We reiterate our Buy recommendation, while lifting our recommendation to USD 100/unit. Capesize rates have had a solid start to the year, with rates up 84% y-o-y. With 55% of the dry bulk days being open in ’26, while tankers and container days are more fixed, NMM stands out as a good way to play the dry bulk upcycle. While investors tend to focus on dividends at this point of the cycle, NMM is offering a low cash yield with a 6 cents quarterly pay-out. The annual buyback of USD 40m on top helps ....
