An axing of its dividend sent Navios Maritime Partners’ unit price spinning downwards today while keeping the shipowner’s bank account stocked for bargain buys.
Its stock crashed by a third after the move, which had been foreshadowed given the lack of a customary pre-earnings distribution statement.
Angeliki Frangou, chief executive of Navios Partners, said during a conference call today that the MLP remains healthy and the decision was painful and not taken lightly.