If you've read any of our articles, you've probably heard us drone on and on about the virtues of long-term contracts, and how key they are for supporting distributions. They offer stable, predictable cash flow, which gives you peace of mind that your quarterly payouts will keep coming. Sometimes, however, we run across a company which has a little "extra sauce" on top of its tasty, long-term contract cash flows. This stock yields 14.20%, and its payouts are supported by long-term contracts. It has a trailing distribution coverage factor of 1.15x to 2.2x based on two coverage metrics. It has outperformed, but is still selling below book value.
Monaco-based Navios Maritime Midstream Partners LP (NYSE:NAP) owns, operates and acquires crude oil tankers, refined petroleum product tankers, chemical tankers and liquefied petroleum gas tankers. The company charters its vessels under long-term employment contracts to international oil companies, refiners and large vessel operators. It IPO'd in November 2014. In addition to having its base of contract fees, NAP also has a profit-sharing arrangement with its general partner, Navios Maritime Midstream Partners GP LLC.
Source: Seeking Alpha
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