Addition by Subtraction

In its financial report on the 4th quarter and year-end 2009, Navios Maritime Partners reported that it had amended its existing credit facility last month. Throughout 2009, the company met its amended covenants, while posting additional quarterly cash reserves. With three follow-on equity offerings, fleet additions and the avoidance of any writedowns, the company’s balance sheet was pristine and the company applied these cash reserves, totaling $12.5 million, to the pay down of its debt.

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