Navios Maritime Partners LP- Partnership Units (NMM)

[Ecomike]

If I had the cash I would have caught the knife here recently myself. That said, what I was getting at is that one hand is washing the other here, and in the process inflating the current apparent asset value of the Cape ships it is selling from NM to NMM. While it is great for gaming the banks to loan more money against the apparent book value of assets possibly at lower rates, it inflates the numbers investors see as well in terms of stockholder equity, and asset value. One of their competitors just ordered a brand new Cape ship from Korea for delivery late next year, for half of what NMM is paying NM for the same size ship.

I have already been burned by DRYS, EXM and PRGN's shell games, so I am being a lot more cautious now. That said, this is the first sign I have seen of this sort of game playing with NM or NMM. Of course since NM is the general partner in NMM, it is almost like selling myself something, LOL, except they are both public companies with outside stock holders and banks loaning them money.

I hope you understand, I am not saying this not a good time to buy this one, I just don't like the smell of the prices they are using for the Cape ship deals, especially since they are not arms length deals, and I now know what the ships are selling for at an arms length deal (possibly distressed, but arms length current market price).

Oh, and congrats on the Mod position! GLTA