Navios Maritime Containers: ~80% Of Bank Debt Is Covered By The Scrap Value Of The Fleet [Seeking Alpha]
Navios Maritime Containers LP Common Units (NMCI)
Company Research
Source: Seeking Alpha
SummarySince listing in the US, Navios Maritime Containers trades at a hefty discount to NAV.The coronavirus outbreak is not the real root of the problem.Navios Maritime Containers reported decent Q1 2020 results, with $40.3M in revenue, $5M in net income and $17.8M in EBITDA.The balance sheet is decent, with no significant debt maturities until 2023. Of importance, ~80% of bank debt is covered by the scrap value of the fleet.The market doesn't seem to care, and the market cap is below $30M. A sustainable recovery can only come about from a change in management behavior, not necessarily a booming container ship market.Navios Maritime Containers (NASDAQ:NMCISource:Q1 2020 Presentation, Slide 4The largest unitholder of NMCI is Navios Maritime Partners (NMMacquisitionIPOA key rationale for setting up NMCI was to consolidate all containerships owned by the Navios Group into one clean, pure-play containership vehicle. Unfortunately, this has not happened yet as NMCI cannot afford to purcha
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