Revenue: $318.6 million for Q1 2024 Net Income: $73.4 million for Q1 2024 Earnings per common unit: $2.38 for Q1 2024 Net cash from operating activities: $94.4 million for Q1 2024 EBITDA: $166.2 million for Q1 2024 Sales and purchases: $ 92.6 million gross sale proceeds YTD 2024 $ 9.8 million completed in Q1 2024 $82.8 million to be completed in Q2 2024 $245.7 million acquisitions YTD 2024 $129.1 million acquisition of two newbuilding scrubber-fitted aframax/LR2 tankers $116.6 million acquisition of four Japanese-built kamsarmaxes Three newbuilding vessels delivered YTD 2024 $3.3 billion remaining contracted revenue $0.05 per unit cash distribution for Q1 2024 MONACO, May 14, 2024 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the first quarter ended March 31, 2024. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, "I am pleased with the results for the first quarter of 2024. We reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit were $2.38." Angeliki Frangou continued, "In the first quarter of 2024, regional conflict, particularly in the Middle East, continued to drive transportation. The US and European economies were generally healthy. As a result, this was Navios Partners' strongest first quarter financial performance ever.   We remain cautious as this robust maritime environment can change quickly.  As usual, we focus on things that we can control, such as reducing leverage and modernizing our energy efficient fleet. We are taking long-term cover where available, as rates are around or exceeding long-term averages. For example, we recently chartered-out a capesize vessel for 2.9 years at a net daily rate of $28,500."Fleet update • Sale of vessels YTD 2024 ° $92.6 million gross sale proceeds from sale of four vessels Completed the sale of three vessels for $75.6 million During the first quarter of 2024, Navios Partners completed the sale of a 2004-built panamax of 76,602 dwt to an unrelated third party, for gross sale proceeds of $9.8 million.   In May 2024, Navios Partners completed the sale of a 2006-built panamax of 76,596 dwt and a 2009-built VLCC of 297,188 dwt to unrelated third parties, for aggregate gross sale proceeds of $65.8 million.   Agreed to sell one vessel for $17.0 million During the first quarter of 2024, Navios Partners agreed to sell a 2007-built containership of 3,450 TEU to an unrelated third party, for gross sale proceeds of $17.0 million. The sale is expected to be completed during the second quarter of 2024.   • Acquisition of vessels YTD 2024 ° $245.7 million acquisitions YTD 2024 Acquisition of two newbuilding scrubber-fitted aframax/LR2 tankers for $129.1 million During the first quarter of 2024, Navios Partners agreed to acquire two newbuilding scrubber-fitted aframax/LR2 tankers of 115,000 dwt, from an unrelated third party, for a purchase price of $61.25 million each (plus $3.3 million per vessel in additional features). The vessels are expected to be delivered into Navios Partners' fleet during 2027.   Acquisition of four Japanese-built kamsarmaxes (previously chartered-in) for $116.6 million In March 2024, Navios Partners declared its options to purchase a 2015-built scrubber-fitted kamsarmax of 80,994 dwt, a 2016-built kamsarmax of 84,904 dwt, a 2017-built kamsarmax of 81,626 dwt and a 2017-built kamsarmax of 81,630 dwt, for an aggregate purchase price of approximately $116.6 million based on the expected delivery date.   • Three newbuilding vessels delivered YTD 2024   In January 2024 and April 2024, Navios Partners took delivery of two 2024-built 5,300 TEU containerships, which have been chartered-out at an average rate of $37,050 net per day for a period of 5.2 years, as previously announced.   In May 2024, Navios Partners took delivery of a 2024-built aframax/LR2 tanker, which has been chartered-out at $26,366 net per day for a period of five years, as previously announced.   • $211.2 million contracted revenue agreed YTD 2024; $3.3 billion total contracted revenue   Navios Partners has entered into new long-term charters which are expected to generate revenue of $211.2 million.   ° Two newbuilding aframax/LR2 tankers have been chartered-out for a period of five years at $27,776 net per day.° One VLCC has been chartered-out for a period of 1.7 years at $45,672 net per day.° Two 2,750 TEU containerships have been chartered-out for a period of 1.9 years at $19,009 net per day.° One 4,250 TEU containership has been chartered-out for a period of 1.7 years at $24,440 net per day.° One capesize has been chartered-out for a period of 2.9 years at $28,500 net per day.° One kamsarmax has been chartered-out for a period of 1.7 years at $17,290 net per day.   Including the above long-term charters, Navios Partners has $3.3 billion contracted revenue through 2037.   Financing update In February 2024, Navios Partners entered into a sale and leaseback agreement of $16.8 million with an unrelated third party for a 2011-built capesize of 179,169 dwt. The sale and leaseback agreement matures in the first quarter of 2030 and bears interest at Term Secured Overnight Financing Rate plus 225 bps per annum. Cash distribution The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2024 of $0.05 per unit. The cash distribution is paid on May 14, 2024 to unitholders of record as of May 10, 2024. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners' cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable. Operating Highlights Navios Partners owns and operates a fleet comprised of 76 dry bulk vessels, 46 containerships and 54 tankers, including 17 newbuilding tankers (eleven aframax/LR2 and six MR2 product tanker chartered-in vessels under bareboat contracts), that are expected to be delivered through 2027 and nine newbuilding containerships (seven 5,300 TEU containerships and two 7,700 TEU containerships), that are expected to be delivered through 2025. The fleet excludes one containership agreed to be sold.Navios Partners has entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.0 years. Navios Partners has currently fixed 67.2% and 40.6% of its available days for the last nine months of 2024 and for 2025, respectively. Navios Partners expects contracted revenue of $732.0 million and $684.0 million for the last nine months of 2024 and for 2025, respectively. The average expected daily charter-out rate for the fleet is $25,874 and $28,561 for the last nine months of 2024 and for 2025, respectively. EARNINGS HIGHLIGHTS For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").               Three Month Period Ended     Three Month Period Ended     March 31, 2024     March 31, 2023   (in $‘000 except per unit data) (unaudited)     (unaudited)   Revenue $ 318,555     $ 309,522   Net Income $ 73,361     $ 99,165   Adjusted Net Income $ 71,484 (1)   $ 65,715 (2) Net cash provided by operating activities $ 94,436     $ 94,516   EBITDA $ 166,155     $ 188,836   Adjusted EBITDA $ 164,278 (1)   $ 155,386 (2) Earnings per Common Unit basic $ 2.38     $ 3.22   Earnings per Common Unit diluted $ 2.38     $ 3.22   Adjusted Earnings per Common Unit basic $ 2.32 (1)   $ 2.13 (2) Adjusted Earnings per Common Unit diluted $ 2.32 (1)   $ 2.13 (2)                 (1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2024 have been adjusted to exclude $1.9 million gain related to the sale of one of our vessels. (2) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended March 31, 2023 have been adjusted to exclude a $33.5 million net gain related to the sale of nine of our vessels. Three month periods ended March 31, 2024 and 2023 Time charter and voyage revenues for the three month period ended March 31, 2024 increased by $9.1 million, or 2.9%, to $318.6 million, as compared to $309.5 million for the same period in 2023. The increase in revenue was mainly attributable to the increase in revenue from freight voyages. For the three month periods ended March 31, 2024 and March 31, 2023, time charter and voyage revenues were positively affected by $0.1 million and negatively affected by $13.0 million, respectively, relating to the straight line effect of the containership and tanker charters with de-escalating rates. The Time Charter Equivalent ("TCE") rate increased by 3.4% to $21,514 per day, as compared to $20,811 per day for the same period in 2023. The available days of the fleet decreased by 2.6% to 13,540 days for the three month period ended March 31, 2024, as compared to 13,908 days for the same period in 2023 mainly due to the sale of vessels, partially mitigated by the deliveries of newbuilding and secondhand vessels. EBITDA of Navios Partners for the three month periods ended March 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted EBITDA increased by $8.9 million to $164.3 million for the three month period ended March 31, 2024, as compared to $155.4 million for the same period in 2023. The increase in Adjusted EBITDA was primarily due to a: (i) $9.1 million increase in time charter and voyage revenues; (ii) $2.9 million decrease in other expense, net; and (iii) $1.9 million decrease in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items). The above increase was partially mitigated by a: (i) $2.1 million increase in time charter and voyage expenses mainly due to the increase in bunker expenses arising from the increased days of freight voyages in the first quarter of 2024; (ii) $1.7 million increase in vessel operating expenses mainly due to the adjustment of the fixed daily fee in accordance with our management agreements, partially mitigated by the sale of vessels; and (iii) $1.2 million increase in general and administrative expenses in accordance with our administrative services agreement. Net Income for the three month periods ended March 31, 2024 and 2023 was affected by the items described in the table above. Excluding these items, Adjusted Net Income increased by $5.8 million to $71.5 million for the three month period ended March 31, 2024, as compared to $65.7 million for the same period in 2023. The increase in Adjusted Net Income was primarily due to: (i) an $8.9 million increase in Adjusted EBITDA; (ii) a $6.1 million decrease in interest expense and finance cost, net; and (iii) a $1.8 million increase in interest income. The above increase was partially mitigated by an $11.0 million negative impact from the depreciation and amortization, mainly due to a $5.1 million increase in the amortization of deferred drydock, special survey costs and other capitalized items, a $4.5 million decrease in the amortization of the unfavorable lease terms and a $1.4 million increase in the depreciation and amortization expense. Fleet Employment Profile The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2024 and 2023.                    Three Month Period EndedMarch 31, 2024   Three Month Period Ended March 31, 2023   (unaudited)   (unaudited) Available Days(1)   13,540       13,908   Operating Days(2)   13,445       13,749   Fleet Utilization(3)   99.3%       98.9%   TCE rate Combined (per day)(4) $ 21,514     $ 20,811   TCE rate Dry Bulk (per day)(4) $ 14,209     $ 10,998   TCE rate Containerships (per day)(4) $ 29,838     $ 34,987   TCE rate Tankers (per day)(4) $ 28,087     $ 28,477   Vessels operating at period end   151       156   (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, drydockings 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, drydockings or special surveys. (4)   TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contract (grossed up by the applicable fixed vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary 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.       Conference Call Details: Navios Partners' management will host a conference call on Tuesday, May 14, 2024 to discuss the results for the first quarter ended March 31, 2024. Call Date/Time: Tuesday, May 14, 2024 at 8:30 am ETCall Title: Navios Partners Q1 2024 Financial Results Conference Call US Dial In: +1.800.579.2543International Dial In: +1.785.424.1789Conference ID: NMMQ124 The conference call replay will be available two hours after the live call and remain available for one week at the following numbers: US Replay Dial In: +1.888.269.5324International Replay Dial In: +1.402.220.7325 Slides and audio webcast: There will also be a live 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. A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the "Investors" section at 8:00 am ET on the day of the call.  About Navios Maritime Partners L.P. Navios Maritime Partners L.P. (NYSE:NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com. Forward-Looking Statements This press release 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' expected 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 dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations 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 and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including 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 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 Navios Partners' filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. 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. Contacts Navios Maritime Partners L.P.+1 (212) 906 Nicolas BornozisCapital Link, Inc.+1 (212) 661 EXHIBIT 1   NAVIOS MARITIME PARTNERS L.P.SELECTED BALANCE SHEET DATA(Expressed in thousands of U.S. Dollars)               March 31,2024(unaudited)   December 31,2023(unaudited) ASSETS                 Cash and cash equivalents, including restricted cash and time deposits over three months(1)   $ 318,373     $ 296,175   Other current assets     124,959       103,573   Vessels, net     3,746,508       3,734,671   Other non-current assets     1,034,370       1,013,147   Total assets   $ 5,224,210     $ 5,147,566                     LIABILITIES AND PARTNERS' CAPITAL                 Other current liabilities   $ 128,634     $ 174,564   Total borrowings, net (including current and non-current)     1,919,465       1,861,463   Other non-current liabilities     333,838       341,087   Total partners' capital     2,842,273       2,770,452   Total liabilities and partners' capital   $ 5,224,210     $ 5,147,566                     (1) Includes time deposits with duration over three months of $85.5 million and $47.0 million as of March 31, 2024 and December 31, 2023, respectively.   NAVIOS MARITIME PARTNERS L.P.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Expressed in thousands of U.S. Dollars except unit and per unit data)           Three Month Period Ended   Three Month Period Ended   March 31, 2024 March 31, 2023   (unaudited)   (unaudited) Time charter and voyage revenues $ 318,555     $ 309,522