We expect NMM to report a Q2 EBITDA of USD 186.5m, which is 6% above consensus. With an adj. EPS of USD 3.30/sh, the DPU announced on 26 July reflects a pay-out ratio of 1.3% only. This is one of the reasons why NMM has been lagging peers on valuation, both multiples and steel. 2023 is largely in the books with 63% fixed (Q2-Q4) and contracted revenues have covered the total cash expenses by USD 70.2m (732.4m vs. USD 662.3m). While some will go to yard instalments, we estimate that the cash posi ....
