Linked above are is the press release for the first quarter results of Navios Maritime Partners NMM. NMM is a dry bulk shipper with its fleet of 9 vessels on time charter contracts.
I have been attracted to NMM by their longer term (4.1 years average) charter contracts and AA+ insurance on making sure the contracts are paid. This should allow them to keep the dividends flowing for the forseeable future. I also like the “fact” that it appears that NMM gets to skim the cream of ships and contracts from the mothership, Navios Maritime Holdings. Witness NMM not exercising their option to buy the Capesize bulker TBN II from Navios Holdings, “no fees or costs payable”.
Navios Maritime Partners yields 15% at the current share price and dividend. For the first quarter, NMM had 10.5 million in operating surplus (I would call that free cash flow) and is paying out $8.7 million in distributions. This leaves about $1.9 million (rounding errors) going into reserves. According to the press release the company is now holding $4.0 million in reserves. For comparison, the 4th quarter of 2008 had $.94 million of operating surplus on the same distribution level. The trend is positive.
Navios Maritime Partners L.P. quarterly results
Navios Maritime Partners L.P. – Investors.
Linked above are is the press release for the first quarter results of Navios Maritime Partners NMM. NMM is a dry bulk shipper with its fleet of 9 vessels on time charter contracts.
I have been attracted to NMM by their longer term (4.1 years average) charter contracts and AA+ insurance on making sure the contracts are paid. This should allow them to keep the dividends flowing for the forseeable future. I also like the “fact” that it appears that NMM gets to skim the cream of ships and contracts from the mothership, Navios Maritime Holdings. Witness NMM not exercising their option to buy the Capesize bulker TBN II from Navios Holdings, “no fees or costs payable”.
Navios Maritime Partners yields 15% at the current share price and dividend. For the first quarter, NMM had 10.5 million in operating surplus (I would call that free cash flow) and is paying out $8.7 million in distributions. This leaves about $1.9 million (rounding errors) going into reserves. According to the press release the company is now holding $4.0 million in reserves. For comparison, the 4th quarter of 2008 had $.94 million of operating surplus on the same distribution level. The trend is positive.
Note: I own a personal position in NMM.