Navios Maritime Partners L.P.
Reports Financial Results for the First Quarter Ended March 31, 2012
• Cash distribution of $0.44 per unit for Q1 2012
• 11.7% increase in quarterly Operating Surplus to $29.6 million
• 13.6% increase in quarterly EBITDA to $36.8 million
PIRAEUS, GREECE, April 26, 2012 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2012.
Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "I am pleased with our results for the first quarter of 2012.
For the quarter, operating surplus increased by about 12% and net income by about 2%.
We recently declared a distribution of $.44 per unit for the quarter, representing an annual distribution of $1.76 and a current yield of 11.2%."
Ms. Frangou continued, "Although the market has been difficult in the past few years, we have been able to increase distributions and believe we will be able to continue increasing distributions by growing our fleet.
In addition to drop downs and option exercises we have used in the past, we have vigilantly monitored opportunities in the dry bulk sales and purchase market.
Asset values have recently begun to rationalize, and we believe there may be opportunities for Navios Partners in the current sales and purchase market."
RECENT DEVELOPMENTS
Cash Distribution
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2012 of $0.44 per unit. The cash distribution is payable on May 14, 2012 to unitholders of record on May 10, 2012.
- more here:
http://navios-mlp.irwebpage.com/pages/news/Q1_2012_NMM_Earnings_Press_Release.pdf
Website:
http://www.navios-mlp.com/
