NMM - Navios Maritime Partners: A Multibillion Shipping Empire In The Making

• Navios Partners investors should expect high growth but low distribution payouts and limited buybacks. Instead, the partnership will retain most internally generated cash flow to increase its asset base/NAV.
• The partnership has shifted away from the pureplay model and will focus on a diversified model by investing in various shipping segments, including tankers, dry bulk carriers and containerships.
• Navios Partners controls more than 140 vessels with a market value exceeding $5 billion. However, total debt is less than $1.7 billion.
• As such, the net vessel equity value amounts to ~$3.5 billion, which is more than 3.5 times the current market cap. NMM is dirt cheap.
• An investment in Navios Partners reflects the reimagined public shipping company: highly diversified, low leverage, low payout ratio and opportunistic growth funded via internally generated cash flows.

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