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Navios Maritime Partners L.P. Message Board

  • mlm_mac_rn mlm_mac_rn Nov 25, 2012 6:08 PM Flag

    I absolutely love the divy...

    can't beat it with a stick.

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    • technically, its a "distribution", not a divvy. I like it too, but I'm down 18.5% in share price over 4 years while holding. So on a Total Return basis, not that great. I like the Navios story, and own NM, NMM, and NNA. But underwater in all three. Holding, and holding my nose.

      • 1 Reply to phonodelic
      • Phono,
        My take is dry bulk will not become profitable for years, if ever again. Orderbook has shrunk but the global fleet is relatively young so it;s hard to see when the glut of vessels will be gone. Now, it's all about the distribution. I also owned all the Navios group. There was a time not that long ago when you could trade on your core position but that seems risky now because of the ongoing questions about future dividends.

        I sold out of NNA in Sept at 2.99 and out of NM in Nov at 4.10 so I feel very lucky (not smart) and I bought and sold NMM last month at 12.44 and 13.68. That last one was pure luck with a sell order executing on the last spike at the open. I am now underwater on my remaining NMM, a recent purchase of SB (big mistake) and CPLP. In toto, they make up less than 3% of my portfolio. I will hold until the diividends go away, or I can clearly see a better place for the money.

        To me, the interesting thing in dry bulk will be who goes bankrupgt during 2013 and what happens to their ships. To what extent will restructured companies could come out of BK with clear balance sheets and a chance to be profitable? What will happen to the fleets of BK companies? How will that affect the outlook for companies like NM that will not go BK. Star Bulk recently wrote off half their fleet, including their oldest cape (1991) and all their supramaxes. None had charters. All were on the spot market with no customers.

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