With the global economy in solid recovery mode -- for example, the U.S. economy will grow at 2.4% in the first quarter of 2010, and 2.3% in the second quarter (not great, but a long way from recession), according to the Organization for Economic Cooperation and Development -- I think it's time to reach a little further for yield. (For more on where we are in the economic cycle, see this recent post.)

Navios Maritime Partners (NMM) is a cyclical stock subject to huge ups and downs with the ebb and flow in global demand for commodities such as iron ore, coal, and grain.

But it looks like we're now in the flow part of the cycle.

Revenue at Navios climbed to $93 million in 2009 from $75 million in 2008, and earnings per unit look to have at worst stabilized, with Wall Street analysts forecasting a mere 1.3% decline for 2010 to $1.64 a unit. 

That's enough to cover the $1.62 current distribution that gives the units a 9.1% yield.

And with the company's recently completed (February 3) follow-on offer, which raised $62 million, Navios has capital to use in expanding its asset and revenue base. (Long-term debt has held steady at $195 million from December 2008 to December 2009, while cash climbed to $78 million in December 2009 from $28 million in December 2008.) 

The general partner in the limited partnership, Navios Maritime Holdings (NM), certainly seems in expansion mode: Using a special purpose vehicle, Navios Holdings acquired 13 tankers for almost half a billion on April 8.

With this post, I'm adding Navios Maritime Partners to my Dividend Income Portfolio.

At the time of this writing, Jim Jubak didn't own shares of any company mentioned in this post.