(b) Principles of consolidation: The accompanying condensed consolidated financial statements include Navios Partners’ wholly owned subsidiaries incorporated under the laws of Marshall Islands, Malta, and Liberia from their dates of incorporation or, for chartered-in vessels, from the dates charter-in agreements were in effect. All significant inter-company balances and transactions have been eliminated in Navios Partners’ consolidated financial statements.

Navios Partners also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if it determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, (ii) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Subsidiaries: Subsidiaries are those entities in which Navios Partners has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of the entity.

The accompanying interim condensed consolidated financial statements include the following entities:

Company name Vessel name Country of incorporation 2021 2020

Libra Shipping Enterprises Corporation⁽¹⁾ — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Alegria Shipping Corporation Navios Alegria Marshall Is. 01/01 – 06/30 01/01 – 06/30

Felicity Shipping Corporation⁽²⁾ — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Gemini Shipping Corporation⁽³⁾ — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Galaxy Shipping Corporation⁽⁴⁾ — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Aurora Shipping Enterprises Ltd. Navios Hope Marshall Is. 01/01 – 06/30 01/01 – 06/30

Palermo Shipping S.A.⁽⁵⁾ — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Fantastiks Shipping Corporation⁽¹²⁾ Navios Fantastiks Marshall Is. 01/01 – 06/30 01/01 – 06/30

Sagittarius Shipping Corporation⁽¹²⁾ Navios Sagittarius Marshall Is. 01/01 – 06/30 01/01 – 06/30

Hyperion Enterprises Inc. Navios Hyperion Marshall Is. 01/01 – 06/30 01/01 – 06/30

Chilali Corp. Navios Aurora II Marshall Is. 01/01 – 06/30 01/01 – 06/30

Surf Maritime Co. Navios Pollux Marshall Is. 01/01 – 06/30 01/01 – 06/30

Pandora Marine Inc. Navios Melodia Marshall Is. 01/01 – 06/30 01/01 – 06/30

Customized Development S.A. Navios Fulvia Liberia 01/01 – 06/30 01/01 – 06/30

Kohylia Shipmanagement S.A. Navios Luz Marshall Is. 01/01 – 06/30 01/01 – 06/30

Orbiter Shipping Corp. Navios Orbiter Marshall Is. 01/01 – 06/30 01/01 – 06/30

Floral Marine Ltd. Navios Buena Ventura Marshall Is. 01/01 – 06/30 01/01 – 06/30

Golem Navigation Limited⁽¹³⁾ Navios Soleil Marshall Is. 01/01 – 06/30 01/01 – 06/30

Kymata Shipping Co. Navios Helios Marshall Is. 01/01 – 06/30 01/01 – 06/30

Joy Shipping Corporation Navios Joy Marshall Is. 01/01 – 06/30 01/01 – 06/30

Micaela Shipping Corporation Navios Harmony Marshall Is. 01/01 – 06/30 01/01 – 06/30

Pearl Shipping Corporation Navios Sun Marshall Is. 01/01 – 06/30 01/01 – 06/30

Velvet Shipping Corporation Navios La Paix Marshall Is. 01/01 – 06/30 01/01 – 06/30

Perigiali Navigation Limited⁽¹²⁾ Navios Beaufiks Marshall Is. 01/01 – 06/30 01/01 – 06/30

Finian Navigation Co.⁽¹²⁾ Navios Ace Marshall Is. 01/01 – 06/30 01/01 – 06/30

Ammos Shipping Corp. Navios Prosperity I Marshall Is. 01/01 – 06/30 01/01 – 06/30

Wave Shipping Corp. Navios Libertas Marshall Is. 01/01 – 06/30 01/01 – 06/30

Casual Shipholding Co.⁽¹²⁾ Navios Sol Marshall Is. 01/01 – 06/30 01/01 – 06/30

Avery Shipping Company Navios Symphony Marshall Is. 01/01 – 06/30 01/01 – 06/30

Coasters Ventures Ltd. Navios Christine B Marshall Is. 01/01 – 06/30 01/01 – 06/30

Ianthe Maritime S.A. Navios Aster Marshall Is. 01/01 – 06/30 01/01 – 06/30

Rubina Shipping Corporation Hyundai Hongkong Marshall Is. 01/01 – 06/30 01/01 – 06/30

Topaz Shipping Corporation Hyundai Singapore Marshall Is. 01/01 – 06/30 01/01 – 06/30

Beryl Shipping Corporation Hyundai Tokyo Marshall Is. 01/01 – 06/30 01/01 – 06/30

Cheryl Shipping Corporation Hyundai Shanghai Marshall Is. 01/01 – 06/30 01/01 – 06/30

Christal Shipping Corporation Hyundai Busan Marshall Is. 01/01 – 06/30 01/01 – 06/30

Dune Shipping Corp.⁽⁶⁾ — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Citrine Shipping Corporation — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Cavalli Navigation Inc. — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Seymour Trading Limited⁽³²⁾ Navios Altair I Marshall Is. 01/01 – 06/30 01/01 – 06/30

Goldie Services Company Navios Symmetry Marshall Is. 01/01 – 06/30 01/01 – 06/30

Andromeda Shiptrade Limited Navios Apollon I Marshall Is. 01/01 – 06/30 01/01 – 06/30

Esmeralda Shipping Corporation Navios Sphera Marshall Is. 01/01 – 06/30 01/01 – 06/30

Triangle Shipping Corporation Navios Mars Marshall Is. 01/01 – 06/30 01/01 – 06/30

Oceanus Shipping Corporation^(7)(19) Castor N Marshall Is. 01/01 – 06/30 01/01 – 06/30

Cronus Shipping Corporation⁽⁷⁾ Protostar N Marshall Is. 01/01 – 06/30 01/01 – 06/30

Leto Shipping Corporation^(7)(17) Esperanza N Marshall Is. 01/01 – 06/30 01/01 – 06/30

Dionysus Shipping Corporation^(7)(30) Harmony N Marshall Is. 01/01 – 06/30 01/01 – 06/30

Prometheus Shipping Corporation^(7)(18) Solar N Marshall Is. 01/01 – 06/30 01/01 – 06/30

Camelia Shipping Inc.⁽⁸⁾ Navios Camelia Marshall Is. 01/01 – 06/30 01/01 – 06/30

Anthos Shipping Inc.⁽⁸⁾ Navios Anthos Marshall Is. 01/01 – 06/30 01/01 – 06/30

Azalea Shipping Inc.^(8)(31) Navios Azalea Marshall Is. 01/01 – 06/30 01/01 – 06/30

Amaryllis Shipping Inc.⁽⁸⁾ Navios Amaryllis Marshall Is. 01/01 – 06/30 01/01 – 06/30

Zaffre Shipping Corporation⁽¹⁴⁾ Serenitas N Marshall Is. 01/01 – 06/30 06/29 – 06/30

Wenge Shipping Corporation^(14)(20) Joie N Marshall Is. 01/01 – 06/30 06/29 – 06/30

Sunstone Shipping Corporation⁽¹⁴⁾ Copernicus N Marshall Is. 01/01 – 06/30 06/29 – 06/30

Fandango Shipping Corporation⁽¹⁴⁾ Unity N Marshall Is. 01/01 – 06/30 06/29 – 06/30

Flavescent Shipping Corporation⁽¹⁴⁾ Odysseus N Marshall Is. 01/01 – 06/30 06/29 – 06/30

Emery Shipping Corporation⁽¹⁵⁾ Navios Gem Marshall Is. 01/01 – 06/30 —

Rondine Management Corp.⁽¹⁵⁾ Navios Victory Marshall Is. 01/01 – 06/30 —

Solange Shipping Ltd.⁽¹⁶⁾ Navios Avior Marshall Is. 03/30 – 06/30 —

Mandora Shipping Ltd.⁽¹⁶⁾ Navios Centaurus Marshall Is. 03/30 – 06/30 —

Olympia II Navigation Limited Navios Domino Marshall Is. 03/31 – 06/30 —

Pingel Navigation Limited Navios Delight Marshall Is. 03/31 – 06/30 —

Ebba Navigation Limited Navios Destiny Marshall Is. 03/31 – 06/30 —

Clan Navigation Limited Navios Devotion Marshall Is. 03/31 – 06/30 —

Sui An Navigation Limited⁽²³⁾ Navios Dedication Marshall Is. 03/31 – 06/30 —

Bertyl Ventures Co. Navios Azure Marshall Is. 03/31 – 06/30 —

Silvanus Marine Company Navios Summer Marshall Is. 03/31 – 06/30 —

Anthimar Marine Inc. Navios Amarillo Marshall Is. 03/31 – 06/30 —

Enplo Shipping Limited Navios Verde Marshall Is. 03/31 – 06/30 —

Morven Chartering Inc. Navios Verano Marshall Is. 03/31 – 06/30 —

Rodman Maritime Corp. Navios Spring Marshall Is. 03/31 – 06/30 —

Isolde Shipping Inc. Navios Indigo Marshall Is. 03/31 – 06/30 —

Velour Management Corp. Navios Vermilion Marshall Is. 03/31 – 06/30 —

Evian Shiptrade Ltd. Navios Amaranth Marshall Is. 03/31 – 06/30 —

Theros Ventures Limited Navios Lapis Marshall Is. 03/31 – 06/30 —

Legato Shipholding Inc. Navios Tempo Marshall Is. 03/31 – 06/30 —

Inastros Maritime Corp. Navios Chrysalis Marshall Is. 03/31 – 06/30 —

Zoner Shiptrade S.A. Navios Dorado Marshall Is. 03/31 – 06/30 —

Jasmer Shipholding Ltd. Navios Nerine Marshall Is. 03/31 – 06/30 —

Thetida Marine Co. Navios Magnolia Marshall Is. 03/31 – 06/30 —

Jaspero Shiptrade S.A. Navios Jasmine Marshall Is. 03/31 – 06/30 —

Peran Maritime Inc. Navios Felicitas Marshall Is. 03/31 – 06/30 —

Nefeli Navigation S.A. Navios Unison Marshall Is. 03/31 – 06/30 —

Fairy Shipping Corporation Navios Utmost Marshall Is. 03/31 – 06/30 —

Limestone Shipping Corporation Navios Unite Marshall Is. 03/31 – 06/30 —

Crayon Shipping Ltd Navios Miami Marshall Is. 03/31 – 06/30 —

Chernava Marine Corp. Bahamas Marshall Is. 03/31 – 06/30 —

Proteus Shiptrade S.A Bermuda Marshall Is. 03/31 – 06/30 —

Vythos Marine Corp. Navios Constellation Marshall Is. 03/31 – 06/30 —

Prosperity Shipping Corporation — Marshall Is. 01/01 – 06/30 01/01 – 06/30

Aldebaran Shipping Corporation — Marshall Is. 01/01 – 06/30 01/01 – 06/30

JTC Shipping and Trading Ltd.⁽¹¹⁾ Holding Company Malta 01/01 – 06/30 01/01 – 06/30

Navios Maritime Partners L.P. N/A Marshall Is. 01/01 – 06/30 01/01 – 06/30

Navios Maritime Operating LLC. N/A Marshall Is. 01/01 – 06/30 01/01 – 06/30

Navios Partners Finance (US) Inc. Co-Borrower Delaware 01/01 – 06/30 01/01 – 06/30

Navios Partners Europe Finance Inc. Sub-Holding Company Marshall Is. 01/01 – 06/30 01/01 – 06/30

Navios Maritime Containers Sub L.P. Sub-Holding Company Marshall Is. 03/31 – 06/30 —

Navios Partners Containers Finance Inc. Sub-Holding Company Marshall Is. 03/31 – 06/30 —

Boheme Navigation Company Sub-Holding Company Marshall Is. 03/31 – 06/30 —

Navios Partners Containers Inc. Sub-Holding Company Marshall Is. 03/31 – 06/30 —

Iliada Shipping S.A. Operating Company Marshall Is. 03/31 – 06/30 —

Vinetree Marine Company Operating Company Marshall Is. 03/31 – 06/30 —

Afros Maritime Inc. Operating Company Marshall Is. 03/31 – 06/30 —

Cavos Navigation Co.⁽⁹⁾ Navios Libra Marshall Is. 01/01 – 06/30 01/01 – 06/30

Perivoia Shipmanagement Co.⁽¹⁰⁾ Navios Amitie Marshall Is. 01/01 – 06/30 01/01 – 06/30

Pleione Management Limited⁽¹⁰⁾ Navios Star Marshall Is. 01/01 – 06/30 01/01 – 06/30

Bato Marine Corp.⁽²¹⁾ TBN 1 Marshall Is. 03/05 – 06/30 —

Agron Navigation Company⁽²¹⁾ TBN 2 Marshall Is. 03/05 – 06/30 —

Teuta Maritime S.A.⁽²¹⁾ TBN 3 Marshall Is. 03/05 – 06/30 —

Ambracia Navigation Company⁽²¹⁾ TBN 4 Marshall Is. 03/05 – 06/30 —

Artala Shipping Co.⁽²²⁾ TBN 5 Marshall Is. 03/05 – 06/30 —

Migen Shipmanagement Ltd. Sub-Holding Company Marshall Is. 03/05 – 06/30 —

Bole Shipping Corporation⁽²⁴⁾ Spectrum N Marshall Is. 04/28 – 06/30 —

Brandeis Shipping Corporation⁽²⁴⁾ Ete N Marshall Is. 05/10 – 06/30 —

Buff Shipping Corporation⁽²⁴⁾ Fleur N Marshall Is. 05/10 – 06/30 —

Morganite Shipping Corporation⁽²⁵⁾ TBN 6 Marshall Is. 06/01 – 06/30 —

Balder Martitime Ltd.⁽²⁶⁾ Navios Koyo Marshall Is. 06/04 – 06/30 —

Melpomene Shipping Corporation⁽²⁷⁾ TBN 8 Marshall Is. 06/23 – 06/30 —

Urania Shipping Corporation⁽²⁷⁾ TBN 9 Marshall Is. 06/23 – 06/30 —

Terpsichore Shipping Corporation⁽²⁸⁾ TBN 10 Marshall Is. 06/23 – 06/30 —

Erato Shipping Corporation⁽²⁸⁾ TBN 11 Marshall Is. 06/23 – 06/30 —

Lavender Shipping Corporation⁽²⁹⁾ Navios Ray Marshall Is. 06/30 – 06/30 —

Nostos Shipmanagement Corp. ⁽²⁹⁾ Navios Bonavis Marshall Is. 06/30 – 06/30 —

(1) The vessel was sold on December 14, 2018.

(2) The vessel was sold on December 4, 2018.

(3) The vessel was sold on December 21, 2017.

(4) The vessel was sold on April 23, 2019.

(5) The vessel was sold on April 21, 2017.

(6) The vessel was sold on January 12, 2017.

(7) The vessels were acquired on December 13, 2019, following the liquidation of Navios Europe I.

(8) The vessels were acquired on December 16, 2019.

(9) The vessel was delivered on July 24, 2019 (see Note 17 - Leases).

(10) The vessels were delivered on May 28, 2021 and June 10, 2021 (see Note 17 - Leases).

(11) Not a vessel-owning subsidiary and only holds right to charter-in contracts.

(12) Vessels under the sale and leaseback transaction (see Note 17 - Leases).

(13) The vessel was sold on December 10, 2020 (see Note 5 – Vessels, net).

(14) The vessels were acquired on June 29, 2020, following the liquidation of Navios Europe II (see Note 5 - Vessels, net).

(15) The vessels were acquired on September 30, 2020, from Navios Holdings (see Note 5 - Vessels, net).

(16) The vessels were acquired on March 30, 2021, from Navios Holdings (see Note 5 – Vessels, net).

(17) The vessel was sold on January 13, 2021(see Note 5 – Vessels, net).

(18) The vessel was sold on January 28, 2021 (see Note 5 – Vessels, net).

(19) The vessel was sold on February 10, 2021 (see Note 5 – Vessels, net).

(20) The vessel was sold on March 25, 2021 (see Note 5 – Vessels, net).

(21) Expected to be delivered by the second half of 2022.

(22) Expected to be delivered in the second quarter of 2023.

(23) The vessel was sold on July 31, 2021.

(24) The vessels were acquired on May 10, 2021 (see Note 5 – Vessels, net).

(25) Expected to be delivered in the first quarter of 2023.

(26) The vessel was acquired on June 4, 2021, from Navios Holdings (see Note 5 - Vessels, net).

(27) Expected to be delivered by the second half of 2023.

(28) Expected to be delivered by the first half of 2024.

(29) The vessel was acquired on June 30, 2021, from Navios Holdings (see Note 5 - Vessels, net).

(30) The vessel was sold on August 16, 2021.

(31) The vessel was sold on August 13, 2021.

(32) The vessel was agreed to be sold and the sale is expected to be completed during the third quarter of 2021.

Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of such shares qualifies as a sale of such shares. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. For the six month period ended June 30, 2020, the amount of $6,900 was recognized as impairment of receivable in affiliated company, related to the other-than-temporary impairment recognized in the Navios Partners’ receivable from Navios Europe II.

Affiliates included in the financial statements accounted for under the equity method: In the consolidated financial statements of Navios Partners, the following entities are included as affiliates and are accounted for under the equity method for such periods: (i) Navios Containers and its subsidiaries (ownership interest as of June 30, 2020 was 33.5%), following the completion of the merger, as of March 31, 2021, Navios Containers was acquired by Navios Partners and ownership was 100%; and (ii) Navios Europe II and its subsidiaries (ownership interest through the date of its liquidation on June 29, 2020 was 5.0%) (see Note 3 – Acquisition of Navios Containers).

Recent Accounting Pronouncements:

Recent Accounting Pronouncements:

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in Navios Partners’ Annual Report on Form 20-F for the year ended December 31, 2020.