Previous Research & Performance
This is an update to my most recent public report on Navios Maritime Partners (NMM), which was posted on 12 September. I also posted significant midyear updates on 14 June and outlined NMM's 2019 value proposition on 18 January. I recommend a review of these previous reports for the full picture. Since my 12 September update, despite exceptional results and an impressive refinancing, NMM has returned less than 1%. YTD, including dividends, NMM has provided a total return of 53%. Overall, NMM has provided disappointing total returns since my