Thread by @AllVentured

1/ Is the new Navios Partners $NMM turning over a new leaf?

They took the time to speak with me after the conference call this morning.

My takeaway: There seems to be a genuine interest to improve investor relations and lay a foundation to close the NAV gap in the future.

2/ I don't love tankers right now as I don't expect to see profitable tanker rates anytime soon, but the $NNA deal terms were fair on a NAV for NAV basis and we could very well be at the bottom of the tanker asset value cycle and expect a very strong tanker market 2023 forward.

3/ The first major thing to love about this deal is the scale it creates with the largest US listed ship owner by vessel count. This will be pretty hard to ignore going forward. I expect more analyst coverage, transparency, and a narrowing of the massive gap to NAV.

4/ The next thing to love is the removal of a related party overhang and a back-door insider buy in the process. The CEO and major shareholder Angeliki Frangou exchanged $30m of $NNA debt for $NMM shares. She knows $NMM is a crazy bargain here and now we have better alignment.

5/ A simpler Navios structure is better for shareholders, and the $NNA deal simplifies things a lot. I plan to explore the potential outcomes from the remaining Navios entity $NM in depth in a forthcoming article, but I believe most of the uncertainty to now be behind us.

6/ This saga has had many twists and turns but so far the core of the $NMM thesis continues to play out as planned. $NMM is still too cheap to ignore and is now too big to ignore. Wall St. seems to have taken notice. seekingalpha.com/article/444909…