Business Context and Reporting Period
This Form 6-K filing, dated November 6, 2018, serves as a Notice of Annual Meeting and Proxy Statement for Navios Maritime Partners L.P. The document solicits votes for the 2018 Annual Meeting of Limited Partners scheduled for December 6, 2018, in Monaco. The filing covers the period leading up to the meeting, with a record date for voting eligibility set at the close of business on November 2, 2018.
Key Financial Metrics
The filing text does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity for the current or prior periods. This document is a governance filing rather than a financial report.
However, the following capitalization data is provided as of the record date (November 2, 2018):
- Common Units Outstanding: 167,589,764
- General Partner Units Outstanding: 3,420,203
- Trading Symbol: NMM (New York Stock Exchange)
Material Changes
The filing does not disclose material changes in financial condition or operations. It notes historical administrative changes regarding the Board of Directors, specifically that the Class II and Class III director elections for 2016 and 2017 were not conducted due to a lack of quorum at those meetings. The current filing seeks to regularize these elections.
Guidance, Outlook, and Governance Proposals
The Board of Directors recommends a vote "FOR" all four proposals presented at the annual meeting:
- Proposal One: Election of two Class I directors (Lampros Theodorou and Kunihide Akizawa) to serve until the 2021 Annual Meeting.
- Proposal Two: Election of one Class II director (Orthodoxia Zisimatou) to serve until the 2019 Annual Meeting.
- Proposal Three: Election of one Class III director (Serafeim Kriempardis) to serve until the 2020 Annual Meeting.
- Proposal Four: Ratification of the appointment of PricewaterhouseCoopers S.A. as the independent registered public accounting firm for the fiscal year ending December 31, 2018.
Risks and Contingencies: The filing notes that if nominees are unavailable prior to the election, proxies will be voted for substitute nominees recommended by the Board. Broker non-votes will have no effect on director elections but may affect the ratification of the auditor if brokers do not exercise discretionary voting authority.
Important Facts for Investors to Verify
- Verify the voting record date of November 2, 2018, to confirm eligibility to vote at the December 6, 2018 meeting.
- Confirm the specific terms of the director nominees, noting that Class I, II, and III directors have staggered terms expiring in 2021, 2019, and 2020, respectively.
- Review the 2017 Annual Report on Form 20-F (referenced in the text) for actual financial performance data, as this proxy statement does not contain financial results.
- Note that the Board unanimously recommends voting "FOR" all proposals, and unmarked proxies will be voted in accordance with these recommendations.