Navios Maritime Partners L.P.

- Economic Sanctions and Compliance . A decline in demand for commodities transported in dry bulk carriers, tankers and/or containerships, or an increase in supply of dry bulk vessels, tankers or containerships could cause a decline in charter rates, which could materially adversely affect our cashflows, profitability and our results of operations and financial condition. The above, and other factors influencing the supply of and demand for shipping capacity, are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions. An increase in trade protectionism and the unraveling of multilateral trade agreements could have a material adverse impact on our charterers’ business and/or on trade routes and, in turn, could cause a material adverse impact on our results of operations, financial condition and cash flows. Our operations expose us to the risk that increased trade protectionism will adversely affect our business. Protectionist measures, such as increases in tariffs, greater regulation of imports, and the unraveling of multilateral trade agreements, could depress the demand for shipping. Recently, the U.S. government has introduced significant changes in trade policies, including the imposition of new tariffs and other trade restrictions that could affect cross-border commerce through, among other methods, retaliatory actions. Certain countries affected by the new tariffs have reacted by imposing, or threatening to impose, their own retaliatory tariffs or other trade barriers on U.S. goods and services.