Inc. ("Navios Holdings") in connection with the sale of Navios Aurora I in July 2008).

Navios Partners' management has also recommended that the Board of Directors increase the cash distributions for the balance of 2008 as follows: $0.385 per unit for the quarter ended September 30, 2008 and $0.400 per unit for the quarter ended December 31, 2008. The record and payment dates for the quarters ended September 30, 2008 and December 31, 2008 will be subsequently determined.

Recent Developments

On July 1, 2008, Navios Partners acquired from Navios Holdings the Navios Aurora I, a 75,397 dwt Panamax vessel built in 2005, for $80.0 million, consisting of $35.0 million cash and 3,131,415 common units. The number of the common units issued was calculated using the $14.3705 volume weighted average trading price for the 10 business days immediately before the closing date. Navios Partners financed the cash portion of the purchase price with a $35.0 million drawdown under a new tranche to its existing credit facility. The new tranche has an interest rate of LIBOR plus 80 bps, adjustable based on loan to value ratio. No principal payments would be required to be made until the first quarter of 2012. On July 1, 2008, in connection with the acquisition and issuance of additional common units, the general partner of Navios Partners elected to contribute approximately $920,000 to Navios Partners to maintain its 2% general partner interest in Navios Partners.

On May 2, 2008, Navios Partners took ownership of the Navios Fantastiks, a 2005-built Capesize vessel of 180,265 dwt. Previously, the vessel was operating as part of the chartered-in fleet and the purchase option was exercised in October 2007. The vessel's purchase price of approximately $34.2 million was financed by a drawdown of $35.0 million under the existing credit facility.

Secure Cash Flow

Navios Partners has entered into long-term time charters-out for all ten vessels with a remaining average term of 4.9 years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 100.0% of available days for 2008, 2009 and 2010 for $75.5 million, $95.4 million and $104.2 million in revenue, respectively. The average contractual daily charter-out rate for the core fleet is $24,746, $27,504 and $28,540 for 2008, 2009 and 2010, respectively. The average daily charter-in rate for the active long term charter-in vessels for 2008 is $13,513.

Operating Expense Visibility

Navios Partners has entered into a five-year management agreement expiring in November 2012, with a subsidiary of Navios Holdings. Rates for the first two years (ending November 16, 2009) are fixed at (i) $4,000 per day for each owned Panamax vessel and (ii) $5,000 for each owned Capesize vessel.

FINANCIAL HIGHLIGHTS

The following table presents consolidated revenue and expense information for the three and six month periods ended June 30, 2008. We do not present comparative information for periods prior to the IPO because we believe that those periods are not necessarily comparable given the change in the nature and focus of the business. For example, it is the policy of Navios Partners' not to trade FFAs, whereas certain prior periods contain such transactions. In addition, certain agreements such as the management agreement were first effective as of November 16, 2007.



Three month period ended June 30, 2008

For three month period ended June 30, 2008, Navios Partners' time charter revenue amounted to $17.9 million whereas time charter expenses for the same period were $3.2 million. Other expenses, including management fees and general and administrative expenses, amounted to $2.6 million.

EBITDA for the three month period ended June 30, 2008 was $12.1 million (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

The increase in the reserve for estimated maintenance and replacement capital expenditures for the three month period ended June 30, 2008 was $2.3 million. Maintenance and replacement capital expenditures represent expenditures required to maintain, over the long term the operating capacity of Navios Partners' capital assets.

Navios Partners generated an operating surplus for the period of $5.9 million. 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).

Depreciation and amortization expense for the period (including amortization of drydocking and special survey costs presented under direct vessel expenses) was $2.7 million and interest expense and finance cost related to $200.0 million of borrowings under Navios Partners' facility agreement was $2.3 million.

Net income for three month period ended June 30, 2008 was $7.2 million.

Six month period ended June 30, 2008

For six month period ended June 30, 2008, Navios Partners' time charter revenue amounted to $32.3 million whereas time charter expenses for the same period were $6.0 million. Other expenses including management fees and general and administrative expenses amounted to $4.9 million.

EBITDA for the six month period ended June 30, 2008 was $21.3 million (please see Reconciliation of Non-GAAP Financial Measures on Exhibit 3).

The increase in the reserve for estimated maintenance and replacement capital expenditures for the six month period ended June 30, 2008 was $4.4 million. Maintenance and replacement capital expenditures represent expenditures required to maintain, over the long term the operating capacity of Navios Partners' capital assets.

Navios Partners generated an operating surplus for the period of $13.1 million. 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).

Depreciation and amortization expense for the period (including amortization of drydocking and special survey costs presented under direct vessel expenses) was $5.6 million and interest expense and finance cost related to $200.0 million of borrowings under Navios Partners' facility agreement was $4.8 million.

Net income for six month period ended June 30, 2008 was $11.0 million.

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 six month periods ended June 30, 2008.



Conference Call Details:

As announced earlier today, Navios Partners' management will host a conference call to discuss the results tomorrow, Wednesday, July 30, 2008, at 8:30 am EDT. Participants should dial into the call 10 minutes before the scheduled time using the following numbers:

US Toll Free Dial In: +1866 819 7111
UK Toll Free Dial In: +0800 953 0329
International Dial In: +44 (0) 1452 542 301
Please quote "NAVIOS MLP".

In case of any problems with the above numbers, please dial:
US Toll Free Dial In: +1866 223 0615
UK Toll Free Dial In: +0800 694 1503
International Dial In: +44 (0) 1452 586 513
Please quote "NAVIOS MLP".

A telephonic replay of the conference call will be available until August 6, 2008 by dialing the following numbers:
US Toll Free Dial In: +1866 247 4222
UK Toll Free Dial In: +0800 953 1533
International Dial In: +44 1452 550 000
Access Code: 33433537#

Slides and Audio Webcast:

There will also be a live, and then archived webcast of the conference call, through the Navios Partners' website (www.navios-mlp.com) under "Investors". Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT NAVIOS MARITIME PARTNERS L.P.

Navios Maritime Partners L.P. (NYSE: NMM), a publicly traded master limited partnership formed by Navios Maritime Holdings Inc (NYSE: NM) is an owner and operator of Capesize and Panamax vessels. For more information, please visit our website at www.navios-mlp.com

Forward Looking Statements

This press release contains 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 and Navios Partners' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although the 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 known and unknown risks and are based upon a number of assumptions and estimates which 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 changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Partners' filings with the Securities and Exchange Commission. 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.

Contacts

Public & Investor Relations Contact:
Navios Maritime Partners L.P.
Nicolas Bornozis
Capital Link, Inc.
Tel. (212) 661-7566
E-mail: naviospartners@capitallink.com


Exhibit 2 displays the "core fleet" employment profile of Navios Partners.









EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA: EBITDA represents net income before interest, taxes, depreciation and amortization. Navios Partners uses EBITDA because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and because EBITDA presents useful information to investors regarding Navios Partners' ability to service and/or incur indebtedness. Navios Partners also uses EBITDA: (i) in its credit agreement to measure compliance with covenants such as interest coverage and debt incurrence; (ii) by prospective and current lessors as well as potential lenders to evaluate potential transactions; and (iii) to evaluate and price potential acquisition candidates.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of Navios Partners' results as reported under US GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios Partners' performance.

2. Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of or the revenue generated by Navios Partners' capital assets. Expansion capital expenditures are those capital expenditures that increase the operating capacity of or the revenue generated by Navios Partners' capital assets.

Operating surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of Navios Partners' performance required by accounting principles generally accepted in the United States.

3. Available Cash

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

Available Cash is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Available cash is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of Navios Partners' performance required by accounting principles generally accepted in the United States.