Aviation, Transportation & Defense Conference, NYC March 15, 2012 Statements in this presentation which are not statements of historical fact are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, 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. For the selected financial data presented herein, Navios Partners compiled consolidated statements of income for the three month periods ended December 31, 2011 and December 31, 2010 and for the years ended. December 31, 2011 and December 31, 2010.
Seasoned Management Team Angeliki Frangou Chairman & CEO George Achniotis EVP, Business Development Stratos Desypris CFO Fred Gordon SVP, Corporate Affairs 19 years experience in the shipping industry Chairman and CEO of Navios Group Previously founded two private shipping companies Board Member since inception CFO of Navios Maritime Holdings since April 2007 PwC partner in charge of shipping practice in Greece UK Chartered Accountant 19 years experience in the accounting profession Joined Navios in 2006 Chief Financial Controller for Navios Maritime Holdings SVP of Strategic Planning for Navios South American Logistics 9 years experience in the accounting profession Joined Navios in 2006 Over 33 years of experience working for shipping and project development companies in business development, strategic planning, finance, chartering and technical capacities. Worked for drybulk, tanker, gas, container and reefer ship owners and operators Other Key Management & Board Members John Karakadas Director Michael Sarris Director Shunji Sasada Director Serafeim Kriempardis Director Robert Pierot Director Board member since 2007 Chairman and CEO of Singular Logic Deputy CEO of Marfin Investment Group Served on the BoD of IRF and Greek Information Technology Holdings Board member since 2010 Served as Minister of Finance for Cyprus from 2005 to 2008 Prior role at World Bank where responsible for supervision and design of country strategies for areas of Africa, Latin America and East Asia 28 years experience COO Navios Corp 16 years experience with Mitsui O.S.K. Lines Ltd, including 6 years with Trinity Bulk carriers (Norway) and Mitsui O.S.K. Bulk Shipping (London) Joined Navios in 1997 Board member since December 2009 Served as Head of Shipping of Piraeus Bank Served as Head of Shipping of Emporiki Bank Board member since 2007 Director and Principal of Jacq. Pierot Jr. & Sons Inc. 31 years of ship brokering experience 2
Company Highlights Long Term Charter Coverage Average charter duration is approx 4 years Staggered charter-out expirations minimize charter renewal risk Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, STX Panocean, etc.) Insured Revenue Stream Charter-out contracts insured by AA rated EU Governmental Agency Steady Increase in Distribution Per Unit 26% increase in distributions since 2008 6.22% average distribution growth Operating Expense Visibility Fixed operating costs until December 2013 Young, Growing Fleet More than tripled fleet capacity since November 2007 IPO Fleet age of 5.6 years (1) vs. industry fleet age of approx. 12.0 years (2) (1) Navios Maritime Partners fleet age weighted by DWT (2) Source: Drewry s as of December 2011 3
Navios Partners Ownership Structure 100% Membership Interest Navios Maritime Holdings Inc. NYSE: NM Common Unitholders Navios GP L.L.C. (General Partner) 25.1% Limited Partner Interest 72.9% Limited Partner Interest 2.0% General Partner Interest Incentive Distribution Rights Navios Maritime Partners L.P. NYSE: NMM 100% Membership Interest Navios Maritime Operating L.L.C. 18 Dry Bulk Vessels 6 Capesize, 11 Panamax and 1 Ultra Handymax Dry Bulk Carriers 4
Ready Access to Capital Markets Navios incorporated as a subsidiary of US Steel Corporation Aug 2005: ISE/Navios merger effective Apr 2008: Dropdown of Navios Hope (Aurora) May 2009: $36.1mm equity offering Sep 2009: $38.6mm equity offering Nov 2009: $59.6mm equity offering Jan 2010: Exercise Purchase Option of Navios Sagittarius; Dropdown of Navios Hyperion May 2010: Dropdown of Navios Pollux Nov 2010: Dropdown of Navios Melodia & Navios Fulvia Apr 2011: $90.5mm equity offering 1954 2005 2006 2007 2008 2009 2010 2011 Nov 2007: NYSE Listing Navios Maritime Partners LP (NMM) May 2008: Exercise Purchase Option of Navios Fantastiks Jun 2009: Dropdown of Navios Sagittarius Oct 2009: Dropdown of Navios Apollon Feb 2010: $62.4mm equity offering May 2010: $92.3 mm equity offering Mar 2010: Dropdown of Navios Aurora II Oct 2010: $111.6 mm equity offering May 2011: Dropdown of Navios Orbiter & Navios Luz Benefits from our operating history $500 million (approx) raised in equity offerings Multiple avenues of growth Significant distribution growth since IPO 26.0% increase Benefitting from Strong Sponsor (dropdown of vessels, controlled operational costs) 5
Multiple Avenues of Distribution Growth Since IPO: 26% Distribution Increase 211% Operational Fleet Capacity increase Growth Through Navios Holdings Controlled Vessels Right to purchase Capesize and Panamax vessels on 3+ year charters Dropdown candidates feature known vessels and charterers along with credit risk insurance Navios Group has grown to a controlled fleet of 74 dry bulk and 26 tanker vessels Exercising Purchase Options Exercised purchase option for Navios Fantastiks in Q2 2008 and Navios Sagittarius in Q1 2010 Purchase options on Navios Prosperity (2012) and Navios Aldebaran (2013) Opportunities in the Dry Bulk S&P Market Vessel values have fallen significantly from 2008 highs Sale and purchases of dry bulk vessels Highly fragmented industry November 2007 IPO 626,100 DWT +211% (1) December 2011 1,945,432 DWT (1) Includes owned and chartered-in tonnage 6
Benefits from a Strong Sponsor Large Diversified Young Fleet 56 vessels, 43 in operation Healthy newbuilding program of fully funded owned-vessel plus chartered-in fleet with purchase options Average age: 5.0 years Navios Group controls 100 vessels (1) AA credit default insurance on all vessels acquired from Sponsor Benefit from Seasoned Technical and Commercial Management Team Technical and Commercial operating agreement provides OPEX of approximately 30% less than industry average (2) due to economies of scale Strong Long-Term customer relationships Leverage brand name with industry players, shipyards and banks Omnibus Agreement NMM Option on acquisition of owned Panamax and Capesize vessels chartered out for 3+ years Management & Administrative Services Agreements with Navios Holdings fixes operating expenses Management and Administrative Services Agreements extended for additional 5 years until December 2017 Management Agreement fixes fees for additional two years through December 2013 3% increase for a 2-year period ending December 2013 at: $4,650 per Ultra-Handymax vessel per day $4,550 per Panamax vessel per day $5,650 per Capesize vessel per day This agreement enhances the visibility of our cost base (1) Navios Group is composed of Navios Holdings (NM), Navios Partners (NMM) and Navios Acquisition (NNA). Excludes Navios Logistics fleet (2) Source: Drewry Shipping Consultants July 2011 7
Successful Dropdown History Since Inception, Sponsor has dropped down 10 vessels generating aggregate annual EBITDA of approximately $107.0 million (1) Vessels Type Built DWT Navios Apollon Ultra-Handymax 2000 52,073 Navios Hyperion Panamax 2004 75,707 Navios Orbiter Panamax 2004 76,602 Navios Hope Panamax 2005 75,397 Navios Sagittarius Panamax 2006 75,756 Navios Aurora II Capesize 2009 169,031 Navios Pollux Capesize 2009 180,727 Navios Fulvia Capesize 2010 179,263 Navios Melodia Capesize 2010 179,132 Navios Luz Capesize 2010 179,144 (1) Assumes 360 revenue days, 365 opex days and $0.2 million of general and administrative expenses per vessel 8
Financial Highlights 9
Q4 & YE Dec 31, 2011 Earnings Highlights (in $ million) except active vessels and available days Three months ended December 31, 2011 Earnings Highlights Three months ended December 31, 2010 Y-O-Y Variance Year ended December 31, 2011 Year ended December 31, 2010 Y-O-Y Variance Time charter and voyage revenue 50.5 42.5 18.8% 187.0 143.2 30.6% Net Income 18.7 18.4 1.6% 65.3 60.5 7.9% Adjusted Net Income (1) 18.7 18.4 1.6% 69.3 60.5 14.5% EBITDA (2) 38.6 32.2 19.9% 137.8 107.1 28.7% Adjusted EBITDA (1) 38.6 32.2 19.9% 141.8 107.1 32.4% Operating Surplus (3) 31.3 27.1 15.5% 115.9 87.6 32.3% Replacement Capex Reserve 4.8 4.0 20.0% 18.6 14.7 26.5% Active Vessels 18 16 12.5% 18 16 12.5% Available Days 1,647 1,381 19.3% 6,251 4,879 28.1% (1) Adjusted Net Income and Adjusted EBITDA for the year ended December 31, 2011, exclude the $4.0 million non-cash charge for writing-off the intangible asset associated with the Navios Apollon charter out contract. (2) EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes. EBITDA is presented because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Partners ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a non-gaap financial measure and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. (3) Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners capital assets. Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership s ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of Navios Partners performance required by accounting principles generally accepted in the United States. 10
Balance Sheet Selected Balance Sheet Data (in $ million) December 31, 2011 December 31, 2010 Cash & cash equivalents (1) $56.5 $52.1 Other current assets 7.0 3.5 Vessels, net 667.2 612.4 Total Assets 909.9 840.9 Deferred revenue, current 10.9 10.6 Other current liabilities 9.1 5.7 Long term debt, current portion 36.7 29.2 Long term debt 289.4 292.3 Total partners capital 559.6 491.5 Total liabilities & partners capital 909.9 840.9 Net Debt / Asset Value (charter attached) (2) 35.1% 32.3% Accumulated Replacement Capex Reserve 52.1 33.6 (1) Includes restricted cash (2) Considers Clarksons charter attached values of owned vessels and chartered-in vessels (less the exercise values) as of December 31, 2011 11
Q4 2011 Cash Distribution Cash Distribution of $0.44 per unit for Q4 2011 ($1.76 annualized) Record Date: February 9, 2012 Payment Date: February 14, 2012 Operating Surplus: $31.3 million Total Unit Coverage: 1.26x Distribution: $24.8 million Tax Efficient Status Distributions reported on Form-1099 12
Significant Growth: Distribution & Operating Metrics Dividend Distribution Trend Q4 2011 $0.44 Q3 2011 $0.44 Q2 2011 $0.44 Q1 2011 $0.43 Q4 2010 $0.43 Q3 2010 $0.42 Q2 2010 $0.42 Q1 2010 $0.415 Q4 2009 $0.41 Q3 2009 $0.405 Q2 2009 $0.40 Q1 2009 $0.40 Q4 2008 $0.40 45 40 35 30 25 20 15 10 Significant Growth in Key Operating Metrics EBITDA Operating Surplus Net Income Q3 2008 $0.385 Q2 2008 $0.35 Q1 2008 $0.35 Current Annualized Yield*: 10.8% Current Annual Distribution Run Rate* = $1.76 *As of March 9, 2012 5 0 Q1 2008 Q2 2008 Q3 2008 13 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011
Fleet Profile 14
Portfolio of Industry Leading Charterers AA Rated EU Governmental Agency insurance on charters-out Remaining Charter Duration Average Charter Duration: approx. 4 years 1-3 years 3-6 years 6-10 years 23% 8% 69% Revenues by Charterer Navios Holdings, 0.7% Norden, 0.1% Vitol group, 0.7% Korea Line, 14.1% Arcelor Mittal, 1.6% Hanjin, 11.6% MOSK, 5.8% Constellation Energy Group, 8.04% Rio Tinto, 6.0% Sanko, 3.5% Augustea, 2.3% Daiichi, 0.5% STX Pan Ocean, 14.3% Cosco, 16.1% 77% of contracted revenue secured by charters running longer than 3 years (1) Samsun Logix, 14.6% Diversified customer base with strong creditworthy counterparties (1) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays Navios Partners directly 15
Staggered Charter Expirations (1) Prosperity Libra II Aldebaran Felicity Hope Alegria Gemini S Fantastiks Apollon Orbiter Hyperion Fulvia Galaxy I Sagittarius Pollux Aurora II Luz Melodia (5) (7) $24,000 Jul 2012 $18,525 Nov 2012 $28,391 Mar 2013 $26,169 Jun 2013 $17,562 Aug 2013 $16,984 (4) Feb 2014 $24,225 Feb 2014 $32,279 $36,290 Feb 2014 $13,775 $12,500 $13,500 Mar 2014 $38,052 Apr 2014 $37,953 Apr 2014 $50,588 Sept 2015 $21,937 Feb 2018 Average Age of Navios Partners Fleet (2) : Average Age of Dry Bulk Industry Fleet (3) : 5.6 years 12.0 years $26,125 Nov 2018 $42,250 Jul 2019 $41,325 Nov 2019 (6) $29,356 Nov 2020 $29,356 (8) Sep 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (1) Per day, net of commission (2) Navios Partners fleet age weighted by DWT (3) Source: Drewry Shpping Consultants, December 2011 (4) 50/50 profit sharing above $16,984 per day based on Panamax TC Avg (5) New charter for two years at a rate of $12,500 net per day for the first year and $13,500 net per day for the second year plus 50/50 profit sharing based on actual earnings (6) 50/50 profit sharing above $38,500/day based on Baltic Exchange Capesize TC Average (7) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays Navios Partners directly 16 (8) 50/50 profit sharing above $37,500 per day based on BCI TC Avg
Industry 17
GDP Growth Driven by Emerging Economies 12 10 8 6 4 2 5.4 5.9 3.3 3.9 1.2 1.9 0-2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Emerging and developing economies World Advanced Economies Changing economic growth expectations: In January, the IMF forecast 2012 world growth at 3.3%, advanced economies growth at 1.2% and emerging and developing economies growth at 5.4%, over 4x greater than advanced economies. Source: IMF January 2012 18
The Southern Trade Routes: How China / India Can Keep Growing Without the OECD OECD Trade Expansion 1950+ Europe Massive expansion in South: South Trade, as expanding economies such as China and India invest overseas to secure raw material supply United States Africa India China Japan South America Southern Silk Route S.E. Asia Australia Source: Galbraiths, Oct 2011 and HSBC Southern Silk Road June 2011 Movements of Oil, Iron Ore, Coal, Grain etc. from emerging nations in return for investment/infrastructure, Oil/Steel products from China and India 19
Chinese Urbanization & Steel Production Urban Population % 100% 90% 90% 82% 80% 71% 73% 70% 60% 51% 54% 50% 40% 30% 30% 25% 17% 20% 10% 18% 0% 1962 1969 1976 1983 1990 1997 2004 2011 2018 2025 2032 2039 2046 China Urban % India Urban % US Urban % Cumulative MTPA 600 500 400 300 200 100 0 Iron Ore Projected Additional Production (Cumulative MTPA) 2011P 2012 2013 2014 Certain/probable iron ore projects Iron Ore Steel Production Million tons Domestic Production Imports 2006 580 YoY% 326 YoY% 421 YoY% 2007 707 22% 384 18% 488 16% 2008 785 11% 444 16% 500 2% 2009 873 11% 630 42% 567 13% 2010 1,065 22% 619-2% 626 10% 2011 1,315 24% 687 11% 683 9% Sources: UN FAO Aquastat, National Bureau of Statistics of China/Mysteel, UNCTAD, CIA Factbook, Financial Times, SSY 20
Indian Urbanization Leads to Increasing Industrial Production 250 Indian Coal Imports 350 300 250 Monthly Steel Production (Indexed Jan 2004 = 100) 200 150 100 50 2006-2011 CAGR CAGR = = 25% 25% Index 200 150 100 50 0 700 600 02/04 07/04 12/04 05/05 10/05 03/06 08/06 01/07 06/07 11/07 04/08 09/08 02/09 07/09 12/09 05/10 10/10 03/11 08/11 China India Japan South Korea Urban Population 1991 to 2030 and Percent Urban (increase of about 11.5 million people/year) 0 2006 2008 2010 2012F 2014F Population (millions) 500 400 300 200 100 26% 28% 30% 40% Sources: Clarksons, Credit Suisse, World Steel Association, McKinsey Global Institute 21 0 1991 2001 2008 2030
Scrapping Dynamics Aging Fleet + Restricted Credit + High Scrap Price = Accelerated Scrapping (1) 2009 scrapping 2.4% of fleet DWT (10.0 million DWT) 2010 scrapping 1.3% of fleet DWT (5.8 million DWT) 2011 scrapping 4.2% of fleet DWT (22.3 million DWT) 2012 scrapping 0.9% of fleet DWT (5.4 million DWT) through 3/8 2012 Projected 4.7% or 28.9 million DWT 2009 total dry bulk fleet 459.2 million DWT - Non delivery 40% 2010 total dry bulk fleet 536.1 million DWT - Non delivery 38% 2011 total dry bulk fleet 613.4 million DWT - Non delivery 30% Net fleet growth for 2009 = 9.8% Net fleet growth for 2010 = 16.5% Net fleet growth for 2011 = 14.4% 20+ Years 25+ Years Dry Bulk Industry Age Profile (2) (% DWT) 30.0% 20.0% 10.0% 0.0% 6.6% 11.1% Total Dry Bulk Fleet (1) Source: Clarksons (2) Source: SSY Dry Bulk Forecaster, February 2012 17.7% (110 m DWT) Year Bulk Carrier Demolition (1) Total Demolition (m dwt) Demolition as % of Fleet 1998 12.2 4.60% 1999 9.1 3.40% 2000 4.5 1.60% 2001 8.1 2.80% 2002 6.0 2.00% 2003 4.1 1.40% 2004 0.3 0.10% 2005 0.9 0.30% 2006 1.8 0.50% 2007 0.4 0.10% 2008 5.0 1.20% 2009 10.0 2.37% 2010 5.8 1.26% 2011 22.3 4.17% Through 3/8/2012 5.4 0.88% 22
Dry Bulk Orderbook Actual & Non-Deliveries Early indication of high level of non-deliveries for 2012 2011 December 2011: 137.3 M DWT projected; 95.9M actual DWT delivered (30% non-delivery by DWT-preliminary) 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels) 2010 2009 125.6M DWT projected; 77.9 million actual DWT delivered (38% non-delivery by DWT) 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels) 71.3M DWT projected, 43.1 million actual DWT delivered (40% non-delivery by DWT) 546 actual deliveries, 962 newbuilds projected (43% non-delivery by # of vessels) Million DWT 140 120 100 80 60 40 20 0 Orderbook by year of delivery Actual nondelivery 28.2 dwt 43.1 125.6 Actual nondelivery 47.7 dwt 77.9 Before non-delivery 137.3 138.9 2009 2010 2010 2011 2012 2011 2012 2013 101.1 Actual nondelivery 41.4 dwt As of Jan 1, 2010 As of Jan 1, 2011 As of Jan 1, 2012 95.9 Before non-delivery 50.5 Source: Clarksons 23
Baltic Exchange Dry Index* 2002-2011 BDI 2002 to date BDI October 2008 to date * As of 03/09/2012 24
Conservative Business Posture Long Term Charter Coverage Average charter duration is approx 4 years Staggered charter-out expirations minimize charter renewal risk Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, STX Panocean, etc.) Insured Revenue Stream Charter-out contracts insured by AA rated EU Governmental Agency Steady Increase in Distribution Per Unit 26% increase in distributions since 2008 6.22% average distribution growth Operating Expense Visibility Fixed operating costs until December 2013 Young, Growing Fleet More than tripled fleet capacity since November 2007 IPO Fleet age of 5.6 years (1) vs. industry fleet age of approx. 12.0 years (2) (1) Navios Maritime Partners fleet age weighted by DWT (2) Source: Drewry s as of December 2011 25
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Appendix: Navios Partners Fleet Owned Vessels Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Dropdown Navios Apollon Ultra-Handymax 2000 52,073 13,775 12,500 (3) 13,500 (3) 27 03/07/2012 03/07/2013 03/07/2014 Navios Gemini S Panamax 1994 68,636 24,225 02/08/2014 Navios Libra II Panamax 1995 70,136 18,525 11/15/2012 Navios Felicity Panamax 1997 73,867 26,169 06/09/2013 Navios Galaxy I Panamax 2001 74,195 21,937 02/03/2018 Navios Hyperion Panamax 2004 75,707 37,953 04/01/2014 Yes Navios Alegria Panamax 2004 76,466 16,984 (4) 02/25/2014 Navios Orbiter Panamax 2004 76,602 38,052 04/01/2014 Yes Navios Hope Panamax 2005 75,397 17,562 08/16/2013 Yes Navios Sagittarius Panamax 2006 75,756 26,125 11/19/2018 Yes Navios Fantastiks Capesize 2005 180,265 36,290 02/26/2014 Navios Aurora II Capesize 2009 169,031 41,325 11/24/2019 Yes Navios Pollux Capesize 2009 180,727 42,250 07/24/2019 Yes Navios Fulvia Capesize 2010 179,263 50,588 09/30/2015 Yes Navios Melodia (6) Capesize 2010 179,132 29,356 (5) 09/19/2022 Yes Navios Luz Capesize 2010 179,144 29,356 (7) 11/16/2020 Yes Total 16 Vessels 1,786,397 Long-Term Chartered-In Vessels Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Purchase Option Dropdown Navios Prosperity Panamax 2007 82,535 24,000 07/4/2012 Yes Navios Aldebaran Panamax 2008 76,500 28,391 03/16/2013 Yes Total 2 Vessels 159,035 Total Fleet 18 Vessels (1) Daily charter-out rate net of commissions (2) Assumed midpoint of redelivery by charterers (3) New charter for two years at a rate of $12,500 net per day for the first year and $13,500 net per day for the second year plus 50/50 profit sharing based on actual earnings (4) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Avg (5) Profit sharing 50% above $37,500/day based on Baltic Exchange Capesize TC Average 1,945,432 DWT Yes (6) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays Navios Partners directly. (7) Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC Average