Navios Maritime Partners Reports Q1 Results
* Cash Distribution of $0.43 per unit for the first quarter ended March 31, 2011
* 45.6% increase in quarterly Revenues to $42.8 million
* 56.8% increase in quarterly Operating Surplus to $26.5 million
* 52.1% increase in quarterly EBITDA to $32.4 million
PIRAEUS, GREECE, April 20, 2011 - Navios Maritime Partners L.P. (NMM) ("Navios Partners") (NYSE: NMM), an owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2011.
Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to announce a cash distribution of $0.43 per unit. We are also pleased with our recent successful equity offering. The net proceeds will allow us to acquire additional vessels. Through these acquisitions, our objective is to continue to increase our distributions while reducing our leverage. We are mindful that shipping can be cyclical and we work to eliminate the impact of cyclicality on our distributions."
Source: Navios Maritime Partners