Thank you for standing by ladies and gentlemen, and welcome to the Navios Maritime Partners conference call on the third quarter 2009 financial results. We have with us, Ms. Angeliki Frangou, Chairman and CEO; Mr. George Achniotis, Executive Vice President for Business Development; and Mr. Michael McClure, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. (Operator instructions) I must advise you that this conference is being recorded today, Thursday, October 29th, 2009. We will now pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relations Advisor for Navios Maritime Partners. Please go ahead, sir.

Thank you and good morning to all of our participants. This is Nicolas Bornozis, Capital Link, Investor Relations Advisor to Navios Maritime Partners L.P. Yesterday, after market closed, the company released financial results for the third quarter and nine months period of 2009. The press release has been distributed publicly and is also available on the company’s Website under the Investor Relations section at www.navios-mlp.com. On the Website in the same section and also under events, you can access and download the slides used in today’s conference call and webcast, and you can also access the webcast itself. You are also welcome to call us at 212-661-7566 or e-mail us at naviospartners@capitallink.com, and we will send you the press release and the slides. Today, in addition to the conference call, there is also a live audio and slides webcast, which can be accessed as I mentioned to the company’s website at www.navios-mlp.com. The webcast will also be available as an archive after the conference call. Please note that the slides are user-controlled, so by clicking on the proper button, you can move to the next or to the previous slide on your own. Before we proceed with the presentation, I have to take you through the forward-looking statement disclaimer as displayed on slide number 2 of the presentation. Please note that statements in this presentation and webcast, which are not statements of historical facts are forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable to 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. A full description of the forward-looking statement disclaimer can be found in the press release and also on slide number 2 of the presentation. Please be kind enough to take a minute and read the story. Now, I will turn over the floor to Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Maritime Partners. Please go ahead, Angeliki. Thank you.

Thank you Nicolas and good morning to all of you joining us on today’s call. I am pleased with our financial results for the third quarter. We previously announced a distribution of $0.405 for the third quarter of 2009. We are optimistic about the growth of the world’s economy a good outlook for the drybulk industry. Economic growth is projected to be over 3% global for 2010, and the IMS generated forecast earlier this month. Emerging markets generally in China specially, the growth trends into the drybulk industry are expected to outperform it. Demand seems very healthy, however, we continue to monitor the supply side in terms of the new vessel delivery. We have done a great deal of work positioning Navios Partners, so that we can take advantage of the continued demand in our sector. Slide 5 fits for the pillars of our conservative business model. We have grown our fleet overtime, and we are ready to have almost 11 vessels that’s relatively young, as our vessels are almost 10 years younger than the industry average. The fleet also enjoys long-term charter coverage with an average remaining cover of four years. The fleet is chartered out to strong counterparties that are all ensured by a AA+ rating EU governmental agency. We have also been able to steadily increase distribution from our minimum distribution of 35% [ph] a quarter in the second quarter of 2008, with a current distribution that we recently announced of $0.405 per quarter. This represents an increase of almost 16%, leasing more than 12 months. We have also provided continued operating visibility, as we have recently obtained a fixed rate management services for our vessels until November of 2011. Please turn to slide 7. Our hard work has also paid off in another way. In the…

Thank you Angeliki and good morning to our listeners. I will be discussing the unaudited financial results for the third quarter and nine months ended September 30th 2009. For your information, we anticipate issuing the Q3 6-K financial report later today. On slide 11, as previously announced, our Board of Directors approved an increase in Q3’s cash distribution of $0.405 per common unit. This represents a 1.3% increase over the prior quarterly distribution and the third increase in distribution since Q1 2008. The record date for the third quarter distribution is November 9th and the payment date is November 12th. The total distribution amounts to $11.6 million, of which $8.2 million will be for the common units and $3.4 million for the GP and subordinated units. We are pleased with the distribution coverage. Common unit coverage is 2.24 times and the total unit coverage is 1.59 times. For US tax purpose, Navios Partners is one of the few MLP to report a cumulative annual distribution to common unit holders on Form 1099. It is expected that a significant portion of the distribution will be a return of capital, with the balances as qualified dividend income. Turning to slide 12, Navios Partners’ distribution of $0.405 per unit represents a 15.7% increase over the quarterly minimum distribution of $0.35. The distribution run rate on an annual basis is 1.62 per common unit and provides an effective annual yield of approximately 13.1% based on yesterday’s closing price. The financial results review begins on slide 14 entitled Significant Growth in Key Operating Metrics. The favorable quarterly pattern of EBITDA, Operating Surplus, and net income are shown for the seven quarters from Q1 2008 through Q3 2009. The consecutive higher results primarily reflect the significant profitable growth by the company from increases in the number…

Thank you Mike and good morning all. Please turn to slide 22. In September, the Baltic Exchange Dry Index is below 2,200 for the first time since May. This was largely due to a weakness of the Capesize market. The Panamax and Handymax market remain resilient, as was the underlying demand for smaller vessels. In general, freight rates were mainly affected by a market softening in Chinese domestic fleet prices, international iron ore import prices, the reduced poor congestion at Chinese iron ore terminal. Subsequent to Q3, there have been reported some gains in Chinese domestic steel prices. In addition, Chinese iron ore imports have rebounded and boosted our daily earnings by 40% in the last month. The recent drybulk rate reflects a number of markets, including changing setting pattern resulting in the inefficient use of the drybulk fleet for delays and increased traffic. The net result is a relevantly balanced drybulk market, despite the record new buildings having entered the market space. While Chinese iron ore port congestion eases, Australia’s coal port remains substantial, with 60 to 70 [ph] Panamaxs having being waiting to load at this terminal in recent weeks. Moving to slide 23, In October, the IMF generated this forecast for world GDP growth in 2010 to 3.1%. This includes a GDP growth outside of the emerging market and increased prospect for improved raw material demand globally. While drybulk freight growth is projected in 2010 at over 5%, the current indications are positive. The world lead indicator produced by the organization for economic corporation and development grows for a fixed trade market in August, up by 3.2% from 0.6% [ph] in July compared with growth of 7% late 2008. This suggests that global industrial production growth returns positive over the coming three to six months. Turning now…

Thank you George, and this completes our formal presentation. We are opening the call to questions.

(Operator instructions) From Merrill Lynch, your first question comes from Ken Hoexter. Please go ahead sir. Ken Hoexter – Merrill Lynch:

This is a regular Navios side from the previous time, because today you will not be able to have a $24,000 gross, $23,700 net for three years. So, you mentioned, these can be yearly rate around, you could have $18,000 or $19,000 for it one year, but not a three-year rate. So, the reality, this is a very good charter, it brings us in the end of 2012. By the time the vessel, you have generated about 21 million down this vessel, we bought it for 32 million, so you are down to about $11 million. So, for us, this is going to be around 11 years old. So, to me, that is a risk that even if you take the cycle of as a residual value risk, it’s very, very good, because you still have over 10 years on the life of that vessel, while you are up sitting at about 11 million. So, this is a good cash flow because for Navios Partners’ gains ability to be an accretive deal in case of distribution and at the same time, you come to a very good residual value risk for the vessel. Ken Hoexter – Merrill Lynch: Okay. Great. And so, you mentioned that obviously sorority wasn’t obvious vessel. So, you are not seeing much in the way of any kind of startup discussions for any longer-term charters in the market now then, right?

There is a period charter, but you know, today I think it’s not a moment in having in front of you 2010, I wouldn’t take that as the time to do long-term charters. If you really are in a need, you do it, but your charter, your major charter in period activity should have happened in 2008. Ken Hoexter – Merrill Lynch: Okay. And just two quick ones on the vessel, who is this vessel chartered to?

We can’t disclose, but you have the exact time charters, you are going to see, which of our counterparty has increasing percentage. I think it would be easy. Ken Hoexter – Merrill Lynch: Okay. And this vessel also is insured as the other ones, right?

Yes, yes. Ken Hoexter – Merrill Lynch: Okay. Wonderful, thanks for the time.

Thank you.

Thank you. Now from Cantor Fitzgerald, you have a question from Noah Parquette. Please go ahead. Noah Parquette – Cantor Fitzgerald: Good morning.

Good morning. Noah Parquette – Cantor Fitzgerald: Just going back to the vessel, why is it that you chose the Supermax vessel class? I mean, was it simply a function of the charter being attractive or can we expect – explain more into that vessel class?

I think that Navios Partners has to be in every asset class. It has Capesize, Panamax, it is important that Ultra-Handymax, Supermax is also part of the equation to have a diversified portfolio. It gives us a less risk from a residual value or the re-charting on the back end. Also, I mean, and now their function is to do Navios Partners is all about cash flows. We are the only company that provides distributions. We increased our distribution. And so, what we evaluate the market is the cash flows. It’s very important to be able to do accretive deal with a relatively small amount of money. We made an accretive deal that you needed to fix duration and vessel on an acceptable risk. Noah Parquette – Cantor Fitzgerald: Okay, great. And going to more macro questions. Obviously Chinese steel production has surged this year, but the government is talking a lot about curbing overproduction, overcapacity, how successful do you think they will be next year, can we see – do you expect to see some sort of leveling off of production, or are we going to see another large increase?

I think China has made it clear this year that it was one company that was more quick on the fiscal stimulus, it has all the needs on the infrastructure development, it’s not that theoretically. So, they made the roads, the railways and all the infrastructure development. I don’t see that China is going to stop that. We have seen China growing easily in these very tough year at over 9%. So, I think this is something that we are not going to see China stopping that situation. Noah Parquette – Cantor Fitzgerald: But specifically the steel production, I mean, the steel production really is 25% this year, I mean, do you expect sometime again, steel prices have been weak?

We balance between the western world and China. I don’t think China will stop producing. That’s my opinion. Noah Parquette – Cantor Fitzgerald: Okay. And then just one more question. You have kind of, it’s a little bit more long term, the dollar has depreciated quite a bit in the last year, obviously the drybulk markets business is conducted in dollars. And you know there has been talks of eventually (inaudible) losing affinity of the world reserve currency, what kind of effect will that happen in the drybulk market five or ten years out in your opinion?

First of all, it won’t be within my lifetime that the dollar is not going to be in the reserve currency. So, we still however review the vault. United States is the biggest economy, with the addition of the next three economies not even reaching the level of US as an economy, the level of the economy is huge. So, in my lifetime, I don’t think that dollar is going to be less of the reserve currency. And another thing is you have to be very aware is that where dollar denominated index, the evaluation on that dollar has a positive effect to the shipping, to the freight. So, this is one thing that you should always keep in mind. Noah Parquette – Cantor Fitzgerald: Right, you don’t have any sort of inflation index into your charters, built into your charters, do you?

No, but inflation is good for assets. Noah Parquette – Cantor Fitzgerald: Okay, all right. Thank you.

In an ultimate worst-case scenario of the world, inflation dollar devaluation, shipping is a best beneficiary of that. I don’t say that this will happen, but let’s take the worst case. This is not a very bad scenario for shipping. Noah Parquette – Cantor Fitzgerald: Yes, I agree. I just want to get your opinion. Okay, thanks.

Thanks.

Thank you very much. Now from Citi, you have a question from Matthew Troy. Please go ahead sir. Bascome Majors – Citigroup: Hi guys, this is Bascome Majors in for Matthew Troy. How are you doing?

Hello.

Hi. Bascome Majors – Citigroup: Hi. I was looking at the vessel that you guys added that will be online in 4Q, and I was just trying to get an idea if you could walk us through how that might affect the expense lines on a per-day basis or something along those lines going forward.

We have now a new agreement which you can see. It is a clearly articulated in United States [ph] all uncertainty out of Navios Partners. It’ s 4,500 for Ultra-Handymax per day, and 4,400 for Panamax, and 5,500 for Capesize. So, I think you can very clearly do your model on this. As you have the charter-out rate and you have the cost or the chartering. This is for the next two years until end of 2011. Bascome Majors – Citigroup: Okay. And as far as depreciation per quarter or year on that vessel?

It is 25-year life, so you take that and – Bascome Majors – Citigroup: Got you. And as far as your borrowing strategy, have you guys thought anymore about exposure to variable rates or you are going to continue as is for the time being?

What do you mean – I think that we are still living in a deflationary market. So, we do not fix a rate. I think it would have been a disaster if we did that. We have some companies suffering from that. Bascome Majors – Citigroup: All right. That’s all I have. Thanks for the time.

Thank you.

Thank you very much indeed. (Operator instructions) As there are no further questions at this time, we now pass the floor back to Angeliki Frangou for closing remarks.

Thank you for attending our third quarter of 2009 results for Navios Partners. Thank you.

And with many thanks to all our takers today, that does conclude our conference. Thank you for participating. You may now all disconnect.