I have studied the shipping industry, and when the market was in its decline I started out on a mission to find the most undervalued, best run shipper. NAVIOS NM is the only one with a secured dividend through a spin off of NMM. All the ships are on long term charters, have nearly 200 million in cash. They had some boats on order and Cancelled 12 ships at no cost of only 1 million. And have money they raised when times were good, and are going to make another spin off with that 300 million they have in treasury bonds. They are also the only shipper that has no trouble with any loans, and are paying a dividend! I have 20,000 shares and know that they will be a $10 stock when they do the new spin off. And they have to spend the money for the new company by next year! This is the shipping baby that was thrown out with the bathwater!