Navios Maritime Partners ( NMM) announced Friday that it has declared a cash distribution of 40 cents per unit for the first quarter of 2009.

The dividend, which represents $1.60 per unit on a yearly basis, will be paid May 6 to shareholders of record as of May 1.

When originally published, this article erroneously included the ticker symbol for Navios Maritime Holdings. It also mischaracterized stock data as pertaining to Navios Maritime Partners, when in fact the data pertained to Navios Maritime Holdings. TheStreet.com regrets the error.