What do you make of the 10,000,000 stock offering coming up from NM on their subsidiary, Navios Maritime Partners L.P.
"PIRAEUS, GREECE. � October 26, 2007 � Navios Maritime Holdings Inc. (�Navios� or �the Company�) (NYSE: NM), a large, global, vertically integrated seaborne shipping company, announced today that its wholly owned subsidiary, Navios Maritime Partners L.P. (�Navios Partners�), a Marshall Islands limited partnership, has filed a registration statement with the United States Securities and Exchange Commission for an initial public offering of its common units (the �Offering�). The Offering is currently expected to include 10,000,000 common units (or 11,500,000 common units if the underwriters exercise in full their over-allotment option). The Common Units have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the symbol �NMM.�
Navios Partners will be an owner and operator of certain types of drybulk carriers."
Navios has lease control over 5 capes, 14 panes, 1 handysize and 4 ultra handymax. I assume that nmm will buy the leases on the 9 ships they're starting with from nm. Now, Angelicki owns 30% of nm so he will make sure the price paid by nmm to nm gives nm a fair (ha ha!) profit for the leases. This will kick the stock of nm..but not sure where to. NMM after all is said and done will control 9 ships. Have not been able to determine when the charters on those ships expire..but I assume the entire operation is geared to take advantage of the spot market. These Greek shipowners are ver sharp..comes from a few thousand years of being in the shipping business.