The stock of Navios Maritime Partners, owned by Aggeliki Fragou, received a vote of confidence from investors, while recording an impressive rally in the first quarter, with the capitalization exceeding 1 billion dollars.
US investment bank Jefferies raised its target price on the stock to 65 dollars from its previous estimate of 40 dollars, citing reduced volatility and enhanced resilience offered by the publicly traded company’s diversified fleet of New York Shipping.
Navios Maritime Partners currently manages a total of 176 vessels, of which 77 are bulk carriers, 52 tankers and 47 containerships, with a capacity of more than 15.5 million dwt and a value of 4.5 billion dollars, according to data listed on its website.
Moreover, an extensive shipbuilding program worth 1.6 billion dollars for 26 ships, of which 16 are tankers and 10 containerships, is underway.
The rally
Navios Partners stood out in the first quarter of the new year with its stock market performance. In particular, the price jumped almost 54% during the period under review, now reaching the highest levels since December 2015.
Based on the closing of the Wall Street session on March 25, NMM stock is trading at 43.41 dollars.
